Category: KB

MIL-OSI USA: After Weeks Of Paying For Knicks Games And Episodes Of Judy Justice Without Being Able To Watch, Murphy, Ryan Introduce The “Stop Sports Blackouts Act” To Force Cable Companies To Refund Customers For TV Blackouts

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

February 03, 2025

WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) and U.S. Representative Pat Ryan (D-N.Y.) introduced the Stop Sports Blackouts Act, legislation that would make cable companies refund customers who aren’t able to watch the channels they already pay for during television blackouts. For over four weeks, due to a dispute between Optimum and MSG Network, over a million customers in the Tri-State area have been unable to watch the Knicks, Rangers, Islanders, and Devils, while a separate blackout left Optimum customers unable to watch Judy Justice and local news for over 10 days. Tens of millions of Americans per year are victim to blackouts – with no requirement that they receive compensation.

“Blackouts are a slap in the face to every customer paying their hard-earned money for TV shows they can’t even watch,” said Murphy. “It’s ridiculous the rest of us get stuck in the crossfire of negotiations between cable and broadcast companies. Our bill is simple: if cable companies can’t provide the service you’re paying for, they owe you a refund.”

“It’s outrageous that millions of folks couldn’t watch the Knicks, Judy Justice, or dozens of other programs for weeks because of blackouts. And it’s even more ridiculous that we’re all still paying for the right to stare at black screens! I don’t see why this is even a debate – cable companies simply should not be able to advertise and charge for services they are not providing,” said Ryan. “On behalf of fans across the country, we’re putting down a marker: everyone will get their money back when a blackout stops them from watching TV, no questions asked. That means dollars back in your pockets, and, equally importantly, it provides a hell of an incentive to these billion dollar corporations to make sure these blackouts don’t happen in the future. They have teams of lobbyists looking out for them – I’m introducing this legislation because I fight for YOU.”

This type of TV blackout occurs when distributors, including cable and satellite TV companies, are unable to reach an agreement with broadcasters over the rights to distribute their content. Until an agreement is reached, subscribers are unable to view the content they had paid for as part of their cable or satellite package.

On January 1, 2025, Optimum and MSG Network announced that they were unable to renew their distribution agreement, leaving subscribers unable to watch NBA and NHL games in the middle of the season. On January 10, Optimum subscribers were subjected to an additional blackout when the company announced it had failed to come to an agreement with Nexstar Media, which owns WTNH, the syndication rights to popular show “Judy Justice,” starring Judge Judy Sheindlin, and the NewsNation network.

The Stop Sports Blackouts Act would direct the Federal Communications Commission to require television distributors to provide rebates to subscribers for television blackouts that occur as a result of carriage disputes.

Full text of the legislation is available HERE.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: January 29th, 2025 Heinrich, Leger Fernández Demand Answers from Trump Administration on ICE Harassment of Native American Citizens

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Teresa Leger Fernández sent a letter to President Trump demanding immediate action to address reports of U.S. Immigration and Customs Enforcement (ICE) agents harassing, detaining, and questioning Native American Tribal members about their citizenship. The lawmakers condemned these actions as unconstitutional and a violation of Tribal sovereignty, calling for swift action to end racial profiling and protect Native communities.

In their letter, the lawmakers highlighted a confirmed incident in New Mexico where an ICE agent harassed a Tribal citizen at a convenience store, questioning their citizenship.

“Native American Tribal members are United States citizens. Stopping people because of what they look like – with dark skin, Asian, Latino or Native American characteristics is never acceptable,” the lawmakers wrote. “ICE’s dangerous behavior of harassing American citizens, seemingly only due to the way they look, is unconstitutional and un-American.”

The lawmakers also raised alarm about additional reports of ICE agents targeting Native Americans in multiple states, saying, “Your Administration’s actions and policies are quickly spreading fear in communities that have existed since time immemorial. It is unconscionable to question their citizenship and cause them to live in fear.”

The lawmakers emphasized the historical and legal context, reminding the Administration that the Indian Citizenship Act of 1924 granted citizenship to all Native Americans. “Native communities are quintessentially American communities.”

The lawmakers called on the Trump Administration to take immediate action to:

The lawmakers also condemned President Trump’s recent statement suggesting that immigration enforcement should target people based on their appearance. “Your recent statement that you can tell an immigrant who is ‘trouble’ by the way they ‘look’ suggests that sending ICE agents after our communities is about the color of a person’s skin, not their immigration status,” the lawmakers stated in their letter.

“It is unconscionable to question [Native Communities’] citizenship and cause them to live in fear,” the lawmakers wrote. “You must put a stop to ICE agents targeting Native Americans.”

The letter was led by U.S. Representative Teresa Leger Fernández. Alongside Heinrich the letter was signed by U.S. Senator Ben Ray Luján (D-N.M.), and U.S. Representatives Melanie Stansbury (D-N.M.), Gabe Vasquez (D-N.M.), Jared Huffman (D-Calif.), Raúl Grijalva (D-Ariz.), and Yassamin Ansari (D-Ariz.).

The text of the letter is here.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Shaheen Speaks with New Hampshire Nonprofits to Hear Concerns about Impact of Trump’s Federal Funding Cuts to Services They Provide Granite Staters

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a top member of the U.S. Senate Appropriations Committee, spoke with representatives from New Hampshire nonprofits about the impacts the Trump administration’s order to stop federal grants and loans have on the key services they provide to children, students, seniors, veterans, people with disabilities and small businesses across the Granite State. Representatives from Easterseals New Hampshire, Families in Transition, the New Hampshire Community Development Finance Authority (CDFA), Waypoint, the NH Center for Nonprofits, Granite United Way and other organizations attended the meeting.

“Because of the White House’s confusing, far-reaching order to stop federal grants and loans, New Hampshire nonprofits and community organizations are concerned that they won’t be able to provide their vital, often life-saving services to Granite Staters,” said Shaheen. “As we work to get answers about who and what will be affected, I was thankful to hear from many of our great partners on the ground.”

On Wednesday night, Shaheen spoke on the Senate floor to condemn the Trump administration’s order to take away federal grants and loans that families, seniors and small businesses in all 50 states rely on for critical, often life-saving services. Shaheen illustrated the chaos caused by the extreme order by sharing the stories of many Granite Staters she has heard from in the past two days.

On Monday, the Trump administration’s Office of Management and Budget (OMB) announced a sweeping executive order pausing almost all forms of federal assistance to states, nonprofits, non-governmental organizations and more. Senator Shaheen immediately condemned the move and emphasized the impact it will have on communities. The full list that agencies were directed to review encompasses over 2,600 assistance programs, including Supplemental Nutrition Assistance (SNAP), Women, Infants and Children (WIC), community health centers, the Community Development Block Grant (CDBG), transportation and highway funding, energy assistance programs, water infrastructure funding, State Opioid Targeted Response grants, GI Bill, veteran compensation for service connected disabilities, Section 8 vouchers, school breakfast and lunch, Title I education grants, Temporary Assistance for Needy Families (TANF) and Head Start.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Senate Passes Grassley-Klobuchar National Stalking Awareness Month Resolution

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Sen. Amy Klobuchar (D-Minn.) applauded the Senate’s unanimous passage of their resolution designating January as “National Stalking Awareness Month.” The bipartisan and bicameral effort aims to drive awareness of the dangers of stalking and encourage victims to seek help by reporting the crime. Reps. Brian Fitzpatrick (R-Pa.) and Debbie Dingell (D-Mich.) will introduce companion resolution in the House of Representatives.

