The national award-winning Derby City Lab will soon have a new home in the redeveloped Derby Market Hall, following an announcement made at Marketing Derby’s Annual Business Event.
The new move will see the City Lab continue its role as a hub for community engagement and innovation from the Market Hall which is due to open in spring this year after undergoing a major transformation.
Derby City Lab was created in 2022 and was based in St James’s St at the heart of the city’s regeneration frontline and in 2024, it moved to a new location in the Derbion shopping centre.
The Lab is a hub for engaging the community in better understanding the evolution of the city. Visitors can find out about how the city centre is changing, explore the City Living Room which showcases Derby’s 300-year history of innovation, and view a range of exhibitions focused on ideas to regenerate Derby, including the University of Derby’s futuristic Derby Urban Sustainable Transition (DUST) vision.
Nadine Peatfield, Leader of Derby City Council, said:
Derby City Lab has been integral in helping citizens and stakeholders to understand and shape the city centre’s transformation. I’m delighted to see that it will be moving into Derby Market Hall. It is central to our regeneration plans – reimagining our city centre with culture at its heart and making a better-connected, sustainable city for the future.
Derby City Lab will continue to provide a space where residents and visitors can learn more about the city centre’s ongoing regeneration and share their views on future plans. We are committed to engaging with residents in innovative ways and the Lab plays a big part in that. I am so excited for the opening of Derby Market Hall and am thrilled to welcome Derby City Lab to their new home.
John Forkin, Managing Director of Marketing Derby said:
The Derby City Lab is a unique innovation in the UK – a genuine attempt to engage local people in the shaping of their city. Last week, we welcomed our 15,000th visitor and are excited to become part of the rediscovery of the wonderful Derby Market Hall.
Derby Market Hall redevelopment is a £31.5m project part funded with £9.43m from the Government’s Future High Street Fund (FHSF). It is in the second phase of the transformation, focusing on refurbishing the interior and developing the public space outside at Osnabruck Square.
Located at the heart of the city centre, linking Derbion and St Peter’s Quarter with the Cathedral Quarter and Becketwell, the new Market Hall will play a key role in widening the diversity of the city centre and will generate £3.64m for the local economy every year.
Based on concepts in Shanghai and Amsterdam, the Derby City Lab is an initiative of Marketing Derby, the Queen’s Award-winning inward investment agency for Derby together with partners including Clowes Developments, the Derbion, Lathams, the University of Derby and Derby City Council. The Lab won the Estates Gazette award as the Best Public-Private Partnership in the UK.
The Government is proposing to donate m/86 (AT4) anti-tank weapons to Moldova within the framework of the additional amending budget that contains the 18th military support package to Ukraine.
In light of Russia’s full-scale invasion of Ukraine, Moldova finds itself in a very vulnerable position, due to its geographical proximity to Ukraine and Russia’s repeated influence campaigns against the country. Moldova is in great need of assistance, including military support. It is in Sweden’s foreign and security policy interests to assist Moldova as a matter of urgency.
Supporting Ukraine further and increasing engagement with other countries in the EU’s Eastern partnership, such as Moldova, are important parts of Sweden’s policy to constrain Russia’s influence, freedom of action and ability to do harm.
The Government is therefore proposing to donate anti-tank weapons worth a maximum of SEK 13 000 000 to Moldova, within the framework of the additional amending budget that contains the 18th military support package to Ukraine.
The Swedish Government is presenting its largest military support package to Ukraine to date, valued at SEK 13.5 billion. This package will also strengthen Ukraine’s long-range capability. Sweden aims to donate about 1 billion SEK towards making Ukraine able to produce long-distance missiles and drones. It also includes a doubling of the previous 16 donated Combat Boat 90s (CB 90) and anti-tank weapons, as well as investments to support Ukraine’s defence industry.
With this eighteenth support package, Sweden has provided a total of SEK 61.9 billion in military support to Ukraine since Russia’s full-scale invasion began nearly three years ago.
The package is divided into eight components, the largest of which consists of various procurements of new materiel – primarily from the Swedish and other European defence industries – for the purpose of donation to Ukraine.
The package, worth SEK 13.5 billion in total, contains the following components:
Procurement for donations worth approximately SEK 5.9 billion. – This means that the Defence Materiel Administration, tasked by the Government, procures equipment from the Swedish and foreign defence industries to the Ukrainian Armed Forces.
Financial donations worth approximately SEK 2.8 billion. – This means that Sweden is supporting Ukraine through donations to various funds for procurement of military equipment and ammunition, e.g. through capability coalitions. Another example is procurement cooperation between Sweden and Denmark. Sweden aims to donate 1 billion SEK towards Ukrainian production of long-range missiles and long-distance drones.
Donations of materiel from the Swedish Armed Forces, with corresponding replacement purchases, valued at approximately SEK 3.3 billion. This includes: – 146 trucks; – 16 Combat Boat 90s; (A doubling from the previous 16 donated CB 90s) – 23 weapon stations for marine use; – 1 million units of 12.7 mm ammunition; – 1 500 TOW anti-tank missiles; – 200 anti-tank weapons, including training materiel; – infantry equipment for individual soldiers and unit equipment; and – chemical, biological, radiological and nuclear (CBRN) personal protective equipment.
Services via the Swedish Defence Research Agency and Swedish Defence University, valued at approximately SEK 180 million. – The Defence Research Agency will continue its efforts to develop a corresponding agency in Ukraine. – The Defence University is tasked with implementing an education programme for Ukrainian pupils in Ukraine.
Training valued at SEK 650 million. – Funding to the Swedish Armed Forces’ support to a number of training initiatives throughout 2025, such as Interflex, which conducts basic training for Ukrainian soldiers.
Supply solutions valued at SEK 400 million. – This includes various types of maintenance measures for the Swedish materiel that has been donated.
More about the eighteenth support package
Sweden’s military support to Ukraine is always based on Ukraine’s needs and priorities. Ongoing bilateral communication and multilateral collaboration in the capability coalitions provide this knowledge.
The ability to support Ukraine with newly produced materiel that can be delivered quickly is a significant tool to supplement donations of materiel from the Swedish Armed Forces war organisation. At the same time as Ukrainian units receive the materiel that they need, Ukrainian, Swedish and European supply security is also strengthened.
WINNEBAGO, Ill., Jan. 30, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX:FGFH) reported net income $12.66 million for the year ended December 31, 2024, a $1.89 million decrease compared to the $14.55 million reported for 2023. Diluted Earnings per Share (EPS) decreased 12% to $3.59 compared to $4.08 the prior year. The results for 2024 produced a Return on Average Equity of 8.66% and Return on Average Assets (ROAA) of 0.79%. The net income in comparison to the prior year was largely the result of an increase in operating expenses.
Net income for the fourth quarter of 2024 equaled $2.49 million, a $4.24 million decrease from the $6.73 million reported in the fourth quarter of 2023. The decrease was primarily due to a $4.04 million increase in the provision for loans losses, reflecting a $3.37 million negative provision in the fourth quarter of 2023. Diluted earnings per share for the fourth quarter of 2024 was $0.69 compared to $1.83 for the fourth quarter of 2023.
Net interest income for the full year 2024 decreased by $283 thousand to $48.99 million as compared to $49.27 million the year before. The net interest margin on a fully taxable equivalent basis decreased nine basis points to 3.25% compared to 3.34% in 2023. The inverted yield curve, which persisted throughout 2024, continued to drive up deposit costs, with limited opportunities to increase yields on earning assets, which are typically priced off of longer-term points of the yield curve.
The provision for loan losses for 2024 of $1.05 million was $54 thousand less than the prior year provision of $1.10 million. Foresight’s asset quality remains strong. Non-performing assets of the Company as of December 31, 2024, was $28.41 million compared to $24.33 million the previous quarter and $16.05 million at the end of 2023.
Noninterest income for the full year 2024 was $7.25 million, a $393 thousand decrease from $7.64 million the year before. The decrease from 2023 was primarily the result of a $438 thousand negative fair value adjustment to the Company’s Originated Mortgage Servicing Rights, which are carried at fair value.
Operating expenses for 2024 totaled $38.96 million, a $2.27 million, or 6.2%, increase over $36.69 million in 2023. The increase in operating expenses was largely driven by an increase in salary and employee benefits related to the addition of the Rockford based banking team as announced earlier in 2024, additional staffing to support our expanded treasury management services initiative, data processing fees related to our digital platform conversion, as well as legal and consulting fees related to our charter consolidation project which is expected to be fully implemented by Q4 2025.
Foresight’s balance sheet experienced modest growth during 2024. Total loans grew by $31.57 million, or 3%, to $1.12 billion at December 31, 2024 compared to $1.08 billion at the end of the previous year. Total deposits increased by $43.15 million, or 3.2%, to $1.40 billion at the end of 2024 compared to $1.36 billion at the end of 2023.
Foresight CEO Peter Q. Morrison stated “2024 was a year of exciting changes for the organization including the addition of the Rockford banking team as well as the announcement of the charter consolidation initiative. We anticipate the legal consolidation to occur in the second quarter of 2025 followed by the conversions to a single data processing platform to be layered in between August and October of 2025. When fully implemented, the consolidation will provide significant savings via the reduction of duplicative operational expenses and well as efficiencies gained by operating under one functional banking platform rather than six, all of which are expected to be accretive to shareholder return.”
The closing price for the Company’s stock was $32.92, as of close of business January 27, 2025. Book value per share of the Company’s common stock increased by $2.51 to $42.59 as of December 31, 2024 compared to $40.08 as of December 31, 2023. The book value per share of common stock, excluding Accumulated Other Comprehensive Income was $51.83 at December 31, 2024 compared to $49.38 at the end of 2023.
About Foresight Financial
Foresight Financial is a multi-bank holding company located in Northern Illinois, its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, Foresight Bank in Pecatonica (fka German American State Bank), Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.
Forward-Looking Statements
When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.
BOSTON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced the acquisition of Comprehensive Benefits, Inc. and Gabrielson Insurance & Financial Services, both located in the Greater Detroit area. The joint acquisition preserves an established working relationship between the two partner companies, providing increased capabilities for the clients of two established specialists. Terms of the deal were not disclosed.
Founded in 1989 and based in Southfield, Michigan, Comprehensive Benefits offers a full range of employee benefits services for both fully insured and self-funded programs for organizations. Its offerings and capabilities include medical coverage, large group benefit planning, personal life insurance, and long-term care solutions.
“This acquisition represents a unique opportunity to bring in an existing business partnership and add real specialty talent to our practice,” said John Greenbaum, National Employee Benefits Practice Leader, Risk Strategies. “These are organizations that have built success based on deep, specialized expertise. I’m excited to welcome them to the team at Risk Strategies.”
Gabrielson Insurance & Financial Services has a complementary focus, offering services in its employee benefits work similar in scope to Comprehensive Benefits. Gabrielson Insurance client organizations are also similar in size, scope and industry to those of Comprehensive Benefits, and there are synergies among the players.
“Joining Risk Strategies is the right move for our organizations, our people, and our clients,” said Mike Embry, President, Comprehensive Benefits, Inc.
Embry is an industry veteran with over 35 years of specialty experience helping clients develop and manage employee benefits programs. He has held several industry leadership positions in Michigan, including President of the Michigan Association of Health Underwriters (AHU) and President of Metro Detroit AHU. In 2018, Embry also served as President of the National Association of Health Underwriters Board of Trustees.
“We saw this as a great opportunity to formally bring our organizations together under the umbrella of a specialty organization with the capabilities to open new possibilities for our clients and people,” added Phil Gabrielson, Founder, Gabrielson Insurance & Financial Services.
“It’s great to have Mike and Phil and their teams aboard as we build out our footprint and benefits expertise in Michigan and the upper Midwest,” said Steve Giannone, Central Region Leader, Risk Strategies. “In today’s employee benefits world, clients are demanding deep expertise to help them make effective choices that deliver for employees and business goals.”
In February of 2024, Risk Strategies grew its presence in Michigan with the purchase of the Ralph C. Wilson Agency Inc. With the addition of Comprehensive Benefits and Gabrielson, Risk Strategies creates new opportunities for clients of both acquired organizations to leverage 30 specialty practices, and broad expertise and capabilities, while preserving the personalized service on which they’ve come to rely.
Risk Strategies, part of Accession Risk Management Group, is a North American specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services, and financial & wealth solutions. The 9th largest U.S. privately held broker, we advise businesses and personal clients, have access to all major insurance markets, and 30+ specialty industry and product line practices and experts in 200+ offices – Atlanta, Boston, Charlotte, Chicago, Dallas, Grand Cayman, Kansas City, Los Angeles, Miami, Montreal, Nashville, New York City, Philadelphia, San Francisco, Toronto, and Washington, DC. RiskStrategies.com.
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 30 JANUARY 2025 AT 16.30 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE
The Board of Directors of Oma Savings Bank Plc has reorganised
On 30 January 2025, the Board of Directors of Oma Savings Bank Plc (OmaSp or the Company) has reorganised in terms of the Vice Chairperson and the Committees.
The Board of Directors has elected Carl Pettersson as Vice Chairman of the Board.
In addition to the Audit and Remuneration Committees, the Board of Directors decided to establish a Risk Committee. In appointing the members of the Committees, the Board has taken into account the expertise and experience required for the duties. The Board of Directors has elected the following members from among its members to the Committees:
Remuneration Committee Jaakko Ossa, Chairman Carl Pettersson Juhana Brotherus Aki Jaskari
Risk Committee Irma Gillberg-Hjelt, Chairman Aki Jaskari Juha Volotinen
Audit Committee Carl Pettersson, Chairman Kati Riikonen Jaana Sandström
Oma Savings Bank Plc
Additional information: Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi
DISTRIBUTION Nasdaq Helsinki Ltd Major media www.omasp.fi
OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
Source: United Kingdom – Executive Government & Departments
The Environment Agency, Norfolk Rivers Trust and Water Resources East joined forces on a project along a section of the River Yare.
