Category: Finance

MIL-OSI Security: Honduran National Sentenced To 46 Months In Federal Prison For Illegally Reentering The United States

Source: Office of United States Attorneys

Orlando, Florida – U.S. District Judge Roy B. Dalton, Jr. has sentenced Elmer Edin Chavarria-Morales (32, Honduras) to 3 years and 10 months in federal prison for illegally reentering the United States after deportation. Chavarria-Morales entered a guilty plea on August 28, 2024.

According to court records, Chavarria-Morales, a citizen of Honduras, was convicted of rape in Indiana state court on June 26, 2018, and was deported from the United States on September 21, 2018. Chavarria-Morales reentered the United States and was convicted of illegal reentry after deportation in the Southern District of Texas on February 22, 2021, and was deported from the United States a second time on November 11, 2022.

Following his two deportations, Chavarria-Morales was arrested on April 2, 2024, by the Daytona Beach Police Department and was subsequently convicted of assault (domestic violence) on April 16, 2024. After his arrest, law enforcement learned that Chavarria-Morales was illegally present in the United States.

This case was investigated by Homeland Security Investigations. It was prosecuted by Assistant United States Attorney Diane Hu.

MIL Security OSI –

February 1, 2025
MIL-OSI Security: Armored Truck Robber Sentenced To More Than 11 Years

Source: Office of United States Attorneys

Tampa, FL – U.S. District Judge Thomas P. Barber has sentenced Jorge Serrano Espinoza (20, Clearwater) to 11 years and 3 months in federal prison for Hobbs Act robbery and brandishing a firearm during and in relation to the robbery. Espinoza was convicted at trial on September 11, 2024.

According to evidence presented at trial, on the morning of June 9, 2023, Espinoza, James Battle, and Carlos Keanu Smith met for the purposes of robbing an armored truck. They followed the armored truck along its route from Pinellas County to eastern Hillsborough County before reaching a gas station in Ellenton. Florida Department of Transportation toll records showed the vehicle following seconds behind the targeted armored truck that morning. Surveillance video showed the vehicle also following the armored truck to other locations before conducting the robbery at the gas station in Ellenton. As the driver returned to the armored truck, Battle and Smith approached pointing pistols at the victim, forcing him to the ground. Espinoza served as the lookout. The trio stole more than $150,000 from the armored truck.

Battle was previously sentenced to 10 years in federal prison. Smith was previously sentenced to 9 years in prison.

This case was investigated by the Federal Bureau of Investigation and the Manatee County Sheriff’s Office. It was prosecuted by Assistant United States Attorney Michael R. Kenneth. The forfeiture is being handled by Assistant United States Attorney James A. Muench.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

February 1, 2025
MIL-OSI Security: New Jersey Man Pleads Guilty to Conspiracy Charge Related to Videos Depicting Monkey Torture and Mutilation

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

CINCINNATI – A New Jersey man pleaded guilty in federal court in Cincinnati today to conspiracy related to his involvement with online groups dedicated to creating and distributing “animal crush” videos depicting acts of extreme violence and sexual abuse against monkeys.

According to court documents, Giancarlo Morelli, of Wharton, conspired with others to create and distribute videos depicting acts of sadistic violence against baby and adult monkeys. The conspirators used encrypted chat applications to direct money to individuals in Indonesia willing to commit the requested acts of torture on camera.

According to a statement of facts signed by Morelli, the videos in question included depictions of monkeys having their genitals burned and cut off.

U.S. Attorney Kenneth L. Parker for the Southern District of Ohio made today’s announcement.

The U.S. Fish and Wildlife Service and FBI investigated the case.

Senior Trial Attorney Adam C. Cullman of the Justice Department’s Environmental Crimes Section and Assistant U.S. Attorney Timothy Oakley for the Southern District of Ohio are prosecuting the case.

# # #

MIL Security OSI –

February 1, 2025
MIL-OSI Security: PCP Trafficker Sentenced to 65 Months in Federal Prison

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

WASHINGTON – Kelvin Sanker Jr., 42, of Washington D.C., was sentenced today in U.S. District Court to 65 months in federal prison for his participation in a major fentanyl and PCP trafficking ring that operated in Washington, D.C.

  The sentence was announced by U.S. Attorney Edward R. Martin, Jr., FBI Special Agent in Charge Sean Ryan of the Washington Field Office Criminal and Cyber Division.

Sanker pleaded guilty October 22, 2024, before U.S. District Court Judge Dabney L. Friedrich, to one count of conspiracy to distribute and possess with intent to distribute Phencyclidine (PCP). As part of the four-member conspiracy, between August 2023 and February 2024, Sanker assisted in the preparation, storage, and sale of approximately two kilograms of PCP to two undercover officers. In addition to the 65-month prison-term, Judge Friedrich ordered Sanker to serve five years of supervised release.

  According to court documents, Sanker supplied the PCP for at least seven sales of the illegal drug to undercover officers. Sanker stored the PCP at the home he shared with his elderly mother in a residential area of Washington, D.C. He prepared it for sale by placing it in 8 or 16 oz. water bottles or juice bottles. He then distributed it to his co-conspirators for further sale.

On March 6, 2024, FBI and DEA agents executed search warrants on five residences associated with the conspiracy including Sanker’s home where law enforcement found approximately 1 pound of marijuana, about $1,000 in cash, body armor, and a Glock gun box with two empty magazines and one 30-round extended magazine. In Sanker’s backyard, officers found trace amounts of PCP in a paint can, his patio littered with cans of starter fluid, a substance he used to cut pure PCP prior to distribution, plastic funnels used for pouring liquids, and empty water bottles — materials often used to prepare and store PCP for distribution. On Sanker’s phone, investigators found photographs of the paint can with the PCP residue, a Draco semi-automatic pistol similar to the one found in a co-defendant’s car, and other apparent firearms.

Sanker was arrested on April 17, 2024, and has been held since.

  Co-conspirator Jamar Bennett, 45, was sentenced on January 15, 2025, to 121 months in prison for conspiracy to distribute one kilogram or more of PCP, and for being a felon in possession of a firearm. Co-defendant Lamont M. Langston, 44, pleaded guilty December 19, 2024, to conspiracy to distribute one kilogram or more of PCP and for being a felon in possession of a firearm. Langston’s sentencing is pending. A third co-conspirator, Norman Morris, 44, is being held pending trial.

This investigation is part of Washington/Baltimore High Intensity Drug Trafficking (HIDTA) Washington Area Group Initiative, which seeks to identify, disrupt, and dismantle drug trafficking organizations and money laundering organizations; reduce drug-related crime and violence; and identify and respond to emerging drug trends.

           The case is being investigated by FBI. It is being prosecuted by Special Assistant U.S. Attorney Adam Stempel and Assistant U.S. Attorney Peter V. Roman of the Violence Reduction and Trafficking Offenses Section (VRTO).

24cr109

MIL Security OSI –

February 1, 2025
MIL-OSI: Uncertainty remains over capital gains changes: CPA Canada

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ontario, Jan. 31, 2025 (GLOBE NEWSWIRE) — The federal government’s decision to delay implementation of proposed changes to the capital gains inclusion rate provides temporary relief for taxpayers. However, amid growing economic uncertainty, CPA Canada believes it should consider rescinding the proposed changes entirely.

“This decision reflects the concerns that CPA Canada has consistently raised with the Minister of Finance,” says John Oakey, CPA Canada’s vice-president of tax.

“The retroactive impact on the proposed legislation with a prorogued parliament was creating significant uncertainty for taxpayers and their advisors.”

“Through our advocacy, we’ve emphasized the need for tax policy, along with its implementation, that provides clarity and stability for Canadian taxpayers—especially during times of economic uncertainty.”

The proposed changes combined with prorogation of parliament have created significant uncertainty for taxpayers. While delayed implementation provides temporary relief, the fate of the changes to the capital gains remains unknown.

To arrange an interview with our tax expert, please contact media@cpacanada.ca.

The MIL Network –

February 1, 2025

MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Samoa

Source: International Monetary Fund

January 31, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Samoa on January 16, 2025 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.^{^[2]}

Samoa’s economic recovery has been remarkable. Following a 15 percent contraction over 3 years during the pandemic, GDP growth rebounded to 9.2 percent in FY2023 and accelerated further to 9.4 percent in FY2024, driven by a quick recovery in the tourism sector. Inflation has declined from double digit levels in FY2023 to 2.9 percent year-on-year in October 2024. The fiscal surplus increased further to 10.1 percent of GDP in FY2024, supported by robust grant flows, buoyant tax revenues, and restrained expenditures, including low capital spending amid capacity constraints. The current account moved to a surplus in FY2024 which, combined with continued strong grant inflows, supported a significant increase in foreign reserves.

GDP growth is projected to remain robust at 5.5 percent in FY2025, driven by an anticipated pickup in public investment and the preparations and hosting of the Commonwealth Heads of Government Meeting (CHOGM). Inflation is expected to rise moderately amid the ongoing economic recovery. While the near-term outlook remains favorable, growth is expected to slow to the historical average of around 2 percent in the medium term. Furthermore, risks to the outlook are skewed to the downside amid heightened global uncertainties and potential pressures on inflation, including from significant excess liquidity in the banking system.

Executive Board Assessment

In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

Samoa’s near-term economic outlook remains favorable. GDP growth in FY2025 is projected to remain well above pre-pandemic levels, supported by the preparations and hosting of CHOGM and the envisaged expansionary fiscal stance. Inflation is expected to rise moderately as the economic recovery continues. GDP growth is expected to converge towards the historical average of about 2 percent over the medium-term. Risks to the outlook are tilted to the downside, including from a slowdown in key trading partners amid heightened global uncertainty, as well as upside risks to inflation from external and domestic sources.

Samoa’s recent policy mix has helped build significant economic buffers but has also presented challenges. Large fiscal surpluses have improved debt dynamics, resulting in an upgrade to Samoa’s debt distress rating from high to moderate in the IMF-WB DSA, but low capital spending is undermining the economy’s productive capacity. The tight fiscal stance, coupled with high grants and remittance inflows and the exchange rate peg, has resulted in the emergence of a large current account surplus with the external sector assessed to be substantially stronger than the level implied by fundamentals and desired policy settings. The resulting large build up in foreign reserves has also created excess liquidity in the banking system.

An expansionary fiscal stance will support the economy, while fiscal reforms can improve the effectiveness of policy and mitigate risks. The focus in the near term should be overcoming capacity constraints to execute much needed public investment, including climate-related projects.

Maintaining PFM controls over the DDP, including through the election cycle, remains a priority. Improving fiscal data and implementing further PFM reforms can also help improve policy formulation, implementation, and credibility. Fully reversing the pandemic-era utility tariff cuts, while implementing any support for low-income households transparently through the budget, can help address lingering weakness in some SOEs while protecting the vulnerable.

Monetary policy normalization should continue, with an aim to guide interest rates higher. The exchange rate peg remains the appropriate nominal anchor. However, to guard against domestic inflation risks, monetary policy should aim to reduce excess liquidity to reasonable levels and push real short-term rates to positive territory.

Further strengthening financial supervision and regulation, including for PFIs, should be a priority. Financial sector risks have declined relative to the pandemic but require continued monitoring. Priorities for the banking system include operationalizing the emergency liquidity assistance framework and enhancing prudential standards. Upgrading governance and prudential regulations for PFIs is also needed to contain potential risks. Establishing an online credit registry will help advance financial inclusion.

A multi-pronged approach can help mitigate CBR pressures. Strengthening the AML/CFT legal framework and implementing effective risk-based supervision will help prepare Samoa for its APG mutual evaluation in 2027. Ensuring the timely rollout of the e-KYC facility and the National Digital ID will help improve customer due diligence. Given low ML/TF risks from remittance payments, effort should be made to streamline regulatory and supervisory requirements on both sides of main remittance corridors.

Overcoming significant structural challenges which impede the medium-term growth potential will require concerted reform efforts. Key priorities include attracting foreign investment, reducing trade facilitation costs, and mitigating the impact of the pickup in the seasonal workers program, including by enhancing human capital and raising labor force participation rates.