“Far too many Americans have suffered physical and psychological trauma as a result of stalking. I’m glad to join my colleagues in raising awareness of this terrible crime and highlighting the essential work of advocates, law enforcement and service workers who support victims and survivors,” Grassley said.

“As a former prosecutor, I have seen firsthand the serious emotional and physical toll stalking can take on victims,” Klobuchar said. “Our bipartisan resolution raises awareness about the dangers of stalking, the need to protect victims, and the resources available to help survivors.”

“The severity of stalking cannot be understated – this dangerous and repugnant crime has resulted in severe physiological and physical trauma and it is imperative that we provide the necessary resources to protect victims from these heinous acts,” Fitzpatrick said. “Our bipartisan National Stalking Awareness Month resolution promotes awareness about stalking and recognizes the need to prevent this crime while continuing efforts to safeguard our communities from such threats.”

“Stalking is a serious crime that imparts unimaginable physical and psychological distress on its victims. No one should have to fear for their safety or for the safety of their loved ones, but it’s estimated over 13 million people are stalked in the United States every year. On top of this, we know stalking is a significant risk factor for intimate partner homicide,” Dingell said. “We recognize National Stalking Awareness Month to educate the public about the dangers of stalking, reaffirm our commitment to survivors, and continue working to identify new ways to keep communities safe.”

Read the resolution HERE.

Background:

Approximately one in three women and one in six men in the U.S. have experienced stalking at some point in their lives. Iowans who suspect they may be victims of stalking should contact the?Crime Victims Assistance Division?of the Office of the Iowa Attorney General for resources and further assistance.

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MIL OSI USA News –

February 4, 2025
MIL-OSI USA: Durbin, Castro Introduce Bill To Curb Firearms Trafficking From The United States To Mexican Drug Cartels
US Senate News:
Source: United States Senator for Illinois Dick Durbin

February 03, 2025

The Stop Arming Cartels Act would stem the “iron river” of firearms trafficking enabled by weak American gun laws

WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, and U.S. Representative Joaquin Castro (D-TX-20), Ranking Member of the House Foreign Affairs Subcommittee on the Western Hemisphere, led the bicameral introduction of the Stop Arming Cartels Act. The legislation is introduced as an estimated 200,000 to 500,000 American-made guns are trafficked into Mexico annually, largely attributable to unlicensed gun dealers, straw purchasers, and thefts from federal firearms licensees (FFLs).

The bill would seek to stem this “iron river” of firearms trafficking from the United States to Mexico, enabled by weak American gun laws and dangerous gun industry practices. The deadly stream of firearms trafficking exacerbates violence, enables cartels who smuggle migrants to our southern border, and facilitates the illicit trade of narcotics, including fentanyl, across the border back into the United States. According to a 2021 study from the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), 70 percent of crime guns recovered in Mexico from 2014-2018 and submitted for tracing were U.S.-sourced.

“Our country’s lax gun laws have created a deadly, vicious cycle of firearms trafficking that’s riddled with violence and chaos, resulting in a consistent transfer of fentanyl across our border. Our gun laws and gun industry practices fuel an iron river of firearms trafficking that supplies Mexican drug cartels and other criminal elements in the region, and it’s time to cut off the iron river at its source. With the Stop Arming Cartels Act, we can disarm cartels and help prevent the violence, drug trafficking, and irregular migration associated with cartel power and violence at home and abroad,” said Durbin.

“For years, Republicans have taken an increasingly brutal approach to immigration while refusing to address the role that U.S. guns play in fueling the violence and instability that force families to flee from their homes. When I meet with leaders in Latin America and the Caribbean, their number one request is for the United States to stop the gun trafficking that originates within our borders. In Mexico, in particular, high-caliber weapons smuggled from the United States have allowed cartels to shoot down police helicopters, attack military convoys, and undercut public faith in law and order. The Stop Arming Cartels Act will make important progress to stem the deadly flow of guns from the United States and build stability across the globe. I appreciate Senator Durbin’s leadership on this issue in the Senate, and I hope that our Republican colleagues will join us as we work to pass this lifesaving bill into law,” said Castro.

Specifically, the Stop Arming Cartels Act would:
- Prohibit future nongovernmental manufacture, importation, sale, transfer, or possession of .50 caliber rifles;
- Regulate existing .50 caliber rifles under the National Firearms Act, with a fee waiver and 12-month grace period for registration on the National Firearms Registration and Transfer Record for those who lawfully possess them under current law;
- Create an exception to the Protection of Lawful Commerce in Arms Act (PLCAA), allowing victims of gun violence to sue manufacturers and dealers who engage in firearm transactions prohibited under the Foreign Narcotics Kingpin Designation Act (the “Kingpin Act”);
- Prohibit the sale or transfer of firearms to individuals sanctioned under the Kingpin Act and add Kingpin Act designations to the National Instant Criminal Background Check System (NICS); and
- Require firearms dealers to report multiple sales of rifles to state and local law enforcement agencies, as they must currently do for handguns.
The bill is co-sponsored by U.S. Senators Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Mark Kelly (D-AZ), Tim Kaine (D-VA), Andy Kim (D-NJ), Ruben Gallego (D-AZ), Chris Murphy (D-CT), Jack Reed (D-RI), and Ron Wyden (D-OR).

The bill is endorsed by Brady United Against Gun Violence, Everytown for Gun Safety, GIFFORDS, March for Our Lives, Global Exchange, Global Action on Gun Violence, Amnesty International, and People’s Movement for Peace and Justice.

The introduction of the Stop Arming Cartels Act continues Durbin’s efforts to strengthen American gun laws and combat firearms trafficking from the United States abroad. In June 2022, the Senate passed and President Biden signed into law the Bipartisan Safer Communities Act, the most significant gun violence prevention reform in nearly three decades. Among its many provisions, the law creates federal firearm straw purchasing and trafficking criminal offenses.

In March 2022, the Senate passed the government funding bill that reauthorized the Violence Against Women Act, including provisions from the NICS Denial Notification Act. These provisions require federal law enforcement to promptly notify state law enforcement within hours when a person fails a gun background check.

In 2019, Durbin urged the Government Accountability Office (GAO) to update its reports on efforts to combat firearms trafficking from the United States to Mexico, Belize, and Guatemala and expand the report to include El Salvador and Honduras. The report revealed that 40 percent of firearms recovered in those countries and submitted for tracing from 2015-2019 came from the United States. Based on the immense value of that report, Durbinjoined colleagues in 2023 to successfully press GAO to expand the study further to include the Caribbean.

Bill text is available here. A one-page summary of the bill is available here.

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MIL OSI USA News –
February 4, 2025
MIL-OSI USA: Rep. Simpson Cosponsors Bill to Prohibit Taxpayer-Funded Discrimination Against the Firearm Industry

Source: US State of Idaho

Rep. Simpson Cosponsors Bill to Prohibit Taxpayer-Funded Discrimination Against the Firearm Industry

Washington, February 3, 2025

WASHINGTON—Idaho Congressman Mike Simpson cosponsored H.R. 45, the Firearm Industry Non-Discrimination (FIND) Act, a bill prohibiting corporations from securing federal contracts while discriminating against firearm trade associations or businesses that deal in firearms. This legislation is led by Congressman Jack Bergman (R-MI).
“Americans’ taxpayer dollars should never go into the pockets of corporations that undermine the Second Amendment,” said Rep. Simpson. “However, in recent years, we’ve seen large companies that benefit from federal funding adopt policies designed to harm and discriminate against the American firearm industry. I am proud to support this effort and responsibly spend taxpayer dollars while protecting the rights of law-abiding citizens.”
The full bill text is available here.

