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Category: Internet

  • MIL-OSI Security: Deputy Attorney General Rod Rosenstein Delivers Remarks at the Interpol 87th General Assembly

    Source: United States Attorneys General 13

    Remarks as prepared for delivery

    It is a privilege to join you at this 87th INTERPOL General Assembly.  I am grateful to the United Arab Emirates for hosting our conference. Thank you President Kim Jong Yang for your exceptional leadership and for providing stability to INTERPOL.  

    Our theme this year is innovation.  Many digital innovations affect law enforcement, from the rise of cybercrime, to the increasing importance of electronic evidence, to encryption and the dark net. 

    In addressing these innovations, we must respect the primary value that is constant in our work: the rule of law.  Law provides the framework for civilized people to conduct their lives.  At its best, law reflects moral choices; principled decisions that promote the best interests of society, and protect the fundamental rights of citizens. 

     The term “rule of law” describes the government’s obligation to follow neutral principles and fair processes. The ideal dates at least to the time of Greek philosopher Aristotle, who wrote, “It is more proper that law should govern than any one of the citizens: upon the same principle, if it is advantageous to place the supreme power in some particular persons, they should be appointed to be only guardians, and the servants of the law.”

    The rule of law is indispensable to a thriving and vibrant society.  It shields citizens from government overreach.  It allows businesses to invest with confidence.  It gives innovators protection for their discoveries.  It keeps people safe from dangerous criminals.  And it allows us to resolve differences peacefully through reason and logic.

    When we follow the rule of law, it does not always yield the outcome that we prefer. In fact, one indicator that we are following the law is when we respect a result although we do not agree with it. We respect it because it is required by an objective analysis of the facts and a rational application of the rules.

    The rule of law is not simply about words written on paper.  The culture of a society and the character of the people who enforce the law determine whether the rule of law endures.

    Since we met last year in Beijing, the news media has reported several prominent challenges to the rule of law, including the lawless attacks on Sergei and Yulia Skripal and Jamal Khashoggi.  Last month, international attention focused on INTERPOL, as a result of the disappearance of President Meng Hongwei.  Such events give rise to questions about whether our member countries abide by shared principles.  In evaluating our actions at this General Assembly, observers may ask whether our votes reflect the values that we profess. We must stand for the rule of law.  

    INTERPOL exists to promote international police coordination and discourage departures from the law. We represent diverse forms of government. But if we serve with integrity, each of us functions as a trustee for our fellow citizens.

    When our successors look back on how we dealt with the issues of our era, they will ask whether we honored our fiduciary duties.

    First, did we develop the knowledge to understand our challenges?

    Second, did we inculcate the wisdom to solve them?

    Third, did we demonstrate the courage to defend our principles?

    Fourth, did we maintain the resolve to achieve our goals?

    I traveled here to speak about INTERPOL’s role in responding to the major innovation of our lives: the rise of a cyber-connected world. 

    The Internet holds immeasurable promise as a repository of ideas, and as a forum for speech and commerce.  It connects citizens across cultures and countries.  It is accessible to the rich and the poor, the powerful and the powerless.  It creates efficiencies and innovations that immensely improve our lives.

    But like every innovation that offers opportunities for good, the Internet also can be exploited by wrongdoers. Today, there is a growing divergence between the Internet as it is, and the Internet as it could be.

    Malicious actors use the Internet for evil ends.  Cyber criminals employ modern technologies to damage information systems, steal data, commit fraud, violate privacy, attack critical infrastructure, and sexually exploit children. They also launch misleading schemes to influence people’s opinions, seeking to foment division and disrupt democratic processes.

    The Internet enables attacks on businesses, government agencies, and individual citizens that cause damage costing billions of dollars.  And new technologies allow criminals to conceal themselves, which frustrates law enforcement’s efforts to keep honest citizens safe. 

    We must acknowledge the divergence between the Internet in theory and the Internet in practice. Closing that gap will ensure the viability of an open Internet governed by the rule of law.

    Enforcing the law on the Internet requires rapid and accurate detection of criminal activity; cooperation among law enforcers from different nations; prosecution of accused criminals in judicial systems that provide due process of law; and just punishment of guilty offenders.  It means not tolerating virtual online locations where crime is unchallenged.  It means not condoning physical safe havens for cyber criminals.

    Detecting, disrupting, deterring, and prosecuting malicious cyber activity are among our highest law enforcement priorities in the United States.  The cyber threats we face are varied and evolving, and our resolve to keep our people safe must extend to every corner of the Internet.

    My office recently issued a comprehensive report about our work to combat cybercrime.  It describes the global challenges posed by cyber-enabled crime.  It explains how hostile cyber actors damage computer systems, steal data, engage in cyber fraud, violate personal privacy, infiltrate critical infrastructure, and pursue malign foreign influence operations.  The report also details our efforts to detect and disrupt those threats, and our commitment to inform citizens about the dangers.

    The perceived anonymity of the Internet attracts many criminals, including terrorists and those trafficking in child pornography, illicit weapons, illegal and deadly drugs, murder-for-hire, malware, and stolen identities.  The barriers to entry are low.  Criminal opportunities are on offer for anyone with an Internet browser and an inclination to break the law.  

    Yet our police agencies repeatedly demonstrate that with the support of international partners, we can find and dismantle malign internet operations.  We identify anonymous users who commit illegal activity, seize their infrastructure and proceeds, and pursue criminal charges against them.  Criminals operating on the dark web should be on notice that our investigative tools allow us to expose them.

    We must not allow cybercriminals to hide behind cryptocurrencies.  Virtual currencies have some legitimate uses.  But bad actors are using them to fund crimes and to hide illicit proceeds.  For example, Bitcoin was the exclusive method of payment for the WannaCry ransomware attack that spread around the globe, causing billions of dollars in losses. 

    In addition, fraudsters use the lure of coin offerings and the promise of new currencies to bilk unsuspecting investors, promote scams, and engage in market manipulation.  The challenges of regulating, seizing, and tracing virtual currencies demand a multinational response.  We must work together to make clear that the rule of law can reach the entire blockchain.

    To that end, last year, prosecutors in the United States announced the indictment of Alexander Vinnick and the virtual currency exchange he allegedly operated. That exchange received more than $4 billion of virtual currency. It was designed without any means to control money laundering, so predictably it served as a hub for international criminals seeking to hide and launder ill-gotten gains. 

    We filed criminal charges and assessed a $110 million civil penalty against the exchange for willfully violating our anti-money laundering laws, as well as a $12 million penalty against Vinnick.

    To prevent virtual currency from being abused by criminals, terrorist financiers, or sanctions evaders, all of us must implement policies that mitigate the risks posed by the new technology.  My country includes virtual currencies in our anti-money laundering regulations.  And the Financial Action Task Force urges all nations to make clear that global anti-money laundering standards apply to virtual currency products and service providers. We must guard against abuses of digital currency.

    We also need to protect against abuses of encrypted communications.  Encryption can be useful in the fight against cybercrime.  Encrypting data makes it more safe and secure.  But the proliferation of warrant-proof encryption also poses a challenge to effective law enforcement. 

    Encryption technologies designed to be impervious to legal process impede our ability to access investigative data.  In September, the chief law enforcement officials of the United States, the United Kingdom, Canada, Australia, and New Zealand joined together to issue a “Statement of Principles on Access to Evidence and Encryption.”

    While acknowledging the benefits of encryption, they called for urgent, sustained attention and informed discussion about the increasing difficulty law enforcement agencies face in accessing evidence of criminal conduct.

    We will continue to work closely with technology companies to establish responsible practices that consider both privacy concerns and public safety imperatives.

    On the Internet, data is decentralized, information flows across continents, and online activities are dispersed across global networks. Cybercrime knows no borders.  As a result, international cooperation is indispensable.  INTERPOL is central to that cooperation.

    We must ensure that appropriate criminal laws are enforced.  Each of us must do our part to bring malicious actors to justice.  We rely on international partners to locate, arrest, and extradite cybercriminals so that they may be held accountable.  Cybercriminals should find no safe haven, either on the dark web or within national borders.

    In the United States, we continue to faithfully discharge our responsibility to extradite fugitives. In the last five years, we extradited 95 Americans, honoring inquiries whenever the requesting state presents sufficient evidence of criminality.

    For example, last year the United States sent Shawn Gregory Towner to Ireland.  Towner was arrested in Ireland in 2006 after authorities found him watching images of child sexual abuse on his laptop in Dublin, but he fled to the United States after being released on bail.  My country located Towner and sent him to Ireland to stand trial. 

    We process extraditions without regard to the nationality of the offender. 

    But that cooperation must be reciprocated.

    International cooperation was essential to our successful dismantlement of the Kelihos botnet, a global network of tens of thousands of infected computers.  Criminals used the network to harvest login credentials, distribute hundreds of millions of spam e-mails, and install ransomware and other malicious software. 

    In 2017, prosecutors obtained judicial orders authorizing law enforcement to neutralize the botnet by seizing control of malicious domains and redirecting traffic to servers we controlled. 

    Disabling the botnet was only part of the equation. The criminals responsible for creating and administering the botnet also should be held accountable. American prosecutors charged Peter Levashov of St. Petersburg, Russia for multiple offenses stemming from his control and operation of the Kelihos botnet.  Levashov is a cybercriminal who operated multiple botnets with impunity for nearly two decades. 

    Spanish authorities arrested Levashov and extradited him to the United States. In September, Levashov was found guilty in a fair and public judicial proceeding.

    Levashov’s extradition represented effective coordination with our foreign partners.  Unfortunately, not every case is a success story.  In some instances, nations shield their citizens from the rule of law with schemes that waste resources, cause needless delay, thwart investigative efforts, and undermine justice. 

    Consider the prosecution of accused hacker Aleksey Belan.  Belan is a Russian national who was indicted in the United States for massive computer breaches on American companies.  After the United States issued an arrest warrant, Belan was reportedly arrested in 2013.  But he was permitted to return to Russia. 

    A second indictment alleges that in 2014, after Belan returned to Russia, Russian intelligence agents recruited him to carry out one of the largest data breaches in history, stealing information from more than 500 million individual email accounts of people around the world. 

    The rule of law suffers when cybercriminals are given safe havens.  The United States will continue to promote the rule of law by identifying, exposing, and seeking to extradite perpetrators who harm innocent people.  And we will continue to support legitimate investigations and prosecutions conducted by our INTERPOL partners. 

    At the same time, we will expose schemes to manipulate the extradition process.  We will identify nations that routinely block the fair administration of justice and fail to act in good faith, with a sincere commitment to holding criminals accountable.

    As cyber threats grow in scale and sophistication, we increasingly need to search throughout the world for evidence, witnesses, and defendants.  Our responses must be as innovative as the criminal activity. We depend on expeditious international cooperation and coordination in dismantling malicious criminal operations. 

    Child exploitation cases provide a useful model for international coordination.  INTERPOL’s International Child Sexual Exploitation image and video database uses image and video comparison software to identify and locate child sexual exploitation victims and their abusers.  The database has led to the arrest of nearly 6,300 offenders. Recently, it helped authorities rescue five victims in Spain.  That is a superb example of innovative law enforcement.

    In my country, we play a leading role by identifying cases in which child exploitation materials are generated from or hosted in other countries.  Then we disseminate the information to the appropriate INTERPOL member countries. Our partners often request follow-up information to assist in their own investigations. Last year, almost nine million investigative leads were distributed through this program, resulting in many arrests and prosecutions. 

    Children around the world are safer when our law enforcement agencies work together – quickly, and with methods like those pioneered by INTERPOL.

    Finally, I am proud that the United States takes seriously our responsibility to help secure evidence that our international partners need for their investigations.  We receive thousands of requests for mutual legal assistance each year, and we do all that we can to comply.  We employ expert attorneys and staff dedicated to assisting with foreign requests for electronic evidence.  We devote additional resources when necessary to meet your needs.

    We call upon each of you to do the same.  By devoting appropriate resources to international cooperation efforts, we can properly address the increasing threat of cybercrime.

    My country recently enacted a new law to remove legal impediments to compliance with foreign court orders in cases that involve serious crimes.  The legislation demonstrates our commitment to the vision of the Budapest Convention on Cybercrime, the primary treaty for harmonizing national interests and enhancing international cooperation against cybercrime.  Sixty-one nations have fully ratified the treaty, agreeing that national laws should include authority to compel providers to disclose data they control, even when it is held elsewhere. 

    New cyber conventions are sometimes proposed that would limit the free flow of information between nations. But that would dangerously impede efforts to investigate cybercrime. It would protect criminals and allow cyber threats to proliferate and grow in scale and sophistication.  That is untenable in a world in which criminals using computers shielded by layers of anonymity can harm innocent victims in any one of our nations, anywhere in the world. Such limitations would be a step backward, not an innovative law enforcement approach.

    No nation should exempt itself from just and reasonable law enforcement cooperation. No nation will be more prosperous, more secure, or more respected because it supports cybercriminals. 

    My fellow delegates, there is a parable about three stonecutters asked to describe what they are doing.  They answer in varying ways. The first stonecutter focuses on how the job benefits him. He says, “I am earning a living.” The second man narrowly describes his personal task: “I am cutting stone.” The third man has a very different perspective. Instead of focusing solely on his work, he explains what it means to others: “I am helping these stonecutters build a shrine.”

    Similarly, each of us helps to construct a legacy. INTERPOL delegates should always support leaders and policies that promote international police coordination and preserve the rule of law – in practice, and not just in theory. We must uphold the rule of law, so it will be there for us when we need it.

    When our successors speak of our time here, give them reason to say that we understood the challenges; we found the solutions; we defended our principles, and we stayed the course to support liberty and justice for all. 

    I am honored to work with you in advancing the INTERPOL mission and making the world safer and more prosperous for all law-abiding citizens. Shukran.  Thank you very much.

    MIL Security OSI –

  • MIL-OSI Security: Deputy Attorney General Rod J. Rosenstein Delivers Remarks at the “SamSam” Ransomware Press Conference

    Source: United States Attorneys General 13

    Remarks as prepared for delivery

    Good morning. I am joined by Criminal Division Assistant Attorney General Brian Benczkowski, New Jersey U.S. Attorney Craig Carpenito, and FBI Executive Assistant Director Amy Hess.

    Also on stage are the two prosecutors handling this matter: Assistant U.S. Attorney Justin Herring, and Computer Crimes and Intellectual Property Section Senior Counsel William Hall Jr.

    A federal grand jury in New Jersey indicted two Iranian citizens for a three-year scheme that involved hacking into computers of hospitals, municipalities, public institutions, and businesses. It involved a high-tech, sophisticated extortion plot.

    The defendants allegedly hijacked victims’ computer systems and shut them down until the victims paid a “ransom.”

    The conspirators collected more than $6 million in extortion payments and caused more than $30 million in losses.

    Many of the victims were public agencies with missions that involve saving lives and performing other critical functions for the American people. 

    The indictment was returned on November 26, and unsealed today in Newark, New Jersey. It alleges that Faramarz Shahi Savandi and Mohammad Mehdi Shah Mansouri used sophisticated software to execute their computer hacking and extortion scheme.

    Acting from inside Iran, the men developed and deployed a form of ransomware that they named “SamSam.”  Ransomware is a destructive computer code that encrypts victims’ computers and then holds the computers “hostage” until a “ransom” fee is paid.

    Starting in January 2016, the defendants gained access to victims’ computers by exploiting cyber security weaknesses.  After gaining access to the computers, they remotely installed ransomware.  The ransomware encrypted computer data, crippling the ability of the victims to operate their businesses and provide critical services to the public. 

    The victims included two major municipalities – the City of Atlanta, Georgia and the City of Newark, New Jersey.  The defendants also sought to interrupt critical transportation infrastructure by infiltrating the Port of San Diego, California, and the Colorado Department of Transportation. 

    In addition, the defendants infected the computers of six health-care related entities from across the country, impairing the ability of these businesses to provide health care to sick and injured people. 

    The defendants chose to focus their scheme on public entities, hospitals, and municipalities.  They knew that shutting down those computer systems could cause significant harm to innocent victims.