Table 1. Samoa: Selected Economic and Financial Indicators ^1/
					Proj.
	2020/21	2021/22	2022/23	2023/24	2024/25	2025/26	2026/27	2027/28	2028/29

Output and Inflation	(12-month percent change)
Real GDP	-7.0	-5.4	9.2	9.4	5.5	2.8	2.1	2.0	2.0
Nominal GDP	-7.5	0.0	18.0	14.9	8.7	6.0	5.2	5.0	5.1
Consumer price index (end of period)	4.1	10.8	10.7	0.8	3.5	2.6	3.0	3.0	3.0
Consumer price index (period average)	-3.0	8.7	12.0	3.6	3.1	3.0	3.0	3.0	3.0
Central Government Finances	(In percent of GDP)
Revenue and grants	36.5	38.5	34.1	36.0	33.0	32.0	31.5	31.5	31.4
Of which: Grants	6.8	9.4	4.5	6.2	4.2	4.0	4.0	4.0	4.0
Expenditure	34.7	33.1	31.0	25.9	33.1	33.5	33.4	33.5	33.6
Of which: Expense	31.3	32.2	27.5	25.7	27.9	28.3	28.2	28.3	28.2
Of which: Net acquisition of non-financial assets	3.4	0.9	3.5	0.3	5.2	5.2	5.2	5.2	5.4
Overall balance	1.7	5.4	3.0	10.1	-0.1	-1.5	-1.9	-2.0	-2.2
Gross debt outstanding	46.3	43.7	33.3	27.7	22.5	19.3	20.4	21.5	22.6
Money and Credit Aggregates	(12-month percent change)
Broad money (M2)	8.1	2.2	16.3	7.7	7.5	6.0	6.0	6.0	6.0
Private sector credit, commercial banks	1.5	0.2	-2.6	3.5	4.0	5.0	5.0	5.0	5.0
Private sector credit, other financial corporations	-0.9	4.9	2.9	8.2	…	…	…	…	…
Private sector credit, total financial system	2.0	0.6	-0.1	3.7	…	…	…	…	…
Private Sector Credit	(In percent of GDP)
Commercial banks	53.1	53.2	43.9	39.5	…	…	…	…	…
Total financial system	94.0	94.6	80.1	72.3	…	…	…	…	…
Bank Financial Soundness
Regulatory capital to risk- weighted assets, ratio	28.1	28.8	33.2	29.0	…	…	…	…	…
Non-performing loans to total gross loans, ratio	3.7	4.6	4.7	4.6	…	…	…	…	…

Balance of Payments	(In percent of GDP)
Current account balance	-14.5	-11.3	-3.3	4.0	-0.5	-1.2	-1.3	-1.6	-2.0
Merchandise exports, f.o.b.	4.1	3.8	4.6	3.5	3.4	3.5	3.5	3.5	3.7
Merchandise imports, f.o.b.	37.8	41.4	47.1	41.3	43.0	42.9	42.7	42.5	42.5
Services (net)	-3.9	-2.9	10.8	17.6	16.4	16.0	16.0	16.0	16.0
Of which: Tourism receipts	0.0	0.0	16.4	21.0	21.9	21.5	21.5	21.5	21.5
Income (net)	-1.7	-2.6	-1.3	-2.3	-2.7	-2.8	-2.8	-2.8	-2.8
Current transfers (net)	24.8	31.7	29.6	26.4	25.4	25.1	24.6	24.1	23.7
External Reserves and Debt
Gross official reserves (million U.S. dollars) 2/	288.5	303.2	401.7	494.3	503.8	506.2	523.9	542.9	557.5
(in months of next year’s imports)	7.9	6.4	8.3	9.0	8.8	8.5	8.5	8.3	8.2
External debt (in percent of GDP)	46.1	43.6	33.3	25.9	20.9	17.8	19.0	20.3	21.5

Exchange Rates
Market rate (tala/U.S. dollar, period average)	2.57	2.61	2.73	2.76	…	…	…	…	…
Real effective exchange rate	-0.5	6.4	9.2	-0.6	…	…	…	…	…
(12-month percent change) 3/

Memorandum items:
Nominal GDP (million tala)	2,169	2,170	2,562	2,943	3,200	3,391	3,568	3,748	3,938
GDP per capita (U.S. dollars)	4,136	4,032	4,498	5,070	5,474	5,728	5,945	6,160	6,440

Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.
1/ Fiscal years July-June.
2/ Incorporates August 2021 SDR allocation.
3/ Increase signifies appreciation.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

MIL OSI Economics –

February 1, 2025

MIL-OSI Security: U.S. Attorney’s Office, FBI, and USMS Disrupt Contraband Operation at Cibola County Correctional Center with Arrest
Source: Federal Bureau of Investigation FBI Crime News (b)

ALBUQUERQUE – Federal law enforcement arrested two Albuquerque men on Tuesday after executing search warrants that uncovered a significant cache of weapons, drugs, and evidence of an ongoing drug trafficking operation linked to the Cibola County Correctional Center.

According to court records, Michael “Gomer” Ernest Garcia, 46, was arrested on outstanding federal and state warrants. A second man, Eric Edwards, 36, was taken into custody on a state warrant.

Garcia was the final defendant sought in connection with an investigation into a conspiracy involving both incarcerated and non-incarcerated individuals who formed a drug trafficking network that was introducing contraband into the Cibola County Correctional Center in Milan, NM.

During the operation, authorities seized weapons and illegal substances from Garcia’s residence, including:
- Sixteen firearms, among them one pistol with a machine gun conversion device, five AR-15 rifles, two AR-15 pistols, and one AK-47 rifle
- More than two dozen high-capacity magazines
- Hundreds of rounds of ammunition in various calibers
- Controlled substances including methamphetamine and heroin
Garcia had been evading law enforcement for over two years and was featured on the “METRO 15” wanted poster.

U.S. Attorney Alexander M.M. Uballez, Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, and David Barnett, U.S. Marshal for the District of New Mexico, made the announcement today.

The FBI Albuquerque Division Violent Gang Task Force (VGTF) and United States Marshals Service jointly investigated this case with assistance from the CoreCivic Intelligence Unit and the New Mexico State Police. Assistant United States Attorneys Paul Mysliwiec and David Hirsch are prosecuting the case.

The VGTF is an FBI led task force comprising of agents and officers from the New Mexico State Police, Rio Rancho Police Department, Bernalillo County Sheriff’s Office, and the Albuquerque Police Department.

# # #

MIL Security OSI –
February 1, 2025
MIL-OSI Security: Monessen Resident Sentenced to Two Decades in Prison for Production of Material Depicting the Sexual Exploitation of a Minor

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

PITTSBURGH, Pa. – A former resident of Monessen, Pennsylvania, has been sentenced in federal court to 20 years in prison, to be followed by 10 years of supervised release, on his conviction of production of material depicting the sexual exploitation of a minor, Acting United States Attorney Troy Rivetti announced today.

United States District Judge Christy Criswell Wiegand imposed the sentence on Stefan Sweeney, 36.

According to information presented to the Court, Sweeney produced a video depicting the sexual exploitation of a 13-year-old girl.

In imposing the sentence, Judge Wiegand stated that a 20-year term of imprisonment reflected a balance between the defendant’s acceptance of responsibility and the serious nature of his crimes.

Assistant United States Attorney DeMarr Moulton prosecuted this case on behalf of the government.

Acting United States Attorney Rivetti commended the Federal Bureau of Investigation; Kennedy Township Police Department; Pittsburgh Bureau of Police, and other local police departments for the investigation leading to the successful prosecution of Sweeney.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

February 1, 2025
MIL-OSI: Combined General Meeting of January 31, 2025
Source: GlobeNewswire (MIL-OSI)

Paris, France – January 31, 2025 – The Combined Annual General Meeting of Atos SE shareholders convened to approve the 2023 financial statements was held today at the Company’s registered office, chaired by Philippe Salle, Chairman of the Board of Directors until today and Chairman and Chief Executive Officer as of February 1, 2025.

Broadcast live on the Atos website, the Annual General Meeting was a key opportunity to inform and exchange views with shareholders, who approved all the resolutions submitted to the vote.

In particular, the Annual General Meeting approved the statutory and consolidated financial statements for the 2023 financial year.

Detailed voting results and a replay of the Annual General Meeting will be available on the Atos website (under Investors – Annual General Meeting).

Changes to the Board of Directors composition

The Annual General Meeting approved all the ratifications of appointments submitted to it. In particular, the ratification of Philippe Salle’s appointment was approved by 94.18% of the votes cast.

The shareholders approved the renewal of Sujatha Chandrasekaran’s term of office as Director, and the appointments of Joanna Dziubak and Hildegard Müller as new Directors.

At the close of the Annual General Meeting, the Board of Directors noted the end of Mandy Metten’s term of office as the second Director representing employees, with the Board reduced to eight members (excluding the Director representing employees), and the expiry of the terms of office of Alain Crozier, Katrina Hopkins, Monika Maurer and Astrid Stange.

On the recommendation of the Nomination and Governance Committee, the Board of Directors has decided to appoint Mandy Metten as a censor to the Board of Directors, with effect from today, subject to ratification by the next Annual General Meeting.

The Board again noted the resignation of Jean Pierre Mustier from his duties as Chief Executive Officer and Director of the Company with effect from today. The Board also reiterated its unanimous decision of October 14, 2024 to combine the roles of Chairman and Chief Executive Officer, and to appoint Philippe Salle as Chairman and Chief Executive Officer with effect from February 1, 2025. The Board would like to thank Jean Pierre Mustier, who remarkably steered the Group’s restructuring, for his unfailing commitment and contribution to the Group’s success, as well as for the exemplary transition he implemented with Philippe Salle.

At the close of the Annual General Meeting and the Board of Directors, the Atos Board of Directors comprised nine Directors, of whom 75% are independent Directors¹ and 62.5% are women², and one censor:
- Philippe Salle, Chairman and Chief Executive Officer
- Laurent Collet-Billon*, Vice-Chairman of the Board of Directors
- Elizabeth Tinkham*, Lead Independent Director
- Sujatha Chandrasekaran*
- Joanna Dziubak*
- Farès Louis, Director representing employees
- Françoise Mercadal-Delasalles*
- Jean-Jacques Morin*
- Hildegard Müller
- Mandy Metten, censor
* Independent Directors

The Board of Directors has also amended its Internal Rules³, in particular to strengthen the duties and resources of the Lead Independent Director, whose appointment is now mandatory when the roles of Chairman and Chief Executive Officer are combined. The matters reserved to the Board of Directors have also been extended.

Changes to the Board Committees composition

Taking into account its renewed composition, the Board has restructured its committees, as of today, on the recommendation of the Nomination and Governance Committee:
- Audit Committee: Jean-Jacques Morin* (Chair); Laurent Collet-Billon*; Joanna Dziubak*; Sujatha Chandrasekaran*
- Nomination and Governance Committee: Elizabeth Tinkham* (Chair); Sujatha Chandrasekaran*; Farès Louis; Joanna Dziubak*
- Remuneration Committee: Laurent Collet-Billon* (Chair); Farès Louis; Françoise Mercadal-Delasalles*; Hildegard Müller
- CSR Committee: Françoise Mercadal-Delasalles* (Chair); Hildegard Müller; Farès Louis
* Independent Directors

Philippe Salle, Chairman of the Board of Directors of Atos SE, said: “I am delighted by the confidence expressed by our shareholders. With a more compact and strengthened Board of Directors, we are fully mobilized and focused on deploying the Group’s new strategy. On behalf of the entire Board of Directors, I would like to thank the Directors whose terms of office have ended for their commitment and contribution to Atos during this critical period.”

***

About Atos

Atos is a global leader in digital transformation with c. 82,000 employees and annual revenue of c. €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea), and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Contacts

Investor relations: David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
Individual shareholders: 0805 65 00 75
Press contact: globalprteam@atos.net

1 In accordance with article 10.3 of the AFEP-MEDEF Code, the Director representing employees is not taken into account in determining the percentage of independent members.

2 In accordance with the law, the Director representing employees is not taken into account in determining the parity ratio on the Board of Directors.

3 Available on the Atos website, under Investors – Corporate Governance.

Attachment
- PR – Combined General Meeting of January 31 2025 – Post-AGM – ENG – vdef
The MIL Network –
February 1, 2025
MIL-OSI USA: Durbin, Grassley Urge PhRMA To Embrace Their Bill To End Price Secrecy In Prescription Drug Advertisements

US Senate News:

Source: United States Senator for Illinois Dick Durbin
January 31, 2025
CHICAGO – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Chuck Grassley (R-IA), a senior member and former chairman of the Senate Finance Committee, today sent a letter to the President and CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA) urging them to embrace their bipartisan legislation, the Drug-price Transparency for Consumers (DTC) Act, to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.
The Senators wrote, “The United States is one of only two developed countries in the world that permits such pharmaceutical commercials. President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice. It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising. As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress. This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret. President Trump previously has issued regulations to advance this policy.”
Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions. A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”. This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018. In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending.
“There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself. This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all,” the Senators continued.
Recently, the Senators reintroduced the DTC Act to bring price transparency to DTC prescription drug ads. In addition to President Trump’s previous support, the bill in the 118th Congress was cosponsored by Vice President Vance. Given PhRMA’s stated support for pharmacy benefit manager transparency, the Senators argue it is only reasonable to have transparency across the pharmaceutical supply chain.
The Senators conclude, “We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.”
Full text of the letter is available here and below:
January 31, 2025
Dear Mr. Ubl:
Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions. It is a similar story when consumers stream their favorite show or scroll through social media. Yet consumers learn nothing from these advertisements about the cost of the prescription drug. This must change.
A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”. This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018. In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending.
The United States is one of only two developed countries in the world that permits such pharmaceutical commercials. President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice. It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising.
As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress. This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret. President Trump previously has issued regulations to advance this policy.
There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself. This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all—particularly as efforts are underway to reform the rebate structure used by pharmacy benefit managers.
Some of your member companies previously disclosed drug list prices in advertisements, and PhRMA previously has wanted to be more transparent with the American public about price information for advertised medications. We appreciate that 35 drug manufacturers voluntarily have certified to follow PhRMA’s “Guiding Principles on Direct-to-Consumer Advertisements,” which includes directing patients to find information about the cost of medicine, including the list price, on the company’s website. We are glad that drug companies agree that consumers should know the price of a prescription drug before purchasing it. But in instances where manufacturers currently do opt to provide pricing information (e.g., “pay as little as $0 per dose”), they can understate or obscure a patient’s out-of-pocket liability.
Studies show that patients are better able to approximate their out-of-pocket expenses when provided with the list price. When voluntarily choosing to promote medications over the airwaves, manufacturers already are required to disclose safety, side effects, and contraindication information. Yet, for many patients, price plays a primary role in clinical adherence.
Recently, we reintroduced our bipartisan legislation (S.229) to bring price transparency to DTC prescription drug ads. In addition to President Trump’s previous support, our bill in the 118th Congress was cosponsored by Vice President Vance. Given PhRMA’s stated support for pharmacy benefit manager transparency, it is only reasonable to have transparency across the pharmaceutical supply chain.
We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements. Thank you for your attention to this important matter.
Sincerely,
-30-

MIL OSI USA News –

February 1, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Samoa

Source: IMF – News in Russian

January 31, 2025

Executive Board Assessment

In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

Table 1. Samoa: Selected Economic and Financial Indicators ^1/
					Proj.
	2020/21	2021/22	2022/23	2023/24	2024/25	2025/26	2026/27	2027/28	2028/29