MIL OSI USA News –

February 4, 2025
MIL-OSI Security: Man Pleads Guilty in Connection with $17M Medicare Hospice Fraud and Home Health Care Fraud Schemes

Source: United States Attorneys General 1

A California man pleaded guilty today to health care fraud, aggravated identity theft, and money laundering in connection with a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

According to court documents, Petros Fichidzhyan, 43, of Granada Hills, engaged in a scheme with others to operate a series of sham hospice companies. Fichidzhyan, along with co-schemers, impersonated the identities of foreign nationals to use as the purported owners of the hospices — including using the identities to open bank accounts and sign property leases — and submitted false and fraudulent claims to Medicare for hospice services that were not medically necessary and not provided. In submitting the false claims, Fichidzhyan and his co-schemers also misappropriated the identifying information of doctors, claiming to Medicare that the doctors had determined hospice services were necessary, when in fact the purported recipients of these hospice services were not terminally ill and had never requested nor received care from the sham hospices. As a result of the scheme, Medicare paid the sham hospices nearly $16 million. Fichidzhyan personally received nearly $7 million of the proceeds from the fraud scheme, including more than $5.3 million in transfers to his personal and business bank accounts, which were laundered through a dozen shell and third-party bank accounts. Fichidzhyan additionally admitted to wrongfully obtaining more than $1 million for his home health care agency through the fraudulent use of a doctor’s name and identifying information in certifying Medicare beneficiaries for home health care, which he attempted to cover up by paying the doctor $11,000.

Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering. He is scheduled to be sentenced on April 14 and faces a mandatory penalty of two years in prison on the aggravated identity theft charge, a maximum penalty of 10 years in prison on the health care fraud charge, and a maximum penalty of 20 years in prison on the money laundering charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Today’s guilty plea is the most recent conviction in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area. Last year, a doctor was convicted at trial for his role in a scheme to bill Medicare for hospice services patients did not need, and two other defendants were sentenced for their roles in a hospice fraud scheme.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Diane N. Vu of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

The FBI and HHS-OIG are investigating the case.

Trial Attorneys Eric C. Schmale and Sarah E. Edwards of the Criminal Division’s Fraud Section are prosecuting the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

February 4, 2025

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 /
*(tax-equivalent basis, dollars in thousands)*	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 /
*(tax-equivalent basis, dollars in thousands)*	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 –

February 4, 2025

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 –

February 4, 2025
MIL-OSI: Petrus Resources Declares Monthly Dividend for February 2025

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 03, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to confirm that its Board of Directors has declared a monthly dividend in the amount of $0.01 per share payable February 28, 2025, to shareholders of record on February 14, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Dividend Reinvestment Plan (“DRIP”)
Petrus’ DRIP enables eligible shareholders to reinvest all or part of their cash dividends into additional common shares of the Company. Participation in the DRIP is optional. Eligible shareholders who elect to reinvest their cash dividends under the DRIP will receive common shares issued from treasury at a discount of 3% from the market price of the common shares.

To participate in the DRIP, registered shareholders must deliver a properly completed enrollment form to Odyssey Trust Company (“Odyssey”) before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Beneficial shareholders who wish to participate in the DRIP should contact their broker or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions. Participation by shareholders that are not resident in Canada may be restricted.

A complete copy of the DRIP is available on the Company’s website at www.petrusresources.com and on Odyssey’s website at https://odysseytrust.com/faq/. A copy of the enrollment form for use by registered shareholders is available on Odyssey’s website at https://odysseytrust.com/faq/. For further information regarding the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.

ABOUT PETRUS
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

FOR FURTHER INFORMATION PLEASE CONTACT:
Ken Gray
President and Chief Executive Officer
T: 403-930-0889
E: kgray@petrusresources.com

The MIL Network –

February 4, 2025
MIL-OSI Video: President Trump Signs Executive Orders in the Oval Office, Feb. 3, 2025

Source: United States of America – The White House (video statements)

The White House

https://www.youtube.com/watch?v=07UH2FTaqE4

MIL OSI Video –

February 4, 2025
MIL-OSI United Kingdom: Strong bonds with European neighbours is the only tonic to toxic Trump

Source: Green Party of England and Wales

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

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

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

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

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

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

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

He continued:

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

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

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

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

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

END

MIL OSI United Kingdom –

February 4, 2025
MIL-OSI New Zealand: Discharging Labour’s redundant ram raid bill

Source: New Zealand Government

The Government has agreed to discharge Labour’s redundant ram raid bill and instead focus on a more targeted response, Justice Minister Paul Goldsmith and Minister for Children Karen Chhour say.

“Ram raids dropped 60 per cent last year and we’re confident we’ll continue to see this decrease over time,” Mr Goldsmith says.

“Our Government is more focused on creating faster, stronger, and more targeted responses to young people who repeatedly commit the most serious offences.”

“The creation of a Young Serious Offender declaration will make available for these young people tools to address issues and help them, along with unlocking stronger powers for both the Youth Court and New Zealand Police,” Mrs Chhour says.

“This Government is focused on restoring law and order, and that includes reducing youth crime, meaningfully. We are delivering new solutions involving intervention and rehabilitation – solutions to help these young people avoid cornering themselves into criminal life.

“That includes the Military-Style Academy order we have established, which will focus on providing structure, addressing criminal behaviour, rehabilitation, and setting serious young offenders up for a life away from crime with education and preparation for work.

“However, we are still progressing the elements of the Ram Raid Bill we think will make meaningful differences to respond to offending.

“The Oranga Tamariki (Responding to Serious Youth Offending) Amendment Bill will require the court to consider whether offending was livestreamed or posted online in a way that glorifies the offending when sentencing a young serious offender.”

“Similarly, our sentencing reforms picked up the aggravating factors relating to adults encouraging or enabling young offenders to offend and the livestreaming or posting of offending online in a way which glorifies the offending,” Mr Goldsmith says.

“This is all part of our work to ensure there are 20,000 fewer victims of serious violent crime by 2029, alongside a 15 per cent reduction in serious repeat youth offending.”

MIL OSI New Zealand News –

February 4, 2025
MIL-OSI USA: Attorney General Bonta Intervenes in Lawsuit Challenging Approval of Betabel Commercial Development to Protect Tribal Cultural Resources
Source: US State of California Department of Justice

OAKLAND — California Attorney General Rob Bonta today was granted intervention in a lawsuit challenging San Benito County’s approval of the Betabel Commercial Development. In the lawsuit, the Attorney General filed a petition in intervention alleging the County’s approval of the project’s Environmental Impact Report (EIR) violated the California Environmental Quality Act (CEQA), including CEQA’s requirement that the County consult with California Native American tribes and address impacts to tribal cultural resources that would be irreparably harmed by the project. Located on the ancestral lands of the Amah Mutsun Tribal Band, the proposed 108,425 square-foot commercial site would be situated within a tribal cultural landscape known as Juristac, which holds significant spiritual and historical value. The Attorney General’s petition in intervention requests the court to order the County to withdraw its existing Final EIR, reopen tribal consultation under requirements added to CEQA by Assembly Bill (AB) 52, fully analyze the project’s impacts on tribal cultural resources, and consider feasible mitigation requested by the Tribe.