    The indictment alleges that the defendants demanded payment from their victims in the form of the virtual currency known as Bitcoin.  Bitcoin contributes to the increasing sophistication of criminal schemes.  It is a common currency for criminal schemes, including websites that distribute child pornography and deadly opioid drugs, and ransomware and other tools of extortion.

    The defendants allegedly communicated with victims using Tor, an encrypted computer network designed to facilitate anonymous communication over the Internet. 

    We support the use of encryption to safeguard private information and strengthen cybersecurity.  But this case highlights another example of the challenges posed to law enforcement by encryption designed to resist law enforcement. 

    Sophisticated encryption technologies like the Tor network are used by cybercriminals to commit serious offenses.  These sophisticated technologies pose a real threat to the government’s ability to keep people safe and ensure that criminals and terrorists are caught and brought to justice.

    Every sector of our economy is a target of malicious cyber activity.  But the events described in this Indictment highlight the urgent need for municipalities, public utilities, health care institutions, universities and other public organizations to enhance their cyber security. 

    Publicly revealing this nefarious hacking scheme makes it harder for the perpetrators, and others like them, to do business in the future.  As a result of the Indictment, the defendants are now fugitives from justice.  They face arrest and extradition to the United States in many nations that honor the rule of law. 

    We call on all civilized nations to prevent their citizens from using the internet to perpetrate fraud schemes in foreign countries.

    By making clear that criminal actions have consequences, we deter schemes to victimize the United States government, businesses, and citizens, and we help to protect foreign allies.

    This case demonstrates the Department of Justice’s commitment to identifying and prosecuting cybercriminals, regardless of where they base their operations. 

    We are grateful for outstanding work and collaboration between American and international law enforcement partners in this investigation.  In particular, I want to thank two United Kingdom agencies – the National Crime Agency, and the West Yorkshire Police – and two Canadian agencies, the Calgary Police Service, and the Royal Canadian Mounted Police. 

    Our National Security Division and our Criminal Division’s Office of International Affairs also provided critical support.

    Next, I want to invite Assistant Attorney General Brian Benczkowski to provide some remarks. 

    MIL Security OSI –

  • MIL-OSI Security: Montgomery Man Sentenced to 20 Years in Federal Prison for Production of Child Sexual Abuse Material

    Source: Office of United States Attorneys

               Montgomery, Ala. – Today, Acting United States Attorney Kevin Davidson announced the sentencing of a Montgomery, Alabama man for producing child sexual abuse material. On January 30, 2025, a federal judge ordered 49-year-old Cleveland Dewayne Chambers to serve 240 months in prison. The judge also ordered that Chambers remain on supervised release for seven years following his prison term. There is no parole in the federal system.

               According to Chamber’s plea agreement and other court records, in July 2022, law enforcement in Pennsylvania were conducting a child exploitation investigation on an individual in the City of Eaton. Investigators in that case discovered electronic communications leading them to suspect Chambers was also involved in producing or sharing illegal images of children. Further investigation revealed that, from March 2022 through July 2022, Chambers communicated with a woman in St. Louis, Missouri, directing her to create images and videos of sexually explicit conduct with her two-year-old child. Chambers would then share and distribute the images and videos to others using a messaging application on his cellphone.

               “Protecting children from exploitation is one of law enforcement’s most important responsibilities,” stated Acting United States Attorney Davidson. “Producing and trading in child sexual abuse material is an incredibly tragic crime that robs children of their innocence and inflicts long lasting harm. While all child sexual exploitation is unacceptable, the sexual abuse of a two-year-old is absolutely reprehensible. I applaud the efforts of all the agencies involved in this case for stopping Chamber’s criminal activity before more children were victimized.”

               This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

               The U.S. Department of Homeland Security Investigation (HSI) investigated this case, with assistance from the Montgomery Police Department and the Alabama Law Enforcement Agency. Assistant United States Attorney Tara S. Ratz prosecuted the case. 

     

    MIL Security OSI –

  • MIL-OSI: Axyom.Core and Cirrus Core Networks Partner on Technologies and Services for Mobile Virtual Network Operators

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Feb. 05, 2025 (GLOBE NEWSWIRE) — Axyom.Core, a leader in cloud-native wireless core and radio access network (RAN) solutions, today announced a reseller agreement with Cirrus Core Networks (CCN), a U.S.-based specialized system integrator. Through this partnership, CCN will offer Axyom.Core’s innovative technology, enabling Mobile Virtual Network Operators (MVNOs) to deliver differentiated subscriber and Internet of Things (IoT) packages, along with enhanced service offerings.

    The MVNO market is expected to grow rapidly in the future, primarily due to factors such as increased mobile broadband speeds and the need for value-added services, according to Polaris Market Research. The collaboration combines Axyom.Core’s market-leading packet core products and Cirrus Core Networks’ networking capabilities, as well as its comprehensive suite of professional and managed services.

    “This collaboration represents a pivotal step for Axyom.Core in our commitment to supporting customers of all sizes, from large communications service providers to emerging MVNOs,” said Jim Collier, vice president of global sales and marketing, Axyom.Core. “By working with Cirrus Core Networks, we are expanding our reach, ensuring that our industry-leading packet core products are accessible worldwide. Together, we are empowering network operators to meet evolving customer demands and build the next generation of wireless services.”

    Axyom.Core’s cloud-native, high-performance solutions deliver the flexibility and scalability that support seamless connectivity for operators navigating the complexities of 5G transformation.

    “This partnership combines Axyom.Core’s well-regarded technology with CCN’s proven expertise in managed services and deployment solutions, enabling MVNOs to evolve into thick MVNOs seamlessly,” said Adam Crane, CEO of Cirrus Core Networks. “Whether it’s established operators or new eSIM entrants with limited networking experience, CCN provides the infrastructure expertise needed to accelerate their success. By taking on the complexity of networking, we empower our MVNO partners to focus on what matters most – their subscribers – while delivering differentiated and innovative service packages that redefine the mobile experience.”

    Go here to schedule a meeting with Axyom.Core at Mobile World Congress, taking place March 3–6 in Barcelona, Spain. Visit Hall 2, Stand 2G11 to learn more about how Axyom.Core and Cirrus Core Networks are empowering MVNOs with innovative solutions.

    About Axyom.Core
    Axyom.Core is a global leader in cloud-native wireless core and radio access network solutions, trusted by major communications service providers worldwide, including six of the top ten. Its product portfolio includes high-performance 4G and 5G converged core, Femto core, security gateway, and enterprise RAN units. Axyom.Core is dedicated to delivering innovative solutions that meet the evolving needs of the telecommunications industry. For more information, visit www.axyomcore.ai.

    About Cirrus Core Networks (CCN)
    Headquartered in Boca Raton, Florida, with operations in the U.S., U.K. and India, Cirrus Core Networks (CCN) provides Communication Service Providers (CSPs), enterprises and industrial companies an end-to-end Core solution using a flexible business model – from a completely managed Network as a Service (NaaS) to a Build Operate Transfer solution. The company offers an impressive portfolio that includes 4G/5G EPC, HSS/HLR, DRA, IMS/VoLTE/VoWiFi, and a multitude of value-added services that powers MVNOs, Private LTE, Carrier Breakout & Optimization Hub (CBO), and many more use cases.

    At CCN, we apply our team’s extensive vendor and operator experience in collaborative ways to drive the development, deployment, operation and evolution of our solutions. Learn more about CCN’s creative solutions at www.cirruscorenetworks.com.

    The MIL Network –

  • MIL-OSI: Paperclip SAFE Announces Alignment with Encryption Requirements Mandated within EU DORA Act

    Source: GlobeNewswire (MIL-OSI)

    HACKENSACK, N.J., Feb. 05, 2025 (GLOBE NEWSWIRE) — Paperclip, Inc. (OTCMKTS:PCPJ) announces its SAFE technology aligns with new European Union DORA requirements mandating data encryption.

    The Digital Operational Resilience Act (DORA) went into effect on January 17th, 2025, impacting all European Union (EU) financial services organizations and their Information and Communications Technology (ICT) suppliers. This regulation has far-reaching implications, and not only for Financial Institutions operating in the EU, but for US organizations as well.

    “We should look at DORA as a foreshadowing of U.S. regulations to come,” said Chad Walter, CRO at Paperclip, Inc. “The demand is increasing for better resiliency due to increased data theft, manipulation, and ransomware attacks. DORA is likely to influence data resiliency requirements globally, just as GDPR did for data privacy. There are key pieces to the DORA regulations that are coming to a regulation near you.”

    A key aspect of DORA is its specificity around encryption. To comply with DORA, organizations that do business with the financial sector in the EU must enhance their encryption tools to support encryption of data at rest, in transit, and in use. This type of encryption technology isn’t widely adopted to date and is reliant on newer, innovative technologies like Paperclip SAFE®.

    Paperclip SAFE® always-encrypted technology is uniquely positioned to help organizations on their path to data resiliency and DORA compliance. Paperclip SAFE meets DORA requirements by assuring that confidentiality, availability, and integrity of data is protected via its always-encrypted technology.

    DORA introduces significant personal accountability for compliance and cybersecurity leaders at financial entities, and the service providers they work with. To learn more about DORA requirements and the impact on your organization—US or EU—visit https://paperclip.com/dora-regulations/

    Paperclip will be attending TechEx Global in London this week, Feb. 5-6, to meet with EU and non-EU companies to discuss DORA, encryption strategies, and appetite for innovation. Our team will be learning about and discussing EU regulations along with other global data security requirements.

    About Paperclip Inc.
    With over three decades of customer-centric innovation, Paperclip is a proven strategic partner that continues to revolutionize data encryption, content supply chain, and document management for Fortune 1000 companies worldwide. Every second of every day, Paperclip solutions securely process, transcribe, store, and communicate our client’s most sensitive content, such as PII, PHI, NPI, and corporate IP. Paperclip enables enterprises to harness the power of their data without ever sacrificing security. As a trusted leader, Paperclip continues to innovate, adapt and excel within a rapidly changing digital world. Learn more at www.paperclip.com.

    About Paperclip SAFE®
    Paperclip’s proprietary SAFE® encryption solution builds upon an established foundation of trust and collaboration earned from over three decades of consistent performance. Paperclip SAFE utilizes our team’s in-depth knowledge of the data supply chain to ensure that private, sensitive, and controlled data is always encrypted and removed from risk of data theft and ransom. Originally developed as an internal solution, Paperclip has operationalized SAFE for more than four years to protect the critical data behind our active customer base, including nine of the top 10 life insurance and annuity enterprises. With Paperclip SAFE, critical data assets are always encrypted, always available, and always ahead of evolving risk. For more information, visit https://paperclip.com/safe.

    CONTACT
    Megan Brandow, Director of Marketing
    Paperclip, Inc.
    (585) 727-0983
    mbrandow@paperclip.com

    The MIL Network –

  • MIL-OSI Global: Nigeria’s Brics partnership: economist outlines potential benefits

    Source: The Conversation – Africa – By Stephen Onyeiwu, Professor of Economics & Business, Allegheny College

    During its 16th annual summit in Kazan, Russia, Brics – a group of emerging economies determined to act as a counterweight to the west and to whittle down the influence of global institutions – invited Nigeria and eight other countries to join it as “partner” countries. Nigeria formally accepted the invitation in January 2025. That invitation has generated questions about how Nigeria stands to benefit, especially when US president Donald Trump is threatening to sanction members of the group if they replace the US dollar as reserve currency. It was established in 2006 and initially composed of Brazil, Russia, India, and China. South Africa joined in 2010 and the bloc added four new members (Egypt, Ethiopia, Iran and the United Arab Emirates) in 2023. In this interview, development economist Stephen Onyeiwu argues that Nigeria stands to gain from a Brics partnership, but would have to carefully balance its domestic interests with those of its western allies and Brics.

    What does it mean to be a Brics ‘partner’ country?

    The introduction of Brics partnership is an expansion mechanism designed to bring in more participants without giving them full membership. It is akin to “observer” status.

    Brics partners can participate in special sessions of summits and foreign ministers’ meetings, as well as other high-level events. Partners can also contribute to the organisation’s official documents and policy statements.

    But partners cannot host annual Brics summits or determine the venue. Neither can they select new members and partners.

    How beneficial is Brics partnership to Nigeria?

    The main benefit would be access to finance offered by Brics’ New Development Bank.

    The New Development Bank was established as an alternative to western-dominated international financial institutions like the World Bank and International Monetary Fund. These institutions are sometimes used by the leading western countries to keep developing countries in line on global issues.

    Some developing countries are reluctant to criticise western countries for fear of losing access to funding by western-backed international financial institutions.

    Nigeria has been running a budget deficit of about 5% of GDP since 2019, and it needs funding to pay for the deficits. The New Development Bank could be an important source of funding for investment in Nigeria’s infrastructure, manufacturing, agriculture, and so on.

    New Development Bank loans are also available in member countries’ local currencies. They don’t have to earn foreign exchange to repay the loans. This fosters exchange rate stability and promotes economic growth. The New Development Bank raises funds in member countries’ local currencies, and lends them to member countries.

    Nigeria could use its Brics partnership to garner the group’s support in matters that affect Nigeria globally. For instance, there have been requests for African countries to be included as permanent members (without veto power) of the UN security council. South Africa and Nigeria have been touted as potential candidates. Should this issue be raised at the UN, Nigeria can count on the support of its Brics allies, which includes two permanent members (China and Russia) of the security council.

    Mutual understanding and cooperation with other Brics members and partners might spill over into economic, trade and investment agreements. Friendly countries are more likely to trade with each other and invest in each other’s economy.

    How can Nigeria maximise its status as a Brics partner?

    Nigeria should use it to attract foreign direct investment in strategic sectors of the economy, such as infrastructure, manufacturing, agriculture and technology.

    Some Brics members, like China, India, and the UAE, have investors that are seeking investment outlets abroad. Nigeria could use the bloc’s annual summits to showcase investment opportunities.

    The global economy is transitioning into “frontier industries and technologies”, such as big data, artificial intelligence, solar, drones, gene editing, 3D printing, blockchains, Internet of Things (IoT), 5G, robotics and nanotechnology. China, India and Brazil are already well advanced in these technologies.

    Nigeria should use its partnership with these countries to build capabilities in frontier industries and technologies. It could get favourable terms in the transfer of these technologies.

    Nigeria seeks to diversify its economy from reliance on the export of hydrocarbons. But Nigerian producers have had a hard time accessing global markets. The country should negotiate trade deals that provide access to Brics markets, especially agricultural and agro-processed products, arts and crafts.

    But Nigeria has to promote economic growth and structural transformation at home. If the Nigerian economy falters, it is unlikely the country will be invited to become a full member of Brics.

    Would adding new members and partners reduce western dominance?

    Brics has so far not been able to significantly change the dynamics of the international political economy. Adding new members and partners, while symbolic, will not act as an effective counterweight to the influence of the G7 and G20 groups of nations.

    Most of the countries and partners in Brics are either allies of western countries or neutral on global issues. They are unlikely to support decisions or actions that are grossly inimical to western interests.

    Egypt and the UAE, for instance, receive military aid from the United States. Ethiopia and Nigeria are top recipients of foreign aid in Africa, much of it from western-backed financial institutions.

    The only outlier in the mix is Iran, whose membership was promoted by Russia. But Iran has no leverage to influence others in the bloc.

    On balance, therefore, Brics will not be a threat to western countries.

    Brics aspires to weaken the dominance of the US dollar for international transactions. Close to 90% of international trade transactions are conducted with the US dollar.

    Brics countries plan to reduce dollar dominance by encouraging member countries to settle their trade and financial transactions using their domestic currencies. For instance, South African businesses could purchase Chinese goods using the South African rand, while the Chinese could do the same for South African goods using the Chinese yuan. The more members you have in Brics swapping their currencies, the less important the US dollar will be.

    It is unlikely, however, that an increase in the number of Brics members and partners will weaken the dollar. Most will continue to have significant economic relationships with the west, including trade and foreign aid.