Output and Inflation	(12-month percent change)
Real GDP	-7.0	-5.4	9.2	9.4	5.5	2.8	2.1	2.0	2.0
Nominal GDP	-7.5	0.0	18.0	14.9	8.7	6.0	5.2	5.0	5.1
Consumer price index (end of period)	4.1	10.8	10.7	0.8	3.5	2.6	3.0	3.0	3.0
Consumer price index (period average)	-3.0	8.7	12.0	3.6	3.1	3.0	3.0	3.0	3.0
Central Government Finances	(In percent of GDP)
Revenue and grants	36.5	38.5	34.1	36.0	33.0	32.0	31.5	31.5	31.4
Of which: Grants	6.8	9.4	4.5	6.2	4.2	4.0	4.0	4.0	4.0
Expenditure	34.7	33.1	31.0	25.9	33.1	33.5	33.4	33.5	33.6
Of which: Expense	31.3	32.2	27.5	25.7	27.9	28.3	28.2	28.3	28.2
Of which: Net acquisition of non-financial assets	3.4	0.9	3.5	0.3	5.2	5.2	5.2	5.2	5.4
Overall balance	1.7	5.4	3.0	10.1	-0.1	-1.5	-1.9	-2.0	-2.2
Gross debt outstanding	46.3	43.7	33.3	27.7	22.5	19.3	20.4	21.5	22.6
Money and Credit Aggregates	(12-month percent change)
Broad money (M2)	8.1	2.2	16.3	7.7	7.5	6.0	6.0	6.0	6.0
Private sector credit, commercial banks	1.5	0.2	-2.6	3.5	4.0	5.0	5.0	5.0	5.0
Private sector credit, other financial corporations	-0.9	4.9	2.9	8.2	…	…	…	…	…
Private sector credit, total financial system	2.0	0.6	-0.1	3.7	…	…	…	…	…
Private Sector Credit	(In percent of GDP)
Commercial banks	53.1	53.2	43.9	39.5	…	…	…	…	…
Total financial system	94.0	94.6	80.1	72.3	…	…	…	…	…
Bank Financial Soundness
Regulatory capital to risk- weighted assets, ratio	28.1	28.8	33.2	29.0	…	…	…	…	…
Non-performing loans to total gross loans, ratio	3.7	4.6	4.7	4.6	…	…	…	…	…

Balance of Payments	(In percent of GDP)
Current account balance	-14.5	-11.3	-3.3	4.0	-0.5	-1.2	-1.3	-1.6	-2.0
Merchandise exports, f.o.b.	4.1	3.8	4.6	3.5	3.4	3.5	3.5	3.5	3.7
Merchandise imports, f.o.b.	37.8	41.4	47.1	41.3	43.0	42.9	42.7	42.5	42.5
Services (net)	-3.9	-2.9	10.8	17.6	16.4	16.0	16.0	16.0	16.0
Of which: Tourism receipts	0.0	0.0	16.4	21.0	21.9	21.5	21.5	21.5	21.5
Income (net)	-1.7	-2.6	-1.3	-2.3	-2.7	-2.8	-2.8	-2.8	-2.8
Current transfers (net)	24.8	31.7	29.6	26.4	25.4	25.1	24.6	24.1	23.7
External Reserves and Debt
Gross official reserves (million U.S. dollars) 2/	288.5	303.2	401.7	494.3	503.8	506.2	523.9	542.9	557.5
(in months of next year’s imports)	7.9	6.4	8.3	9.0	8.8	8.5	8.5	8.3	8.2
External debt (in percent of GDP)	46.1	43.6	33.3	25.9	20.9	17.8	19.0	20.3	21.5

Exchange Rates
Market rate (tala/U.S. dollar, period average)	2.57	2.61	2.73	2.76	…	…	…	…	…
Real effective exchange rate	-0.5	6.4	9.2	-0.6	…	…	…	…	…
(12-month percent change) 3/

Memorandum items:
Nominal GDP (million tala)	2,169	2,170	2,562	2,943	3,200	3,391	3,568	3,748	3,938
GDP per capita (U.S. dollars)	4,136	4,032	4,498	5,070	5,474	5,728	5,945	6,160	6,440

Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.
1/ Fiscal years July-June.
2/ Incorporates August 2021 SDR allocation.
3/ Increase signifies appreciation.

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/01/31/pr25023-samoa-imf-executive-board-concludes-2024-article-iv-consult

MIL OSI

MIL OSI Russia News –

February 1, 2025

MIL-OSI: Interim Financial Report 2024/2025

Source: GlobeNewswire (MIL-OSI)

Regulated information, Leuven, 31 January 2025 (17.40 hrs CET)

Interim Financial Report 2024/2025

KBC Ancora recorded a profit of EUR 73.9 million in the first half of the financial year 2024/2025. This compared with a profit of EUR 72.9 million in the same period in the previous financial year. The result for the first six months of the financial year was determined chiefly by dividend income totalling EUR 77.5 million from the participating interest in KBC Group, operating costs of EUR 1.5 million and interest charges amounting to EUR 2.3 million.

Abridged financial summaries and notes¹

Results for the first half of financial year 2024/2025

	1H fin. year (x EUR 1,000)	2024/2025 per share (in EUR)	1H fin. year (x EUR 1,000)	2023/2024 *per share* (in EUR)
Income	77,738	*1.01*	77,953	*1.01*
Operating income	0	0.00	0	0.00
Recurring financial income	77,738	1.01	77,953	1.01
Expenses	-3,805	*-0.05*	-5,074	*-0.07*
Operating costs	-1,536	-0.02	-1,567	-0.02
Financial expenses	-2,269	-0.03	-3,508	-0.05
Result after taxes	73,933	*0.96*	72,879	*0.95*
Number of shares in issue*		77,011,844		77,011,844

* No instruments have been issued which could lead to dilution.

KBC Ancora recorded a profit of EUR 73.9 million in the first six months of the current financial year, equivalent to EUR 0.96 per share, compared with a profit of EUR 72.9 million in the same period in the previous financial year.

Income consisted principally of dividend received on the participating interest in KBC Group (EUR 77.5 million) and interest income on term investments (EUR 0.2 million). Expenses principally comprised interest charges on debt (EUR 2.3 million) and operating costs (EUR 1.5 million).

Balance sheet as at 31 December 2024

(x EUR 1,000)	31.12.2024	*30.06.2024
BALANCE SHEET TOTAL	3,660,323	3,599,986
Assets
Fixed assets	3,599,979	3,599,979
Current assets	60,344	8
Investments (other)	59,700	0
Cash at bank and in hand	611	1
Accrued income and deferred expense	33	7
Liabilities
Equity	3,557,524	3,483,591
Contribution	3,158,128	3,158,128
Legal reserve	175,258	175,258
Available reserves	149,427	149,427
Profit (loss) carried forward	777	777
Result for the period	73,933	n/a
Creditors	102,798	116,396
Amounts falling due after more than one year	100,000	100,000
Amounts falling due within one year	419	16,050
Accrued expense and deferred income	2,379	345

* The balance sheet at 30 June 2024 is shown after appropriation of the result.

The balance sheet total at 31 December 2024 stood at EUR 3.7 billion, an increase of EUR 60.3 million compared with the end of the financial year 2023/2024.

The number of shares held by KBC Ancora in KBC Group remained unchanged at 77,516,380. The book value of these shares was EUR 46.44 per share (i.e. the historical acquisition cost). The price of the KBC Group share stood at EUR 74.54 on 31 December 2024, while the IFRS equity value amounted to EUR 54.1 per KBC Group share on 30 September 2024.
Current assets increased by EUR 60.3 million to EUR 60.3 million, principally the result of interim dividend received in November 2024 on the participating interest in KBC Group (EUR +77.5 million) and the repayment of short-term financial debt (EUR -15.6 million).

Total equity rose by EUR 73.9 million. This increase was due to the result in the first half of the current financial year (EUR 73.9 million).
Debt showed a net reduction of EUR 13.6 million, due on the one hand to the repayment of short-term financial debt totalling EUR 15.6 million, and on the other an increase of EUR 2.0 million in the (pro rata) interest charges in respect of the first half of the financial year.

Interim report on the first six months of the current financial year 2024/2025

Notes on the first half of the current financial year 2024/2025

Extension of shareholder agreement concerning the anchoring of KBC Group

On 29 November 2024 Cera and KBC Ancora, together with MRBB and the Other Permanent Shareholders, confirmed that they would be extending unchanged their collaboration as a syndicate with respect to KBC Group for a further term of ten years. The extension of the syndicate agreement came into effect on 1 December 2024. Cera, KBC Ancora, MRBB and Other Permanent Shareholders will henceforth collectively hold 41.7% of the total number of KBC Group shares. In this way, the shareholders concerned will continue to ensure the shareholder stability and support the further development of the KBC group.

Result for the first six months of the financial year 2024/2025

KBC Ancora recorded a profit of EUR 73.9 million in the first six months of the current financial year, compared with a profit of EUR 72.9 million in the same period in the previous financial year.

This result was influenced principally by the following factors:

Dividend income totalling EUR 77.5 million. As in the same period in the previous financial year, this consisted of an interim dividend of EUR 1.00 per KBC Group share.
Interest income totalling EUR 0.2 million on term investments, compared with EUR 0.4 million in the same period in the previous financial year.
Interest charges amounting to EUR 2.3 million, a reduction of EUR 1.2 million compared with the same period in the previous financial year, due to the reduction in outstanding financial debt.
Operating expenses amounting to EUR 1.5 million, in line with the previous financial year. The operating expenses consisted primarily of costs incurred under the cost-sharing agreement with Cera (EUR 1.2 million). There were also the usual expenses, such as listing costs and costs associated with the statutory director.

Participating interest in KBC Group, net debt position and net asset value

The number of KBC Group shares in portfolio remained unchanged during the past six months at 77,516,380.

The net asset value of the KBC Ancora share is defined as 1.0066 times² the price of the KBC Group share, less the net debt³ per share. KBC Ancora’s net debt position at 31 December 2024 stood at EUR 0.55 per share.

Based on the price of the KBC Group share on 31 December 2024 (EUR 74.54), the net asset value of one KBC Ancora share amounted to EUR 74.48, and the KBC Ancora share (EUR 50.50) was trading at a discount of 32.2% to the net asset value.

The following charts illustrate the movements in the price of the KBC Group and KBC Ancora shares and the discount of the KBC Ancora share to its net asset value.

Trend in KBC Group and KBC Ancora share price (January – December 2024)	Trend in discount of KBC Ancora share to its net asset value (January – December 2024)

Principal risks and uncertainties in the remaining months of the financial year

Certain risk factors could have an impact on the value of the assets held by KBC Ancora and on its ability to distribute a dividend. Reference is made in this regard to the description of the risks in the most recent annual report (page 20).

KBC Ancora’s expenses in the second half of the current financial year (2024/2025) will consist principally of interest charges plus the usual limited operating expenses. KBC Ancora estimates the total expenses in respect of the full financial year 2024/2025 at approximately EUR 8 million.

KBC Group reported a net result of EUR 2.3 billion for the first nine months of 2024. KBC Group will announce its annual result for the financial year 2024 on 13 February 2025.

Partly dependent on the decisions taken by KBC Group regarding the distribution in the first half of 2025 of a final dividend in respect of financial year 2024, the Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora, will take a decision at the end of May 2025 on whether to distribute an interim dividend in June 2025 in respect of financial year 2024/2025, in line with its dividend policy. KBC Ancora’s dividend policy sets out the intention to pay out 90% of the recurring result available for distribution in the form of an (interim) dividend (i.e. after adjustment for any exceptional results and after mandatory formation of the legal reserve).

Declaration by the responsible individuals

“We, the members of the Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora SA, hereby jointly declare that, in so far as we are aware:

a) the abridged financial summaries, drawn up in accordance with the applicable standards for financial statements, present a true and fair picture of the capital position, financial position and results of KBC Ancora;

b) the interim financial report presents a true and fair view of the key events and principal transactions with affiliated parties during the first six months of the current financial year and of their impact on the abridged financial summaries, as well as a description of the principal risks and uncertainties during the remaining months of the financial year.”

Information on the external audit

The statutory auditor has reviewed the abridged interim financial information and accompanying notes. The auditor’s report is appended to this interim report.

———————————

KBC Ancora is a listed company which holds 18.6% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders is responsible for the shareholder stability and further development of the KBC group. As core shareholders of KBC Group, these parties have signed a shareholder agreement to this effect.

Financial calendar:
29 August 2025 (17.40 hrs CEST)        Annual press release for the financial year 2024/2025
30 September 2025 (17.40 CEST)        Annual Report 2024/2025 available
31 October 2025        General Meeting of Shareholders

This press release is available in Dutch, French and English on the website www.kbcancora.be.

KBC Ancora Investor Relations & Press contact: Jan Bergmans
Tel.: +32 (0)16 279672
E-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be

Appendix: Balance sheet and profit and loss account with comparative figures

(x EUR 1,000)	31.12.2024	*30.06.2024
BALANCE SHEET TOTAL	3,660,323	3,599,986
Assets
Fixed assets	3,599,979	3,599,979
Financial fixed assets	3,599,979	3,599,979
Companies with which there is a participatory relationship	3,599,979	3,599,979
Participating interests	3,599,979	3,599,979
Current assets	60,344	8
Investments	59,700	0
Other investments	59,700	0
Cash at bank and in hand	611	1
Accrued income and deferred expense	33	7
Liabilities
Equity	3,557,524	3,483,591
Contribution	3,158,128	3,158,128
Issued capital	3,158,128	3,158,128
Reserves	324,686	324,686
Unavailable reserves	175,258	175,258
Legal reserve	175,258	175,258
Available reserves	149,427	149,427
Profit/loss carried forward	777	777
Profit/loss for the period	73,933	n/a
Creditors	102,798	116,396
Amounts falling due after more than one year	100,000	100,000
Financial liabilities	100,000	100,000
Credit institutions	100,000	100,000
Amounts falling due within one year	419	16,050
Financial liabilities	0	15,635
Credit institutions	0	15,635
Trade creditors	159	173
Suppliers	159	173
Other creditors	260	241
Accrued expense and deferred income	2,379	345

* The balance sheet at 30 June 2024 is shown after appropriation of the result.