Credit: Josh Jaggard
The £282,000 project creates a healthier, more dynamic and resilient river and floodplain habitat along the River Yare. The River Yare is one of only 210 chalk streams worldwide: making it an incredibly rare and precious habitat.
Most chalk streams are in southern England—including 58 in East Anglia alone.
The Environment Agency provided a third of the funding, with additional funding support from the Norfolk Water Strategy Programme (NWSP) along with in-kind donations.
NWSP is hosted by Water Resources East in partnership with Norfolk County Council, Anglian Water and The Nature Conservancy with support from WWF and Finish partnership.
The project involved creating a 651-metre meandering river channel and reconnecting the River Yare to its lowland floodplain meadow.
This reconnection will restore natural processes, enhance river habitats; resilience by slowing water flow, and promote sediment deposition on the floodplain during floods; improving water quality.
Furthermore, a mosaic of new wetland habitats, including 6 scrapes and 2 ponds covering an area of 10,696 m2, has been created.
Boost for habitat quality
These features will enhance water storage during high flows, thus providing natural flood management and increased groundwater infiltration.
These changes to the river flows will boost habitat quality and complexity, benefitting species like water voles, insects, breeding wader birds, reptiles and marginal plants.
Amy Prendergast, Catchment Delivery Manager for the Environment Agency, said:
Restoring biodiversity in partnership projects like this is incredibly important to protecting the South Norfolk landscape.
The team worked hard to bring this high-quality design, which was bespoke to the site, to life with climate change adaptations in mind. We look forward to working closely with partners again in future.
Donna Dean, NRT’s River Restoration Team Leader, said:
We faced several challenges completing this project, including two very wet periods. Despite this, it’s been incredibly rewarding to see the wetlands come to life as they fill with water.
Restoring meandering rivers and re-wetting landscapes is a major win for both wildlife and river health. After the recent rainfall, the floodplain is functioning naturally, storing water and reducing peak flows downstream.
Already, the site is being visited by a variety of bird species, including snipe, little egrets, oyster catchers and sandpipers.
Hannah Gray, Water Resources East’s (WRE) Programme Manager for Nature-Based Solutions, said:
WRE were thrilled to bring additional funding partners together to deliver water security and biodiversity improvements in the Yare catchment.
As one of the first pilot projects in our Norfolk Water Strategy Programme, the River Yare restoration scheme has provided valuable insights for our growing portfolio of nature-based solutions investments.
Source: United Kingdom – Executive Government & Departments
Over a third of women giving birth got the new RSV vaccine in September, protecting newborns from severe illness.
The new maternal Respiratory Syncytial Virus (RSV) vaccine rolled out in September saw more than 1 in 3 women giving birth take up the offer during the first month, giving vital protection to newborns from the first day of life against what can be a severe and life-threatening illness.
With women delivering in September having a relatively short window to take up the offer, the data shows the new maternal RSV programme got off to a positive start in its first month of introduction. Further coverage data for October births, with pregnant women having had a longer window in which to get vaccinated, will be published in a month’s time.
The most recent week-to-week data from the NHS in England shows that over 140,000 pregnant women have now been vaccinated since the programme launched in September.
Pregnant women should be offered their RSV vaccine around the time of the 28-week antenatal appointment. Anyone who hasn’t heard by this stage should contact their maternity service or GP practice to make an appointment to ensure they don’t leave their newborn vulnerable to the virus.
The data shows considerable variability in uptake by ethnic group ranging from 11% in women of mixed white and black Caribbean ethnicity to over 50% in white Irish and Chinese ethnic groups.
RSV accounts for around 30,000 hospitalisations of children under 5 in the UK every year, and tragically causes 20 to 30 infant deaths.
Despite infecting around 90% of children within the first 2 years of life, RSV is not something that many people are aware of. It typically causes mild, cold-like symptoms. However, it can lead to severe lung infections like pneumonia and infant bronchiolitis and is a leading cause of infant mortality globally.
Having the vaccine during every pregnancy is the best way to protect your baby against RSV, as the vaccine boosts your immune system to produce more antibodies against the virus, and these then pass through the placenta to help protect your baby from the day they are born.
To highlight the important protection provided by the RSV vaccine offered in pregnancy, UKHSA has produced new materials for pregnant women. These resources help to explain the impact of RSV infection and how by getting the RSV vaccine in pregnancy, women help protect their babies in the first few months of life when they are most at risk. The resources also act as a visual reminder to get vaccinated.
Dr Conall Watson, Consultant Epidemiologist, UKHSA, said:
The RSV vaccine offers a vital opportunity for any mums-to-be to protect their babies from severe RSV lung infection and it’s encouraging to see the RSV programme getting off to such a positive start with over a third of women who gave birth in September having had the vaccine.
Every year in the UK around 30,000 under 5s are hospitalised, and tragically RSV causes 20 to 30 infant deaths. That is why every pregnant woman is eligible to get vaccinated as soon as they reach 28 weeks – providing protection for their newborn against RSV in the vulnerable early months of life.
Steve Russell, NHS England National Director for Vaccinations and Screening, said:
Thanks to the hard work of NHS staff, 140,000 pregnant women have had the RSV vaccine since we began offering it in September, with vaccination and maternity teams across the country raising awareness and making it as easy as possible for those eligible to get the life-saving jab.
With higher numbers of RSV cases circulating this winter is it vital you get protected if eligible – so please come forward and speak with your GP about getting your jab today.
Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Konstantin Kolodin
On February 3, candidate of architecture, artist, sculptor, associate professor of the department of architectural environment design at SPbGASU, head of the architectural workshop Konstantin Kolodin will open his personal exhibition at our university.
The exhibition is only a small part of his works. It is impossible to display all the results of almost half a century of creativity within the framework of one exhibition. But what is presented will allow visitors to get acquainted with the unique style of the author, the various facets of his talent, to feel his worldview and, at the same time, to look at familiar things with different eyes.
We talk with the master about his works, about creativity, which has long since crossed the borders of Russia and found recognition in the USA, Israel, and England.
– Konstantin Ivanovich, how did it all begin?
– I was born in Buryatia. My creative biography began in childhood. In the fifth grade I organized a puppet theater, wrote scripts myself, made puppet characters with my friends, glued decorations, involved classmates in productions. We went on tour with performances to neighboring villages. We hired a man with a horse…
A year later, we won the regional amateur art competition with “Koshkin Dom”. The second place went to the choir of the Kamensk Asbestos-Cement Plant! And this was a strong team under the leadership of qualified specialists, and the plant did not skimp on costumes and musical instruments. We were awarded a two-week excursion to Moscow.
In the seventh grade, when we were already living with our parents in Biysk, I completed my first concept: I made an architectural model for the reconstruction of the city block where our school was located. It all started when a chemistry teacher who often held theme nights approached me. For them, I drew huge posters with various chemical reactions on the school stage. She asked if I could come up with an idea for the reconstruction of our block. I answered: “I can!”, and I already saw what it could be like. Soon the project was presented at an exhibition of the best school works in the city community center, attracted attention and caused surprise among visitors.
– Did this determine your choice of profession?
– I don’t think so. I wanted to go to VGIK and become a director-animator. In my senior year, I sent a letter there, inquiring about the admission rules. They told me that I needed at least a year of experience as an assistant director. There was only one theater in our city. I went there and with youthful maximalism asked: “Can you hire me as an assistant director?” They told me that I first needed to graduate from the institute and get a diploma…
I have always drawn and made sculptures, so I decided to enroll in the architecture department of the Novosibirsk Civil Engineering Institute. I arrived with a backpack full of sculptures. It turned out that the application period had ended. They still asked me to show my works to a commission of specialists from all departments. When I took them out of my backpack, they asked me to leave the office. I heard a heated discussion outside the door. Then the deputy dean came out and told me something. Then he gave me a sharpened pencil, paper and allowed me to join the applicants who were preparing for exams in the drawing room…
– Time to think about future work?
– My studies coincided with the years of stagnation. It turned out that studying wasn’t very interesting: the emphasis was on the architecture of typical buildings. And if you imagine that you’ll have to do this all your life, it even became scary.
Shortly before the diploma defense, a delegation from the Tomsk Civil Engineering Institute came to us to select specialists for the architectural design department from among the graduates.
I was offered to go to work as a teacher. I had to answer that I had no desire to work in typical architecture. But if they help me open a sculpture studio at the institute, then I will go!
I arrived at the appointed time. I was told that there was a lecture tomorrow. How so? A lecture on sculpture? It turned out that no: it was a lecture on the subject “Introduction to the Specialty”.
Now I can’t even remember what I was telling, I just remember how I drew the Colosseum in section and perspective on the board. The students later said that they liked this lecture with explanations in the drawings…
The sculpture department was never opened. Architectural activity began.
At 22, I became the head of the workshop. In 1982, the first graduation took place, almost all of my graduates entered graduate school. Many teach, now even their children come to me.
– Can this time be called a period of new creative successes?
– Quite. Even during my architectural pre-graduation practice, I met artists and showed them my sculpture works. And I was quite surprised when I was invited to participate in an art exhibition. The exhibition committee recommended taking all my works and organizing a personal exhibition in the hall of the State Art Gallery of Novosibirsk. My hall was next to the halls that contained works by Roerich, Kuindzhi, and Repin.
It made a strong impression on me. It was scary, but also nice that my works were honored with such high attention from the organizers and appreciation of the visitors.
– Tell us about your first memorable projects.
– The first project was a Komsomol assignment. I was asked to design a ski base. And, strangely enough, it was built.
The next project also found me. It was the “Project of a village for three thousand residents for the Anzhersky chemical and pharmaceutical plant” in the Kemerovo region.
Many of my conceptual projects were initially perceived ambiguously. For example, “Reconstruction of the central part of the city of Tomsk with the construction of an inhabited bridge along both banks of the Tom River” raised the question: are there really bridges along rivers?
But it is a wonderful idea to harmoniously integrate new buildings into the urban development, which will allow to develop empty spaces, to create new symbols of the old city. In these bridges-buildings, according to the concept, there are offices, shops, restaurants, concert halls, museums, hotels. In the structure of the bridges we have integrated eco-friendly transport with free travel for passengers.
– Do you propose this idea in St. Petersburg?
– It really suits St. Petersburg. In 1990, I won a competition and was invited to the design institute “Lengrazhdanproekt” to the position of chief architect of projects in Leningrad.
Later he became deputy head of the administration for architecture and urban development of Zelenogorsk, and headed the program “Resort zone “Karelian Isthmus”” – now this is the Resort District of St. Petersburg.
An idea came to mind to develop St. Petersburg in the north-west direction with the creation of a ring road around the city. With a concept drawn on a regular sheet of paper, I came to the Committee on Urban Development and Architecture and heard: “This is not Moscow, no one will build a ring road!”
Then, regarding the development of the concept, I turned to Valery Nefedov, who was the dean of the architecture faculty at the time. He suggested bringing the issue up for discussion at the department of urban development. The department unanimously voted against the concept.
Soon I received a call from MArchI, saying that the department where I studied was being closed because it had not passed certification, and they asked me to help “pull it up” to the required level.
I agreed to transfer to the position of associate professor. The rector of MARCHI asked me: “Will you help?” I answered that I would help. “What do you want in return?” I said: “An architectural studio for students, where I would teach according to my program.” “Why do you need that?” “I want to carry out a city reconstruction project.” “Which one?” “St. Petersburg!” “Design Paris, just don’t touch Moscow!”
The department became the best after two years. I was promoted to professor. We were invited to the international exhibition “300 Years of St. Petersburg: Russia Open to the World” with the works we had done on St. Petersburg. We called the project “St. Petersburg 300 – St. Petersburg 400”. Our exhibits were appreciated by Patriarch Alexy, deputies who came to the exhibition, the city’s chief architect and Governor Vladimir Yakovlev, who was in charge of the city at the time. We visited Moscow and Berlin with the concept. The project traveled to various exhibitions for six months.
Time shows that initially misunderstood ideas are later realized. For example, the Lakhta Center was built not far from the place indicated in my concept, and the ring road is almost the same as in our concept. The Western High-Speed Diameter was also present in our model.
Our conceptual project “Street of Peace” seemed like a strange fantasy to everyone, but today a similar concept is being implemented in Saudi Arabia.
– How do you manage to stay ahead of your time?
– People often ask me: why do I do such projects? I don’t know. I just do it, and I like it. I explain it as a gift sent from above and accept it as a mission that must be fulfilled.
The list of awards, exhibitions and prizes can go on and on, but every project is dear to me.
There are still a lot of ideas, as before, but I understand that there is less and less time left.
I would be glad to open a studio if such an opportunity were provided. I am often asked, where do you store the exhibits? The question is absolutely correct. It is not always possible to preserve something valuable. It would be good if our university museum would deal with these issues.
Imagine: decades will pass, other generations will be here, and what we once did will be visible, studied, learned from, ideas picked up or improved. This is important for the common history.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Seven Queensland local governments will receive funding under the latest round of Queensland’s Flying-Fox Roost Management—Local Government Grant Program.
The councils will receive a total of $250,000 for nine separate flying-fox roost management projects.
Originally a four-year $2 million initiative ending in 2024, the grant program has been allocated an additional $1.5 million to extend it for a further three years.
Local communities are the winners with Queensland councils continuing to receive funding to reduce nuisance from flying-fox roosts and for projects helping residents and businesses co-exist with flying-foxes.
Originally a four-year $2 million initiative, ending in 2024, the Flying-Fox Roost Management – Local Government Grant Program has received an extra $1.5 million to extend it for a further three years.
The latest round of the program will see seven Queensland councils receive a total of $250,000, for nine flying-fox roost management projects.
Department of the Environment, Tourism, Science and Innovation (DETSI) Deputy Director-General Mr Ben Klaassen said councils will use the funding for projects to prepare roost management plans, undertake roost management activities and for programs to make it easier for residents to live near flying-fox roosts.
“Flying-foxes are essential for the survival of native forests but they can also pose significant challenges for councils that have roosts in parks and reserves in urban areas,” Mr Klaassen said.