    They will also continue to conduct business with many non-Brics countries, which also have economic relationships with the west. They will need the US dollar to transact with many other countries.

    So increasing the number of Brics members and partners does not pose a threat to dollar dominance.

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

    – ref. Nigeria’s Brics partnership: economist outlines potential benefits – https://theconversation.com/nigerias-brics-partnership-economist-outlines-potential-benefits-248943

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Nigeria’s Brics partnership: economist outlines potential benefits

    Source: The Conversation – Africa – By Stephen Onyeiwu, Professor of Economics & Business, Allegheny College

    During its 16th annual summit in Kazan, Russia, Brics – a group of emerging economies determined to act as a counterweight to the west and to whittle down the influence of global institutions – invited Nigeria and eight other countries to join it as “partner” countries. Nigeria formally accepted the invitation in January 2025. That invitation has generated questions about how Nigeria stands to benefit, especially when US president Donald Trump is threatening to sanction members of the group if they replace the US dollar as reserve currency. It was established in 2006 and initially composed of Brazil, Russia, India, and China. South Africa joined in 2010 and the bloc added four new members (Egypt, Ethiopia, Iran and the United Arab Emirates) in 2023. In this interview, development economist Stephen Onyeiwu argues that Nigeria stands to gain from a Brics partnership, but would have to carefully balance its domestic interests with those of its western allies and Brics.

    What does it mean to be a Brics ‘partner’ country?

    The introduction of Brics partnership is an expansion mechanism designed to bring in more participants without giving them full membership. It is akin to “observer” status.

    Brics partners can participate in special sessions of summits and foreign ministers’ meetings, as well as other high-level events. Partners can also contribute to the organisation’s official documents and policy statements.

    But partners cannot host annual Brics summits or determine the venue. Neither can they select new members and partners.

    How beneficial is Brics partnership to Nigeria?

    The main benefit would be access to finance offered by Brics’ New Development Bank.

    The New Development Bank was established as an alternative to western-dominated international financial institutions like the World Bank and International Monetary Fund. These institutions are sometimes used by the leading western countries to keep developing countries in line on global issues.

    Some developing countries are reluctant to criticise western countries for fear of losing access to funding by western-backed international financial institutions.

    Nigeria has been running a budget deficit of about 5% of GDP since 2019, and it needs funding to pay for the deficits. The New Development Bank could be an important source of funding for investment in Nigeria’s infrastructure, manufacturing, agriculture, and so on.

    New Development Bank loans are also available in member countries’ local currencies. They don’t have to earn foreign exchange to repay the loans. This fosters exchange rate stability and promotes economic growth. The New Development Bank raises funds in member countries’ local currencies, and lends them to member countries.

    Nigeria could use its Brics partnership to garner the group’s support in matters that affect Nigeria globally. For instance, there have been requests for African countries to be included as permanent members (without veto power) of the UN security council. South Africa and Nigeria have been touted as potential candidates. Should this issue be raised at the UN, Nigeria can count on the support of its Brics allies, which includes two permanent members (China and Russia) of the security council.

    Mutual understanding and cooperation with other Brics members and partners might spill over into economic, trade and investment agreements. Friendly countries are more likely to trade with each other and invest in each other’s economy.

    How can Nigeria maximise its status as a Brics partner?

    Nigeria should use it to attract foreign direct investment in strategic sectors of the economy, such as infrastructure, manufacturing, agriculture and technology.

    Some Brics members, like China, India, and the UAE, have investors that are seeking investment outlets abroad. Nigeria could use the bloc’s annual summits to showcase investment opportunities.

    The global economy is transitioning into “frontier industries and technologies”, such as big data, artificial intelligence, solar, drones, gene editing, 3D printing, blockchains, Internet of Things (IoT), 5G, robotics and nanotechnology. China, India and Brazil are already well advanced in these technologies.

    Nigeria should use its partnership with these countries to build capabilities in frontier industries and technologies. It could get favourable terms in the transfer of these technologies.

    Nigeria seeks to diversify its economy from reliance on the export of hydrocarbons. But Nigerian producers have had a hard time accessing global markets. The country should negotiate trade deals that provide access to Brics markets, especially agricultural and agro-processed products, arts and crafts.

    But Nigeria has to promote economic growth and structural transformation at home. If the Nigerian economy falters, it is unlikely the country will be invited to become a full member of Brics.

    Would adding new members and partners reduce western dominance?

    Brics has so far not been able to significantly change the dynamics of the international political economy. Adding new members and partners, while symbolic, will not act as an effective counterweight to the influence of the G7 and G20 groups of nations.

    Most of the countries and partners in Brics are either allies of western countries or neutral on global issues. They are unlikely to support decisions or actions that are grossly inimical to western interests.

    Egypt and the UAE, for instance, receive military aid from the United States. Ethiopia and Nigeria are top recipients of foreign aid in Africa, much of it from western-backed financial institutions.

    The only outlier in the mix is Iran, whose membership was promoted by Russia. But Iran has no leverage to influence others in the bloc.

    On balance, therefore, Brics will not be a threat to western countries.

    Brics aspires to weaken the dominance of the US dollar for international transactions. Close to 90% of international trade transactions are conducted with the US dollar.

    Brics countries plan to reduce dollar dominance by encouraging member countries to settle their trade and financial transactions using their domestic currencies. For instance, South African businesses could purchase Chinese goods using the South African rand, while the Chinese could do the same for South African goods using the Chinese yuan. The more members you have in Brics swapping their currencies, the less important the US dollar will be.

    It is unlikely, however, that an increase in the number of Brics members and partners will weaken the dollar. Most will continue to have significant economic relationships with the west, including trade and foreign aid.

    They will also continue to conduct business with many non-Brics countries, which also have economic relationships with the west. They will need the US dollar to transact with many other countries.

    So increasing the number of Brics members and partners does not pose a threat to dollar dominance.

    – Nigeria’s Brics partnership: economist outlines potential benefits
    – https://theconversation.com/nigerias-brics-partnership-economist-outlines-potential-benefits-248943

    MIL OSI Africa –

  • MIL-OSI: MEXC Fuels DeFi Innovation and Liquidity Security with the Berachain (BERA) Listing

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 05, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, announced the listing of the Berachain (BERA), scheduled for February 6, 2025, at 13:00 (UTC). The launch on MEXC will be accompanied by Airdrop+ rewards of 19,100 BERA and 50,000 USDT.

    Berachain: From Meme to EVM-Identical Layer 1
    Berachain began as a meme, inspired by bear-themed JPEGs, and has since evolved into the creation of an innovative blockchain. It is a Layer 1 network that is both EVM-compatible and powered by a unique Proof of Liquidity (PoL) consensus mechanism. With this mechanism, validators not only stake tokens but also provide liquidity. Through its Proof of Liquidity (PoL) model, Berachain leverages active liquidity providers to secure the network, effectively turning capital into a core security resource.

    This groundbreaking approach has attracted significant financial backing, with the project raising $142 million in its latest funding round. As of January 2, the Berachain official website reports that 234 protocols are actively participating in its bArtio Testnet. BERA is a gas token, used for transactions and staking within its ecosystem.

    Berachain, powered by the BeaconKit modular consensus layer and built on the Cosmos SDK, offers flexibility for Ethereum-based blockchains. It enables developers to create both Layer-1 and Layer-2 solutions without needing to rewrite programming languages. Recently, Berachain launched Boyco, a pre-launch liquidity platform in collaboration with Enso and LayerZero, designed to address the cold start issue for new decentralized applications. Boyco’s pre-deposit vaults have already reached $2.2 billion.

    Celebrate the BERA Launch with a prize pool of 19,100 BERA & 50,000 USDT
    In a significant show of support for Berachain and its expansive ecosystem, MEXC is set to list the new BERA token. This move not only underscores MEXC’s commitment to pioneering blockchain projects but also connects users with a dynamic network that fuels cutting-edge initiatives.

    MEXC, known for quickly listing trending tokens, expands its offerings with Berachain (BERA). The BERA/USDT trading market officially launched in the Innovation Zone on February 6, 2025, at 13:00 (UTC), followed by the introduction of the BERA USDT perpetual futures at 13:10 (UTC), offering adjustable leverage from 1x to 50x with both cross and isolated margin modes.

    To celebrate the listing of Berachain (BERA) on MEXC Spot and Futures on February 6, MEXC is launching a series of exclusive activities starting on February 5, 2025, at 05:00 (UTC). Participants will have the chance to win BERA tokens, USDT bonuses, and other exciting rewards, with opportunities available for both new and experienced users.

    These activities include:

    • Event 1: Deposit and Share 14,000 BERA (New User Exclusive)

    Deposit at least 15 BERA or 100 USDT to qualify.
    Trade BERA Spot ($100) or trade BERA Perpetual Futures ($500) to earn 2 BERA each, limited to 3,500 users per activity, on a first-come, first-served basis.

    • Event 2: Spot Challenge — Trade to Share 1,000 BERA (Open to All Users).
    • Event 3: Futures Challenge — Trade to Share 50,000 USDT in Futures Bonuses (Open to All Users).

    The top 2,000 users with trading volumes over 20,000 USDT will share the reward pool, with individual rewards of up to 5,000 USDT.

    • Event 4: Invite New Users and Share 4,000 BERA.
    • Event 5: Spread the Word and Win 1,00 BERA Rewards

    Your Easiest Way to Trending Tokens
    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content is provided by MEXC. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7423d696-0d03-4630-a1e9-69d0a78c2b2d

    The MIL Network –

  • MIL-OSI: Nomad Internet Launches Nomad Dragon- The Best Verizon Modem on the Planet

    Source: GlobeNewswire (MIL-OSI)

    NEW BRAUNFELS, Texas, Feb. 05, 2025 (GLOBE NEWSWIRE) — Nomad Internet has announced the launch of Nomad Dragon, the best Verizon Modem on the planet. Nomad Dragon comes with high-speed internet connectivity and up to 10 hours of battery backup, which means users can work, stream, and stay connected without interruptions.

    The Nomad Dragon ensures dependable, fast connections perfect for streaming ultra-HD 8K videos, gaming without delays, and operating essential business applications. This modem is designed for outstanding reliability, delivering excellent performance even in the toughest network environments.

    Innovative Battery Backup for Uninterrupted Connectivity

    Pioneering advancements in wireless technology, the Nomad Dragon is the first modem in Nomad Internet’s collection to include an integrated battery backup system with a 10-hour battery backup. Created for residential and commercial applications, the battery guarantees smooth performance during electricity failures, providing consistent connectivity during essential times. Whether working from home, gaming, or controlling smart gadgets, users can depend on the Nomad Dragon’s power durability to remain connected when it’s essential.

    Support for Up to 128 Devices

    Designed for flexibility, the Nomad Dragon can accommodate up to 128 devices, making it a perfect choice for larger homes, companies, and shared work environments. Thanks to its powerful hardware and smart traffic management, users can experience quick, dependable, and secure connectivity on all their devices.

    Advanced Network Security.

    The Nomad Dragon comes with cutting-edge network security capabilities to protect users from cyber dangers. Users of Nomad Dragon can enjoy a secure, encrypted connection that guarantees data privacy and safety.

    Blazing-Fast, Reliable Internet

    The Nomad Dragon revolutionizes connectivity for individuals needing exceptional speed and dependability on the move, offering unlimited data and no contracts. Designed for enhanced performance, Nomad Dragon facilitates seamless Ultra HD 8K streaming, uninterrupted video calls, and lag-free online gaming, all while providing advanced mobility and an integrated battery backup.

    Nomad Dragon embodies Nomad Internet’s steadfast dedication to innovation, quality, and customer satisfaction. With reliable connectivity, long-lasting battery life and the ability to provide high-speed, reliable connection on the go make Nomad Dragon the best Verizon modem on the planet.

    For a limited time, Nomad Internet is offering the Nomad Dragon (retail price $799.95) for free with its unlimited internet plan. It is a unique opportunity for users to enjoy a high-speed and reliable internet connection at a remarkably affordable price.

    Nomad Dragon is available for order on NomadInternet.com.

    About Nomad Internet

    Nomad Internet is America’s leading wireless internet provider for rural communities, delivering high-speed, reliable, and affordable connectivity to those in areas where traditional services fall short.

    Media Contact

    Company Name: Nomad Internet

    Contact Person: Manish Roshan

    Email: manish@nomadinternet.com

    Website: https://nomadinternet.com

    Phone: +1 281 800 1000

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5535f54-cc1d-4a68-a9ef-a46d1b5cbd4e

    The MIL Network –

  • MIL-OSI Russia: Online diagnostics for children with disabilities has become available in Moscow

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Experts City Psychological and Pedagogical Center can now remotely assess the developmental characteristics of children with disabilities and provide recommendations for their education and socialization. Every year, about 50 thousand Moscow families turn to specialists. This was reported by the press service of the capital Department of Education and Science.

    “As a mother, I have already used the service in a new format. You can send all the documents to specialists in advance in electronic form and choose the time for your child to undergo online diagnostics. In format, it is similar to a distance lesson, based on the results of which psychologists, speech therapists and defectologists give feedback. Since March, the conclusion will be sent by e-mail. The procedure has become very convenient and fast, for most parents and children this is a huge saving of time and effort,” said Maya Bulaeva, deputy of the Moscow City Duma, director of the educational institution “School in Nekrasovka”.

    Remote diagnostics are available for children over three years of age without hearing or vision impairments. The examination is carried out on a video conferencing platform. “Negotiation room”To connect, you will need a computer or tablet with a camera, microphone and a stable Internet connection. Recording is carried out through the portal Mos.ru.

    The Central Psychological-Medical-Pedagogical Commission operates on the basis of the City Psychological-Pedagogical Center. Its specialists develop recommendations based on their own diagnostics and taking into account medical reports provided by the child’s parents.

    “When parents are interested in their child’s development, the family’s life is scheduled down to the minute. Every day you need to manage to do a lot of things: take the child to kindergarten or school, to the pool, to developmental classes, repeat the speech therapist’s exercises at home. In this situation, time is the most important resource, and you begin to appreciate technologies that help you use it rationally. Online diagnostics of special children is a godsend for parents. The family does not need to waste time on the way there and back. This is especially important for children who have difficulty moving. During online testing, communication with the commission specialists takes place using a gadget. The child is at home, in a familiar environment. He is calm and comfortable, that is, the stress factor is excluded,” shared actress Evelina Bledans, mother of a child with Down syndrome.

    For children with disabilities who have received a commission’s conclusion, special conditions are created in educational institutions. Adapted educational programs and manuals are developed, and assistance from tutors, assistants and other specialists is provided. Such children and disabled children can also participate in sports sections.

    If a child has difficulties in mastering the school curriculum or social adaptation, support can be obtained from City Psychological and Pedagogical Center capital Department of Education and ScienceThe institution’s branches operate in every district of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149715073/

    MIL OSI Russia News –

  • MIL-OSI Russia: NSU scientists create a database of samples from the Scientific and Educational Center “Evolution of the Earth” on the CoGIS platform

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    Employees Scientific and educational center “Evolution of the Earth” Faculty of Geology and Geophysics, Novosibirsk State University are creating a database that will combine information about all samples located in open exhibits and storage facilities. The result of this work should be the creation of a website for all those interested in geology and mineralogy. Third-party visitors will be able to see exhibits of the Evolution of the Earth Scientific and Educational Center here, and professional geologists and NSU employees will be able to obtain information about samples from the faculty’s closed storage facilities. Work on creating the database and the website is being carried out with the support of the program “Priority 2030”The software product is being created by the Novosibirsk IT company Data East, which employs graduates of the Faculty of Geology and Geophysics of NSU.

    — The domestic geoinformation platform CoGIS allows specialists to create websites from ready-made modules without resorting to the services of programmers. They design the database themselves, create object cards and thus document museum exhibits. Each object contains a description and multimedia information — photos, videos, presentations. The interface is so simple that it can be easily mastered by both a scientist and a schoolchild. We expect that the CoGIS platform for the Scientific and Educational Center “Evolution of the Earth” and for the university as a whole will become a universal environment for storing and processing scientific and practical information, useful for student term papers and diploma papers, industrial practices, as well as for the implementation of research programs of the university, — said Mikhail Zadorozhny, GIS specialist at Data East.