(x EUR 1,000)	01.07.2024-31.12.2024	01.07.2023-31.12.2023

Operating income	0	0
Other operating income	0	0
Operating costs	1,536	1,567
Services and sundry goods	1,535	1,417
Other operating costs	0	149
Operating results	-1,536	-1,567

Financial income	77,738	77,953
Recurring financial income	77,738	77,953
Income from financial fixed assets	77,516	77,516
Income from current assets	222	437
Financial expenses	2,269	3,508
Recurring financial charges	2,269	3,508
Cost of debt	2,269	3,508
Other financial expenses	0	0
Financial result	75,469	74,445

Profit (loss) before tax	73,933	72,879

Profit (loss) after tax	73,933	72,879

Statutory auditor’s report to the board of directors of KBC Ancora NV on the review of the condensed interim financial information as at 31 December 2024 and for the 6-month period then ended

FREE TRANSLATION OF THE ORIGINAL IN DUTCH

Introduction

We have reviewed the accompanying interim financial report 2024/2025, containing the condensed balance sheet of KBC Ancora NV as at 31 December 2024, the condensed profit and loss account for the 6-month period then ended, as well as the notes (“the condensed interim financial information”). The board of directors is responsible for the preparation and presentation of this condensed interim financial information in accordance with the financial reporting framework applicable in Belgium for the preparation of condensed interim financial information. Our responsibility is to express a conclusion on this condensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as at 31 December 2024 and for the 6-month period then ended has not been prepared, in all material respects, in accordance with the financial reporting framework applicable in Belgium for the preparation of condensed interim financial information.

Diegem, 31 January 2025

The statutory auditor,
PwC Reviseurs d’Entreprises SRL / Bedrijfsrevisoren BV
Represented by

Damien Walgrave*
Bedrijfsrevisor / Réviseur d’Entreprises

* Acting in behalf of Damien Walgrave BV/SRL

¹         KBC Ancora’s reporting is based on Belgian GAAP. The valuation principles are set out in the filed annual
        financial statements and in the annual report.
        See Appendix for the balance sheet and profit and loss account.
²         Number of KBC Group shares held / number of KBC Ancora shares in issue: 1.0066
        (= 77,516,380 / 77,011,844).
³         Net debt is defined here as total liabilities less total assets excluding financial fixed assets.

Attachment

KBCA PB 20250131 E

The MIL Network –

February 1, 2025

MIL-OSI: Santander Chile announces Andrés Trautmann Buc as new Chief Executive Officer (CEO) and Country Head

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC) announces that Mr. Andrés Trautmann Buc will take over as CEO and Country Head, replacing Mr. Román Blanco Reinosa. This change will occur on July 1, 2025 and, until then, Mr. Blanco will remain as the bank’s CEO, while Mr. Trautmann will continue to lead the Executive Vice President of Santander Corporate & Investment Banking (CIB).

Mr. Trautmann, a commercial engineer from Universidad de Chile, has a distinguished career at Santander, since joining the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile. Between 2010 and 2012, he served as Head of Structured Products Sales in London for Santander UK. Between 2013 and 2018 he oversaw the Andean Zone sales for Goldman Sachs in New York. In 2018, he became the Head of Markets Santander Chile, and in 2021, he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value services, products and solutions.

Since his initial position in Markets, Mr. Trautmann has achieved significant milestones, including tripling the growth of the Sales and Trading business. At CIB, he led and promoted the expansion of products for large companies by leveraging the global capabilities of the Santander Group. Recently, he also took on the Corporate and Institutional Banking business and Santander Consumer Finance, giving him a comprehensive view of the bank’s operations. His leadership and deep knowledge of the business and markets will continue to strengthen the bank’s position in the country.

Santander thanks Román Blanco, who, in his role as CEO and Country Head, has led a successful process accelerating the transformation of the bank’s business models in Chile and its technology, strengthening the growth of Getnet and Santander Consumer Finance. Additionally, he promoted the launch of the Más Lucas and Más Lucas Joven account. Also noteworthy is the implementation of Gravity in Chile, positioning the entity as the first local bank with a banking core migrated to Cloud technologies. Among the achievements under his supervision are the implementation of specialized service models for companies, as well as the evolution of branch strategies, with Work/Café Expresso as an example.

During Mr. Blanco´s leadership, Santander has achieved an ROAE during the 4Q of 2024 of 26% and a total profit of $865 billion pesos corresponding to last year. This is reflected in the company’s high valuations, with a P/BV of 2.2x, standing out among the highest of Latin American banks and with an A2 international credit rating according to Moody’s.

It should be noted that Mr. Blanco has extensive international experience with more than 20 years within the Group. His main functions include having being Country Head in several operations such as the US, Puerto Rico and Colombia, in addition to leading the bank in the Andean region and Uruguay and having extensive experience in business management in Santander Brazil.

CONTACT INFORMATION

Cristian Vicuña
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl
Website: www.santander.cl

Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

The MIL Network –

February 1, 2025

MIL-OSI: Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend

Source: GlobeNewswire (MIL-OSI)

LYNCHBURG, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and 12 month periods ended December 31, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

Net income for the three months ended December 31, 2024 was $1.62 million or $0.36 per basic and diluted share compared with $2.11 million or $0.45 per basic and diluted share for the three months ended December 31, 2023. Net income for the 12 months ended December 31, 2024 was $7.94 million or $1.75 per share compared with $8.70 million or $1.91 per share for the year 12 months ended December 31, 2023.

Robert R. Chapman III, CEO of the Bank, commented: “Our Company delivered another year of high-quality earnings driven by a wide range of banking products, services, and investment management. These diversified sources of revenue were supported by a large regional market and broad base of commercial and retail clients, enabling the Company and the Bank to record strong financial performance and grow shareholder value in a year that presented its share of economic changes and challenges.

“With a more stable interest rate environment, we made new loans and repriced existing loans to accurately reflect prevailing rates, which generated a positive trend in yields on earning assets. We began to slow the rate of interest expense increases that have characterized the past three years. Although margins continue to experience pressure, there was net interest margin expansion beginning in the second half of 2024 – a positive trend that we anticipate will continue in coming quarters.

“Noninterest income was an important component of earnings that included fee income from commercial treasury management, wealth management through PWW, gains on the sale of originated residential mortgages, card services and more. Led by healthy growth in these activities, noninterest income in 2024 rose 18% from a year earlier.

“Total loans, net, increased 6% in 2024, with commercial real estate loan growth leading the way. Commercial & industrial and commercial construction loan portfolios grew moderately year-over-year. Residential mortgages increased 6% as we continued our practice of selling most originated mortgages to the secondary market. Our mortgage lending team did an outstanding job of maintaining our Bank’s leadership as a premier mortgage originator in the markets we serve.

“Key to generating consistent, predictable earnings is maintaining high levels of loan quality through credit management. Measures such as asset quality ratios, total nonperforming loans, and provisioning for credit losses continue reflect exceptional credit management. Our credit management team, headed by Chief Credit Officer Chip Umberger, continue to do outstanding work ensuring loan quality.

“Total deposits increased in 2024 compared with 2023. We remain focused on growing deposits from commercial and retail customers, particularly core deposits, and building this important source of funding for loans and providing liquidity. During the year, we opened strategic locations in Buchanan and Nellysford, Virginia, further expanding the Bank’s deposit-gathering capabilities and value to customers.

“We provided meaningful value to our shareholders in 2024. Solid earnings, strong asset quality and efficient operation contributed to a consistent, longstanding trend of enhancing the Company’s value to its shareholders. Stockholders’ equity rose 8% from a year earlier, retained earnings increased by more than $6 million, and book value per share rose to $14.28 at December 31, 2024 from $13.21 a year earlier. The Company also paid quarterly cash dividends to shareholders, as it has for many years.

“We believe the Company is well-positioned for the coming year, continuing on a path of providing superior value to our shareholders, customers and communities.”

Fourth Quarter and Full Year of 2024 Highlights

Net income and earnings per share (EPS) in the fourth quarter and full year of 2024 was impacted by higher noninterest expense, which included a $534,000 fee related to the negotiation of a contract with a credit/debit card processor. Over the term of the contract, the Company expects to recognize up to $438,000 in incentive payments from the card processor, and anticipates generating additional long-term benefits and savings of $2.1 million associated with the contract.
Total interest income rose 13% to $44.64 million for the full year of 2024 compared with $39.36 million in 2023. The growth primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to 5.50% in 2024 compared with 5.05% in 2023.
Net interest income after provision for (recovery of) credit losses in the full year of 2024 was $29.89 million compared with $29.92 million for the full year of 2023. The full year of 2024 reflected loan loss recoveries driven by strong asset quality, and the impact of elevated interest expense.
Net interest margin in the fourth quarter of 2024 was 3.18%, trending up from 3.16% in the third quarter and 3.02% in the second quarter of 2024, reflecting continuing margin expansion. Net interest margin for the full year of 2024 was 3.11% compared with 3.29% in 2023. Interest spread for the full year of 2024 was 2.78% compared with 3.06% a year earlier.
Total noninterest income for the full year of 2024 was $15.14 million, up 17.64% from $12.87 million a year earlier. Growth primarily reflected gains on sale of loans held for sale, fee income generated by commercial treasury services and residential mortgage originations, and wealth management fee income from PWW, which contributed $0.34 per share to earnings in 2024.
Loans, net of the allowance for credit losses, increased 6% to $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023.
Commercial real estate loans (owner occupied and non-owner occupied) grew 9% to $335.53 million at December 31, 2024 from $306.86 million a year earlier.
Measures of asset quality included a ratio of nonperforming loans to total loans of 0.25% at December 31, 2024, low levels of nonperforming loans, and zero other real estate owned (OREO).
Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023.
Total deposits were $882.40 million at December 31, 2024, up from $878.46 million at December 31, 2023.
Shareholder value measures included 8% growth in stockholders’ equity at December 31, 2024 from a year earlier, retained earnings of $42.80 million, up from $36.68 million a year earlier, and a book value per share of $14.28 compared with $13.21 at December 31, 2023.
On January 21, 2025 the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of March 7, 2025, to be paid on March 21, 2025.

Fourth Quarter, Full Year of 2024 Operational Review

Net interest income after provision for (recovery of) credit losses for the fourth quarter of 2024 was $7.76 million compared to net interest income after provision for credit losses of $7.29 million a year earlier. In the full year of 2024, net interest income after recovery of credit losses was $29.89 million compared with $29.92 a year earlier. The credit loss recovery in the full year of 2024 was $655,000 compared with $179,000 in the full year of 2023.

Total interest income increased to $11.64 million in the fourth quarter of 2024 compared with $10.54 million a year earlier. The full year of 2024 total interest income was $44.64 million, up from $39.36 million in the full year of 2023. The year-over-year increases primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

During 2024, investment portfolio management and appropriate rate increases on loans contributed to year-over-year growth in yields on total earning assets, which were 4.75% in 2024 compared with 4.36% in 2023.

Total interest expense in the fourth quarter of 2024 was $3.95 million and $15.41 million for the full year of 2024, increasing 25.44% and 60.12% from $3.15 and $9.62 in the comparable periods of 2023. The increase primarily reflects higher deposit rates commensurate with the prevailing interest rate environment, and also more interest-bearing deposits.

A stabilizing interest rate environment contributed to some margin pressure relief, particularly in the second half of 2024. For the full year of 2024, the net interest margin was 3.11% compared with 3.29% a year earlier, while interest spread was 2.78% for the full year of 2024, compared with 3.06% a year earlier.

Noninterest income in the fourth quarter of 2024 rose 20% to $3.82 million compared with $3.18 million in the fourth quarter of 2023. For the full year of 2024, noninterest income was up 18% to $15.14 million from $12.87 million in 2023.

Noninterest income in 2024 included income contributions from debit card activity, a write-up on an investment in an SBIC fund, commercial treasury services, and the mortgage division. Strong contributions from wealth management fees, primarily generated by PWW, were $4.84 million in 2024, up from $4.20 million a year earlier. Steady activity in residential mortgage originations throughout 2024 was reflected in gains on sale of loans held for sale of $4.49 million compared with $3.94 million a year earlier.

Noninterest expense in the fourth quarter of $9.50 million compared with $8.42 million in the fourth quarter of 2023. Noninterest expense for the full year of 2024 was $35.11 million compared with $32.51 million for the full year of 2023. As previously noted, noninterest expense was impacted by a one-time payment to a consultant that helped negotiate a contract with a debit card provider, recorded in the fourth quarter of 2024. We will recognize incentive payments and cost savings from the underlying contract in subsequent quarters. Diligent expense management, judicious personnel expenses related to new locations, and accrual of year-end employee compensation throughout the year contributed to stable year-over-year salaries and employee benefits costs in the fourth quarter and full year of 2024.

Balance Sheet: Strong Cash Position, High Asset Quality

Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

Loans, net of allowance for credit losses, were $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and stability in other loan categories.

Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $335.53 million at December 31, 2024 compared with $306.86 million at December 31, 2023, reflecting new loans and a decreasing rate of loan payoffs. Of this amount, commercial real estate (non-owner occupied) was approximately $195.09 million and commercial real estate (owner occupied) was $140.44 million. The Bank closely monitors concentrations in these segments, and has no commercial real estate loans secured by large office buildings in large metropolitan city centers.

Commercial construction/land loans and residential construction/land loans were $50.04 million at December 31, 2024 compared with $50.28 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects. Commercial and industrial loans were $66.42 million at December 31, 2024 compared with $65.32 million at December 31, 2023, reflecting a continuing trend of stability in this loan segment.

Residential mortgage loans that we intend to keep on the balance sheet were $113.30 million at December 31, 2024 compared with $106.99 million at December 31, 2023. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $78.31 million at December 31, 2024 compared with $76.52 million at December 31, 2023.

Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at December 31, 2024 was 0.25% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.09% at December 31, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

Total deposits were $882.40 million at December 31, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits, NOW, money market and savings were down moderately compared with 2023 and time deposits increased. At both December 31, 2024 and December 31, 2023, the Bank had no brokered deposits.

Key measures of shareholder value were positive. Stockholders’ equity increased 8% to $64.87 million at December 31, 2024 from $60.04 million a year earlier. Retained earnings increased to $42.80 million at December 31, 2024 compared with $36.68 million a year earlier. Book value per share was $14.28 compared with $13.21 at December 31, 2023, but down from $15.15 at September 30, 2024, in part reflecting quarterly fluctuations in required fair market valuations of the Company’s available-for-sale investment portfolio.

Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

About the Company

Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

FINANCIAL RESULTS FOLLOW

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)

	(unaudited)
Assets	12/31/2024			12/31/2023
Cash and due from banks	$	23,287		$	25,613
Federal funds sold		50,022			49,225
Total cash and cash equivalents		73,309			74,838

Securities held-to-maturity (fair value of $3,170 and $3,231 as of December 31, 2024 and 2023)		3,606			3,622
Securities available-for-sale, at fair value		187,916			216,510
Restricted stock, at cost		1,821			1,541
Loans, net of allowance for credit losses of $7,044 and $7,412 as of December 31, 2024 and 2023		636,552			601,921
Loans held for sale		3,616			1,258
Premises and equipment, net		19,313			18,141
Interest receivable		3,065			2,835
Cash value – bank owned life insurance		22,907			21,586
Customer relationship Intangible		6,725			7,285
Goodwill		2,054			2,054
Income taxes receivable		–			128
Deferred tax asset		8,936			8,206
Other assets		9,424			9,446
Total assets	$	979,244		$	969,371

Liabilities and Stockholders’ Equity
Deposits
Noninterest bearing demand	$	129,692		$	134,275
NOW, money market and savings		522,208			538,229
Time		230,504			205,955
Total deposits		882,404			878,459

Capital notes, net		10,048			10,042
Other borrowings		9,300			9,890
Income taxes payable		86			–
Interest payable		722			480
Other liabilities		11,819			10,461
Total liabilities	$	914,379		$	909,332

Stockholders’ equity
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of December 31, 2024 and 2023		9,723			9,723
Additional paid-in-capital		35,253			35,253
Accumulated other comprehensive (loss)		(22,915	)		(21,615	)
Retained earnings		42,804			36,678
Total stockholders’ equity	$	64,865		$	60,039

Total liabilities and stockholders’ equity	$	979,244		$	969,371

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)
(unaudited)

	For the Year Ended
	Ended December 31,
Interest Income		2024			2023
Loans	$	34,505		$	31,378
Securities
US Government and agency obligations		1,471			1,273
Mortgage-backed securities		2,381			1,899
Municipals		1,244			1,212
Dividends		95			82
Corporates		543			560
Interest bearing deposits		775			496
Federal Funds sold		3,629			2,462
Total interest income		44,643			39,362

Interest Expense
Deposits
NOW, money market savings		5,455			2,984
Time Deposits		9,173			5,796
FHLB borrowings		–			31
Finance leases		76			86
Other borrowings		376			398
Capital notes		327			327
Total interest expense		15,407			9,622

Net interest income		29,236			29,740

Recovery of credit losses		(655	)		(179	)

Net interest income after recovery of credit losses		29,891			29,919

Noninterest income
Gains on sale of loans held for sale		4,494			3,938
Service charges, fees and commissions		4,003			3,901
Wealth management fees		4,843			4,197
Life insurance income		721			548
Other		1,014			283
Gain on sales of available-for-sale securities		62			–

Total noninterest income		15,137			12,867

Noninterest expenses
Salaries and employee benefits		19,294			18,311
Occupancy		1,964			1,819
Equipment		2,499			2,416
Supplies		542			530
Professional, data processing, and other outside expense		6,528			5,296
Marketing		768			919
Credit expense		816			805
Other real estate expenses, net		–			40
FDIC insurance expense		441			419
Amortization of intangibles		560			560
Other		1,693			1,392
Total noninterest expenses		35,105			32,507

Income before income taxes		9,923			10,279

Income tax expense		1,979			1,575

Net Income	$	7,944		$	8,704

Weighted average shares outstanding – basic and diluted		4,543,338			4,562,374

Net income per common share – basic and diluted	$	1.75		$	1.91

Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited

Selected Data:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change			Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Interest income	$	11,636		$	10,538			10.42	%	$	44,643		$	39,362			13.42	%
Interest expense		3,950			3,149			25.44	%		15,407			9,622			60.12	%
Net interest income		7,686			7,389			4.02	%		29,236			29,740			-1.69	%
Provision for (recovery of) credit losses		(71	)		99			-171.72	%		(655	)		(179	)		265.92	%
Noninterest income		3,816			3,178			20.08	%		15,137			12,867			17.64	%
Noninterest expense		9,503			8,416			12.92	%		35,105			32,507			7.99	%
Income taxes		452			(56	)		-907.14	%		1,979			1,575			25.65	%
Net income		1,618			2,108			-23.24	%		7,944			8,704			-8.73	%
Weighted average shares outstanding – basic and diluted		4,543,338			4,543,338			–			4,543,338			4,562,374			(19,036	)
Basic and diluted net income per share	$	0.36		$	0.45		$	(0.09	)	$	1.75		$	1.91		$	(0.16	)

Balance Sheet at period end:	Dec 31, 2024		Dec 31, 2023		Change			Dec 31, 2023		Dec 31, 2022		Change
Loans, net	$	636,552	$	601,921		5.75	%	$	601,921	$	605,366		-0.57	%
Loans held for sale		3,616		1,258		187.44	%		1,258		2,423		-48.08	%
Total securities		191,522		220,132		-13.00	%		220,132		189,426		16.21	%
Total deposits		882,404		878,459		0.45	%		878,459		848,138		3.58	%
Stockholders’ equity		64,865		60,039		8.04	%		60,039		50,226		19.54	%
Total assets		979,244		969,371		1.02	%		969,371		928,571		4.39	%
Shares outstanding		4,543,338		4,543,338		–			4,543,338		4,628,657		(85,319	)
Book value per share	$	14.28	$	13.21	$	1.07		$	13.21	$	10.85	$	2.36

Daily averages:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Loans	$	642,197		$	609,800		5.31	%	$	623,769		$	616,047		1.25	%
Loans held for sale		3,612			3,406		6.05	%		3,494			3,512		-0.51	%
Total securities (book value)		218,680			236,267		-7.44	%		232,992			226,637		2.80	%
Total deposits		920,655			882,277		4.35	%		901,449			867,269		3.94	%
Stockholders’ equity		68,563			50,097		36.86	%		62,575			50,977		22.75	%
Interest earning assets		963,217			921,665		4.51	%		939,900			903,491		4.03	%
Interest bearing liabilities		801,812			753,144		6.46	%		783,003			738,335		6.05	%
Total assets		1,021,547			963,511		6.02	%		995,738			950,276		4.78	%

Financial Ratios:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Return on average assets		0.63	%		0.87	%	(0.24	)		0.80	%		0.92	%	(0.12	)
Return on average equity		9.39	%		16.69	%	(7.30	)		12.70	%		17.07	%	(4.37	)
Net interest margin		3.18	%		3.18	%	–			3.11	%		3.29	%	(0.18	)
Efficiency ratio		82.62	%		79.64	%	2.98			79.11	%		76.29	%	2.82
Average equity to average assets		6.71	%		5.20	%	1.51			6.28	%		5.36	%	0.92

Allowance for credit losses:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Beginning balance	$	7,078		$	7,320		-3.31	%	$	7,412		$	6,259		18.42	%
Retained earnings adjustment related to impact of adoption of ASU 2016-13		–			–		N/A			–			1,245		-100.00	%
Provision for (recovery of) credit losses*		(39	)		123		-131.71	%		(533	)		(65	)	720.00	%
Charge-offs		–			(40	)	-100.00	%		(84	)		(236	)	-64.41	%
Recoveries		5			9		-44.44	%		249			209		19.14	%
Ending balance		7,044			7,412		-4.96	%		7,044			7,412		-4.96	%

* does not include provision for or recovery of unfunded loan commitment liability

Nonperforming assets:	Dec 31, 2024		Dec 31, 2023		Change		Dec 31, 2023		Dec 31, 2022		Change
Total nonperforming loans	$	1,640	$	391	319.44	%	$	391	$	633	-38.23	%
Other real estate owned		–		–	N/A			–		566	-100.00	%
Total nonperforming assets		1,640		391	319.44	%		391		1,199	-67.39	%

Asset quality ratios:	Dec 31, 2024		Dec 31, 2023		Change		Dec 31, 2023		Dec 31, 2022		Change
Nonperforming loans to total loans	0.25	%	0.06	%	0.19		0.06	%	0.10	%	(0.04	)
Allowance for credit losses for loans to total loans	1.09	%	1.22	%	(0.12	)	1.22	%	1.02	%	0.19
Allowance for credit losses for loans to nonperforming loans	429.51	%	1895.65	%	(1,466.14	)	1895.65	%	988.78	%	906.87

The MIL Network –

February 1, 2025

MIL-OSI: Superior Energy Services Announces Appointment of Kyle O’Neill as Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Jan. 31, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) today announced that Kyle O’Neill was appointed chief financial officer effective February 3, 2025. Mr. O’Neill has over 20 years of experience in Industrials, Oilfield Services, and Asset Management industries. He has held various leadership positions in the industry, most recently as President and CFO at Industrial Service Solutions (ISS), a private equity-sponsored platform with over 50 locations across the United States. Before ISS, O’Neill was the President, CEO, and Director at U.S. Well Services, Inc., a publicly traded oilfield services company providing hydraulic pressure pumping services.

Chairman and CEO Dave Lesar stated, “Kyle is a respected strategic financial and operational executive with extensive experience in strategic leadership, mergers and acquisitions, and operational efficiency. Kyle has a proven track record of driving growth and innovation as a results-oriented leader, and I look forward to his contributions toward a bright future for Superior.”

About Superior Energy Services
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

Forward-Looking Statements
This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and Form 10-Q for the quarter ended September 30, 2024 and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION CONTACT:
Joanna Clark, Corporate Secretary
1001 Louisiana St., Suite 2900
Houston, TX 77002
Investor Relations, ir@superiorenergy.com, (713) 654-2200

The MIL Network –

February 1, 2025
MIL-OSI: Shareholders’ Nomination Committee proposal on the composition and remuneration of the Board of Directors of Oma Saving Bank Plc
Source: GlobeNewswire (MIL-OSI)

OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 31 JANUARY 2025 AT 19.00 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

Shareholders’ Nomination Committee proposal on the composition and remuneration of the Board of Directors of Oma Saving Bank Plc

The Shareholders’ Nomination Committee proposes the following to the Annual General Meeting of Oma Savings Bank Plc (OmaSp or the Company) on 8 April 2025:

The number of members of the Board of Directors is proposed to be confirmed at seven.

The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen.

All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026. All nominees have given their consent to the election. At the time of election, all proposed nominees are independent in their relationship with the company and its significant shareholders.

Details of the Board members nominated for election:

JUHANA BROTHERUS
Juhana Brotherus (born 1986) has been a member of OmaSp’s Board of Directors since December 2024. Brotherus has been the Director and Chief Economist of the Federation of Finnish Enterprises since 2023. In addition, Brotherus worked as Chief Economist and Director of the Mortgage Society of Finland in 2014–2023 and as the Economist of Danske Bank in 2011–2014. Brotherus has served as the Vice Chairman of the Board of HOAS since 2018, as a member of the Investment Committee of the Finnish Business School Graduates since 2016, as a member of the Board of the Foundation for Economic Students in Helsinki in 2015–2020, and as a member of the Board of aTalent Recruitingin in 2012–2018, of which as the Chairman of the Board in 2014–2018. Brotherus holds a Master of Economic Sciences.

IRMA GILLBERG-HJELT
Irma Gillberg-Hjelt (born 1962) has been a member of OmaSp’s Board of Directors since December 2024. Gillberg-Hjelt has has been the Executive Vice President and Head of Corporate Banking of Aktia Bank Plc in 2017–2020, employed by Danske Bank and its predecessors from 1987 to 2017 holding managerial positions in the corporate customer business in 2010–2017, as Bank Director in 2007–2012, as financial director in 2003–2007, and in customer-responsible positions in 1987–2003. In addition, Gillberg-Hjelt has been a member of the Board of Directors of Saldo Bank UAB in 2023–2024. Gillberg-Hjelt holds a Master of Laws.

AKI JASKARI
Aki Jaskari (born 1961) has been a member of OmaSp’s Board of Directors since 2014. Jaskari has served as the CEO of Nerkoon Höyläämö Oy since 1995. In addition, Jaskari has been a member of the Advisory Board of Leppäkosken Sähkö Group Oy since 2001, a member of the Regional Advisory Committee of Pohjola Insurance Oy in 2001–2015 and as a member of the Board of the Parkano Savings Bank in 2010–2013. Jaskari holds a master’s degree in economics.

JAAKKO OSSA
Jaakko Ossa (born 1965) has been the Chairman of the Board of OmaSp since May 2024 and a member of the Board since 2023. Ossa has been a professor of financial law at the University of Turku since 1998. Ossa has an extensive written production, particularly in the field of corporate taxation and investment taxation. Along with his academic career, Ossa has held expert positions at Asianajotoimisto Astrea Oy for around 20 years and currently at Ossa Partners Oy, a family company. Ossa has been as a member of the Board of several companies, including Liedon Savings Bank, Sp-Fund Management Company and the Savings Bank Association. In addition, he is currently the Chairman of the delegation of Taxpayers Association of Finland (TAF) and the inspector of the Satakuntalais-Hämäläinen Student Nation (osakunta) of the University of Turku. Ossa holds a Doctor of Laws.

CARL PETTERSSON
Carl Pettersson (born 1979) has been the Vice Chairman and a member of OmaSp’s Board of Directors since January 2025. Pettersson has been the Managing Director of Elo Pension Company since 2021. In addition, Pettersson has been the Managing Director of Veritas Pension Insurance Company in 2017–2021, Deputy Managing Director of Aktia Bank Plc in 2016–2017 and prior to that in several management positions of Aktia Bank Plc in 2008–2016 and as Director of OP Raasepori’s branch office in 2006-2008. Pettersson holds a Bachelor of Business Administration and an eMBA.