“The new funding will help councils address these challenges and reduce the nuisance impacts of flying-fox roosts on nearby communities”
DETSI is working closely with the Local Government Association of Queensland to ensure funds are targeted to the areas of greatest need.
Scenic Rim Regional Council Mayor Tom Sharp said earlier funding received through this program helped develop Council’s “Scenic Rim Flying-Fox Management Strategy 2023–2028” to reduce negative interaction between flying-foxes and residents, while acknowledging their status as protected species.
“We are delighted to receive further funding through this latest grant round which will support ‘on ground’ management action under the strategy,” Cr Sharp said.
Logan City Council: $16,120 to develop management plans for two flying-fox roosts
City of Gold Coast: $29,826 for vegetation management at two roosts and $6,540 to update Council’s ‘Statement of Management Intent’ for flying-fox roosts
Mount Isa Regional Council: $38,500 to develop a region-wide roost management plan
Sunshine Coast Regional Council: $34,397 to develop a region-wide roost management plan
Scenic Rim Council: $45,500 for roost management actions at Rathdowney and $25,550 for roost management actions at Canungra
Ipswich City Council: $16,500 to enhance a flying-fox roost at Woodend through weed management and understorey planting which will increase the heat stress resilience of the roost
Whitsunday Regional Council: $42,000 for a residents’ grant program.
The next round of the grant program will open for applications in early 2025.
Navigating grad school can feel daunting and challenging at times but having someone who can guide you and who knows how you feel is a key element to ensuring success.
The Graduate School at UConn is committed to providing this support, and to help meet these goals, they created the Network for Enriched Mentorship, or NEM. Now in its second year of operation, the current cohort includes more than 70 faculty and staff members paired with over 85 students, says Associate Dean of the Graduate School and Department of Sociology Professor Mary Bernstein. NEM is aimed at providing support to students, but a key element is that it is also aimed at training mentors.
“We are trying to create mechanisms, techniques, skills, and tools to have our faculty be as excellent as they can be, as far as their mentoring and advising with an eye to our minoritized populations, knowing that if we can make things better for this population, then it will make things better for everybody,” says Bernstein.
NEM pairs mentors with experience in navigating the obstacles of graduate school with mentees in need of support. As part of The Graduate School’s commitment to graduate student success, Associate Professor in the Department of Animal Science Mary Anne Amalaradjou and Neag School of Education Assistant Professor Chen Chen joined The Graduate School team serving as the program’s first two faculty affiliates for inclusive excellence. They have been instrumental in improving mentorship across campus, which included the creation of a mentor guide, a forthcoming mentee guide, and learning from other programs to help tailor the NEM program. In the new cycle, Associate Professor in the Department of Geography, Sustainability, Community, and Urban Studies (GSCU) Peter Chen is a new NEM program director, taking over from C. Chen.
“We look for faculty and staff from across all colleges and units to serve as mentors. We had students from different units and the other campuses who wanted to have that mentoring experience,” says Amalaradjou.
Potential mentees and mentors submit applications, and if chosen, they are paired based on various aspects, like interests, background, or other similarities,
“We purposefully match students with mentors outside of their program because this is not meant to be career advice, it is meant to be another way to provide students with support or help navigating obstacles that they encounter in their departments,” says Bernstein.
The program provides guidance on how to get the conversation started between newly matched mentors and mentees to help establish the enduring relationships that are so beneficial for graduate student success.
“Particularly for a Ph.D. student, their advisor is one of the most important and influential relationships for that student, and it’s even more significant for a student that is perhaps first-gen in graduate school, or who comes from some other type of minoritized background,” says Assistant Dean of The Graduate School Graduate Student and Postdoctoral Affairs Karen Bresciano. “We want to do our best to help faculty have the skills needed to be the best advisors and help students be the best mentees possible.”
Bresciano says a third goal of the program is to help address what is called the “hidden curriculum,” which is the knowledge about higher education that a student with family members who have already navigated the process can impart, but if you are a first-generation student, you have to learn firsthand.
Amalaradjou says that one of the NEM events they planned included support services from around campus, including Student Health and Wellness, the Ombuds Office, and the Center for International Students and Scholars, to ensure that mentees and mentors are aware of what is available.
“UConn is a big place, and we wanted to create a safe space where everyone had the opportunity to ask questions in person,” says Amalaradjou.
Evidence of NEM’s success is seen in the program’s exit survey for the first cohort, says Amalaradjou, where mentees spoke highly of the program, and mentors expressed gratitude at being able to support students. Peter Chen recalls a story he heard from one of the mentees during the most recent event in December. The mentee was struggling and his NEM mentor invited him to their family’s Thanksgiving celebration.
“That student was going through a very difficult time, academically and financially, and he really enjoyed this experience and appreciated the program.”
The program provides a space to create a sense of community. In December, all students were invited to the “NEM Happy Hour,” where they had the opportunity to meet other mentees, enjoy food, chat, and play trivia games. The event was well attended despite the cold evening after a snowy day.
“They were sharing their experiences about using the resources on campus and sharing conversations. It was a good downtime for the students before the semester ended. They were asking when the next event will be. We hope to have another one towards the end of the spring semester,” says Chen.
Beyond the physical gathering, a Slack group has been established to keep the NEM students connected across distances.
The NEM program is also a great way to hone mentoring skills since mentor training is now mandatory for new faculty at UConn.
“Mentorship is not taught, and it is very much like parenting,” says Bernstein. “You’re not really taught what works and what doesn’t, and what works for you may not work for somebody else. There are fundamental skills and ways you can align expectations to improve the mentoring experience, both for faculty and for graduate students.”
To recognize this important work, at the end of the program, the grad school sends out a letter to all mentors that is also shared with their department head and the Dean as a way of recording the commitment of time outside of other responsibilities.
“It’s important to support mentorship, which must be a university-wide commitment. It has to be acknowledged because much of faculty service isn’t rewarded or acknowledged,” says Bernstein. “There is a personal reward, but people are struggling to balance their research and their teaching and their other service obligations. We need to figure out how to improve that as a university, and we believe that this is a really important first step.”
NEM is a valuable resource in addition to others offered by The Graduate School, including a series called Grad Chat to bring together members of the graduate community to support one another with a focus on identity-based groups, says Bresciano, who spoke about a recent Grad Chat event:
“It was a feel-good event. I left feeling very encouraged that this is meeting the needs of our students. They want to be supported, to support one another, to learn from one another, and they want to meet each other and people outside of their departments. They like the idea of these conversations being open to the graduate population, focusing on different topics.”
Director of Graduate Student and Postdoctoral Support, Graduate Student and Postdoctoral Affairs Kimberly Curry mentions another new resource that was created to respond to student feedback.
“I’m a newer member of The Graduate School, and I’m learning about what we offer through The Graduate School,” Curry says. “One of those resources is the Timely Topics series for graduate students, which started last fall, and the feedback has been outstanding. We’ve talked about issues like managing or working with your advisor, how to have difficult conversations, and other topics that are pertinent to the graduate population. That’s a resource that students are plugging into and really feeling supported and heard.”
Simply knowing that such resources are available can be helpful for students, says Bernstein:
“Fostering these connections and relationships helps everyone be successful. It’s clear that our graduate students are looking for ways to connect with each other, with other faculty, and anybody who can be a point of connection for them at the university. Even just knowing that such a program exists can make someone feel not quite so alone. As a queer person who’s also first gen, I would have benefited tremendously from such a program. It would have been really nice to have someone along the give me some guidance.”
NEM is always in search of new mentors. If you want to become a mentor, please visit theNetwork for Enriched Mentorshipwebsite to learn more.
Editor’s Note:Julia Oas prepared the followingresearch brief (unabridged version)with the Center for Education Policy Analysis, Research, and Evaluation (CEPARE). The full brief examines public school staffing trends in Connecticut schoolsfor administrators, general education teachers, and special education teachers between 2010-11 and 2022-23. Below is an executive summary.
Connecticut public school districts devote considerable effort to staffing their schools. This requires meeting the needs of changing student populations, adjusting to district- and school-level requirements, and adapting to widespread socially and economically impactful events such as the COVID-19 pandemic. Districts must weigh complex factors in staffing decisions, considering skills and qualifications of each administrator, teacher, and staff member. At a more basic level, the number of personnel filling staff positions can greatly impact school districts’ quality and capabilities.
The number of personnel filling staff positions can greatly impact school districts’ quality and capabilities. — Julia Oas
This brief identifies Connecticut statewide trends between 2010-11 and 2022-23 in three educator categories: administrators, general education teachers, and special education teachers. The analysis demonstrates how many educators in each staffing category are being lost or added to overall state levels in the past 13 school years. This brief does not examine the specific certification categories of educators and their associated trends; for this information see a recent PDF report published on the state of Connecticut’s website.
Findings indicate administrator levels have risen in Connecticut public school districts, with the number of central district administrators increasing more than school administrators in the 13 years examined. General education teacher levels have dropped, though in recent years some districts seem to have devoted efforts to hiring more general education teachers. Districts in the state have increased the number of special education teachers employed, while in recent years, Connecticut Alliance school districts (33 of Connecticut’s lowest-performing school districts with at least 1,000 students) demonstrate relatively higher increases in special education teachers employed than other districts in the state. Overall, Alliance districts seem to experience notable staffing differences from all other public school districts in the state, which may significantly affect the needs of their schools and students, though these staffing decisions and funding allocations should be examined alongside these overall staffing trends.
While further analysis is needed to fully understand why staffing levels have shifted in Connecticut school districts, and how these changes affect school districts and their students, low student enrollment offers one explanation. Student enrollment has been decreasing throughout the state over the 13 years examined, with only slight increases in students enrolled following a major loss of students after the onset of the COVID-19. Shifting student enrollment trends raise questions about the relative needs of Connecticut school districts, and in particular, the implications of teacher and administrator staffing levels within the state’s current context. Reasons behind Connecticut school districts’ average growth, decline, or stagnant staffing levels remain to be fully uncovered.
CEPARE produces high-quality research, evaluation, and policy analysis that informs leaders and policymakers on a range of pressing issues, with a particular focus on enhancing social justice and equity across p-20 educational settings in Connecticut and beyond. Learn more about CEPARE, or access the PDF version of this rapid research brief (including all references and appendices), at cepare.uconn.edu.
Julia Oas
is a doctoral student in the Research Methods, Measurement and Evaluation program at UConn’s Neag School of Education. She works to bridge gaps between research, school practice, and education policy, emphasizing the reformative change required to achieve equitable and empowering school experiences for all children. Her research interests include research methods attuned to the needs of under-resourced school settings and causal inference within the field of education. In particular, she is motivated to study education policies and practices that improve the capacity of teachers to employ anti-racist, inclusive, and emotionally supportive pedagogies. Prior to her time at UConn, Oas taught for over five years in K-8 public schools as a classroom teacher and a math interventionist. She holds a BA in elementary education and sociology from the College of William and Mary, and an MS Ed. in education policy from the University of Pennsylvania.
There are a lot of factors to consider when you’re trying to build a personal brand.
What are your strengths and weaknesses?
How will you market your brand and engage with your potential audience or customers?
How can you best position yourself for success?
For students who are just starting out on their entrepreneurial journey, connecting with mentors who have built their own personal brands – experiencing the ups and downs, the highs and lows – and who are excited to share what they’ve learned along the way can make all the difference.
But finding the right mentor isn’t always easy, and students often don’t quite know how to get started.
How do you initiate these kinds of conversations?
And what are the questions that you should ask?
‘Students Are Trying to Imagine Themselves After They Graduate’
Learning how to network is a skill, according to Julie Gehring, director of mentorship and student development at UConn’s Werth Institute for Entrepreneurship and Innovation, and that skill is part of what she teaches students who sign up for NetWerx – a signature program at the Werth Institute that pairs students with alumni mentors to help cultivate those essential networking and entrepreneurial skills.
“If you learn how to network first, then you can learn how to build a relationship with somebody that leads to mentorship,” says Gehring.
Since its inception more than five years ago, NetWerx has operated with the goal of helping interested students build an entrepreneurial mindset through skills like communication, self-reliance, and adaptability. The program has worked by recruiting both current undergraduate students – typically those in their first and second years – who apply to take part and then matching them with alumni volunteers who are less than 15 years out from their own time at UConn.
For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard — Heidi Bailey
“NetWerx welcomes any student interested in expanding their network and exploring ideas, even if they aren’t directly focused on starting a business,” Gehring explains. “We help students develop valuable entrepreneurial skills—like problem-solving, collaboration, and communication—that are essential for success in any field. Many of our alumni mentors, in fact, apply these skills within their organizations as ‘intrapreneurs.’”
“Students are trying to imagine themselves after they graduate,” says Heidi Bailey, an instructor-in-residence with the UConn School of Business who teaches courses on marketing and personal brand management. “NetWerx provides students with an incredible opportunity to build a relationship with a UConn alumnus who can share career tips, such as how they got started in their career, what success looks like in their field of interest, and who else they can work with in their industry.”
A Strategic Plan for Making an Impact
Alumni mentors come from a variety of backgrounds – everything from fintech to fashion, project management to health care, marketing to engineering – and commit to meet virtually with their mentees a least two to three times. They’re given orientation and training on how to be effective mentors before they’re paired with students an matching process that’s now bolstered by the use of PeopleGrove, a platform that helps students and alumni engage with each other.
It’s been an undeniable success. NetWerx has matched hundreds of UConn student mentees with alumni mentors who have engaged with its ecosystem, with many of those connections leading to lasting relationships and some even producing employment opportunities post-graduation.
Last year alone, more than 450 students took part in NetWerx, connecting with about 200 alumni mentors.
But with that success has come a need for the program itself to continue to innovate.
“The question for us was: How can we create even more of an impact?” Gehring explains. “So, we worked on a strategic plan.”