    — At the moment, the database is only being created and functions only for internal use. We have digitized all the samples exhibited in the expositions of the Scientific and Educational Center “Evolution of the Earth” — both inside its premises and in display cases located in the adjacent corridors. The samples that are in the faculty’s storage facilities have also been partially digitized. To date, the database contains information on more than three thousand samples. About the same number has been digitized, but has not yet been entered into the database. To do this, we, together with specialists from Data East, have created sample cards, in each of which we place an image of a mineral or rock and a number of its geological characteristics: name, chemical composition, weight, size, date of receipt in the storage of the Scientific and Educational Center “Evolution of the Earth”, place and date of extraction, name of the extractor. Of course, not every sample is provided with a full list of this data — often some characteristics are unknown to us. Not all samples are provided with a photo image — only the exposition ones and the most impressive in appearance. The rest will be accompanied only by descriptions at the first stage, said Olga Khokhryakova, a research fellow at the Evolution of the Earth Scientific and Educational Center.

    The database compilers still have a lot of work ahead of them. Many of the specimens that require detailed descriptions and photographs are under glass, so the database contains incomplete data and “rough” photographs. The specimens from the Alexander Godovikov collection, located in the passage next to the exhibition halls of the Scientific and Educational Center “Evolution of the Earth”, have full descriptions. The remaining specimens, which are stored packed in boxes, will not be accompanied by photographs for now.

    — The storage facilities of the Geological and Geophysical Faculty contain thousands of undescribed samples brought back from student practices and expeditions in the 1980s and 1990s. Before the creation of the Scientific and Educational Center “Evolution of the Earth” in the new building, there was an educational museum at the Geological and Geophysical Faculty (it was located in the laboratory building), and now its samples make up a significant part of the faculty’s collection. All the exhibits placed in display cases had descriptions and labels. In the new building, the collection was replenished with new samples. We also enter them into our database. But a considerable part of the minerals and rocks still remain unsorted. The samples are in boxes wrapped in old newspapers from the Soviet era. Now we sort them out, describe the contents and put them on the balance sheet. The most spectacular samples have been selected for placement in museum display cases or in educational collections intended for classrooms, — said Olga Khokhryakova.

    In addition, the staff of the Scientific and Educational Center “Evolution of the Earth” work with unaccounted samples brought from geological practices and trips of the members of the student mineralogical society “Crystal”. For several decades, these samples were stored in the laboratory building of NSU, and now they have been transported to the storage facilities of the Scientific and Educational Center “Evolution of the Earth”. Some parcels with samples have not yet been unpacked. The most interesting and beautiful samples were previously selected and placed in display cases of the museum of the SMO “Crystal”, the rest did not have time to be sorted out. Now NSU geologists have taken up this work, dividing the samples into several categories. They combine samples, for example, by place of discovery, chemical composition or area of application. The volume of the collection to be sorted out is calculated not in the number of boxes, but in cubic meters. At the moment, there are 10 of them.

    — We classify, systematize, arrange all the samples that come to us by storage location and enter them into the database, which allows us to quickly and easily find them in the storage facility when there is a need to form exhibitions, replenish educational collections or present them as illustrations on the Internet. We understand that a methodical description of all the samples will probably take a decade, so we decided to take a different approach: first, we select those samples that are interesting to us from an exhibition or educational point of view, and work with them. We will move on to less interesting samples later. We fill the database gradually, as we describe the samples, — Olga Khokhryakova explained.

    According to the plan of the staff of the Scientific and Educational Center “Evolution of the Earth”, the database they are creating will not only be used internally. Access to the database is via the Internet, adding and viewing information occurs within the framework of the geoportal, which presents the mineralogical and paleontological expositions of the Scientific and Educational Center “Evolution of the Earth”. Different levels of access – for employees who can edit data, and for visitors who will visit the site to admire photographs of sparkling crystals and multi-colored stones, and at the same time learn interesting facts about them – are configured using CoGIS. Visitors to the geoportal will be able to familiarize themselves with the contents of the exhibition showcases of the Scientific and Educational Center “Evolution of the Earth” and with each exhibit presented on them separately. It is assumed that NSU employees and students will be able to see more information than all other visitors. For example, they will be able to get acquainted with archival and educational collections.

    — Our website, thanks to its impressive design and beautiful photo illustrations, will attract the attention of schoolchildren and teachers. Having learned about us, teachers will be able to contact the Scientific and Educational Center “Evolution of the Earth” with a request for educational mineralogical collections, which would present, for example, minerals and rocks that are often found in our region, or samples necessary for mastering the curricula in geography and chemistry. Our employees form school collections at the request of teachers. One of them was transferred to Novosibirsk School No. 112 in November last year, — said Olga Khokhryakova.

    The website, which contains a database of mineralogical and paleontological samples, is expected to become available to a wider audience later this year.

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

    MIL OSI Russia News –

  • MIL-OSI Security: Former Teacher Sentenced to Over 11 Years in Federal Prison for Possessing and Receiving Child Sexual Abuse Material

    Source: Office of United States Attorneys

    BOISE – Chad Joseph Longley, 45, of Boise, was sentenced to 141 months in federal prison with 20 years of supervised release for one count of receipt of child pornography and one count of possession of child pornography, U.S. Attorney Josh Hurwit announced today.

    According to court records, investigators with the Idaho Internet Crimes Against Children (ICAC) Task Force received a tip that Longley possessed child sexual abuse material.  ICAC investigators investigated and corroborated this tip which led to a search warrant authorizing law enforcement to search Longley’s residence and digital devices.  While executing the search warrant, investigators seized digital devices belonging to Longley.  A computer forensic examiner discovered child sexual abuse material on the devices.  During an interview, investigators advised Longley of his Miranda rights and he admitted to possessing the child sexual abuse material.

    In July 2021, a grand jury charged Longley with the crime of possession of child pornography.  While awaiting sentencing, Longley and the Government engaged forensic computer experts to further review the digital devices.  This review revealed additional criminal conduct beyond possession of child sexual abuse material.

    According to court records, around 2017, Longley had a fake profile of a young female on a social media platform.  Posing as a young female, he became social media friends with one of his former students.  He tricked the former student into sending him child sexual abuse material.  The victim was unaware that it was his teacher using a fake persona when he sent the child sexual abuse material.  In March 2024, Longley was indicted by a grand jury for the additional criminal conduct.  Longley entered into a new plea agreement, whereby he pleaded guilty to the crime of receiving child pornography and agreed to a jointly recommend a sentence of 141 months in prison with 20 years of supervised release.

    On February 4, 2025, Senior U.S. District Judge B. Lynn Winmill followed the recommendations and sentenced Longley to 48 months in federal prison followed by 20 years of supervised release in his first case involving the possession of child pornography, and to 141 months in federal prison followed by 20 years of supervised release in his second case involving the receipt of child pornography.  The two sentences will run concurrently to each other.

    “The defendant’s actions in taking advantage of a former student are particularly heinous, and he deserves this lengthy prison sentence,” said U.S. Attorney Hurwit.  “Our office is fortunate to have outstanding prosecutors who work tirelessly to hold child predators accountable and seek justice for victims.  The result in this case would not have been possible without their dedication and that of our law enforcement partners.”

    “The actions of this former teacher are reprehensible,” said Attorney General Raúl Labrador.  “This sentence represents the hard work of ICAC’s investigators, the federal prosecutor, and the team of professionals committed to stopping these crimes.  I’m grateful for their commitment to keep our kids safe from abuse and exploitation, and for the courts that recognize the seriousness of these crimes.”

    U.S. Attorney Hurwit commended the work of the Idaho ICAC Task Force, which led to the charges.  Assistant U.S. Attorney David G. Robins prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. As part of Project Safe Childhood, the U.S. Attorney’s Office for the District of Idaho and the Idaho Attorney General’s Office partner to marshal federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    ###

    MIL Security OSI –

  • MIL-OSI Submissions: Europe – Research Highlights: 5K+ Women Reveal Career Progression Barriers In Tech Industry

    Source: Women Go Tech

    Women Go Tech published results from a Google.org and OSCE-backed study on the challenges and disparities facing women at all levels of the tech sector. Over 40 experts and 5,000 women provided insight into how the situation can be improved, mostly through public policy and private development.

    February 5, Vilnius–Lithuania. Women Go Tech, a Lithuanian NGO focused on empowering women in tech, recently released a new study highlighting the challenges women in Central and Eastern Europe face during their career progression in the tech industry, and presenting strategies to empower women in tech.

    The study, “Building the Future Power Hub for Women in Tech,” surveyed 5,475 women across 13 countries, with support from Google.org and the Organization for Security and Cooperation in Europe (OSCE). The results revealed which countries are most ready to enable women in tech: Bulgaria, Lithuania, Romania, and Latvia. On the other hand, Slovakian, Czech, and Croatian women are experiencing the most barriers to enter the industry.

    “After women shared their experiences, they were analyzed by more than 40 experts, outlining solutions to shift the tech industry landscape to help women succeed faster, in CEE and around the world,” Žydrūnė Vitaitė, co-founder of Women Go Tech, shared.

    In the study, respondents from all CEE countries agreed that ageism, negative stereotypes about women’s abilities, and education bias were all factors holding women back or discouraging them from pursuing careers in tech. Women also reported poor work-life balance and low representation in leadership roles as influencing their career decisions, as well as fewer opportunities to learn about tech compared to men.

    Specifically in Slovakia, Czechia, Croatia, Slovenia, Hungary, Poland, Austria, Estonia, and Latvia, women also believe it is harder for them to succeed in the tech sector than for men. Croatian and Slovenian women are still facing the strongest stereotypes regarding female incapacity to work in the tech sector.

    “Although women in the tech sector today face several challenges, this study also explains where the tech industry can improve and how it can attract more female talent,” noted Žydrūnė. “We need to create a robust environment where women feel supported and empowered not only by the government but also by their peers and other women. A more gender-balanced company will understand and serve the diverse demands of its users and clients, resulting in better products and services. This in turn will help unlock the CEE’s potential to become a global leader in tech innovation.”

    Bulgaria, for instance, boasts one of the highest rates of women in tech and science in all of Europe, and respondents in the WGT study recognized opportunities for upskilling as well as equal access to education and jobs. The country’s tech sector grew by 12% in 2023 and has witnessed steady growth over the past 15 years and is one of Europe’s most dynamic tech hubs.

    According to a 2023 McKinsey study of 1,265 companies in 23 countries, those companies performing in the top quartile of gender representation had a 39% better chance of financial outperformance versus their peers in the bottom quartile. The same held true for diversity on companies’ boards of directors, with a 27% greater likelihood of outperformance. Moreover, the study concluded that diverse representation will foster diverse talent and innovation.

    Governmental input into mentorship programs is needed to close the gap

    Better compensation is the primary motivator for women of any age or experience to enter the tech sector, despite the persistence of a pay gap. Work flexibility and work-life balance are also important incentives. Unfortunately, many women working in tech report a lack of these elements in their jobs.

    “This discrepancy may be discouraging to women’s willingness to mentor and inspire others to join the industry,” said Vitaitė.

    Study revealed that most women surveyed did not have a mentor while progressing through a tech sector.

    Survey also revealed that to change the dynamic, policymakers should invest in mentorship and training programs tailored to women. While this is recommended on a governmental level, businesses should also prioritize mentorship programs for women, embrace diverse hiring practices, and work to increase female representation in leadership positions.

    An issue that remains in the industry is equal pay, alongside the need to promote transparent equal pay policies. The study encourages hybrid and remote work options in tech. Enabling equal career progression for IT professionals is crucial as Europe faces Information and Communication Technology (ICT) skills shortage–only 12 million specialists are projected by 2030 despite EU’s target of 20 million.

    “Building the Future Power Hub for Women in Tech” also included a section focusing on the barriers and biases faced by Ukrainian women in exile who are working to build professional lives within the tech sector.

    About Women Go Tech

    The organization “Women Go Tech” is an NGO navigating women toward careers in tech. Started as a first mentorship program for women in Lithuania in 2017, it has now expanded activities in the CEE. The organization is committed to educating 20,000 women on the use of AI tools and applications. So far, 700+ women have successfully transitioned into the IT industry with the help of the mentorship program and over 19,000 women participated in the introduction course “Discover Tech”. Having positively impacted the lives of hundreds of women and cultivated a new generation of female role models in tech, the NGO has grown from a local project into a movement with significant influence across the region. The organization is a long-term grantee of Google.org.

    MIL OSI – Submitted News –

  • MIL-OSI Economics: Verizon adds another epic deal for mobile and home customers with Google One AI Premium

    Source: Verizon

    Headline: Verizon adds another epic deal for mobile and home customers with Google One AI Premium

    [TL;DR]

    • Verizon bolsters its perk portfolio with the addition of Google One AI Premium at exclusive value for myPlan and myHome customers at an unbeatable deal
    • Get access to Gemini Advanced for everyday tasks, and 2 TB of sharable cloud storage for an exclusive monthly price of just $10/mo. (a savings of $9.99/mo.)1
    • Verizon continues to add new perks to myPlan and myHome, giving customers access to their favorite productivity and streaming services at a great value

    [Big News]

    Verizon continues to pack more value into myPlan and myHome with the addition of the first AI perk from a wireless provider — Google One AI Premium.

    Starting February 6, Verizon customers can choose Google One AI Premium as a perk on their myPlan (mobile) or myHome (internet) plan for just $10 a month — that’s half the price of the usual $19.99. This new perk unlocks access to Gemini Advanced, 2 TB of storage, and more benefits across Google — all in one incredible package, making everyday tasks easier.

    [Why it matters]

    Verizon isn’t just keeping up with the future — we’re building it. Being the first U.S. wireless provider to offer an AI-powered perk shows how serious we are about leading the way in innovation. And the value? Unmatched.

    For just $10 a month, you’re unlocking your pass to Google’s next-gen AI with Gemini Advanced, Gemini in Google apps like Gmail and Docs, plus priority access to Google’s newest AI solutions — from new features to experimental models. These tools can completely transform how you work, learn and create. Whether you’re a busy professional looking for ways to save time, a student tackling big projects, or someone who just likes to experiment, this perk gives you tools that take your productivity and creativity to the next level.

    With Google One AI Premium, Verizon is leading the charge in making advanced AI more accessible than ever.

    “As the first U.S. wireless provider to offer an AI-powered perk at an incredible value, we’re putting the future of AI directly into our customers’ hands, making everyday tasks easier via Google One AI Premium,” said Sowmyanarayan Sampath, CEO Verizon Consumer. “We’ll continue to bring our mobile and internet customers new deals and even more ways to personalize their plans based on how they live, work and play.”

    Here’s what you’re getting for only $10 a month:

    Get more done, faster with your personal tutor, analyst or coach. With Gemini Advanced, it’s like having a super-smart assistant by your side 24/7 to help you tackle tasks and spend more time on what’s most important. You can use Gemini in the Google apps you already know and love like Gmail, Docs, Meet, Slides and Sheets to write a draft, take meeting notes, create stunning presentations, visualize data and more.

    Streamline your daily tasks. Create and use custom AI experts (“Gems”), for any topic, turning Gemini into your personal brainstorming partner, study helper or planning assistant.

    Save hours on research. Analyze whole books and stacks of articles (up to 1,500 pages) or use Deep Research to browse hundreds of sites and create comprehensive reports in minutes to bring you up to speed on a topic.

    Get more space for what’s important. With 2 TB of cloud storage, you’ll have plenty of space to keep your files, photos, and videos safely backed up to the cloud. Forget about running out of room or losing track of important stuff.

    [The benefits of Verizon’s plans and perks]

    Verizon is committed to always enhancing myPlan and myHome, and the addition of Google One AI Premium is just the latest example of how we’re providing customers with more value and flexibility.