KATI RIIKONEN
Kati Riikonen (born 1971) has been a member of OmaSp’s Board of Directors since December 2024. Riikonen has been the VP, Head of Online, Marketing and Analytics of Telia Finland Plc in 2020–2024, Head of Industry of Google Finland in 2017–2020, Managing Director of Isobar Finland Oy in 2015–2017, Chief Digital Officer of DNA Oy in 2013-2015 and Marketing Director of DNA Oy in 2011–2013, an entrepreneur of KRi Marketing and Training in 2006–2009, Marketing Director of Motorola Inc. USA in 2003–2006 and as various expert and team leader positions at Nokia Plc in 1996–2003. In addition, Riikonen has been a member of the Board of Directors of Kamux Plc since 2024, a member of the Board of Directors of Verkkokauppa.com Plc since 2023, a member of the Board of Directors of Nooa Savings Bank in 2021–2024, a member of the Board of Directors of Kotipizza Group in 2021–2022, a member of the Board of Directors of City Digital Oy in 2016–2018, and a member of the Board of Frantic Media Oy in 2012–2014. Riikonen holds a Master of Business Administration.

JUHA VOLOTINEN
Juha Volotinen (born 1975) has been a member of OmaSp’s Board of Directors since December 2024. Volotinen has been the CIO of the Municipality Finance Plc since 2021. In addition, Volotinen worked as CIO of Aktia Bank Plc in 2017–2021 and before that in several managerial positions in Aktia Bank Plc in 2010–2017, in SEB Ab in several managerial positions in 2003–2010, and as IT Manager of Danske Securities in 2002–2003. Volotinen has served as a member of the Board of Directors of Aktia Finance in 2017–2020. Volotinen holds a Master of Economic Sciences.

Shareholders’ Nomination Committee proposal on the remuneration of the Board of Directors of OmaSp:

The Shareholders’ Nomination Committee proposes that the members of the Board of Directors be paid annual remuneration as follows:
- Chairperson of the Board EUR 85,000
- Vice Chairperson of the Board EUR 60,000
- Other members of the Board EUR 40,000
In addition, the Chairperson of the Board Committees are paid a separate annual fee as follows:
- Chairperson of the Remuneration Committee EUR 6,000
- Chairperson of the Risk Committee EUR 9,000
- Chairperson of the Audit Committee EUR 9,000
The Shareholders’ Nomination Committee proposes that meeting fees be paid as follows:
- Board meeting EUR 1,000
- Committee meeting EUR 1,000
- Email meeting of the Board or Committee EUR 500
The Shareholders’ Nomination Board proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

The proposals of the Nomination Committee shall be included in the notice of the Annual General Meeting.

Raimo Härmä (nominated by the South-Karelian Savings Bank Foundation) is the Chairman of the Shareholders’ Nomination Committee of OmaSp, members are Ari Lamminmäki (nominated by the Parkano Savings Bank Foundation), Jouni Niuro (nominated by the Liedon Savings Bank Foundation), Aino Lamminmäki (nominated by the Töysän Savings Bank Foundation), Simo Haarajärvi (nominated by the Kuortane Savings Bank Foundation), and as a specialist acts Jaakko Ossa, the Chairman of the Board of OmaSp.

Additional information:
Raimo Härmä, Chairman of the Nomination Committee, tel. +358 44 363 7063
Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Major media
www.omasp.fi

OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

The MIL Network –
February 1, 2025

MIL-OSI: Compagnie de Financement Foncier : Press Release – Results of Compagnie de Financement Foncier in 2024

Source: GlobeNewswire (MIL-OSI)

Press release for full and effective distribution

Paris, January 31, 2025

Compagnie de Financement Foncier’s financial results in 2024

On January 31, 2025, Compagnie de Financement Foncier’s Board of Directors, chaired by Éric FILLIAT, met to approve the annual financial statements for 2024.

***

COMPAGNIE DE FINANCEMENT FONCIER’S BUSINESS ACTIVITY

In 2024, despite an unstable geopolitical context and a volatile financial environment, Compagnie de Financement Foncier, in synergy with Groupe BPCE, achieved remarkable commercial and financial performances.

Issuance of covered bonds

A key player in Groupe BPCE’s refinancing strategy, Compagnie de Financement Foncier is a benchmark issuer thanks to its ability to seize the best market opportunities and offer investors solutions that meet their expectations. This agility allows it to provide Groupe BPCE institutions with highly competitive refinancing for their lending businesses.

In 2024, Compagnie de Financement Foncier issued €5.8bn in covered bonds, €1.3bn more than in 2023.

In April 2024, Compagnie de Financement Foncier tapped the primary market for a €2bn dual-tranche issuance. These tranches, of €1.25bn and €750m, were issued with maturities of three and eight years respectively. The high level of oversubscription on this transaction, despite market instability, testifies to its success.
In May 2024, an issuance of €1.5bn was carried out with a maturity of six years. The wide range of investors in this transaction confirms the diversity of Compagnie de Financement Foncier’s investor base.
In September 2024, Compagnie de Financement Foncier took advantage of a favorable issuance window with a benchmark of €1bn over eight and a half years.
In October 2024, as part of Groupe BPCE’s Sustainable Development Funding Program, Compagnie de Financement Foncier carried out its second social issuance (€500m over five years). This transaction strengthens Compagnie de Financement Foncier’s presence in this specialized market and aligns with Groupe BPCE’s objectives to integrate ESG criteria into its refinancing activities.

In 2024, Compagnie de Financement Foncier’s currency diversification strategy continued with two issuances, one in CHF and the other in USD, with respective counter values of €161m and €139m at the transaction date.

Refinancing of Groupe BPCE receivables

In line with its strategic guidelines, Compagnie de Financement Foncier refinanced a total of €6.3bn in receivables contributed by Groupe BPCE institutions, €1.5bn more than in 2023. Noteworthy among this year’s transactions were the refinancing of state-guaranteed loans (PGE) for Groupe BPCE institutions (€1.4bn) and, for the first time, the refinancing of outstanding export credits (€31.5m).

These performances, in ever-competitive markets, reflect the commitment and efficiency of all the teams involved. They also confirm the success of the system put in place and the relevance of the diversification strategy developed with Groupe BPCE, which enables Compagnie de Financement Foncier to finance the Group’s various business lines under very competitive conditions.

II. COMPAGNIE DE FINANCEMENT FONCIER’S INCOME STATEMENT

In millions of euros ⁽¹⁾	2024	2023
Net interest margin	165	219
Net commissions	9	13
Other banking expenses (net)	-2	-2
Net banking income	172	230
General operating expenses	-56	-68
Gross operating income	116	162
Cost of risk	2	3
Gains or losses on long‑term investments	0	0
Income before tax	118	165
Income tax	-32	-46
Net income	86	119

Net banking income amounted to €172m, down by €58m compared with 2023.

General operating expenses came to €56m, down on the previous year due to the disappearance of the contribution to the SRF; restated for this item, operating expenses are relatively stable compared with 2023.

Gross operating income reached €116m.

The cost of risk in 2024 shows a net reversal of €2m, reflecting the quality of the assets carried on Compagnie de Financement Foncier’s balance sheet.

Net income was €86m at December 31, 2024, compared with €119m at December 31, 2023.

III. BALANCE SHEET INFORMATION

Compagnie de Financement Foncier’s balance sheet total was €61.0bn at the end of 2024, compared with €60.3bn at the end of 2023.

The assets refinanced by Compagnie de Financement Foncier for the Group’s institutions in 2024 mainly come from the public sector, increasing their proportion on Compagnie de Financement Foncier’s balance sheet.

At the end of 2024, outstanding covered bonds stood at €51.5bn, including related debts, close to the situation at December 31, 2023 (€51.7bn).

IV. PRUDENTIAL INFORMATION

Although exempt from regulatory requirements in terms of solvency ratios, Compagnie de Financement Foncier calculates, for information purposes, a Common Equity Tier One (CET 1) ratio at its limits. At December 31, 2024, this ratio stood at 38,6 %, well above the minimum threshold set out in Regulation 575/2013 (CRR).

In accordance with the legislation applicable to Sociétés de Crédit Foncier, Compagnie de Financement Foncier maintains a coverage ratio for its privileged liabilities of more than 105%.

Appendices

***

Unless otherwise stated, the financial data in this press release are currently estimated and taken from the financial statements of Compagnie de Financement Foncier. These include the individual financial statements and related explanatory notes, prepared in accordance with French accounting standards and applicable Groupe BPCE standards.

As of the date of publication of this press release, the audit procedures carried out by the Statutory Auditors on the annual financial statements are in progress.

Compagnie de Financement Foncier is a credit institution approved as a specialized credit institution and a Société de Crédit Foncier. It is affiliated with BPCE and a 100% subsidiary of Crédit Foncier and Groupe BPCE.

Regulated information is available on the website https://foncier.fr/ in the “Financial communication/Regulated information” section.

Contact: Investor Relations

Email: ir@foncier.fr
Tel.: +33 (0) 1 58 73 55 10

⁽1⁾Some rounded amounts given in millions of euros in this press release may differ from those in euros.

Attachment

Press Release – Results of Compagnie de Financement Foncier in 2024

The MIL Network –

February 1, 2025

MIL-OSI USA: Lexington man arrested on two Child Sexual Abuse Material* chargesRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Darien Shawn Saxon, 25, of Lexington, S.C., on two charges connected to the sexual exploitation of minors. Internet Crimes Against Children (ICAC) Task Force investigators with the Lexington County Sheriff’s Department made the arrest. Investigators with the Attorney General’s Office, also a member of the state’s ICAC Task Force, assisted with the investigation.

Investigators received a CyberTipline report from the National Center for Missing and Exploited Children (NCMEC) which led them to Saxon. Investigators state Saxon distributed files of child sexual abuse material.

Saxon was arrested on January 29, 2025. He is charged with two counts of sexual exploitation of a minor, second degree (§16-15-405), a felony offense punishable by up to 10 years imprisonment on each count.

This case will be prosecuted by the Attorney General’s Office.

Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

* Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant. Globally, the term child pornography is being replaced by CSAM for this reason.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: Summerville man arrested on 20 Child Sexual Abuse Material* chargesRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Brandon Scott Wood, 32, of Summerville, S.C., on 20 charges connected to the sexual exploitation of minors. Internet Crimes Against Children (ICAC) Task Force investigators with the Dorchester County Sheriff’s Office made the arrest. Investigators with the Attorney General’s Office, also a member of the state’s ICAC Task Force, assisted with the investigation.

Investigators received a CyberTipline report from the National Center for Missing and Exploited Children (NCMEC) which led them to Wood. Investigators state Wood distributed files of child sexual abuse material.

Wood was arrested on January 29, 2025. He is charged with 20 counts of sexual exploitation of a minor, second degree (§16-15-405), a felony offense punishable by up to 10 years imprisonment on each count.

This case will be prosecuted by the Attorney General’s Office.

Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

* Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant. Globally, the term child pornography is being replaced by CSAM for this reason.

MIL OSI USA News –

February 1, 2025
MIL-OSI Security: Local man arrested for failing to pay employment taxes

Source: Office of United States Attorneys

HOUSTON – A federal grand jury has returned an indictment against a local company owner for failing to file employment tax returns and failing to pay over taxes his company withheld from employee paychecks, announced U.S. Attorney Nicholas J. Ganjei and Acting Deputy Assistant Attorney General for Criminal Matters Karen Kelly of the Justice Department’s Tax Division.

Joseth Limon is expected to make his initial appearance before U.S. Magistrate Judge Christina A. Bryan at 2 p.m.

According to the indictment, Limon allegedly owned Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. The indictment alleges that between 2016 and 2018, Platinum paid its employees over $3.5 million and withheld over $450,000 from their paychecks. During that period, however, Limon allegedly failed to pay to the IRS the employment taxes that Platinum withheld from its employees’ paychecks and failed to file any employment tax returns on behalf of Platinum.

If convicted, Limon faces a maximum penalty of five years in prison and up to a $250,000 possible fine.

IRS Criminal Investigation conducted the investigation.

Assistant U.S. Attorney Shirin Hakimzadeh and Trial Attorney Curtis Weidler of the Department of Justice’s Tax Division are prosecuting the case.

An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

MIL Security OSI –

February 1, 2025
MIL-OSI Security: Guilty Verdict in Cook County Armed Drug Trafficking Conspiracy Trial

Source: Office of United States Attorneys

VALDOSTA, Ga. – The head of an armed drug trafficking organization (DTO) based out of Cook County, Georgia, and two co-conspirators were found guilty this week of numerous federal charges following a two-and-a-half-week trial in Valdosta.

Calvin James Smith, Sr., aka “Rollo,” 56, of Adel, Georgia, was found guilty of all 23 counts he was charged with in the 44-count indictment: one count of conspiracy to distribute and to possess with intent to distribute controlled substances; 14 counts of distribution of methamphetamine; one count of possession with intent to distribute methamphetamine; two counts of distribution of cocaine base; one count of possession with intent to distribute cocaine; one count of attempt to possess with intent to distribute cocaine; one count of possession with intent to distribute marijuana; one count of possession of a firearm by a convicted felon; and one count of possession of a firearm in furtherance of a drug trafficking crime. Smith is facing a maximum of life in prison.

Bobby Leon Kaiser, 54, of Adel, was found guilty of nine of 12 counts he was charged with: one count of conspiracy to distribute and to possess with intent to distribute controlled substances; two counts of distribution of methamphetamine; five counts of distribution of cocaine base; and one count of distribution of cocaine. Kaiser is facing a maximum of life in prison.

Vernardo Henley, 44, of Valdosta, was found guilty of one count of conspiracy to possess with intent to distribute controlled substances. Henley is facing a maximum of life in prison.

The trial began on Monday, Jan. 13, and concluded on Wednesday evening, Jan. 29. Senior U.S. District Judge W. Louis Sands presided over the cases. Sentencing dates will be determined by the Court. There is no parole in the federal system.

“Federal, state and local law enforcement marshaled significant resources to stop the distribution of a large amount of deadly illegal drugs from a small town in South Georgia. Our dedicated trial team worked tirelessly to hold the leader and his co-conspirators accountable for their crimes,” said Acting U.S. Attorney C. Shanelle Booker. “Armed drug trafficking organizations have no place in our communities, and we will continue working together to make Middle Georgia safer for everyone.”

“The success of this large-scale investigation and the arrests of these drug dealers demonstrates the FBI’s commitment to fighting the drug trafficking organizations responsible for driving addiction and destroying communities,” said FBI Atlanta Supervisory Senior Resident Agent Rich Bilson.

“Today’s verdict sends a clear message that criminal organizations operating in Georgia, especially those trafficking in dangerous drugs and using firearms to further their operations, will be held accountable,” said GBI Director Chris Hosey. “This conviction is a testament to the tireless work of our law enforcement partners, who have dedicated countless hours to ensuring that those who threaten our communities with violence and illegal substances will face justice.”

“Investigations and prosecutions like this one are great examples of the ongoing effort between local agencies and our federal partners to disrupt the flow of illegal narcotics into our communities,” said Hahira Police Chief Stryde Jones. “We are thankful to see this effort come to a close successfully.”

According to court documents and statements referenced in court, the FBI undertook a significant investigation beginning as early as December 2020 of an armed drug trafficking organization (DTO) led by Smith and centered in Adel, a small town in South Georgia. During the course of the investigation, agents determined that Smith and Kaiser were distributing large quantities of methamphetamine and crack cocaine, as well as marijuana, working with several associates. Kaiser and others were operating an open drug market at Kaiser’s gazebo and storage shed in Adel, where Smith was a major seller. Henley was released from federal prison on Jan. 20, 2022, and was heard over wiretap trying to locate Smith and purchase up to four kilograms of methamphetamine and sell the drugs. Beginning in Oct. 2021 and continuing through Nov. 10, 2022, agents developed confidential sources (CS) who provided information regarding drug activity at the gazebo and storage shed and conducted more than 25 controlled evidence purchases of methamphetamine and crack cocaine. As part of a wiretap, agents discovered 13 locations used by the DTO. Search warrants were executed at these locations on Nov. 10, 2022, and methamphetamine, cocaine, crack cocaine, fentanyl, marijuana and 15 handguns and rifles were seized. Agents recovered more than five kilograms of pure methamphetamine, more than ten pounds of marijuana and several hundred grams of crack cocaine and cocaine.

Smith was recorded hundreds of times discussing purchases and sales of methamphetamine, cocaine and marijuana, and directing others to distribute the drugs. Smith has a lengthy criminal history including aggravated assault, illegal possession of a firearm by a convicted felon and controlled substance distribution. Henley has many prior convictions including a 2015 conviction in the Middle District of Georgia for possession with intent to distribute controlled substances and illegal possession of a firearm by a convicted felon. Kaiser has prior felony convictions, including false imprisonment and drug possession.

This case was investigated by the FBI, the Georgia Bureau of Investigations (GBI), the Hahira Police Department, with assistance from the United States Postal Inspection Service, the Cook County Sheriff’s Office, the Lowndes County Sheriff’s Office, the Adel Police Department and the Moultrie Police Department.

Assistant U.S. Attorneys Monica Daniels and Robert McCullers are prosecuting the case for the Government.

MIL Security OSI –

February 1, 2025
MIL-OSI USA: Houston Man Indicted for Employment Tax Crimes

Source: US State Government of Utah

A federal grand jury in Houston returned an indictment today charging a Texas man with not paying to the IRS taxes that his company withheld from employees’ paychecks.

According to the indictment, Joseth Limon, of Harris County, allegedly owned Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. The indictment alleges that between 2016 and 2018, Platinum paid its employees over $3.5 million in wages and withheld over $450,000 in taxes from their paychecks. During that period, however, Limon allegedly did not pay the IRS those withheld taxes and did not file any employment tax returns, as required by law.

If convicted, Limon faces a maximum penalty of five years in prison and a fine of up to $250,000. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorney Curtis Weidler of the Tax Division and Assistant U.S. Attorney Shirin Hakimzadeh for the Southern District of Texas are prosecuting the case.

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

MIL OSI USA News –

February 1, 2025
MIL-OSI Security: Houston Man Indicted for Employment Tax Crimes

Source: United States Attorneys General 8

A federal grand jury in Houston returned an indictment today charging a Texas man with not paying to the IRS taxes that his company withheld from employees’ paychecks.

According to the indictment, Joseth Limon, of Harris County, allegedly owned Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. The indictment alleges that between 2016 and 2018, Platinum paid its employees over $3.5 million in wages and withheld over $450,000 in taxes from their paychecks. During that period, however, Limon allegedly did not pay the IRS those withheld taxes and did not file any employment tax returns, as required by law.

If convicted, Limon faces a maximum penalty of five years in prison and a fine of up to $250,000. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorney Curtis Weidler of the Tax Division and Assistant U.S. Attorney Shirin Hakimzadeh for the Southern District of Texas are prosecuting the case.

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

MIL Security OSI –

February 1, 2025
MIL-OSI Security: U.S. Attorney’s Office Collects Over $39 Million in Civil and Criminal Actions in Fiscal Year 2024

Source: Office of United States Attorneys

SYRACUSE, NEW YORK – United States Attorney Carla B. Freedman announced today that the Northern District of New York’s Asset Recovery Unit collected $39,262,324 in civil, criminal and forfeiture actions in Fiscal Year 2024. Of this amount, $14,085,025 was collected in criminal actions, $15,874,944 was collected in civil actions, and $9,302,354 was collected in asset forfeiture actions.

The Northern District of New York also worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $18,995,733 in cases pursued jointly by these offices. Of this amount, $39,092 was collected in criminal actions and $18,956,641 was collected in civil actions.

The U.S. Attorneys’ Offices, along with the Department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the United States and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the Department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

Additionally, forfeited assets deposited into the Department of Justice Assets Forfeiture Fund can be used to restore funds to crime victims and for a variety of law enforcement purposes. In Fiscal Year 2024, $8,330,553 of the funds forfeited in prior years through criminal and civil judicial forfeiture actions in the Northern District of New York were applied to victim compensation.

United States Attorney Carla Freedman stated: “These are great results – every recovery of funds strikes a blow for justice. I created the Asset Recovery Unit shortly after I took office in 2021, and I am incredibly proud of its efforts to make sure that crime does not pay, that crime victims are compensated as much as possible, and that companies pay appropriately steep penalties when they defraud the government.”

In May, $11.3 million was recovered as part of a civil settlement in United States ex rel. Elevation 33, LLC v. Guidehouse, Inc. and Nan McKay and Associates, for violations of the False Claims Act, for failing to meet cybersecurity requirements in a federally funded contract intended to ensure a secure online environment for low-income New Yorkers to apply for federal rental assistance during the COVID-19 pandemic. Guidehouse and its subcontractor, Nan McKay and Associates, admitted as part of a settlement agreement that neither satisfied their obligation to complete the required testing of the web site used to house applicants’ information, and the site was shut down within 12 hours after certain applicants’ personally identifiable information had been compromised.

In February, the Northern District of New York restored $4,950,440 in funds forfeited from Richard J. Sherwood and Thomas K. Lagan, who were sentenced to both federal and state prison for stealing approximately $11.8 million from the estates of three sisters who died. These funds were initially forfeited by the government through its criminal prosecutions of Sherwood and Lagan, and were restored in 2024 to the victims of the fraud by the Attorney General and the Money Laundering and Asset Recovery Section of the United States Department of Justice. The victims include churches, Ukrainian-American civic organizations, a local hospital and a local university scholarship fund.

In September, the U.S. Attorney’s Office recovered $1 million from Derek R. Schwartz, who was sentenced this summer to 72 months in prison for conspiring with former ValueWise CEO Michael T. Mann to defraud companies that loaned millions of dollars to ValueWise subsidiaries. These funds will be distributed to two financing companies that were victims of a sophisticated, years-long scheme.

The Asset Recovery Unit is an initiative that works to deprive criminals of the proceeds of crimes, recovers property that may be used toward restitution, and enforces collection of criminal and civil debts owed to the United States or to victims of federal crimes. The Asset Recovery Unit is comprised of Assistant United States Attorneys Lisa Fletcher, Elizabeth Conger and Melissa Rothbart, Paralegals Joshua Goodfriend, Marianne Meigs, Carly Clay, Erin Hyatt, Jiselle Cabezas, and Teilor Kaiser Clarey, and Investigative Analyst Jason Babiarz.

MIL Security OSI –

February 1, 2025
MIL-OSI Security: Guatemalan National Sentenced for Conspiracy and Illegal Reentry

Source: Office of United States Attorneys

PROVIDENCE – A twice-deported Guatemalan national, described in court documents as being “the most consistent member” of an organized group of individuals that repeatedly stole high-end construction equipment, building supplies, and clothing from national retailer’s stores has been sentenced to 30 months in federal prison, after which he will be deported, having been convicted on charges of conspiracy to commit interstate transportation of stolen property and illegal re-entry into the United States, announced United States Attorney Zachary A. Cunha.

As described in court proceedings, Marvin Estuardo Morales De Paz, 30, of Cranston, was one of as many as a dozen members of a Rhode Island-based conspiracy of individuals who traveled to home improvement and clothing stores in at least five states to commit thefts, then transported the stolen merchandise to Rhode Island to sell. Morales was present for nearly every theft and set prices for, and directed sales of, the stolen items.

According to information presented to the court, the ring was involved in at least 35 documented thefts in Rhode Island, Massachusetts, Connecticut, Pennsylvania, and New Jersey. It is estimated that members of the conspiracy stole more than $280,000 worth of merchandise. Tens of thousands of dollars’ worth of stolen goods was recovered from Morales’s residence when he was arrested on April 11, 2024.

Morales was sentenced today by U.S. District Court Senior Judge William E. Smith to 30 months of incarceration to be followed by one year of supervised release. Morales will be turned over to ICE and faces deportation upon completion of his term of incarceration.

The case was prosecuted by Assistant United States Attorney John P. McAdams.

The matter was investigated by Homeland Security Investigations agents in Providence, with the assistance of HSI agents in Boston, and Allentown, Pennsylvania, and the Providence, Coventry, Warwick, Smithfield, and Johnston, RI Police Departments; Boston, Norwood, Bellingham, Marlboro, Seekonk, Avon, Auburn, MA Police Departments; Montville and Fairfield, CT Police Departments; and the Parkesburg, Downingtown, Lebanon, Wyomissing, and Reading, PA, Police Departments; Nashua, NH Police Department; and Marlboro, NJ Police Department.

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MIL Security OSI –

February 1, 2025
MIL-OSI Security: Pittsburgh Resident Sentenced to 25 Years in Prison for Sex Trafficking of Multiple Women

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A resident of Pittsburgh, Pennsylvania, was sentenced in federal court on January 30, 2025, to 25 years in prison for his conviction of sex trafficking, Acting United States Attorney Troy Rivetti announced today.

United States District Judge J. Nicholas Ranjan imposed the sentence on Eric Jefferson, 41.

According to information presented to the Court, from in and around June 2019 to in and around April 2022, Jefferson coerced and forced at least four women to perform commercial sex work for his monetary gain. Jefferson provided the women with drugs for meeting clients and would withhold the drugs if the women—who were addicted to narcotics and could become ill with withdrawal symptoms—refused to meet with clients. Jefferson also used violence and threats of violence to coerce and force the women to engage in commercial sex work.

“Eric Jefferson forced these women to earn money on his behalf, controlling the victims both through physical force and exploiting their dependence upon narcotics,” said Acting United States Attorney Rivetti. “Working with our law enforcement partners, we will aggressively prosecute human traffickers such as Jefferson in order to protect and rescue the most vulnerable victims in our district.”

“Protecting the most vulnerable members of our community will always be among the highest priorities for the FBI,” said FBI Pittsburgh Special Agent in Charge Kevin Rojek. “The message this sentencing sends is clear: the FBI and our partners will aggressively pursue criminals who think they can prey on others.”

Prior to imposing sentence, Judge Ranjan heard from the victims of the charged crimes and stressed the heinousness of Jefferson’s conduct and its devastating impacts upon the victims.

Assistant United States Attorney DeMarr Moulton prosecuted this case on behalf of the government.

Acting United States Attorney Rivetti commended the Federal Bureau of Investigation and Pittsburgh Bureau of Police for the investigation leading to the successful prosecution of Jefferson.

This prosecution is part of Operation T.E.N. (Trafficking Ends Now), an umbrella coalition for law enforcement, community, and non-profit partners in the 25 counties in the Western District of Pennsylvania. This coordinated effort aims to end human trafficking through education and improved cooperation across agencies and service providers, thereby enhancing the office’s ability to empower victims of human trafficking to become thriving survivors.

MIL Security OSI –

February 1, 2025
MIL-OSI USA: Ricketts Announces Subcommittee Assignments for the 119th Congress
US Senate News:
Source: United States Senator Pete Ricketts (Nebraska)

January 31, 2025

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) announced his subcommittee assignments for the 119^th Congress.

“President Trump’s re-election provides a historic opportunity to get our country back on track,” said Ricketts. “On these subcommittees, I’ll work to unleash American energy, extend the Trump tax cuts, and restore American strength on the world stage.”

Banking, Housing, and Urban Affairs Committee
- Member, Subcommittee on Economic Policy
- Member, Subcommittee on Financial Institutions and Consumer Protection
- Member, Subcommittee on National Security and International Trade and Finance
Environment and Public Works Committee
- Chairman, Subcommittee on Fisheries, Wildlife, and Water
- Member, Subcommittee on Transportation and Infrastructure
- Member, Subcommittee on Clean Air, Climate, and Nuclear Innovation and Safety
Foreign Affairs Committee
- Chairman, Subcommittee on East Asia, the Pacific and International Cybersecurity Policy
- Member, Subcommittee on Europe and Regional Security Cooperation
- Member, Subcommittee on State Department and USAID Management, International Operations and Bilateral International Development
BACKGROUND

U.S. Senate Committee on Banking, Housing, and Urban Affairs is responsible for matters related to banks and banking, price controls, deposit insurance, foreign trade promotion, export promotion and controls, and federal monetary policy. It has jurisdiction over financial exchanges, markets, and derivates, financial aid to commerce and industry, issuance of redemption of notes, and currency and coinage issues. Additionally, the Committee is responsible for public and private housing, urban development, mass transit, and government contracts. This includes oversight of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the U.S. Department of Housing and Urban Development (HUD), the Export-Import Bank, and the Federal Housing Administration.