“Ensuring that California Native American tribes are consulted about a project’s potential impacts to tribal cultural resources is crucial to support thriving tribal communities in the state,” said Attorney General Bonta. “Today’s petition challenging the County’s decision to approve the Betabel project, without complying with its consultation obligations with the Tribe, seeks to address the potential irreparable harms to the cultural landscape and resources of the Amah Mutsun Tribal Band. Project development and proper tribal consultation under the law are not mutually exclusive, and we’re committed to helping local governments find a sustainable path forward. At the California Department of Justice, we’re dedicated to elevating the voices of California’s tribal communities in asserting their rights under the law concerning their ancestral lands.”

CEQA includes important procedural requirements for public agencies to consult with tribes that are traditionally or culturally affiliated with a project site and analyze project impacts on tribal cultural resources during their environmental review process for a project. The statute recognizes the expertise and knowledge of California Native American tribes with regards to their tribal history, practices, and cultural resources, and upholds tribes’ rights to participate in and contribute their knowledge to CEQA’s environmental review process. Furthermore, CEQA requires that tribal consultation must be “meaningful and timely” so that tribal cultural resources can be identified, and culturally-appropriate mitigation and monitoring programs can be adopted by the lead agency.

San Benito County rushed through its tribal consultation process such that it did not sufficiently consider or address impacts to tribal cultural resources. As a result, several tribal cultural resources were not identified in the Draft EIR, and thus the impacts on those resources were not adequately analyzed or disclosed, and mitigation for those impacts was not considered by the decision-makers or the public. The County’s failure to meaningfully and timely consult with the Tribe and its failure to analyze and mitigate impacts to tribal cultural resources violated CEQA.

The petition alleges the County violated CEQA because it failed to:
- Analyze impacts to all tribal cultural resources in the Draft EIR and adopt mitigation specific to each of these resources in the Final EIR.
- Begin consultation with the Tribe within 30 days of their request for consultation, as directed by the statute.
- Consult on topics, such as recommended mitigation measures or significant impacts on tribal cultural resources, as requested by the Tribe and directed by the statute.
The Attorney General originally sought to intervene in this lawsuit in San Benito County Superior Court in March 2023. But before the Court ruled on the Attorney General’s motion to intervene, it dismissed the lawsuit, finding that the Tribe and other petitioners in a related lawsuit had not met CEQA’s deadline for filing suit. The Tribe and other petitioners appealed that decision, and the Attorney General submitted an amicus brief in support of the appeal. The Sixth District Court of Appeal agreed with the Tribe and our Office that the lawsuit was timely. That decision sent the case back to the trial court and on December 31, 2024, the Court vacated its prior dismissal, restarting the litigation.

California Attorney General Bonta is committed to protecting the rights of California’s tribal communities in the CEQA process. In July 2022, the Attorney General raised concerns regarding Riverside County’s analysis of a project’s tribal cultural resource impacts in a CEQA comment letter. In that comment letter, he urged the County to analyze impacts to tribal cultural resources with the same level of rigor as analyses of other environmental resources. Also, the Attorney General filed amicus briefs in support of the Koi Nation in litigation against the City of Clearlake, first in October 2023 in the superior court and then in in July 2024 in the court of appeal. The amicus briefs argued that the City’s tribal consultation did not meet the statutory requirements. Also, the briefs argued that the City’s reliance solely on archaeological studies to identify and analyze impacts to tribal cultural resources was in error, and that the tribe’s cultural values must be considered when determining impacts and mitigation. The case is still pending before the court of appeal and oral argument has not yet been set.

A copy of the Attorney General’s motion to intervene, which includes the petition, is available here. The court’s minute order is available here.

MIL OSI USA News –
February 4, 2025
MIL-OSI: DMG Blockchain Solutions Announces Preliminary January Mining Results
Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its preliminary mining results for January 2025.
- Bitcoin Mined: 31 BTC (vs 32 BTC in Dec 2024)
- Hashrate: 1.75 EH/s (vs 1.68 EH/s in Dec 2024)
- Bitcoin Holdings: 431 BTC (vs 406 BTC in Dec 2024)
DMG’s CEO, Sheldon Bennett, commented, “In January, we continued to make incremental hashrate gains. We have been focused on expanding our hashrate to 2.1 EH/s in the current quarter based on utilizing leading-edge hydro direct liquid cooling (DLC) technology. We deployed our first megawatt of hydro miners, and hence, we exited January at 1.8 EH/s. We still expect to energize the remaining five megawatts in the current quarter.”

About DMG Blockchain Solutions Inc.

DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner.

For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, energizing the remaining 5 MW of hydro miners in the current quarter, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of Gen AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and Gen AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

The MIL Network –
February 4, 2025
MIL-OSI USA: Luján Introduces Bipartisan Bill to Protect Consumers in the Online Ticket Marketplace

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján
Washington, D.C. – U.S. Senators Ben Ray Luján (D-N.M.) and Marsha Blackburn (R-Tenn.), members of the U.S. Senate Committee on Commerce, Science, & Transportation, reintroduced the Mitigating Automated Internet Networks for (MAIN) Event Ticketing Act, legislation that would and better protect consumers in the online ticket marketplace. The MAIN Event Ticketing Act boosts enforcement of the Better Online Ticket Sales (BOTS) Act of 2016, a law that prohibits ticket scalpers from using software to purchase high volumes of tickets.
“Far too many Americans face excessive price-gouging for tickets from online bots and resellers, and I am committed to ensure Americans can enjoy live entertainment without the fear of being scammed,” said Senator Luján. “I’m proud to join Senator Blackburn in reintroducing our MAIN Event Ticketing Act which will strengthen protections for consumers and artists from scammers. I look forward to working with my colleagues to get this legislation signed into law.”
“As a cultural institution dedicated to making the performing arts accessible to all, the Santa Fe Opera applauds this bipartisan effort to better combat and enforce unfair ticketing practices and protect consumers and artists from exploitation,” said Santa Fe Opera General Director Robert K. Meya. “The MAIN Event Ticketing Act addresses critical challenges, ensuring that access to live performances remains fair and equitable to all audiences. We are grateful for Senator Luján and Senator Blackburn’s leadership on this important issue and fully support their efforts to enhance transparency and fairness in the online ticket marketplace.”
“We are fully behind this legislation,” said Lensic 360 Director Jamie Lenfestey. “Enforcement of the existing law is a great approach. In high sales season we can see as many as 96,000 bot hits on our sales website daily. Any efforts in enhancing consumer protection and helping promoters and presenters best engage their audiences directly much needed step in the right direction.”
“As a small venue owner, the health of my business relies heavily on food, beverage, and merchandise sales to complement ticket revenue. When bots and scalpers purchase tickets en masse, it not only drives up prices but also prevents true fans from attending events. This results in empty seats at my venue, leading to a significant loss—up to 75% of my projected revenue from concessions and merchandise sales,” said Jayson Wylie, President and CEO of Taos Mesa Brewing and Musich Entertainment.
Specifically, the MAIN Event Ticketing Act would:
Creating reporting requirements whereby online ticket sellers have to report successful bot attacks to the Federal Trade Commission (FTC);
Creating a complaint database so consumers can also share their experiences with the FTC, which in turn is required to share the information with state attorneys general;
Enacting data security requirements for online ticket sellers and requires the sharing of information between the FTC and law enforcement; and
Requiring a report to Congress on BOTS enforcement.
This legislation is endorsed by the Recording Academy, Recording Industry Association of America, Live Nation Entertainment, and the National Independent Venue Association.
Bill text is available here.

MIL OSI USA News –

February 4, 2025
MIL-OSI New Zealand: Police seek witnesses to Topuni crash

Source: New Zealand Police (National News)

Police are seeking witnesses to the events leading up to a crash on State Highway 1 near Topuni.

Waitematā Road Policing is investigating after a milk tanker rolled on the busy major highway at around 10.15am on 3 February.

Acting Inspector Warwick Stainton, acting Road Policing Manager, is calling on any witnesses to come forward.

“Police are currently in the early stages of gathering evidence surrounding the circumstances of the crash, and what led to it happening,” he says.

“It is very fortunate we are not dealing with a serious or fatal injury crash, and I acknowledge the public experienced significant delays while crews worked to clear the scene.”

Police are aware some dashcam footage has been uploaded to social media since the crash occurred.

“We would like to hear from that driver or any other witnesses to the crash, and I ask them to contact Police as soon as possible,” acting Inspector Stainton says.

Please make contact with Police online, or call 105 using the reference number P061495687.

ENDS.

Jarred Williamson/NZ Police

MIL OSI New Zealand News –

February 4, 2025
MIL-OSI New Zealand: Pacific – Fiji to enjoy real estate growth in 2025 driven by foreign investment, infrastructure developments and Google’s data centre plans
Source: Raine & Horne

Leading real estate firm Raine & Horne Fiji predicts growth of 2-4% growth for residential markets such as Suva, Nadi and Lautoka in 2025.

Highlights:

The Fijian real estate market demonstrated strong resilience in 2024, with sustained demand for residential properties in key urban centres, including Suva, Nadi, and Lautoka. This trend is expected to result in healthy real estate growth of up to 4% in 2025.

The recent announcement of Google’s FJ$200 million data centre investment, expected to create 3,600 jobs, is set to significantly boost the residential real estate markets in Fiji.

Infrastructure developments, growing tourism, and the expansion of short-term rentals continue to drive residential property demand in key locations such as Pacific Harbour.

Lautoka, Fiji – 4 February 2025 – The Fijian real estate market demonstrated strong resilience in 2024, with steady demand for residential properties in key urban centres such as Suva, Nadi, and Lautoka.

This positive trend is expected to drive healthy growth of up to 4% in 2025, according to leading real estate firm Raine & Horne Fiji. This outlook is further buoyed by the recent announcement of Google’s FJ$200 million data centre investment in the Pacific nation, which is set to bolster the local economy and real estate market.

Fiji’s real estate growth in 2024

Ms Shyamlee Raju, Managing Director of Raine & Horne Fiji, says that in 2024, there was sustained demand for residential properties, particularly in Suva, Nadi, and Lautoka, thanks to a growing number of local workers and expatriates leasing apartments.

“The rebound in tourism, combined with ongoing recovery from COVID-19 impacts, has been a major driver,” Ms Raju said.

“Overall, real estate prices in Fiji saw moderate growth in 2024, with some areas such as Nadi and parts of Suva experiencing higher price increases due to ongoing infrastructure developments, such as improvements in transportation, utilities, and tourism-related facilities.

Google’s game-changer for Fiji’s real estate market and economic growth

One of the most significant developments in Fiji is the announcement of Google’s FJ$200 million data centre investment, which, according to the Fijian government, has the potential to create 3,600 jobs[i].

Ms Raju said, “Jobs created by the data centre will generate greater demand for residential housing, particularly for professionals moving to Fiji to work in or around the tech industry. The Google announcement could spur growth in the rental market and the demand for homes for sale.”

To illustrate, a luxurious three-bedroom penthouse in the heart of Suva within the Brightstar Apartment block on Berry Road is available for rent through Raine & Horne Fiji and is set to attract well-heeled tenants.

Ms Raju said, “This is the most sought-after executive rental property in the heart of Suva available right now, and it is within minutes of the city’s CBD, supermarkets, cafes, restaurants, schools, cinemas and the iconic Colonial War Memorial Hospital.

“This penthouse would be ideal for high-end expatriates and those interested in moving to Fiji for work.”

Other factors driving residential property demand

The demand for short-term rental properties, particularly for Airbnb holiday rentals, has contributed to rising property prices in Nadi, Suva and Lautoka.

“We have seen a growing number of apartments and properties purchased as Airbnbs, which is a hindrance for tenants looking for long-term tenancy,” commented Ms Raju.

“Most properties in Nadi are now run as Airbnbs.”

Pacific Harbour and infrastructure developments

According to Ms Raju, demand for real estate in Pacific Harbour, the tourist mecca on the south coast of Viti Levu, was a notable trend in 2024. Pacific Harbour’s natural beauty, improved accessibility to Suva, which is 50 kilometres away, and relatively affordable property prices compared to other regions drove the demand.

In November alone, Raine & Horne Fiji sold four lots in one week in Pacific Harbour, a significant achievement that underscores the confidence in this market.

Ms Raju added, “Infrastructure improvements, such as better road access to Suva and the development of tourism-related facilities, are making Pacific Harbour an attractive location for both local buyers and expatriates seeking vacation homes or retirement properties.”

Fiji’s real estate market poised for steady growth in 2025

Ms Raju is optimistic about 2025, and she is predicting growth of 2-4% across most regions of Fiji.

“While economic uncertainties and interest rates could introduce some challenges, the fundamentals of infrastructure development, tourism recovery, and increasing foreign investment provide a solid foundation for market growth,” said Ms Raju.

Raine & Horne Fiji also anticipates an increase in foreign investment in the country’s real estate market in 2025. Several factors are driving this optimism, including the upcoming Google Data Centre, will potentially attract international interest.

“Additionally, continued Fijian tourism growth is appealing to foreign buyers, particularly the luxury resorts, beachfront properties, and vacation homes,” said Ms Raju.

“Strong government support for foreign investment further underpins the longer-term outlook, positioning Fiji as an attractive real estate market for international buyers seeking opportunities in real estate.”

In response to this promising growth and outlook, Raine & Horne Fiji plans to expand its network of residential sales agents and offices to better serve local and international clients.

“We are focused on providing tailored advice to first-time homebuyers, expatriates, and foreign investors,” said Ms Raju.

“Our goal is to remain adaptable and embrace digital tools such as Raine & Horne’s first-to-market AI-powered social media marketing tool Amplify[ii] to expand market reach, keeping up with trends like sustainability and tech-driven developments.

“Raine & Horne Fiji has the expertise and resources to adapt to these trends and developments, providing clients with the insights, services, and support they need to succeed in the Fijian residential real estate market.

“With a promising outlook and a growing market, Raine & Horne Fiji is well-positioned to capitalise on the country’s real estate potential in 2025.”
MIL OSI New Zealand News –
February 4, 2025
MIL-OSI USA: The Congressional Budget Office’s Request for Appropriations for Fiscal Year 2026
Source: US Congressional Budget Office

The Congressional Budget Office requests appropriations of $75.8 million for fiscal year 2026. Most of that amount—86.6 percent—would be for pay and benefits; 9.8 percent would be for information technology (IT); and 3.6 percent would be for training, expert consultant services, office supplies, and other items. The requested amount is an increase of $5.8 million, or 8.2 percent, above the annualized funding (at the 2024 level) under the continuing resolution currently in effect. (CBO’s request for fiscal year 2026 represents a 3 percent increase above its fiscal year 2025 request of $73.5 million.)

Of the increase, 52 percent would primarily cover increases in current employees’ salaries and benefits and would enable CBO to expand its staff in key areas of Congressional interest. The remaining 48 percent would address increased costs to enhance the agency’s cybersecurity and IT infrastructure; such improvements are critical to protecting sensitive data and improving the agency’s computing power for analyzing complex data sets. CBO is prioritizing advancements in a security strategy called zero trust architecture, which requires verification before allowing access to any user or device.

The requested budget is based on continued strong interest in CBO’s work from the Congressional leadership, committees, and Members. In 2024, CBO published about 1,100 cost estimates for legislation and devoted significant resources to analyzing the Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 (Public Law 118-159); the Consolidated Appropriations Act, 2024 (P.L. 118-42); the Further Consolidated Appropriations Act, 2024 (P.L. 118-47); and H.R. 8467, the Farm, Food, and National Security Act of 2024. For those bills and many others, the agency also fulfilled thousands of requests for technical assistance. In addition, CBO prepared dozens of reports, many at the request of Chairs or Ranking Members of Congressional committees.

CBO will provide many estimates and a large amount of technical assistance to the 119th Congress as lawmakers consider significant legislative initiatives. With additional resources, the agency could provide even more. Under a continuing resolution in 2025, CBO would maintain its staffing at 270 employees and focus on the highest priority current needs, including preparing cost estimates, providing technical assistance as the Congress crafts legislation, and analyzing the economic and dynamic budgetary effects of proposed policies. To take that approach, CBO would reduce expenditures elsewhere, by deferring hiring for some positions and deferring some activities, including not undertaking some longer-term improvements in its IT infrastructure.

If CBO received its full funding request for fiscal year 2025 of $73.5 million, the agency would continue growing to meet the needs of the Congress—aiming to have a staff numbering 285 people. But because filling positions would take time, getting to that full complement might not be feasible in fiscal year 2025.

The fiscal year 2026 request would allow CBO to grow to the 285 employees envisioned in the budget for fiscal year 2025. That number would allow the agency to better meet its responsibilities under the Congressional Budget Act. The request also would allow for IT enhancements, including some currently on hold while CBO is operating under a continuing resolution.

Of the 15 additional staff members CBO would hire in 2026:
- 9 would improve CBO’s capabilities to provide timely analysis of changes to health care programs, border security, credit programs (like student loans), and the U.S. population (particularly because of changes in immigration) and of dynamic policy effects (that is, determining how changes in fiscal policies would affect the economy and how those economic changes would, in turn, affect the federal budget);
- 2 would enhance CBO’s responsiveness in producing cost estimates and providing technical assistance in the legislative process;
- 1 would be an addition to the agency’s editing staff to enhance the readability and accessibility of CBO’s materials;
- 1 would provide increased legal assistance;
- 1 would enhance CBO’s IT security; and
- 1 would boost outreach to Congressional staff and the press.
CBO plans to use expert consultants more than it has in the past—enabling the agency to shift to the Congress’s key areas of focus more easily and to be more nimble in conducting facility management, work in IT, and financial management.

MIL OSI USA News –
February 4, 2025
MIL-OSI: Ingersoll Rand Continues Momentum on Inorganic Growth in 2025
Source: GlobeNewswire (MIL-OSI)
- Acquisition extends company’s capabilities in wastewater treatment, a key high-growth, sustainable end market
- Enables Ingersoll Rand to provide more comprehensive wastewater treatment solutions, allowing for greater energy efficiency and increased productivity for customers
- Creates opportunities to accelerate topline growth through access to municipal markets
- Attractive purchase multiple of approximately 10x 2024E Adjusted EBITDA
DAVIDSON, N.C., Feb. 03, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, has acquired SSI Aeration, Inc. and its subsidiaries (collectively “SSI”) to extend its capabilities in wastewater treatment.

SSI is a global leader in the design and manufacturing of wastewater treatment plant equipment with approximately $30 million in annual revenue. Its product portfolio is focused on innovative and energy-efficient engineered membrane diffusers including fine bubble diffusers, coarse bubble diffusers, and aeration systems. The acquisition will enable Ingersoll Rand to combine several technologies like low pressure compressors with SSI’s aeration offerings to provide a comprehensive, end-to-end solution. With manufacturing facilities in the United States, South Korea, and India, SSI will join the Industrial Technologies and Services segment (IT&S).

“Inorganic growth remains a key part of our company’s overall growth strategy in 2025,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “We look at potential acquisitions through the lens of how they will help us optimize our solutions, and we look forward to growing our presence in the wastewater treatment market with the addition of SSI.”

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Contacts:

Investor Relations:
Matthew.Fort@irco.com

Media:
Sara.Hassell@irco.com

The MIL Network –
February 4, 2025
MIL-OSI: Heritage Commerce Corp and Heritage Bank of Commerce Announce Appointment of Janisha Sabnani as General Counsel

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (NASDAQ: HTBK) (“Company”), parent company of Heritage Bank of Commerce (“Bank”), today announced the appointment of Janisha Sabnani as Executive Vice President and General Counsel of the Company and the Bank. As General Counsel, Ms. Sabnani will report directly to Chief Executive Officer (“CEO”) Robertson “Clay” Jones and will have primary responsibility for advising executive management, directors, and business unit executives on all legal and regulatory matters. With over fifteen years’ experience in financial services and private practice, Ms. Sabnani brings a wealth of knowledge and expertise to our team.

“We are fortunate to have Janisha join us. Her diverse experience includes advising on public company reporting, capital markets activities, corporate governance, bank products, mergers and acquisitions, bank investments, regulatory matters, and compliance,” said CEO Clay Jones. “She is a great addition to our leadership team, and I believe that she will be instrumental in our future success.”

Prior to joining Heritage Bank of Commerce, Ms. Sabnani held a progression of roles at First Republic Bank, culminating as Senior Vice President, Deputy General Counsel & Assistant Secretary. Ms. Sabnani also spent several years in private practice as a corporate attorney at Skadden, Arps, Slate, Meagher & Flom, LLP. She also served in a variety of advisory and board roles in Northern California, including with The BASIC Fund and Martha Stoumen Wines. Ms. Sabnani holds a J.D. from the New York University School of Law, an M.B.A. from the New York University Leonard Stern School of Business, and a B.A. in Political Science and Mass Communications from the University of California, Berkeley.

Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.

Member FDIC

For additional information, contact:
Debbie Reuter
EVP, Corporate Secretary
Direct: (408) 494-4542
Debbie.Reuter@herbank.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/13889ac9-8482-4f87-9f86-a6a06b4dfe58

The MIL Network –

February 4, 2025
MIL-OSI: Farouq Tuweiq to Succeed Daniel Bernstein as CEO of Bel Fuse Inc. in May 2025

Source: GlobeNewswire (MIL-OSI)

WEST ORANGE, N.J., Feb. 03, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Bel Fuse Inc. (Nasdaq: BELFA and BELFB) (“Bel” or the “Company”) today announced an upcoming transition in the Chief Executive Officer position at Bel. After 24 years as Bel’s Chief Executive Officer and 46 total years of service at the Company, Daniel Bernstein will step down as President and CEO effective immediately following Bel’s 2025 Annual Meeting of Shareholders, currently scheduled for May 27, 2025. Bernstein will transition to the role of Non-Executive Chairman of the Board of Directors on that same date.

As part of the leadership change, Bel’s Board of Directors has appointed Farouq Tuweiq to serve as the Company’s next President and CEO, effective immediately following Bel’s 2025 Annual Meeting of Shareholders. Tuweiq will vacate his current role as Chief Financial Officer on that same date, with the Board having initiated a search process to identify a successor CFO for the Company. The Board of Directors has also approved the expansion of Bel’s Board to ten directors and appointed Tuweiq as a director on Bel’s Board, with such expansion and appointment to be effective on the date of Bel’s annual shareholder meeting scheduled for May 27, 2025.

Bernstein’s distinguished career defined by growth and diversification

Under Dan Bernstein’s leadership since 2001, the Company completed 19 acquisitions, growing sales from less than $100 million to over $600 million. In building upon the solid customer relationships, brand reputation and quality products that his father, Elliot Bernstein (Bel’s founder) developed during his tenure, Dan’s strategy has been to grow and diversify Bel, from each of a product, end market and geographic perspective. This transformation of products developed and end markets served has provided Bel with a strong foundation which has served the Company well during challenging times over the years. Most recently, Dan has been engaged in preparing Bel for its next chapter through his partnership with Farouq. Over the past two years, Bel has reached record levels of profitability and a stock price valuation not previously seen in Bel’s 76-year history.

“It’s been an honor to serve as Bel’s CEO over the past two decades and to witness the many accomplishments and new milestones reached together as a global team. With our celebration of 75 years in business now complete, the time is right for a transition to the next generation of Bel leadership. I have a deep sense of pride and gratitude for Bel and our dedicated group of associates around the world who have made Bel’s growth and success possible. I look forward to my new role as Chairman of Bel’s Board of Directors and supporting Farouq in any manner he feels advisable,” said Bernstein.

Farouq Tuweiq, Chief Financial Officer, to become new CEO

On May 27, 2025, Tuweiq will become Bel’s President and CEO. Tuweiq joined Bel in 2021 as the Company’s Chief Financial Officer. During the past four years, he has been instrumental in transforming Bel’s corporate strategy and financial discipline which have been strong drivers in leading to Bel’s record performance. From his start, Tuweiq has been a strategic partner with Bernstein and the executive team, capitalizing on the solid foundation of Bel’s quality products and customer base that Bernstein has built over the years.

“I could not be more proud of the executive team’s collective achievements over these past four years,” said Daniel Bernstein. “Farouq has brought a new perspective and a high level of accountability to the management of the Company. As my father passed the reins to me in 2001, I am now honored to be the one passing the torch to the next generation. Having seen Farouq’s and the executive team’s drive for excellence and their success in motivating the global team to work together in transforming Bel financially, I could not be more excited for the future of Bel under Farouq’s leadership.”

“I am humbled and honored to accept the role of President and CEO,” Tuweiq said. “It has been a pleasure working alongside Dan for the past four years. It is clear the deep values that have been instilled in the Company from the early days of his father and I appreciate the trust that is being placed in me to continue the Bernstein legacy. I want to pay a special thank you to Dan for his partnership and mentorship over these past few years. It was this teamwork and mutual desire for change that led to Bel’s transformation and success. I’m confident that with our talented associates around the world, we will continue the momentum that Dan has created during his tenure.”

Peter Gilbert, Lead Director of Bel’s Board, commented, “On behalf of the Board of Directors, we want to express our deepest gratitude for Dan’s years of dedicated leadership and service to the Company and we are delighted to have him assume the role as Chairman of the Board of Directors. We also wish Farouq continued success in his new role and are excited to work closely with him as he continues to apply his vision, skills and passion in guiding the Company to cross new milestones and achieve new heights.”

Bel Fuse Inc.
300 Executive Drive
Suite 300
West Orange, NJ 07052
www.belfuse.com
tel 201.432.0463

The MIL Network –

February 4, 2025
MIL-OSI Global: Musk’s inauguration salute is not the only apparent fascist signal from Trump’s administration

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

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

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

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

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

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

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

In plain sight

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

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

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

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

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

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

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

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

Coded messages

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

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

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

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

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

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

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

Signaling fascism

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

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

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

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

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

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

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

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

MIL OSI – Global Reports –

February 4, 2025
MIL-OSI United Nations: Press Conference by Security Council President on Programme of Work for February

Source: United Nations General Assembly and Security Council

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI United Nations News –

February 4, 2025
MIL-OSI Canada: Government of Yukon releases draft flood hazard maps for Old Crow

Government of Yukon releases draft flood hazard maps for Old Crow
jlutz
February 3, 2025 – 12:38 pm

The Government of Yukon is releasing draft flood hazard maps for Old Crow and is inviting the public to provide feedback on the models. These maps are part of an ongoing effort to better understand and manage flood risks in Yukon communities and to help guide future planning and development.

The draft maps are now available for review. Residents and stakeholders in Old Crow are encouraged to participate in the public engagement process, which will be open for comments between February 3 and March 3, 2025. This process includes opportunities to review the draft maps online and attend in-person meetings with Government of Yukon officials to ask questions and provide feedback.

The draft flood hazard maps have been developed by the Government of Yukon in collaboration with local experts and community representatives, using the best available data and models to predict flood risks. The maps will assist with decision making related to land use, infrastructure development, emergency preparedness and climate adaptation strategies.

MIL OSI Canada News –

February 4, 2025
MIL-OSI Canada: Premier Pillai condemns Trump administration tariffs on Canada and announces first phase of Yukon’s response as part of Team Canada
Premier Pillai condemns Trump administration tariffs on Canada and announces first phase of Yukon’s response as part of Team Canada
mnicks
February 2, 2025 – 3:13 pm
Premier Pillai has issued the following statement:

“Yesterday I had the opportunity to meet with the Prime Minister and fellow Premiers from across the country to discuss our response to the Trump administration’s harmful tariffs on Canada.

“We are united in standing up for Canada and Canadians against this blatant attack on our country, our economy and our sovereignty.

“The Trump administration’s tariffs on Canada are irresponsible and will harm people and businesses on both sides of the border. They will make life more expensive for everyone, especially Americans, as the increased costs of importing Canadian goods get passed on to American consumers.

“Canadians will stand together, and we will fight back.

“One way we can all fight back is by buying local and supporting Canadian businesses. I urge Yukoners to spend money in Canada, vacation in Canada, and look for Canadian-made alternatives to U.S.-made products and services.

“I encourage local retailers to consider how they can feature Canadian-made products to help customers identify Canadian-made goods.

“The Government of Yukon will also do our part. Effective today, the Yukon government will:
- Direct the Yukon Liquor Corporation to stop purchasing beer, wine and spirits from the U.S. Private licensees may continue to sell products they already have in stock, but, moving forward, the Yukon Liquor Corporation will stop placing new orders of U.S.-made alcohol.
- Begin reviewing territorial government procurement policies to exclude U.S. companies and minimize the purchase of U.S. goods and services, wherever possible.
“This is the first phase of our response.

“These are significant actions, and we do not take them lightly.

“This is a time for Canadians to stand together. On behalf of Yukoners, I’m proud to stand with Team Canada against the Trump administration’s attack on our country, our sovereignty and our livelihoods.”
MIL OSI Canada News –
February 4, 2025
MIL-OSI New Zealand: Serious crash closes section of SH3 at Inglewood
Source: New Zealand Transport Agency

4 February 2025 8:40 am | NZ Transport Agency Waka Kotahi

A stretch of State Highway 3 at Inglewood has been closed following a crash this morning.