    Here’s what makes myPlan and myHome so unique:

    • Tailored to your lifestyle. With perks like Disney Bundle, Netflix & Max (with ads) or YouTube Premium, you can turn your plan into an entertainment hub. If you’re a parent, a sports fan or a music lover, there’s something for everyone.
    • Flexibility and choice. You can add or remove perks whenever you want. If your needs change — like planning a vacation or switching streaming platforms — you’re in control of what you’re paying for.
    • Bundle and save. Verizon lets you bundle for even more value. Get the best of Google with YouTube Premium and Google One AI Premium for $20 a month. That’s $13.98 in savings versus subscribing to both services separately.
    • Enhanced connectivity. Need more data for travel or work? The 100 GB Mobile Hotspot and (3) TravelPass Days perks make sure you stay connected, whether at home or abroad. It’s perfect for frequent travelers or people working on the go.

    [How to add Google One AI Premium to your plan]

    Already a Verizon customer? Just log into the My Verizon app or visit verizon.com on February 6 to add Google One AI Premium perk to your plan. Not a customer yet? Check out our free trial and find out why Verizon is awesome.

    1 Google One AI Premium perk requires line subscribed to myPlan or a Verizon Home Internet plan with myHome. Must be 18 yrs or older. Cancel anytime. One offer per eligible Verizon line or eligible Verizon Home Internet (“VHI”) plan. Add’l terms apply.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: VARIOUS ACTIVITIES ORGANISED IN NORTH- EAST ON TENTH ANNIVERSARY OF BETI BACHAO BETI PADHAO

    Source: Government of India (2)

    VARIOUS ACTIVITIES ORGANISED IN NORTH- EAST ON TENTH ANNIVERSARY OF BETI BACHAO BETI PADHAO

    BIKE/ SCOOTY RALLY ORGANISED IN WEST TRIPURA DISTRICT

    SELF DEFENCE WORKSHOP FOR GIRL STUDENTS HELD IN MAJULI, ASSAM

    Posted On: 04 FEB 2025 5:08PM by PIB Delhi

    The Ministry of Women and Child Development is celebrating 10 years of the launch of the Beti Bachao Beti Padhao (BBBP) scheme. In observance of this, various activities were conducted across the North East region.

    A bike rally was organised in the West Tripura District, Tripura for girl students in the campus of the Umakanta Academy School. The rally highlighted the importance of empowering women and promoting gender equality.

    In another event, a self defence workshop was organised for girl students in the Majuli district of Assam. The workshop focussed on equipping the students with some essential defence skills.

    The Beti Bachao Beti Padhao scheme was launched by Prime Minister Shri Narendra Modi on 22nd January, 2015 at Panipat, Haryana.

    BBBP aims to address the declining Child Sex Ratio (CSR) and issues of women empowerment in India.

    ***

    SS/ MS

    (Release ID: 2099660) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: TRAI releases Recommendationson ‘the Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands Identified for IMT’

    Source: Government of India

    Posted On: 04 FEB 2025 4:50PM by PIB Delhi

    The Department of Telecommunications (DoT), Ministry of Communications, Government of India, through its letterdated 02.08.2023, requestedTelecom Regulatory Authority of India (TRAI) to:-

     

    1. provide recommendations on applicable reserve price, band plan, block size, quantum of spectrum to be auctioned and associated conditions for auction of spectrum in 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, 26 GHz, 37-37.5 GHz, 37.5-40 GHz and 42.5-43.5 GHz bands for IMT.
    2. provide any other recommendations deemed fit for the purpose of spectrum auction in these frequency bands, including the regulatory/ technical requirements as enunciated in the relevant provisions of the latest NFAP/Radio Regulations of the ITU.

     

    On 01.09.2023, TRAI sent a response to DoT wherein regarding the existing spectrum bands viz. 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz, TRAI reiterated its recommendation dated 11.04.2022, and stated that all available spectrum in the existing bands may be put to auction with the same band plan, block size and associated conditions. Further, TRAI informed DoT that itwould initiate a consultation process for providing recommendations in respect of the new referred spectrum bands viz. 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands.

    In this regard, TRAI issued a consultation paper on ‘Auction of Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands Identified for IMT’dated 04.04.2024 for seeking comments and counter comments of stakeholders. In response, 12 stakeholders submitted comments, and four stakeholders furnished counter-comments. An Open House Discussion on the consultation paper was held through virtual mode on 10.07.2024.

    Based on the comments received from stakeholders during the consultation process, and on its own analysis, TRAI has finalized Recommendationson ‘the Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands Identified for IMT’. Salient points of these recommendations are given below:

    1. The frequency spectrum in 37-37.5 GHz and 37.5-40 GHz frequency ranges should be put to auction in the forthcoming spectrum auction.
    2. Owing to the non-availability of the device ecosystem in 42.5-43.5 GHz frequency range, it will be prudent that the frequency range 42.5-43.5 GHz is not put to auction in the forthcoming spectrum auction. DoT may send a separate reference for seeking the Authority’s recommendations for 42.5-43.5 GHz frequency range for IMT at an appropriate time.
    3. The Band plan n260 with TDD-based duplexing configuration should be adopted for 37-40 GHz frequency range.
    4. The frequency spectrum in the band n260 (37-40 GHz) should be auctioned with a block size of 100 MHz on LSA (Telecom Circle/ Metro) basis with a validity period of 20 years.
    5. The spectrum cap for the frequency band n260 (37-40 GHz) should be kept as 40% of the total spectrumput to auction and it should not be clubbed with 26 GHz band for the purpose of spectrum cap.
    6. The minimum roll-out obligations for the band n260 (37-40 GHz) should be similar to that prescribed in the NIA, 2024for 26 GHz band, and minimum roll-out obligations should be equally applicable for all telecom service providers i.e. existing as well as the new telecom service providers.
    7. In addition to the access service providers, Internet service providers (Category ‘A’ and Category ‘B’), and M2M service providers (Category ‘A’ and Category ‘B’)under the Unified License, should also be permitted to participate in the auction of spectrum for frequency band n260 (37-40 GHz).
    8. The recommended reserve price per MHz (Rs. in lakh) in 37-40 GHz band is as below:

    Name of LSA

    LSA Category

    Recommended Reserve price

    (Rs. in Lakh)

     Andhra Pradesh

    A

    49

     Assam

    C

    9

     Bihar

    C

    23

    Delhi

    Metro

    76

     Gujarat

    A

    43

     Haryana

    B

    11

     Himachal Pradesh

    C

    4

     J&K

    C

    3

     Karnataka

    A

    34

     Kerala

    B

    16

     Kolkata

    Metro

    27

     Madhya Pradesh

    B

    25

     Maharashtra

    A

    54

    Mumbai

    Metro

    67

     North East

    C

    3

     Odisha

    C

    10

     Punjab

    B

    17

     Rajasthan

    B

    21

     Tamil Nadu

    A

    39

     U. P. (East)

    B

    26

     U.P. (West)

    B

    25

     West Bengal

    B

    16

     

    1. For the payment terms– two options (i) upfront payment option and (ii) 20 equal annual instalments option, should be allowed for the assignment of spectrum in 37-37.5 GHz and 37.5-40 GHz spectrum bands.

     

    The availability offrequency spectrum in 37-37.5 GHz and 37.5-40 GHz frequency rangesto telecom service providers will enable setting up of high-capacity, low-latency communication networksfor advanced use cases.TRAI has recommended that in addition to the access service providers, Internet service providers and Machine-to-Machine service providers should also be permittedto participate in the auction.

    The Recommendations have been placed on the TRAI’s website (www.trai.gov.in). For any clarification/ information Shri Akhilesh Kumar Trivedi, Advisor (Networks, Spectrum and Licensing), TRAI may be contacted at Telephone Number +91-11-20907758.

     

    ****

    Samrat/Dheeraj : pibcomm[at]gmail[dot]com

     

    (Release ID: 2099632) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI: OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Resignation of Board Member

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, Feb. 04, 2025 (GLOBE NEWSWIRE) — Board member Martin Schmidt has informed the boards of OptimumBank (the “Bank”), and OptimumBank Holding, Inc. (the “Company”), that he will resign from both boards, effective January 28, 2025. Mr. Schmidt will remain fully supportive of the continued success of the Bank and Company.

    Mr. Schmidt resides in South Florida and has served as a Director since August 2015. Mr. Schmidt’s significant experience in the financial services industry helped the board to recover through regulatory issues as quickly as possible leaving the Bank with a strong capital structure, explosive growth and a bright future. Chairman Moishe Gubin commented: “It was a pleasure having Martin Schmidt on the Boards for nearly a decade. His insight and wisdom assisted the Bank and Company in innumerable ways and on a more personal note, I looked forward to his cheerful disposition during our monthly meetings. On behalf of myself and the Board of Directors I would like to thank Martin for his loyalty and contributions and wish him well in his future endeavors.”

    ‍About OptimumBank Holdings, Inc.

    OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses.

    The company accepts demand interest-bearing and noninterest-bearing savings, money market, NOW and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier’s checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposal of foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

    Safe Harbor Statement:

    This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our limited operating history, managing our expected growth, risks associated with integration of acquired websites, possible inadvertent infringement of third-party intellectual property rights, our ability to effectively compete, our acquisition strategy, and a limited public market for our common stock, among other risks. OptimumBank Holdings, Inc.’s future results may also be impacted by other risk factors listed from time-to-time in its SEC filings. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward looking statements speak only as to the date they are made and OptimumBank Holdings, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Investor Relations & Corporate Relations

    Contact: Seth Denison
    Telephone: (305) 401-4140
    Email: SDenison@OptimumBank.com

    The MIL Network –

  • MIL-OSI: Digital Tails Group, LLC. Released New Type of AI Assistant.

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Feb. 04, 2025 (GLOBE NEWSWIRE) — bowmo™, Inc. (OTC: BOMO), a New York City–based company powered by AI and XR/VR technologies aiming to provide fully customizable SaaS Platforms to multiple industries (https://bowmo.com ) (“bowmo,” “the Company”) and its recent merger partner OWNverse/Digital Tails Group (“DTG”), are pleased to announce that Digital Tails Group has released a new AI Assistant. This new DTG AI Assistant is smarter and faster than competing AI assistants and will act as a person’s everyday ally.

    In the modern technological landscape, there is hardly anyone who hasn’t encountered an AI assistant when reaching out to customer support; it’s becoming commonplace these days. But not all assistants are created equal – each model comes with unique capabilities and levels of sophistication.

    In essence, all AI assistants have the same requirements. They should:

    • understand you – using Natural Language Processing (NLP), they get what you’re saying, even if it’s nuanced
    • learn with you – thanks to machine learning, they get smarter over time, and adapt to your preferences and patterns
    • know you – they use context like past interactions or location (if allowed) to create tailored responses

    known AI assistants can be:

    1. Voice-activated – Think Siri or Alexa, ready to respond when you speak
    2. Task masters – Handling specific jobs, like organizing emails or setting up meetings
    3. Predictive – Anticipating what you need before you even ask

    The DTG AI assistant, named Aurora, can help with online shopping, customer support and personalized search, but her intelligence is wide and versatile. She can be trained to support any business, to help automate its operations.

    Aleksey Shestakov, Chairman of the Board of OWNverse/Digital Tails and the Chief Technical Officer of bowmo, Inc. summarized, “Our company focuses on the point-to-point application of advanced technologies in the interests of real business, manufacturing, and electronic commerce. That is why we are developing solutions that increase the efficiency of business operations and create additional business value.”

    Michael R. Neece, Chief Product Officer of bowmo, Inc. added, “Offering the Digital Tails Group’s AI assistant, which constantly learns each user’s preferences and supports any business process, is a significant value addition we can now deliver to customers.”

    You can learn more about Aurora at: https://digital-tails.group/ai-assistant. Try it now at work or home to streamline your day-to-day operations and life.

    About bowmo, Inc.
    Bowmo Inc., (OTC: BOMO) is a New York City–based AI-powered software and services company that incorporates a novel set of technologies to build a platform that will deliver solutions for multiple industries. Bowmo’s flagship product seamlessly integrates AI and extended reality (XR) technologies to revolutionize recruitment and human resource (HR) processes.

    Building upon our multi-vertical platform, bowmo is poised to introduce a suite of future products catering to the cybersecurity, retail, sports, media/entertainment, and real estate sectors. This expansion underscores bowmo’s commitment to diversifying revenue streams and addressing diverse industry needs through advanced technological solutions.

    bowmo’s platform harnesses AI, machine learning (ML), deep learning (DL), blockchain, and process orchestration.

    About OWNverse, LLC.
    OWNverse is a virtual platform company that develops unique tools for creating targeted products and services for virtual spaces (“Metaverses”) by using the technology stack available through widely used Web2 platforms driven by AI.

    OWNverse allows for the integration of such tools to elevate the dimensionality of products and services, while offering such products and services within the spatially immersive 3D Internet—Web3.

    OWNverse aims to empower all users to become co-creators of the content. The main OWNverse ideology is to supply proven tools to users to provide real value for businesses and create virtual communities in numerous business sectors.

    About Digital Tails Group, LLC.
    Digital Tails Group (“DTG,” the “Company”) is an IT company specializing in software development using 3D technology, extended reality (XR) and artificial intelligence (AI).

    The DTG expertise in advanced technologies ranges from virtual reality (VR) experiences to smart AI algorithms, enabling us to help our clients improve their competitive strength through the application of advanced UI and knowledge technologies.

    Additional Information and Where to Find It
    Additional information is available on the Company’s website: https://www.bowmo.com. In addition, other information related to the Company is available at the SEC’s website at www.sec.gov, or by directing a request to: bowmo, Inc., 99 Wall Street, Suite 891, New York, NY 10005; or by phone at 212-398-0002.

    Cautionary Statement Regarding Forward-Looking Statements
    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, BOMO’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various software programs, changes in future customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond BOMO’s control. Except as may be required by law, bowmo, Inc. undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.

    Contact:
    Michael E. Lakshin
    Chairman of the Board and President
    Michael.Lakshin@bowmo.com

    The MIL Network –

  • MIL-OSI United Kingdom: Britain’s leading the way protecting children from online predators

    Source: United Kingdom – Government Statements

    UK becomes the first country in the world to create new AI sexual abuse offences to protect children from predators generating AI images.

    Children will be protected from the growing threat of predators generating AI images and from online sexual abuse as the UK becomes the first country in the world to create new AI sexual abuse offences.

    AI tools are being used to generate child sexual abuse images in a number of sickening ways including by “nudeifying” real life images of children or by stitching the faces of other children onto existing child sexual abuse images. The real-life voices of children are also often used in this sickening material, meaning innocent survivors of traumatic abuse are being re-victimised.

    Perpetrators are also using those fake images to blackmail children and force victims into further horrific abuse including streaming live images. AI tools are being used to help perpetrators disguise their initial identity and more effectively groom and abuse children online.

    To better protect children against this sickening abuse the Home Secretary Yvette Cooper has today (2 February) revealed the UK will be the first country in the world to:

    • make it illegal to possess, create or distribute AI tools designed to generate CSAM, punishable by up to 5 years in prison
    • make it illegal for anyone to possess AI “paedophile manuals” which teach people how to use AI to sexually abuse children, punishable by up to 3 years in prison

    At the same time, the Home Office will:

    • introduce a specific offence for predators who run websites designed for other paedophiles to share vile child sexual abuse content or advice on how to groom children, punishable by up to 10 years in prison
    • give Border Force the necessary powers to keep the UK safe and prevent the distribution of CSAM which is often filmed abroad by allowing officers to compel an individual who they reasonably suspect poses a sexual risk to children to unlock their digital devices for inspection. Punishable by up to 3 years in prison, depending on the severity

    All 4 measures will be introduced as part of the Crime and Policing Bill when it comes to Parliament. The bill will support the delivery of the government’s safer streets mission to halve knife crime and violence against women and girls in a decade and increase confidence in policing and the wider criminal justice system to its highest levels.