U.S. Senate Committee on Environment and Public Works is responsible for legislation and oversight of the natural and built environment and for studying matters concerning environmental protection and resource conservation and utilization. This includes oversight of the Environmental Protection Agency (EPA), the U.S. Army Corps of Engineers, and the U.S. Fish and Wildlife Service.

U.S. Senate Committee on Foreign Relations is instrumental in developing, influencing, and overseeing U.S. foreign policy. The Committee considers, debates, and reports important treaties and legislation involving everything from foreign aid to arms sales to international organizations like the United Nations. It overseas the U.S. State Department and holds jurisdiction over all diplomatic nominations, including the U.S. Secretary of State. Ricketts will be the second highest ranking Republican on the Committee.
MIL OSI USA News –
February 1, 2025
MIL-OSI United Kingdom: Government going further and faster to bring growth to Wales
Source: United Kingdom – Executive Government & Departments
English

Cymraeg

The Chancellor has committed to going further and faster to put more money in working people’s pockets across Wales.
HM Treasury

Working people and businesses across Wales are to benefit from reforms to drive investment and get Britain building. The Chancellor has committed to going further and faster to put more money in working people’s pockets across Wales and deliver on the UK Government’s Plan for Change.

Below sets out specific benefits for Wales as a result of the Chancellor’s decisions today (29 January).

Wrexham and Flintshire Investment Zone

Having confirmed funding for the Investment Zones programme at Autumn Budget, the government can now confirm that the Wrexham and Flintshire Investment Zone (IZ) will focus on advanced manufacturing.

There are major international businesses in the region including JCB and Airbus, which the IZ will support, as well as the wider advanced manufacturing supply chain in the region. At present the IZ is expected to generate £1bn of private investment, creating up to 6000 new high quality jobs.

The IZ’s interventions will be focused around sites in:

Deeside and Deeside industrial estate which houses Tata Steel and Toyota;

Hawarden Airport, where Airbus are based;

Llay Industrial Estate – which houses a number of key aerospace businesses; and

Wrexham Industrial Estate – which houses a wide range of advanced manufacturing business, including JCB.

Sustainable Aviation Fuel

The UK government is investing £63m into the Advanced Fuels Fund in 2025-26 and has today set out the details of how it will deliver a Revenue Certainty Mechanism to encourage investment into this growing industry. These measures will encourage more investors to back production in the UK, bringing good, high-skilled jobs to areas like South Wales.

Inactivity Trailblazers

Getting more people back into work is crucial if we want a dynamic economy, and it is good for jobless people too. Over nine million people are inactive, of which a record 2.8 million people are out of work due to long-term sickness. The outdated employment support system is ill equipped to respond to this growing challenge.

We have committed £240m of investment towards 16 trailblazers including one for every MCA and one in Wales to tackle the root causes of inactivity, eight of which will be used to support the Youth Guarantee, the remaining eight will be focused on tackling health-related inactivity.

The Inactivity trailblazers will be delivered across Wales.

National Wealth Fund Support

The government remains committed to working in close partnership with the Welsh Government through the National Wealth Fund to maximise investment opportunities to deliver growth in all corners of the UK.

Welsh Secretary Jo Stevens said:

I’m delighted that we are moving forward with the Investment Zone for Wrexham and Flintshire with £160 million from the UK Government to drive economic growth in advanced manufacturing.

In December I met leaders from the advanced manufacturing sector at Toyota in Deeside and visited two hugely successful supply chain businesses. I saw the huge potential for growth and for building on the talent and expertise that already exists in this part of Wales.

This Investment Zone will super-charge economic growth, create up to 6000 new jobs and generate £1bn of private investment which will have a transformational impact for people living and working in northeast Wales.

The Chancellor is also reviewing the Treasury’s investment guidance in the Green Book to ensure it is being used to provide objective, transparent advice on public investment across the country, reporting at Phase 2 of the Spending Review.

Pushing forwards with strategic infrastructure and investment across all four corners of the UK is key to delivering the UK Government’s Growth Mission. Bringing the productivity of major cities to the national average would deliver an extra £33bn in economic output, and measures set out today extend beyond this to kickstart a decade of national renewal.

This is just the start, and further regional growth announcements will follow through the year. The government is hardwiring plans for regional growth into the Spending Review, and into plans for infrastructure, investment and the industrial strategy. The UK Government is also working with the Welsh Government to ensure the benefits of growth can be felt across Wales, including by partnering on the Industrial Strategy to support Wales’s considerable sectoral strengths.

Tim Knowles, Founder and Managing Director of FI Real Estate Management, said:

As an investor in Wrexham for almost 20 years, we’re delighted to see the announcement that Wrexham and Flintshire will receive Advanced Manufacturing Investment Zone status, with three of our schemes on Wrexham Industrial Estate – Wrexham 1M, Wrexham 152, and Bridgeway Centre – forming part of the designated zone.

Across these sites, we’ll be investing £115m to create new, high-quality industrial accommodation, supporting the creation of over 1,000 new jobs and delivering an estimated economic value of £1.2bn in Wrexham over the next 10 years.

This is a significant milestone for North Wales, and we look forward to working in partnership with stakeholders to leverage this opportunity for strategic investment in the area, helping to supercharge the region’s advanced manufacturing sector.

In collaboration with local authorities and wider stakeholders, we need to ensure that we capitalise on all the opportunities this moment brings. We’ve long recognised the potential for North Wales to become a thriving hub for innovation, and we’re excited that our developments can play an important part in this next chapter.

Mark Turner, JCB’s Chief Operating Officer said:

JCB has been a prominent feature of the industrial and economic landscape in Wrexham and Flintshire for over 45 years. Innovation is the lifeblood of our business and we welcome the creation of an Investment Zone in North Wales and hope that it will attract many other businesses to the area. As an advanced manufacturer of precision engineering components, JCB Transmissions looks forward to other advanced manufacturing businesses coming to the area. This could go a long way towards building the supply chain resilience of existing manufacturing businesses in the area, such as JCB.

We place a lot of values on skills in our business and we look forward to the Investment Zone positively supporting skills development in the future. JCB continues to invest in our business in Wrexham and today’s IZ announcement bodes well for the economic development of the area in the future.

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Published 31 January 2025
MIL OSI United Kingdom –
February 1, 2025
MIL-OSI Asia-Pac: London ETO celebrates Year of Snake and promotes liquor trade in Scotland

Source: Hong Kong Government special administrative region

     â€‹The Hong Kong Economic and Trade Office, London (London ETO), in collaboration with the China-Britain Business Council (CBBC), hosted the “Toast to the Snake” reception in Glasgow, the United Kingdom (UK), in the evening of January 30 (London time) to celebrate the Year of the Snake.

     Speaking at the reception, the Director-General of the London ETO, Mr Gilford Law, highlighted Hong Kong’s unique advantages under “one country, two systems” including the common law regime, the free flow of capital, people and information, and policy support from the Mainland. Mr Law emphasised that those strengths did not go unnoticed. He said, “Hong Kong saw a record number of 9 960 non-local companies operating in the city last year, representing a 10 per cent year-on-year increase, with 720 of them coming from the UK. The International Monetary Fund had also reaffirmed Hong Kong’s position as an international financial centre and recognised the resilience of the city’s financial system.”

     Around 270 guests from the business, academic and cultural sectors as well as the Chinese community attended the reception. Among the guests were the Minister for Business of the Scottish Government, the Lord Provost of the City of Glasgow, and the Consul General of the People’s Republic of China in Edinburgh.

     In the morning of the same day, the London ETO and Invest Hong Kong sponsored CBBC’s China Consumer Scotland 2025 event, featuring among others a panel discussion on the opportunities arising from Hong Kong’s reduction of liquor duty as announced in “The Chief Executive’s 2024 Policy Address”. Mr Law highlighted in his welcome speech that various high value-added sectors, such as logistics and storage, tourism as well as food and beverage would also benefit from this new measure. He encouraged Scottish brands to grasp this opportunity.

     Speaking at one of the panel discussions, the Head of Business and Talent Attraction/Investment Promotion of the InvestHK London Office, Ms Daisy Ip said, “Hong Kong boasts a thriving premium spirits market and a diverse range of high-end bars and dining establishments, making it a significant growth market for spirits. The city offers well-developed cold chain logistics services, robust logistics networks, and seamless connection with the Mainland and key Southeast Asian markets. Hong Kong can serve as Asia’s hub for liquor trade and distribution.”

The China Consumer Scotland 2025 event was attended by close to 50 business representatives who were related to the spirits industry or interested in the opportunities in the Chinese market.

MIL OSI Asia Pacific News –

February 1, 2025
MIL-OSI Europe: EU research team develops ‘superglue’ to help fight cancer more effectively

Source: European Union 2

We all know someone touched by cancer. And although science is all about facts and evidence, it can also be about our personal stories and emotions.

Erika Pineda Ramírez lost her dad to cancer. Alba García-Fernández lost her grandmother and aunt, also to cancer. They are now doing research with the goal of finding more effective treatments for cancer patients.

In 2024, Alba and Erika started working on NanoGlue, a new approach to help the immune system fight cancer more effectively. Their project is funded by the Marie Skłodowska-Curie Actions (MSCA), through the ARISTOS Postdoctoral Program in Biomedicine and Health Sciences and it is developed at CIBER-BBN, Centro de Investigación Principe Felipe, and Universitat Politècnica de València.

To mark World Cancer Day, they joined our European Research Executive Agency colleague and breast cancer survivor, Sofia Pereira Sá, for a conversation on the cancer cells’ ability to hide from the immune system, the heavy side effects of treatments and the hope NanoGlue can bring to millions of patients.

More effective treatments with less heavy side effects

Sofia Pereira Sá: Let’s first talk about your MSCA-funded project. What is NanoGlue and what can its results and findings mean for patients like me?

Alba García-Fernández: Our ultimate goal is to provide more effective treatments with less side effects to improve patients’ quality of life. We do this by designing new nanoparticles and then activate the immune system of the patients to attack the tumour.

This kind of immunotherapy would be more effective and would help avoid and limit undesirable side effects, that we see with current treatments.

Erika Pineda Ramirez: We also want to study the interaction between the cancer cells and the immune cells in a metabolic level. We would then be able to propose novel and more efficient therapies.

Recent reports in Spanish news outlets have referred to the NanoGlue innovative treatment as a “superglue” for triple negative breast cancer, a notoriously aggressive form of the disease.

Sofia: Can the project’s approach have broader applications, benefiting patients with other types of cancer?

Erika: First, I want to explain why we called it a “superglue”; it is because our nanoparticles will enhance the immune system’s ability to detect and respond to cancer, helping the body to attack the cancer and kill it.

Alba: The nanoparticles are a versatile platform, and we can select and modify them depending on our needs. We chose to test it with triple negative breast cancer because it represents a major health challenge. It’s a good starting point for validating our nanoparticles.

Sofia: How are you combining different scientific areas and how can that be crucial to achieve better scientific results?

Erika: We work with experts in nanotechnology, biotechnology, biology, metabolomics, and oncology. Having all these people with different expertise helps us see the problems from different angles and find better solutions.

The future of cancer research – a patient’s perspective

Erika: What was the biggest challenge for you as a patient?

Sofia: The side effects played a big role when it came to my physical and mental wellbeing. Especially because all these side effects prevented me from being the mum I wanted to be for my one and half-year-old son. I couldn’t play with him, I couldn’t bathe him, I couldn’t take him to school. This was the hardest part of the whole treatment. It was heartbreaking.

My diagnosis was made in summer 2023 and after 20 rounds of chemotherapy I still feel some side effects, such as the so called “chemo brain”. I’d love to see therapies advance in a way that gives patients a better quality of life.

Erika: Besides reducing side effects, what do you think researchers should be aware of doing cancer research?

Sofia: Being only 34 years old and seeing the chemotherapy medication going into my bloodstream and knowing that I was somehow “poisoning” myself to get treated was a very traumatic experience. Thankfully, you and other cancer researchers are already tackling that by trying to find more targeted therapies.

A second thing I think is important is fertility. More and more young women are being diagnosed with hormonal breast cancer exactly when they are planning to have children. I wish researchers could find a way to preserve breast cancer patients’ possibilities of still becoming mothers.

The future of cancer research – a scientist’s perspective

Sofia: What do you think cancer researchers will be focusing on in the next years?

Alba: My immediate thought is personalised medicines for both treatment and diagnosis.

Erika: I totally agree with Alba – personalised medicine is the future but also having more multidisciplinary because we need expertise from different areas.

Sofia: What is your experience with EU funding, and how do you think it will be relevant for your work on NanoGlue?

Alba: I have had previous experience with EU funding, as I was part of a project funded by the EIC Pathfinder programme for cancer therapy. It is thanks to EU funding that us researchers can work on innovative ideas like this and explore different paths. I believe NanoGlue is a next level initiative for our future.

Erika: EU funding helps us take ideas and turn them into actions. I wanted to do cancer research for years, but in Mexico, my home country, I didn’t have much support to do it. The MSCA funding gave me this great opportunity of working in this field with top researchers, and to use equipment I didn’t have the opportunity to use before. For me, it was a dream come true.

Discover more

Check out what the European Commission is doing to improving the lives of more than 3 million people by 2030 through cancer prevention and cure – EU Mission: Cancer. For more MSCA news and funding opportunities, visit out our dedicated page.

Curious to find out more about Alba and Erika’s research? You can check out ARISTOS’s website and follow them on social media:

Alba García-Fernández: LinkedIn

Erika Pineda Ramírez: LinkedIn, X

ARISTOS Program: LinkedIn, X

MIL OSI Europe News –

February 1, 2025

Category: Finance

IMF Communications Department

MEDIA RELATIONS

IMF Communications Department

MEDIA RELATIONS

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Updates to this page

More effective treatments with less heavy side effects

The future of cancer research – a patient’s perspective

The future of cancer research – a scientist’s perspective

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