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Category: Europe

  • MIL-OSI Economics: AI-powered drone swarms transform industries beyond defense, reveals GlobalData’s Technology Foresights

    Source: GlobalData

    AI-powered drone swarms transform industries beyond defense, reveals GlobalData’s Technology Foresights

    Posted in Disruptor

    While drone swarms have been an area of technological development for many years, their practical applications have only recently gained significant momentum, particularly following increased attention during the Russia-Ukraine war, as reflected in Google search trends. The rapid advancement in AI technologies has further accelerated drone swarm control capabilities, enabling the integration of computer vision algorithms and geospatial data to recognize patterns and automate previously impossible operations. This evolution has led to drone swarms finding diverse applications across multiple industries, earning recognition as a high-impact innovation, according to Technology Foresights, an innovation intelligence platform by GlobalData, a leading data and analytics company.

    The latest advancement in drone swarm technology significantly enhances operational efficiency by eliminating the traditional requirement of one operator per drone. This breakthrough achieves advanced autonomy through onboard intelligent agents, developed using human-in-loop and trustworthy AI systems. These agents can independently assess their surroundings, exchange target data with other drones, and make mission-priority decisions without requiring constant communication with the control station. This innovation addresses a critical weakness in swarm-based warfare systems, where electronic warfare tactics frequently overwhelm communication systems and disrupt the data connection between drones and their control stations.

    Sourabh Nyalkalkar, Practice Head of Innovation Products at GlobalData, comments: “In an era marked by escalating geopolitical tensions, drone warfare has emerged as a pivotal element in modern military operations, with armed forces globally embracing unmanned aerial vehicles for a diverse range of tactical and reconnaissance missions. In a significant development, defense industry major Thales recently showcased a full-scale demonstration of drone swarm deployment, featuring multiple autonomy levels that significantly reduce operator cognitive burden. The company’s expertise in this domain has not gone unnoticed, as Thales has been recognized as one of the leaders in drone swarm control innovation, according to Technology Foresights.”

    In response to the current geopolitical climate and growing military demand for advanced drone capabilities, drone swarm control technology is expected to experience significant growth. Patent analysis reveals that over 50% of technology patents in this field have been granted within the past three years, with major corporations holding the majority share.

    Though smaller in proportion, startup-owned patents are rapidly increasing, accompanied by growing investment activity in the sector. Recent developments highlight this trend, as demonstrated by Ukrainian startup Swarmer securing $2.7mn in funding for the development and commercialization of its AI-based swarm control technology, Styx, while another US-based startup, EchelonAI, entered into M&A with Skyfire.

    Nyalkalkar continues: “The innovation landscape in drone swarm control technologies extends well beyond the defense sector, with significant developments emerging from the communications and networking industry. Telecommunication companies are rapidly adopting drone swarms for various applications, including network optimization, infrastructure monitoring, and emergency coverage deployment in critical areas.”

    The technology’s development ecosystem is diverse and competitive, with over 100 companies actively innovating in this space. While defense industry leaders like Thales, RTX, Northrop Grumman, and BAE Systems continue to advance military applications, specialized drone manufacturers such as SZ DJI, Skydio, and Tevel are making significant contributions.

    Additionally, major telecommunications players including Qualcomm, Ericsson, Verizon, and AT&T are developing their own drone swarm solutions, while geospatial solution providers like Here and Geofrenzy are expanding the technology’s capabilities.

    Nyalkalkar concludes: “The rapid advancement of AI technology has catalyzed unprecedented growth in drone swarm applications across diverse sectors. Retail and logistics giants such as Amazon, Walmart, and UPS are developing autonomous master-slave drone networks for last-mile delivery, while agritech companies such as Nileworks are creating innovative solutions for crop monitoring.

    “As drone swarm control technologies continue to evolve beyond traditional entertainment and light shows, this dynamic field promises exciting developments and transformative applications across multiple industries in the coming years.”

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI China: Budapest event marks 75 years of Hungary-China diplomatic relations

    Source: China State Council Information Office

    Hungary’s Deputy Minister of Foreign Affairs and Trade Levente Magyar speaks during an event celebrating the 75th anniversary of Hungary-China diplomatic relations in Budapest, Hungary on Oct. 24, 2024. [Photo by Attila Volgyi/Xinhua]

    Hungary’s Deputy Minister of Foreign Affairs and Trade Levente Magyar stressed his country’s commitment to strengthening ties with China during an event on Thursday celebrating the 75th anniversary of their diplomatic relations.

    In an interview with Xinhua during the event, Magyar reflected on the development of Hungary-China relations and their significance. He highlighted Hungary’s “Eastern Opening” policy, initiated over a decade ago to deepen economic and diplomatic ties with Eastern countries, particularly China.

    Chinese Ambassador to Hungary Gong Tao speaks during an event celebrating the 75th anniversary of Hungary-China diplomatic relations in Budapest, Hungary on Oct. 24, 2024. [Photo by Attila Volgyi/Xinhua]

    Magyar said that Hungary is committed to seizing opportunities to collaborate with China, highlighting cooperation across business, culture, and infrastructure, particularly through the Belt and Road Initiative (BRI). He described the last decade as a “very successful period of confirmed and determined relationship building,” with current ties stronger than ever.

    Chinese investment has played a key role in this partnership, he said, noting that China ranks among the largest investors in Hungary, particularly in sectors such as the battery industry. This has established Hungary as a critical link between Western and Eastern economic interests, he added.

    Artists perform during an event celebrating the 75th anniversary of Hungary-China diplomatic relations in Budapest, Hungary on Oct. 24, 2024. [Photo by Attila Volgyi/Xinhua]

    Commending China-Hungary ties as a model for international relations, Chinese Ambassador to Hungary Gong Tao emphasized China’s willingness to work with Hungary to enhance the well-being of the two peoples and promote world peace and development.

    The celebration included cultural performances, featuring piano, guitar, and guzheng recitals, as well as Hungarian folk dances. 

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI Security: UPDATE: Investigation under way following stabbing in Dagenham

    Source: United Kingdom London Metropolitan Police

    An investigation continues following a stabbing in Dagenham.

    Police were called at approximately 17:35hrs on Friday, 25 October to reports of three people injured in First Avenue, Dagenham.

    Officers, London Ambulance Service and London’s Air Ambulance attended.

    A woman, believed to be aged in her 30s, and two children, a girl believed aged eight and a boy believed aged two, were found suffering stab injuries – they were all taken to hospital for treatment where they remain.

    None of their injuries are thought to be life threatening.

    A man, aged in his 40s, was arrested at the scene on suspicion of attempted murder. He was also taken to hospital after being taken unwell. After being assessed he has been discharged into police custody.

    Detective Superintendent Lewis Basford, responsible for policing in Barking and Dagenham, said:

    “This is a truly shocking attack and I want to thank local residents for their assistance and patience while we deal with this incident.

    “At this early stage, we believe those involved were known to each other and we are not looking for anyone else in connection with this incident.

    “A crime scene will remain in place for some time while our officers carry out vital work and you will see an increased policing presence in the area over the coming days. If you have any concerns or information that could assist police then please speak to an officer or call police on 101.”

    Anyone with information is asked to call 101 or ‘X’ @MetCC and quote CAD5931/25Oct. You can also provide information anonymously to the independent charity Crimestoppers on 0800 555 111.

    MIL Security OSI –

    January 24, 2025
  • MIL-OSI Europe: Commission welcomes the consensus reached by G7 partners to collectively provide €45 billion in financial assistance to Ukraine

    Source: European Commission – Justice

    European Commission Press release Washington, DC, 26 Oct 2024 The Commission welcomes the consensus reached by the EU and G7 partners to collectively provide loans for €45 billion to support Ukraine’s urgent needs, facilitated by the EU’s creation of the Ukraine Loan Cooperation Mechanism.

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI United Kingdom: Chancellor to unlock housing in first Budget

    Source: United Kingdom – Executive Government & Departments 3

    The Budget will deliver more affordable housing, ensure social housing is available for those who need it and turbocharge the delivery of 1.5 million homes.

    A housing package announced today will deliver up to 5,000 new affordable social homes with £500 million in new funding for the Affordable Homes Programme. This brings total investment in housing supply to over £5 billion and supports the delivery of 33,000 new homes through £128 million for housing projects across the country.   

    Meanwhile, the stock of social housing will be increased through a new 5-year social housing rent settlement that will give the sector more long-term certainty on funding and allow them to invest in tens of thousands of new homes. The existing stock will also be protected by reducing Right to Buy discounts so that thousands more council homes remain in the sector.

    Chancellor of the Exchequer, Rachel Reeves said:

    We need to fix the housing crisis in this country. It’s created a generation locked out of the property market, torn apart communities and put the brakes on economic growth.

    We are rebuilding Britain by ramping up housebuilding and delivering the 1.5 million new homes we so badly need.

    Deputy Prime Minister, Angela Rayner said:

    We have inherited a housing system which is broken, with not enough homes being built and even fewer that families can afford.

    This is a further significant step in our plan to get Britain building again, backing the sector, so they can help us deliver a social and affordable housing boom, supporting millions of people up and down the country into a safe, affordable and decent home they can be proud of.

    The £500 million to deliver thousands of new social and affordable homes is a top-up to the existing Affordable Homes Programme and comes ahead of the Government’s Housing Strategy due in the Spring.

    The Government will set out details of new investment to succeed the 2021-26 Affordable Homes Programme at the Spending Review. This will lay the foundations for the manifesto commitment to deliver the biggest increase in social and affordable housebuilding in a generation, and to support councils and housing associations to build their capacity and make a greater contribution to affordable housing supply.

    It will deliver a mix of homes for sub-market rent and home-ownership, with a particular focus on delivering homes for Social Rent.

    The Government will also consult on a new 5-year social housing rent settlement, which caps the rents social housing providers can charge their tenants, to provide the sector with the certainty it needs to invest in new social housing. The intention would be for this to increase with Consumer Price Index inflation figures and an additional 1%. The consultation will also seek views on other potential options to give greater certainty, such as providing a 10-year settlement.  

    These measures to increase affordable housing come alongside changes to the Right to Buy scheme, which will protect existing social housing stock to meet housing need and deliver a fairer and more sustainable scheme.

    England’s existing social housing supply is depleted every year by the scheme while also disincentivising councils to build new social housing.

    Discounts will be reduced alongside greater protections for newly-built social housing and councils will be able to keep 100% of the receipts generated by a Right to Buy sale. This will enable councils to scale-up delivery of much needed social housing whilst still enabling longstanding tenants to buy their own homes.

    The £128 million will support the delivery of new housing projects – including up to 28,000 new builds currently blocked by river pollution – cleaning up our rivers in the process – 3,000 energy efficient homes across the country and 2,000 new homes in North Liverpool.

    Meanwhile the £56 million investment at Liverpool Central Docks will also deliver office, retail, leisure and hotel facilities alongside the new homes. As well as demonstrating our brownfield-first approach, it will transform Liverpool’s former docklands into a thriving waterfront neighbourhood. 

    Kate Henderson, Chief Executive of the National Housing Federation, says:

    We strongly welcome the £500m top-up to the affordable homes programme. This vital injection of funding, which we’ve been urgently calling for, will support housing associations to continue to deliver much needed affordable homes in the immediate term and prevent a collapse in delivery.

    We share the government’s ambition to build 1.5million homes over this parliament and stand ready to deliver the social homes needed, which is why we welcome a consultation on a new rent settlement.  This will provide both transparency for residents and long term certainty and financial stability for social housing providers. We also support the government’s decision to review right to buy discounts.

    To achieve the affordable homes needed across the country, alongside this short term top-up, we look forward to a new long term housing strategy announced at the next spending review, including a significant boost in funding for social housing.

    Charlie Nunn, Chief Executive of Lloyds Banking Group, said:

    As the biggest supporter of social housing in the UK, we welcome the announcement of the funding boost for the Affordable Homes Programme and the plans to consult on a long-term social housing rent settlement.

    A safe and lasting home is the foundation for so many essential needs and strong socio-economic outcomes.  We need greater provision of housing which is both sustainable and genuinely affordable to enable our communities to thrive.

    Councillor Louise Gittins, LGA Chair, said:

    We are pleased the Government has acted on our call to increase Affordable Homes Programme funding. We have made the case for councils to be empowered to build more affordable, good quality homes quickly and at scale and this will boost councils’ ability to build desperately-needed affordable housing for local communities.

    It has become increasingly impossible for councils to replace homes as quickly as they’re being sold through the Right to Buy (RTB) scheme. The LGA has long-called for reform to RTB and these positive measures will support the replacement of sold homes and to stem the continued loss of existing stock.

    A 5-year rent settlement is a step in the right direction in providing certainty for councils on rental income, but to really strengthen and provide stability to Housing Revenue Accounts, a minimum 10-year rent settlement is needed, alongside restoration of lost revenue due to the rent cap and a review of the self-financing settlement of 2012. This would better support long-term business planning to ensure councils can deliver high quality homes and associated support for their tenants.

    Councils stand ready to work with the Government to increase affordable housing and help people on council housing waiting lists and record numbers stuck in temporary accommodation.

    Additional information

    The government is confirming £128 million of funding to deliver the following projects which will deliver much-needed new homes at complex brownfield sites as well provide long-term solutions to improve the supply of homes:

    • Confirmation of a £56 million investment at Liverpool Central Docks which is expected to deliver 2,000 homes in North Liverpool, along with office, retail, leisure, and hotel facilities. This will transform Liverpool’s former dockland into a thriving waterfront neighbourhood.
    • A £25 million investment in a joint venture to establish a new fund with Muse Places Limited and Pension Insurance Corporation to deliver 3,000 energy-efficient new homes across the country, with a target of 100% of these being affordable.
    • The confirmation of £47 million to local authorities to tackle pollution in our rivers, which has halted housebuilding in highly polluted areas. This funding could support the delivery of an estimated 28,000 homes that cannot be built currently due to these restrictions. This funding will not only unlock much needed new housing but also clean up our rivers in the process.

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    Published 26 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-Evening Report: UN experts ‘alarmed’ by Kanaky New Caledonia deaths as Pacific fact-finding mission readies

    By Stefan Armbruster of BenarNews

    France has been criticised for the “alarming” death toll in New Caledonia during recent protests and its “cold shower” approach to decolonisation by experts of the UN Human Rights Committee.

    The UN committee met this week in Geneva for France’s five-yearly human rights review with a focus on its Pacific territory, after peaceful protests over electoral changes turned violent leaving 13 people dead since May.

    French delegates at the hearing defended the country’s actions and rejected the jurisdiction of the UN decolonisation process, saying the country “no longer has any international obligations”.

    A delayed fact-finding mission of Pacific Islands Forum leaders is due to arrive in New Caledonia this weekend to assess the situation on behalf of the region’s peak regional inter-governmental body.

    Almost 7000 security personnel with armoured vehicles have been deployed from France to New Caledonia to quell further unrest.

    “The means used and the intensity of their response and the gravity of the violence reported, as well as the amount of dead and wounded, are particularly alarming,” said committee member Jose Santo Pais, assistant Prosecutor-General of the Portuguese Constitutional Court.

    “There have been numerous allegations regarding an excessive use of force and that would have led to numerous deaths among the Kanak people and law enforcement,” the committee’s vice-chair said on Wednesday.

    Months of protests
    Violence erupted after months of protests over a unilateral attempt by President Emmanuel Macron to “unfreeze” the territory’s electoral roll. Indigenous Kanaks feared the move would dilute their voting power and any chance of success at another independence referendum.

    Eleven Kanaks and two French police have died. The committee heard 169 people were wounded and 2658 arrested in the past five months.

    New Caledonia’s economy is in ruins with hundreds of businesses destroyed, tens-of-thousands left jobless and the local government seeking 4 billion euros (US$4.33 billion) in recovery funds from France.

    France’s reputation has been left battered as an out-of-touch colonial power since the deadly violence erupted.

    Santos Pais questioned France’s commitment to the UN Declaration on Indigenous People and the “sufficient dialogue” required under the Nouméa Accord, a peace agreement signed in 1998 to politically empower Kanak people, that enabled the decolonisation process.

    “It would seem that current violence in the territory is linked to the lack of progress in decolonisation,” said Santos Pais.

    Last week, the new French Prime Minister announced controversial electoral changes that sparked the protests had been abandoned. Local elections, due to be held this year, will now take place at the end of 2025.

    Pacific mission
    Tomorrow, Tonga’s prime minister Hu’akavameiliku Siaosi Sovaleni will lead a Pacific “observational” mission to New Caledonia of fellow leaders from Cook Islands, Fiji and Solomon Islands Minister for Foreign Affairs, together known as the “Troika-Plus”.

    The PIF leaders’ three-day visit to the capital Nouméa will see them meet with local political parties, youth and community groups, private sector and public service providers.

    “Our thoughts have always been with the people of New Caledonia since the unrest earlier this year, and we continue to offer our support,” Sovaleni said in a statement on Friday.

    The UN committee is a treaty body composed of 18 experts that regularly reviews compliance by 173 member states with their human rights obligations and is separate from the Human Rights Council, a political body composed of states.

    Serbian committee member Tijana Surlan asked France for an update on investigations into injuries and fatalities “related to alleged excessive use of force” in New Caledonia. She asked if police firearms use would be reviewed “to strike a better balance with the principles of absolute necessity and strict proportionality.”

    France’s delegation responded saying it was “committed to renewing dialogue” in New Caledonia and to striking a balance between the right to demonstrate and protecting people and property with the “principle of proportionality.”

    Alleged intimidation by French authorities of at least five journalists covering the unrest in New Caledonia was highlighted by committee member Kobauyah Tchamdja Kapatcha from Togo. France responded saying it guarantees freedom of the press.

    French Ambassador for Human Rights Isabelle Rome addresses the UN Human Rights Committee meeting in Geneva, pictured on 23 October 2024. Image: UNTV

    France rejects ‘obligations’
    The French delegation led by Ambassador for Human Rights Isabelle Rome added it “no longer administers a non-self-governing territory.”

    France “no longer has any international obligations in this regard linked to its membership in the United Nations”, she told the committee on Thursday.

    New Caledonia voted by modest majorities to remain part of France in referendums held in 2018 and 2020 under a UN-mandated decolonisation process. Three referendums were part of the Nouméa Accord to increase Kanaks’ political power following deadly violence in the 1980s.

    A contentious final referendum in 2021 was overwhelmingly in favor of continuing with the status quo. Supporters of independence rejected its legitimacy due to a very low turnout — it was boycotted by Kanak political parties — and because it was held during a serious phase of the covid-19 pandemic, which restricted campaigning.

    “France, through the referendum of September [2021], has therefore completed the process of decolonisation of its former colonies,” ambassador Rome said. She added that New Caledonia was one of the most advanced examples of the French government recognising indigenous rights, with a shared governance framework.

    Another of its Pacific territories — French Polynesia — was re-inscribed on the UN decolonisation list in 2013 but France refuses to recognise its jurisdiction.

    No change in policy
    After a decade, France began attending General Assembly Decolonisation Committee meetings in 2023 to “promote dialogue” and that it was not a “change in [policy] direction”, Rome said.

    “There is no process between the French state and the Polynesian territory that reserves a role for the United Nations,” she added.

    Santos Pais responded saying, “what a cold shower”.

    “The General Assembly will certainly have a completely different view from the one that was presented to us,” he said.

    Earlier this month pro-independence French Polynesian President Moetai Brotherson told the UN Decolonisation Committee’s annual meeting in New York that “after a decade of silence” France must be “guided” to participate in “dialogue.”

    The Human Rights Committee is due to meet again next month to adopt its findings on France.

    Copyright ©2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025
  • MIL-OSI United Kingdom: Budget: No retreat from record climate investment

    Source: Scottish Greens

    26 Oct 2024 Finance Climate Action

    The Scottish Government must ensure record climate investment.

    More in Finance

    The SNP must commit to continuing the record level of climate and nature investment previously delivered by the Scottish Greens if they are to get the support of Green MSPs for the forthcoming Budget, says the party’s finance spokesperson, Ross Greer MSP.

    In giving the keynote opening speech of the Scottish Green conference at the Beacon theatre in Greenock, Mr Greer insisted that there must be no going back from the £4.7 billion that his party secured for climate and nature in this year’s budget. He insisted that this sum was just the start of what is needed to meet the scale of the crisis.

    Addressing the party’s conference, Mr Greer said: “When the Greens were in Government we delivered a huge escalation in Scottish Government action for our environment. We secured a record £4.7 billion annually for climate and nature programmes this year alone. 

    “Today we are making clear to the SNP that if they want our support for the next budget there can be no going back on that record level of support. £4.7 billion is the very minimum that our planet needs at this time of crisis.”

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI Video: UK Don’t forget! ⏰

    Source: United Kingdom UK Parliament (video statements)

    Huw and Andrew are part of our Clock Mechanics team. They are responsible for changing the clocks back this weekend across Parliament.

    From Members’ offices to Committee Rooms, and all the corridors between

    https://www.youtube.com/watch?v=PPyYgRU0ieQ

    MIL OSI Video –

    January 24, 2025
  • MIL-OSI Video: European Commission President Ursula von der LEYEN Western Balkans tour (Montenegro)

    Source: European Commission (video statements)

    Press conference with HE Milojko Spajić, Prime Minister of Montenegro

    Watch on the Audiovisual Portal of the European Commission:
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=La1dpaOk1rY

    MIL OSI Video –

    January 24, 2025
  • MIL-OSI United Kingdom: Scottish Greens look ahead to record results at next Scottish elections

    Source: Scottish Greens

    26 Oct 2024 Finance

    The Scottish Greens have a bold and progressive vision for a fairer, greener and better Scotland.

    More in Finance

    Scottish Green co-leader Lorna Slater rallied party activities at their autumn conference in Greenock, saying their party will stand at the next election on a “boldly progressive platform of real change.”

    Slater celebrated her party’s achievements in government, from free bus travel for young people to record investment in climate and nature, and said her party would continue to be “effective and constructive” from opposition. 

    Addressing her party conference, Ms Slater said, “I’m deeply proud of what we achieved during our time in Government.

    “From free bus travel for all our young people, to the biggest expansion of the living wage and the Scottish Child Payment since devolution; Scotland’s first emergency rent freeze and eviction protections during the cost of living crisis, bans on polluting behaviours like incineration, single use plastics and disposable vapes, increased multi-year funding for nature restoration and active travel  the policies you, our Scottish Green members, decided on at past conferences were being put into action. Making people’s lives better, day in, day out.

    “In or out of government we are committed to delivering the change that Scotland needs.”

    Turning her attention to record general election results for her party earlier in the year, Ms Slater said: “We know that voters appreciate Green values and leadership. They told us so, at this year’s General election, which saw record Scottish Green results up and down the country.

    “Whilst Rishi Sunak couldn’t even muster an umbrella, our activists pulled off our biggest on-the-ground campaign since before the pandemic. A substantial effort at short notice. 

    “In the record 44 seats in which we stood, we nearly doubled our vote share, with over 92,000 people casting their vote for us and demonstrating support for the Scottish Greens all over Scotland, including in the islands. 

    “In our biggest cities, we are now the third party, beating the Tories and the Lib Dems in one of their biggest elections. And how did we do it? Through your hard work, determination, and our positive vision for how Green values and policies can change this country. 

    “In the next few months branches will begin selecting their target wards and candidates and start looking ahead to Holyrood 2026.  

    “I am glad that the Scottish Greens are being recognised as influential, and we can do even more with more of us elected into Holyrood.

    “Whilst the SNP lurch to the right and court the votes and donations of Big Oil, and Labour continue to support nuclear weapons and Tory fiscal rules that let the rich get even richer, while public services crumble, the Scottish Greens will stand on a boldly progressive platform of real change. We have a clear position. We have a big opportunity.”

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI United Kingdom: Patrick Harvie Autumn Conference 2024 speech

    Source: Scottish Greens

    26 Oct 2024 Finance

    Patrick Harvie called for the Scottish Government to take serious climate action and deliver a fairer, greener and better budget for Scotland.

    Glasgow

    Scottish Greens Co-leader, Net Zero, Constitution and External Affairs spokesperson

    More in Finance

    Greens always aim to offer an inspiring and positive vision at election times, because we believe that politics is capable of changing our society for the better.

    Labour, by contrast, spent the whole election campaign trying to lower everyone’s expectations. Maybe they thought it was better to under-promise, rather than under-deliver. And yet somehow, they have managed to do both.

    I don’t think there can be a single voter left in the UK who can honestly say they’ve been inspired by what has happened since. 

    Of course there is reason to be happy about seeing the end of 14 years of Tory austerity, corruption, and downright lies; to be rid of Boris Johnson and his pals partying in Downing street; or the shameless profiteering on the back of Brexit and the pandemic; or the Liz Truss blink-and-you-miss-it catastrophe – it’s no wonder the British public jumped at the opportunity for a change of government. 

    But Labour’s offer to the electorate, after they’d dumped every remnant of a radical programme and purged their progressive candidates, was so insipid that I warned that the UK was likely to get a change of government without a change of politics. And that’s exactly what we’ve seen from Keir Starmer’s Labour since then. 

    We’ve just passed the 100 day mark of this new Labour government. And what have they achieved in that time? 

    Keir Starmer has some lovely new suits, and if you can believe it thousands of pounds worth of quite boring glasses. Some of the cabinet have had some nice free holidays and Taylor Swift tickets.

    But have they lifted the cruel two-child benefit cap which has forced families, and especially women and children into poverty? Perish the thought.

    Have they cut the artificial link between gas and electricity prices, instantly making renewable home heating cheap and affordable for millions? Of course not, instead they’ve removed winter fuel payments from nearly 10 million pensioners, forcing vulnerable older people to choose between heating their home and feeding themselves. 

    It is a decision that is up there with the worst of the Tories; it’s one that will kill people. And unlike so many of their bad policies, this one wasn’t even in the Labour manifesto.

    Our message to Keir Starmer is simple: reverse this cut. Do it now or your first year’s legacy will be a cold and deadly winter.

    This is a Labour Government working for the few, not the many. A Labour government that is defending a broken status quo and standing up for the interests of big business and their corporate donors rather than working people.

    Here in Scotland, Anas Sarwar told us to ‘read his lips’, promising that there would be ‘no austerity under Labour’. 

    Anas was probably hoping that a long Labour honeymoon would let him coast for much of the way to the 2026 election. Instead people have been given an instant reminder of just how underwhelming a Labour government can be.

    Two weeks ago, Scottish Labour had the chance to take a different path, and condemn their London colleagues’ decision to means-test the winter fuel payment in a vote in the Scottish Parliament. 

    Instead, they doubled down, standing up for Starmer’s decision and supporting one of the cruellest cuts for years.

    But perhaps Labour’s most shameful failure has been on the international stage.

    The last 12 months have seen daily horrors and atrocities inflicted on the people of Gaza. So many children, so many whole families, have had their lives destroyed in some of the gravest war crimes in living memory. It has been the collective punishment of millions of people.

    The killing has spread to Lebanon, and missile attacks between Israel and Iran, with Netanyahu deliberately increasing the risk of a wider regional war.

    For the international community this has been one of the most profound moral tests for our age, and it is one that Labour has failed badly.

    When hospitals and homes have been bombed into rubble, and when genocide is being inflicted, we all have a moral duty to stand against it, and to stand on the side of humanity.

    Yet, Keir Starmer can’t even bring himself to end political and military support for Israel or take action against even its most extreme far right politicians.

    Every government is under a moral obligation to do everything possible to oppose the atrocities. That is why we have persistently called on the Scottish Government to block all public contracts for companies who are complicit in the illegal settlements in the West Bank, and why we have called for an end to all public grants and support for the companies who are profiting from the killing.

    Even ending the arms sales and the bombing isn’t enough; peace requires justice, and that means an end to the decades of occupation, and it means statehood for Palestine.

    Conference, it is long past time to end this complicity. It is long past time for a watertight arms embargo and it is long past time for an end to all trade with the illegal settlements in the occupied territories.

    It is long past time for Scotland and the UK to join the call for boycott, disinvestment and sanctions against Israel. Because profiting from atrocities must have no place in a civilised society.

    Conference, the months and years ahead will be crucial for peace, and they will also be crucial for the fate of our planet.

    With global temperatures rising, Governments must take bold and urgent action both here in Scotland and around the world.

    With just 18 months left of this session of the Scottish Parliament, the SNP now face some key tests on an issue they still claim is a priority. 

    The first of those is underway already, as Holyrood considers the Scottish Government’s new Climate bill. 

    The first two Climate Change Acts were statements of high ambition. This third one will be an admission that, as Greens have long argued, Scotland is years behind where we should be. That’s an admission that needs to be made; but making it demands an urgent acceleration of action here and now, not just promise of more plans to come.

    When we last met in April, I said that Scotland has been held back by too many politicians ready to celebrate the supposed ‘world-leading’ targets, while blocking the action needed to actually meet them. 

    We have known for decades how to do it – it’s getting people out of cars and onto clean public transport; replacing fossil fuel for home heating with cheap, abundant renewables; changing the way we manage our land and farm our food, so we lock up more carbon than we produce; and ending the extraction of oil and gas in the north sea for good. 

    But what have we seen in the last six months from the now minority Scottish Government? Instead of accepting that missed targets demand accelerated action, they’ve chosen a sharp u-turn on much of the action that the Greens had been advancing. 

    Cutting the funding for climate projects and net-zero investment; returning to exorbitant prices on our railways; rolling back on new clean standards for home heating – these are not the actions of a Government that is serious about climate action.

    And on some key climate policy areas they are simply stalling. A new energy strategy is long overdue; they said it was ready to publish before the UK election, but we’re still waiting.

    Greens had insisted on a climate assessment of their road building plan for the A96, and it’s been sitting on Ministers’ desks too, unpublished. They need to come clean, publish that assessment, and make a decisive shift in their priorities, from unsustainable road building, to the green, low carbon infrastructure we need.

    While this dithering and inaction continues, experts like Jim Skea of the IPCC are now warning not only could 1.5 degrees of warming be moving out of reach, but that we are potentially headed to more than 3°C of global warming in this century if we carry on with the policies we have at the moment.

    Three degrees plus of warming would be catastrophic for life on this planet. We know what we need to do, yet the Scottish Government is refusing to take some of the most basic steps.

    So the Scottish Greens will not waive the Climate Targets bill through Holyrood as a ‘minor technical amendment’ as the Scottish Government claims. 

    When parliament goes back next week, Mark Ruskell and I will be moving amendments to the bill to try and improve it where we can. 

    We’ll try to keep the interim targets alive, as crucial milestones on our path to net zero; we’ll put forward improvements to the timescales in the bill, because as it stands they risk wasting most of the time left till the next Holyrood election without an agreed climate plan. 

    But the thing is, outside of the text of the Bill, what’s really needed now is an immediate programme of accelerated action to deliver emission cuts that are long overdue.

    A climate plan is only worthwhile if it takes the steps that are necessary, like halting new road building projects, investing in public transport and refusing the plan to expand the gas-fuelled power station at Peterhead. 

    These are just some of the actions that we have put forward as part of our Climate Reset package, published in August. Even these plans aren’t the end of the story, not by a long way, but without these kinds of changes right now, the Scottish Greens cannot vote for the new Climate bill. 

    Our demands for climate action must not end with this legislation however – tackling the climate emergency must be a mission across all parts and all levels of Government. 

    Nowhere is this more pressing than the upcoming Budget. 

    We recognise the challenges that come with the limitations of devolution, as well as the impact of 14 years of Tory cuts and now what looks like continued austerity under Labour. We know our full ambition for a fairer, greener economy can best be delivered with the powers of a normal independent country. 

    However, we’ve also been clear in recent months that we still have a duty to use every last lever available to solve the current crisis in Scotland’s public finances.

    On Wednesday, when the UK Government publishes its budget, we’ll have a better idea of the financial situation Scotland faces. Labour could and should choose to end austerity, and restore Scotland’s budget to workable levels. But given their track record, none of us will be holding our breath for that.

    Even the current rumours of an increase in capital spending won’t take us anywhere near the levels of investment that are needed, and UK Ministers have openly lobbied against the public service cuts they are being told to make.

    There are those in Scottish politics who refuse the responsibility to offer solutions. Instead they demand the impossible, pretending that every tax can be cut and every service funded, and they never need to make the sums add up. That’s dishonest politics, and it’s never been the Green approach.

    The Scottish Greens have been honest about needing to raise more money through fair taxes if we want to support public services. We are proud that we have the most progressive tax system anywhere in the UK. That is because of the work of Green activists and members in this hall and across this country, and our work in Parliament.

    That’s why there’s an extra billion and a half pounds going into public services every year. It’s why councils are now able to raise more tax from second homes, and from the tourism industry.

    We’ll continue to ensure the Scottish Government comes good on the commitments we secured to introduce new local taxes such as on cruise ships and carbon emissions from land, and we’ll hold them to account on the long overdue commitment for wider reform of local government finance – one of the biggest missed opportunities of the first 25 years of the Scottish Parliament, and one where the SNP are still dragging their feet. 

    We’ve shown how we could make big savings by stopping tax breaks to wealthy landowners and enterprise grants to arms companies, and by bringing in more money to support our healthcare system through a public health levy on supermarkets. 

    But these steps are only the start. Extra funds raised through tax or coming from the UK Government must go into reversing the broken promises made by the SNP government since they ended the Bute House Agreement. 

    That includes reinstating the plan to roll out free school meals to all children in Scotland’s primary schools before the next election, restoring the Scottish Green’s Nature Restoration Fund, fully funding an ambitious programme to cut energy bills and emissions from our home heating, and reversing the decision to bring back peak rail fares which punish workers and students.

    But crucially, John Swinney must also address the very real issue of the trust that was broken this year. 

    In the last six months we’ve not only seen Bute House Agreement policies facing the axe, but commitments which were agreed before we even entered Government, as well as commitments that were made to local government. 

    Now, for the first time in four years, we’re being asked to back a Scottish Government budget without a role in overseeing how it’s implemented; to vote on the basis of trust. That is a risk we cannot take lightly.

    Later today, our Finance portfolio lead Ross Greer will open a conference debate calling on the Scottish Government to guarantee no future agreements will be subject to in-year cuts.

    But even with that in place, we still face a challenging few months ahead. As Scottish Green MSPs, we have a responsibility to engage with the process in good faith, and with honesty. But as the only party that ever brought down an SNP budget, as John Swinney knows to his cost, we need to be clear that they cannot take our votes for granted. 

    Conference, this budget marks a turning point, not just because of the difficult circumstances and the challenges facing the country, but also because it’s the last full year budget for this parliamentary session.

    In just 18 months, Scotland will go back to the polls. Voters will make a decision that will be crucial to ensuring a sustainable and livable future for our planet, and for the people of Scotland.

    We’ve made important progress for Green politics in recent years – a string of ‘best ever’ election results at every level, from the 2019 European elections onward. Our first opportunity to enter government, and sustained high polling through turbulent times when the political right threw everything they had at us. 

    And despite the end of the Bute House Agreement, we have a clear role and opportunity to ensure delivery of what we got started, and hold the SNP to account for progressive Green policies they choose to drop, demonstrating to voters the reason why Green votes make a difference.

    But if we want the 2026 election to continue that string of election successes, and turn our potential into a reality, we need to keep learning, developing, and becoming the effective and professional political force we are capable of being.

    As a movement, Greens don’t exist for easy times. We’re here to draw attention to the profound challenges our society faces, from environmental destruction to poverty and inequality, from global threats to democracy, to the abuse of power by those who operate today’s failed economic model for their own short term benefit.

    Lots of politicians talk about “tough choices”, but what they really mean is sticking with the consequences of the status quo. They make brutal choices, but easy ones – hurting the most vulnerable is the path of least resistance, far easier then challenging the powerful. 

    Greens exist to take on the really tough choices – the choice to change our society, our economy and our politics, knowing that it’s not an easy path.

    Our party will do that, and will earn the trust of those who know it needs to be done, if we are united, true to our values, politically disciplined, and honest. And if we work hard – knocking on doors, campaigning in our communities and making green change happen at every level. 

    That’s what we are, that’s why we’re here, to be more than just a party, to be a movement. A movement for people, a movement for planet and a movement for peace. And a movement that is needed more than ever.

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI United Kingdom: Harvie warns SNP not to take Green budget votes for granted

    Source: Scottish Greens

    26 Oct 2024

    Scotland’s next budget must deliver a fairer, greener Scotland to secure Green support.

    Scottish Green co-leader Patrick Harvie has warned the First Minister, John Swinney, that he cannot take Scottish Green votes for granted on the upcoming Scottish budget, reminding the SNP leader that his party are the only ones to have ever brought down an SNP budget. 

    The Glasgow MSP said reversing the broken promises made by the SNP government since the end of the Bute House Agreement would be a priority for his party.

    Mr Harvie said, “We’ve shown how we could make big savings by stopping tax breaks to wealthy landowners and enterprise grants to arms companies, and by bringing in more money to support our healthcare system through a public health levy on supermarkets. 

    “But these steps are only the start. Extra funds raised through tax or coming from the UK Government must go into reversing the broken promises made by the SNP government since they ended the Bute House Agreement. 

    “That includes reinstating the plan to roll out free school meals to all children in Scotland’s primary schools before the next election, restoring the Scottish Green’s Nature Restoration Fund, fully funding an ambitious programme to cut energy bills and emissions from our home heating, and reversing the decision to bring back peak rail fares which punish workers and students.”

    As Scottish Green MSPs, we have a responsibility to engage with the process in good faith, and with honesty. But as the only party that ever brought down an SNP budget, as John Swinney knows to his cost, we need to be clear that they cannot take our votes for granted.”

    Mr Harvie also said the Scottish Greens MSPs would not ‘wave through’ the Climate Targets bill currently going through parliament, repeating calls for a ramping up of climate action from the minority SNP Government. 

    He said, “The first two Climate Change Acts were statements of high ambition. This third one will be an admission that, as Greens have long argued, Scotland is years behind where we should be. 

    “It is an admission that needs to be made; but making it demands an urgent acceleration of action here and now, not just promises of more plans to come.

    “But what have we seen in the last six months from the now minority Scottish Government? Instead of accepting that missed targets demand accelerated action, they’ve chosen a sharp U-turn on much of the action that the Greens had been advancing.”

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI United Kingdom: Statement from local MP, Jim Allister, on two more Ballymoney road deaths

    Source: Traditional Unionist Voice – Northern Ireland

    Jim Allister MP said:

    “Two more deaths on the A26 add to the tragic toll on this road.

    “I wish to convey condolences on behalf of myself and the wider community to the families of the two elderly brothers who died. Once more great grief has been caused by deaths on this section of road adjacent to Ballymoney.

    “Whereas some of the other Ballymoney junctions with the A26 are governed by roundabouts, which generally are safer, the junction where this accident happened is a T junction. In my view there is a strong case to convert this Ballymena Road junction into a roundabout.”

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI Video: Press conference with HE Milojko Spajić, Prime Minister of Montenegro

    Source: European Commission (video statements)

    Press conference with HE Milojko Spajić, Prime Minister of Montenegro

    Watch on the Audiovisual Portal of the European Commission:
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=LHMjWR9DiCc

    MIL OSI Video –

    January 24, 2025
  • MIL-OSI USA: Background Press Call on Israel’s Targeted Strikes Against Military Targets in  Iran

    US Senate News:

    Source: The White House
    Via Teleconference
    11:15 P.M. EDT
    MODERATOR:  Good evening, everyone.  Thanks so much for joining the call, especially one on short notice and late on a Friday. 
    As a reminder, this call is on background, attributable to a senior administration official.  For your awareness, not for your reporting, on the call today we have [senior administration official]. 
    This call is embargoed until the conclusion of the call. 
    [Senior administration official] is going to have a few words at the top, and then we’ll take your questions. 
    Over to you.
    SENIOR ADMINISTRATION OFFICIAL:  Thank you, everybody, for joining here late on a Friday. 
    So, I’m here to provide some brief comment and background on Israel’s response earlier this evening against Iran.  And just as you will recall, on October 1st, so a few weeks ago, Iran launched an unprecedented attack of nearly 200 ballistic missiles at Israel, which was a significant escalation.  Many of these missiles targeted Israel’s most populated city of Tel Aviv.  Those missiles had the potential to kill hundreds of civilians. 
    Fortunately, that attack was defeated and ineffective thanks in no small part to U.S. assistance.  President Biden directed the U.S. military to help defend Israel during the attack.  And in the hours after that attack, we promised serious consequences for Iran. 
    The next morning, on October 2nd, the President spoke with his G7 counterparts to coordinate a diplomatic response.  And over the course of the following week, we and our partners implemented a coordinated series of sanctions against Iran.
    And just to review:
    The United States, we issued new sanctions against Iran’s oil sector, including its so-called Ghost Fleet that carries illicit oil products around the world. 
    The European Union for the first time sanctioned Iran’s civilian airliners, including Iran Air, rendering those airlines no longer able to access European destinations. 
    The United Kingdom and Australia issued new and sweeping sanctions against Iran’s missile program. 
    This is a coordinated effort across multiple jurisdictions that President Biden led, and those efforts are ongoing with allies and partners. 
    Tonight, Israel carried out a direct military response against Iran.  Specifically, Israel conducted precision airstrikes against multiple military targets across Iran and outside populated areas. 
    The United States was not a participant in this military operation. 
    The President and his national security team, of course, worked with the Israelis over recent weeks to encourage Israel to conduct a response that was targeted and proportional with low risk of civilian harm, and that appears to have been precisely what transpired this evening. 
    The President discussed the overall situation with Prime Minister Netanyahu last week.  He encouraged the Prime Minister to design a response that served to deter further attacks against Israel while reducing risk of further escalation.  And that is our objective; it’s Israel’s objective, as well, as they have stated this evening.
    Should Iran choose to respond, we are fully prepared to once again defend against any attack.  We recently deployed a THAAD battery, which is a ballistic missile defense system, to Israel.  And we have worked to strengthen Israel’s air defense systems in the run-up to tonight’s response.
    President Biden and Vice President Harris have demonstrated clearly that we will always help defend Israel and secure its people and territory from Iran and its proxy terrorist groups.
    If Iran chooses to respond once again, we will be ready, and there will be consequences for Iran once again.  However, we do not want to see that happen.  This should be the end of this direct exchange of fire between Israel and Iran.  Israel has made clear to the world that its response is now complete. 
    Accordingly, we would call on all countries of influence to press Iran to stop these attacks against Israel so that we can move beyond this direct cycle of attacks.
    Over the coming days, we are prepared to lead an effort to secure an end to the war in Lebanon through an agreement that allows civilians on both sides of the Blue Line to safely return to their homes.  We are also prepared to lead an effort to finally achieve a ceasefire in Gaza together, with the return of hostages, which must happen without delay. 
    The overall contours of those arrangements are in place.  Tony Blinken was in the region last week.  This week, there will be further engagements, including a meeting of hostage negotiators over the coming days.  And it’s time to bring these deals to a resolution once and for all.  
    I would just note for some color on the recent hours here over the course of this evening: Of course, the President was briefed throughout the evening by Jake Sullivan, his National Security Advisor, as we are here at the White House.  Secretary Austin spoke with his Israeli counterpart, Minister Yoav Gallant, a couple of hours ago.  And we just issued a — the Defense Department just issued a readout of that call, again, affirming Israel’s full right to self-defense against Iran and our support for its actions tonight, and our commitment to help defend Israel should Iran make the mistake to respond to this attack. 
    And with that, I’m happy to take a few questions. 
    MODERATOR:  Thank you.  We’ve got time for just a couple of questions. 
    First up, we’ll go to Aamer Madhani.  You should be able to unmute yourself. 
    Q    Hey.  Thank you both.  Did the U.S. assist in any manner at all?  Target selection, intel, jamming?  And do you assess this action to have had significant-enough impact on Iran’s ability to continue to strike Israel directly or its ability to arm Hezbollah?
    SENIOR ADMINISTRATION OFFICIAL:  So, as I said in my statement, we did not participate in this military operation, and I think that’s very clear. 
    I would just say: I’ll leave it to the Israelis to describe the scope and breadth of their response this evening.  It was extensive.  It was targeted.  It was precise.  It was against military targets across Iran.  It was in multiple waves.  It was very carefully prepared.  And again, I think it was designed to be effective. 
    And I think — again, I will leave it, though, to the Israelis to characterize and to provide more details, given that this was their military operation. 
    MODERATOR:  Next up, we’ll go to Trevor Hunnicutt.
    Q    Hey.  Thanks for doing this.  Could you talk a little bit about what, if any, communications or indications you had from Iran heading into this about what level of response they’re willing to engage in?  And could you talk a little bit about the President’s — any plans for the President to follow up with Netanyahu after this?
    SENIOR ADMINISTRATION OFFICIAL:  We do have multiple channels with Iran, direct and indirect.  We try to avoid any sense of miscommunication.  And they know exactly what our position is on multiple issues, including the dangers and risks of their course of conduct, particularly the launching of 200 ballistic missiles focusing primarily on densely populated areas in Israel’s most populated city, which also includes tens of thousands of Americans. 
    That is totally unacceptable.  We will not accept it.  We will support Israel defending itself.  And, obviously, we’ll support Israel fully in its right to self-defense.  Iran knows our position on that is unequivocal.  And we are quite clear that there’s no misunderstanding or miscommunication between us and Iran.
    In terms of communication with the Israelis, we are in constant communication with the Israelis up and down their system — military to military, intel to intel, and at the political level.  That is something that is ongoing and continuous. 
    Again, Jake briefed the President multiple times throughout the evening as this was unfolding and, of course, throughout the day today as it was developing.  And I think that will obviously continue through the weekend.  But I don’t have any calls to preview or read out.
    MODERATOR:  We have time for one last question.  We’ll go to the line of Kayla Tausche.
    Q    Thank you, guys, so much for doing this.  We appreciate it. 
    I have two questions.  The first is: You’ve described these strikes as “designed to be effective.”  Can you elaborate on what effect they were intended to have and whether they, in fact, did?
    And then, you’ve suggested that this should be the end to the conflict, but does the administration believe it will be the end of the conflict?
    SENIOR ADMINISTRATION OFFICIAL:  So, first of all, the effect, it’s a proportionate self-defense response to an unbelievably brazen and reckless ballistic missile attack, almost unprecedented in history, that has launched almost three weeks ago.  So, the effect is to deter future attacks and also to degrade the capabilities of Iran being able to conduct those types of activities.
    As to specific targets, I will say we know them, but I would leave it to the Israelis to discuss them in any further detail. 
    What was your second question?  I’m sorry.
    Q    The second question was: You have suggested that this should be the end of the conflict, but does the administration actually believe that it will be?
    SENIOR ADMINISTRATION OFFICIAL:  Well, this should be the end of the direct military exchange between Israel and Iran.  And so, we had a direct exchange in April, and that was closed off, and we’ve now had this direct exchange.  Again, a direct — 200 ballistic missiles fired from Iran at Israel.  Israel did not attack Iran.  Iran attacked Israel, 200 ballistic missiles.  And Israel, tonight, has responded to that attack as an exercise of self-defense.  As far as we’re concerned, that should close out that direct exchange between Israel and Iran.
    As to the broader conflicts in the region, obviously much more complex.  I mentioned and alluded to them in my statement.  We do have a number of initiatives ongoing with respect to those. 
    But as to the direct military exchange between Israel and Iran, we do think this should complete that direct exchange.  And, again, should Iran choose to respond, we are fully prepared to defend Israel and support Israel, and there will be consequences should Iran make that unfortunate decision. 
    But as far as we’re concerned, this direct exchange, this should be the end of it.  I will say we’ve heard the same thing from many across the region, including many with close ties to Iran.  So we’ll see how that unfolds. 
    But that is our very strong view.  That’s been communicated to our partners throughout the region, and obviously it’s been communicated through multiple channels, indirectly and directly, to Iran. 
    MODERATOR:  Thanks, everyone.  That’s all the time we have for tonight.  As a reminder, this call was on background to a senior administration official, and the embargo is now lifted.  Thanks so much, and have a good night.
    11:27 P.M. EDT

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Russia: Dmitry Chernyshenko: All regions of Russia and eight friendly countries participate in the Abilympics championship

    Translation. Region: Russian Federation –

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

    Deputy Prime Minister Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Limited Health Abilities “Abilympics”, which started at Gostiny Dvor in Moscow.

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Previous news Next news

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    The Deputy Prime Minister emphasized the importance of the championship and noted that in 10 years, Abilympics has come a long way, increasing the number of participants from 250 to 120 thousand.

    “We have more than 1.2 million children with various types of disabilities who need to be given the opportunity to compete and be active citizens of society. And, as President Vladimir Putin instructed, to realize their potential and talents. And we saw a lot of talent at the championship. Today, representatives of all regions of the country are here, including new subjects. What is noteworthy is that eight friendly countries are also participating in these competitions. I believe that the most important result of “Abilympics” is that 93% of participants find work after the championship,” said Dmitry Chernyshenko.

    The Deputy Prime Minister also expressed gratitude to the Moscow government, where the Abilympics finals are traditionally held. He emphasized that he is grateful to businesses that responsibly approach the creation of jobs for people with disabilities.

    The Deputy Prime Minister visited the venues where the championship was held. At the stand of the Ministry of Industry and Trade of Russia, he was presented with the latest technical rehabilitation equipment for people with disabilities. He also got acquainted with the exhibition and sale of goods from entrepreneurs who opened their own businesses.

    In addition, the Deputy Prime Minister spoke with participants and experts in various competencies, including Pottery, Industrial Robotics, Graphic Design, and Character Design/Animation.

    At Gostiny Dvor, the Deputy Prime Minister was accompanied by Deputy Minister of Education Olga Koludarova, Minister of the Moscow Government, Head of the Moscow Department of Labor and Social Protection of the Population Evgeny Struzhak, and Head of the National Center “Abilympics” of the Institute for the Development of Professional Education Dina Makeeva.

    “Over the past 10 years, the movement has become an important part of the system of professional education and employment of people with disabilities. Thanks to Abilympics, thousands of talented schoolchildren, students and working citizens have the opportunity to demonstrate their skills and abilities, as well as find a job they like. And we are confident that the Abilympics movement will continue to develop. This year, regional centers for the development of the movement opened in the Donetsk People’s Republic and the Kherson region. We hope that in the future, Abilympics will open its representative offices in all regions of our country,” noted Dina Makeeva.

    The championship competitions in 2024 will be held in 50 approved core competencies in 11 areas of the economy: education, IT technologies, arts and crafts, creative industries, industry, catering, services, economics and management, construction, and medical professions. The judging will be carried out by 277 experts from 52 subjects of the Russian Federation.

    It is also planned to hold competitions in 12 competencies and 1 presentation competence of the championship with the participation of representatives of friendly states in person: the Republic of Azerbaijan, the Republic of Abkhazia, the Republic of Belarus, the Republic of Zimbabwe and the State of Qatar. Representatives of the Republic of Armenia, the Republic of Nicaragua and the People’s Republic of China will participate remotely.

    Over 10 years, the number of subjects of the Russian Federation where regional Abilympics championships are held has increased from 29 to 89, and the number of competitive competencies has grown from 29 to 206.

    The project operator is the National Center “Abilympics” of the Institute for the Development of Professional Education, Ministry of Education of the Russian Federation.

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

    MIL OSI Russia News –

    January 24, 2025
  • MIL-OSI Canada: Minister Hussen announces support for financial stability in developing countries at the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group

    Source: Government of Canada News

    News release

    Financial inclusion gives people a fair chance to succeed. However, with the rising cost of living, regional conflicts, and natural disasters caused by climate change, financial pressures have impacted everyday life, especially for the world’s most vulnerable.

    October 26, 2024 – Washington, D.C. – Global Affairs Canada

    Financial inclusion gives people a fair chance to succeed. However, with the rising cost of living, regional conflicts, and natural disasters caused by climate change, financial pressures have impacted everyday life, especially for the world’s most vulnerable.

    Yesterday, the Honourable Ahmed Hussen, Minister of International Development concluded his participation at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington. While there, he announced a $20 million contribution to the Toronto Centre over five years.

    Canada’s investment will expand the reach of the Toronto Centre’s tailored training to financial regulators in developing countries, including for women. Women continue to be less likely than men to have access to financial institutions, or even have their own bank account. Gender inclusive training can help break the cycle of gender-based poverty – changing lives and increasing women’s participation in the economy. The project focuses on Sub-Saharan Africa, the Indo-Pacific region and special assistance to Ukraine.

    Minister Hussen also engaged with global partners, World Bank management and other key stakeholders, committed to working with Canada to improve accessing to finance for those who need it most, especially women, a priority under Canada’s Feminist International Assistance Policy. The World Bank Group is an important partner in funding development projects that help increase financial stability, making it easier for people to access financial services, and providing support in times of crisis.

    Quotes

    “Canada is proud to continue our partnership with the Toronto Centre. This Canadian powerhouse has a long track record of strengthening financial systems through their training and expertise. What this means is that more women and girls will get access to stable financial resources, unlocking the door to reaching their full potential. Together, Canada and the Toronto Centre will continue to build a more inclusive financial sector around the world.”

    – Ahmed Hussen, Minister of International Development

    “We are deeply grateful to Global Affairs Canada for their continued support since our inception in 1998. This timely funding renewal strengthens our ability to build capacity in emerging markets and developing economies in line with the sustainable development goals to spur financial resilience and inclusion, mobilize domestic resources, and alleviate poverty. Our foundational institution-building work strengthens financial regulatory environments, fostering sustainable growth and building global confidence.” 

    – Babak Abbaszadeh, President and CEO, Toronto Centre

    Quick facts

    • Canada is a founding member of the World Bank Group and the International Monetary Fund and is represented at their Boards by Canada’s Minister of Finance.

    • The WBG is Canada’s largest development partner institution. Since 1945, we have worked together in every major area of development and in boosting shared prosperity through inclusive, sustainable economic growth and development.

    • The Annual Meetings for the International Monetary Fund and the World Bank is an opportunity for the global community to come together and advance a range of issues related to poverty reduction and international economic development, while advancing the Sustainable Development Goals.

    • In June 2024, Prime Minister Justin Trudeau announced that Canada would purchase $274 million (US$200 million) in hybrid capital from the World Bank’s International Bank for Reconstruction and Development (IBRD). This innovative financing mechanism provides additional capacity for the Bank to provide loans to developing countries, with a leverage factor of 6.5 times. This means up to $1.8 billion in additional lending is available to help developing countries meet the SDGs – from improving education and health to reducing food insecurity and carbon footprints.

    • Canada is a founding member of the Toronto Centre and together, they have built a partnership that dates back to 1998.

    • The Toronto Centre has hosted regular side events within the IMF and World Bank Annual and Spring meetings.

    • Since inception in 1998, Toronto Centre has enhanced the capacity of more than 28,000 financial supervisors from 190 countries and territories to build more stable, resilient, and inclusive financial systems.

    Associated links

    Contacts

    Olivia Batten
    Press Secretary
    Office of the Minister of International Development
    Olivia.Batten@international.gc.ca

    Media Relations Office
    Global Affairs Canada
    media@international.gc.ca
    Follow us on X (Twitter): @CanadaDev
    Like us on Facebook: Canada’s international development – Global Affairs Canada
    Follow us on Instagram: @canadadev

    MIL OSI Canada News –

    January 24, 2025
  • MIL-OSI USA: FEMA is Hosting a Job Fair in Augusta

    Source: US Federal Emergency Management Agency

    Headline: FEMA is Hosting a Job Fair in Augusta

    FEMA is Hosting a Job Fair in Augusta

    ATLANTA – Are you interested in applying for a federal job? Join FEMA at a job fair on Wednesday, Oct. 30 in Augusta to learn how to navigate USAjobs.gov, the federal government’s official web-based employment webpage that lets you access thousands of job opportunities across hundreds of federal agencies and organizations. FEMA representatives will be on hand, providing training on how to navigate through usajobs.gov, create a profile, and build an effective resume in the resume builder tool. Computers will be available at the fair to help attendees access the website and create their online profile.  The fair will take place from 9:30 a.m. to 4 p.m. You do not need to register to attend.How to attend: Date and time: Wednesday, Oct. 30 from 9:30 a.m. – 4 p.m.Location: May Park Community Center, 622 4th Street. Augusta, Georgia 30901For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821. Follow FEMA on X at x.com/femaregion4 or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Administrator Deanne Criswell on Twitter @FEMA_Deanne.
    minh.phan
    Sat, 10/26/2024 – 14:45

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

    *****

     

    SS

    (Release ID: 2066731) Visitor Counter : 53

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 21.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    21 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 21.10.2024

    Espoo, Finland – On 21 October 2024 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 1,317,830 4.34
    CEUX 269,017 4.32
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,586,847 4.33

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase 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 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 21 October 2024 was EUR 6,875,967. After the disclosed transactions, Nokia Corporation holds 178,234,633 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.

    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 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    • Daily Report 2024-10-21

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Average Loan portfolio continues to grow:
      • On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
    • Continued solid financial results:
      • Key metrics for third quarter 2024:
        • Net income of $12.9 million versus $12.6 million for the second quarter 2024
        • Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
        • Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
    • Capital continues to grow:
      • Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
      • Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

    GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023.   TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products.  The objective was to meet customer needs and encourage increased utilization through existing HECLs.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

    Details

    Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

    Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.  

    At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

    A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.   The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

     
    TRUSTCO BANK CORP NY
    GLENVILLE, NY
             
    FINANCIAL HIGHLIGHTS
             
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended        
        9/30/2024   6/30/2024   9/30/2023        
    Summary of operations                    
    Net interest income   $ 38,671     $ 37,788     $ 42,221              
    Provision for credit losses     500       500       100          
    Net gains on equity securities     23       1,360       –          
    Noninterest income, excluding net gains on equity securities     4,908       4,291       4,574          
    Noninterest expense     26,200       26,459       27,460          
    Net income     12,875       12,551       14,680          
                         
    Per share                    
    Net income per share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.77          
    – Diluted     0.68       0.66       0.77          
    Cash dividends     0.36       0.36       0.36          
    Book value at period end     35.19       34.46       32.80              
    Market price at period end     33.07       28.77       27.29          
                         
    At period end                    
    Full time equivalent employees     735       753       764          
    Full service banking offices     138       138       143          
                         
    Performance ratios                    
    Return on average assets     0.84   %   0.82   %   0.96   %      
    Return on average equity     7.74       7.76       9.32          
    Efficiency ratio (1)     59.65       62.84       58.33          
    Net interest spread     2.17       2.09       2.55          
    Net interest margin     2.61       2.53       2.85          
    Dividend payout ratio     53.16       54.57       46.65              
                             
    Capital ratios at period end                        
    Consolidated equity to assets     10.95   %   10.73   %   10.31   %          
    Consolidated tangible equity to tangible assets (2)     10.94   %   10.72   %   10.30   %      
                         
    Asset quality analysis at period end                    
    Nonperforming loans to total loans     0.38   %   0.38   %   0.36   %      
    Nonperforming assets to total assets     0.36       0.35       0.31          
    Allowance for credit losses on loans to total loans     0.99       0.99       0.95          
    Coverage ratio (3)   2.6x   2.6x   2.6x        
                         
                         
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
    (2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
    (3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
                         
                         
    FINANCIAL HIGHLIGHTS, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Summary of operations                    
    Net interest income $   113,037       133,238              
    Provision (Credit) for credit losses     1,600       (100 )            
    Net gains on equity securities     1,383       –              
    Noninterest income, excluding net gains on equity securities     14,042       13,841              
    Noninterest expense     77,562       82,466              
    Net income     37,552       48,798              
                         
    Per share                    
    Net income per share:                    
    – Basic $   1.97       2.57              
    – Diluted     1.97       2.57              
    Cash dividends     1.08       1.08              
    Book value at period end     35.19       32.80              
    Market price at period end     33.07       27.29              
                         
    Performance ratios                    
    Return on average assets     0.82   %   1.08              
    Return on average equity     7.68       10.57                  
    Efficiency ratio (1)     60.80       55.70                  
    Net interest spread     2.08       2.78                  
    Net interest margin     2.52       3.01            
    Dividend payout ratio     54.70       42.11                  
                             
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME
                         
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest and dividend income:                    
    Interest and fees on loans   $ 52,112     $ 50,660     $ 49,804     $ 49,201     $ 47,921  
    Interest and dividends on securities available for sale:                    
    U. S. government sponsored enterprises     718       909       906       750       672  
    State and political subdivisions     –       1       –       1       –  
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     1,397       1,451       1,494       1,533       1,485  
    Corporate bonds     361       362       476       477       473  
    Small Business Administration – guaranteed                    
    participation securities     90       94       100       102       107  
    Other securities     2       2       3       3       2  
    Total interest and dividends on securities available for sale     2,568       2,819       2,979       2,866       2,739  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     62       65       68       70       73  
    Total interest on held to maturity securities     62       65       68       70       73  
                         
    Federal Home Loan Bank stock     153       147       152       149       131  
                         
    Interest on federal funds sold and other short-term investments     6,174       6,894       6,750       6,354       6,688  
    Total interest income     61,069       60,585       59,753       58,640       57,552  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     311       288       240       165       102  
    Savings     770       675       712       707       639  
    Money market deposit accounts     2,154       2,228       2,342       2,500       2,384  
    Time deposits     18,969       19,400       19,677       16,460       11,962  
    Interest on short-term borrowings     194       206       204       201       244  
    Total interest expense     22,398       22,797       23,175       20,033       15,331  
                         
    Net interest income     38,671       37,788       36,578       38,607       42,221  
                         
    Less: Provision for credit losses     500       500       600       1,350       100  
    Net interest income after provision for credit losses     38,171       37,288       35,978       37,257       42,121  
                         
    Noninterest income:                    
    Trustco Financial Services income     2,044       1,609       1,816       1,612       1,627  
    Fees for services to customers     2,482       2,399       2,745       2,563       2,590  
    Net gains on equity securities     23       1,360       –       –       –  
    Other     382       283       282       299       357  
    Total noninterest income     4,931       5,651       4,843       4,474       4,574  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     12,134       12,520       11,427       12,444       12,393  
    Net occupancy expense     4,271       4,375       4,611       4,209       4,358  
    Equipment expense     1,757       1,990       1,738       1,852       1,923  
    Professional services     1,863       1,570       1,460       1,561       1,717  
    Outsourced services     2,551       2,755       2,501       2,532       2,720  
    Advertising expense     339       466       408       384       586  
    FDIC and other insurance     1,112       797       1,094       1,085       1,078  
    Other real estate expense (income), net     204       16       74       (12 )     163  
    Other     1,969       1,970       1,590       4,776       2,522  
    Total noninterest expenses     26,200       26,459       24,903       28,831       27,460  
                         
    Income before taxes     16,902       16,480       15,918       12,900       19,235  
    Income taxes     4,027       3,929       3,792       3,052       4,555  
                         
    Net income   $ 12,875     $ 12,551     $ 12,126     $ 9,848     $ 14,680  
                         
    Net income per common share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.64     $ 0.52     $ 0.77  
                         
    – Diluted     0.68       0.66       0.64       0.52       0.77  
                         
    Average basic shares (in thousands)     19,010       19,022       19,024       19,024       19,024  
    Average diluted shares (in thousands)     19,036       19,033       19,032       19,026       19,024  
                         
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Interest and dividend income:                        
    Interest and fees on loans $   152,576       138,255                  
    Interest and dividends on securities available for sale:                        
    U. S. government sponsored enterprises     2,533       2,055                  
    State and political subdivisions     1       1                  
    Mortgage-backed securities and collateralized mortgage                        
    obligations – residential     4,342       4,613                  
    Corporate bonds     1,199       1,510                  
    Small Business Administration – guaranteed                        
    participation securities     284       335                  
    Other securities     7       7                  
    Total interest and dividends on securities available for sale     8,366       8,521                  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities-residential     195       226                  
    Total interest on held to maturity securities     195       226                  
                         
    Federal Home Loan Bank stock     452       351                  
                         
    Interest on federal funds sold and other short-term investments     19,818       20,213                  
    Total interest income     181,407       167,566                  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     839       217                  
    Savings     2,157       1,824                  
    Money market deposit accounts     6,724       4,954                  
    Time deposits     58,046       26,525                  
    Interest on short-term borrowings     604       808                  
    Total interest expense     68,370       34,328                  
                         
    Net interest income     113,037       133,238                  
                         
    Less: Provision (Credit) for credit losses     1,600       (100 )                
    Net interest income after provision (credit) for credit losses     111,437       133,338                  
                         
    Noninterest income:                    
    Trustco Financial Services income     5,469       4,813                  
    Fees for services to customers     7,626       8,085                  
    Net gains on equity securities     1,383       –                  
    Other     947       943                  
    Total noninterest income     15,425       13,841                  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     36,081       38,798                  
    Net occupancy expense     13,257       13,218                  
    Equipment expense     5,485       5,758                  
    Professional services     4,893       4,684                  
    Outsourced services     7,807       7,507                  
    Advertising expense     1,213       1,494                  
    FDIC and other insurance     3,003       3,215                  
    Other real estate expense, net     294       536                  
    Other     5,529       7,256                  
    Total noninterest expenses     77,562       82,466                  
                         
    Income before taxes     49,300       64,713                  
    Income taxes     11,748       15,915                  
                         
    Net income $   37,552       48,798                      
                             
    Net income per common share:                    
    – Basic $   1.97       2.57              
                         
    – Diluted     1.97       2.57              
                         
    Average basic shares (in thousands)     19,019       19,024              
    Average diluted shares (in thousands)     19,034       19,024              
                         
                         
                         
                         
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    ASSETS:                    
                         
    Cash and due from banks   $ 49,659     $ 42,193     $ 44,868     $ 49,274     $ 45,940  
    Federal funds sold and other short term investments     473,306       493,920       564,815       528,730       461,321  
    Total cash and cash equivalents     522,965       536,113       609,683       578,004       507,261  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises     90,588       106,796       128,854       118,668       121,474  
    States and political subdivisions     26       26       26       26       34  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential     222,841       218,311       227,078       237,677       233,719  
    Small Business Administration – guaranteed                    
    participation securities     15,171       15,592       16,260       17,186       17,316  
    Corporate bonds     54,327       53,764       53,341       78,052       76,935  
    Other securities     701       688       682       680       657  
    Total securities available for sale     383,654       395,177       426,241       452,289       450,135  
                         
    Held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations-residential     5,636       5,921       6,206       6,458       6,724  
    Total held to maturity securities     5,636       5,921       6,206       6,458       6,724  
                         
    Federal Reserve Bank and Federal Home Loan Bank stock     6,507       6,507       6,203       6,203       6,203  
                       
    Loans:                  
    Commercial     280,261       282,441       279,092       273,515       268,642  
    Residential mortgage loans     4,382,674       4,370,640       4,354,369       4,365,063       4,343,006  
    Home equity line of credit     393,418       370,063       355,879       347,415       332,028  
    Installment loans     14,503       15,168       16,166       16,886       16,605  
    Loans, net of deferred net costs     5,070,856       5,038,312       5,005,506       5,002,879       4,960,281  
                       
    Less: Allowance for credit losses on loans     49,950       49,772       49,220       48,578       47,226  
    Net loans     5,020,906       4,988,540       4,956,286       4,954,301       4,913,055  
                         
    Bank premises and equipment, net     33,324       33,466       33,423       34,007       32,135  
    Operating lease right-of-use assets     37,958       38,376       39,647       40,542       41,475  
    Other assets     98,730       102,544       101,881       96,387       97,310  
                       
    Total assets   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand   $ 753,878     $ 745,227     $ 742,997     $ 754,532     $ 773,293  
    Interest-bearing checking     988,527       1,029,606       1,020,136       1,015,213       1,033,898  
    Savings accounts     1,092,038       1,144,427       1,155,517       1,179,241       1,235,658  
    Money market deposit accounts     477,113       517,445       532,611       565,767       610,012  
    Time deposits     1,952,635       1,840,262       1,903,908       1,836,024       1,581,504  
    Total deposits     5,264,191       5,276,967       5,355,169       5,350,777       5,234,365  
                       
    Short-term borrowings     91,450       89,720       94,374       88,990       103,110  
    Operating lease liabilities     41,469       42,026       43,438       44,471       45,418  
    Accrued expenses and other liabilities     43,549       42,763       37,399       38,668       47,479  
                       
    Total liabilities     5,440,659       5,451,476       5,530,380       5,522,906       5,430,372  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock     20,058       20,058       20,058       20,058       20,058  
    Surplus     257,644       257,490       257,335       257,181       257,078  
    Undivided profits     442,079       436,048       430,346       425,069       422,082  
    Accumulated other comprehensive loss, net of tax     (6,600 )     (14,268 )     (14,763 )     (13,237 )     (31,506 )
    Treasury stock at cost     (44,160 )     (44,160 )     (43,786 )     (43,786 )     (43,786 )
                       
    Total shareholders’ equity     669,021       655,168       649,190       645,285       623,926  
                         
    Total liabilities and shareholders’ equity   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                         
    Outstanding shares (in thousands)     19,010       19,010       19,024       19,024       19,024  
                         
     
    NONPERFORMING ASSETS
                 
    (dollars in thousands)
    (Unaudited)
        9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial   $ 466   $ 741   $ 532   $ 536   $ 540  
    Real estate mortgage – 1 to 4 family     15,320     14,992     14,359     14,375     14,633  
    Installment     163     131     149     151     93  
    Total non-accrual loans     15,949     15,864     15,040     15,062     15,266  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     15,949     15,864     15,040     15,065     15,271  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 18,452   $ 18,198   $ 17,374   $ 15,259   $ 16,456  
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial   $ 314   $ 314   $ 314   $ 314   $ 314  
    Real estate mortgage – 1 to 4 family     3,176     2,985     2,921     2,272     2,228  
    Installment     5     22     –     15     65  
    Total non-accrual loans     3,495     3,321     3,235     2,601     2,607  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     –     –  
    Total nonperforming loans     3,495     3,321     3,235     2,601     2,607  
    Other real estate owned     –     –     –     –     –  
    Total nonperforming assets   $ 3,495   $ 3,321   $ 3,235   $ 2,601   $ 2,607  
                 
    Total            
    Loans in nonaccrual status:            
    Commercial   $ 780   $ 1,055   $ 846   $ 850   $ 854  
    Real estate mortgage – 1 to 4 family     18,496     17,977     17,280     16,647     16,861  
    Installment     168     153     149     166     158  
    Total non-accrual loans     19,444     19,185     18,275     17,663     17,873  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     19,444     19,185     18,275     17,666     17,878  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 21,947   $ 21,519   $ 20,609   $ 17,860   $ 19,063  
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (74 )   (78 )   219     (26 )
    Installment     11     (2 )   36     23     14  
    Total net (recoveries) chargeoffs   $ 180   $ (76 ) $ (42 ) $ 242   $ (12 )
                 
    Florida            
    Commercial   $ –   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     –     17     –     –     –  
    Installment     42     7     –     6     –  
    Total net (recoveries) chargeoffs   $ 42   $ 24   $ –   $ 6   $ –  
                 
    Total            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (57 )   (78 )   219     (26 )
    Installment     53     5     36     29     14  
    Total net (recoveries) chargeoffs   $ 222   $ (52 ) $ (42 ) $ 248   $ (12 )
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1)   $ 19,444   $ 19,185   $ 18,275   $ 17,666   $ 17,878  
    Total nonperforming assets (1)     21,947     21,519     20,609     17,860     19,063  
    Total net (recoveries) chargeoffs (2)     222     (52 )   (42 )   248     (12 )
                 
    Allowance for credit losses on loans (1)     49,950     49,772     49,220     48,578     47,226  
                 
    Nonperforming loans to total loans     0.38 %   0.38 %   0.37 %   0.35 %   0.36 %
    Nonperforming assets to total assets     0.36 %   0.35 %   0.33 %   0.29 %   0.31 %
    Allowance for credit losses on loans to total loans     0.99 %   0.99 %   0.98 %   0.97 %   0.95 %
    Coverage ratio (1)     256.9 %   259.4 %   269.3 %   275.0 %   264.2 %
    Annualized net (recoveries) chargeoffs to average loans (2)     0.02 %   0.00 %   0.00 %   0.02 %   0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2)   56.3x N/A N/A 49.0x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
                 
     
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                        
    (Unaudited)   Three months ended     Three months ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises   $ 95,073     $ 718 3.02 %   $ 119,406     $ 672 2.25 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     241,792       1,397 2.29       269,535       1,485 2.19  
    State and political subdivisions     26       – 6.75       34       – 6.74  
    Corporate bonds     55,041       361 2.63       80,331       473 2.36  
    Small Business Administration – guaranteed                        
    participation securities     16,663       90 2.15       19,801       107 2.15  
    Other     701       2 1.14       686       2 1.17  
                             
    Total securities available for sale     409,296       2,568 2.51       489,793       2,739 2.24  
                             
    Federal funds sold and other short-term Investments     465,922       6,174 5.27       494,597       6,688 5.37  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     5,779       62 4.29       6,877       73 4.22  
                             
    Total held to maturity securities     5,779       62 4.29       6,877       73 4.22  
                             
    Federal Home Loan Bank stock     6,507       153 9.41       6,203       131 8.45  
                             
    Commercial loans     279,199       3,807 5.45       261,061       3,398 5.21  
    Residential mortgage loans     4,375,641       41,811 3.82       4,325,219       39,321 3.64  
    Home equity lines of credit     380,422       6,245 6.53       320,446       4,946 6.12  
    Installment loans     14,443       249 6.87       15,959       256 6.37  
                             
    Loans, net of unearned income     5,049,705       52,112 4.12       4,922,685       47,921 3.89  
                             
    Total interest earning assets     5,937,209     $ 61,069 4.11       5,920,155     $ 57,552 3.88  
                             
    Allowance for credit losses on loans     (49,973 )             (47,077 )        
    Cash & non-interest earning assets     187,166               172,523          
                             
                             
    Total assets   $ 6,074,402             $ 6,045,601          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts   $ 1,000,333     $ 311 0.12 %   $ 1,050,313     $ 102 0.04 %
    Money market accounts     499,408       2,154 1.72       625,031       2,384 1.51  
    Savings     1,122,673       770 0.27       1,282,641       639 0.20  
    Time deposits     1,880,021       18,969 4.01       1,494,402       11,962 3.18  
                             
    Total interest bearing deposits     4,502,435       22,204 1.96       4,452,387       15,087 1.34  
    Short-term borrowings     87,677       194 0.88       110,018       244 0.88  
                             
    Total interest bearing liabilities     4,590,112     $ 22,398 1.94       4,562,405     $ 15,331 1.33  
                             
    Demand deposits     742,164               776,885          
    Other liabilities     80,502               81,411          
    Shareholders’ equity     661,624               624,900          
                             
    Total liabilities and shareholders’ equity   $ 6,074,402             $ 6,045,601          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)       $ 38,671           $ 42,221    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.17 %         2.55 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.61 %         2.85 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income       $ 38,671           $ 42,221    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             
                             
                             
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                             
    (dollars in thousands)                        
    (Unaudited)   Nine Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises $   111,570       2,533 3.03 % $   120,243       2,055 2.28 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     250,343       4,342 2.31       278,252       4,613 2.21  
    State and political subdivisions     26       1 6.80       34       1 6.74  
    Corporate bonds     61,221       1,199 2.61       83,732       1,510 2.41  
    Small Business Administration – guaranteed                        
    participation securities     17,438       284 2.17       20,876       335 2.14  
    Other     697       7 1.34       686       7 1.02  
                             
    Total securities available for sale     441,295       8,366 2.53       503,823       8,521 1.69  
                             
    Federal funds sold and other short-term Investments     489,934       19,818 5.40       540,570       20,213 5.00  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     6,053       195 4.29       7,205       226 4.18  
                             
    Total held to maturity securities     6,053       195 4.29       7,205       226 4.18  
                             
    Federal Home Loan Bank stock     6,350       452 9.49       5,957       351 5.89  
                             
    Commercial loans     278,981       11,232 5.37       249,738       9,716 5.19  
    Residential mortgage loans     4,364,821       123,046 3.76       4,269,494       114,227 3.57  
    Home equity lines of credit     365,932       17,522 6.40       305,075       13,598 5.96  
    Installment loans     15,319       776 6.76       15,015       714 6.35  
                             
    Loans, net of unearned income     5,025,053       152,576 4.05       4,839,322       138,255 3.81  
                             
    Total interest earning assets     5,968,685       181,407 4.05       5,896,877       167,566 3.79  
                             
    Allowance for credit losses on loans     (49,419 )             (46,812 )        
    Cash & non-interest earning assets     187,963               173,521          
                             
                             
    Total assets $   6,107,229           $   6,023,586          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts $   999,839       839 0.11 % $   1,088,859       217 0.03 %
    Money market accounts     522,636       6,724 1.72       613,119       4,954 1.08  
    Savings     1,142,313       2,157 0.25       1,363,052       1,824 0.18  
    Time deposits     1,881,027       58,046 4.12       1,343,762       26,525 2.64  
                             
    Total interest bearing deposits     4,545,815       67,766 1.99       4,408,792       33,520 1.02  
    Short-term borrowings     91,551       604 0.88       121,911       808 0.89  
                             
    Total interest bearing liabilities     4,637,366       68,370 1.97       4,530,703       34,328 1.01  
                             
    Demand deposits     734,604               793,890          
    Other liabilities     82,233               81,771          
    Shareholders’ equity     653,026               617,224          
                             
    Total liabilities and shareholders’ equity $   6,107,229           $   6,023,588          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)         113,037             133,238    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.08 %         2.78 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.52 %         3.01 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income         113,037             133,238    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

    The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

     
    NON-GAAP FINANCIAL MEASURES RECONCILIATION
                   
    (dollars in thousands)              
    (Unaudited)              
        9/30/2024 6/30/2024 9/30/2023      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 669,021   $ 655,168   $ 623,926        
    Less: Intangible assets     553     553     553        
    Tangible equity (Non-GAAP)   $ 668,468   $ 654,615   $ 623,373        
                   
    Shares outstanding     19,010     19,010     19,024        
    Tangible book value per share     35.16     34.44     32.77        
    Book value per share     35.19     34.46     32.80        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,109,680   $ 6,106,644   $ 6,054,298        
    Less: Intangible assets     553     553     553        
    Tangible assets (Non-GAAP)   $ 6,109,127   $ 6,106,091   $ 6,053,745        
                   
    Tangible Equity to Tangible Assets (Non-GAAP)     10.94 %   10.72 %   10.30 %      
    Equity to Assets (GAAP)     10.95 %   10.73 %   10.31 %      
                   
        Three months ended   Nine Months Ended
    Efficiency Ratio   9/30/2024 6/30/2024 9/30/2023   9/30/2024 9/30/2023
                   
    Net interest income (GAAP)   $ 38,671   $ 37,788   $ 42,221     $ 113,037   $ 133,238  
    Taxable equivalent adjustment     –     –     –       –     –  
    Net interest income (fully taxable equivalent) (Non-GAAP)     38,671     37,788     42,221       113,037     133,238  
    Non-interest income (GAAP)     4,931     5,651     4,574       15,425     13,841  
    Less: Net gains on equity securities     23     1,360     –       1,383     –  
    Revenue used for efficiency ratio (Non-GAAP)   $ 43,579   $ 42,079   $ 46,795     $ 127,079   $ 147,079  
                   
    Total noninterest expense (GAAP)   $ 26,200   $ 26,459   $ 27,460     $ 77,562   $ 82,466  
    Less: Other real estate expense, net     204     16     163       294     536  
    Expense used for efficiency ratio (Non-GAAP)   $ 25,996   $ 26,443   $ 27,297     $ 77,268   $ 81,930  
                   
    Efficiency Ratio     59.65 %   62.84 %   58.33 %     60.80 %   55.70 %
                   
       
    Subsidiary: Trustco Bank
       
    Contact: Robert Leonard
    Executive Vice President
    (518) 381-3693

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Rule 8 Announcement to Stockholders

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — StoneX Group Inc. (“StoneX”) wishes to direct the attention of its stockholders to certain disclosure requirements which may be applicable to them in connection with the announcement by CAB Payments Holdings plc (“CAB Payments”) on October 10, 2024 that it had received an unsolicited non-binding proposal from StoneX relating to a possible offer for the entire issued and to be issued share capital of CAB Payments. As a result of that announcement, on that date CAB Payments entered an offer period in accordance with the rules of the UK City Code on Takeovers and Mergers (the “Code”), which is published by the UK Takeover Panel.

    There can be no certainty that an offer will be made, nor as to the terms on which an offer might be made.

    The relevant disclosure requirements are set out in Rule 8 of the Code. In particular, Rule 8.3 of the Code requires that any person who is interested (directly and indirectly) in 1% or more of any class of relevant security of any party to the offer period must make (a) an Opening Position Disclosure and (b) a Dealing Disclosure if they deal in any relevant security of any party to the offer during an offer period.

    StoneX common shares, which are listed on The NASDAQ Stock Market LLC and trade on the NASDAQ Global Select Market, are relevant securities for the purposes of this offer period.

    Further information about the Takeover Panel’s disclosure regime is available at: http://www.thetakeoverpanel.org.uk/disclosure. If you have any questions on these disclosure requirements, the Takeover Panel’s Market Surveillance Unit will be happy to answer them and should be contacted on +44 (0)20 7638 0129.

    Enquiries:

    Perella Weinberg UK Limited (Financial Adviser)        

    Tel: +44 (0) 20 7268 2800
    Matthew Smith
    Timm Schipporeit
    Edyta Lipka
    Adnan Choudhury

    Notice relating to StoneX’s advisers:

    Perella Weinberg UK Limited (“PWP“), which is authorized and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for StoneX in connection with the matters set out in this announcement and for no one else and will not be responsible to anyone other than StoneX for providing the protections afforded to its clients or for providing advice in relation to the matters set out in this announcement. Neither PWP nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of PWP in connection with this announcement, any statement contained herein or otherwise.

    Important notices

    This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote in any jurisdiction whether pursuant to this announcement or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction.

    Dealing disclosure requirements of the Code

    Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

    Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

    If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

    Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

    Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

    SNEX-G

    The MIL Network –

    January 24, 2025
  • MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (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 ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
    • Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
    • Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
    • Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
    • Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

    The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024. 

    “Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here.  We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

    “The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

    (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 $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

    Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

    The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000. 

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

    Income Taxes

    The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

    Balance Sheet

    At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

    Loan and Securities Portfolio

    Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023. 

    As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

    Credit Quality

    Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

    Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

    Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are  $19.2 million which are paying current.

    30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

    As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

        For the Three Months Ended
    September 30, 2024
        For the Nine Months Ended
    September 30, 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   $ 41,741     $ 624     $ 42,365     $ 41,903     $ 640     $ 42,543  
    Provision for credit losses     3,145       155       3,300       3,718       139       3,857  
    Less loans charged-off     (1,210 )     —       (1,210 )     (1,991 )     —       (1,991 )
    Recoveries on loans charged-off     9       —       9       55       —       55  
    Ending balance   $ 43,685     $ 779     $ 44,464     $ 43,685     $ 779     $ 44,464  


    Shareholders’ Equity

    At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

    On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

    Dividend Announcement

    The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

      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 September 30, 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, October 22, 2024, to discuss the Company’s third 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 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://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 Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s 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; 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)

     
        September 30,     June 30,     March 31,     December 31,     September 30,  
        2024     2024     2024     2023     2023  
    Assets                                        
    Cash and due from banks   $ 26,388     $ 23,313     $ 21,887     $ 22,671     $ 23,809  
    Interest-earning deposits with financial institutions     323,002       229,456       247,356       408,702       306,982  
    Cash and Cash Equivalents     349,390       252,769       269,243       431,373       330,791  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     305,666       325,582       335,194       318,961       354,378  
    Investment securities held to maturity     5,195       5,200       5,204       5,209       5,214  
    Mortgage loans held for sale     812       3,146       3,903       1,911       62  
    Loans held for investment     3,091,896       3,047,712       3,027,361       3,031,861       3,120,952  
    Allowance for loan losses     (43,685 )     (41,741 )     (41,688 )     (41,903 )     (42,430 )
    Net loans held for investment     3,048,211       3,005,971       2,985,673       2,989,958       3,078,522  
    Premises and equipment, net     24,839       25,049       25,363       25,684       26,134  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     59,889       59,486       59,101       58,719       58,346  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     7,256       7,545       7,794       8,110       8,439  
    Core deposit intangibles     2,194       2,394       2,594       2,795       3,010  
    Right-of-use assets     29,283       30,530       31,231       29,803       29,949  
    Accrued interest and other assets     70,644       63,416       65,608       66,404       87,411  
    Total assets   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 543,623     $ 542,971     $ 539,517     $ 539,621     $ 572,393  
    Savings, NOW and money market accounts     666,089       647,770       642,840       632,729       608,020  
    Time deposits, $250,000 and under     1,052,462       1,014,189       1,083,898       1,190,821       1,237,831  
    Time deposits, greater than $250,000     830,010       818,675       762,074       811,589       735,828  
    Total deposits     3,092,184       3,023,605       3,028,329       3,174,760       3,154,072  
    FHLB advances     200,000       150,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,433       119,338       119,243       119,147       174,019  
    Subordinated debentures     15,102       15,047       14,993       14,938       14,884  
    Lease liabilities – operating leases     30,880       32,087       32,690       31,191       31,265  
    Accrued interest and other liabilities     23,150       16,818       18,765       24,729       42,603  
    Total liabilities     3,480,749       3,356,895       3,364,020       3,514,765       3,566,843  
    Shareholders’ equity:                                        
    Common Stock     259,280       266,160       271,645       271,925       277,462  
    Additional paid-in capital     3,520       3,456       3,348       3,623       3,579  
    Retained Earnings     262,946       262,518       259,903       255,152       247,159  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (16,090 )     (20,915 )     (20,982 )     (19,512 )     (25,761 )
    Total shareholders’ equity     509,728       511,291       513,986       511,260       502,511  
    Total liabilities and shareholders’ equity   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    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 Nine Months Ended  
        September 30,
    2024
        June 30,
    2024
        September 30,
    2023
        September 30,
    2024
        September 30,
    2023
     
    Interest and dividend income:                                        
    Interest and fees on loans   $ 47,326     $ 45,320     $ 47,617     $ 138,193     $ 148,369  
    Interest on interest-earning deposits     3,388       3,353       3,193       11,781       6,096  
    Interest on investment securities     3,127       3,631       4,211       10,369       10,321  
    Dividend income on FHLB stock     326       327       290       984       814  
    Interest on federal funds sold and other     258       255       252       779       716  
    Total interest and dividend income     54,425       52,886       55,563       162,106       166,316  
    Interest expense:                                        
    Interest on savings deposits, NOW and money market accounts     5,193       4,953       3,106       14,624       8,180  
    Interest on time deposits     22,553       21,850       21,849       67,725       54,424  
    Interest on long-term debt and subordinated debentures     1,681       1,679       2,579       5,039       7,668  
    Interest on other borrowed funds     453       439       440       1,331       2,428  
    Total interest expense     29,880       28,921       27,974       88,719       72,700  
    Net interest income before provision for credit losses     24,545       23,965       27,589       73,387       93,616  
    Provision for credit losses     3,300       557       1,399       3,857       3,793  
    Net interest income after provision for credit losses     21,245       23,408       26,190       69,530       89,823  
    Noninterest income:                                        
    Service charges and fees     1,071       1,064       1,057       3,127       3,200  
    Gain on sale of loans     447       451       212       1,210       258  
    Loan servicing fees, net of amortization     605       579       623       1,773       1,959  
    Increase in cash surrender value of life insurance     402       385       356       1,169       1,036  
    Gain on OREO     —       292       190       1,016       190  
    Other income     3,221       717       332       4,311       982  
    Total noninterest income     5,746       3,488       2,770       12,606       7,625  
    Noninterest expense:                                        
    Salaries and employee benefits     10,008       9,533       9,744       29,468       28,935  
    Occupancy and equipment expenses     2,518       2,439       2,414       7,400       7,242  
    Data processing     1,472       1,466       1,315       4,358       3,969  
    Legal and professional     958       1,260       1,022       3,098       6,907  
    Office expenses     348       352       437       1,056       1,163  
    Marketing and business promotion     252       189       340       613       892  
    Insurance and regulatory assessments     658       981       730       2,621       2,043  
    Core deposit premium     200       201       236       602       708  
    Other expenses     1,007       703       638       2,298       2,445  
    Total noninterest expense     17,421       17,124       16,876       51,514       54,304  
    Income before income taxes     9,570       9,772       12,084       30,622       43,144  
    Income tax expense     2,571       2,527       3,611       8,342       12,752  
    Net income   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
                                             
    Net income per share                                        
    Basic   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Diluted   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Cash Dividends declared per common share   $ 0.16     $ 0.16     $ 0.16     $ 0.48     $ 0.48  
    Weighted-average common shares outstanding                                        
    Basic     17,812,791       18,375,970       18,995,303       18,261,702       18,991,579  
    Diluted     17,885,359       18,406,897       18,997,304       18,313,086       19,013,838  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
        For the Three Months Ended  
        September 30, 2024     June 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance
        Interest
     & Fees
        Yield /
    Rate
        Average
    Balance
        Interest
    & Fees
        Yield /
    Rate
        Average
    Balance
        Interest
    & Fees
        Yield /
    Rate
     
    Interest-earning assets                                                                        
    Cash and cash equivalents(1)   $ 260,205     $ 3,646       5.57 %   $ 255,973     $ 3,608       5.67 %   $ 270,484     $ 3,445       5.05 %
    FHLB Stock     15,000       326       8.65 %     15,000       327       8.77 %     15,000       290       7.67 %
    Securities                                                                        
    Available for sale(2)     298,948       3,105       4.13 %     318,240       3,608       4.56 %     369,459       4,187       4.50 %
    Held to maturity(2)     5,198       46       3.52 %     5,203       46       3.56 %     5,385       48       3.54 %
    Mortgage loans held for sale     1,165       23       7.85 %     3,032       57       7.56 %     739       13       6.98 %
    Loans held for investment:(3)                                                                        
    Real estate     2,888,528       43,495       5.99 %     2,828,339       41,590       5.91 %     2,968,246       43,583       5.83 %
    Commercial     179,885       3,808       8.42 %     185,679       3,673       7.96 %     187,140       4,021       8.52 %
    Total loans held for investment     3,068,413       47,303       6.13 %     3,014,018       45,263       6.04 %     3,155,386       47,604       5.99 %
    Total interest-earning assets     3,648,929     $ 54,449       5.94 %     3,611,466     $ 52,909       5.89 %     3,816,453     $ 55,587       5.78 %
    Total noninterest-earning assets     242,059                       240,016                       250,083                  
    Total average assets   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     55,757       277       1.98 %   $ 56,081     $ 276       1.98 %   $ 55,325     $ 201       1.44 %
    Money Market     439,936       4,093       3.70 %     431,559       3,877       3.61 %     403,300       2,656       2.61 %
    Saving deposits     164,515       823       1.99 %     164,913       800       1.95 %     123,709       249       0.80 %
    Time deposits, $250,000 and under     1,037,365       12,312       4.72 %     1,049,666       12,360       4.74 %     1,285,320       14,090       4.35 %
    Time deposits, greater than $250,000     819,207       10,241       4.97 %     772,255       9,490       4.94 %     717,026       7,759       4.29 %
    Total interest-bearing deposits     2,516,780       27,746       4.39 %     2,474,474       26,803       4.36 %     2,584,680       24,955       3.83 %
    FHLB advances     150,543       453       1.20 %     150,000       439       1.18 %     150,000       440       1.16 %
    Long-term debt     119,370       1,295       4.32 %     119,275       1,296       4.37 %     173,923       2,194       5.00 %
    Subordinated debentures     15,066       386       10.19 %     15,011       383       10.26 %     14,848       385       10.29 %
    Total interest-bearing liabilities     2,801,759       29,880       4.24 %     2,758,760       28,921       4.22 %     2,923,451       27,974       3.80 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     528,081                       529,450                       571,371                  
    Other noninterest-bearing liabilities     52,428                       51,087                       67,282                  
    Total noninterest-bearing liabilities     580,509                       580,537                       638,653                  
    Shareholders’ equity     508,720                       512,185                       504,432                  
    Total liabilities and shareholders’ equity   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
    Net interest income / interest rate spreads           $ 24,569       1.70 %           $ 23,988       1.67 %           $ 27,613       1.98 %
    Net interest margin                     2.68 %                     2.67 %                     2.87 %
                                                                             
    Total cost of deposits   $ 3,044,861     $ 27,746       3.63 %   $ 3,003,924     $ 26,803       3.59 %   $ 3,156,051     $ 24,955       3.14 %
    Total cost of funds   $ 3,329,840     $ 29,880       3.57 %   $ 3,288,210     $ 28,921       3.54 %   $ 3,494,822     $ 27,974       3.18 %

    _________________
    (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 Nine Months Ended  
        September 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance
        Interest
    & Fees
        Yield /
    Rate
        Average
    Balance
        Interest
    & Fees
        Yield /
    Rate
     
    Interest-earning assets                                                
    Cash and cash equivalents(1)   $ 293,597     $ 12,560       5.71 %   $ 177,393     $ 6,812       5.13 %
    FHLB Stock     15,000       984       8.76 %     15,000       814       7.26 %
    Securities                                                
    Available for sale(2)     312,352       10,302       4.41 %     332,007       10,245       4.13 %
    Held to maturity(2)     5,203       140       3.59 %     5,610       151       3.60 %
    Mortgage loans held for sale     1,802       105       7.78 %     295       16       7.25 %
    Loans held for investment:(3)                                                
    Real estate     2,851,625       126,852       5.94 %     3,041,393       134,791       5.93 %
    Commercial     181,716       11,236       8.26 %     214,618       13,562       8.45 %
    Total loans held for investment     3,033,341       138,088       6.08 %     3,256,011       148,353       6.09 %
    Total interest-earning assets     3,661,295     $ 162,179       5.92 %     3,786,316     $ 166,391       5.88 %
    Total noninterest-earning assets     242,802                       244,822                  
    Total average assets   $ 3,904,097                     $ 4,031,138                  
                                                     
    Interest-bearing liabilities                                                
    NOW   $ 56,924       851       2.00 %   $ 59,476     $ 511       1.15 %
    Money Market     427,884       11,496       3.59 %     431,299       7,315       2.27 %
    Saving deposits     162,207       2,277       1.88 %     118,550       354       0.40 %
    Time deposits, $250,000 and under     1,087,501       38,476       4.73 %     1,141,290       33,905       3.97 %
    Time deposits, greater than $250,000     792,310       29,249       4.93 %     729,699       20,519       3.76 %
    Total interest-bearing deposits     2,526,826       82,349       4.35 %     2,480,314       62,604       3.37 %
    FHLB advances     150,182       1,331       1.18 %     179,707       2,428       1.81 %
    Long-term debt     119,276       3,886       4.35 %     173,780       6,584       5.07 %
    Subordinated debentures     15,012       1,153       10.26 %     14,794       1,084       9.80 %
    Total interest-bearing liabilities     2,811,296       88,719       4.22 %     2,848,595       72,700       3.41 %
    Noninterest-bearing liabilities                                                
    Noninterest-bearing deposits     528,624                       624,781                  
    Other noninterest-bearing liabilities     52,955                       58,786                  
    Total noninterest-bearing liabilities     581,579                       683,567                  
    Shareholders’ equity     511,222                       498,976                  
    Total liabilities and shareholders’ equity   $ 3,904,097                     $ 4,031,138                  
    Net interest income / interest rate spreads           $ 73,460       1.70 %           $ 93,691       2.47 %
    Net interest margin                     2.68 %                     3.31 %
                                                     
    Total cost of deposits   $ 3,055,450     $ 82,349       3.60 %   $ 3,105,095     $ 62,604       2.70 %
    Total cost of funds   $ 3,339,920     $ 88,719       3.55 %   $ 3,473,376     $ 72,700       2.80 %

    _______________
    (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 Nine Months
    Ended September 30,
     
      September 30,   June 30,     September 30,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.81     $ 28.12     $ 26.45     $ 28.81     $ 26.45  
    Tangible book value(1) $ 24.64     $ 24.06     $ 22.53     $ 24.64     $ 22.53  
    Performance ratios                                  
    Return on average assets, annualized   0.72 %     0.76 %     0.83 %     0.76 %     1.01 %
    Return on average shareholders’ equity, annualized   5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity, annualized(1)   6.40 %     6.65 %     7.82 %     6.81 %     9.58 %
    Noninterest income to average assets, annualized   0.59 %     0.36 %     0.27 %     0.43 %     0.25 %
    Noninterest expense to average assets, annualized   1.78 %     1.79 %     1.65 %     1.76 %     1.80 %
    Yield on average earning assets   5.94 %     5.89 %     5.78 %     5.92 %     5.88 %
    Yield on average loans   6.13 %     6.04 %     5.99 %     6.08 %     6.09 %
    Cost of average total deposits(2)   3.63 %     3.59 %     3.14 %     3.60 %     2.70 %
    Cost of average interest-bearing deposits   4.39 %     4.36 %     3.83 %     4.35 %     3.37 %
    Cost of average interest-bearing liabilities   4.24 %     4.22 %     3.80 %     4.22 %     3.41 %
    Net interest spread   1.70 %     1.67 %     1.98 %     1.70 %     2.47 %
    Net interest margin   2.68 %     2.67 %     2.87 %     2.68 %     3.31 %
    Efficiency ratio(3)   57.51 %     62.38 %     55.59 %     59.90 %     53.64 %
    Common stock dividend payout ratio   41.03 %     41.03 %     35.56 %     39.34 %     30.00 %

    ____________________

    (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  
        September 30,     June 30,     September 30,  
        2024     2024     2023  
    Credit Quality Data:                        
    Special mention loans   $ 77,501     $ 19,520     $ 31,212  
    Special mention loans to total loans     2.51 %     0.64 %     1.00 %
    Substandard loans   $ 79,831     $ 63,076     $ 71,401  
    Substandard loans to total loans     2.58 %     2.07 %     2.29 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 10,625     $ 11,270     $ 19,662  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.34 %     0.37 %     0.63 %
    Nonperforming loans   $ 60,662     $ 54,589     $ 40,146  
    OREO     —       —       284  
    Nonperforming assets   $ 60,662     $ 54,589     $ 40,430  
    Nonperforming loans to total loans     1.96 %     1.79 %     1.29 %
    Nonperforming assets to total assets     1.52 %     1.41 %     0.99 %
                             
    Allowance for loan losses   $ 43,685     $ 41,741     $ 42,430  
    Allowance for loan losses to total loans     1.41 %     1.37 %     1.36 %
    Allowance for loan losses to nonperforming loans     72.01 %     76.46 %     105.69 %
    Net charge-offs   $ 1,201     $ 551     $ 2,206  
    Net charge-offs to average loans     0.16 %     0.07 %     0.28 %
                             
    Capital ratios(1)                        
    Tangible common equity to tangible assets(2)     11.13 %     11.53 %     10.71 %
    Tier 1 leverage ratio     12.19 %     12.48 %     11.68 %
    Tier 1 common capital to risk-weighted assets     18.16 %     18.89 %     17.65 %
    Tier 1 capital to risk-weighted assets     18.74 %     19.50 %     18.22 %
    Total capital to risk-weighted assets     24.79 %     25.67 %     26.24 %

    ______________
    (1) September 30, 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 September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Loans:                                          
    Commercial and industrial   $ 128,861   4.2 %   $ 126,649       4.2 %   $ 127,655       4.1 %
    SBA     48,089   1.6 %     50,323       1.7 %     50,420       1.6 %
    Construction and land development     180,196   5.8 %     202,459       6.6 %     259,778       8.3 %
    Commercial real estate (1)     1,252,682   40.5 %     1,190,207       39.1 %     1,164,210       37.3 %
    Single-family residential mortgages     1,473,396   47.7 %     1,467,802       48.2 %     1,505,307       48.2 %
    Other loans     8,672   0.2 %     10,272       0.2 %     13,582       0.5 %
    Total loans (2)   $ 3,091,896   100.0 %   $ 3,047,712       100.0 %   $ 3,120,952       100.0 %
    Allowance for loan losses     (43,685 )       (41,741 )             (42,430 )        
    Total loans, net   $ 3,048,211       $ 3,005,971             $ 3,078,522          

    _______________
    (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 $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Deposits   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Deposits:                                          
    Noninterest-bearing demand   $ 543,623   17.6 %   $ 542,971       18.0 %   $ 572,393       18.1 %
    Savings, NOW and money market accounts     666,089   21.5 %     647,770       21.4 %     608,020       19.3 %
    Time deposits, $250,000 and under     926,877   30.0 %     921,712       30.5 %     848,868       26.9 %
    Time deposits, greater than $250,000     808,304   26.1 %     790,478       26.1 %     687,365       21.8 %
    Wholesale deposits(1)     147,291   4.8 %     120,674       4.0 %     437,426       13.9 %
    Total deposits   $ 3,092,184   100.0 %   $ 3,023,605       100.0 %   $ 3,154,072       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 September 30, 2024, June 30, 2024, and September 30, 2023.

                           
    (dollars in thousands, except share and per share data)   September 30,
    2024
        June 30,
    2024
        September 30,
    2023
     
    Tangible common equity:                        
    Total shareholders’ equity   $ 509,728     $ 511,291     $ 502,511  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible common equity   $ 436,036     $ 437,399     $ 428,003  
    Tangible assets:                        
    Total assets-GAAP   $ 3,990,477     $ 3,868,186     $ 4,069,354  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible assets   $ 3,916,785     $ 3,794,294     $ 3,994,846  
    Common shares outstanding     17,693,416       18,182,154       18,995,303  
    Common equity to assets ratio     12.77 %     13.22 %     12.35 %
    Tangible common equity to tangible assets ratio     11.13 %     11.53 %     10.71 %
    Book value per share   $ 28.81     $ 28.12     $ 26.45  
    Tangible book value per share   $ 24.64     $ 24.06     $ 22.53  


    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     Nine Months Ended September 30,  
    (dollars in thousands)   September 30,
    2024
        June 30,
    2024
        September 30,
    2023
        2024     2023  
    Net income available to common shareholders   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
    Average shareholders’ equity     508,720       512,185       504,432       511,222       498,976  
    Adjustments:                                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (2,326 )     (2,525 )     (3,165 )     (2,525 )     (3,398 )
    Adjusted average tangible common equity   $ 434,896     $ 438,162     $ 429,769     $ 437,199     $ 424,080  
    Return on average common equity     5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity     6.40 %     6.65 %     7.82 %     6.81 %     9.58 %

    The MIL Network –

    January 24, 2025
  • MIL-OSI New Zealand: Health – New data shows surgery mortality outcomes improving

    Source: Te Tāhū Hauora Health Quality & Safety Commission

    Surgery mortality outcomes are improving in Aotearoa New Zealand despite an aging population and more complex surgeries being performed.
    Data updated to December 2023 by the National Mortality Review Management Group, Te Tāhū Hauora Health Quality & Safety Commission Health Quality Intelligence team, and the Perioperative Mortality (POM) subject matter experts’ group, shows overall surgical mortality rates in New Zealand are not increasing.
    This is despite an aging population, surgeries now performed on those who might not have previously been operated on, and increasingly complex surgeries undertaken on patients with more illnesses.
    Despite pressures on the health system the data shows outcomes have not deteriorated, with surgery here continuing to be as safe as countries like Australia, the United Kingdom and the United States.
    “Māori and Pacific peoples’ mortality after planned surgery has also improved when compared to Pākehā and other ethnicity groups,” Elizabeth Dennett, University of Otago Wellington, Associate Professor of Surgery and POM member, said
    However, Associate Professor Dennett noted that for acute or emergency surgeries this improvement had not happened for Pacific peoples.
    The data is summarised in an updated ‘Surgery and risk in Aotearoa New Zealand’ infographic, released today and available on Te Tāhū Hauora website.
    Covering a range of information including risk factors, the infographic can be used by health care professionals when discussing upcoming surgery with patients.

    MIL OSI New Zealand News –

    January 24, 2025
  • MIL-OSI USA: Remarks by Vice President Harris and Liz Cheney at a Campaign Event | Malvern,  PA

    US Senate News:

    Source: The White House
    People’s LightMalvern, Pennsylvania
    11:54 A.M. EDT
         THE VICE PRESIDENT:  Let’s get to it.
         MS. LONGWELL:  Let’s do it.  Let’s do it.
         THE VICE PRESIDENT:  Good morning, everyone.
         AUDIENCE:  Good morning.
         AUDIENCE MEMBER:  Happy birthday!
         MS. LONGWELL:  Oh, happy belated birthday.  (Applause.)  Oh, yeah.
    THE VICE PRESIDENT:  Thank you.  Thank you.  I appreciate that.  Thank you. 
         MS. LONGWELL:  Audience members showing me up — that’s tough.  (Laughter.)
    Okay.  So, I’ve got to start with the thing that brings us here today, because I’ve got to say it is unusual for somebody who was as high up in the Republican leadership as Liz Cheney was to be out here campaigning with the Democratic nominee for president. 
    And so, maybe — why don’t both of you tell us, but you start: You’ve actually marshaled unprecedented support from Republicans in this election.  Why do you think that is?
    THE VICE PRESIDENT:  Thank you, Sarah.  Thank you for being here and for your work.  And the congresswoman, thank you. 
    I — I have said before and it must be repeated each time: There are moments in the history of our country which challenge us, each of us, to really decide do we stand for those things that we talk about, including, in particular, country over party.  And you have been extraordinarily courageous in the way that you have done that.  And I thank you for that.  (Applause.)
    So, you know, I have in my career now — whether it was as the elected district attorney, elected attorney general, and then elected United States senator, and, of course, now vice president — I’ve counted that I have taken the oath of office six times.  And for the elected leaders here, we know it is an oath that one must take sincerely and unequivocally, which is an oath, among other things, to support and defend the Constitution of the United States and to understand what those principles represent and what they require of the individual who holds the office and the public trust.
    And let’s not undervalue that point as well.  It is not about the individual.  It is not about what is in their personal interests.  It is about what is for and in the spirit of the public good.     
     And this is a moment in this election that presents a real contrast among how I, as one of the two nominees, and my opponent, the former president, think of that duty.  And it is a duty, by the way.  There are certain things in our lives that we have the choice if we feel like it — (laughter) — and then there are certain things that are just fundamentally a duty, like to raise our children.  Things of that nature.  It is a duty to take seriously that oath and do it for the sake of the public good and in the public trust.
    And I think that at this moment, with the choice that the American people have in this election in — in two weeks and one day, this election is presenting — for the first time, probably, in certainly recent history — a very clear choice and difference between the two nominees.  And I think that is what, as much as anything, is bringing us, as Americans, together, who are understanding that we cannot, with such fundamental stakes being presented, afford to be mired in ideological differences without really staking our claim to the most fundamental ideals upon which our country stands.
    MS. LONGWELL:  Thank you.  And, you know, Congresswoman Cheney, it’s a — sort of the same question to you.  But I got to ask: You know, it’s one thing for Republicans to sign a letter.  You know, we’ve seen that she has — Vice President Harris has been endorsed by 200 Republicans in the national security space, all kinds of people from George W. Bush’s administration.  There’s been a lot of people — they’ll sign letters and maybe they’ll go on T.V., they’ll release a statement.  I was just with Republican Congressman Charlie Dent — former Republican congressman here from the state.  He voted for you in his early voting. 
    But you are out here campaigning.  You are out here holding events.  So, talk about why it’s been so important to you to be as involved as you are in getting Vice President Harris elected.
    MS. CHENEY:  Well, thank you so much, Sarah, for the question.  And — and it’s an honor to be here today with you, Madam Vice President. 
         You know — (applause) —
    THE VICE PRESIDENT:  Thank you.
    MS. CHENEY:  — for me, every — every single thing in — in my experience and in my background has — has played a part in my decision to endorse Vice President Harris. 
    And, you know, that — that begins with the fact that I’m a conservative, and I know that the most conservative of all conservative principles is being faithful to the Constitution.  And you have to choose, in this race, between someone who has been faithful to the Constitution, who will be faithful, and Donald Trump, who it’s not just us predicting how he will act.  We watched what he did after the last election.  We watched what he did on January 6th.
    And so, coming to this as someone who’s been a lifelong Republican, a lifelong conservative, also as someone who spent — I spent time working overseas before I was elected to Congress, and I’ve — I’ve spent time working in countries where people aren’t free and where people are struggling for their freedom, and I know how — how quickly democracies can unravel. 
    And I know that, as Americans, we can become accustomed to thinking, “Well, we don’t have to worry about that here.”  But I tell you, again, as someone who has seen firsthand how quickly it can happen, that that is what’s on the ballot.  That’s absolutely what’s on the ballot.
    I also — I come to this decision as a mother.  I have five children.  And there was a moment right after January 6th when my husband and I were having dinner with our two youngest, our two sons, and I looked across the table at my — my young sons, and I thought to myself, “You know, in the aftermath of the attack on the Capitol, are they going to grow up in a country where we don’t have to worry about the peaceful transfer of power?  Are they going to grow up in a country where that is guaranteed?”
    And — and I believe that every one of us in this election has a duty and an obligation to do what we know is right for the country, and that’s to support Vice President Harris.  So, I’m very honored to be here and to do that.  (Applause.)
         THE VICE PRESIDENT:  Thank you.
    You know, if I can just echo the congresswoman’s point.  So, I’ve now, as vice president, met over 150 world leaders — presidents, prime ministers, chancellors, and kings — many of them multiple times, to the point we’re on a first-name basis.  And the last few times that I’ve seen them in the relative eve of this election, they are very concerned, our allies.  Because, as you know, when we walk in those rooms around the world representing the United States of America, we have traditionally been able to walk in those rooms chin up, shoulders back, with the self-appointed and earned authority to talk about the importance of democracies and rule of law.
    But as all the role models here know, as a role model, people watch what you do to see if it lines up with what you say.  People around the world are watching this. 
    And I — I tell you, sometimes I do fret a bit about whether we, as Americans, truly understand how important we are to the world.  I hope everyone does really understand that we represent something — imperfect though we certainly are; flawed though we may be — we represent, in terms of our ideals, the — the basis of our Constitution, we represent a gold standard. 
    And when we have someone who has been president, who wants to be president again, who is saying he would be dictator on day one, would weaponize our Department of Justice — one of the principles of our democracy is that we say we have a justice system that is blind, that is not punitive against one’s enemies, they are watching.
    So, this is about direct impact on the American people, and it most certainly will impact people around the world. 
    MS. LONGWELL:  You know, I’m so glad you brought that up.  And I — I — as a follow-up, I would just ask Congressman Cheney too.  We live in a dangerous time.  I mean, I think Americans are watching what’s happening overseas in Ukraine, in Israel.  Republicans — we used to be the party that would be on the side of our democratic allies like Ukraine. 
    Talk to me a little bit and all of us about why, from a foreign policy standpoint, you find yourself able to endorse Democrats, who w- — wouldn’t — it didn’t used to be that way.
    MS. CHENEY:  Well, it — it’s not just able to endorse them.  But — but if you look at the numbers of the most senior officials who served Donald Trump — his own vice president; national security advisors; his chief of staff; you know, the — the leading generals who served him — who’ve all said he’s unfit, and people really need to stop and think about how completely unprecedented that is.
    And the — the idea — when people sort of say, “Well, we might, you know, be tempted, for some reason or another, to vote for Donald Trump” — if the issue is foreign policy, I would just ask everyone: Think about how dangerous and damaging it is to have someone who’s totally erratic — totally erratic, completely unstable — someone who has aligned himself with, who idolizes tyrants.  He idolizes tyrants. 
    You know, the — the — again, the choice here, with respect to national security policy, is a man who has proven — he has absolutely proven that he will not stand up, he won’t defend this nation with respect to our own Constitution and rule of law, and Vice President Harris, who has been clear in terms of support for Ukraine, in terms of recognizing and understanding across the board that America cannot maintain our own freedom and security if we walk away from our allies around the world. 
    And our adversaries know that they can play Donald Trump.  They absolutely know that they can play him.  And we simply can’t afford to take that risk.
    So, as someone who has spent a career on national security issues — again, this was not at all a difficult choice for me — the — the choice here is absolutely clear in terms of the necessity of supporting Vice President Harris.
    THE VICE PRESIDENT:  And — and if I may emphasize, part of the backbone of our national security is our military.  And let’s please not overlook how someone who wants to be commander in chief and was has talked about our servicemen and women; has talked about an American hero like John McCain, who was a prisoner of war — said he didn’t respect him, didn’t like him because he got caught; has talked about our service members as — as though they are less than the most courageous of us. 
     Those who put on the uniform, who represent the United States of America, who are willing to die for the sake of everything we stand for, and he calls them “suckers” and “losers.”  These things cannot be overlooked. 
    And — and I have said many times publicly, and I’ll say it again: In many, many ways, Donald Trump is an unserious man, but the consequences of him being president of the United States are brutally serious.  There are things that he says that will be the subject of skits and laughter and jokes, but words have meaning coming from someone who aspires to stand behind the seal of the president of the United States.  These are the things that are at stake.
         MS. LONGWELL:  Couldn’t agree more. 
    So, I do want to ask you another question, though, before we go to the audience.  You know, you talk a lot about a new way forward.  You talk about turning the page.  What’s on the next page?  Talk to us about a —
    THE VICE PRESIDENT:  You want a preview.
    MS. LONGWELL:  Yeah.  Give me — a spoiler alert.  You know?  (Laughter.)  Just —
    THE VICE PRESIDENT:  Right.
    MS. LONGWELL:  — tell us — tell us what’s — what’s in the rest of the chapter.
    THE VICE PRESIDENT:  Well, first of all, I will say that it — it is a metaphor that is meant to also describe my intention to embark on a new generation of leadership.  And needless to say, mine will not be a continuation of the Biden administration.  I bring to it my own ideas, my own experiences.
    But it is also about moving past what, frankly, I think has been the last decade of — of the American discourse being influenced by Donald Trump in a way that has had the effect of suggesting we, as Americans, should point the finger at one another, in a way that has been using the power of the presidency to demean and to divide us.
    I think people are exhausted with that, rightly.  And it, frankly, does not lead to the strength of our nation to tell the American people that we must be suspicious of one another, distrust one another.
    You know, yesterday, I — I did a couple of church services, and there’s a — we — many people here know the — the parable of the Good Samaritan.  And there is an essence — a piece of that, in my own words, that really requires us, I think, to see in the face of a — of a stranger, to see a neighbor.  Right?  That spirit.  And I think we need to get back to that.
    The spirit of the American people is such that, you know, we are an ambitious people.  We are aspirational.  We have dreams.  And that is productive. 
    It is not productive of us to be a nation of people who are pointing fingers at one another, who don’t understand that the vast majority of us have so much more in common than what separates us.
    So, that’s what I mean about turning the page.  And then a new generation of leadership about being ambitious, about all we have yet to do. 
    Part of my economic policy — I refer to it as an opportunity economy — is about investing in American industries while leaving none of our traditional, wonderful industries behind; repurposing and retooling the factories that have led to America’s success in industry, while at the same time redefining how we are thinking about which worker has the experience and skill to do the — the job and is qualified and understanding we shouldn’t be falling into a trap that suggests only those with a college degree have the skill or the experience to do the job.  So, let’s look at how we redefine and perhaps even reorder. 
    And, in fact, I’m going to start with federal jobs, and then I’m going to challenge the private sector to do the same.  Let’s look at which of those jobs would benefit from a skilled, experienced worker who perhaps went through an apprenticeship program — not a four-year college, but still had a four-year degree, in essence.
         So, these are the kinds of things that are about seeing the opportunity of this moment and investing in it.
         I’ll tell you — and I know this is a controversial topic for many of us — I love Gen Z.  (Laughter.)  Because we have Gen Zs in our lives.  We have kids who are Gen Zs.  It can be complicated, I know.  I love Gen Z.
         These young leaders are so — they’re clear-eyed.  You know, they’ve only known the climate crisis.  They’ve only known active shooter drills.  I mean, we had fire drills.  Not — not our kids, right?
         But they also — they’re — they’re so wonderfully impatient — (laughter) — ri- — no, really, that’s good.  That’s good.  They are ready to get in there.  Let’s invest in them.  Let —
         So, for example, one of my — one piece of my opportunity economy is we got to deal with the reality of where we are right now.  The American dream, for previous generations, was something that people could kind of count on.  Not so much anymore, in terms of homeownership.  We have a housing shortage in America.  We have a supply shortage.
         So, part of my plan is, hey, let’s be clear-eyed about this moment.  Let’s invest in the future.  And as a — a devout public servant, I also know the limitations of government.  I want to work with the private sector.  I have, in my career.  The skills, the breadth, the depth of — of value in those active partnerships benefit us all.
         So, part of my plan for housing is to actively partner with building developers, with homebuilders to create tax credits to increase the supply of housing in America.  My estimate is — I think we can actually do it — by 3 million by the end of my first term.
         Part of my approach that is about a new generation, potentially, of leadership and certainly a different approach: Most of my career was not spent in Washington, D.C.  I say that with pride.  (Laughter.) 
         In that, you know, most of my career was spent as a prosecutor, but I — making decisions that had a direct impact on people’s lives.  You know, I learned at a very young age, as a prosecutor, that the things that I would do with the swipe of my pen could result in someone having their liberty or not.  
         When I was attorney general of California — which is, you know, by estimates, the fifth-largest economy in the world — I was acutely aware the words I spoke could move markets. 
         I like getting things done.  And part of my approach, which is, I think, about a new generation of leadership, is: Let’s cut through the red tape.  Let’s cut through the bureaucracy while still knowing the virtues of the work that we can do in the public sector, be it public education, public health, public safety.
         MS. LONGWELL:  This is a perfect segue into our first audience question, which is going to come from Alexandra Miller from Delaware County.  Main section, right — right there. 
         Hi, Alexandra. 
         Q    Hello.  Hello, Madam Vice President and Representative Cheney.
         MS. CHENEY:  Hi there.
         THE VICE PRESIDENT:  Hi.
         Q    Thank you for taking my question today.  My name is Alex.  I have a 7-year-old son and a wonderful 72-year-old mother who is suffering from dementia and requires full-time care. 
         My son is in second grade, my mother is in a nursing home, and I work full time.  The costs of childcare and of eldercare are staggering.  But simultaneously, professionals that help care for both our children and our elders are generally underpaid, which makes it difficult for them to support their own families and do the jobs that they need to do. 
         How do you propose to help bridge this gap, making both child- and eldercare more affordable for hardworking families and also retaining and attracting quality talent for this — these essential jobs?
         THE VICE PRESIDENT:  So, first of all, you’re dealing with a lot.  You’re dealing with a lot, and I just wish you strength and support.  You are a part of what we call the “sandwich generation,” which are those parents and children who are right in the middle.  They are taking care of their young children and taking care of their parents as they age.  And it’s a lot.
         And so, I actually plan to address this in a substantial way because I actually bring a personal experience to it as well.  I took care of my mother when she was sick, and that work is the work of trying to cook something that they feel like eating — right? — trying to figure out which clothes will not irritate their skin and help them put on a sweater.  It’s about trying to figure out how you can say something that brings a smile to their face or makes them laugh.  It’s about dignity. 
         Meanwhile, you have a second-grader.  You’re trying to teach that kid how to read — (laughter) — spending time with them, reminding them they are special and can be anything. 
         And in the middle of all of that, if you are working or just to have a minute to breathe, it’s a lot.  It’s a lot. 
         So, what — the way that this plays out for many people is — is one of just a couple of ways.  One, if you have the good fortune of having enough extra money, you can hire somebody to come in.  And then, exactly as you said, you — knowing what you just shared with us about yourself — would pay them the value of their work.  Or someone in this position would have to basically spend down all their savings so they could qualify for Medicaid, which means they pretty much have to get rid of everything.  Or they have to quit their job, which means one less income in their household. 
         And this is a matter — this issue, for me, is a matter of dignity — yours, your parents, and the well-being of your child and you being able to do what you naturally want to do, and which — and the thing that we should value in our society, which is someone like you who is taking on the duty and the responsibility of all of that. 
         So, my plan is that instead of those scenarios I just mapped out, we will restructure it so that Medicare covers the cost of in-home health care for your parent so that they can be at home — (applause) — and you can then have the assistance with someone who can help prepare that meal, help them get dressed, and you can still give that baby of yours all the love that they deserve.  And you can have sanity in the process.  And everyone can have dignity. 
         And so, this is — this is my approach, which is let’s just look at this as an — let’s just come at it from common sense, by the way.  It’s just common sense.  And what makes — what is a — a commonsense, practical approach to doing this, because when you are able to be productive, we all benefit, by the way.  When that child is able to have a parent who is able to help them with their reading and remind that child that they are special, we are all going to benefit from that. 
         So, thank you for raising the subject.  (Applause.)  And you take care of yourself.
         MS. LONGWELL:  Okay.  Next we’re going to call on Ashley Scott, speaking of Gen Z — although I guess I shouldn’t assume I know what generation she’s from, but she is a student from Bucks County.  Hi.
         Q    Hi, Vice President Harris and Congresswoman Cheney.  My name is Ashley Scott.  I’m from Bucks County, Pennsylvania, and I am Gen Z.  I’m 22 years old.  (Laughter.)
         MS. LONGWELL:  Nailed it.
         THE VICE PRESIDENT:  Good for you.  (Laughs.)
         Q    So, thank you for that compliment.  But yeah, my question is about maternal health.  Specifically, in the United States, maternal mortality is devastating.  The rates are terrible.  And I was wondering if you have a plan to combat the crisis.
         THE VICE PRESIDENT:  Thank you, Ashley, and thank you for being here and your voice.  It’s a big issue.  So, we have the very, I think, shameful distinction of — of any wealthy nation having one of, if not the highest, rate of maternal mortality. 
         And I’ve studied this issue.  I worked on it was on — when I was in the United States Senate and as vice president.  And the fact is that 90 percent of them are preventable, which tells us we can do something about it, right? 
         And it is an issue — so, Black women are three to four times more likely to die in connection with childbirth; Native women are, like, twice as likely; rural women, one and a half times as likely. 
         One of the common threads that you will see in those demographic populations is a lack of appropriate prenatal care and then care during the term of their pregnancy and then postpartum care.  And we know that when that care is available, they are having a healthier and, by the way, happier experience.  And the long-term impact to all of us as a society, much less to that family, is immense. 
         And so, the work that we have been doing and the work I intend to do going forward is to address that, right?  So, for example, in rural America, the — the way that the system has been structured — the health care system has been structured is a lot of those hospitals and clinics have had to close because of the way we — we reimburse based on population size.  And as people are leaving rural America, then the hospitals and the clinics can’t afford the overhead. 
         I’m oversimplifying but just to make the point.  So, we need to address that in terms of how we’re structuring, how we create incentives and — and give the resources to those health care facilities, be they clinics or hospitals. 
         The other piece that we have to do is really just talk more about the issue around also how, in the health care system, we are treating women and are we taking women seriously when they talk about their health care concerns. 
         So, again, personal experience, my mother had two goals in her life: to raise her two daughters, my sister and I, and to end breast cancer.  My mother was a breast cancer researcher.  And she was so passionate about women’s health care, and I remember it as a young girl and throughout my life. 
         And we still have a lot of work to do to make sure that when she walks into that clinic, that doctor’s office, that hospital, that when — that she’s taken seriously.  And — and that’s also about what we do in terms of training within the profession.  It’s also about what we do in terms of public education to get information to women so that they know that they are not just complaining and they should not suppress or subordinate what their concerns might be about themselves because they’re taking care of everybody else. 
         So, there’s a lot of work to do.  And, of course, there’s a connection between this and what we need to do since the Dobbs decision came down, when we are looking at — I’ve met with a lot of, in particular, OB-GYNs who are concerned that there are kids going through — excuse me, young people going through their medical school who are now feeling deterred from engaging in reproductive health work. 
         And reproductive health work is vast.  It is not only about abortion; it is about a whole array of care.  And we want to make sure that we’re not creating disincentives for people to go into that very, very important profession. 
         And then we also want to make sure that we are, in the whole issue of reproductive care, not suggesting to women or the people who love them that they should be judged, because there is that also when you’re talking about reproductive care, where women sometimes are made to feel or do feel embarrassed to talk about their needs as it relates to their reproductive health.
         And then, of course, I feel very strongly the government should not be telling any woman what to do with her body.  (Applause.)  (Laughs.)  And when Congress passes a law reinstating the reproductive freedoms of women, I will gladly and proudly sign it into law, because I strongly believe one does not have to give up or abandon their own faith or beliefs to agree that — not the government telling her what to do.  If she chooses, she will consult with her priest, her pastor, her rabbi, her imam, but not the government. 
         We’ve seen too much harm — real harm — happen to women and the people who love them around our country since that decision came down, including women who have died.  And I don’t think that most people who — before the Dobbs decision came down — who had strong opinions about this — I don’t think most people intended that the harm that we’ve seen would have actually happened.
         MS. CHENEY:  Can I add to this just to — because I — I think it’s such an important point.  And I think there are many of us around the country who have been pro-life but who have watched what’s going on in our states since the Dobbs decision and have watched state legislatures put in place laws that are resulting in women not getting the care they need. 
         And so, I think this — this is not an issue that we’re seeing break down across party lines —
         THE VICE PRESIDENT:  Right.
         MS. CHENEY:  — but I think we’re seeing people come together to say what has happened to women, when women are facing situations where they can’t get the care they need — where in places like Texas, for example, the attorney general is talking about suing — is suing to get access to women’s medical records — that’s not sustainable for us as — as a country, and — and it has to change.  (Applause.)
         THE VICE PRESIDENT:  Yeah.  Yeah.
         MS. LONGWELL:  So, as we come close to time here, I want to ask you both kind of a final question.  You know, I — I watch the — the conversation in the country and the way that the media covers this election, and it’s often about the race: Who’s up in a poll?  Who’s down in a poll?  And I — I don’t always feel like we’re talking about the stakes enough. 
         And Liz Cheney would not be here if she didn’t think that the stakes were very high.  And frankly, the Republicans wouldn’t be so angry at you if they didn’t think you were an effective surrogate as somebody speaking about the stakes.  (Applause.)
         THE VICE PRESIDENT:  Some Republicans.  Some Republicans.
         MS. LONGWELL:  Some Republicans.  Some Republicans.  #NotAllRepublicans.  (Laughter.)
         THE VICE PRESIDENT:  Because I’ve seen a lot of Republicans — just I’ve seen it and I know it happens — who thank her constantly. 
         MS. LONGWELL:  I — I know it.
         THE VICE PRESIDENT:  Yeah.  Yeah.
         MS. LONGWELL:  I know it.
         MS. CHENEY:  They’re going to vote the right way on November 5th. 
         MS. LONGWELL:  That’s right.
         MS. CHENEY:  They might not think public about it, but — but they’ll do what — what they know is right.  (Applause.)
         THE VICE PRESIDENT:  Yeah.  I agree.  I agree.  I agree.
         MS. LONGWELL:  But just to close and — and maybe starting with you, Congresswoman, so you can have the last word.  Talk to me and all of us about the stakes.  Many people in the room here are undecided voters.  What’s — what’s kind of the last pitch that you would make about why this election is so important and why you believe they should vote for the vice president here?
         MS. CHENEY:  Well, I think that in this election, and especially here in Pennsylvania, we have the opportunity to tell the whole world who we are.  And we have the chance to say, you know, we’re — we’re going to reject cruelty.  We’re going to reject the kind of vile vitriol that we’ve seen from Donald Trump.  We’re going to reject the misogyny that we’ve seen from Donald Trump and J.D. Vance.  (Applause.) 
         THE VICE PRESIDENT:  Right.
         MS. CHENEY:  And we have the chance in this race to elect somebody who you know is going to defend the rule of law.  You know Vice President Harris is going to defend our Constitution. 
         We have the chance to remind people that we are a good country.  We are a good and honorable people.  We are a great nation. 
         And — and in this race, we have the opportunity to vote for and support somebody you can count on. 
         We’re not always going to agree, but I know Vice President Harris will always do what she believes is right for this country.  She has a sincere heart, and that’s why I’m honored to be here and supporting her in this race.  (Applause.)
         THE VICE PRESIDENT:  I mean, I — exactly.  The — listen, so, in my career as a prosecutor — you’ve heard me say this — I — I never, ever asked a victim or a witness, “Are you a Republican or a Democrat?”  Never.  It wouldn’t have even occurred to me to ask them.  I did, every time, ask, “Are you okay?”
         And I — you know, and I feel very strongly that — for example, in — on the issue of partisanship, yes, we’re going to have disagreements, but I actively invite good ideas from wherever they come.  That’s why I’m going to have a Republican in my Cabinet, by the way — (applause) — because I want good ideas.
         And, by the way, I know it is in our best interest as a nation, in our — the interest of our strength and our future as a nation.  We need a healthy two-party system.  We need a healthy two-party system.  (Applause.)
         We need to be able to have these good, intense debates about issues that are grounded in fact.  (Laughter.)  How about that?
         MS. CHENEY:  Imagine.
    .
         THE VICE PRESIDENT:  Let’s start there.  (Laughs.)  (Applause.)
         Wow.  Can you believe that’s an applause line?  (Laughter.) 
         Oy.  But, you know, it’s — (laughter) — it’s — 
         We have in our grasp in these next 13 days — 13 days, we are — or 15 days, excuse me.  I — I’m just jumping ahead.  (Laughter.)  In these next 15 days, we have in our grasp the ability to determine the course of our country. 
         You know, every election, we’ve said, “This is the one.”  This is the one.  This truly is the one. 
         I mean, to the congresswoman’s point, the former chairman of the Joint Chiefs of Staff referred to Donald Trump as being “fascist to the core.”  And no one would ever accuse the former chairman of being partisan in any way.  The people who know him best — from the former chief of staff; Defense secretaries, two of them; national security advisor to the former vice president.
         And so, we have in — in our grasp — because we still have a democracy.  As the saying goes, as long as we hold on to it, we still have a democracy, which means in a democracy — and here’s the beauty of it — we each have the power to make a decision about the future of our country through our vote.
         And my request, then, of each of you who have spent time out of your busy lives to be here — and I thank you for that — is please just help us get the word out to your neighbors and friends and family members to just remind them of what is at stake and this conversation. 
         I ask for your vote.  I ask for their votes.  And I promise to be a president for all Americans.  I promise and pledge that.  (Applause.)
         MS. LONGWELL:  All right, everyone.  Congresswoman Cheney and Vice President Kamala Harris.  Thank you so much. 
         Yes, let’s give them another round of applause.  That was wonderful.  (Applause.)
         Thank you so much.
         THE VICE PRESIDENT:  Thank you.  Thank you.
         MS. LONGWELL:  Thank you.  (Applause.)

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: FEMA, SBA and USDA create Recovery Resource Guide for Local Business Owners

    Source: US Federal Emergency Management Agency

    Headline: FEMA, SBA and USDA create Recovery Resource Guide for Local Business Owners

    FEMA, SBA and USDA create Recovery Resource Guide for Local Business Owners

    WASHINGTON – FEMA, the U.S. Small Business Administration and the U.S. Department of Agriculture have collaborated to create a guide to help local businesses affected by hurricanes Helene and Milton access recovery resources.

    The agencies created a one-stop-shop resource with information about federal support that is available to assist local businesses with their recovery. The guide—tailored for each affected state—is available on FEMA’s website at the links below:

    Many local business owners are also disaster survivors. This means they’re dealing with two separate recoveries, one for their household and another for their business.

    Recovery for local businesses after events like Helene and Milton may seem daunting. FEMA encourages chambers of commerce and other civic organizations to share this guide to help local businesses recover.
    Below are examples of the resources available to local businesses and their owners:

    • FEMA grants to make home repairs.
    • Low interest disaster loans from the SBA to repair homes and businesses. Business owners may also qualify for loans for economic injury.
    • Disaster Recovery Centers where business owners and survivors can meet representatives from various federal agencies who may be able to help. Centers are open in every state affected by Helene and Milton.
    • SBA Business Physical Disaster Loans. The SBA provides long-term low interest loans up to $2 million to cover disaster losses not fully covered by insurance.  
    • SBA Economic Injury Disaster Loans. The SBA provides long-term low interest loans up to $2 million for working capital to help small businesses, small agricultural cooperatives, and most private nonprofit organizations impacted by a disaster meet their ordinary and necessary financial obligations until normal operations resume.  
    • Livestock indemnity. The USDA provides benefits to livestock owners and contract growers for livestock deaths. 
    • Emergency loans. The USDA provides loans to help producers recover from production and physical losses.

    A full list of more than 70 resources from 17 federal agencies is available on disasterassistance.gov.

    President Biden has declared a major disaster for six states affected by Helene—Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia—and Florida for Milton.

    FEMA reminds survivors affected by hurricanes Helene or Milton that they can apply for FEMA assistance in four ways: online at disasterassistance.gov, on the FEMA App, calling 800-621-3362, or in person at a local Disaster Recovery Center.

    erika.suzuki
    Mon, 10/21/2024 – 20:20

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Deputy Administrator Isobel Coleman on Building Nutritional Resilience in Food Security

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Thank you, Ambassador [Jeff] Prescott for hosting me and this discussion here today. 

    It’s a great opportunity to renew our commitment to prioritizing nutrition ahead of the next Nutrition for Growth Summit in Paris next year. 

    Over just the past five years, we’ve faced a number of disruptions to global food security: A global pandemic, increasing climate-related disasters, and global food crises exacerbated by Russia’s unprovoked war on Ukraine. 

    Currently, there are 56 active conflicts in the world, the highest number since World War II. Because of this, as we all know, even though humanitarian needs are rising, there are still not nearly enough resources available to meet global needs.

    Worldwide, most recent estimates indicate that well over 700 million people are undernourished, lacking adequate food to live healthy, active lives. 

    It is estimated that a staggering 45 million children under the age of five are experiencing acute malnutrition at any given time, and every year, up to two million of these children die as a result. 

    Malnutrition devastates every aspect of a child’s body. Those who survive experience lasting consequences, robbing them of the ability to live, think, create, and thrive because of lack of access to basic, life-sustaining nutrition. 

    The United States remains committed to addressing malnutrition in all its forms. 

    With the scale of child wasting today, we need to make sure that as many children as possible can be reached.

    So, we all know we need to get even smarter and more strategic about the way we do this work. 

    Fortunately, one year ago WHO released new guidelines for child wasting prevention and management which have helped us do just that, providing a helpful framework to update our efforts to combat malnutrition and making us more effective in our work. 

    For example, the guidelines emphasize the importance of strengthening coordination between WFP and UNICEF for more effective prevention and treatment of moderately wasted children and severely wasted children.

    In addition, the guidelines highlight the necessity of prevention programming in addition to treatment – to prevent children from becoming wasted in the first place. 

    This is not only the most humane approach, but the most strategic and the most cost-effective. 

    Without appropriate prevention, we know the billions spent today on treatment will continue in perpetuity.

    And recognizing the critical role that community healthcare workers already play in meeting local needs, the guidelines empower community health workers with proper training to treat wasting and malnutrition at home – resulting in fewer trips to clinics, and fewer expensive, in-patient stays at government facilities. 

    The new guidelines also enable us to be more nimble, allowing severely malnourished children who are quickly improving to gradually consume less Ready-to-Use Therapeutic Food as they recover, which nutritionists agree is beneficial to a child’s long-term health.

    This allows us to channel this powerful resource to the children who need it the most.

    USAID has been focused on implementing the guidelines’ recommendations in order to reach more children – and we’ve been working hand-in-hand with WFP and UNICEF to develop and implement a joint strategy for phasing in these guidelines in priority humanitarian contexts. 

    Just last month, USAID provided $100 million to each partner to support those efforts. 

    The WHO guidelines brought attention to the growing evidence base of nutrition research and helped to identify where we have gaps in evidence still to be filled. 

    Last week, I announced USAID’s first policy paper on Cost-Effectiveness because we have learned from the global body of impact evaluation evidence that there are some programs that deliver extraordinary returns. 

    I committed the agency to infusing rigorous evidence more broadly and deeply across all our programming to maximize our “impact per dollar.” 

    Today, I am pleased to announce that USAID will host an evidence summit on wasting research in December of this year, which will bring together researchers to discuss the latest findings from nutrition experts and to identify gaps in evidence in order to shape future research. 

    Following the evidence sometimes requires shifting some of our investments in activities that are demonstrably “good”, because the evidence shows we could make greater progress toward the same objectives through other approaches.

    It’s hard to stop a program that is doing some good, but that’s exactly what we need to do when we know we could achieve even more by working in a different way. 

    This kind of evidence-driven collaboration is an important step toward determining and implementing the most cost-effective malnutrition programming – which we at USAID view as a paramount priority and a moral obligation as we seek to create the greatest impact possible with each dollar we spend. 

    In closing, I want to thank Special Envoy [Brieuc] Pont for his steadfast leadership in preparing for the next Nutrition for Growth Summit in France next year. The U.S. government is a proud member of the Troika, which brings together hosts of Nutrition for Growth past, present, and future together with the Governments of Japan and France. 

    In 2021, USAID was proud to put forward a commitment focused on prevention and treatment of childhood wasting. 

    Going into 2025, we strongly believe this will be a critical opportunity for the entire global nutrition community to recommit to both evidence and action.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Security: Statement from Met Commissioner following acquittal of Sgt Martyn Blake for murder

    Source: United Kingdom London Metropolitan Police

    A jury at the Old Bailey has cleared a Met firearms officer of murder following the police shooting of Chris Kaba in Lambeth in September 2022.   
       

    Sergeant Martyn Blake, 40, was acquitted unanimously following a trial which ended on Monday, 21 October.

    Commissioner Sir Mark Rowley said: “The jury system is the cornerstone of British justice and today, after two weeks of evidence, 12 men and women have cleared Sgt Martyn Blake of murder.

    “Over the past two years Sgt Blake has paid a huge personal and professional sacrifice. This has been an incredibly difficult time for him and his family and he has acted with professionalism and dignity throughout.

    “This case has had an enormous impact on many. Chris Kaba’s family and friends continue to grieve the loss of a loved one and today will be tremendously difficult for them.

    “Today’s verdict is significant. No firearms officer sets out on duty intent on ending a life. Their sole purpose is the complete opposite – the protection and preservation of life.

    “Throughout the trial the jury heard significant detail about the scenes facing Sgt Blake that night. They were told the car Mr Kaba was driving had been linked to a reported shooting the night before, the suspects were still at large, and no gun had been recovered.

    “Armed officers bravely intervened not knowing the risks they were about to face. The court heard that Mr Kaba tried to evade police, ramming his vehicle into others around him.

    “Sgt Blake made a split-second decision on what he believed was necessary to protect his colleagues and to protect London. The jury decided that was an honestly held belief and the force used was reasonable.

    “Any fatal use of force understandably prompts huge concern among communities, particularly in Black communities where trust in policing is low. There remains much for us to do to strengthen confidence in our service, and we know incidents like this place further strain on already challenged relationships.

    “No police officer is above the law, but we have been clear the system holding police to account is broken. I worry about the lack of support officers face for doing their best, but most of all I worry for the public. The more we crush the spirit of good officers, the less they can fight crime. That risks London becoming less safe. 

    “Our armed officers respond to more than 4,000 incidents each year, but there are only one or two incidents where shots are fired by police. It is undeniable that they are the most professional, most accountable and most cautious in their use of lethal force in the world.

    “Their operations have prevented countless acts of violence across our city. Last year alone they removed more than 400 guns from our streets.

    “I remain humbled and deeply proud of officers who continue to protect London despite all the risks they face. They continue to have my full and my unwavering support.”

    Sgt Blake was suspended throughout this period. His suspension will now be immediately lifted.

    MIL Security OSI –

    January 24, 2025
  • MIL-OSI Security: Met officers charge man with murder following death in Farringdon

    Source: United Kingdom London Metropolitan Police

    Met officers have charged a man with murder following the death of a man who was found with stab injuries on Friday.

    Police were called to the scene at Back Hill, Farringdon, at 21:36hrs on Friday, 18 October, following reports of a moped colliding with a wall. Officers attended with paramedics from the London Ambulance Service.

    When medics were treating the 20-year-old man, they found he also had stab wound injuries.

    He was taken to hospital but sadly died of his injuries on Monday, 21 October. The man’s family are being supported by specialist officers – we await confirmation that family members have been informed before releasing the victim’s name.

    Oguzcan Dereli, 26 (08.04.1998) of Islington was arrested on Sunday, 20 October and was charged with murder the following day. He will appear at Highbury Corner Magistrates’ Court at 10:00hrs on Tuesday, 22 October.

    Superintendent Jack Rowlands, one of the senior officers responsible for policing Camden, said: “A young man has tragically died in this incident and our thoughts go out to the victim’s friends and family at this terribly sad time.

    “We made a quick arrest, and have been able to bring murder charges against the suspect as we accelerate this investigation following the untimely death of the victim.

    “We understand a close-knit community is in shock but we are determined to bring justice for the victim’s loved ones and continue to support the local neighbourhood as best as we can during this difficult time.”

    Anyone with information is asked to call 101 or ‘X’ @MetCC and quote reference CAD 8294/18Oct.

    Alternatively, you can also provide information anonymously to the independent charity Crimestoppers on 0800 555 111 or visit crimestoppers-uk.org.

    MIL Security OSI –

    January 24, 2025
  • MIL-OSI USA: Shaheen, Ricketts, Tillis, Durbin Congratulate Moldova on a Successful Referendum Election

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Pete Ricketts (R-NE), Chair and Ranking Member of the U.S. Senate Subcommittee on Europe and Regional Security Cooperation, along with U.S. Senators Thom Tillis (R-NC) and Dick Durbin (D-IL), Co-Chair of the U.S. Senate Ukraine Caucus, issued the following joint statement in response to reports of a successful referendum in Moldova, which constitutionally affirms its EU membership aspirations: 
    “Following reports of a successful referendum election, we applaud the people of Moldova for enshrining into their constitution a commitment to a more democratic, European future—a rebuke of Moscow’s attempt at malign influence in the country.  
    “As the people of Moldova reaffirm their goal of European Union membership, we are clear-eyed that achieving it will be no small feat. In its thirty-three years of independence, Moldova has repeatedly contended with Russian attempts to retain influence, whether through Moscow’s military presence in Transnistria, inside Moldova’s internationally recognized borders, or through rampant mis- and disinformation campaigns. Moldova has also grappled with significant ripple effects from Russia’s full-scale invasion of its neighbor, Ukraine, including disruptions in its energy supply, significant inflation and an unprecedented influx of refugees – to which the Moldovan people responded with generosity.  
    “We also welcome the initial results from the presidential contest and an encouraging preliminary statement from the OSCE’s observation mission which described the elections as ‘well-managed’. We hope that the upcoming run-off elections, to be held on November 3, will also be conducted in the same manner and look forward to working with Moldova’s government as it continues strive toward Western integration.” 
    Earlier this year, Shaheen led a Congressional delegation to Moldova with U.S. Senator Chris Murphy (D-CT). Shaheen and Murphy hosted a roundtable with civil society groups and free media organizations to discuss the threat that disinformation poses to its democracy and the nation’s efforts to combat Russian campaigns that have threatened to undermine Moldovan elections. The delegation also met with Moldova’s Prime Minister Dorin Recean and President Maia Sandu. Durbin met with Moldovan President Maia Sandu in Chicago last year. 

    MIL OSI USA News –

    January 24, 2025
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