    The increased availability of AI CSEA imagery not only poses a real risk to the public by normalising sexual violence against children, but it can lead those who view and create it to go on to offend in real life.

    Home Secretary, Yvette Cooper, said:

    We know that sick predators’ activities online often lead to them carrying out the most horrific abuse in person. This government will not hesitate to act to ensure the safety of children online by ensuring our laws keep pace with the latest threats.

    These 4 new laws are bold measures designed to keep our children safe online as technologies evolve. It is vital that we tackle child sexual abuse online as well as offline so we can better protect the public from new and emerging crimes as part of our plan for change.

    The Internet Watch Foundation (IWF) has warned that more and more sexual abuse AI images of children are being produced.

    Over a 30 day period in 2024, IWF analysts identified 3,512 AI CSAM images on a single dark web site. Compared with their 2023 analysis, the prevalence of Category A images (the most severe category) had risen by 10%. 

    New data from the charity shows that reports showing AI generated CSAM have risen 380%, with 245 confirmed reports in 2024 compared with 51 in 2023. Each report can contain thousands of images.

    The charity also warns that some of this AI generated content is so realistic that sometimes they are unable to tell the difference between AI generated content and abuse that is filmed in real life. Of the 245 reports the IWF took action against, 193 included AI generated images which were so sophisticated and life-like, they were actioned under UK law as though they were actual, photographic images of child sexual abuse.

    The predators who run or moderate websites designed for other paedophiles to share vile child sexual abuse content or advice on how to groom children are often the most dangerous to society by encouraging others to view even more extreme content.

    Covert law enforcement officials warn that these individuals often acting as ‘mentors’ for others with an interest in harming in children by offering advice on how to avoid detection and how to manipulate AI tools to generate CSAM.

    Technology Secretary, Peter Kyle said:

    For too long abusers have hidden behind their screens, manipulating technology to commit vile crimes and the law has failed to keep up. It’s meant too many children, young people, and their families have been suffering the dire and lasting impacts of this abuse.

    That is why we are cracking down with some of the most far-reaching laws anywhere in the world. These laws will close loopholes, imprison more abusers, and put a stop to the trafficking of this abhorrent material from abroad. Our message is clear – nothing will get in the way from keeping children safe, and to abusers, the time for cowering behind a keyboard is over.

    Through the new laws, The Home Office is leading on the international stage by continuing to invest in law enforcement capabilities to target online child sexual abuse offenders to disrupt the highest harm and most technically sophisticated offenders.

    Which is why we are giving Border Force the necessary powers to keep the UK safe and prevent the distribution of CSAM which is often filmed abroad. Border Force officers will have the power to compel an individual, where they reasonably suspect that the individual poses a sexual risk to children, to unlock their digital devices for inspection.

    Once the device is accessed, specialist technology will be used to compare the contents of the device against the Child Abuse Image Database (CAID), to identify the presence of known child sexual abuse material.

    Interim Chief Executive of the IWF, Derek Ray-Hill, said:

    We have long been calling for the law to be tightened up, and are pleased the government has adopted our recommendations. These steps will have a concrete impact on online safety.

    The frightening speed with which AI imagery has become indistinguishable from photographic abuse has shown the need for legislation to keep pace with new technologies.

    Children who have suffered sexual abuse in the past are now being made victims all over again, with images of their abuse being commodified to train AI models. It is a nightmare scenario, and any child can now be made a victim, with life-like images of them being sexually abused obtainable with only a few prompts, and a few clicks.

    The availability of this AI content further fuels sexual violence against children. It emboldens and encourages abusers, and it makes real children less safe. There is certainly more to be done to prevent AI technology from being exploited, but we welcome today’s announcement, and believe these measures are a vital starting point.

    While AI can be used as a force for good to transform people’s lives, make public services more efficient and help bolster creative industries, the risk of its use to children continues to grow.

    The crime risks normalising sexual violence against children and re-victimising survivors of traumatic abuse. Which is why this government is prepared to build upon the Online Safety Act and will not hesitate to go further if necessary.

    Minister for Safeguarding and Violence Against Women and Girls, Jess Phillips, said: 

    As technology evolves so does the risk to the most vulnerable in society, especially children. It is vital that our laws are robust enough to protect children from these changes online. We will not allow gaps and loopholes in legislation to facilitate this abhorrent abuse.

    However, everyone has a role to play, and I would implore Big Tech to take seriously its responsibility to protect children and not provide safe spaces for this offending.

    Crossbench Peer and Chair of 5Rights Foundation, Baroness Kidron said:

    It has been a long fight to get the AI Child Sexual Abuse Offences into law, and the Home Secretary’s announcement today that they will be included in the Crime Bill, is a milestone. AI-enabled crime normalises the abuse of children and amplifies its spread. Our laws must reflect the reality of children’s experience, and ensure that technology is safe by design and default.

    I pay tribute to my friends and colleagues in the specialist police unit that brought this to my attention, and commend them for their extraordinary efforts to keep children safe. All children whose identity has been stolen or who have suffered abuse deserve our relentless attention and unwavering support. It is they –  and not politicians – who are the focus of our efforts

    In January, the Home Secretary announced a raft of new measures and an investment of £10 million that will allow us to do more to protect vulnerable children, find more criminals, and get justice for more victims and survivors of child sexual abuse.

    More victims of child sexual abuse and exploitation will be given power to seek an independent review of their cases following the widening of the Child Sexual Abuse Review Panel. Chief constables of all police forces in England and Wales have been urged to re-examine non-recent and live cases of gang exploitation to increase prosecutions.

    At the same time, Baroness Louise Casey has been appointed to lead a rapid audit of existing evidence on grooming gangs to help deliver quicker action to tackle the crime and help victims. By Easter, the government will lay out a clear timetable for taking forward the recommendations from the final IICSA report.

    Policy Manager for Child Safety Online at the NSPCC, Rani Govender said:

    It is encouraging to see the government take action aimed at tackling criminals who create AI generated child sexual abuse images.

    Our Childline service is hearing from children and young people about the devastating impact it can have when AI generated images are created of them and shared. And, concerningly, often victims won’t even know these images have been created in the first place.

    It is vital the development of AI does not race ahead of child safety online. Wherever possible, these abhorrent harms must be prevented from happening in the first place. To achieve this, we must see robust regulation of this technology to ensure children are protected and tech companies undertake thorough risk assessments before new AI products are rolled out.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Nykredit Realkredit A/S has received the Danish Financial Supervisory Authority’s approval of Nykredit’s increase of the qualifying shareholding in Spar Nord Bank A/S – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Nykredit Realkredit A/S has received the Danish Financial Supervisory Authority’s approval of Nykredit’s increase of the qualifying shareholding in Spar Nord Bank A/S.

    4 February 2025

    Nykredit Realkredit A/S has received the Danish Financial Supervisory Authority’s approval of Nykredit’s increase of the qualifying shareholding in Spar Nord Bank A/S.

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. The Offer Period ends on 19 February 2025 at 23:59 (CET).

    Nykredit has received the Danish Financial Supervisory Authority’s approval in accordance with section 61 of the Danish Financial Business Act to increase Nykredit’s qualifying shareholding in Spar Nord Bank up to 100 per cent of the share capital.

    In addition to the Danish Financial Supervisory Authority’s approval, the Offer is subject to fulfilment of the conditions set out in section 6.6 of the Offer Document, including approval by the Danish Competition and Consumer Authority and achievement of the 67 per cent acceptance limit.

    It is Nykredit’s view that the shareholders of Spar Nord Bank find the Offer attractive. At the time of this announcement, Nykredit holds 31.1 per cent of the shares in Spar Nord Bank, and Nykredit’s information about acceptances received so far indicates that the 67 per cent acceptance limit stated in the Offer has been reached.

    Nykredit aims to delist Spar Nord Bank from Nasdaq Copenhagen A/S and to compulsorily acquire the remaining shares as soon as possible after completion of the Offer.

    Nykredit expects the Offer to be completed during H1/2025.

    The full terms and conditions of the Offer are contained in the Offer Document. The Offer Document is published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/en-gb/offer-spar-nord/ and https://www.sparnord.com/investor-relations/takeover-offer.   

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn

    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9B

    1414 Copenhagen K

    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/en-gb/offer-spar-nord/.

    This announcement and the Offer Document are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining this Offer Document, an acceptance form and/or other documents relating to the Offer Document or to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this Offer Document outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Czech Republic: 2024 Article IV Consultation-Press Release; and Staff Report

    Source: International Monetary Fund

    Summary

    The Czech Republic is evolving from a heavily manufacturing-based, export-oriented hub to a more mature and diversified economy. Non-auto manufacturing, energy, and construction, once important Czech engines of growth, have run out of steam, hampered by decelerating productivity growth, higher energy costs, and sluggish demand. The auto industry has shown resilience so far, but the required transition to electric vehicles and exposure to foreign competition are set to exert significant pressures in the coming years. Higher value-added sectors, including ICT services, are constrained by lack of skilled labor and limited access to capital, undermining their ability to compete in global markets.

    MIL OSI Economics –

  • MIL-OSI Europe: AFRICA/DR CONGO – Bishop of Goma: “The ceasefire is holding, but people are afraid. Hospitals and refugees are the most worrying situations”

    Source: Agenzia Fides – MIL OSI

    Kinshasa (Agenzia Fides) – “The city is calm, but people are still afraid to leave their homes because security is not fully guaranteed,” reports Willy Ngumbi Ngengele, Bishop of Goma, speaking to Fides from the capital of the Congolese province of North Kivu, which was taken over by the rebel movement M23 on January 27 (see Fides, 27/1/2025).”Schools are still largely closed, also because many school buildings were damaged or destroyed in the fighting,” reports Msgr. Ngengele. “The worst situation is in the hospitals, which are receiving a large number of wounded and are in difficulty due to the lack of medicines and equipment.” “Internet connections are still difficult, people have to make do with makeshift solutions to stay connected with the outside world,” continues the bishop. About a million internally displaced people from rural areas in North Kivu province, which were first affected by the fighting, live in Goma. Their situation is currently uncertain because, as Bishop Ngengele reports, “the refugee camps have been closed and those among the displaced who still have a home are returning to their home village. Those who cannot remain in precarious conditions in Goma.”Yesterday, February 3, the M23 declared a ceasefire “for humanitarian reasons” which came into force today. “For the moment, the ceasefire is holding, but people are still afraid to venture out because they do not feel completely safe,” says the bishop. In an effort to find a peaceful solution to the crisis, a delegation from the Catholic Bishops’ Conference of Congo (CENCO) was received yesterday in Kinshasa by President Félix Tshisekedi.During the talks, the Head of State was presented with a reconciliation plan drawn up by CENCO together with the “Église du Christ au Congo” (ECC).”The two churches have taken the initiative to develop this project to get out of the crisis. We presented it today to the Head of State, who received it with great attention; he appreciated it very much and encouraged us. It is a praiseworthy project,” said Msgr. Donatien Nshole, spokesman for CENCO, at the end of the audience that lasted more than an hour. (L.M.) (Agenzia Fides, 4/2/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI: Applied Materials Awards Suppliers for Outstanding Performance

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. today announced the recipients of Supplier Excellence Awards for contributions made to Applied’s business over the past year. The awards reflect outstanding technical and operational performance in areas including quality, service, sustainability, lead time, delivery, cost and responsiveness.

    “Congratulations to our Supplier Excellence Award recipients for providing extraordinary levels of performance, agility and quality in support of Applied Materials,” said Dr. Paul Chhabra, Group Vice President of Global Supply Chain at Applied Materials. “Global megatrends like artificial intelligence and the Internet of Things are driving the need for major advances in semiconductor technology, and we are collaborating closely with our supply chain to deliver innovations in materials engineering to the industry.”

    The following 13 companies received Supplier Excellence Awards in their designated categories for consistently exceeding Applied’s performance expectations over the past year:

    Best in Class Performance
    Adecco
    EDIS Anlagenbau GmbH
    ETLA Limited
    Foxsemicon Integrated Technology Inc.
    KSM Component Co., Ltd.
    Rapid Manufacturing
    Richport Technology Pte Ltd.
    Sumitomo Heavy Industries, Ltd.
    TRUMPF Huettinger, Inc.

    Excellence in Aftermarket Support
    Ferrotec Holdings Corporation

    Excellence in New Product Support
    NorCal Engineering Inc.

    Excellence in Sustainability
    SMC Corporation

    Excellence in Quality
    Brooks Instrument

    About Applied Materials
    Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

    Contact:
    Ricky Gradwohl (editorial/media) 408.235.4676
    Liz Morali (financial community) 408.986.7977

    The MIL Network –

  • MIL-OSI: WTW Reports Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1 increased 4% over prior year to $3.0 billion for the quarter and increased 5% to $9.9 billion for the year
    • Organic Revenue growth of 5% for both the quarter and the year
    • Diluted Earnings per Share was $12.25 for the quarter, up 105% over prior year, and Diluted Loss2 was $0.96 for the year.
    • Adjusted Diluted Earnings per Share was $8.13 for the quarter, up 9% from prior year, and $16.93 for the year, up 17% over prior year 
    • Operating Margin was 29.7% for the quarter, up 300 basis points over prior year, and 6.3% for the year, down 810 basis points from prior year
    • Adjusted Operating Margin was 36.1% for the quarter, up 190 basis points from prior year, and 23.9% for the year, up 190 basis points over prior year

    LONDON, Feb. 04, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the fourth quarter ended December 31, 2024.

    “WTW is entering 2025 with considerable momentum after delivering on our 2024 financial targets through solid revenue growth, robust margin expansion and earnings growth,” said Carl Hess, WTW’s chief executive officer. “The successful completion of our Grow, Simplify and Transform strategy has primed all of our businesses to perform, and we are now stronger, more connected and more efficient than we have ever been. I’m confident our new strategy to accelerate our performance, enhance our efficiency and optimize our portfolio will produce innovative solutions for our customers and create more value for shareholders. I’m proud of our team’s dedication and look forward to executing on our strategic and financial goals in the years ahead.”

    Consolidated Results

    Fourth Quarter 2024, as reported, USD millions, except %

    Key Metrics Q4-24 Q4-23 Y/Y Change
    Revenue1 $3,035 $2,914 Reported 4% | CC 5% | Organic 5%
    Income from Operations $901 $779 16%
    Operating Margin % 29.7% 26.7% 300 bps
    Adjusted Operating Income $1,096 $998 10%
    Adjusted Operating Margin % 36.1% 34.2% 190 bps
    Net Income $1,248 $623 100%
    Adjusted Net Income $827 $775 7%
    Diluted EPS $12.25 $5.97 105%
    Adjusted Diluted EPS $8.13 $7.44 9%

    Revenue was $3.04 billion for the fourth quarter of 2024, an increase of 4% as compared to $2.91 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 5%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Income for the fourth quarter of 2024 was $1.25 billion compared to Net Income of $623 million in the prior-year fourth quarter. Adjusted EBITDA for the fourth quarter was $1.2 billion, or 38.6% of revenue, an increase of 9%, compared to Adjusted EBITDA of $1.1 billion, or 37.1% of revenue, in the prior-year fourth quarter. The U.S. GAAP tax rate for the fourth quarter was 26.0%, and the adjusted income tax rate for the fourth quarter used in calculating adjusted diluted earnings per share was 21.3%.

    Full Year 2024, as reported, USD millions, except %

    Key Metrics FY-24 FY-23 Y/Y Change
    Revenue1 $9,930 $9,483 Reported 5% | CC 5% | Organic 5%
    Income from Operations $627 $1,365 (54)%
    Operating Margin % 6.3% 14.4% (810) bps
    Adjusted Operating Income $2,378 $2,082 14%
    Adjusted Operating Margin % 23.9% 22.0% 190 bps
    Net (Loss)/Income2 $(88) $1,064 NM
    Adjusted Net Income $1,730 $1,536 13%
    Diluted EPS2 $(0.96) $9.95 NM
    Adjusted Diluted EPS $16.93 $14.49 17%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion is on an organic basis.
    2 Net Loss and Diluted Loss Per Share for the year ended 2024 primarily includes impairment charges of over $1.0 billion related to the sale of TRANZACT.
    NM Not meaningful

    Revenue was $9.93 billion for the year ended December 31, 2024, an increase of 5% as compared to $9.48 billion for the prior year. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Loss for the year ended December 31, 2024 was $88 million, compared to Net Income of $1.1 billion in the prior year. Adjusted EBITDA for 2024 was $2.7 billion, or 27.3% of revenue, an increase of $278 million, compared to Adjusted EBITDA of $2.4 billion, or 25.6% of revenue, in the prior year.