(Adobe Stock)
And part of that plan led to NetWerx’s latest initiative: Bringing mentorship directly to students in the classroom by partnering with faculty, like Bailey, who embrace an entrepreneurial mindset.
“Julie reached out to me, and told me about NetWerx, and I thought it would be a good program for this personal brand management class,” Bailey says. “Spring 2024 was the first time we taught it in Storrs. I made NetWerx part of the participation grade –the students just had to connect two times with their mentor once they got matched, and then write a reflection about what they got out of the experience.”
Bailey utilized NetWerx for the first time that spring, and then again this past fall. About 80 students – half business majors and half from a variety of other disciplines – took part over the two semesters.
Gehring and her team visited the classes twice each semester to help guide the students through developing questions for their mentoring sessions, teaching them how to make the most of their time before meeting their alumni mentors.
“NetWerx’s initial strategy focused on integrating with courses and learning communities that had a connection to entrepreneurship, either through direct curriculum ties or by emphasizing entrepreneurial skill development,” say Gehring. “This included courses, like Heidi’s personal branding class, and learning communities, like EcoHouse with Thomas Hayes, as well as first-year experience (FYE) courses, such as Next Gen with Heather Parker. By aligning with these programs, NetWerx is able to tap into existing student interest in related topics and seamlessly introduce the benefits of mentorship within a familiar academic context.”
Open Conversations About Hard Topics
The NetWerx PeopleGrove platform then enabled the students in the class to connect with a mentor who had similar interests, and allowed Gehring and Bailey to see how those connections were going.
The response from her students was largely positive, Bailey says.
Some reported having open conversations about sometimes difficult topics, like salaries and promotions. Some were encouraged by their mentors to streamline their personal goals, to build new creative content that they hadn’t considered before – or to change gears completely.
By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. — Julie Gehring
For example, one student who’d been interested in a career in the U.S. Foreign Service learned it might actually not be the right path for them after meeting with an alumni mentor who had taken the same path.
Gaining that real-world perspective is what mentoring in general, and what NetWerx specifically, is all about, says Gehring.
“If you’re a finance major, you can talk to somebody that’s in a finance background,” she says. “And maybe that student says, you know what? I’ve gotten some perspective, and that’s not where I want to be. And so, when they figure out what they don’t want, they can continue to use our platform to find out what they do want. Let’s go talk to somebody that’s in psychology, let’s go talk to somebody in engineering, because we’ve got so many mentors who are willing to help and to take those calls.”
Opportunities That Can Change Lives
NetWerx continues to also operate as a program open to any student of any discipline, regardless of their course selections, who is interested in expanding their network or exploring an idea. The Werth Institute is holding open office hours three days a week this spring where undergraduates can drop in, learn more, and sign up.
But the program is hoping to partner with more faculty to help reach students who might otherwise not know about or consider taking part in a program like NetWerx.
From a faculty perspective, Bailey notes, successfully incorporating NetWerx into a course means building it in as a core component of the class that the faculty themselves are invested in.
“NetWerx is actively seeking partnerships with faculty who embed entrepreneurial skills into their courses to connect first and second-year students with alumni mentors,” adds Gehring. “From a co-curricular standpoint, we understand the significant time commitment involved in curriculum planning and instruction, which is why NetWerx aims to simplify the integration of mentorship into the classroom. By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. This partnership eliminates the burden of managing the screening of mentors, the matching process, and ongoing support of the mentor-mentee relationship, allowing instructors to focus on teaching while providing students with valuable mentorship experiences and expanded networks.”
And making that successful integration into the classroom, Bailey says, can be “life-changing” for the students who take full advantage of the opportunity.
“For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard,” Bailey says. “You have to have people inside who can then connect you with others.
“For just about any class, there are enough alumni who are engaged in that discipline, who would be willing to connect either one-on-one or even come into the class and speak – I think it’s extremely valuable to get that inside perspective and to have the potential to stay in touch.”
January is National Mentoring Month – for more information, visitmentoring.org.
NetWerx is always recruiting – both student mentees and alumni mentors – and individuals interested in getting involved, as well as faculty interested in learning how NetWerx might fit in with their course design, are encouraged to contact Julie Gehring atjulie.gehring@uconn.eduor Ian Bender atian.bender@uconn.edu.
For more information about all of the entrepreneurial opportunities available through the Werth Institute, visitwerth.institute.uconn.edu.
The Business Launcher simplifies the entrepreneurial journey by offering a personalized, end-to-end solution that translates users’ skills and experiences into viable business ventures
NEW YORK –Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform globally1, today announced the launch of the Business Launcher, an AI-powered tool that helps users create new business initiatives from concept to execution. The tool guides users through various steps of starting a new business, offering personalized ideas, actionable plans, and essential tools to create a website and launch a business.
Users begin by answering a few questions about their background, or by uploading their resume. The AI-powered tool then builds a comprehensive profile, based on work experience, skills, education, and interests. Additionally, users are asked about their goals—whether they’re aiming for a side hustle, exploring a new career path, or planning a full-time business—creating a foundation for generating tailored business ideas. Business ideas are then presented to the user, with a full breakdown of each idea including how it aligns with the users’ skills, the market size, keywords for SEO and how to earn money.
Once a business idea is selected, users receive a comprehensive launch kit, which includes a custom business name, a personalized website, logo creation, domain name options, and marketing tools. They are then guided to create their website using Wix’s AI Website Builder. The final step in the process transitions users to their tailored site dashboard, complete with a personalized business name and relevant apps to help manage their business efficiently. The dashboard provides the necessary tools to get the business up and running, offering a seamless experience from ideation to execution.
“We designed the Business Launcher to function like a personal business assistant, guiding users from the initial spark of an idea all the way to full business execution,” said Yaya Aaronsohn, Head of Brand Maker and Business Launcher at Wix. “By combining users’ work experience and interests with Wix’s extensive market research, the Business Launcher offers personalized ideas supported by detailed market analysis, SEO strategies, and revenue planning. It equips users with everything they need, from a custom website to marketing tools, ensuring they can confidently launch their business.”
The Business Launcher is available in English, with free access and optional premium upgrades for features like domain names and logos. Learn more about the Business Launcher here.
About Wix.com Ltd.
Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.
For more about Wix, please visit our Press Room Media Relations Contact: PR@wix.com
1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.
DUNKIRK, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors of its parent mutual holding company, Lake Shore, MHC, has adopted a Plan of Conversion and Reorganization pursuant to which Lake Shore, MHC will undertake a “second step” conversion from the mutual holding company structure to the stock holding company structure. In connection with the second step conversion, the Bank intends to seek regulatory approval to convert its charter to a New York-chartered commercial bank.
Lake Shore, MHC currently owns approximately 63.4% of the outstanding shares of common stock of the Company which it acquired in connection with the reorganization of the Bank into the mutual holding company structure and the related initial public offering by the Company in 2006.
As a result of the proposed transaction, a new stock holding company for the Bank (the “New Bank Holding Company”), which will succeed the Company, and will offer for sale shares of its common stock, representing Lake Shore, MHC’s ownership interest in the Company, to depositors of the Bank in a subscription offering and, if necessary, a community offering and/or a syndicated community offering. Eligible account holders of the Bank as of the close of business on December 31, 2023 have first priority non-transferable subscription rights to subscribe for shares of common stock of the New Bank Holding Company. The total number of shares of common stock of the New Bank Holding Company to be issued in the proposed stock offering will be based on the aggregate pro forma market value of the common stock of the New Bank Holding Company, as determined by an independent appraisal. In addition, each share of common stock of the Company owned by persons other than Lake Shore, MHC (the “minority shareholders”) will be converted into and become the right to receive a number of shares of common stock of the New Bank Holding Company pursuant to an exchange ratio established at the completion of the proposed transaction. The exchange ratio is designed to preserve in the New Bank Holding Company the same aggregate percentage ownership interest that the minority shareholders will have in the Company immediately before the completion of the proposed transaction, exclusive of the purchase of any additional shares of common stock of the New Bank Holding Company by minority shareholders in the stock offering and the effect of cash received in lieu of issuance of fractional shares of common stock of the New Bank Holding Company, and adjusted to reflect certain assets held by Lake Shore, MHC.
The proposed transaction is expected to be completed in the third quarter of 2025, subject to regulatory approval, approval by the members of Lake Shore, MHC (i.e., depositors of the Bank), and approval by the shareholders of the Company, including by a separate vote of approval by the Company’s minority shareholders. Detailed information regarding the proposed transaction, including the stock offering, will be sent to shareholders of the Company and members of Lake Shore, MHC following regulatory approval.
About Lake Shore
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.
Safe-Harbor
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required regulatory, shareholder and member approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all,compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.
Important Additional Information and Where to Find It
Lake Shore Bancorp, Inc. will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that will include a proxy statement of the Company and a prospectus of Lake Shore Bancorp, Inc., as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THESE DOCUMENTS BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Lake Shore Bancorp, Inc., 31 East Fourth Street, Dunkirk, New York 14048, Attention: Taylor M. Gilden, or by calling (716) 366-4070 ext. 1065.
Participants in the Solicitation
The Company and its directors and its executive officers may be deemed to be participants in the solicitation of proxies with respect of the proposed transaction. Information regarding the Company’s directors and executive officers is available in its definitive proxy statement for its 2024 Annual Meeting of Shareholders, filed with the SEC on April 11, 2024. Other information regarding the participants in the proxy solicitation will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.
This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.
Source: Lake Shore Bancorp, Inc. Category: Financial
Investor Relations/Media Contact Taylor M. Gilden Chief Financial Officer and Treasurer Lake Shore Bancorp, Inc. 31 East Fourth Street Dunkirk, New York 14048 (716) 366-4070 ext. 1065
HERNDON, Va., Jan. 30, 2025 (GLOBE NEWSWIRE) — SMX®, a leader in next-generation mission support, digital transformation, and IT solutions, announced today that it has been awarded the General Services Administration (GSA) One Acquisition Solution for Integrated Services+ (OASIS+) Unrestricted Indefinite Delivery, Indefinite Quantity (IDIQ) Contract. This Government-wide, multi-agency contract program is designed to provide innovative and flexible solutions for the most complex professional services requirements.
On track to be designed as a Best-in-Class (BIC) contract acquisition vehicle, OASIS+ spans eight domains, with SMX securing contracts in five to include: Enterprise Solutions, Technical & Engineering, Intel Services, Management & Advisory and Logistics. Notably, SMX is among only 29 companies to earn an award in the Enterprise Solutions Domain, demonstrating their ability to deliver integrated solutions to support Government agencies’ critical missions.
“This award underscores SMX’s expertise and commitment to continued delivery of tailored, mission-critical solutions,” said Laura Braksator, SMX Chief Growth Officer. “We are honored to be awarded a contract vehicle that empowers Government agencies with the flexibility to address their most complex professional services needs across a range of disciplines.”
The OASIS+ contract enables Government agencies to acquire total integrated solutions that span multiple disciplines, include ancillary support, and meet both commercial and non-commercial needs. With a variety of contracting options—ranging from fixed price to cost reimbursement and time and materials—this contract offers unparalleled adaptability to meet mission-specific requirements on a global scale.
About SMX
SMX is a leader in next-generation cloud, C6ISR, and advanced engineering and IT solutions operating in close proximity to clients across the U.S. and around the globe. SMX delivers scalable and secure solutions combined with the mission expertise needed to accelerate outcomes for the Department of Defense, Intelligence Community, Public Sector, Fortune 1000 and other public and private sector clients. For more information on our services, please visit https://www.smxtech.com/.
NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended December 31, 2024. Fourth quarter net income attributable to common shareholders was $4.99 million, or $1.74 per diluted share, compared to $4.23 million, or $1.46 per diluted share, for the same quarter in 2023.
For the year ended December 31, 2024, net income increased by 5% to $18.4 million from $17.5 million in 2023. For the year ended December 31, 2024, earnings per diluted share rose to $6.34 from $6.02, an increase of 5% from 2023.
“Truxton grew earnings again in 2024, despite the headwinds of mostly one-time expenses related to our technology and physical office upgrades,” said Truxton Chairman Tom Stumb. “Net Interest Income grew 7% and Wealth revenue increased 17% year-over-year, and we believe we are positioned well for 2025. Truxton continues to succeed as we drive successful outcomes for our clients through our dedication to service and sophisticated, sage advice.”
Key Highlights
Non-interest income was $5.7 million in the fourth quarter of 2024, which was $173 thousand higher than the third quarter of 2024 and $1.4 million over the fourth quarter of 2023. Excluding gains and losses on the sale of securities, Wealth revenue constituted 90% of non-interest income in the fourth quarter of 2024, compared to 95% for the third quarter of 2024 and to 94% for fourth quarter of 2023. Other non-interest income was elevated due to a large non-recurring payment from an SBIC fund in which we are invested.
Non-interest expense was $230 thousand lower in the fourth quarter of 2024 compared to the third, driven largely by the timing of certain expense accruals and a refund of some costs related to our bank technology upgrade recognized in the third quarter.
Loans increased 1% to $670 million at quarter end compared to $665 million at September 30, 2024, and were up 2% compared to $658 million at December 31, 2023.
Total deposits decreased by 3% from $889 million at September 30, 2024, to $866 million at December 31, 2024, and were 11% higher in comparison to $782 million at December 31, 2023. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology.
Asset quality remains sound at Truxton. The Bank had $11 thousand of non-performing assets at December 31, 2024. Truxton had $4 thousand in charge-offs in the fourth quarter of 2024, $9 thousand in the trailing quarter, and $8 thousand of recoveries in the fourth quarter of 2023.
Net interest margin for the fourth quarter of 2024 was 2.79%, an increase of 10 basis points from the 2.69% experienced in the quarter ended September 30, 2024, and an increase of 1 basis point from the 2.78% recorded in the quarter ended December 31, 2023. Cost of funds was 3.08% in the fourth quarter of 2024, down from 3.48% in the third quarter of 2024, and 3.15% in the fourth quarter of 2023.