The road is closed around the intersection with Durham Road.

Emergency services are on site and detours in place.

Please avoid travel through the area if possible. Follow the detour directions of crews at the intersection.

Please allow for extra time and drive carefully and to the conditions.

Keep up to date with the NZ Transport Agency Waka Kotahi Journey Planner.

Journey Planner(external link)
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MIL OSI New Zealand News –
February 4, 2025
MIL-OSI New Zealand: Travelling to Waitangi – drive safe, plan ahead
Source: New Zealand Transport Agency

NZ Transport Agency Waka Kotahi (NZTA) is asking people to plan ahead, with record numbers expected on roads across Auckland and Northland this week as people head north for Waitangi Day.

NZTA Northland Journey Manager Kingston Brands says planning and patience are the key this Waitangi holiday.

“We know it’s going to be busy, especially around Paihia and Waitangi, but if people plan ahead and keep a cool head we can make sure everyone gets where they’re going safely.”

To help keep everyone moving, NZTA has updated its popular Holiday Journeys traffic prediction tool. The tool shows predicted traffic flow across popular journeys in Auckland, Northland and further afield, based on previous year’s travel patterns.

Waitangi

A local road closure has been in place since yesterday (Monday 3 February) and will continue to Thursday 6 February (Waitangi Day) at the SH11 roundabout exit to Te Karuwha Parade in Paihia, restricting traffic to Waitangi.

Those travelling from south of Kawakawa are advised to take State Highway 1 to Pakaraka, SH10 to Puketona, then turn right on to SH11 towards Haruru Falls.

This route provides easy access to multiple FREE parking sites at Haruru. Parking will be signposted and regular shuttle buses will be running between parking locations and Waitangi.

Those leaving Waitangi are encouraged to do so via Kawakawa, rather than Haruru Falls, to avoid congestion.

“We know that congestion and delays can be frustrating, but the most important thing is that everyone gets to their destination safely.

“Take extra care when travelling for Waitangi Day due to increased traffic volumes, congestion, tiredness and people driving in unfamiliar environments.

“Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or the volume of traffic on the roads. Stick to the speed limit, leave plenty of space, belt up, drive sober and take plenty of breaks.

“Because predicted travel times can change based on traffic incidents, weather or driver behaviour, people should visit the NZTA Journey Planner website for real-time travel information, traffic cameras, and updates on delays, roadworks and road closures before they travel,” says Mr Brands.

Journey Planner(external link)

“Kia harikoa te rā o Waitangi!”

Tips for safe driving
- Check your car is in good “health” before you head off. Check your tyre pressure and tread, windscreen wipers, indicators and lights.
- Take extra care when travelling in holiday periods because of increased traffic volumes, congestion, tiredness and people driving in unfamiliar environments.
- Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or amount of traffic.
- Avoid fatigue. Take regular breaks to stay alert.
- Keep a safe following distance from vehicles in front so you can stop safely.
- Be patient – overtaking is unlikely to make a significant difference to your journey time due to the amount of traffic expected over the weekend.
- Allow plenty of time. Remember you are on holiday, so there’s no need to rush.
MIL OSI New Zealand News –
February 4, 2025
MIL-OSI USA: ICE operations during week of Jan. 27

Source: US Immigration and Customs Enforcement

February 3, 2025Washington, DC, United StatesEnforcement and Removal

WASHINGTON, D.C. — U.S. Immigration and Customs Enforcement conducted enhanced enforcement operations in Chicago and New York this week with routine daily enforcement occurring around the country, including in Baltimore and Houston. This part of the agency’s effort to arrest criminal aliens with no legal basis to remain in the U.S. Immigration enforcement operations include federal law enforcement partners from FBI, DEA, ATF, CBP and the U.S. Marshals Service in a whole-of-government approach.

Track quarterly ICE arrest, detention and removal statistics

Call 866-DHS-2-ICE (866-347-2423) or fill out ICE’s online tip form to report crimes and suspicious activity.

Access B-roll and images of ICE’s most current arrests and removals on ICE’s DVIDS page and ICE’s Flickr Photostream. Get breaking news, public safety information and more by following ICE on X at @ICEgov. You can also follow ICE on Facebook and follow ICE on Instagram for updates and more.

MIL OSI USA News –

February 4, 2025
MIL-OSI Australia: $41 million in payroll tax-free wages claimed under Bulk-Billing Support Initiative, supporting primary healthcare

Source: New South Wales Premiere

Published: 4 February 2025

Released by: Minister for Finance, Minister for Health

Bulk-billing GPs have claimed more than $41 million in payroll tax-free wages under the Minns Labor Government’s Bulk-Billing Support Initiative in the first three months.

This allows GP clinics to keep offering bulk-billed appointments and ensure primary healthcare is affordable and available to families and households across NSW.

Between 4 September 2024 and 31 December 2024 clinics claimed a rebate on $41,575,708 of GP wages, resulting in a $2,244,205 payroll tax rebate.

GP clinics in metropolitan Sydney have claimed 55 per cent of the payroll tax rebate, while clinics in the rest of the state have claimed the remaining 45 per cent.

Under the $189 million initiative, the NSW Government established an ongoing payroll tax rebate for clinics employing contractor GPs which meet bulk-billing thresholds. It also waived $104 million of historical payroll tax liabilities which began accruing under the previous Liberal-National Government.

Before creating the Bulk-Billing Support Initiative, medical peak bodies warned that without action on the historical tax liabilities GP clinics would close and that half of clinics were prepared to pass on a $20 fee to patients to cover their tax obligations.

The eligibility threshold for the payroll tax rebate – 80% in metropolitan Sydney and 70% in other areas of NSW – was designed to support current bulk-billing levels, provide accessible and affordable primary healthcare, and relieve pressure on the state’s emergency departments.

The Bulk-Billing Support Initiative is the first time the NSW government has intervened to support bulk-billing. It is designed to relieve pressure on emergency departments, with NSW Health estimating that a 1 per cent decrease in bulk-billing equates to around 3,000 additional emergency presentations.

Revenue NSW expects more clinics to register throughout the year, and claim part of their annual return at the end of the 2024-25 financial year.

The Bulk-Billing Support Initiative’s tax rebate covers GP appointments which are bulk-billed to patients covered by Medicare or veterans with a Gold, White or Orange DVA card.

Quotes attributable to Minister for Health Ryan Park:

“The lack of access and availability of bulk-billing GPs is taking an enormous toll on our hospitals.

“This initiative is critical to alleviating pressure on our emergency departments.”

Quotes attributable to Minister for Finance Courtney Houssos:

“This is the first time the NSW Government has made a strategic investment to support bulk-billing rates.

“By relieving cost pressures on GP clinics, they can keep bulk-billed appointments available and accessible to patients.

“This is an important step as we roll out the Bulk-Billing Support Initiative and shows the government is delivering important cost-of-living relief to families and households across NSW.

“It’s encouraging to see clinics begin to take up the Bulk-Billing Support Initiative. As we progress through the year we expect to see more clinics claiming the rebate and the benefits flowing to patients and their families.”

MIL OSI News –

February 4, 2025

Category: KB

The Stop Arming Cartels Act would stem the “iron river” of firearms trafficking enabled by weak American gun laws

In plain sight

Coded messages

Signaling fascism

Tags

Waitangi

Tips for safe driving