    The U.S. GAAP tax rate for 2024 was 184.7%, and the adjusted income tax rate for 2024 used in calculating adjusted diluted earnings per share was 21.5%.

    Cash Flow and Capital Allocation 

    Cash flows from operating activities were $1.5 billion for the year ended December 31, 2024, compared to $1.3 billion for the prior year. Free cash flow for the years ended December 31, 2024 and 2023 was $1.4 billion and $1.2 billion, respectively, an increase of $184 million, primarily driven by operating margin expansion, partially offset by cash outflows related to transformation and discretionary compensation payments. During the fourth quarter and year ended December 31, 2024, the Company repurchased $395 million and $901 million of WTW shares, respectively.

    Fourth Quarter 2024 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q4-24 Q4-23 Y/Y Change
    Total Revenue $1,853 $1,798 Reported 3% | CC 3% | Organic 3%
    Operating Income $776 $729 6%
    Operating Margin % 41.9% 40.5% 140 bps

    The HWC segment had revenue of $1.85 billion in the fourth quarter of 2024, an increase of 3% (3% increase constant currency and organic) from $1.80 billion in the prior year. Health had organic revenue growth led by increased project work and brokerage income in North America and the continued expansion of our Global Benefits Management client portfolio in International and Europe. Wealth generated organic revenue growth from higher levels of Retirement work globally, an increase in our Investments business due to growth of our LifeSight solution and capital market improvements. Career had organic revenue growth from increased advisory services and product revenue. Benefits Delivery & Outsourcing (BD&O) had an organic revenue decline for the quarter primarily as a result of deliberately moderating growth in TRANZACT.

    Operating margins in the HWC segment increased 140 basis points from the prior-year fourth quarter to 41.9%, primarily from Transformation savings. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q4-24 Q4-23 Y/Y Change
    Total Revenue $1,141 $1,076 Reported 6% | CC 7% | Organic 7%
    Operating Income $383 $354 8%
    Operating Margin % 33.5% 32.9% 60 bps

    The R&B segment had revenue of $1.14 billion in the fourth quarter of 2024, an increase of 6% (7% increase constant currency and organic) from $1.08 billion in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter primarily due to strong software sales in Technology.

    Operating margins in the R&B segment increased 60 basis points from the prior-year fourth quarter to 33.5%, primarily due to operating leverage driven by organic revenue growth and disciplined expense management, as well as Transformation savings which were partially offset by headwinds from book-of-business activity and foreign currency fluctuations.

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

    • All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefit credits
    • Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
    • Refer to Supplemental Slides for recast of historical Non-GAAP measures

    Business mix:

    • Divested TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio
    • Reinsurance joint venture expected to be a headwind on adjusted diluted earnings per share of approximately $0.25 to $0.35

    Free cash flow:

    • Expect cash outflows in 2025 from the settlement of accrued costs related to the Transformation program which concluded in 2024
    • Cash taxes related to receipt of earnout from reinsurance divestiture will be classified as Cash Flows from Operating Activities on Statement of Cash Flows

    Capital allocation:

    • Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

    Foreign exchange:

    • Expect a foreign currency headwind on adjusted diluted earnings per share of approximately $0.18 in 2025 at today’s rates

    Adjusted operating margin outlook:

    • ~100 basis points of average annual margin expansion over next 3 years in R&B
    • Incremental annual margin expansion at HWC and enterprise levels

    The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

    Conference Call

    The Company will host a live webcast and conference call to discuss the financial results for the fourth quarter 2024. It will be held on Tuesday, February 4, 2025, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Impairment – Adjustment to remove the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the sale of our TRANZACT business.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the respective reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Pension settlement – Adjustment to remove significant pension settlement to better present how the Company is performing.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – (Loss)/Income from operations adjusted for impairment, amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net (Loss)/Income adjusted for provision for income taxes, interest expense, impairment, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net (Loss)/Income Attributable to WTW adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – (Loss)/Income from operations before income taxes adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Benefit from/(provision for) income taxes adjusted for taxes on certain items of impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software for internal use. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations or certain considerations relating to our future results. All statements, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate may occur in the future, including such things as our outlook, plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share; future share repurchases; demand for our services and competitive strengths; strategic goals; existing and evolving business strategies including those related to acquisition and disposition activity; the benefits of new initiatives; the growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational, and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives including our multi-year operational transformation program; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; the impact of changes to tax laws on our financial results; and our recognition of future impairment charges or write-off of receivables, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to execute strategic transactions, including both acquisitions and dispositions, including our ability to receive adequate consideration or any earnout proceeds in return for any dispositions or integrate or manage acquired businesses or effect internal reorganizations; incremental risks relating to the transitional arrangements in effect subsequent to our previously completed sale of TRANZACT; our ability to successfully manage ongoing organizational changes, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; risks relating to changes in our management structures and in senior leadership; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates and changes in trade policies; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, war, such as the Russia-Ukraine and Middle East conflicts, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, which could have a material adverse effect on our business, financial condition, results of operations, and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity, and artificial intelligence; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, any legislative actions from the current U.S. Congress, the recent Final Rule from the Centers for Medicare & Medicaid Services for contract year 2025 and any judicial claims, rulings and appeals related thereto, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our Medicare benefits businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future non-cash pre-tax losses and related impairment charges; risks relating to or arising from environmental, social and governance practices; fluctuation in revenue against our relatively fixed or higher than expected expenses; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS
    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

     

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
     
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
     December 31,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,847     $ 1,791     3%   0%   3%   0%   3%
    Interest income     6       7                      
    Total     1,853       1,798     3%   0%   3%   0%   3%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 1,115     $ 1,049     6%   (1)%   7%   0%   7%
    Interest income     26       27                      
    Total     1,141       1,076     6%   (1)%   7%   0%   7%
                                     
    Segment Revenue   $ 2,994     $ 2,874     4%   (1)%   5%   0%   5%
    Corporate, reimbursable expenses and other     37       35                      
    Interest income     4       5                      
    Revenue   $ 3,035     $ 2,914     4%   (1)%   5%   0%   5%(ii)
                  Components of Revenue Change(i)
                        Less:       Less:    
        Years Ended December 31,    As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024    2023    % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 5,745     $ 5,557     3%   0%   3%   0%   4%
    Interest income     32       25                      
    Total     5,777       5,582     3%   0%   4%   0%   4%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 3,926     $ 3,656     7%   0%   8%   0%   8%
    Interest income     112       79                      
    Total     4,038       3,735     8%   (1)%   9%   0%   8%
                                     
    Segment Revenue   $ 9,815     $ 9,317     5%   0%   6%   0%   6%
    Corporate, reimbursable expenses and other     93       125                      
    Interest income     22       41                      
    Revenue   $ 9,930     $ 9,483     5%   0%   5%   0%   5%(ii)

    (i)  Components of revenue change may not add due to rounding.
    (ii)  Interest income did not contribute to organic change for the three months and year ended December 31, 2024.

    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended December 31,  
        HWC    R&B    Corporate    Total 
        2024    2023    2024    2023    2024    2023    2024    2023 
    Book-of-business settlements   $ 5     $ 1     $ 6     $ 14     $ —     $ —     $ 11     $ 15  
    Interest income     6       7       26       27       4       5       36       39  
    Total   $ 11     $ 8     $ 32     $ 41     $ 4     $ 5     $ 47     $ 54  
        Years Ended December 31,  
        HWC    R&B    Corporate    Total 
        2024    2023    2024    2023    2024    2023    2024    2023 
    Book-of-business settlements   $ 8     $ 1     $ 14     $ 25     $ —     $ —     $ 22     $ 26  
    Interest income     32       25       112       79       22       41       166       145  
    Total   $ 40     $ 26     $ 126     $ 104     $ 22     $ 41     $ 188     $ 171  


    SEGMENT OPERATING INCOME (i)

        Three Months Ended
    December 31, 
        2024    2023 
                 
    Health, Wealth & Career   $ 776     $ 729  
    Risk & Broking     383       354  
    Segment Operating Income   $ 1,159     $ 1,083  
        Years Ended
    December 31, 
        2024    2023 
                 
    Health, Wealth & Career   $ 1,717     $ 1,565  
    Risk & Broking     958       813  
    Segment Operating Income   $ 2,675     $ 2,378  


    (i)     Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

    SEGMENT OPERATING MARGINS

        Three Months Ended December 31,
        2024    2023 
    Health, Wealth & Career   41.9%   40.5%
    Risk & Broking   33.5%   32.9%
        Years Ended
    December 31,
        2024    2023 
    Health, Wealth & Career   29.7%   28.0%
    Risk & Broking   23.7%   21.8%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended December 31, 
        2024    2023 
                 
    Segment Operating Income   $ 1,159     $ 1,083  
    Amortization     (50 )     (60 )
    Restructuring costs     (32 )     (38 )
    Transaction and transformation(i)     (113 )     (121 )
    Unallocated, net(ii)     (63 )     (85 )
    Income from Operations     901       779  
    Interest expense     (66 )     (63 )
    Other income, net     853       23  
    Income from operations before income taxes   $ 1,688     $ 739  
        Years Ended December 31, 
        2024    2023 
                 
    Segment Operating Income   $ 2,675     $ 2,378  
    Impairment(iii)     (1,042 )     —  
    Amortization     (226 )     (263 )
    Restructuring costs     (61 )     (68 )
    Transaction and transformation(i)     (409 )     (386 )
    Unallocated, net(ii)     (310 )     (296 )
    Income from Operations     627       1,365  
    Interest expense     (263 )     (235 )
    Other (loss)/income, net     (260 )     149  
    Income from operations before income taxes   $ 104     $ 1,279  

     (i) In 2024 and 2023, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
     (ii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
     (iii) Represents the non-cash goodwill impairment associated with our BDA reporting unit related to the completed sale of our TRANZACT business.

    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)

    RECONCILIATIONS OF NET INCOME/(LOSS) ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

        Three Months Ended December 31, 
        2024    2023 
                 
    Net income attributable to WTW   $ 1,246     $ 622  
    Adjusted for certain items:            
    Amortization     50       60  
    Restructuring costs     32       38  
    Transaction and transformation     113       121  
    Pension settlement     23       —  
    (Gain)/loss on disposal of operations     (853 )     1  
    Tax effect on certain items listed above(i)     216       (67 )
    Adjusted Net Income   $ 827     $ 775  
                 
    Weighted-average ordinary shares, diluted     102       104  
                 
    Diluted Earnings Per Share   $ 12.25     $ 5.97  
    Adjusted for certain items:(ii)            
    Amortization     0.49       0.58  
    Restructuring costs     0.31       0.36  
    Transaction and transformation     1.11       1.16  
    Pension settlement     0.23       —  
    (Gain)/loss on disposal of operations     (8.39 )     0.01  
    Tax effect on certain items listed above(i)     2.12       (0.64 )
    Adjusted Diluted Earnings Per Share(ii)   $ 8.13     $ 7.44  
        Years Ended December 31, 
        2024    2023 
                 
    Net (loss)/income attributable to WTW   $ (98 )   $ 1,055  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     226       263  
    Restructuring costs     61       68  
    Transaction and transformation     409       386  
    Provision for specified litigation matter(iii)     13       —  
    Pension settlement     23       —  
    Loss/(gain) on disposal of operations     337       (43 )
    Tax effect on certain items listed above(i)     (276 )     (195 )
    Tax effect of significant adjustments     (7 )     2  
    Adjusted Net Income   $ 1,730     $ 1,536  
                 
    Weighted-average ordinary shares, diluted(iv)     102       106  
                 
    Diluted (Loss)/Earnings Per Share(iv)   $ (0.96 )   $ 9.95  
    Adjusted for certain items:(ii)            
    Impairment     10.20       —  
    Amortization     2.21       2.48  
    Restructuring costs     0.60       0.64  
    Transaction and transformation     4.00       3.64  
    Provision for specified litigation matter(iii)     0.13       —  
    Pension settlement     0.23       —  
    Loss/(gain) on disposal of operations     3.30       (0.41 )
    Tax effect on certain items listed above(i)     (2.70 )     (1.84 )
    Tax effect of significant adjustments     (0.07 )     0.02  
    Adjusted Diluted Earnings Per Share(ii)   $ 16.93     $ 14.49  

     (i) The tax effect was calculated using an effective tax rate for each item.
    (ii) Per share values and totals may differ due to rounding.
    (iii) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (iv) When there is a net loss attributable to WTW for the period, basic and diluted shares and earnings per share are the same values.

    RECONCILIATIONS OF NET INCOME/(LOSS) TO ADJUSTED EBITDA

        Three Months Ended December 31,    
        2024    2023   
                   
    Net Income   $ 1,248   41.1% $ 623   21.4%
    Provision for income taxes     440       116    
    Interest expense     66       63    
    Depreciation     54       58    
    Amortization     50       60    
    Restructuring costs     32       38    
    Transaction and transformation     113       121    
    Pension settlement     23       —    
    (Gain)/loss on disposal of operations     (853 )     1    
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,173   38.6% $ 1,080   37.1%
        Years Ended December 31,    
        2024    2023   
                   
    Net (Loss)/Income   $ (88 ) (0.9)% $ 1,064   11.2%
    Provision for income taxes     192       215    
    Interest expense     263       235    
    Impairment     1,042       —    
    Depreciation     230       242    
    Amortization     226       263    
    Restructuring costs     61       68    
    Transaction and transformation     409       386    
    Provision for specified litigation matter(i)     13       —    
    Pension settlement     23       —    
    Loss/(gain) on disposal of operations     337       (43 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 2,708   27.3% $ 2,430   25.6%

     (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended December 31,    
        2024     2023    
                   
    Income from operations and Operating margin   $ 901   29.7% $ 779   26.7%
    Adjusted for certain items:              
    Amortization     50       60    
    Restructuring costs     32       38    
    Transaction and transformation     113       121    
    Adjusted operating income and Adjusted operating income margin   $ 1,096   36.1% $ 998   34.2%
        Years Ended December 31,    
        2024     2023    
                   
    Income from operations and Operating margin   $ 627   6.3% $ 1,365   14.4%
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     226       263    
    Restructuring costs     61       68    
    Transaction and transformation     409       386    
    Provision for specified litigation matter(i)     13       —    
    Adjusted operating income and Adjusted operating income margin   $ 2,378   23.9% $ 2,082   22.0%

    (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended December 31, 
        2024    2023 
                 
    Income from operations before income taxes   $ 1,688     $ 739  
                 
    Adjusted for certain items:            
    Amortization     50       60  
    Restructuring costs     32       38  
    Transaction and transformation     113       121  
    Pension settlement     23       —  
    (Gain)/loss on disposal of operations     (853 )     1  
    Adjusted income before taxes   $ 1,053     $ 959  
                 
    Provision for income taxes   $ 440     $ 116  
    Tax effect on certain items listed above(ii)     (216 )     67  
    Adjusted income taxes   $ 224     $ 183  
                 
    U.S. GAAP tax rate     26.0 %     15.7 %
    Adjusted income tax rate     21.3 %     19.1 %
        Years Ended December 31, 
        2024    2023 
                 
    Income from operations before income taxes   $ 104     $ 1,279  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     226       263  
    Restructuring costs     61       68  
    Transaction and transformation     409       386  
    Provision for specified litigation matter(i)     13       —  
    Pension settlement     23       —  
    Loss/(gain) on disposal of operations     337       (43 )
    Adjusted income before taxes   $ 2,215     $ 1,953  
                 
    Provision for income taxes   $ 192     $ 215  
    Tax effect on certain items listed above(ii)     276       195  
    Tax effect of significant adjustments     7       (2 )
    Adjusted income taxes   $ 475     $ 408  
                 
    U.S. GAAP tax rate     184.7 %     16.8 %
    Adjusted income tax rate     21.5 %     20.9 %

    (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.