Allowance for credit losses, excluding that for unfunded commitments, was $6.4 million at quarter end December 31, 2024, compared to $6.4 million at September 30, 2024, and $6.3 million at December 31, 2023. For those three periods, such allowance amounts were each 0.96% of gross loans outstanding at each period end. For the same three periods, the Bank’s allowance for unfunded commitments was $483 thousand, $409 thousand, and $412 thousand, respectively.
The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.63% at December 31, 2024, compared to 10.46% at September 30, 2024, and 10.53% at December 31, 2023. Book value per common share was $34.42, $33.30, and $30.31 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
During the twelve months ended December 31, 2024, Truxton Corporation paid dividends of $2.72 per common share, inclusive of a $1.00 special cash dividend, and repurchased 62,382 shares of its common stock for $4.2 million in the aggregate, or an average price of $66.97 per share.
About Truxton Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
Investor Relations
Media Relations
Austin Branstetter
Swan Burrus
615-250-0783
615-250-0773
austin.branstetter@truxtontrust.com
swan.burrus@truxtontrust.com
Truxton Corporation
Consolidated Balance Sheets
(000’s)
(Unaudited)
December 31, 2024*
September 30, 2024*
December 31, 2023*
ASSETS
Cash and due from financial institutions
$
4,225
$
5,499
$
4,272
Interest bearing deposits in other financial institutions
25,698
24,678
3,417
Federal funds sold
4,054
4,816
1,537
Cash and cash equivalents
33,977
34,993
9,226
Time deposits in other financial institutions
245
245
490
Securities available for sale
258,322
295,905
259,926
Gross loans, excluding Paycheck Protection Program
669,962
664,630
657,811
Allowance for credit losses
(6,433
)
(6,358
)
(6,304
)
Paycheck Protection Program Loans
20
27
29
Net loans
663,549
658,299
651,536
Bank owned life insurance
16,722
16,602
10,808
Restricted equity securities
2,272
2,261
1,858
Premises and equipment, net
3,293
3,328
189
Accrued interest receivable
4,567
4,954
4,388
Deferred tax asset, net
5,257
4,649
6,010
Other assets
15,577
14,017
10,839
Total assets
$
1,003,781
$
1,035,253
$
955,270
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Non-interest bearing
$
126,016
$
116,149
$
123,918
Interest bearing
$
740,406
$
772,612
$
658,061
Total deposits
866,422
888,761
781,979
Federal funds purchased
–
–
–
Swap counterparty cash collateral
4,230
1,890
4,060
Federal Home Loan Bank advances
8,250
13,250
4,500
Federal Reserve Bank Term Funding Program advances
–
10,000
53,800
Subordinated debt
14,426
14,401
14,327
Other liabilities
11,747
11,405
8,922
Total liabilities
905,075
939,707
867,588
SHAREHOLDERS’ EQUITY
Common stock, $0.10 par value
$
286
$
285
$
289
Additional paid-in capital
28,945
28,729
31,457
Retained earnings
61,316
62,548
51,679
Accumulated other comprehensive income (loss)
(10,252
)
(9,434
)
(13,279
)
Net Income
$
18,411
$
13,418
$
17,536
Total shareholders’ equity
98,706
95,546
87,682
Total liabilities and shareholders’ equity
$
1,003,781
$
1,035,253
$
955,270
*The information is preliminary, unaudited and based on company data available at the time of presentation.
Truxton Corporation
Consolidated Statements of Net Income
(000’s)
(Unaudited)
Three Months Ended
Year To Date
December 31, 2024*
September 30, 2024*
December 31, 2023*
December 31, 2024*
December 31, 2023*
Non-interest income
Wealth management services
$
5,242
$
5,267
$
4,435
$
20,597
$
17,657
Service charges on deposit accounts
85
92
111
360
461
Securities gains (losses), net
(122
)
0
(445
)
(335
)
(386
)
Bank owned life insurance income
124
90
56
333
216
Other
391
98
115
1,164
524
Total non-interest income
5,720
5,547
4,272
22,119
18,472
Interest income
Loans, including fees
$
10,354
$
10,654
$
10,495
$
41,721
$
37,804
Taxable securities
3,039
3,361
2,554
11,932
9,350
Tax-exempt securities
217
222
210
834
876
Interest bearing deposits
348
488
198
1,475
695
Federal funds sold
75
113
41
288
101
Total interest income
14,033
14,838
13,498
56,250
48,826
Interest expense
Deposits
6,798
7,667
6,048
27,854
20,881
Short-term borrowings
90
260
685
1,294
2,154
Long-term borrowings
85
51
23
164
490
Subordinated debentures
188
188
187
752
771
Total interest expense
7,161
8,166
6,943
30,064
24,296
Net interest income
6,872
6,672
6,555
26,186
24,530
Provision for credit losses
145
105
215
217
296
Net interest income after provision for loan losses
6,727
6,567
6,340
25,969
24,234
Total revenue, net
12,447
12,114
10,612
48,088
42,706
Non interest expense
Salaries and employee benefits
4,635
4,044
3,563
16,652
14,810
Occupancy
326
315
272
1,578
1,185
Furniture and equipment
107
115
24
300
76
Data processing
282
625
389
1,763
1,703
Wealth management processing fees
195
221
166
838
729
Advertising and public relations
96
27
109
206
248
Professional services
247
609
285
1,337
941
FDIC insurance assessments
33
80
225
423
460
Other
291
406
322
2,024
901
Total non interest expense
6,212
6,442
5,355
25,121
21,053
Income before income taxes
6,235
5,672
5,257
22,967
21,653
Income tax expense
1,242
1,102
1,028
4,556
4,117
Net income
$
4,993
$
4,570
$
4,229
$
18,411
$
17,536
Earnings per share:
Basic
$
1.74
$
1.58
$
1.46
$
6.35
$
6.04
Diluted
$
1.74
$
1.57
$
1.46
$
6.34
$
6.02
*The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.
Truxton Corporation
Selected Quarterly Financial data
At Or For The Three Months Ended
(000’s)
(Unaudited)
December 31, 2024*
September 30, 2024*
December 31, 2023*
Per Common Share Data
Net income attributable to common shareholders, per share
Basic
$1.74
$1.58
$1.46
Diluted
$1.74
$1.57
$1.46
Book value per common share
$34.42
$33.30
$30.31
Tangible book value per common share
$34.42
$33.30
$30.31
Basic weighted average common shares
2,787,805
2,819,035
2,821,846
Diluted weighted average common shares
2,792,363
2,823,728
2,828,274
Common shares outstanding at period end
2,867,850
2,869,015
2,893,064
Selected Balance Sheet Data
Tangible common equity (TCE) ratio
9.83%
9.23%
9.18%
Average Loans
$667,957
$652,624
$653,804
Average earning assets (1)
$998,861
$1,006,370
$956,793
Average total assets
$1,025,415
$1,029,802
$960,852
Average shareholders’ equity
$97,026
$94,225
$81,759
Selected Asset Quality Measures
Nonaccrual loans
$0
$0
$0
90+ days past due still accruing
$11
$11
$0
Total nonperforming loans
$11
$11
$0
Total nonperforming assets
$11
$11
$0
Net charge offs (recoveries)
$4
$9
($8)
Nonperforming loans to assets
0.00%
0.00%
0.00%
Nonperforming assets to total assets
0.00%
0.00%
0.00%
Nonperforming assets to total loans and other real estate
0.00%
0.00%
0.00%
Allowance for credit losses to total loans
0.96%
0.96%
0.96%
Net charge offs to average loans
0.00%
0.00%
0.00%
Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage
10.63%
10.46%
10.53%
Common equity tier 1
15.19%
15.17%
14.58%
Total risk-based capital
16.15%
16.11%
15.53%
Selected Performance Ratios
Efficiency ratio
48.45%
52.72%
47.07%
Return on average assets (ROA)
1.94%
1.77%
1.75%
Return on average shareholders’ equity (ROE)
20.47%
19.29%
20.52%
Return on average tangible common equity (ROTCE)
20.47%
19.29%
20.52%
Net interest margin
2.79%
2.69%
2.78%
*The information is preliminary, unaudited and based on company data available at the time of presentation.
(1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities.
Truxton Corporation
Yield Tables
For The Periods Indicated
(000’s)
(Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:
Three Months Ended
Three Months Ended
Three Months Ended
December 31, 2024*
September 30, 2024*
December 31, 2023*
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Earning Assets
Loans
$667,957
6.08
$10,215
$652,624
6.41
$10,520
$653,804
6.18
$10,183
Loan fees
$0
0.09
$146
$0
0.08
$134
$0
0.19
$312
Loans with fees
667,957
6.17
$10,361
652,624
6.49
$10,654
$653,804
6.37
$10,495
Mortgage loans held for sale
$0
0.00
$0
$0
0.00
$0
$0
0.00
$0
Federal funds sold
$6,232
4.71
$75
$8,367
5.28
$113
$2,985
5.41
$41
Deposits with banks
$28,570
4.85
$348
$35,784
5.43
$488
$14,240
5.51
$198
Investment securities – taxable
$260,605
4.66
$3,039
$273,488
4.92
$3,361
$248,778
4.11
$2,554
Investment securities – tax-exempt
$35,497
3.65
$217
$36,107
3.67
$222
$36,986
3.39
$210
Total Earning Assets
$998,861
5.64
$14,040
$1,006,370
5.92
$14,838
$956,793
5.65
$13,498
Non interest earning assets
Allowance for loan losses
(6,359)
(6,224)
(6,123)
Cash and due from banks
$5,985
$6,529
$5,402
Premises and equipment
$3,305
$3,370
$119
Accrued interest receivable
$3,721
$3,746
$3,575
Other real estate
$0
$0
$0
Other assets
$36,453
$34,150
$30,404
Unrealized gain (loss) on inv. securities
(16,551)
(18,139)
(29,318)
Total Assets
$1,025,415
$1,029,802
$960,852
Interest bearing liabilities
Interest bearing demand
$329,625
3.26
$2,703
$333,177
3.60
$3,018
$345,966
3.42
$2,984
Savings and money market
$200,257
2.83
$1,427
$195,751
3.60
$1,773
$138,244
2.95
$1,027
Time deposits – retail
$13,170
3.39
$112
$13,505
3.40
$115
$16,343
3.18
$131
Time deposits – wholesale
$228,144
4.46
$2,556
$226,673
4.85
$2,761
$165,756
4.56
$1,906
Total interest bearing deposits
$771,196
3.51
$6,798
$769,106
3.97
$7,667
$666,309
3.6
$6,048
Federal Home Loan Bank advances
$9,554
3.48
$85
$5,728
3.50
$51
$4,500
1.98
$23
Subordinated debt
$14,520
5.08
$188
$14,656
4.53
$188
$14,422
5.08
$187
Other borrowings
$12,369
4.04
$90
$24,011
4.22
$259
$60,859
4.39
$685
Total borrowed funds
$36,443
3.90
$363
$44,395
4.40
$499
$79,781
4.39
$895
Total interest bearing liabilities
$807,639
3.52
$7,161
$813,501
3.99
$8,166
$746,090
3.69
$6,943
Net interest rate spread
2.12
$6,879
1.93
$6,672
1.96
$6,555
Non-interest bearing deposits
$115,593
$118,216
$126,534
Other liabilities
$5,157
$3,860
$6,469
Shareholder’s equity
$97,026
$94,225
$81,759
Total Liabilities and Shareholder’s Equity
$1,025,415
$1,029,802
$960,852
Cost of funds
3.08
3.48
3.15
Net interest margin
2.79
2.69
2.78
*The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.
Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
Truxton Corporation
Yield Tables
For The Periods Indicated
(000’s)
(Unaudited)
The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:
Twelve Months Ended
Twelve Months Ended
December 31, 2024*
December 31, 2023*
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Earning Assets
Loans
$658,226
6.28
$41,328
$635,059
5.85
$37,150
Loan fees
$0
0.08
$504
$0
0.10
$654
Loans with fees
$658,226
6.36
$41,832
$635,059
5.95
$37,804
Mortgage loans held for sale
$0
0.00
$0
$0
0.00
$0
Federal funds sold
$5,592
5.08
$289
$1,907
5.21
$101
Deposits with banks
$27,967
5.27
$1,475
$13,711
5.07
$695
Investment securities – taxable
$259,313
4.6
$11,931
$247,483
3.78
$9,350
Investment securities – tax-exempt
$34,867
3.57
$834
$38,410
3.40
$876
Total Earning Assets
$985,965
5.76
$56,361
$936,570
5.26
$48,826
Non interest earning assets
Allowance for loan losses
(6,299)
(6,087)
Cash and due from banks
$6,161
5,960
Premises and equipment
$2,662
$154
Accrued interest receivable
$3,730
$3,271
Other real estate
$0
$0
Other assets
$33,513
$29,175
Unrealized gain (loss) on inv. securities
(19,553)
(26,891)
Total Assets
$1,006,179
$942,152
Interest bearing liabilities
Interest bearing demand
$333,322
3.5
$11,681
$351,956
3.20
$11,247
Savings and Money Market
$183,557
3.33
$6,121
$134,518
2.50
$3,368
Time deposits – Retail
$14,275
3.41
$486
$17,168
2.53
$435
Time Deposits – Wholesale
$207,457
4.61
$9,566
$143,922
4.05
$5,832
Total interest bearing deposits
$738,611
3.77
$27,854
$647,564
3.22
$20,882
Federal home Loan Bank advances
$5,476
2.95
$164
$12,355
3.91
$490
Subordinated debt
$14,565
5.08
$752
$14,831
5.12
$771
Other borrowings
$31,032
4.41
$1,294
$47,985
4.42
$2,153
Total borrowed funds
$51,073
4.26
$2,210
$75,171
4.48
$3,414
Total interest bearing liabilities
$789,685
3.80
$30,064
$722,735
3.36
$24,296
Net interest rate spread
1.95
$26,297
1.90
$24,530
Non-interest bearing deposits
$119,150
$135,909
Other liabilities
$4,424
$4,810
Shareholder’s equity
$92,920
$78,619
Total Liabilities and Shareholder’s Equity
$1,006,179
$942,073
Cost of funds
3.30
2.82
Net interest margin
2.71
2.67
*The information is preliminary, unaudited and based on company data available at the time of presentation.
Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
LOS ALAMITOS, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the technology company behind MARKET.live and Go Fund Yourself!, is thrilled to announce that the highly anticipated premiere episode of Go Fund Yourself! airs tonight at 7 PM ET on Cheddar TV. Viewers can watch the episode live by visiting Cheddar.com or tuning in through Cheddar TV’s cable and streaming networks.
To mark this exciting milestone, VERB is hosting an exclusive, invite-only launch party for select industry leaders, investors, and media representatives. This private event will celebrate the show’s debut and the revolutionary impact Go Fund Yourself! is set to make in the crowdfunding and startup landscape.
Innovating Crowdfunding on Prime-Time Television
Airing in a prime-time weekly slot every Thursday at 7 PM ET, Go Fund Yourself! brings an innovative, interactive approach to startup funding. Entrepreneurs pitch their businesses to a panel of Titans, competing for investment and audience engagement. The show’s technology allows viewers to invest in featured companies in real-time by tapping, clicking, or scanning on-screen icons, creating an unprecedented bridge between startups and investors.
Titans Leading the Way
The Show’s expert panel includes:
David Meltzer – Chairman of the Napoleon Hill Institute and Former CEO of Leigh Steinberg Sports & Entertainment
Jayson Waller – Thought leader, CEO of multiple multi-million-dollar companies, and host of the popular Unleashed Podcast
Rory J. Cutaia – Founder and CEO of VERB Technology, creator of Go Fund Yourself!, and disruptor behind MARKET.live
Rotating celebrity guest Titans from the worlds of business, sports, and entertainment
Unmatched Visibility for Entrepreneurs
With Cheddar’s expansive digital and social reach, Go Fund Yourself! ensures startups receive unparalleled exposure. Each episode will be broadcast three times per week, with a season-ending marathon maximizing visibility for participating companies. The series will also be heavily promoted across Cheddar’s social and digital platforms to further amplify its reach.
“Tonight, we make history,” said Rory J. Cutaia, CEO of VERB and creator of Go Fund Yourself!. “This show is a total game-changer—not just for entrepreneurs, but for everyday people who now have direct access to investment opportunities traditionally reserved for insiders. We’re beyond excited to bring this groundbreaking format to millions of viewers on Cheddar TV.”
Apply to Be Featured on ‘Go Fund Yourself!’
Are you an entrepreneur or business owner looking to be featured on Go Fund Yourself!? Apply today and discover how the show can propel your funding journey to new heights.
Follow MARKET.live on social media for exclusive content:
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About Cheddar TV
Cheddar is a leading digital-first news and entertainment network known for its dynamic and engaging content targeting millennial and Gen Z audiences. Available across cable, streaming, and digital platforms, Cheddar offers unparalleled distribution opportunities for innovative programming like Go Fund Yourself!.
About VERB Technology Company
Verb Technology Company, Inc. (Nasdaq: VERB) is an industry leader in interactive video-based social commerce. Its flagship platform, MARKET.live, is a premier multi-vendor livestream shopping destination where brands, retailers, creators, and influencers engage customers across social media channels. Go Fund Yourself! combines a revolutionary interactive TV show with MARKET.live’s commerce-driven backend, enabling real-time investments and product sales via shoppable on-screen icons. VERB is headquartered in Las Vegas, NV, with full-service production studios in Los Alamitos, CA.
Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially. Readers should not place undue reliance on forward-looking statements. Please refer to VERB’s filings with the SEC for a complete discussion of risks and uncertainties.
PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media GroupNews Commentary – Due to the expanding consumption of illicit drugs & alcohol across the globe the Drug Screening market is poised to grow substantially in the coming years. Drug abuse and alcohol consumption are growing worldwide. According to the World Drug Report 2023, in 2021, 1 in every 17 people aged 15–64 in the world had used a drug in the past 12 months. The number of users grew from 240 million in 2011 to 296 million in 2021 or 5.8% of the global population aged 15-64. This is a 23% increase, partly due to population growth. Other drugs like Cannabis the second most used drug, with an estimated 219 million users i.e. 4.3% of the global adult population in 2021. In 2021, according to the US Department of Transportation, National Highway Traffic Safety Administration (NHTSA), 13,384 people died in alcohol-impaired driving crashes, i.e. a 14% rise from last year. A report from MarketsAndMarkets projected that: “The global drug screening market, valued at US$7.7 billion in 2023, is forecasted to grow at a robust CAGR of 16.6%, reaching US$9.1 billion in 2024 and an impressive US$19.5 billion by 2029.North America dominates the drug screening market. This market is projected to reach USD 9.3 billion by 2029, at a CAGR of 16.4% during the forecast period. The expanding consumption of illicit drugs & alcohol will advance raise the development of drug screening products & services on the road, thereby driving the overall market growth.” Active companies in news today include: Intelligent Bio Solutions Inc. (NASDAQ: INBS), Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO), bioAffinity Technologies, Inc. (NASDAQ: BIAF), Trinity Biotech plc (NASDAQ: TRIB), SOBR Safe, Inc. (NASDAQ: SOBR).
The MarketsAndMarkets report said: “The growth of the drug screening market is driven by the growing drug & alcohol consumption and the enforcement of stringent laws mandating drug & alcohol testing. Rising regulatory approvals for new product & service launches would offer lucrative growth opportunities for market players in the coming years. The APAC market is projected to register the highest growth in the forecast period due to growing illicit consumption of drugs, the developing healthcare infrastructure, and the rising adoption of stringent regulatory guidelines for drug testing.”
Intelligent Bio Solutions Inc. (NASDAQ: INBS)Adds Quantum TM to 400+ Account Portfolio Utilizing Breakthrough Fingerprint Drug Testing– Intelligent Bio Solutions Inc. (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, announced that Quantum Traffic Management (“Quantum TM”), a leading UK-based traffic management provider, has adopted INBS’ Intelligent Fingerprinting Drug Testing Solution across its 10 nationwide sites to increase workplace testing efficiency and safety.
With over 30 years of industry experience, Quantum TM operates across the utilities, highways, rail, local authority, and events sectors. Previously, Quantum TM relied on saliva and urine testing through external occupational health providers; however, the delays and inefficiencies associated with these methods prompted the company to explore a quicker and more hygienic alternative. INBS’ fingerprint sweat-based system enables Quantum TM to conduct on-the-spot drug screening in-house, facilitating rapid decision-making and improved operational efficiency.
“The Intelligent Fingerprinting Drug Testing Solution provides us with greater control when it comes to drug testing. Having previously faced delays with our former saliva and urine drug testing methods, we needed to find an effective solution that we could manage in-house and increase our testing productivity,” said Scott Powell, Managing Director at Quantum TM. “Intelligent Bio Solutions’ technology enables us to do this, and we have already improved our testing efficiency with rapid, non-invasive screening.” CONTINUED…Read this entire press release for INBS at:https://ibs.inc/news-and-media/
In Additional News This Week, Intelligent Bio Solutions Inc. (NASDAQ: INBS)Partners with IVY Diagnostics to Expand in Europe’s $3.6 Billion Drug Screening Market and in Middle Eastern Regions– Intelligent Bio Solutions Inc. also announced the strengthening of its foothold throughout Europe and the Middle East through its partnership with IVY Diagnostics Srl (“IVY Diagnostics”). As a key distributor, IVY Diagnostics is playing an integral role in expanding the adoption of INBS’ Intelligent Fingerprinting Drug Testing Solution across Europe and the Middle East, with a particular focus on drug rehabilitation and law enforcement applications.
According to Grand View Research, the European and Middle Eastern drug screening markets are projected to grow significantly by 2030, with Europe expected to reach $3.6 billion and the Middle East and Africa $432.7 million. This growing demand emphasizes the strategic importance of INBS’ partnership with IVY Diagnostics.
IVY Diagnostics, a well-known consulting and distribution company within the diagnostics, life sciences and pharmaceutical sectors, has collaborated with another Italian distributor to secure a tender to provide INBS’ drug screening technology for drug rehabilitation programs across Italy. The solution offers a non-invasive, rapid, and hygienic method for drug screening, which has been well received by rehabilitation centers aiming to enhance their testing protocols. In addition to its success in rehabilitation services, INBS’ drug screening system is currently undergoing a trial with the local police force in Turin. The trial aims to explore the effectiveness of fingerprint-based drug testing in roadside screening initiatives, offering a more efficient, less invasive alternative to the traditional methods currently used.
As the demand for drug screening solutions rises across Europe and the Middle East, INBS’ collaboration with IVY Diagnostics positions the Company to effectively capture new opportunities. IVY Diagnostics serves as INBS’ primary contact in Europe, leveraging its extensive network of distributors and expertise in identifying and vetting new partners across key regions, including Romania, Hungary, Slovakia, Austria, and Scandinavia. The collaboration extends to the Middle East, targeting markets such as the UAE, Saudi Arabia, and Qatar. CONTINUED…Read this entire press release for INBS at:https://ibs.inc/news-and-media/
In other developments in the markets of note:
Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO) recently announced that the Company’s PrecisionCHD and Epi+Gen CHD tests have received final pricing determinations from the Centers for Medicare & Medicaid Services (CMS). Following the preliminary pricing determination made by CMS in August 2024, CMS finalized the ‘gapfill’ pricing determination for both PrecisionCHD and Epi+Gen CHD. This decision will be effective for claims with dates of service on or after January 1, 2025, and will allow Medicare contractors to determine pricing for PrecisionCHD and Epi+Gen CHD based on actual cost data from Cardio Diagnostics. The Medicare contractors will report to CMS preliminary gapfill pricing for calendar year 2025 by April 1, 2025.
“Receiving this final determination is a crucial step for our innovative solutions to help improve the risk assessment, diagnosis, management and monitoring of coronary heart disease (CHD) for Medicare patients,” said Meesha Dogan, Ph.D., CEO and Co-Founder of Cardio Diagnostics. “This milestone brings us closer to addressing the significant unmet needs in cardiovascular care for the Medicare population, enabling clinicians to better personalize treatment strategies and ultimately improve patient outcomes.”
bioAffinity Technologies, Inc. (NASDAQ: BIAF) recently announced that the Australian Patent Office (IP Australia), has accepted bioAffinity’s patent application for the method of predicting the likelihood of lung cancer used by the CyPath® Lung diagnostic test for early-stage lung cancer.
The Australian patent application, titled “Detection of Early-Stage Lung Cancer in Sputum Using Automated Flow Cytometry and Machine Learning,” will be an important addition to bioAffinity Technologies’ patent portfolio, which includes 17 awarded U.S. and foreign patents and 38 pending patent applications related to its diagnostic platform and cancer treatment therapeutics. Once issued, the Australian patent will expire in 2042 and will be the second awarded for the CyPath® Lung flow cytometry test as a stand-alone assay for the detection of lung cancer.
Trinity Biotech plc (NASDAQ: TRIB) recently announced compelling results from its latest pre-pivotal clinical trial for its next-generation continuous glucose monitoring (CGM) system. The pre-pivotal clinical trial, which included 30 diabetic participants—primarily individuals with Type 1 diabetes—represents a significant milestone in Trinity’s mission to deliver affordable, high-performance CGM technology.
Trinity Biotech’s redesigned ergonomic modular device features a reusable applicator and a rechargeable wearable transmitter that eliminates costly disposable components while delivering a seamless user experience. By using more durable, reusable components, enabled by Trinity’s proprietary self-inserting sensor technology, the Trinity CGM is designed to deliver care at a significantly lower cost than today’s two largest manufacturers. By addressing affordability—a key barrier to adoption of this life changing technology —Trinity’s innovative approach has the potential to bring CGM technology to millions of individuals who have been priced out of the market. This disruptive design not only expands access but also redefines sustainability in the CGM space, further differentiating Trinity’s solution from current market leaders.
SOBR Safe, Inc. (NASDAQ: SOBR) recently announced the new release of SOBRsure™, a revolutionary wristband device designed to detect the presence of alcohol in individuals, supporting sobriety and empowering recovery. Available to purchase today, SOBRsure introduces an enhanced app experience and a new, sleekly-designed wristband that uses advanced transdermal technology to detect alcohol through the skin. This innovative device serves as a powerful monitoring and accountability tool for families, businesses and individuals alike.
“We believe that SOBRsure is not just a technological breakthrough; it’s a lifeline to those navigating alcohol use disorder (AUD) and the path to sobriety,” said David Gandini, CEO of SOBRsafe. “With SOBRsure, we provide an accountability tool that not only supports individuals on their sobriety journey but also offers peace of mind to their families and employers.”
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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated twenty six hundred dollars for news coverage of the current press releases issued by Intelligent Bio Solutions Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
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SAN DIEGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Point Predictive, the leader in artificial intelligence solutions for consumer lending, today announced that Neighbors Federal Credit Union has selected AutoPass to enhance their auto lending capabilities.
As auto lending fraud continues to evolve, with industry exposure reaching $8.1 billion in recent years, Neighbors Federal Credit Union is taking proactive steps to protect its members while making the lending process faster and more efficient.
The partnership comes at a crucial time in the lending landscape, where credit unions have emerged as leaders in auto loan originations. By implementing AutoPass, Neighbors Credit Union will be able to streamline low risk approved loans without requiring onerous documentation which will make it easier, faster, and safer for their members.
Point Predictive’s AutoPass delivers a comprehensive suite of fraud detection capabilities to Neighbors Federal Credit Union. This includes:
Insights that can reduce stipulation requests on up to 80% of approved loans.
A comprehensive risk score that helps prevent 40% to 60% of early pay defaults.
Over 120 alerts that identify fraud across all fraud types.
“The lending environment has fundamentally changed, with fraudsters becoming increasingly sophisticated in their approaches,” said Tim Grace, CEO of Point Predictive. “By partnering with Neighbors Federal Credit Union, we’re helping them stay ahead of these evolving threats while making the lending process remarkably easier for their members. Our data shows that most borrowers are truthful in their applications, and now Neighbors Federal can quickly understand which borrowers are truthful so they can fast-track these legitimate applications while focusing their verification efforts where they matter most.”
The integration leverages Point Predictive’s proprietary data repository, which includes more than 76 billion unique borrower insights not available anywhere else. This comprehensive data foundation enables Neighbors Federal to automate decisions on up to 80% of their credit-approved applications while maintaining robust fraud protection.
“Our members deserve a lending experience that’s both secure and seamless,” said Steve Webb, the President and CEO of Neighbors Federal Credit Union. “Point Predictive’s AutoPass solution allows us to deliver on both fronts. We can now offer our members faster loan decisions while maintaining the highest standards of security that they expect from us.”
The implementation is expected to deliver significant improvements in loan processing efficiency. Banks and credit unions that use AutoPass experience loan conversion rates that increase by up to 50% through the elimination of unnecessary documentation requirements, while simultaneously strengthening their defense against sophisticated fraud schemes.
Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paystubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.
About Neighbors Federal Credit Union
Founded in 1954, Neighbors Federal Credit Union is one of the largest community-chartered credit unions in Louisiana, serving over 76,000 members with assets exceeding $1 billion. Based in Baton Rouge, Neighbors Federal provides comprehensive financial services with a focus on member satisfaction and community service. For more information, please visit neighborsfcu.org.
Media Contact: Jill Robb jrobb@pointpredictive.com
REDMOND, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) — Pushpay, the leading payments and engagement solutions provider for mission-driven organizations, today announces key trends in end-of-year generosity and church engagement, highlighting a remarkable season of growth and vitality for churches in 2024. Generosity is thriving in new ways as Pushpay technology showed a 37% increase in the total number of church volunteers this December compared to last year. Additionally, the average gift size in December grew 60%, compared to other months of the year, signaling growing momentum and strong engagement in the Church.
“In an inspiring display of generosity and unity this holiday season, Social Dallas raised over $1.8 million in less than 60 days to secure a new home. For nearly four years, our church has been a ‘mobile church,’ traveling from venue to venue across Dallas,” said a representative from Social Dallas Church, a Pushpay customer. “This milestone marks the beginning of a permanent space for worship, community, and transformation—a space the congregation has prayed and believed for since the beginning. This wasn’t just about hitting a financial target, it was about coming together as a community to build a legacy—a place where lives will be transformed.”
Data reinforces that acts of generosity are closely tied to connection. Findings from a recent external study show that churches that focus on engagement activities and ways to cultivate deeper relationships with their community members saw nearly a 57% increase in overall giving. Today, Pushpay’s engagement software enables churches to facilitate nearly 1.3 million moments of connection within their communities each week.
“Generosity is innate to the human spirit, and it flourishes when people feel connected,” said Molly Matthews, CEO of Pushpay. “Many of our customers experienced the extraordinary power of that generosity this year—be it time, talent, or tithes—as Pushpay worked alongside them to transform how they connect and engage with their members. For faith leaders, these findings underscore the importance of fostering genuine relationships, which in turn lead to transformational results.”
End of YearGenerosity By the Numbers Based on Pushpay’s customer base of more than 14,000 churches, noteworthy end of year trends include:
Growth in End of Year Donations: December’s year-over-year donation volume grew by 4% compared to 2023.
Bump in One-Time Gifts: Non-recurring gifts jumped 110% in December compared to the monthly average in 2024.
Increase in Giving Tuesday: This year 25% more donations were processed on Giving Tuesday, a staggering comparison to 2023 and an indication that churches are starting to take advantage of this growing cultural trend in charitable giving.
Recurring Giving Trends: 7% of all gifts for the year were donated in the last two weeks of the year, which is below the market average for not for profit organizations—likely due to the volume of donors that are enrolled in recurring giving options.
Higher Family Engagement: Average child check-ins increased by 10% in December 2024, compared to 2023, signaling a potential increase in family participation.
Average Gift Amount Remains Steady: The average gift size remains flat compared to last year, with the YoY monthly average being $216.
The Rise of Non-Cash Giving 2024 also saw significant growth in non-cash generosity, with more donors utilizing stock and cryptocurrency donations to maximize their impact. Through Pushpay’s deepened partnership with Engiven, an industry leading complex giving solution, more churches than ever received crypto and stock donations this year, unlocking new lanes of generosity for their community. Notably, 61% of all stock donations and 22% of crypto gifts through the Pushpay platform were made in December, reflecting the importance of year-end giving. According to data from all Engiven customers and partners, the average stock gift in 2024 was more than $14,500, with an average crypto gift being nearly $58,000.
Driving Greater Generosity with Technology Innovation Technology plays a pivotal role in helping churches achieve their mission by equipping ministry leaders with the tools they need to deepen relationships and inspire meaningful acts of generosity. In 2024, Pushpay introduced several new product features and enhancements to help churches grow connection and generosity, including multi-fund giving, mobile app enhancements, volunteer scheduling improvements, and more—all to help streamline church operations while increasing engagement. To learn more about Pushpay, visit www.pushpay.com.
About Pushpay Pushpay empowers mission-driven organizations to engage their communities by bringing people together and fostering meaningful connections. Through its innovative suite of products, Pushpay helps create cultures of generosity by streamlining donation processes, enhancing communications, and strengthening relationships. Pushpay’s purpose-built ministry solutions include ChurchStaq, ParishStaq, Pushpay Insights, Resi, and more— all designed to simplify operations and provide data driven insights to support the mission of its customers. Whether managing donations, organizing events, or connecting with community members, Pushpay’s integrated tools enable ministry leaders to focus on what matters most—growing their ministry and deepening engagement. For more information visit www.pushpay.com
NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, announced that its Board of Directors has approved a quarterly cash dividend of $0.50 per common share payable March 25, 2025, to shareholders of record as of March 11, 2025, representing a 16% increase over the 2024 regular quarterly dividend of $0.43. This represents the thirteenth consecutive year of increased regular dividends at Truxton Corporation. In addition, a special cash dividend of $1.00 per common share will be paid on March 25, 2025, to shareholders of record as of March 11, 2025.
The Board of Directors has also authorized a stock repurchase program under which the Corporation may acquire up to $5 million of its common shares during a period beginning after the release of fourth quarter earnings and extending for one year. The shares may be purchased in open-market or private transactions at the discretion of management, subject to the limitations of applicable securities laws.
The share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the Corporation’s discretion and does not commit the Corporation to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Corporation at its discretion and will depend on a number of factors, including the performance of the Corporation’s stock price, the Corporation’s ongoing capital planning considerations, general market and other conditions, applicable legal requirements and compliance with the terms of the Corporation’s outstanding indebtedness
About Truxton Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced the launch of its new Cultural Competence training, designed to empower employees and managers to navigate and thrive in diverse workplace environments.
In an increasingly global and interconnected business landscape, cultural competence has become more than just a soft skill — it’s a strategic advantage. Traliant’s training highlights how mastering cultural competence enhances collaboration, reduces costly miscommunications and fosters innovation by leveraging diverse perspectives. With practical strategies and real-world scenarios, the course equips employees to build stronger relationships, handle differences constructively and create an environment where diverse teams can excel.
“Organizations today are seeking measurable ways to boost productivity, retain top talent and drive innovation,” said Mike Dahir, CEO at Traliant. “Cultural competence training goes beyond inclusion; it directly impacts the bottom line by enhancing team dynamics, reducing turnover and positioning organizations to succeed in diverse markets.”
Toxic workplace cultures cost U.S. companies $223 billion. Traliant’s training addresses these challenges by reducing microaggressions, unconscious bias and communication barriers — helping organizations build trust, retain talent, and achieve better results.
Traliant also released new Cultural Competence in Healthcare training for clinicians, nurses, and other healthcare professionals designed to improve patient outcomes and align with state and federal standards. This specialized course provides healthcare professionals with actionable insights into understanding patients’ cultural contexts, enabling them to deliver improved patient outcomes through more effective and personalized care.
About Traliant Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.
Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, diversity training, code of conduct training, and many more.
Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.
RENO, Nev., Jan. 30, 2025 (GLOBE NEWSWIRE) — ITS Logistics released the January ITS Supply Chain Report, revealing the U.S. economy was relatively stable last month but faced several headwinds. The job market remained strong, and inflation cooled significantly, but concerns about core inflation, higher interest rates, tariffs, and potential economic slowdown loomed. The Federal Reserve’s cautious approach to monetary policy and the housing market’s ongoing challenges also continued to influence the overall economic outlook.
“As the U.S. entered December 2024, the economic outlook carried both positive and negative trends that could influence the trajectory of the economy in 2025 and beyond,” said Stan Kolev, Chief Financial Officer of ITS Logistics. “While many indicators suggest resilience, a number of challenges pose significant risks to continued growth.”
Key concerns that supply chain professionals should be privy to include:
Inflationary Pressure: If inflationary pressures persist or accelerate, it could erode consumer spending and confidence
Monetary Policy Uncertainty: The risk of inflation becoming entrenched could lead to more aggressive action from the Federal Reserve, with possible interest rate hikes impacting consumer borrowing and business investment
Global Economic Uncertainty: The global supply chain disruptions and rising geopolitical tensions could negatively impact US exports and supply chains, hurting sectors that rely on international trade
Consumer Confidence: If inflation and high borrowing costs weigh too heavily on households, it could lead to reduced discretionary spending, further slowing growth in key sectors like retail, travel, and housing
Tariffs: Per the recent incoming Trump Administration announcement, there is a potential for an increase in tariffs. Companies should prepare for the potential of a front-loading event similar to 2018, disrupting transpacific trade lanes from Asia into North America
“In December 2024, the U.S. labor market remained strong but showed some signs of slowing as the year came to a close,” continued Kolev. “The U.S. economy added about 200,000 to 250,000 jobs last month, continuing a solid pace of hiring. While lower than the stronger job growth observed in 2021 and 2022, it still represented a healthy expansion, especially given the higher interest rate environment. The unemployment rate remained steady at 3.5%, continuing near historic lows. This suggested a tight labor market, with many employers still struggling to find workers.”
Although job growth slowed compared to earlier in the recovery, demand for workers remained robust, particularly in healthcare, hospitality, and blue-collar industries. However, concerns about higher interest rates and a potential economic slowdown in 2025 could bring more caution to the labor market.
While the U.S. economy was not yet in recession in December 2024, the risks are heightened as we move into 2025. The key concerns include how inflationary pressures, high interest rates, and global uncertainties will impact growth, consumer confidence, and business investment in the year ahead.
ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.
The monthly ITS Supply Chain Report serves to inform ITS employees, partners, and customers of marketplace changes and updates. The information in the report combines data provided through DAT and various industry sources with insights from the ITS team. Visit here for a comprehensive copy of the report with expected industry insights and market updates.
About ITS Logistics ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.
TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the leader behind the world’s first Bitcoin ETF and Ether ETFs, is pleased to announce that it is further solidifying its preeminence in the digital asset space with the filing of a preliminary prospectus with Canadian securities regulators for the proposed launch of the Purpose Ripple ETF.
The Purpose Ripple ETF seeks to invest substantially all of its assets in long-term holdings of Ripple (“XRP”) and to provide holders of ETF Units with the opportunity for long-term capital appreciation.
“At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance,” said Som Seif, founder and CEO of Purpose Investments. “As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.”
“This launch represents another important step in our efforts to be the leading and most trusted partner for investors in harnessing the benefits of crypto and digital assets by enabling them to understand, access, and confidently invest these assets,” added Vlad Tasevski, Chief Innovation Officer. “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles.”
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.
A preliminary simplified prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy shares of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose or at www.purposeinvest.com.
Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.
PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media GroupNews Commentary – The increasing terrorism around the globe is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones. A recent report said that the military drones market size is expected to see strong growth in the next few years. It will grow to $21.93 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The report said that: The Global Military Drones Market Trend: Innovative Products Expand The Military Drone Market. Major companies operating in the military drone market are developing new products such as hybrid unmanned aerial systems to meet larger customer bases, more sales, and increase revenue. A hybrid unmanned aerial system (UAS) refers to a type of drone or unmanned aircraft system that combines multiple propulsion systems or energy sources to enable enhanced operational capabilities.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), ParaZero Technologies Ltd. (NASDAQ: PRZO), Lockheed Martin Corporation (NYSE: LMT), RTX Corporation (NYSE: RTX).
The Business Research Company continued: “Global Military Drones Market Trend: Rising Popularity Of Drone Swarm Technology In The Military Drone Market. Drone swarm technology is growing in popularity in the military drone market due to its cost efficiency and high firepower. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue, and attacks on hostile objects. Drone swarm technology involves the production of several small, cheap drones rather than one large, expensive drone, therefore offering military drone manufacturers and end-users’ efficiency in terms of cost and time. With the use of advanced swarm technologies, the military and armed forces can effectively carry out lethal drone strikes in multiple places at once.”
ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.
A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.
“We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.
“The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.
The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued…Read this full release for ZENA by visiting:https://www.financialnewsmedia.com/news-zena/
Other recent developments in the defense/military industry include:
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced that Kratos Unmanned Systems Division successfully executed a multi-week demonstration of its self-driving truck platooning system technology with FPInnovations, a Canadian research and technology organization that assesses, adapts and delivers solutions to Canada’s forest industry’s total value chain.
The Kratos developed self-driving system “kit”, which enables vehicles to be capable of autonomous driving, was deployed for evaluation in forestry operations in northern Québec, Canada. Deployment of this technology is intended to mitigate driver shortages, improve safety protocols, boost rural economic vitality, and contribute to the development of a regulatory framework for autonomous vehicles. The automated platooning technology performed exceptionally well in the challenging forestry environment and hauled both unloaded and loaded timber trailers. The Kratos system demonstrated precision navigation in automated platooning mode along complex off-pavement roadways with degraded access to GPS, steep grades, severe visibility-limiting dust, sub-freezing temperatures, rain, and under variable day/night/twilight lighting conditions.
ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced the successful launch of a pilot program utilizing its DropAir – Precision Airdrop System in a high-risk operational zone. The program, conducted in collaboration with a leading drone company, demonstrates the system’s ability to deliver critical blood transfusions rapidly and safely, significantly reducing the time needed to save lives in emergency situations.
The pilot program involves a military-operated drone, equipped with ParaZero’s DropAir System, capable of delivering numerous blood transfusions in a matter of minutes. This breakthrough in aerial logistics showcases the system’s ability to cut down critical response times, ensuring that life-saving medical supplies are able to reach those in need with speed and precision.
Lockheed Martin Corporation (NYSE: LMT) recently reported fourth quarter 2024 net sales of $18.6 billion, compared to $18.9 billion in the fourth quarter of 2023. Net earnings in the fourth quarter of 2024 were $527 million, or $2.22 per share, including $1.7 billion ($1.3 billion, or $5.45 per share, after-tax) of losses for classified programs, compared to $1.9 billion, or $7.58 per share, in the fourth quarter of 2023. Cash from operations was $1.0 billion in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $2.4 billion in the fourth quarter of 2023. Free cash flow was $441 million in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $1.7 billion in the fourth quarter of 2023. Fourth quarter 2024 results included 13 weeks, compared to 14 weeks for fourth quarter 2023, which had an unfavorable impact on sales volume across the company.
Net sales in 2024 were $71.0 billion, compared to $67.6 billion in 2023. Net earnings in 2024 were $5.3 billion, or $22.31 per share, including $2.0 billion ($1.5 billion, or $6.16 per share, after-tax) of losses for classified programs, compared to $6.9 billion, or $27.55 per share, in 2023. Cash from operations was $7.0 billion in 2024, after a pension contribution of $990 million, compared to $7.9 billion in 2023. Free cash flow was $5.3 billion in 2024, after a pension contribution of $990 million, compared to $6.2 billion in 2023.
“2024 was another successful and productive year for Lockheed Martin. Our 5% sales growth and record year-end backlog of $176 billion demonstrate the enduring global demand for our advanced defense technology and systems,” said Jim Taiclet, Lockheed Martin’s Chairman, President and CEO. “In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation and transform our operations with the latest digital and manufacturing technologies. Our strong and consistent performance also enabled us to again return greater than 100% of free cash flow to our shareholders in 2024.”
Collins Aerospace, an RTX (NYSE: RTX) business, was recently awarded a follow-on contract with a potential for up to $904 million over five years to continue development of the U.S. Navy’s Cooperative Engagement Capability, a system that integrates sensors across surface, land, and air platforms to enable Integrated Fire Controls. RTX has been the sole provider of the Cooperative Engagement Capability (CEC) since 1985. The new sole source contract follows an existing five-year Design Agent contract.
The CEC is a critical network for the U.S. Navy that connects multiple platforms and associated sensors together and provides composite tracking to combat and weapons systems. Collins will add new capabilities to the system including increased interoperability, expanded weapon and sensor coordination and integration of new data sources.
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At Samsung, our citizenship mission is “Together for Tomorrow! Enabling People,” and we are committed to empowering future generations to harness technology for good. During the 2023–2024 school year, this mission came to life in Newberry, South Carolina, where Newberry High School earned the title of South Carolina State Winner in our Samsung Solve for Tomorrow national STEM competition, winning a $12,000 Samsung technology prize package for their school.
Samsung Solve for Tomorrow challenges public school students in grades 6–12 to apply STEM (science, technology, engineering & math) to address local community issues, and Newberry High School’s Career Lab students, led by special education teacher Heather Alexander, more than met that challenge. Their innovative project—a pollinator garden and compost system—not only tackled sustainability but also demonstrated the power of STEM to drive community change and inspire career exploration.
In southern Pakistan’s Sindh province, on the edge of Karachi’s bustling fish harbour, sits Machar Colony. It is an informal settlement where life is harsh, often unkind, and plagued by overcrowding, poor sanitation, and limited access to basic services. The community’s struggles with health and well-being have long been exacerbated by these conditions, leaving residents vulnerable to a range of medical issues.
Médecins Sans Frontières (MSF) had been providing essential healthcare services in Machar Colony since 2012, offering emergency services, maternal health, and general health consultations. However, as the years progressed, MSF’s team noticed troubling patterns at our health clinic.
“Many residents started coming in with symptoms such as body aches, fatigue, decreased appetite, fever, or sometimes infection signs that hinted at a serious health issue,” says Dr Khawar Aslam, the project’s medical lead, who has been working with the team since 2014.
“As we investigated further, we found that a significant number of these cases were related to hepatitis C, a viral infection that affects the liver and can lead to severe health complications.”
“Notably, during that time, Pakistan had the second-highest hepatitis C disease burden globally, and had already initiated its national hepatitis control programme in 2005,” says Dr Aslam.
A skilled lab technician carefully sets up a cartridge for accurate hepatitis C testing with the GeneXpert® at the MSF clinic in Machar Colony, Karachi, Pakistan, April 2024.Asim Hafeez
Hepatitis C transmission in Pakistan is largely driven by inadequate sterilization of medical equipment and the improper reuse of needles and syringes. Contaminated blood transfusions also pose a significant risk. Common practices like barbering, tattooing, and piercing are contributing to the spread of the virus, as equipment is often not properly sterilized. In addition to these factors, the growing issue of intravenous drug use is also fuelling the transmission of hepatitis C in Pakistan.
According to the World Health Organization (WHO), as of April 2024, Pakistan has the highest number of viral hepatitis C infections in the world, with around 8.8 million cases. The country accounts for 44 per cent of all new hepatitis C infections attributed to unsafe medical injections. People are usually screened for hepatitis C only when they start showing signs of liver disease, which is often too late. If left untreated for too long, hepatitis C can progress to severe liver disease and even liver cancer.
“Even those who recognised their condition, either elsewhere or at our clinic, often faced obstacles to treatment, including high costs and the challenge of travelling to distant hospitals.”
“Residents have limited income sources, primarily relying on fishing, daily wage work, or small-scale businesses, which barely cover their daily needs,” Dr Aslam continues.
“Additionally, upon referrals to other hospitals, identity cards were required for hepatitis C care; however, most of the community in Machar Colony was undocumented, so they were refused treatment.”
Recognising the urgent need for action, in 2015 MSF started a comprehensive programme to provide free testing and treatment directly to residents. The hepatitis C services were integrated into the existing healthcare facility, allowing our teams to reach people who would otherwise remain unaware of their condition. In 2018, we closed our basic healthcare services and shifted our focus solely to the treatment of hepatitis C patients.
During a mobile clinic in Machar Colony, Karachi, MSF nurse Aman Ullah explains more about the symptoms of hepatitis C, how it affects people, and what measures can be taken to prevent it, Pakistan, November 2023.Gul Nayab/MSF
“My wife was diagnosed with hepatitis C about a year ago and received successful treatment at the MSF clinic in Machar Colony,” says Javeed Ali, one of the programme’s patients.
“When I subsequently developed symptoms such as leg and back pain, as well as weakness, I sought medical attention and was referred to the MSF clinic.”
“Inspired by my wife’s positive experience, I underwent testing and was diagnosed with hepatitis C,” says Ali. “I then completed a three-month treatment course, and fortunately, my follow-up test results were negative. My wife and I are both now in good health.”
To effectively address the crisis, MSF implemented a proactive strategy focused on community engagement. In a basic healthcare setup, free-of-charge hepatitis C services including screening, diagnosis, treatment, health education, and patient support were provided under one roof.
Between 2022 and 2024, MSF teams conducted widespread testing, going door-to-door and using mobile vans to offer in-home testing for residents aged 12 and older. This approach, called ‘bending the curve’, ensured that no one was overlooked and that those who tested positive were quickly referred for treatment, helping to bend the curve of hepatitis C prevalence in the community.
“By offering free services in one location, we made it easier for people to access care,” says Dr Aslam.
MSF also collaborated with the Ministry of Health to bring hepatitis C care closer to the community. In August 2022, we established a treatment facility at the Baldia town rural health centre, in Kemari district, Karachi. In this initiative, patients referred from Baldia hospitals’ outpatient departments, and those identified by community health workers, were screened for hepatitis C. The community health workers were trained to educate the community about hepatitis C risk factors and prevention.
Patients diagnosed with chronic hepatitis C received treatment for 12 or 24 weeks, depending on the severity of their liver disease. Additionally, all patients were offered hepatitis B vaccination to prevent future infections. This centre, handed over to the Ministry of Health in August 2023, serves as a crucial hub for hepatitis C treatment in the region. It is equipped with modern diagnostic tools and is now recognised as a key site for hepatitis care in Sindh province.
MSF team members during an outreach activity to find and support hepatitis C patients in a neighborhood of Machar Colony, Karachi, Pakistan, April 2024.Asim Hafeez
In addition to reducing hepatitis C, MSF also played a vital role in Machar Colony during the COVID-19 pandemic. We supported vaccination efforts in Machar Colony and surrounding areas, ensuring residents received vital information about COVID-19 symptoms, prevention, and vaccination. MSF teams also distributed reusable masks and soap to help the community stay safe during the pandemic.
As our hepatitis C programme concludes, the results are clear: thousands of lives have been transformed, and the rate of new infections has significantly declined. While hepatitis C remains a challenge in Machar Colony, the alarming spread has been curtailed, thanks to widespread awareness and early detection.
MSF has achieved the target of mobilising nearly 100 per cent of the community for hepatitis C awareness, and screening more than 72 per cent of residents. Between 2015 and 2024, MSF screened over 129,922 individuals in our clinic and in the community, undertook 64,984 consultations for hepatitis C at the MSF clinic, performed 25,553 diagnostic polymerase chain reaction (PCR) tests, and provided treatment to over 9,398 patients. Among them, 6,909 completed their treatment. Of the remaining people, 2,061 were lost to follow-up without completing treatment, 176 with completed treatment were lost to follow-up, 14 people died during this period, while for the remaining 50 people, either treatment was not completed or follow-up stopped. Of the 6,909 completed treatments, 6,755 were cured of hepatitis C, which is 93.3 per cent, while the remaining 459 failed treatment. The success of MSF’s treatment initiatives will serve as a model for similar programmes in other underserved communities across Pakistan.
Médecins Sans Frontières (MSF) first began working in Pakistan in 1986 and currently provides a range of health services across all four provinces of the country, including maternal and child healthcare, primary healthcare, treatment for cutaneous leishmaniasis (CL), drug-resistant tuberculosis (DR-TB), and ongoing emergency responses.
Source: United Kingdom – Executive Government & Departments
The Court of Appeal has refused Motorola permission to appeal the CMA’s findings that it was making supernormal profits from providing communications network services to the UK emergency services.
Today the Court of Appeal (CoA) has unanimously dismissed Motorola’s application for permission to appeal on both of its pleaded grounds, in which it claimed that the Competition and Markets Authority (CMA) had made errors in assessing competition in the relevant market and the profitability of the Airwave Network in 2021.
In its original findings, the CMA said that Motorola was able to make supernormal profits because it has a virtually unconstrained monopoly in the market to supply communications network services to the UK’s emergency services. The CMA imposed a charge control order capping the price Motorola could charge.
Motorola challenged the CMA’s original findings in the Competition Appeal Tribunal (CAT). The CAT unanimously dismissed that challenge and Motorola sought permission to appeal to the CoA. In a judgment handed down today, the Court endorsed the CMA’s reasoning as set out in its original findings.
The CMA’s price cap ensures that the UK’s emergency services pay a fair price for Airwave’s services, reducing the price by almost £200 million per year.
Today’s decision by the CoA brings this case to a close, as Motorola cannot appeal the decision further.
George Lusty, Executive Director of Consumer Protection and Markets, at the CMA, said:
The CMA’s investigations and legal decisions are carefully considered and evidence-led and we welcome today’s decision by the Court of Appeal which endorses our reasoning in this case.
Our investigation showed that Motorola had been charging emergency services in the UK £200 million a year more than they would if the market was working well. The Court’s judgment today means that our price cap remains in place, which limits how much Motorola can charge emergency services for using its Airwave Network.
In October 2021, the CMA opened an investigation into mobile radio network services amid concerns that the market might not be working well. The investigation – conducted by an independent panel – confirmed these concerns, finding that UK emergency services had no choice but to continue using Motorola’s Airwave Network, due to a lack of alternative providers. As such, Motorola was able to earn supernormal profits from the prices it charged the Home Office – which negotiates contracts on behalf of emergency services – resulting in higher costs to the emergency services which are ultimately footed by the taxpayers.
To reduce these costs, the CMA imposed a charge control order, by way of a price cap, in July 2023, which brought the price down to the level that would be expected in a well-functioning and competitive market – putting an end to the estimated £200 million per year of over-charging.
While protecting taxpayers, the price cap allows Motorola to continue to invest in the Airwave Network and so ensure that quality and safety are maintained.
Motorola disagreed with the CMA’s findings – specifically that the price of the Airwave Network services was not limited by competition and on the level of profit they make from the Airwave Network – and so challenged them at the CAT. Following a hearing in August 2023, the CAT unanimously dismissed both of Motorola’s grounds of challenge.
Thereafter, Motorola sought permission to appeal that judgment and today the CoA unanimously dismissed both grounds of Motorola’s application for permission to appeal the CAT decision, which had upheld the CMA’s findings.
Supernormal profits mean profits over and above what would be expected in a well-functioning market. The CMA’s total estimate of the supernormal profits Motorola will make over the 2020 to 2029 period is £1.27bn. That estimate reflects the net present value of Motorola’s expected returns at the start of that period. This is equivalent, on an undiscounted basis, to revenues being almost £200m per year above the level that would be required for it and Airwave Solutions to earn a reasonable return.
For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.