    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Years Ended December 31, 
        2024    2023 
                 
    Cash flows from operating activities   $ 1,512     $ 1,345  
    Less: Additions to fixed assets and software for internal use     (136 )     (153 )
    Free Cash Flow   $ 1,376     $ 1,192  
                 
    Revenue   $ 9,930     $ 9,483  
    Free Cash Flow Margin     13.9 %     12.6 %

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
                 
        Three Months Ended
     December 31,     		   Years Ended
     December 31, 
        2024    2023    2024    2023 
    Revenue   $ 3,035     $ 2,914     $ 9,930     $ 9,483  
                             
    Costs of providing services                        
    Salaries and benefits     1,367       1,325       5,502       5,344  
    Other operating expenses     518       533       1,833       1,815  
    Impairment     —       —       1,042       —  
    Depreciation     54       58       230       242  
    Amortization     50       60       226       263  
    Restructuring costs     32       38       61       68  
    Transaction and transformation     113       121       409       386  
    Total costs of providing services     2,134       2,135       9,303       8,118  
                             
    Income from operations     901       779       627       1,365  
                             
    Interest expense     (66 )     (63 )     (263 )     (235 )
    Other income/(loss), net     853       23       (260 )     149  
                             
    INCOME FROM OPERATIONS BEFORE INCOME TAXES   1,688       739       104       1,279  
                             
    Provision for income taxes     (440 )     (116 )     (192 )     (215 )
                             
    NET INCOME/(LOSS)   1,248       623       (88 )     1,064  
                             
    Income attributable to non-controlling interests     (2 )     (1 )     (10 )     (9 )
                             
    NET INCOME/(LOSS) ATTRIBUTABLE TO WTW   $ 1,246     $ 622     $ (98 )   $ 1,055  
                             
    EARNINGS/(LOSS) PER SHARE                        
    Basic earnings/(loss) per share   $ 12.32     $ 6.02     $ (0.96 )   $ 10.01  
    Diluted earnings/(loss) per share   $ 12.25     $ 5.97     $ (0.96 )   $ 9.95  
                             
    Weighted-average ordinary shares, basic     101       103       102       105  
    Weighted-average ordinary shares, diluted     102       104       102       106  

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
     
        December 31,    December 31, 
        2024    2023 
    ASSETS            
    Cash and cash equivalents   $ 1,890     $ 1,424  
    Fiduciary assets     9,504       9,073  
    Accounts receivable, net     2,494       2,572  
    Prepaid and other current assets     1,217       364  
    Total current assets     15,105       13,433  
    Fixed assets, net     661       720  
    Goodwill     8,799       10,195  
    Other intangible assets, net     1,295       2,016  
    Right-of-use assets     485       565  
    Pension benefits assets     530       588  
    Other non-current assets     806       1,573  
    Total non-current assets     12,576       15,657  
    TOTAL ASSETS   $ 27,681     $ 29,090  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 9,504     $ 9,073  
    Deferred revenue and accrued expenses     2,211       2,104  
    Current debt     —       650  
    Current lease liabilities     118       125  
    Other current liabilities     793       678  
    Total current liabilities     12,626       12,630  
    Long-term debt     5,309       4,567  
    Liability for pension benefits     615       563  
    Deferred tax liabilities     45       542  
    Provision for liabilities     341       365  
    Long-term lease liabilities     502       592  
    Other non-current liabilities     226       238  
    Total non-current liabilities     7,038       6,867  
    TOTAL LIABILITIES     19,664       19,497  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     10,989       10,910  
    Retained earnings     109       1,466  
    Accumulated other comprehensive loss, net of tax     (3,158 )     (2,856 )
    Total WTW shareholders’ equity     7,940       9,520  
    Non-controlling interests     77       73  
    Total Equity     8,017       9,593  
    TOTAL LIABILITIES AND EQUITY   $ 27,681     $ 29,090  

    ________________________
    (i)  Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 99,805,780 (2024) and 102,538,072 (2023); Outstanding 99,805,780 (2024) and 102,538,072 (2023) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2024 and 2023.

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
         
        Years Ended December 31, 
        2024    2023 
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET (LOSS)/INCOME   $ (88 )   $ 1,064  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     230       242  
    Amortization     226       263  
    Impairment     1,042       —  
    Non-cash restructuring charges     41       38  
    Non-cash lease expense     98       105  
    Net periodic benefit of defined benefit pension plans     4       (26 )
    Provision for doubtful receivables from clients     13       6  
    Benefit from deferred income taxes     (213 )     (109 )
    Share-based compensation     121       125  
    Net loss/(gain) on disposal of operations     337       (43 )
    Non-cash foreign exchange (gain)/loss     (31 )     20  
    Other, net     58       31  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     (233 )     (206 )
    Other assets     (373 )     (185 )
    Other liabilities     301       16  
    Provisions     (21 )     4  
    Net cash from operating activities     1,512       1,345  
                 
    CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES            
    Additions to fixed assets and software for internal use     (136 )     (153 )
    Capitalized software costs     (109 )     (89 )
    Acquisitions of operations, net of cash acquired     (107 )     (6 )
    Proceeds from sale of operations     619       89  
    Cash and fiduciary funds transferred in sale of operations     (5 )     (922 )
    Purchase of investments     (12 )     (4 )
    Net cash from/(used in) investing activities     250       (1,085 )
                 
    CASH FLOWS USED IN FINANCING ACTIVITIES            
    Senior notes issued     746       748  
    Debt issuance costs     (9 )     (7 )
    Repayments of debt     (655 )     (254 )
    Repurchase of shares     (901 )     (1,000 )
    Net proceeds/(payments) from fiduciary funds held for clients     785       (234 )
    Payments of deferred and contingent consideration related to acquisitions     (2 )     (12 )
    Cash paid for employee taxes on withholding shares     (56 )     (26 )
    Dividends paid     (354 )     (352 )
    Acquisitions of and dividends paid to non-controlling interests     (13 )     (63 )
    Net cash used in financing activities     (459 )     (1,200 )
                 
    INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
       CASH    		     1,303       (940 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (97 )     11  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF
       PERIOD (i)    		     3,792       4,721  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 4,998     $ 3,792  

    ________________________
    (i)  The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosures of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

        Years Ended December 31, 
        2024    2023 
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,890     $ 1,424  
    Fiduciary funds (included in fiduciary assets)     3,108       2,368  
    Total cash, cash equivalents and restricted cash   $ 4,998     $ 3,792  
                 
    Increase/(decrease) in cash, cash equivalents and other restricted cash   $ 510     $ 163  
    Increase/(decrease) in fiduciary funds     793       (1,103 )
    Total (i)   $ 1,303     $ (940 )

    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • MIL-OSI Asia-Pac: HTBT. SEEDS

    Source: Government of India

    Posted On: 04 FEB 2025 1:35PM by PIB Delhi

    The environmental release of GM crops is under adjudication in the Writ Petition (Civil) 115/2004 titled as Gene Campaign Vs. Union of India & Ors. and Writ Petition (Civil) 260 of 2005 titled as Aruna Rodrigues Vs. Union of India & Ors., respectively before the Hon’ble Supreme Court of India, which covers the various aspects of GM crops.

    Government of India supports the efforts of States through appropriate policy measures, budgetary allocation and various schemes/ programmes like awareness campaign at village level through crop demonstration and training programmes. The various schemes/ programmes of the Government of India like PM Fasal Bima Yojana, NAMO Kisan Yojana & adoption of integrated crop management practices are meant for the welfare of farmers by increasing production, remunerative returns and income support to farmers. The Government of India has substantially enhanced the budget allocation of Department of Agriculture & Farmers Welfare from Rs. 21933.50 crore BE during 2013-14 to Rs. 1,22,528.77 crore BE during 2024-25.

    The data/details related to suicides Committee by farmers is maintained by respective State Government.

    National Agricultural Research System under aegis of Indian Council of Agricultural Research (ICAR) through its institutes and State Agriculture Universities have developed new varieties/hybrids tolerant to various biotic and abiotic stresses with enhanced quality. During the last ten years (2014 – 2024), 92 varieties of Soybean, 239 of Maize and 331 of Cotton/Bt Cotton have been released and recommended for commercial cultivation. The location-specific high yielding varieties and their management technologies and practices of these varieties are recommended for farmers of the country, regularly. Different weed management technologies along with the existing mechanical and chemical weed control strategies in cotton, maize and soybean have been developed and disseminated among farmers for large scale adoption though KVKs, State Department of Agriculture, Doordarshan, ICT tools like mobile apps, etc.

    This information was given by Minister of State for Agriculture and Farmers Welfare, Shri Bhagirath Choudhary in a written reply in Lok Sabha today.

    ******

     MG/KSR

    (Release ID: 2099492) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Empowering women in business: Bangladeshi female entrepreneurs embark on a landmark trade mission to the UK

    Source: United Kingdom – Executive Government & Departments

    Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the UK.

    A group of diverse and inspirational Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the United Kingdom in February 2025, with support from the UK Government SheTrades Programme. During the visit, they will be showcasing their businesses, meeting investors and exploring new opportunities.

    Their visit will involve high-level discussions with investors, legislators and corporate executives in the UK and promote cross-border trade between the two countries including under the UK’s Developing Countries Trading Scheme (DCTS). The DCTS is the UK’s generous preferential trading scheme which provides duty-free, quota-free trade to Bangladesh on everything but arms. The DCTS gives Bangladesh the opportunity to potentially save £317m in tariffs annually on the country’s exports to the UK, the highest among all countries eligible for DCTS.

    British High Commissioner to Bangladesh Sarah Cooke hosted a send-off reception at her residence on 3 February to congratulate the entrepreneurs ahead of their departure to the UK.

    The International Trade Centre is implementing this initiative to bring 50 women-led businesses from four Asian countries (Bangladesh, Nepal, Pakistan and Mongolia) and six African countries (Ghana, Nigeria, Rwanda, Kenya, Zimbabwe and Mozambique) to Manchester on 11 February to hold business-to-business (B2B) meetings with UK companies. Women-led companies in the fresh and processed food, textiles and clothing, handicrafts, beauty, information technology and business process outsourcing sectors will have one-on-one meetings with British buyers who want to diversify their supply chains and increase the competitiveness of their products.

    The businesses chosen from Bangladesh are TMSS ICT and Handicrafts, SuperTel, Opus Technology, Tarango Bangladesh, Parijat Bangladesh, TANIS Bangladesh and Leatherina. Five of these companies already possess the certification needed to enter the UK market and the remaining three are currently being supported by the British Standard Institute (BSI) with necessary accreditation.

    This Mission is hosted in partnership with the Greater Manchester Chamber of Commerce and financed by UK International Development as part of the SheTrades Commonwealth+ Programme. The London Chamber of Commerce & Industry, the Greater Birmingham Chambers of Commerce and the West & North Yorkshire Chamber of Commerce are also supporting the event.

    British High Commissioner to Bangladesh Sarah Cooke said:

    The UK government is incredibly proud to support this remarkable group of Bangladeshi women entrepreneurs to develop new markets in the UK. Their inventiveness, tenacity and spirit of entrepreneurship serve as evidence of the enormous potential of Bangladeshi women-led enterprises.

    As Bangladesh and the UK continue to expand our bilateral trade through the UK’s Developing Countries Trading Scheme (DCTS), the UK will remain a steadfast partner. This trade mission will further solidify our trade and investment relationship.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 03.02.2025

    MIL Analysis : Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    As a result of today’s analysis, the Moscow Exchange provides us with its opportunities and results. Education is evolving, increasing attention to the personalities of students, and utilizing new modern learning technologies.

    Dmitry Chernyshenko met with volunteers in Anapa to discuss the latest news on emergencies on the coast. The social sphere is actively involved.

    Below you can read one of the articles.

    1. Financial news: Moscow Exchange has entered the top of the NRA ESG ranking.

    Moscow Exchange has been included in the updated ESG ranking of Russian financial organizations compiled by the National Rating Agency (NRA). The Exchange was included in the first, highest group of the ranking in terms of the degree of implementation of sustainability principles in its strategic and operational activities.

    2. Financial news: Moscow Exchange is the winner of the Project of the Year 2024 contest.

    Moscow Exchange won the “Project of the Year – 2024” contest organized by the Global CIO community. The aim of the competition is to develop the competencies of the professional community and broadcast the best practices in the field of digitalization.

    3. Polytechnic held an advanced training course on “RISC-V Ecosystem”

    At the end of January, the Higher School of Electronics and Microsystems Engineering of the Institute of Electronics and Telecommunications of SPbPU held a unique advanced training course on “RISC-V ecosystem: development and system programming”.

    The course was devoted to the development of hardware and software for modern extensible open instruction systems and RISC-V processor architectures, which are widely used in rapidly developing areas of information technology, including the Internet of Things and artificial intelligence.

    4. Polytechnic students reached the semifinals of the XI All-Russian Engineering Competition.

    The qualifying stage of the XI All-Russian Engineering Competition has been completed. Experts evaluated over 12,000 projects and scientific research. 751 graduates from universities from all over the country, including SPbPU, reached the semi-finals. The All-Russian Engineering Competition is an annual intellectual competition that has been held since 2014. It is organized by the Ministry of Science and Higher Education of the Russian Federation. The contest operator is the National Research Nuclear University MEPhI.

    5. Dmitry Chernyshenko met in Anapa with volunteers involved in emergency response on the coast.

    Deputy Prime Minister Dmitry Chernyshenko met with representatives of the united volunteer headquarters #WeWeMeet, who are cleaning the Black Sea coast from fuel oil, on the shore of Anapa. During the meeting the volunteers shared their experience and results of their work.

    The meeting was also attended by the head of the Federal Agency for Youth Affairs (Rosmolodezh), Grigory Gurov, and the governor of the Krasnodar Region, Veniamin Kondratiev.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI Security: U.S. Attorney’s Office Secures 17-Year Sentence in Child Exploitation Case

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Navajo, New Mexico man was sentenced to 17 years in federal prison today for systematically sexually exploiting a minor through text messages and social media communications.

    There is no parole in the federal system.

    According to court documents, between February 1, 2021, and April 1, 2021, Dustin Rockmen, 33, an enrolled member of the Navajo Nation, sent text and Facebook communications to a minor under the age of 18 to persuade her to engage in illegal sexual acts. Rockmen engaged in repeated sexual acts with the victim, threatened her in order to get her to continue engaging in sexual acts with Rockmen, distributed an image of the victim engaged in a sexual act with Rockmen, and sent pornographic material to the victim.

    Upon his release from prison, Rockmen will be subject to five years of supervised release.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation, made the announcement today.

    The Gallup Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Navajo Police Department. Assistant U.S. Attorney Robert James Booth II is prosecuting the case as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    # # #

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Fourth Quarter 2024 Highlights

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

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

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

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

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

    Provision for Credit Losses

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

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

    Noninterest Income

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

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

    Noninterest Expense

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

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

    Income Taxes

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

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

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

    Shareholders’ Equity

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

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ____________________

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

    ____________________

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

    ____________________

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

    ____________________

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

    _____________________

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

    ______________________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

  • MIL-OSI: Prospect Capital Schedules Second Fiscal Quarter Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (the “Company” or “Prospect”) today announced it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing results for the fiscal quarter ended December 31, 2024 on Monday, February 10, 2025. The Company also expects to issue its earnings press release on Monday, February 10, 2025, after the close of the markets.

    The Company will host a conference call on Tuesday, February 11, 2025 at 9:00 a.m. Eastern Time. The conference call dial-in number will be 888-338-7333. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 2146236.

    The conference call will also be available via a live listen-only webcast on the Company’s website, www.prospectstreet.com. Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Internet broadcast.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For additional information, contact:

    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –