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  • MIL-OSI: Anjuna Security Recognized as a Tech Innovator in Preemptive Cybersecurity by Gartner®

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Anjuna, creator of Anjuna Seaglass, the only Universal Confidential Computing Platform, and Anjuna Northstar, the first AI Fusion Clean Room, announced today that it has been named a Tech Innovator in Preemptive Cybersecurity in the 2024 Gartner Emerging Tech: Tech Innovators in Preemptive Cybersecurity report. Anjuna views this as a recognition of its pioneering role in enabling enterprises to proactively defend against increasingly sophisticated AI-enabled cyber threats.

    “We are proud about being named as a Tech Innovator by Gartner. We think this recognition underscores the growing demand for Confidential Computing in the evolving cybersecurity landscape, and reaffirms our commitment to innovating in this space.” said Ayal Yogev, CEO of Anjuna.

    Cybersecurity for the AI Era
    According to Gartner, “Emerging GenAI-driven threats are challenging traditional detection and response strategies. Preemptive cybersecurity technologies, like advanced deception and predictive threat intelligence, offer enriched insights that significantly enhance existing security controls and improve cyber defense capabilities.” .

    Anjuna Seaglass enables organizations to embrace this approach through Confidential Computing. By enabling hardware-assisted security to protect workloads during processing, it isolates data, code, and AI models from looming threats.

    Anjuna helps customers in a wide range of industries, including finserv and healthcare. A prominent finserv institution used Anjuna Seaglass to implement a data clean room, ensuring compliance while enabling secure AI-driven innovation.

    Preemptive Strategies: A Must-Have for Modern Security
    As AI-driven attacks grow, enterprises increasingly rely on preemptive cybersecurity. Anjuna Seaglass simplifies adoption by providing:

    • Proactive hardware-backed defense against emerging threats
    • Seamless integration with existing IT infrastructure
    • Scalability for enterprises of all sizes

    According to Gartner, “Organizations across several industry verticals and markets such as banking and financial services, healthcare and biosciences, and critical infrastructure and government can all benefit from this new innovative flexibility in adopting confidential computing
    within their business operations.”

    Read the full Gartner report here

    Gartner, Emerging Tech: Tech Innovators in Preemptive Cybersecurity, Luis Castillo, Isy Bangurah, 8 January 2025
    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
    Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Anjuna
    Anjuna unlocks secure, AI-driven innovation with two groundbreaking solutions. Anjuna Seaglass, the Universal Confidential Computing Platform, delivers ubiquitous data privacy and intrinsic cloud security. Anjuna Northstar, the AI Data Fusion Clean Room, builds on Seaglass to provide an out-of-the-box, private environment for limitless AI-driven data collaboration and value discovery. Anjuna works with enterprises around the globe, including financial services, government, healthcare and SaaS. Anjuna is backed by prominent investors, including Playground Global, Insight Partners, M Ventures, and SineWave Ventures.

    Media Contact:
    Mauricio Barra, VP of Marketing for Anjuna
    Email: mauricio.barra@anjuna.io 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f75b9b82-ae54-4170-b787-e2668d5f7e3f

    The MIL Network –

  • MIL-OSI: Illumio Research Reveals 58% of Companies Hit With Ransomware Have Been Forced to Halt Operations

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Ransomware attacks are disrupting and undermining business operations and draining revenue streams, according to new research from the Ponemon Institute, commissioned by Illumio, Inc., the leader in breach containment.

    Findings from The Global Cost of Ransomware Study reveal that 58% of organizations had to shut down operations following a ransomware attack, up from 45% in 2021. Forty percent reported a significant loss of revenue (up from 22% in 2021); 41% lost customers; and 40% had to eliminate jobs.

    The research examined the scope of ransomware threats confronting organizations and the measures being implemented to reduce the risks and their impacts. Key findings include:

    • Attackers are reaching critical systems to cause maximum disruption: Ransomware attacks impacted 25% of critical systems, with systems down for 12 hours on average.
    • Organizations continue to spend significant time and money containing ransomware: On average, it took 17.5 people, 132 hours each to contain and remediate their largest ransomware attack.
    • Costs associated with reputation and brand damage now exceed those from legal and regulatory actions: 35% experienced significant brand damage from an attack (up from 21% in 2021).
    • Failure to prioritize investments that boost resilience is costing businesses: 44% lack the ability to quickly identify and contain attacks, and only 27% have implemented microsegmentation – a vital control for stopping the spread of breaches.

    “Ransomware is more pervasive and impactful than ever, with more organizations forced to suspend operations or experiencing major business failure because of attacks,” said Trevor Dearing, Director of Critical Infrastructure at Illumio. “Organizations need operational resilience and controls like microsegmentation that stop attackers from reaching critical systems. By containing attacks at the point of entry, organizations can protect critical systems and data, and save millions in downtime, lost business, and reputational damage.”

    Cloud and hybrid environments remain weak links, with attackers exploiting unpatched systems
    The increased connectivity of business systems and devices is making it harder for organizations to defend against ransomware attacks. Organizations perceive the cloud as being the most vulnerable, and 35% say a lack of visibility across hybrid environments makes it difficult to respond to ransomware attacks.

    Desktops and laptops remain the most compromised devices (50%), with phishing and Remote Desktop Protocol (RDP) cited as top entry points for ransomware. Most attacks moved across the network to infect other devices. In over half of these cases (52%), attackers exploited unpatched systems to move laterally and escalate system privileges; up significantly from 33% in 2021.

    Organizations are investing heavily in ransomware defense, but efforts are falling short
    According to the research, nearly a third of IT budgets (29%) are allocated to staff and technologies meant to prevent, detect, contain, and resolve ransomware attacks, yet attacks are still successful. Eighty-eight percent of organizations have fallen victim to a ransomware attack, despite 54% being confident in their security posture.

    Organizations are also taking a chance on ransomware recovery and failing. Fifty-two percent of respondents believe having a full and accurate backup is a sufficient defense against ransomware. Yet only 13% were able to recover all impacted data following a ransomware attack.

    The report also found larger organizational challenges in defending against ransomware including:

    • Ransomware reporting is still not happening: 72% of those that experienced a ransomware attack didn’t report it to law enforcement. Top reasons for not reporting include fear of publicizing the incident (39%); a payment deadline (38%); and fear of retaliation (38%). 
    • Employees are more security conscious, but still a weak link: 40% are confident in the ability of employees to detect social engineering lures (up from 30% in 2021), however, insider negligence is the top challenge when responding to ransomware attacks.
    • Organizations are slow to adopt AI to combat ransomware: Only 42% have specifically adopted AI to help combat ransomware. More (51%) are concerned their organization may experience an AI-generated ransomware attack.

    To learn more, download the full Global Cost of Ransomware Study here or check out the blog here.

    Research Methodology  
    The research was conducted by Ponemon Institute on behalf of Illumio among 2,547 IT and cybersecurity practitioners in the US, UK, Germany, France, Australia and Japan. All participants have responsibility for addressing ransomware attacks within their organizations.

    About Illumio  
    Illumio, the most comprehensive Zero Trust solution for ransomware and breach containment, protects organizations from cyber disasters and enables operational resilience without complexity. By visualizing traffic flows and automatically setting segmentation policies, the Illumio Zero Trust Segmentation Platform reduces unnecessary lateral movement across the multi-cloud and hybrid infrastructure, protecting critical resources and preventing the spread of cyberattacks. 

    Contact Information 
    Comms-team@illumio.com 

    About Ponemon Institute 
    Ponemon Institute is dedicated to independent research and education that advances responsible information and privacy management practices within business and government. Our mission is to conduct high quality, empirical studies on critical issues affecting the management and security of sensitive information about people and organizations.

    We uphold strict data confidentiality, privacy and ethical research standards. We do not collect any personally identifiable information from individuals (or company identifiable information in our business research). Furthermore, we have strict quality standards to ensure that subjects are not asked extraneous, irrelevant or improper questions.

    The MIL Network –

  • MIL-OSI: Exela Technologies Announces Strategic Partnership with Michael Page

    Source: GlobeNewswire (MIL-OSI)

    IRVING, Texas, Jan. 28, 2025 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela” or the “Company”) (OTC: XELA, XELAP), a global business process automation (BPA) leader, has announced a strategic partnership between its Finance and Accounting Outsourcing (FAO) Business Unit and Michael Page, a leading recruitment firm specializing in leadership hiring for large enterprises.

    Michael Page, through this partnership, plans to expand Exela’s successful Center of Excellence across various corporate functions, including Finance Shared Services, by deploying Build-Operate-Transfer, Captive, and Business Processes as a Service to their enterprise customers. This collaboration is expected to further strengthen Exela’s position as a trusted partner for delivering tailored, scalable financial solutions.

    “Partnering with Michael Page opens up exciting new avenues for us,” said Sandeep Sapru, President, APAC, Exela Technologies. “This collaboration allows us to bring our deep expertise in finance outsourcing to a wider global audience, helping enterprise clients streamline operations, drive efficiency, and enhance financial outcomes.”

    The partnership reflects a rigorous, strategic process showcasing Exela’s expertise in consulting and executing BOT and captive models. Michael Page’s confidence in Exela was bolstered by the success of its Shared Services Center (SSC) and Full-Service Play (FSP) model, demonstrating Exela’s ability to meet the unique needs of enterprise clients.

    “India continues to be a hub of exceptional talent, with enterprises seeking innovative solutions to optimize their operations and drive strategic growth,” said Anshul Lodha, Managing Director of Michael Page India. “Our partnership with Exela Technologies combines our deep expertise in leadership recruitment with their proven capabilities in finance outsourcing, enabling us to deliver tailored solutions that meet the evolving needs of the Indian business landscape. Together, we are well-positioned to help organizations in India and beyond build resilient, high-performing teams that drive long-term success.”

    As Exela enters FY25, the partnership underscores its commitment to driving growth, innovation, and impactful collaborations that redefine finance outsourcing and shared services.

    About Exela

    Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and approximately 15,000 employees operating in 21 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

    To automatically receive Exela financial news by email, please visit the Exela Investor Relations website, http://investors.exelatech.com/, and subscribe to Email Alerts.

    Forward-Looking Statements

    Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, and those discussed under the heading “Risk Factors” in our Annual Report and in subsequent filings with the U.S. Securities and Exchange Commission (“SEC”). In addition, forward-looking statements provide expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause assessments to change. These forward-looking statements should not be relied upon as representing Exela’s assessments as of any date subsequent to the date of this press release.

    For more Exela news, commentary, and industry perspectives, visit:

    Website: https://investors.exelatech.com/
    X: @ExelaTech
    LinkedIn: /exela-technologies
    Facebook: @exelatechnologies
    Instagram: @exelatechnologies

    Investor and/or Media Contacts:

    ir@exelatech.com

    Source: Exela Technologies, Inc.

    The MIL Network –

  • MIL-OSI: Finance Teams Prioritize ESG Reporting but Lack Adequate Technology, Finds insightsoftware Report

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today released its 2025 ESG Insights and Challenges Report. The report highlights the growing complexities that global organizations face in ESG reporting, including the challenges finance leaders experience gathering, integrating, and analyzing data from multiple sources.

    With the Corporate Sustainability Reporting Directive (CSRD) set to take effect in the EU in 2025, the research explores how unprepared organizations are to meet the new regulatory requirements. Notably, 52% of businesses rely on data from more than five sources for ESG reporting, underscoring significant hurdles to achieving compliance.

    This report reveals that while many organizations across the EU and the UK express confidence in their ability to comply with regulations like the CSRD, they struggle to find the right tools to accomplish the necessary compliance tasks. In fact, 58% of organizations are already exploring new technology to enhance their ESG reporting capabilities. Complying with regulations like the CSRD and overcoming reporting roadblocks remain highly important for global organizations to meet their ESG goals.

    Key findings from the report include:

    • Technology capabilities are lacking: With 92% of organizations concerned that their ESG reporting processes won’t scale to meet future regulatory demands, organizations are finding it increasingly difficult to identify the necessary tools tailored to their operational needs. They cite data security and privacy concerns as the most prevalent issue (59%), given the sensitive nature of ESG data and regulatory scrutiny.
    • The compliance path forward is uncertain: Companies that do business in the EU need to comply with CSRD, however more than half of decision-makers remain heavily uncertain and confused about its requirements (52%). The primary goal of ESG reporting is to improve transparency and stakeholder engagement say 49%, and 86% of ESG decision-makers overwhelmingly value data visualization and dashboards as the most valuable features in an ESG technology solution.
    • Complex, timely processes hinder ESG reporting success: Amidst the digitalization wave, organizations fight against a steady influx of data. Data collection is the biggest hurdle, responded 95% of decision-makers. In fact, over half (52%) report spending more than four weeks each year solely on collecting data.

    “Without the proper tools, global businesses risk hampering their organization’s ability to comply with ESG regulatory requirements,” said insightsoftware General Manager, EPM & Controllership, Monica Boydston. “This is why tools like the insightsoftware ESG Reporting Solution are crucial to enable teams to seamlessly collect, consolidate, analyze, and disclose ESG data from any source, reducing the risk of non-compliance and costly reporting errors.”

    Leveraging established technologies in close and consolidation, disclosure management, and business intelligence (BI) that are trusted by thousands of customers worldwide, insightsoftware ESG provides the controls, audit trails, and security necessary for delivering investor-grade data and meeting regulatory filing requirements. It enables businesses to effectively measure the impact of their ESG initiatives, helping to attract ESG-focused investors.

    Download the complete findings of the 2025 ESG Insights & Challenges Report here to learn how finance decision-makers can begin to address their ESG reporting challenges.

    To explore insightsoftware ESG and how it can better support an organization’s sustainability goals from data collection to compliance and stakeholder communication, visit here.

    Research Methodology
    insightsoftware’s 2025 ESG Insights & Challenges report was developed in coordination with Hanover Research. It was conducted to gain insights into the current trends and challenges facing finance leaders. To achieve this objective, a quantitative survey was administered to a sample of 400 ESG decision-makers across France, Germany, Finland, Sweden, and the UK. The survey targeted professionals at the director level or higher from organizations with over 500 employees, spanning accounting, finance, compliance, executive teams, regulatory affairs, and sustainability roles.

    About insightsoftware

    insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.

    Media Contacts
    Inkhouse for insightsoftware
    insightsoftware@inkhouse.com  

    Daniel Tummeley
    Corporate Communications Manager
    PR@insightsoftware.com

    The MIL Network –

  • MIL-OSI: Data Storage Corporation’s CloudFirst Subsidiary Partners with Pulsant to Drive Platform Growth

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, that integrates with AWS, Microsoft Azure, and Google Cloud, today announced that its subsidiary, CloudFirst Europe, has entered into a strategic partnership with Pulsant, the most geographically diverse UK provider of edge infrastructure and data centres.

    This partnership aligns with CloudFirst’s ongoing growth strategy to strengthen its global footprint. The CloudFirst platform currently operates in six data centers, across three countries, serving more than 400 clients. The partnership will extend the platform across Pulsant facilities in the UK.

    The partnership is driven by a shared vision to address the unique cloud-based hosting and disaster recovery needs of IBM customers. Many businesses encounter challenges with IBM environments, and this collaboration allows CloudFirst to deliver its specialized expertise to Pulsant’s extensive customer base. By leveraging Pulsant’s local infrastructure and trusted relationships, CloudFirst can extend its reach to new markets while providing tailored solutions to customers across Europe and the UK, including American enterprises with operations in the region.

    “The UK and Ireland remain strategically important markets for IBM, and demand from businesses looking to modernise legacy systems continues to grow,” said Wendy Shearer, Director of Partnerships and Ecosystems at Pulsant. “Many organisations still haven’t found the right way forward. Our partnership with CloudFirst gives these companies the deep IBM expertise and a close, reliable network infrastructure. This combination makes it easier, simpler and faster for them to evolve their IBM environments, eliminating complexities and extending the return on their IBM investment.”

    The expertise of the teams within both CloudFirst and Pulsant is a key strength of this collaboration. Pulsant’s skilled data center professionals and CloudFirst’s IBM specialists are working closely to ensure the partnership delivers seamless service and exceptional value to customers. This alignment of expertise and commitment illustrates the quality of the relationship and its potential to drive long-term success.

    “At the core of this partnership is our ability to meet the demands of IBM platform users who need specialized expertise,” added, Hal Schwartz, President of CloudFirst. “By combining Pulsant’s extensive local infrastructure and trusted client relationships with CloudFirst’s focus on IBM platform solutions, we’re creating a robust and dynamic offering that allows us to address the critical needs of mid-market and enterprise customers.”

    About Pulsant
    Pulsant is the UK’s leading regional edge infrastructure. Our platformEDGE infrastructure connects 12 strategically located data centres through a low-latency network fabric, providing access to cloud, connectivity, and compute services across the UK and beyond.

    Pulsant enables regional businesses and service providers to leverage the power of edge computing to improve application performance and user experience, reach new markets, and build innovative use cases. platformEDGE allows businesses to scale IT workloads in line with their ambitions, both locally and nationally, while ensuring continuous availability of data and applications through diverse connectivity options.

    By choosing Pulsant, clients can optimise costs with local, secure infrastructure and access to an ecosystem of suppliers and partners, delivering exceptional time to value and supporting their digital ambitions. With almost three decades of experience and more than 1,200 clients who put their trust in our sustainable network infrastructure, we are committed to our ESG goals, holding multiple accreditations, including ISO27001 and PCI DSS, to deliver the highest standards of security and compliance.

    About Data Storage Corporation
    Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions. Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DTST provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

    Through its CloudFirst platform, built on IBM Power Cloud infrastructure, DTST delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

    With data centers supporting cloud platform deployments across the United States, Canada, and the United Kingdom, DTST provides mission-critical cloud services to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

    As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to the cloud with confidence and operational continuity.

    For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward looking statements in this press release include statements such as the expected contribution of Mr. Freeman, the Company’s expansion of its innovative cloud business into the European market and solving the challenges the Company’s customers face today while delivering services that keep their businesses fully operational at all times by specializing in the migration of mission-critical workloads into the Company’s secure, enterprise managed cloud infrastructure providing complete recovery to guarantee service performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include the Company’s ability to grow its presence in Europe. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

    Contact:
    Crescendo Communications, LLC
    212-671-1020
    DTST@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: The Trade Anything Vision: Unlocking Instant Liquidity and Infinite Markets on dYdX in 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — The dYdX Foundation reflects on 2024 achievements, including $270B+ in trading volume, 175 markets, and $79M+ USDC in MegaVault, while highlighting the 2025 roadmap.
    The dYdX Foundation (“the Foundation”), an organization focused on supporting and growing the dYdX protocol ecosystem, today released the 2024 dYdX Ecosystem Report and highlighted dYdX Trading’s 2025 software roadmap built around the ecosystem’s “Trade Anything” vision. The report showcases a notable year of growth for dYdX, with $270B in trading volume, pushing the total cumulative volume to $1.46T since 2021. The Unlimited upgrade, launched in November 2024, proved to be a significant catalyst for the protocol, introducing MegaVault, a liquidity tool that surpassed $79M USDC in TVL to support the over 175 markets available on dYdX, many of which have been added through the new instant market listings feature. 
    The traction behind decentralized trading, especially within perpetual markets, continues to project favorably in 2025 and beyond. Up 132% to $1.5T in 2024, the total perp DEX volumes skyrocketed – dYdX’s 2024 trading volume alone would’ve amounted to over one-third of the entire industry’s volume in 2023, and the exchange has remained at the forefront of what is projected to be one of the fastest growing sectors in the space in 2025. This momentum is reflected in the dYdX community with the number of DYDX holders increasing by 290% to 53,000 in 2024. To remain at the cutting edge of the market, dYdX is going all-in on its “Trade Anything” vision, seeking to empower users to trade thousands of markets with instant liquidity through the growth and evolution of MegaVault.  
    “dYdX is breaking barriers to enable a permissionless future where any asset can be traded instantly with immediate liquidity. In 2024, we saw transformative growth driven by our community, through upgrades, DAO proposals, grants, and the Affiliate Program. We’re carrying this momentum into 2025” said Charles d’Haussy, CEO of the dYdX Foundation.
    The launch of dYdX Unlimited in November 2024 introduced innovative features like Instant Market Listings and MegaVault, unlocking hundreds of new markets. Over 150 have already been launched permissionless by the dYdX community, including the pioneering Trump prediction market perpetual ahead of the U.S. election, as well as perps on FX markets like the Turkish Lira and the Euro. In just six weeks, MegaVault reached a TVL of over $70M with an APR exceeding 40%, showcasing a strong product-market fit. As MegaVault continues to mature, liquidity across all markets will continue to improve, solidifying dYdX as DeFi’s pro trading platform for markets of all sizes. 
    According to the team, looking ahead, the community can anticipate instant deposits, an enhanced mobile UX, and various onboarding upgrades, all geared to onboard a slew of new traders entering the space in the new year. Trading enhancements, including permissioned keys and optimized execution speeds, are set to go live imminently. 
    “With institutional and retail interest continuing to evolve, we’re confident that dYdX is positioned as the go-to-market option for derivatives trading, catering to investors of all levels. Alongside the community, we’re excited about the enhancements coming to the protocol in 2025 to make the trading experience on dYdX best-in-market in terms of simplicity and efficiency”, added d’Haussy.
    On the governance front, the number of DYDX holders increased by 290% to 53,000 in 2024, adding more voices to shape the future of the ecosystem. With the launch of a revamped Trading Rewards Program allowing traders to gain back a portion of the fees they pay in the form of rewards distributed in $DYDX, traders received over $63 million in rewards and incentives (excluding staking rewards), including instant rewards paid out by the protocol and the monthly Chaos Labs incentive program.
    Looking ahead to 2025, trading rewards will continue at the protocol level, with an additional $1.5 million allocated for the monthly Chaos Labs incentive program. The DAO will focus on infrastructure optimization, comprehensive documentation, and quality assurance as key priorities in 2025.
    To review the full report, users can visit here. 
    About dYdX Foundation
    The dYdX Foundation‘s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.
    The dYdX Chain software is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain or its software be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever.
    The dYdX Foundation does not make any representations, warranties, or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose. Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. The dYdX Foundation does not participate in governance decisions to be made by the dYdX community, including, without limitation, by voting on governance proposals. The dYdX Foundation makes no guarantees and is under no obligation to undertake any of the activities contemplated herein.
    Nothing in this post should be considered as financial, investment or any other advice. Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets. 
    Media Contact 
    M Group Strategic Communications (on behalf of dYdX Foundation)
    dydx@mgroupsc.com

    Contact

    Dillon Arace
    darace@mgroupsc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a75c40a-28bc-405e-afbe-b7d34a9df4b5

     

    The MIL Network –

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces Systemic Trust’s Registration as a Digital Asset Trust Company

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 28, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a leading independent data center technology and blockchain solutions provider, has received registration for its wholly owned subsidiary, Alberta-based, Systemic Trust Company (“Systemic Trust” or “STC”), to operate as a special purpose trust company under the Loan and Trust Corporations Act (Alberta) with Alberta’s Treasury Board and Finance (“ATBF”).

    Lawrence Truong, CEO of Systemic Trust, remarked, “We are grateful to our parent company, DMG, for its unwavering support throughout this process and for providing the capital needed to operate as a Qualified Custodian. We extend our thanks to our regulators for their efforts and guidance, which made the licensing process so efficient. Receiving our certificate of registration marks a significant milestone that will enable us to increase the adoption of blockchain technology and build trust in the Canadian cryptocurrency ecosystem by offering a highly secure, independent custody solution. Alberta’s pragmatic, open-for-business attitude attracts talent, innovation and fintech companies like Systemic Trust to establish its headquarters in the province. We are proud to be part of Alberta’s vibrant and growing technology sector. With crypto-friendly regulatory changes underway beyond our borders, our team is preparing for what we believe will be greater adoption of our services in Canada.”

    Nate Horner, President of Treasury Board and Minister of Finance, remarked, “The registration of Systemic Trust Company marks another exciting milestone for Alberta’s growing financial services sector, giving investors more options to secure cryptocurrency. Alberta continues to lead the way in driving innovation and creating the ideal environment for forward-thinking companies to thrive. With the support of our financial services concierge, innovative businesses can efficiently navigate regulations and establish themselves in the province. By fostering growth in this dynamic sector, we are attracting investments, creating new opportunities for Albertans and building a stronger, more innovative economy.”

    Sheldon Bennett, DMG’s CEO, added, “This milestone is an important achievement towards realizing the full potential of DMG’s Core+ software and services strategy. We are proud of the team at Systemic Trust for successfully navigating the complexities of delivering the licensing for this prudentially regulated business and grateful for our shareholders’ support. Systemic Trust is proud to be the only Canadian Qualified Custodian to leverage Fireblocks’ industry-leading wallet infrastructure. Recognized globally as the foremost institutional-grade wallet platform, Fireblocks has managed over 250 million wallets and secured the transfer of more than $6 trillion in digital assets. This collaboration positions Systemic Trust as the trusted choice for Canadian institutions seeking a secure, compliant and scalable digital asset custody solution.”

    About Alberta’s Treasury Board and Finance

    Alberta’s Treasury Board and Finance (“ATBF”) is a key ministry within the Government of Alberta, Canada, responsible for overseeing the province’s financial and economic affairs. In addition to its roles in budget planning, financial management and economic analysis, ATBF regulates various financial sectors, including loan and trust corporations operating within Alberta. ATBF’s regulatory framework for loan and trust corporations is established under the Loan and Trust Corporations Act. This legislation sets out the requirements for registration, operation and supervision of these entities to ensure their soundness and the protection of consumers. ATBF’s regulatory activities authorize the registration of special purpose trusts under the Loan and Trust Corporations Act, enabling them to serve as a Qualified Custodian for digital assets. Through such regulatory oversight, ATBF aims to maintain the integrity and stability of Alberta’s financial system, fostering a secure environment for both financial institutions and consumers.

    About DMG Blockchain Solutions Inc.

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

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

    For further information, please contact:

    On behalf of the Board of Directors,

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

    For Investor Relations:
    investors@dmgblockchain.com

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

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

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, the development of Systemic Trust and the expected outcomes and benefits, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

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

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

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

    The MIL Network –

  • MIL-OSI: Harel and Amitim to Acquire 44% of a Partnership Holding a Cluster of Enlight Projects Comprising 69 MW Solar Generation and 448 MWh of Energy Storage Capacity

    Source: GlobeNewswire (MIL-OSI)

    The transaction is based on a valuation of $114 million for the entire Cluster, comprised of a $102 million base and an additional $12 million in deferred consideration upon fulfillment of the conditions of its payment

    Enlight will recognize a profit of $94 million upon fulfillment of the conditions of the deferred consideration, and will continue to operate and develop projects in the Cluster

    The partnership provides Harel and Amitim exposure to renewable energy infrastructure, with the potential for high returns and financial strength over time, while diversifying their investment portfolios and reinforcing their commitment to positive impacts on the Israeli economy and environment

    TEL AVIV, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, or the “Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces the signing of an agreement to sell 44% of a partnership (the “Partnership”), which holds the Sunlight cluster of Israeli renewable energy projects to Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds (the “Investors”, “the Sale Agreement”), who will acquire a 25% and 19% stake respectively.

    The Investors will purchase 44% of the Partnership for a total investment of $50 million1 in cash, of which $45 million will be paid upfront, and $5 million will be deferred consideration to be paid by the Investors upon fulfillment of certain conditions set forth in the Sale Agreement. Upon completion of the transaction, which is expected to occur during the first quarter of 2025, the Company will cease to consolidate the financial results of the Partnership in its financial statements, and will accordingly recognize a profit of $94 million.

    The Sunlight Cluster consists of operational and pre-construction projects totaling 69 MW of solar generation and 448 MWh of energy storage capacity, and accounts for 5% of the capacity of Enlight’s total portfolio in Israel and 1% of the capacity of Enlight’s total global portfolio2. The Investors will acquire 44% of the Limited Partner rights in the Partnership and a wholly-owned subsidiary of the Company will act as the General Partner in the Partnership. Completion of the transaction is contingent upon obtaining approval of the Israeli Competition Authority.

    In conjunction with the Sale Agreement, the parties have entered into a number of additional commercial arrangements:

    1. The parties commit to future investments in projects under construction.
     
    2. The Company will have the exclusive right to purchase all the electricity produced by the Cluster under a 20-year availability agreement whose commercial terms were set between the parties.
     
    3. The Company’s commitment to the duration and minimal level of holdings in the Limited Partnership.
     
    4. The right of the Investors to mandate the sale of 50% of the Company’s holdings in the General Partner to a third party and terminate the management agreements with the Company.
     

    More financial information regarding the Sale Agreement can be found here.

    The Herzog Fox & Neeman law firm and the Giza Singer Even consulting firm advised the Company on the transaction. The Piron law firm advised both Harel and Amitim, and the Escola consulting firm advised Amitim on the transaction.

    1 Amounts in U.S. dollars are calculated based on a U.S. dollar to Israeli Shekel conversion rate of 1 to 3.71, as reported in the Company’s financial statements for the period ending September 30, 2024.

    2 Enlight’s global projects consist of 19.2 GW of generation and 31.8 GWh of energy storage capacity, located in Israel, Europe, and the United States, and allocated into Mature, Advanced Development, and Development portfolios.

    Itzik Tawill, Deputy Director of the Investment Department and Director of the credit and real estate division at Harel, commented, “Harel selects its investments with thoroughness and professionalism, and is proud to continue investing in green energy and infrastructure in Israel. Our cooperation with leading companies such as Enlight diversify our investment portfolio in a stable sector, providing our fund members with attractive and long-term financial performance along with a positive environmental impact.”

    Nir Gavish, Head of Investments at Amitim Senior Pension Funds, commented, “The Sunlight transaction is a direct implementation of our strategy to invest in infrastructure assets in Israel, and in particular in renewable energy, with a commitment to delivering optimal returns for our fund members over time. Amitim has a long-standing relationship with Enlight, and we are pleased to deepen our collaboration with this investment.”

    Gilad Yaavetz, CEO of Enlight, commented, “We are very proud to extend our long-standing partnership with Harel and Amitim, some of Israel’s leading institutional investors, in the innovative field of integrated solar generation and energy storage facilities. The projects generate clean electricity at a competitive price, and the production will be sold by Enlight Enterprise, the Company’s supplier unit, to some of the most prestigious consumers in Israel.

    “We are proud of the asset value implied by the transaction, which reflects the quality of the projects and energy management system we have developed at Enlight. The transaction highlights the competitive advantage that the Company has in optimizing and establishing attractive funding sources to deliver on our significant growth plan.”

    About Enlight Renewable Energy

    Founded in 2008, Enlight is a global leader in initiating, developing, financing, setting up and operating renewable energy projects on a global scale. Enlight operates across the three largest renewable energy sectors today: solar, wind and energy storage. As a global company, Enlight operates in the United States, Israel and 9 countries throughout Europe. Enlight is currently a dual public company, with no controlling interest, that has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT).TA) and the U.S. Nasdaq Stock Exchange where it was successfully issued in 2023 (NASDAQ: ENLT).

    About Harel

    Harel Insurance Investments & Financial Services Ltd is the largest insurance and finance group in Israel, operating in a variety of insurance, asset management and credit fields, with 90 years of experience. Assets under management amounted to approximately ILS 490 billion and premiums amounted to approximately NIS 31.2 billion in the first nine months of 2024. The transaction was led on behalf of Harel by Itzik Taweel, director of the credit and real estate division, and Inesa Laron, manager of the project and infrastructure financing department.

    About Amitim Senior Pension Funds

    Amitim Senior Pension Funds, managed by Ephi Senderov, is one of the largest institutional investors in Israel, managing approximately ILS 350 billion of assets in Israel and abroad through a variety of investment strategies. The transaction was led on behalf of Amitim by Ziv Frenkel, head of the credit division, and Roni Horvitz, credit manager. In recent years, Amitim’s credit division has led and participated in transactions worth billions of Shekels in the infrastructure sector in general and in the energy sector in particular.

    Investor Contact

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI Economics: François Villeroy de Galhau: For a high speed and safe journey into the financial future

    Source: Bank for International Settlements

    Ladies and gentlemen,
    It is a great pleasure to welcome you to this high-level conference organised by the Banque de France on speed and innovation, and how they could be disruptive for financial markets and market infrastructures. Let me thank Emmanuelle Assouan and her teams for setting up this event. I would also like to extend my warm thanks to all participants from industry, public authorities and central banks who will give their views during three roundtables today, including my colleagues and friends Andrea Maechler, Piero Cipollone and Naoto Shimoda.

    It is a première for a Banque de France conference to be held here at the Cinémathèque française, which is definitely an excellent venue for our theme of today: we are here in the place where speed is made art. As you know, cinema was invented in France by the Lumière brothers in the late 19th century. During the projection in 1896 of one of their very first movies, The arrival of a train at La Ciotat station, the audience was so overwhelmed by the moving image of a train coming directly at them that people ran away. But we do not fear speed anymore, on the contrary: it has become a key success factor in financial markets and market infrastructures, yielding high benefits. Transactions and their settlement have already become dramatically swifter over the last decades – notably in France, which was at the forefront in dematerialising securities – and will continue gathering speed. I will first elaborate on the reasons why, in a fast-moving environment, resilience must be preserved in order to ensure financial stability (I). Our public-private partnership has to evolve, with a view to enhancing cross-border payments and the holistic project of creating a shared ledger (II). 

    I. A fast-moving financial system whose resilience must be preserved in order to ensure financial stability

    Markets are undergoing structural changes, all driven by increased speed aimed at achieving higher efficiency. Automation and high-frequency trading are driving a rise in daily trading volumes; new participants have emerged, and incumbents have evolved. Nowadays, robots and algorithms are unlocking new possibilities, while artificial intelligence offers the promise of value added in trading, customer relationships and investment decisions. From photography to digital movies, from local theatres to global web platforms, cinematography has gone through technological revolutions over the years. However, whether it’s in cinema or finance, speed is not a goal per se. The social utility of certain accelerations such as high-frequency trading remains to be seen, and they carry risks. We must reflect on new guardrails to protect against possible increased market volatility – and even potential flash crashes caused by poorly coordinated algorithms that can amplify massive sell-offs.
     
    Post-market processes are keeping pace with this acceleration in trading: settlement is getting ever faster. A few years ago, implementing T+2 (i.e. ensuring settlement within two days of transaction execution) was a major step forward for all players, as enshrined in the European CSDR regulation.i Nowadays we are once again aiming for more ambitious targets, with an objective of T+1 in Europe in 2027 – as has already been the case in the United States, Canada and Mexico since end-May last year. Interestingly, across the Atlantic, this evolution was driven by market players, who saw in the shortening of the settlement cycle an opportunity to further reduce liquidity, counterparty and operational risks. The American experience also shows that T+1 yields direct financial benefits, in particular a significant lowering of CCP margins. T+1 therefore received overall support in ESMA’s and the Commission’s public consultations. I trust that we are all well aware of the operational requirements and challenges to be met:ii  preparatory work must start now, with the adaptation of IT systems and further automation of processes. It is also important to coordinate with the United Kingdom and Switzerland, and to pay due attention to the consequences in terms of shorter cut-offs – notably for FX transactions.
     
    The tokenisation of assets is obviously another groundswell movement, which could further enhance the straight-through processing of trade and post-trade activities, and paves the way for yet another acceleration with a widespread implementation of T+0. It has the potential to generate even greater savings both for the financial industry and end-users. To date, the nascent DLTiii  finance has used new forms of commercial bank money as settlement assets, such as tokenised deposits or so-called stablecoins. As experience has shown in the last few years, they are far from immune, and Europe has made the right step by adopting the MiCA regulation. Failing to regulate crypto-assets and non-banks today would merely sow the seeds for tomorrow’s financial crisis.
     
    Beyond these regulatory issues, it has become more and more apparent that we currently lack the anchor provided by central bank money, which drastically reduces counterparty and liquidity risks, and crucially ensures the finality of payments. A wholesale central bank digital currency would ensure convertibility between tokenised assets, exactly as central banks currently ensure convertibility between commercial bank monies, allowing for delivery-versus-payment and payment-versus-payment. In short, tokenised central bank money would provide a “safety pivot”, and serve as a reliable basis of trust on which these new technologies could realise their full potential.

    II. A step further with the interlinking of fast-payment systems and a European shared ledger to meet the challenges of transition and growth

     
    Central banks must therefore keep up with these developments,iv  in order to explore the potential of DLT and foster innovation while preserving the anchoring role of central bank money. Building among others on the Banque de France’s pioneering experiments between 2020 and 2023,v  the Eurosystem conducted a series of new experiments on wholesale CBDC between April and November 2024,vi  with the active involvement of the Banque de France, Banca d’Italia and Bundesbank as solution providers. We witnessed active industry participation in the Eurosystem experiments, and I would like to take the opportunity to pay tribute to your strong commitment – which, I believe, also reflects the growing awareness of the need for a safe settlement asset.
     
    Together, we successfully tested numerous and very diverse use cases, ranging from primary issues to cross-currency payments, repos, margin calls and asset management, to give a few examples. Actual settlement was even tested for the lifecycle management of securities and secondary market transactions. With this ambitious programme, we have further delivered on our learning-by-doing approach, which is of the essence. As announced, the Eurosystem will draw lessons from the exploratory work, including on how to facilitate the provision of central bank money settlement for wholesale asset transactions on DLT platforms. Clearly, it is in the interest of both European commercial banks and the public sector to work together towards a tokenised European framework: money is and will remain a public-private partnership, which has to evolve.
     
    As regards cross-border payments, the Eurosystem has launched initiatives to help improve them, including exploratory work on linking TIPS with other fast-payment systems such as UPI in India. We thereby support the G20 roadmap for creating a faster, cheaper, more transparent and accessible global payments ecosystem, while ensuring secure and reliable instant payments. The G20 roadmap also foresees, in the longer term, the use of tokenisation to further enhance cross-border payments.
     
    We now need to bring all these advances together to create a global motion picture, in a holistic manner. Here, the idea of a “unified ledger” put forward by the BISvii  looks like more than a promising technology: a rallying concept, or even a utopia. This next-generation market infrastructure would take one day in the future the shape of a shared, seamless and programmable platform that integrates central bank money, commercial bank money and tokenised financial assets – which would call for redefined and improved public-private partnerships. Accordingly, in April 2024 the BIS launched Project Agorá,viii  to explore the tokenisation of cross-border payments to improve the existing correspondent banking model. This major project brings together seven central banks worldwide, including the Banque de France which represents the Eurosystem, and a large group of private financial firms. But a first and necessary step towards such a global infrastructure should be to build regional shared ledgers – one of which would be European.
     
    A European shared ledger could prove an efficient means to overcome European market fragmentation and current inefficiencies, by facilitating the provision of seamlessly connected services across Europe. It would therefore act as a catalyst for a Savings and Investments Union, and provide tools such as green bonds and securities to finance the green transition, at a time where we have to mobilise Europe’s private savings surplus of more than EUR 300 billion a year. In short, it would be an important lever for achieving our climate but also digital transformations, which are among our main challenges; it would also help Europe to gain in both size – by unifying its single market – and speed. Achieving this ambitious vision requires moving forward step by step, in a phased approach. Rather than replacing existing infrastructures which have already helped to reduce fragmentation in Europe – like the harmonised settlement system T2S –, this new shared infrastructure would tackle markets which still rely on manual processes and lack standardisation, such as OTC markets and unlisted stocks. A crucial first step will be to make central bank money available on this infrastructure: this makes it all the more important to offer a wholesale CBDC solution in the short term to prepare this long term target.

    Let me conclude with Billy Wilder, the director of Some like it hot. He once gave this sound piece of advice: “If you have a problem with the third act, the real problem is in the first act.” This leads me to a twofold conclusion: first, that it is the right time to engage in the design and experimentation of market infrastructures of the future; second, that fast-paced transformations should not be at the expense of past achievements in financial stability, and increase risks. Central bank money must remain the settlement asset at the core of the financial system, whether tokenised or not. Under this condition, our common technological breakthroughs could contribute to meeting our major challenges. Thank you for your attention. 

    MIL OSI Economics –

  • MIL-OSI Economics: Making Everyday Life Special With Galaxy AI

    Source: Samsung

    Returning home after an exciting trip doesn’t mean the very next day can’t be special. With the power of Galaxy AI1, every day becomes a day to treasure. Samsung Newsroom delved into how the Galaxy S25 series can fill your daily life with joy and meaning as you cook, draw or spend time with your friends and family.
    Save Special Moments in Videos as GIFs
    ▲ AI Select can isolate a specific moment in the middle of video to be downloaded as a GIF.
    Sometimes there can be a certain moment in the middle of a video you’re watching that you simply want to save separately or watch on repeat. Downloading the whole video, finding that exact part and editing it, however, can be quite a time-consuming task. Whether you want to capture a warm moment with your family to cherish the memory or analyze your golf swing in detail to practice over and over again, AI Select can get the job done. While watching the video, simply open the quick panel, tap the AI Select icon and save the desired portion as a GIF.

    Scan What’s in Your Fridge, Receive Recipe Recommendations and Save Them as a Samsung Note
    ▲ The Galaxy S25’s AI agents analyze the contents of a refrigerator and recommend recipes.
    For those who enjoy cooking, there’s nothing more exciting than trying out a new recipe. When you’re out of ideas for what to cook, the Galaxy S25 series can be just the solution you need. Use the camera to snap a photo of what’s in your fridge, and Galaxy AI will analyze the items, recommend recipes and thoroughly guide you through the cooking process so you can transform ordinary ingredients into extraordinary dishes.

    Enter Some Text and Watch Galaxy AI Draw a Masterpiece
    ▲ Drawing Assist generates an image of a cat watching fireworks using text input.
    With visual content increasing in importance by the day, the tough job of synthesizing and producing high-quality images in bulk has never been in higher demand. It’s only natural to imagine a dream world where AI could dramatically streamline the workload by generating all kinds of vivid images by typing text? That world is no longer an imagination with the Galaxy S25 series’ Drawing Assist and its limitless possibilities. With Drawing Assist, anyone can easily create stunning images using simple text input. For example, typing “watching fireworks” after drawing a very rough sketch of a cat with your finger or an S Pen and will generate images of a cat watching fireworks in a variety of styles, including visual aids, 3D and illustrations. These images can then be used for social media content, visual training materials presentations and more.

    1 Galaxy AI features by Samsung are free through 2025 and require Samsung account login.

    MIL OSI Economics –

  • MIL-OSI Global: 4 steps to building a healthier relationship with your phone

    Source: The Conversation – Canada – By Jamie Gruman, Professor of Organizational Behaviour, University of Guelph

    Being constantly connected to your electronic devices, and the social media they enable, may be bad for your health and well-being and working remotely only compounds these challenges.

    Until very recently, I didn’t have a smartphone. In 2018, I wrote an article outlining the benefits of not being connected to the world through a phone. I was perfectly content living a largely disconnected life.

    However, since that time, things have changed.

    It is increasingly difficult to manage life without a smartphone. I recently took my family to a baseball game and would have been unable to access the ballpark without a smartphone because the phone serves as your tickets. Without a phone, I might not be able to enter a concert I bought tickets for, and it is increasingly difficult to order takeout. Reluctantly, I now own a smartphone.

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    Working from home, or remotely, has only magnified these challenges. Being constantly electronically connected can make it difficult to separate work from home, leading you to being constantly “on call.” This can further keep you in a perpetual state of activation.

    In general, excessive smartphone use is associated with anxiety and depression and compromised sleep. Further evidence suggests that being in contact with work when physically outside of the workplace can lead to higher levels of distress as opposed to those who leave the workplace behind them when they depart.

    So how can you manage if your home is your remote workplace? These four tactics can help you establish a clear boundary between work and home.

    1. Create physical boundaries

    Use physical space or objects to create a separation between work and home. For example, closing or locking the door to a home office creates a physical and psychological barrier that keeps you away from your laptop and helps you split your work life from your home life.

    If you do not have a home office, you may have a dedicated work area. Erecting a divider, such as a folding screen or even an unused bed sheet, can serve the same purpose.

    To maintain a strict separation of work and home, consider getting a work phone to separate work from personal communications. Outside of work, consider leaving your phone at home when going out for leisure activities in the evening or on weekends to help you escape electronics completely — though be sure to let trusted individuals know where you will be if you plan on disconnecting for an extended period of time.

    Simply put, keep your work space separate and view your phone as nothing more than a highly advanced landline of old, plugged into a specific area of your home and unable to be taken further.

    2. Create temporal boundaries

    Set boundaries around when you will address things, and how much time you will devote to work. It is more and more common to see messages in email signatures noting the days and hours during which people will respond to messages. This is a positive development.

    You can also block out time in your schedule to address work and non-work issues. If you have a phone that you use exclusively for work, turn it off and charge it during the times you don’t intend to be working. Protecting your time with such tactics is an effective way to promote work-life balance and maintain a healthy relationship with technology.

    3. Create behavioural boundaries

    Establish behaviours which help you separate work from home. Turning off the ringer and buzzer on your phone prevents you from being distracted and disturbed when enjoying leisure time.

    If your work involves social media, then try using different social media platforms for work and non-work to help you avoid being inadvertently drawn into work-related matters when you are trying to enjoy personal time. Or, consider switching to one of the many new “dumbphones” entering the market.



    Read more:
    Does being away from your smartphone cause you anxiety? The fact that it makes you available 24/7 could be the reason

    You can also team up with others. In the same way that doctors in a clinic will schedule one partner to be on call at a time so that the other partners can fully escape from work after hours, you can join forces with others who do similar work and redirect calls on a rotating basis so you do not have to worry about always being contacted.

    4. Create communication boundaries

    Once these tactics have been established, you should communicate them. Establish expectations about when you will and won’t be available. Note that this may require some negotiation.

    If people contact you out of ignorance of your personal policy, simply advise them of it. If they intentionally violate your boundary, consider your relationship with the violator before addressing them. You don’t want to rebuke your boss, but you should be firm in protecting your boundaries.

    Stay in control

    In the end, you need to ensure that you own your phone and not the other way around.

    When used excessively, electronic devices can become a chain that shackles us, as opposed to a tool that enables us. Our phones can become an addiction. Like any other form of addiction, we lose control of our phones when they make demands of us that we feel compelled to answer.

    There are times when work or urgent situations require us to be electronically available. However, outside of the times you must be available, any time you feel your phone making a demand of you, turn it off.



    Read more:
    What millennials and gen Z professionals need to know about developing a meaningful career

    Now that I have a smartphone, some things in life are easier and more pleasant. I can avoid traffic jams when driving. My wife and I can discuss purchases before buying, and I can play games on my phone while waiting for a friend to arrive at a restaurant. But I don’t allow the phone to dictate how I live.

    Acquaintances of mine will sometimes get upset when they text me. Because I don’t keep my phone on my hip, I usually don’t respond right away. If they voice their displeasure, I’m secretly pleased; it reminds me that I have a healthy relationship with my phone. I’m in command of it. It’s not in command of me.

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

    – ref. 4 steps to building a healthier relationship with your phone – https://theconversation.com/4-steps-to-building-a-healthier-relationship-with-your-phone-235920

    MIL OSI – Global Reports –

  • MIL-OSI Global: $Trump and $Melania crypto tokens illustrate the risks posed by trendy meme coins

    Source: The Conversation – Canada – By Anwar Sheluchin, PhD Candidate, Political Science, McMaster University

    An image on a Trump meme coin website. (GetTrumpMemes.com)

    Meme coins like the ones recently launched by United States President Donald Trump and his wife, Melania, are a hot trend in the cryptocurrency ecosystem. The rise of these digital tokens reflects the influence of internet culture and community-driven hype on the market, distinguishing them from more traditional cryptocurrencies with well-defined uses or technical foundations.

    The value of a meme coin is often driven by social media hype, community engagement and celebrity endorsements. But political meme coins seem to offer a new use: the potential to turn civic engagement into speculative assets.

    As someone who researches financial governance and digital currencies, I want to delve into various cryptocurrency initiatives. This is not intended as financial advice.

    Politics meets crypto

    In recent years, the cryptocurrency landscape has witnessed the emergence of political meme coins, digital tokens centred around political figures or movements.

    During the 2024 U.S. presidential election, a number of political meme coins emerged, inspired by political figures like Trump, Joe Biden and Kamala Harris. These coins, often unaffiliated with the politicians they reference, typically have misspelled names (for example, Jeo Boden instead of Joe Biden).

    Political meme coins merge finance, technology and politics in an unprecedented way, potentially serving as a gauge of public sentiment and political trends.

    Trump’s official $Trump token is a prime example of how cryptocurrencies can transform political support into a financial product. However, the value of a meme coin is highly speculative, as it often relies on public perception and market demand, among other things, rather than any intrinsic worth.

    According to the terms and conditions on the site where the coins are sold, “Trump Memes are intended to function as an expression of support” and come with “absolutely no promise or guarantee that the Trump Memes will increase in value or maintain the same value as the amount you paid.”

    This disclaimer highlights the speculative nature of such tokens while also raising ethical concerns about the potential to exploit political supporters for financial gain.

    MAGA credit card

    Trump’s meme coin isn’t his first venture into crypto. Previously, he released a series of digital trading cards (NFTs) that enabled cardholders to have dinner with the president.
    Third parties are building on the hype around Trump and his brand, releasing products like the limited-edition MAGA Card.

    Described as “a collector’s item and the ultimate way to spend your $TRUMP tokens,” the credit card claims to integrate Trump’s meme coin with everyday financial transactions in a bid to appeal to supporters of the president’s MAGA movement.

    However, The American Patriot’s Card — the company behind the credit card — does not appear to have any affiliation with Trump. Unlike the $Trump token, which clearly discloses its connection to Trump, the MAGA Card lacks such transparency, illustrating how the door has been opened to misrepresentation and opportunistic marketing schemes that exploit political supporters.

    Regulatory environment

    The cryptocurrency industry spent millions during the 2024 U.S. election backing crypto-friendly candidates and selling the story that crypto voters are an important voting bloc.

    This investment aimed to shape political discourse, leading presidential candidates to make promises and propose policies that aligned with the interests of the cryptocurrency industry.

    While Trump has signalled his intention to provide clear regulatory guidelines for the cryptocurrency industry, the launch of his meme coin — coupled with low public understanding of cryptoassets — could lead to financial losses from risky and speculative investments.

    Take for example, what are known as pump-and-dump schemes that have become relatively common in the cryptocurrency ecosystem. These schemes involve artificially inflating the price of an asset to sell it at a profit. After the asset is “dumped,” the price crashes, leaving investors with significant losses.

    Without appropriate guardrails in place, the need to protect investors becomes increasingly urgent.

    Relevance to Canada

    The Canadian government has expressed some concern over the role of cryptocurrency in politics. Compared to the U.S., Canada has strict campaign financing rules aimed at preventing the undue influence of money in politics and ensuring a fair and transparent democratic process.

    This means that the cryptocurrency industry likely won’t be able to influence Canadian elections in the same way they might have south of the border. Canada’s existing regulatory framework has already led to several cryptocurrency exchanges leaving the country.

    Currently, political entities in Canada can only accept cryptocurrency contributions if Elections Canada can verify the public wallet addresses and transaction amounts involved.

    However, Bill C-65 — the Electoral Participation Act — proposes regulatory requirements related to contributions that are “difficult to trace.” Specifically, political parties and candidates would be prohibited from accepting contributions in the form of “a cryptoasset, money order or prepaid payment method.” The recent prorogation of Parliament has shelved the amendments proposed in C-65, but these concerns remain relevant for future legislation.

    Risky convergence

    Discussions in the House of Commons on Bill C-65, particularly regarding cryptoasset donations, emphasize the need for a ban to prevent foreign entities from influencing Canadian elections.

    This was likely a response to concerns about foreign entities financially supporting the so-called Freedom Convoy through cryptocurrency donations, despite CSIS stating that the money did not appear to be coming from foreign states, organizations or citizens.

    The rise of political meme coins demonstrates how politics, finance and technology are merging in new and sometimes risky ways. While these coins may seem like a joke or a new way to engage with politics, the absence of proper regulations could leave political supporters vulnerable to exploitation for financial gain.

    Anwar Sheluchin receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. $Trump and $Melania crypto tokens illustrate the risks posed by trendy meme coins – https://theconversation.com/trump-and-melania-crypto-tokens-illustrate-the-risks-posed-by-trendy-meme-coins-247781

    MIL OSI – Global Reports –

  • MIL-OSI Global: Donors are down, but dollars are up – how US charitable giving is changing

    Source: The Conversation – USA – By Una Osili, Professor of Economics and Philanthropic Studies; Associate Dean for Research and International Programs, Lilly Family School of Philanthropy, Indiana University

    Although the pie is shrinking, the remaining slices are giving more.
     Say-Cheese/iStock via Getty Images Plus

    Although the US$557 billion Americans gave to charity in 2023 marked a 2.1% decline in inflation-adjusted terms, U.S. donations have increased significantly over the past two decades. Giving has grown by about 42% since 2003, according to the annual Giving USA report – which our team at the Indiana University Lilly Family School of Philanthropy researches and writes in partnership with the Giving USA Foundation.

    While overall charitable funds have expanded according to the most recent data available, the share of Americans who give to charitable causes has fallen. It plummeted from 66.2% of all U.S. adults in 2000 to 45.8% in 2020, our team determined in a different study we released in 2024. In short, the number of dollars is up, while the share of Americans who are donors is down.

    As the second Trump administration gets underway, having fewer people donating more is one reason why scholars of philanthropy like us are watching how the federal government handles tax policy and other measures that could influence charitable giving.

    Decline continued when the COVID-19 pandemic began

    Our latest study regarding the donors’ side of the American giving equation included data from 2020 – the first year of the COVID-19 pandemic.

    We found that a long-term decline in Americans’ participation in charitable giving accelerated during the first year of the pandemic. The share of Americans who gave to charity fell from 49.6% in 2018, the prior year for which data is available, to 45.8% in 2020 – a nearly 4-percentage-point decline in two years. This data is only available for every other year.

    Those findings may appear to contradict many anecdotal reports about charitable activity and other acts of generosity being on the rise at that time.

    The share of Americans who give to charity had fallen by 3.5 percentage points in the prior two-year period – a sign that the pandemic may have sped up the decline in the giving participation rate.

    Giving is growing more concentrated

    How can the total amount contributed rise while the share of donors declines?

    The answer is simple: The donors who still give to charity are giving more than they used to, even after adjusting for inflation.

    The total amount the typical U.S. donor gave in a year rose from $3,131 in 2018 to $3,651 in 2020. That’s an 16.6% increase in just two years.

    We also found that American donors with higher incomes, more education and more wealth are giving larger amounts than they used to.

    Bouts of economic volatility and, in recent years, inflation running at levels not seen since the 1980s may have left many American families with less money to donate to charities.

    Other factors include cultural shifts, a decline in religious affiliation and a loss of trust in institutions of all kinds.

    What’s around the corner

    Changes enacted during the first Trump administration have been reverberating in recent years, and the second Trump administration’s policies are also likely to influence giving trends.

    Most of the taxpayers who had previously been able to take advantage of the charitable deduction, which reduces taxable income in accordance to the value of a taxpayer’s donations, stopped itemizing and instead took advantage of the standard deduction after President Donald Trump signed the Tax Cuts and Jobs Act into law in late 2017.

    That’s because the 2017 tax reforms increased the standard deduction. As a result, many people stopped itemizing their tax returns and started using the standard deduction instead.

    About 30% of taxpayers itemized in 2017, which meant they could benefit from the charitable deduction. But since 2018, only about 10% of them have been itemizing. A recent study one of us worked on determined that the tax changes reduced charitable giving by $20 billion in 2018 alone.

    The White House could attempt to address the sustained decline in the share of Americans making charitable donations by considering policies that have the potential to encourage more people to give to charity.

    The shrinking ranks of American donors matters because philanthropy plays a prominent role in fulfilling Americans’ spiritual, intellectual and material needs and aspirations for people of all backgrounds.

    Una Osili receives funding from Bill and Melinda Foundation, Charles Stewart Mott Foundation, Fidelity Charitable Catalyst Fund, John Templeton Foundation, Google.org

    Xiao “Jimmy” Han receives funding from Bill & Melinda Gates Foundation, Charles Stewart Mott Foundation, Fidelity Charitable Catalyst Fund, Google.org Charitable Giving Fund, and the John Templeton Foundation.

    – ref. Donors are down, but dollars are up – how US charitable giving is changing – https://theconversation.com/donors-are-down-but-dollars-are-up-how-us-charitable-giving-is-changing-246473

    MIL OSI – Global Reports –

  • MIL-OSI Global: Canada and Greenland aren’t likely to join the US anytime soon – but ‘GrAmeriCa’ is a revealing thought experiment

    Source: The Conversation – USA – By Peter A. Coclanis, Professor of History and Director of the Global Research Institute, University of North Carolina at Chapel Hill

    For some time now, pundits have been debating whether to take Donald Trump “seriously” or “literally,” as the clever binary coined by journalist Salena Zito in 2016 has it.

    This choice comes to mind when I think about the 47th president’s frequent comments recently about incorporating Greenland and Canada into the United States. A few cases in point: Before delivering an inaugural address in which he vaguely but forcefully expressed a desire for the U.S. to expand its territory, Trump raised the issue on a confrontational phone call with the prime minister of Denmark, which handles Greenland’s international affairs. More recently, he spoke of Canada becoming a U.S. state to reporters on Air Force One.

    It’s hard to imagine a plausible scenario in which either, let alone both, joins the United States. The governments of Canada and Greenland alike have made it clear that they’re not for sale.

    But as an economic historian, I believe that thought experiments can be a useful way of understanding truths about the world. And one such truth is that Greenland and Canada play a key role in the global economy. If the U.S. were to absorb either or both, it would be a strategic, economic and political game changer.

    So, for a moment, let’s take Trump both seriously and literally. Below, I’ve laid out some very rough measures of how a reconstituted megastate including the U.S., Canada or Greenland would look in comparison to other leading countries and blocs.

    Bigger, but not more crowded

    At first glance, the most obvious thing to note about the new country would be its physical size. Today the U.S. is the third-largest nation-state in terms of area – about 57.5% of the size of Russia, by far the world’s largest country.

    By incorporating Canada, the second-largest country in the world in terms of area, the U.S., so reconstituted, would be 14% larger than Russia. If both Canada and Greenland became part of the reconstituted U.S., the country would be 22% larger than Russia.

    How about China? Today, China is slightly smaller than the U.S. in area, but China would be less than half the size of a combined U.S. and Canada, and only about 44% of the size of the U.S.-Canada-Greenland. And the European Union? It would be less than 20% of the size of a U.S.-Canada-Greenland combo.

    Incorporating Canada and Greenland into the U.S would have less of an impact in demographic terms, adding just under 40 million people to the current U.S. total of 342 million.

    Similarly, if the U.S. absorbed Canada and Greenland — two countries that are wealthy, but not nearly as wealthy as the U.S. — it wouldn’t have much of an impact on gross domestic product per capita. Why not? Because the U.S. would comprise about 90% of the total population of the new megastate. Given the figures for GDP per capita (PPP, international dollars) in Canada and Greenland and weighting for population, GDP per capita in the megastate would be about $79,000.

    A strategic shift

    The biggest effects of absorbing either country into the U.S. would come in the geopolitical, strategic and resource realms. Here, the changes would be seismic. First, by incorporating both countries into the U.S., the new entity would not only consolidate its already considerable power in the Western Hemisphere, but it would also establish a much more formidable position in the Arctic region. This is increasingly important as sea lanes are opening up with climate change.

    By adding territory, the U.S. could potentially enhance its strategic and defense posture, forcing its principal adversaries, Russia and China, to pursue more cautious tacks. These geopolitical and strategic effects would be magnified by the bounty of natural resources in the new megastate.

    Consider that the U.S. is already the largest oil-producing country in the world – producing over 13.3 million barrels a day in 2023 – and Canada is No. 4, with 5 million. Together, the two countries produced over 18 million barrels per day in 2023, while Russia produced about 10.3 million, Saudi Arabia about 9 million, and China 4.2 million. In other words, the U.S. and Canada together produce 8 million barrels of oil more than Russia does each day – a staggering differential.

    The U.S. is also by far the largest producer of natural gas in the world, with Russia a distant second. Incorporating Canada, currently the fifth-largest producer, would add considerably to the U.S. lead.

    Nor does the resource bounty begin and end with oil and natural gas. Greenland is rich in minerals of all types, particularly the rare earth elements in such demand for batteries, electronics and the like.

    And perhaps most important of all is the impact of integration regarding freshwater resources. Integrating the U.S. and Canada would bring that new entity into a virtual tie with Brazil as the leading repository of freshwater resources in the world. Canada and the U.S. are currently Nos. 3 and 4, respectively, in the world in freshwater resources; together, their freshwater stock far surpasses Russia, which is currently No. 2.

    And this doesn’t factor in Greenland, with its massive – if declining – freshwater ice shield. In any case, given the increasing demand for water around the world, control over freshwater resources will prove more and more important for the overall security posture of the U.S. going forward.

    So what do we make of this little exercise? One thing seems clear: “GrAmeriCa” would be amazingly rich in resources, as the president likely knows well. But should we take Trump literally or seriously – or both – on this issue? It may be a case of “Too soon to tell,” to invoke Zhou Enlai’s famous line about one or another revolutionary upheaval in France. But the world will know soon enough.

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

    – ref. Canada and Greenland aren’t likely to join the US anytime soon – but ‘GrAmeriCa’ is a revealing thought experiment – https://theconversation.com/canada-and-greenland-arent-likely-to-join-the-us-anytime-soon-but-gramerica-is-a-revealing-thought-experiment-248214

    MIL OSI – Global Reports –

  • MIL-OSI Global: Disaster evacuations can take much longer than people expect − computer simulations could help save lives and avoid chaos

    Source: The Conversation – USA – By Ashley Bosa, Postdoctoral Researcher, Hazards and Climate Resilience Institute, Boise State University

    Wildfire smoke rises beyond homes near Castaic Lake as another California wildfire spread on Jan. 22, 2025. AP Photo/Marcio Jose Sanchez

    When a wildfire notification goes off on your mobile phone, it can trigger all kinds of emotions and confusion.

    You might glance outside and see no smoke. Across the street, your neighbors have mixed reactions: One is leisurely walking their dog, another is calmly packing a small bag, while a third appears to be preparing for an extended vacation.

    The notification advises you to grab your “go bag,” but then panic can set in as you realize you don’t have one ready. So, you scour the local emergency management website for guidance and discover how much you’ve overlooked: important documents such as birth certificates, an extra flashlight, your children’s medications, a phone charger.

    Before you can gather your thoughts, a second notification arrives – this time telling you to evacuate.

    Packing the car, wrangling children or a skittish cat, figuring out where to go – it can feel frenzied in the face of danger. As you pull out, you join a traffic jam on your street, with a black smoke plume rising nearby and neighbors still loading their cars.

    This chaos highlights a worst-case scenario for wildfire evacuations – one that can cause delays, heighten risks for evacuees and complicate access for emergency responders. It’s why researchers like me who study natural hazards are developing ways to help communities recognize where residents may need the most help and avoid evacuation bottlenecks in the face of future disasters.

    The importance of being prepared

    Confusion is common in the face of disasters, and it underscores the need for communities and individuals to be prepared.

    Delays in evacuating, or the inability to evacuate safely, can have catastrophic consequences, not only for those trying to flee but also for the first responders and emergency managers working to manage the crisis. These delays often stem from a lack of preparedness or uncertainty about when and how to act.

    A study of survivors of an Australian wildfire that killed 172 people in the state of Victoria in 2009 found that two-thirds of survivors reported that they had carried out an existing disaster plan, while researchers found the majority of those who died either didn’t follow a disaster plan or couldn’t. Forecasters had warned that high temperatures were coming with very low humidity, and public alerts had gone out about the high fire risk.

    Residents had little time to evacuate as the Eaton Fire spread into Altadena, Calif., on Jan. 7, 2025. Source: NBC.

    How people perceive risks and the environmental and social cues around them – such as how much smoke they see, their neighbors’ choices or the wording of the notification – will directly affect the speed of their response.

    Past experience with a disaster evacuation also has an impact. Rapid population growth in recent years in the wildland-urban interface – areas where human development meets wildfire-prone areas – has meant that more people with little or no experience with wildfires are living in fire-risk areas. Wildland areas also tend to have fewer evacuation routes, making mass evacuations more difficult and time-consuming.

    Adding to the complexity is the fact that large wildfires are occurring in regions not historically prone to such events and during times of the year traditionally considered outside of wildfire season. This shift has left communities and emergency response teams grappling with unprecedented challenges, particularly when it comes to evacuations.

    Computer models can help spot risks

    To address these challenges, researchers are developing systems to help communities model how their residents are likely to respond in the event of a disaster.

    The results can help emergency crews understand where bottlenecks are likely to occur along evacuation routes, depending on the timing of the notice and the movement of the fire. They can also help fire managers understand where neighborhoods may need to be notified faster or need more help evacuating.

    Firefighters inspect burned out cars along a road in Paradise, Calif., after a deadly fire swept through the wooded area in November 2018. Some people abandoned their cars when they became trapped in traffic with few ways out.
    AP Photo/John Locher

    My team at the Hazard and Climate Resilience Institute at Boise State University is working on one of these projects. We have been surveying communities across Idaho and Oregon to assess how people living in the wildland-urban interface areas perceive wildfire risks and prepare for evacuations.

    Using those surveys, we can capture household-level decision data, such as which evacuation routes these residents would take, how many cars they plan to drive and where they would evacuate to.

    We can also gauge how prepared residents would be to evacuate, or whether they would likely stay and try to defend their home instead.

    Evacuating nursing homes takes time and special resources, including evacuation sites that can meet people’s health needs. When the Eaton Fire swept into Altadena, Calif., on Jan. 7, 2025, a senior care facility had little time to get its residents safely away.
    AP Photo/Ethan Swope

    With that data, we can simulate how long it will take emergency response teams to evacuate an entire community safely. The models could also show where difficulties with evacuations might be likely to arise and help residents understand how they can adjust their evacuation plans for a safer escape for everyone.

    Bridging the gap between awareness and action

    One of the key goals of this research is to bridge the gap between awareness and action.

    While many residents in wildfire-prone areas understand the risks, translating that knowledge into concrete preparations remains a challenge. The concept of a “go bag,” for example, is widely promoted but often poorly understood. Essential items such as medications, important documents and pet supplies are frequently overlooked until it’s too late.

    Clear and timely communication during wildfire crises is also essential. Evacuation warning messages such as “Ready, Set, Go!” are designed to prompt specific actions, but their effectiveness depends on residents understanding and trusting the system. Delayed responses or mixed signals can create confusion.

    As wildfire risk rises for many communities, preparedness is no longer optional – it’s a necessity. Emergency notifications vary by state and county, so check your local emergency management office to understand what to expect and sign up for alerts. Being prepared can help communities limit some of the most devastating impacts of wildfires.

    Ashley Bosa receives funding from the National Science Foundation Grant No. 2230595 for the project titled “Collaborative Research: Household Response to Wildfire ? Integrating Behavioral Science and Evacuation Modeling to Improve Community Wildfire Resilience.”

    – ref. Disaster evacuations can take much longer than people expect − computer simulations could help save lives and avoid chaos – https://theconversation.com/disaster-evacuations-can-take-much-longer-than-people-expect-computer-simulations-could-help-save-lives-and-avoid-chaos-247668

    MIL OSI – Global Reports –

  • MIL-OSI Global: The global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species

    Source: The Conversation – USA – By Michael Tlusty, Professor of Sustainability and Food Solutions, UMass Boston

    U.S. Fish and Wildlife agents inspect a shipment of reptiles at the Port of Miami. U.S. GAO

    When people think of wildlife trade, they often picture smugglers sneaking in rare and endangered species from far-off countries. Yet most wildlife trade is actually legal, and the United States is one of the world’s biggest wildlife importers.

    New research that we and a team of colleagues published in the Proceedings of the National Academy of Sciences shows that, over the last 22 years, people in the U.S. legally imported nearly 2.85 billion individual animals representing almost 30,000 species.

    Some of these wild animals become pets, such as reptiles, spiders, clownfish, chimpanzees and even tigers. Thousands end up in zoos and aquariums, where many species on display come directly from the wild.

    Medical research uses macaque monkeys and imports up to 39,000 of them every year. The fashion trade imports around 1 million to 2 million crocodile skins every year. Hunting trophies are also included in wildlife.

    How many species are legally traded worldwide?
    Benjamin Marshall, et al., 2024, PNAS, CC BY-SA

    The largest number of imported species are birds – 4,985 different species are imported each year, led by Muscovy ducks, with over 6 million imported. Reptiles are next, with 3,048 species, led by iguanas and royal pythons. These largely become pets.

    Not all wildlife are wild

    We found that just over half of the animals imported into the U.S. come from the wild.

    Capturing wildlife to sell to exporters can be an important income source for rural communities around the world, especially in Africa. However, wild imported species can also spread diseases or parasites or become invasive. In fact, these risks are so worrying that many imported animals are classed as “injurious wildlife” due to their potential role in transmitting diseases to native species.

    Captive breeding has played an increasingly dominant role in recent years as a way to limit the impact on wild populations and to try to reduce disease spread.

    However over half the individual animals from most groups of species, such as amphibians or mammals, still come from the wild, and there is no data on the impact of the wildlife trade on most wild populations.

    Trade may pose a particular risk when species are already rare or have small ranges. Where studies have been done, the wild populations of traded species decreased by an average of 62% across the periods monitored.

    Sustainable wildlife trade is possible, but it relies on careful monitoring to balance wild harvest and captive breeding.

    Data is thin in many ways

    For most species in the wildlife trade, there is still a lot that remains unknown, including even the number of species traded.

    With so many species and shipments, wildlife inspectors are overwhelmed. Trade data may not include the full species name for groups like butterflies or fish. The values in many customs databases are reported by companies but never verified.

    Macaques, used in medical research, are the most-traded primates globally, according to an analysis of U.S. Fish and Wildlife data.
    Davidvraju, CC BY-SA

    In our study, we relied on the U.S. Fish and Wildlife Service’s Law Enforcement Management Information System, a wildlife import-export data collection system. However, few countries collate and release data in such a standardized way; meaning that for the majority of species legally traded around the world there is no available data.

    For example, millions of Tokay geckos are imported as pets and for medicine, and are often reported to be bred in captivity. However, investigators cannot confirm that they weren’t actually caught in the wild.

    Why tracking the wildlife trade is important

    Biodiversity has a great number of economic and ecological benefits. There are also risks to importing wildlife. Understanding the many species and number of animals entering the country, and whether they were once wild or farmed, is important, because imported wildlife can cause health and ecological problems.

    Wildlife can spread diseases to humans and to other animals. Wild-caught monkeys imported for medical research may carry diseases, including ones of particular risk to humans. Those with diseases are more likely to be wild than captive-bred.

    The most-traded mammals worldwide are minks, which are valued for their fur but can spread viruses to humans and other species. About 48 million minks are legally traded annually, about 2.8% wild-caught and the majority raised, according to U.S. Fish and Wildlife data.
    Colin Canterbury/USFWS

    Species that aren’t native to the U.S. may also escape or be released into the wild. Invasive species can cause billions of dollars in damage by consuming and outcompeting native wildlife and spreading diseases.

    We believe better data on the wildlife trade could be used to set management goals, such as harvest quotas or no-take policies for those species in their country of origin.

    What’s next

    The researchers involved in this study come from institutes around the world and are all interested in improving data systems for wildlife trade.

    Some of us focus on how e-commerce platforms such as Etsy and Instagram have become hotspots of wildlife trade and can be challenging to monitor without automation. Esty announced in 2024 that it would remove listings of endangered or threatened species. Others build tools to help wildlife inspectors process the large number of shipments in real time. Many of us examine the problems imported species cause when they become invasive.

    In the age of machine learning, artificial intelligence and big data, it’s possible to better understand the wildlife trade. Consumers can help by buying less, and making informed decisions.

    Michael Tlusty is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data..

    Andrew Rhyne is currently on sabbatical funded by the Canada Border Services Agency (CBSA), focused on the wildlife trade data. He is a founding member of the Wildlife Detection Partnership and co-developed the Nature Intelligence System, which assists governments in collecting more accurate wildlife data.

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

    – ref. The global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species – https://theconversation.com/the-global-wildlife-trade-is-an-enormous-market-the-us-imports-billions-of-animals-from-nearly-30-000-species-247197

    MIL OSI – Global Reports –

  • MIL-OSI Global: In asking Trump to show mercy, Bishop Budde continues a long tradition of Christian leaders ‘speaking truth to power’

    Source: The Conversation – USA – By Joanne M. Pierce, Professor Emerita of Religious Studies, College of the Holy Cross

    Bishop Mariann Budde leads the national prayer service attended by President Donald Trump at the National Cathedral in Washington on Jan. 21, 2025. AP Photo/Evan Vucci

    Episcopal Bishop Mariann Edgar Budde’s sermon on Jan. 21, 2025, in which she appealed to President Donald Trump to have mercy toward groups frightened by his position on immigrants and LGBTQ+ people – especially children – drew reactions from both sides of the aisle.

    In a post on his social networking site, Truth Social, Trump called her comments “nasty in tone” and remarked that she “brought her church into the World of politics in a very ungracious way.”

    “She and her church owe the public an apology!,” he posted. Several conservatives criticized her sermon, while many progressives saw her as “speaking truth to power.”

    As a specialist in medieval Christianity, I was not surprised by the bishop’s words, as I know that Christian history is full of examples of people who have spoken out, unafraid to risk official censure, or even death.

    Early voices

    Even in the early centuries of Christianity, followers of Jesus Christ’s teachings could be outspoken toward political leaders.

    For example, in the first-century Gospels, John the Baptist, a contemporary of Jesus, confronts the ruler of Galilee, Herod Antipas, for marrying his brother’s wife – a practice forbidden in the Hebrew scriptures. For that, John the Baptist was ultimately beheaded.

    In a prayer later called the Magnificat, Mary, the mother of Jesus, praises the glory and power of God who casts down the mighty and raises the lowly. In recent interpretations, these words have been understood as a call for those in authority to act more justly.

    In the late fourth century – a time when Christianity had been made the official religion of the Roman Empire – a respected civil official named Ambrose became bishop of the imperial city of Milan in northern Italy. He became well known for his preaching and theological treatises.

    However, after imperial troops massacred innocent civilians in the Greek city of Thessaloniki, Ambrose reproached Emperor Theodosius and refused to admit him to church for worship until he did public penance for their deaths.

    Ambrose’s writings on scripture and heresy, as well as his hymns, had a profound influence on Western Christian theology; since his death, he has been venerated as a saint.

    In the early sixth century, the Christian Roman senator and philosopher Boethius served as an official in the Roman court of the Germanic king of Italy, Theodoric. A respected figure for his learning and personal integrity, Boethius was imprisoned on false charges after defending others from accusations by corrupt court officials acting out of greed or ambition.

    During his time in prison, he wrote a philosophical volume about the nature of what is true good – “On the Consolation of Philosophy” – that is studied even today. Boethius, who was executed in 524, is venerated as a saint and martyr in parts of Italy.

    Thomas Becket and St. Catherine

    One of the most famous examples of a medieval bishop speaking truth to power is that of Thomas Becket, former chancellor – that is, senior minister – of England in the 12th century. On becoming archbishop of Canterbury, Becket resigned his secular office and opposed the efforts of King Henry II to bring the church under royal control.

    A stained glass window at the Canterbury Cathedral in England depicting the murder of Thomas Becket, archbishop of Canterbury.
    Dukas/Universal Images Group via Getty Images

    After living in exile in France for a time, Becket returned to England and was assassinated by some of Henry’s knights. The king later did public penance for this at Becket’s tomb in Canterbury. Soon after, Becket was canonized a saint.

    Another influential saint was the 14th-century Italian mystic and writer Catherine of Siena. Because of the increasing power of the kings of France, the popes had moved their residence and offices from Rome to Avignon, on the French border. They remained there for most of the century, even though this Avignon papacy increased tensions in western Europee.

    Many Christian clerics and secular rulers in western Europe believed that the popes needed to return to Rome, to distance papal authority from French influence. Catherine herself even traveled to Avignon and stayed there for months, writing letters urging Pope Gregory XI to return to Rome and restore peace to Italy and the church – a goal the pope finally fulfilled in 1377.

    Leaders speak up across denominations

    The Reformation era of the 16th and early 17th centuries led to the splitting of Western Christianity into several different denominations. However, many Christian leaders across denominations continued to raise their voices for justice.

    One important and ongoing voice is that of the Religious Society of Friends, or Quakers. Early leaders, like Margaret Fell and George Fox, wrote letters to King Charles II of England in the mid-17th century, defending their beliefs, including pacifism, in the face of persecution.

    In the 18th century, based on their belief in the equality of all human beings, Quaker leaders spoke in favor of the abolition of slavery in both the United Kingdom and the United States.

    In fact, it was Bayard Rustin, a Black Quaker, who coined the phrase “to speak truth to power” in the mid-20th century. He adhered to the Quaker commitment to nonviolence in social activism and was active for decades in the American Civil Rights Movement. During the Montgomery bus boycott in the mid-1950s, he met and began working with Martin Luther King Jr., who was an ordained Baptist minister.

    In Germany, leaders from various Christian denominations have also united to speak truth to power. During the rise of the Nazis in the 1930s, several pastors and theologians joined forces to resist the influence of Nazi doctrine over German Protestant churches.

    Their statement, the Barmen Declaration, emphasized that Christians were answerable to God, not the state. These leaders – the Confessing Church – continued to resist Nazi attempts to create a German Church.

    Desmond Tutu and other leaders

    Bishop Desmond Tutu opposed the racial policies of the South African government.
    AP Photo/Jim Abrams

    Christians on other continents, too, continued this vocal tradition. Óscar Romero, the Roman Catholic archbishop of San Salvador, preached radio sermons criticizing the government and army for violence and oppression of the poor in El Salvador during a national civil war. As a result, he was assassinated while celebrating Mass in 1980. Romero was canonized a saint by Pope Francis in 2018.

    In South Africa, the Anglican bishop Desmond Tutu, archbishop of Cape Town, spent much of his active ministry condemning the violence of apartheid in his native country. After the end of the apartheid regime, Tutu also served as chair of the Truth and Reconciliation Commission, which was established to investigate acts of violence committed both by government forces and violent activists. Before his death in 2021, Tutu continued to speak out against other international acts of oppression. He won the Nobel Peace Prize in 1984.

    For some, Bishop Budde’s words might seem radical, rude, inappropriate or offensive. But she did not speak in isolation; she is surrounded by a cloud of witnesses in the Christian tradition of speaking truth to power.

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

    – ref. In asking Trump to show mercy, Bishop Budde continues a long tradition of Christian leaders ‘speaking truth to power’ – https://theconversation.com/in-asking-trump-to-show-mercy-bishop-budde-continues-a-long-tradition-of-christian-leaders-speaking-truth-to-power-248209

    MIL OSI – Global Reports –

  • MIL-OSI Global: St. Thomas Aquinas’ skull just went on tour − here’s what the medieval saint himself would have said about its veneration

    Source: The Conversation – USA – By Therese Cory, Associate Professor of Thomistic Studies, University of Notre Dame

    The skull of St. Thomas Aquinas during a stop at St. Patrick Church in Columbus, Ohio, in December 2024. Nheyob/Wikimedia Commons

    Once, on a road trip in Greece, I stopped with my husband and dad at a centuries-old Orthodox monastery to view its famous frescoes. We were in luck, the porter said: It was a feast day. The relics of the monastery’s saintly founder were on view for public veneration.

    As a Catholic and a medievalist, I can never resist meeting a new saint. The relic, it turned out, was the saint’s hand, though without any special ornament or reliquary, the ornate containers in which relics are often displayed. Nothing but one plain, severed hand in a glass box, its fingers partly contorted, and its discolored skin shriveled onto the bones.

    We gathered around the shrine, silently, to pray. Then my dad, whose piety sometimes runs up against his penchant for dramatic storytelling, leaned over and whispered, “What if at the hotel, in the middle of the night, I hear a scratching sound, and then The Claw …” His own hand started crawling dramatically up his shirt and then flew to his throat.

    “Dad!” I hissed furiously, with a horrified glance at the monks praying nearby.

    Relics can admittedly feel a bit morbid – and yet, so holy. What exactly is their appeal?

    To me, it’s the physical closeness, especially with parts of a saint’s own body – what the Catholic Church calls “first class” relics, which can be as small as a chip of bone. There are also objects the saint used during life: “second class” relics, such as the gloves worn by the Italian mystic Padre Pio.

    The veneration of relics of saints was already well established in the early church. But controversies go back hundreds of years. During the Protestant Reformation, for example, reformers decried the shameless use of relics to drive donations and the proliferation of faux relics. Today, the idea of intentionally dismembering and displaying human body parts can seem shocking, even repulsive.

    Yet venerating relics remains far from a “relic” of the past. At the end of 2024, the skull of St. Thomas Aquinas – the great Dominican medieval thinker whose writings I study – made its first tour of the United States. The journey commemorated the “triple anniversary” of 700 years since his canonization, 750 years since his death and 800 years since his birth.

    From Cincinnati to Rhode Island to Washington, D.C., thousands of Catholics turned out to pay their homage to this medieval saint.

    Religious sisters venerating the skull at St. Patrick Church in Columbus, Ohio.
    Nheyob/Wikimedia Commons

    God’s dwelling place

    What might Aquinas himself have thought about all the attention to his traveling skull – that fragile and now empty case for the brain behind one of the most productive minds of European philosophy?

    Aquinas’ answer lies in a short but poignant text from “Summa Theologiae,” his best-known work. Christians should venerate relics, Aquinas says, because the saints’ bodies were dwelled in by God. The very parts of their bodies were the instruments, or “organs,” of God’s actions.

    The saints as “organs” of God: What a riveting image! God is so intimately present to his friends, the saints, that their very bodies are sanctified by his presence. Those hands, now dead and desiccated, performed God’s own actions as they cared for the sick, fed the hungry, celebrated Mass and reconciled the lost sheep.

    According to Aquinas, honoring saints’ relics is ultimately about honoring this divine activity, a superhuman love working through ordinary human beings. But as he notes elsewhere, God is present in all of creation, working “most secretly” through all creatures at every moment. So by recognizing the special holiness of saints’ relics, Christians can better perceive the universal holiness that radiates through the whole created world.

    Cherished keepsakes

    Yet in discussing relics, Aquinas has some challenging things to say about what is perhaps their most immediate draw: the sense that when I see or touch a relic, I am physically present to a saint.

    Because the saints are brothers and sisters in the Christian family, he says, Christians should cherish their physical remains just as people cherish a memento of a loved one, like “a father’s coat or ring.”

    I did a double-take when I read this: A memento? Surely the saint’s body is more than that.

    Stained glass in St. Patrick Church in Columbus, Ohio, depicts a mystical vision St. Thomas Aquinas had in the 13th century.
    Nheyob/Wikimedia Commons, CC BY-SA

    But Aquinas insists that physical remains really are more like mementos of the deceased than parts of them. When St. Teresa of Calcutta died, for instance, she left behind a corpse and a soul. These bodily remains shouldn’t be confused with the saint herself, who was a living, breathing, bodily person. If I kiss a saint’s relic, as Catholics often do, I am not kissing the saint but something that was formerly part of a saint. The word “relic” literally goes back to the Latin word for “leaving something behind.”

    The holiness of a relic, then, derives from the person it was once part of, not what it is now.

    Not just “once was,” though, but also “will be.” Aquinas adds – and to me this is one of the most beautiful aspects of his reflections on relics – that venerating a relic is also a way of looking forward to the future resurrection of the body. Christian doctrine teaches that at the end of time, God will restore each person’s body, reuniting it with their soul. Relics represent that hope for everlasting life.

    Later this year, the skull formerly known as Aquinas’ will wend its way back to its permanent place of rest, buried under the altar of the Dominican church in Toulouse, France. During its visit to the U.S., I was down with pneumonia and never got a chance to pay my respects. But I cherish the “third class” relic that my sister-in-law mailed me from Cincinnati: a holy card that she had touched to the skull’s reliquary.

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

    – ref. St. Thomas Aquinas’ skull just went on tour − here’s what the medieval saint himself would have said about its veneration – https://theconversation.com/st-thomas-aquinas-skull-just-went-on-tour-heres-what-the-medieval-saint-himself-would-have-said-about-its-veneration-245970

    MIL OSI – Global Reports –

  • MIL-OSI Video: UK The situation in Syria – Foreign Affairs Committee Committee

    Source: United Kingdom UK Parliament (video statements)

    During the first panel, the Committee will hear evidence from Lina Khatib, Chatham House MENA expert and fellow and Simon Collis, the former UK Ambassador to Syria. The panel will examine the factors that led to the fall of Assad and will also assess the stability of the current regime, led by Islamic militant group Hayat Tahrir al-Sham (HTS). Questions are likely to cover whether HTS has truly departed from its jihadist and fundamentalist origins. Members are likely to ask about the role of outside powers in the fall of the Assad regime, including Turkey, Russia, the US, Israel and Iran.

    Richard Barrett, former Director of Counter-terrorism at MI6 and former head of the UN al-Qaeda/Taliban Monitoring Team, will give evidence in the second panel. During this panel, the Committee will focus on the security situation in northeast Syria, the stability of detention camps and prisons housing Islamic State foreign fighters, and the likelihood of the Islamic State exploiting the new situation in Syria.

    https://www.youtube.com/watch?v=P1gBnTnTWQg

    MIL OSI Video –

  • MIL-OSI Video: UK Misogyny in music: follow up – Women and Equalities Committee

    Source: United Kingdom UK Parliament (video statements)

    The Women and Equalities Committee are taking evidence on misogyny in the music industry

    They will assess what progress has been made since they published their report in January 2024, including:

    what support is available for those experiencing discrimination and abuse
    representation and safety at concerts and festivals
    what steps the Government and industry bodies should take to combat misogyny

    #SelectCommittee #Politics #UKPolitics #MusicIndustry #MusicIndustryNews #WomenInMusic #MisogynyinMusic

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

    MIL OSI Video –

  • MIL-OSI United Kingdom: Road resurfacing work to start as city highways improvements driven forward

    Source: City of Wolverhampton

    Part of Gorsebrook Road will be resurfaced between Glentworth Gardens and Carter Road during the City of Wolverhampton Council works.

    It starts on Thursday (30 January) and runs until Friday 7 February, weather permitting.

    The road will be closed to traffic between 9.30am and 3pm each day, not including weekends.

    A diversion route will be in place along Craddock Street, Hunter Street, Newhampton Road East, Waterloo Road, Ring Road St Peters, Stafford Street and Stafford Road.

    National Express West Midlands Wolverhampton number 62 bus service will divert via Dunstall Lane, Dunstall Road, Five Ways Island and Waterloo Road before joining its normal line of route during the works. Visit National Express West Midlands for updates.

    The scheme also includes upgrading equipment at the zebra crossing – which has already been completed – and remarking the mini-island to improve safety for pedestrians and other road users.

    It follows a raft of resurfacing and surface dressing works already carried out by the council over the past 12 months to prevent potholes and other defects.

    Councillor Qaiser Azeem, Cabinet Member for Transport and Green City at City of Wolverhampton Council, said: “We know improving our roads is key to ensuring our communities and businesses are well connected, which in turn supports economic growth and jobs.

    “Through a data-led approach that makes the best use of technology, alongside inspections, we are able to make informed decisions about where our investment is best directed to help deliver an efficient safe and smooth flowing highway network for all modes of transport.”

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Mission 300 Africa Energy Summit: “Introduction to the Panel on “Policies and reforms for transforming African energy” [as prepared for delivery]

    Source: United Nations secretary general

    Your Excellency Mr. Doto Biteko, Deputy Prime Minister and Minister for Energy of the United Republic of Tanzani], Excellencies, Ladies and Gentlemen,

    I want to start by thanking the Government of Tanzania and the African Union for its leadership; and the World Bank, the African Development Bank, and the Mission 300 partners for convening this Summit.

    Mission 300’s has undertaken an enormous task: to help close the energy access gap and unlock sustainable development across the continent by delivering electricity to 300 million Africans by 2030.

    As we have heard, we face a stark reality: 685 million people across the continent still lack access to electricity, with the gap widening as population growth outpaces new electricity connections.

    And yet, Africa is richly endowed with natural resources vital for renewable energy technologies: it is home to 60 per cent of the world’s best solar resources and possesses vast wind, hydro, and geothermal potential.

    And critical minerals mined in Africa are powering the renewables revolution around the world.

    Despite this abundance, and record global investments in renewable energies worldwide, Africa continues to be left behind and many Africans continue to lack access to clean, affordable energy. 

    This injustice must be urgently resolved.

    Access to electricity is an essential development requirement, one that can also be the multiplier for acceleration in building a sustainable future for all

    Providing clean energy to local communities,  represents a unique opportunity to improve health, widen access to education and social protection, make food systems resilient, create green jobs and e-commerce and financial services while at the same time protecting the environment and the biodiversity.

    We have heard our distinguished speakers discuss why companies and governments should get involved.  

    The business case is clear: the falling costs of renewables and storage offer a great opportunity to deliver access to energy, energy security and sovereignty, and climate resilience.  

    With the new African Continental Free Trade Area , aiming at a trade zone without barriers to the transfer of goods and services, the business opportunities will further multiply if the right policy environments, coherent and predictable, are put in place.

    As we move into discussing what policies and reforms for transforming African Energy can enable millions to access to energy, I would like to focus on three areas of urgent attention for policy makers:

    First, fostering policy coherence.

    We are 5 years away from the target of our SDGs. And we are not on track.

    Policy makers and the international institutions need to strive to ensure sector wide plans are coherent and aligned with the achievement of the SDGs due in 2030, while investors need robust regulatory laws in place to ensure business can operate aligned with them.

    At this Summit, Mission 300 target countries are presenting their first national energy strategies for achieving universal energy access. These strategies need to be part of a broader plan, one that while achieving universal energy access need to be aligned with the new economy-wide national climate action plans – or NDCs –   consistent with 1.5 degrees, well before COP 30 in November.

    NDCs represent a unique opportunity for all countries to align their new climate plans and energy strategies, together with addressing adaptation needs.

    NDCs must coordinate the transition from fossil fuels with scaling of renewables and grid modernization and expansion, ensuring energy security and affordability.

    And they must be anchored in justice – providing support for affected workers and communities.

    If done right, climate plans align with national development priorities and double as investment plans – becoming blueprints for a more sustainable and prosperous future.

    Excellencies,

    The Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure this new era does not repeat historical patterns of exploitation.

    SE4ALL, UN Resident Coordinators and Country Teams will continue to support country level policy reforms, integrate stakeholder innovations, build institutional capacities, and boost infrastructure investments across the entire clean energy supply chain. 

    Second, mobilizing finance and support.

    While private sector investments and innovation are important, public financing, remains vital – especially in modernizing grid infrastructure to expand access and integrate renewables.

    Blending concessional public funds with commercial funds can help multiply renewable energy investments in developing countries.

    We must work to strengthen the health of Africa’s public finances, and tackle unsustainable debt burdens that are crowding out essential public investments.

    The fourth conference on Finance for Development that will take place in July to underpin the needs for long-term concessional finance and the 1.3 trillion roadmap, agreed in Baku, that needs to be delivered by COP 30 in Brazil must provide investments to scale up, among others, the energy transition.

    Third, enhancing transparent international cooperation.  

    International investments and cross-border partnerships hold the key to delivering electricity projects at a massive scale.

    Institutions must be strengthened to operate in complex regulatory environments, with multiple actors across jurisdictions.

    Public private partnerships need to be subject to stable and transparent public procurement rules throughout the whole project cycle, rules that prioritize long term sustainability and allow for mutually beneficial contractual relationships.

    Transparency and accountability should be a hallmark of Mission 300, and set a new standard for cooperation across the continent.

    Excellencies,

    As we start the 5-year countdown to delivering on the Sustainable Development Goals, and mark the tenth-year anniversary of the Paris Agreement, let us work together to illuminate the lives of millions, power the industries of tomorrow, and ensure that no one is left behind in the race to deliver universal clean energy, climate resilience, and economic prosperity.

    Thank you. 

    MIL OSI United Nations News –

  • MIL-OSI United Nations: DR Congo emergency: next 24 hours are critical, warn UN agencies

    Source: United Nations 4

    Peace and Security

    Latest reports from Goma in eastern Democratic Republic of the Congo (DRC) from UN teams on the ground indicate a fast-deteriorating situation on Tuesday amid an ongoing assault by M23 rebels on the provincial capital.

    Dead bodies lie in the streets, hospitals are overwhelmed and there has been an uptick in reports of sexual violence, rape and looting.

    “Roads are blocked, ports are closed and those crossing Lake Kivu risk their lives in makeshift boats,” said Shelley Thakral, spokesperson for the UN World Food Programme (WFP) – one of many UN agencies on the ground striving to provide assistance and protection wherever possible. “I spoke just moments ago to an activist In Goma and he told me, ‘We’re here, we’re hiding. We don’t know who will come to help us.’”

    The UN aid coordination office, OCHA, echoed the humanitarian community’s deep concerns about the spiralling violence across the resource-rich region that has uprooted some 300,000 people from camps around Goma in a matter of days.

    Aid targeted

    “Our colleagues in the DRC report heavy, small arms fire and mortar fire across the city and the presence of many dead bodies in the streets,” said OCHA spokesperson Jens Laerke. “We have reports of rapes committed by fighters, looting of property, including of a humanitarian warehouse and humanitarian and health facilities being hit.”

    The emergency has left hospitals in Goma reportedly overwhelmed by the influx of wounded people, electricity and water supplies “compromised” and internet services cut off on Monday. “Goma is still offline this morning,” Mr. Laerke told journalists in Geneva.

    The development came amid urgent calls from the international community including the Security Council in New York, where ambassadors on Tuesday demanded an immediate halt to the M23 rebel offensive and called for the group to withdraw from territories it has seized.

    The ambassadors reiterated their support for the UN peacekeeping force in the DR Congo, MONUSCO, and paid tribute to blue helmets who have lost their lives from South Africa, Malawi and Uruguay in recent days.

    The Council also condemned the presence of “external forces” in eastern DRC – amid reports Rwandan troops are heavily involved in the offensive – and called for all parties to adhere to the ceasefire and return to diplomatic talks.

    Years of crisis

    Before the latest escalation in violence in eastern DRC’s Kivus, some 5.1 million people had already been displaced by years of insecurity in the mineral-rich region and forced to live in overcrowded camps with little food and no security.

    UN agencies and partners continue to monitor the highly unstable situation which has forced WFP to temporarily pause food assistance activities in around Goma. “The airport and major access roads within the region have been cut off…Depending on the duration of violence, the supply of food into the city could be severely hampered,” said WFP’s Ms. Thakral.

    “This is a huge test for Congolese trapped by fighting in Goma and surrounding areas…the next 24 hours will be critical as people start to run low on supplies and will need to see what they can find to survive.”

    Disease fears

    The highly mobile nature of the emergency has prompted additional fears that existing diseases may spread quickly among uprooted populations, although preventive measures were taken before the latest escalation, the UN World Health Organization (WHO) said. 

    For the moment the immediate concern is to help victims of the violence.

    “There are currently hundreds of people in hospital, most admitted with gunshot and shrapnel wounds, with secondary infections becoming a health risk,” said Dr Adelheid Marschang, Emergency Response Coordinator for the DRC.

    She noted that before Goma airport closed on Saturday, WHO had sent critical medical supplies for trauma and emergency care, infection prevention, cholera and more.

    The UN agency’s response to the crisis has also included providing tents for hospitals to cope with the increasing number of injured. It has medical hubs in North and South Kivu, in the cities of Goma and Bukavu to support health care needs in eastern DRC.

    Last year the provinces of North and South Kivu reported high numbers of cholera, measles and malaria cases and deaths, Dr. Marschang said, warning of a “heightened risk for spillover of cholera” into neighbouring countries and provinces.

    The area was also the epicentre of an outbreak of a new strain of mpox, declared a public health emergency of international concern in August 2024. Dr. Marschang warned that the new wave of displacement will make it increasingly hard to track and treat the disease.

    Amid the lethal violence, hospitals and health workers themselves are in danger, the WHO official said, with “reports of health workers being shot at and patients including babies being caught in crossfire”.

    “Attacks on healthcare violate the rules of war. Healthcare must be protected at all times,” she insisted.

    Sexual violence alert

    WHO and other UN agencies and partners said that they are especially worried about the increasing risk to women and girls from violence, including rape.

    “Pregnant women are at risk, with very high maternal death rates, even before the violence escalated,” WHO said.

    “Sadly, hospitals and health workers are in danger.  We are hearing reports of health workers being shot at, and patients, including babies, being caught in the crossfire.  WHO reminds everyone that attacks on healthcare violate the rules of war.  Health care must be protected at all times.”

    Echoing those concerns, WFP’s Ms. Thakral reported that mobile teams and mobile clinics are at work amid reports that women had been raped multiple times while searching for firewood or after leaving the perimeter of their camp.

    Other reports indicated “an increase in rape along the pathways that some of the conflict partners are now taking into South Kivu,” she said, underscoring the agency’s efforts “to have some solutions to follow the populations as they move”.

    MIL OSI United Nations News –

  • MIL-OSI USA: Low-level flights to reimage geology over parts of central Florida following Hurricanes Milton, Helene

    Source: US Geological Survey

    RESTON, VA – A low-flying airplane will soon be visible to residents in parts of central Florida. 

    Data collection for this survey area will begin in January 2025 and last potentially through April, weather permitting.

    The survey will cover parts of the following counties in Florida: Hardee, Hillsborough, Manatee, Pasco, Polk, and Sarasota.

    The airplane will fly along pre-planned flight paths relatively low to the ground at about 300 feet (100 meters) above the surface. The ground clearance will be increased to 1,000 feet (300+ meters) over populated areas in compliance with Federal Aviation Administration regulations. 

    The scientific instruments on the airplane are completely passive, with no emissions that pose a risk to humans, animals, or plant life. No photography or video data will be collected.

    Instruments on the airplane will measure variations in low-level radiation created by different rock types. This information will provide scientists with the framework needed to better evaluate natural resources, groundwater, or geologic hazards. 

    The effort is part of the U.S. Geological Survey Earth Mapping Resources Initiative (Earth MRI); a nationwide collaboration between the USGS and state geologists to modernize our understanding of the nation’s fundamental geologic framework through new geologic maps, geophysical and topographic surveys, and geochemical sampling. 

    Experienced pilots who are specially trained and approved for low-level flying will operate the aircraft. All flights will occur during daylight hours and are coordinated with the FAA to ensure compliance with U.S. law. More information on USGS mineral resources research can be found here.

    The flights are being coordinated by the USGS and the Florida Geological Survey. Their goal is to image geology at the surface and below ground using airborne geophysical technology, with applications to hurricane resiliency and critical mineral resource evaluation. The data collected will be made freely available to the public once complete. 

    The survey will include re-flights of an area previously surveyed last year to study any changes to the geology following Hurricanes Milton and Helene, which made landfall in Florida in September 2024. The 2024 surveys marked the first time in more than 45 years that a public high-resolution survey has been flown in these areas.

    This survey will be flown by contractor Xcalibur Multiphysics via a subcontract to Fugro. 

    To stay up to date on USGS mineral resources data and reports, and to learn more about USGS mineral-resource and commodity information, please visit our website and follow us on X.  

    MIL OSI USA News –

  • MIL-OSI Security: Former Deputy Sheriff And DEA Task Force Officer Sentenced To More Than 17 Years In Federal Prison For Conspiring To Distribute Narcotics, Defrauding The United States, And Tax Evasion

    Source: Office of United States Attorneys

    Jacksonville, Florida – United States District Judge Wendy W. Berger today sentenced James Darrell Hickox (38, Callahan) to 17 years and 6 months in federal prison for multiple federal offenses including conspiring to distribute narcotics, conspiring to defraud the United States, and tax evasion. The court also ordered Hickox to forfeit or abandon the money, firearms, and ammunition involved in these offenses. Hickox pleaded guilty on May 15, 2024.

    According to court documents, while employed as a deputy with the Nassau County Sheriff’s and designated Task Force Officer with the Drug Enforcement Administration, Hickox and a co-conspirator engaged in extensive corrupt activity from 2017 – 2023. These acts included the theft of money and illegal drugs that were seized as evidence during criminal investigations; providing illegal drugs (including fentanyl and cocaine) to others to distribute on his behalf; and hiding from the Internal Revenue Service (IRS) more than $420,000 in cash he had received because of his criminal activities. Hickox and his co-conspirator stole more than 1,000 pounds of marijuana from evidence and provided the drugs to others to sell on their behalf. They had covered up the theft by submitting falsified paperwork showing that the marijuana had been destroyed. Similarly, they stole a kilogram of cocaine from evidence and then gave it to a drug dealer to sell for them.

    When Hickox’s residence was searched pursuant to a federal search warrant on March 10, 2023, agents found approximately 263 grams of a powder containing fentanyl, as well as cocaine. Hickox intended to distribute these substances. Agents also found a rifle that Hickox had illegally modified to function as a machinegun, as well as four additional firearms that had been seized during law enforcement investigations and should have been in evidence or lawfully destroyed. Hickox had drilled out and obliterated the serial number of one of these firearms. The agents also located more than $195,000 in cash proceeds from Hickox’s illicit activities. A search of Hickox’s workspace at the Nassau County Sheriff’s Office revealed another 260 pills containing methamphetamine.

    “Law enforcement officers who operate as though they are above the law betray the badge and the citizens they swore to protect,” said FBI Jacksonville Special Agent in Charge Kristin Rehler. “This case exemplifies the FBI’s commitment to holding public servants accountable if they violate the very laws they promised to uphold.”

    “He betrayed the oath he took to become a police officer and lost his career. He also let down his co-workers and our community,” said Nassau County Sheriff Bill Leeper. “Its law enforcement officers who do stupid things like this that erodes the confidence and trust in our profession by our citizens. His poor judgement and criminal behavior should not reflect negatively on all the good men and women at NCSO who go out every day and do it the right way to keep our citizens safe.”

    “As a sworn law enforcement officer, Hickox took an oath to uphold the law,” said Ron Loecker, Special Agent in Charge of IRS-Criminal Investigation’s Tampa Field Office. “Instead, he turned his back on that oath and profited from the very crimes he was tasked with investigating.  We commend our fellow law enforcement partners for their great work coming together to put a stop to this illegal betrayal of public trust. We will continue to investigate allegations of public corruption and follow the money to prosecute any individuals that abuse their position of trust for personal gain.”

    This case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation, with assistance from U.S. Customs and Border Protection. It was prosecuted by Assistant United States Attorney William S. Hamilton. The United States Attorney’s Office, the Federal Bureau of Investigation, the Internal Revenue Service–Criminal Investigation, and United States Customs and Border Protection wish to thank the Florida Highway Patrol, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Nassau County Sheriff’s Office for their cooperation during this investigation.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney Will Thompson to Announce Guilty Verdicts against Former West Virginia Correctional Officer

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – United States Attorney Will Thompson is holding a press conference today, Tuesday, January 28, 2025, at 10 a.m. following the federal jury trial of Chad Lester, the final former West Virginia correctional officer convicted in connection with a fatal March 1, 2022, assault of an inmate and subsequent cover-up.

    WHAT: Post-trial press conference

    WHEN: Tuesday, January 28, 2025, at 10 a.m.

    WHERE: Robert C. Byrd U.S. Courthouse, Charleston, Fourth Floor, Suite 4000

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI: Maris-Tech Announces First Customer Conference: Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation

    Source: GlobeNewswire (MIL-OSI)

    Join industry leaders and innovators on February 27, 2025 for a day of industry insights and networking opportunities

    Rehovot, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, is thrilled to announce its first annual customer conference, Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation. This exclusive event will place on February 27, 2025, in Rishon LeZion, Israel, and will gather industry professionals, thought leaders and collaborators to explore cutting-edge developments in edge computing and its central role in defense operations.

    Attendees will gain valuable insights into the future of video and AI acceleration, with a sharp focus on how this innovation is reshaping defense operations, enabling faster decision-making and independent functionality in challenging environments.

    The conference agenda features keynote presentations by renowned guest speakers, in-depth technical sessions, and live product demonstrations during session breaks. Attendees will also have the chance to network with peers, engage with Maris-Tech’s expert team, and gain hands-on experience with the Company’s innovative solutions.

    “We are very excited to present our first customer conference,” said Israel Bar, Chief Executive Officer of Maris-Tech. “It’s an honor to host some of the most influential guest speakers in our field and to welcome our valued customers and partners. This event will represent a unique opportunity to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation.”

    For more information, to view the agenda, and to register, visit the event’s official webpage: https://maris-tech.forms-wizard.co/users/new.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is  using forward-looking statements when it is discussing the conference and the Company’s expectation for the benefits of the conference and anticipated opportunities to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation; and the benefits and advantages of video and AI acceleration. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: First Financial Northwest, Inc. Reports Net Income of $1.2 Million or $0.13 per Diluted Share for the Fourth Quarter and $1.1 Million or $0.12 per Diluted Share for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    RENTON, Wash., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today reported net income for the quarter ended December 31, 2024, of $1.2 million, or $0.13 per diluted share, compared to a net loss of $608,000, or $(0.07) per diluted share, for the quarter ended September 30, 2024, and net income of $1.2 million, or $0.13 per diluted share, for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, the Company reported net income of $1.1 million, or $0.12 per diluted share, compared to net income of $6.3 million, or $0.69 per diluted share, for the year ended December 31, 2023.

    The improved performance in the current quarter compared to the quarter ended September 30, 2024, was due primarily to a $1.3 million recapture of provision for credit losses. This compares to a provision for credit losses of $1.6 million in the prior quarter that mainly related to two participation loans to a single borrowing entity totaling approximately $6.0 million, where we were not the lead lender. During the quarter ended December 31, 2024, one of the two loans was paid in full and the borrower paid down the balance on the other loan using proceeds from the sale of another property. Subsequently, we received an updated appraisal of the property securing the remaining loan that confirmed a value sufficient to support the recapture of the previously allocated specific reserve for this loan.

    “I am pleased to report that our net loans receivable increased $14.0 million in the quarter as our lending teams continue to focus on growing our loan portfolio. In addition, our credit quality remained strong, with only $842,000 in nonaccrual loans, representing 0.07% of our $1.16 billion total loan portfolio,” stated Joseph W. Kiley III, President and CEO.

    “We continue to prepare for the closing of the sale of the Bank to Global Federal Credit Union (“Global”), as we await the final required approval from Global’s primary regulator, the National Credit Union Administration, before we can proceed towards closing the transaction,” concluded Kiley.

    Highlights for the quarter and year ended December 31, 2024:

    • Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023.
    • Book value per common share was $17.50 at December 31, 2024, compared to $17.39 at September 30, 2024, and $17.61 at December 31, 2023.
    • The Bank’s Tier 1 leverage and total capital ratios were 11.2% and 16.7% at December 31, 2024, compared to 10.9% and 16.7% at September 30, 2024, and 10.2% and 16.2% at December 31, 2023, respectively.
    • Credit quality remained strong with nonaccrual loans totaling $842,000, or 0.07% of total loans at December 31, 2024.
    • A $1.3 million recapture of provision for credit losses was recorded in the current quarter, compared to a $1.6 million and no provision for credit losses recorded during the prior quarter and the same quarter a year ago, respectively. We recorded a $50,000 recapture of provision for credit losses for the year ended December 31, 2024, compared to a $208,000 recapture of provision for credit losses for the year ended December 31, 2023.

    Deposits decreased $36.0 million to $1.13 billion at December 31, 2024, compared to $1.17 billion at September 30, 2024, and decreased $62.7 million compared to $1.19 billion at December 31, 2023. The decrease in deposits at December 31, 2024, compared to September 30, 2024, was due primarily to a $19.7 million decrease in noninterest-bearing demand deposits and a $15.5 million decrease in money market deposits. The decrease in deposits at December 31, 2024, from December 31, 2023, reflects declines in all deposit categories except for retail certificates of deposit which increased $91.8 million.

    Federal Home Loan Bank (“FHLB”) advances totaled $110.0 million at December 31, 2024, compared to $100.0 million at September 30, 2024, and $125.0 million at December 31, 2023. Of the total FHLB advances at December 31, 2024, $100.0 million were tied to cash flow hedge agreements under which the Bank pays a fixed rate and receives a variable rate in return to assist in the Bank’s interest rate risk management efforts. These cash flow hedge agreements had a weighted average remaining term of 27.8 months and a weighted average fixed interest rate of 1.93% as of December 31, 2024. The average cost of borrowings was 2.35% for the quarter ended December 31, 2024, compared to 3.19% for the quarter ended September 30, 2024, and 2.40% for the quarter ended December 31, 2023.

    The following table presents a breakdown of our total deposits (unaudited):

      Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
    Deposits: (Dollars in thousands)
    Noninterest-bearing demand $ 80,772   $ 100,466   $ 100,899   $ (19,694 )   $ (20,127 )
    Interest-bearing demand   56,957     55,506     56,968     1,451       (11 )
    Savings   16,277     17,031     18,886     (754 )     (2,609 )
    Money market   480,520     495,978     529,411     (15,458 )     (48,891 )
    Certificates of deposit, retail   448,974     447,474     357,153     1,500       91,821  
    Brokered deposits   47,900     50,900     130,790     (3,000 )     (82,890 )
    Total deposits $ 1,131,400   $ 1,167,355   $ 1,194,107   $ (35,955 )   $ (62,707 )

    The following tables present an analysis of total deposits by branch office (unaudited):

    December 31, 2024
      Noninterest-
    bearing
    demand    		 Interest-
    bearing
    demand    		 Savings Money
    market    		 Certificates
    of deposit,
    retail    		 Brokered
    deposits    		 Total
      (Dollars in thousands)
    King County              
    Renton $ 26,242 $ 14,786 $ 10,197 $ 284,670 $ 309,858 $ – $ 645,753
    Landing   3,245   1,359   170   7,958   14,965   –   27,697
    Woodinville   1,738   3,168   620   8,834   11,511   –   25,871
    Bothell   2,792   930   408   1,421   6,762   –   12,313
    Crossroads   11,075   2,762   86   29,208   18,772   –   61,903
    Kent   3,766   4,873   40   18,673   8,471   –   35,823
    Kirkland   5,524   1,924   208   11,574   1,855   –   21,085
    Issaquah   1,244   238   13   2,298   6,562   –   10,355
    Total King County   55,626   30,040   11,742   364,636   378,756   –   840,800
    Snohomish County              
    Mill Creek   3,184   3,496   342   16,135   12,487   –   35,644
    Edmonds   7,316   8,542   338   16,482   13,003   –   45,681
    Clearview   4,909   5,653   1,494   17,934   13,778   –   43,768
    Lake Stevens   3,633   5,946   1,314   24,571   17,004   –   52,468
    Smokey Point   2,544   1,800   1,032   36,950   9,619   –   51,945
    Total Snohomish County   21,586   25,437   4,520   112,072   65,891   –   229,506
    Pierce County              
    University Place   1,837   54   1   2,113   2,122   –   6,127
    Gig Harbor   1,723   1,426   14   1,699   2,205   –   7,067
    Total Pierce County   3,560   1,480   15   3,812   4,327   –   13,194
                   
    Brokered deposits   –   –   –   –   –   47,900   47,900
                   
    Total deposits $ 80,772 $          56,957 $         16,277 $      480,520 $       448,974 $         47,900 $    1,131,400
    September 30, 2024
      Noninterest-
    bearing
    demand    		 Interest-
    bearing
    demand    		 Savings Money
    market    		 Certificates
    of deposit,
    retail    		 Brokered
    deposits    		 Total
      (Dollars in thousands)
    King County               
    Renton $ 29,388 $ 14,153 $ 10,654 $ 305,836 $ 315,721 $ – $ 675,752
    Landing   3,442   1,660   237   8,348   12,733   –   26,420
    Woodinville   1,968   2,234   959   8,852   11,522   –   25,535
    Bothell   2,965   1,151   401   1,536   5,918   –   11,971
    Crossroads   14,770   2,039   107   31,665   18,136   –   66,717
    Kent   5,417   10,502   44   16,053   8,562   –   40,578
    Kirkland   10,967   1,890   206   11,243   2,240   –   26,546
    Issaquah   1,186   294   18   2,547   6,580   –   10,625
    Total King County   70,103   33,923   12,626   386,080   381,412   –   884,144
    Snohomish County              
    Mill Creek   3,990   2,171   384   14,628   10,312   –   31,485
    Edmonds   9,254   6,831   330   18,549   13,281   –   48,245
    Clearview   5,587   5,242   1,462   21,206   12,251   –   45,748
    Lake Stevens   3,970   4,282   1,244   23,257   15,571   –   48,324
    Smokey Point   2,994   1,664   969   29,353   11,387   –   46,367
    Total Snohomish County   25,795   20,190   4,389   106,993   62,802   –   220,169
    Pierce County              
    University Place   2,940   53   4   1,848   1,458   –   6,303
    Gig Harbor   1,628   1,340   12   1,057   1,802   –   5,839
    Total Pierce County   4,568   1,393   16   2,905   3,260   –   12,142
                   
    Brokered deposits   –   –   –   –   –   50,900   50,900
                   
    Total deposits $ 100,466 $ 55,506 $ 17,031 $ 495,978 $ 447,474 $ 50,900 $ 1,167,355
     

    Net loans receivable totaled $1.14 billion at December 31, 2024, compared to $1.13 billion at September 30, 2024, and $1.18 billion at December 31, 2023. The increase in the current quarter compared to the quarter ended September 30, 2024, was due to growth in non-residential commercial real estate, construction/land, consumer and one-to-four family residential loans, partially offset by declines in multifamily and business lending. The average balance of net loans receivable totaled $1.13 billion for both the quarters ended December 31, 2024, and September 30, 2024, compared to $1.17 billion for the quarter ended December 31, 2023. For the year ended December 31, 2024, the average balance of net loans receivable was $1.14 billion, compared to $1.17 billion for the year ended December 31, 2023.

    The allowance for credit losses (“ACL”) represented 1.30% of total loans receivable at December 31, 2024, compared to 1.42% of total loans receivable at September 30, 2024, and 1.28% at December 31, 2023. The change in the ACL at December 31, 2024, compared to September 30, 2024, related primarily to activity on the single lending relationship discussed above.

    Nonaccrual loans totaled $842,000 at December 31, 2024, compared to $853,000 at September 30, 2024, and $220,000 at December 31, 2023. There was no other real estate owned at December 31, 2024, September 30, 2024, or December 31, 2023.

    Net interest income totaled $8.4 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $9.3 million for the quarter ended December 31, 2023. The decrease in the current quarter compared to the quarter ended September 30, 2024, was primarily due to declines in interest from earning assets, partially offset by declines in interest expense. For the year ended December 31, 2024, net interest income totaled $34.8 million, compared to $40.5 million for the year ended December 31, 2023, as total interest expense increased by $5.0 million and total interest income declined by $800,000.

    Total interest income decreased $419,000 to $19.0 million for the quarter ended December 31, 2024, compared to $19.4 million for the quarter ended September 30, 2024, and decreased $1.3 million compared to $20.3 million for the quarter ended December 31, 2023. The decrease in total interest income during the current quarter compared to the prior quarter was primarily due to a $250,000 or 29.0% decline in interest income earned on interest-earning deposits held with banks. This decline resulted from a 54 basis point decrease in the average yield earned on these deposits, coupled with a $13.6 million reduction in their average balance. Additionally, interest income on loans, including fees, declined by $146,000 or 0.9%, primarily due to a $2.5 million decrease in the average balance of loans and, to a lesser extent, a four basis point decrease in the yield earned on loans. The decrease in total interest income during the current quarter compared to the comparable quarter in 2023 was primarily due to declines in interest income on loans, including fees, of $631,000, investments of $449,000, and interest-earning deposits with banks of $267,000, partially offset by an increase in dividends on FHLB stock of $56,000.

    Yield on loans, the largest component of our interest-earning assets, declined to 5.82% during the recent quarter, compared to 5.86% and 5.83% for the quarters ended September 30, 2024, and December 31, 2023, respectively. The yield on investment securities for the current quarter was 4.29%, down slightly from 4.30% last quarter and up from 4.11% a year ago.

    Total interest expense was $10.6 million for the quarter ended December 31, 2024, down from $11.0 million for both quarters ended September 30, 2024, and December 31, 2023. The decrease from the quarter ended September 30, 2024, was due to lower interest expense related to FHLB advances and other borrowings, which declined due to a decline in the average balance of FHLB advances and other borrowings, partially offset by higher interest expense on deposits driven by an increase in the average balance of interest-bearing deposits. The decrease from the quarter ended December 31, 2023, was due to lower interest expense on deposits and FHLB advances and other borrowings, primarily as a result of lower average balances of these liabilities.

    Net interest margin was 2.50% for the quarter ended December 31, 2024, compared to 2.46% for the quarter ended September 30, 2024, and 2.54% for the quarter ended December 31, 2023. The increase in the net interest margin for the quarter ended December 31, 2024, compared to the prior quarter was primarily due to a decline in the average balance of total interest-earning assets, as net interest income was relatively unchanged during the periods. The decrease in the net interest margin for the quarter ended December 31, 2024, compared to the same quarter a year ago was primarily due to a decline in net interest income, which was partially offset by a decline in the average balance of total interest-earning assets. The net interest margin for the month of December 2024 was 2.55%.

    Noninterest income for the quarter ended December 31, 2024, totaled $658,000, down from $677,000 for the quarter ended September 30, 2024, and up from $633,000 for the quarter ended December 31, 2023. The decrease compared to the quarter ended September 30, 2024, was primarily due to lower loan and deposit related fees and BOLI income, partially offset by an increase in wealth management revenue. Noninterest income remained nearly flat at $2.8 million for both the years ended December 31, 2024, and December 31, 2023, as increases in BOLI income, wealth management revenue and loan related fees in the current year were nearly entirely offset by decreases in deposit related fees and other noninterest income.

    Noninterest expense totaled $8.9 million for the quarter ended December 31, 2024, compared to $8.5 million for the quarter ended September 30, 2024, and $8.4 million for the quarter ended December 31, 2023. The increase from the quarter ended September 30, 2024, was primarily due to a $860,000 increase in salaries and employee benefits due to 2025 merit increases implemented in December 2024, as well as year-end accruals related to incentive compensation, partially offset by decreases in nearly all other categories, most notably professional fees and other general and administrative expenses. Incentive compensation increased due to the project that modified certain loans that would have otherwise been ineligible for Global Federal Credit Union to hold on their balance sheet. The increase compared to the quarter ended December 31, 2023, was primarily due to a $644,000 increase in salaries and employee benefits and an $87,000 increase in data processing expenses, partially offset by decreases across other expense categories. Noninterest expense totaled $36.7 million for the year ended December 31, 2024, compared to $35.7 million for the year ended December 31, 2023. The year-over-year increase was primarily due to an increase in professional fees, data processing and salaries and employee benefits, partially offset by lower marketing and other general and administrative expenses and regulatory assessments.

    First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; an FDIC insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 15 full-service banking offices. For additional information about us, please visit our website at ffnwb.com and click on the “Investor Relations” link at the bottom of the page.

    Forward-looking statements:

    When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, our pending transaction with Global Federal Credit Union (“Global”) whereby Global, pursuant to the definitive purchase and assumption agreement (the “P&A Agreement”), will acquire substantially all of the assets and assume substantially all of the liabilities of the Bank, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based on current management expectations and may, therefore, involve risks and uncertainties. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or all of the parties to terminate the P&A Agreement; delays in completing the P&A Agreement; the failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the Global transaction, including the P&A Agreement, on a timely basis or at all; delays or other circumstances arising from the dissolution of the Bank and the Company following completion of the P&A Agreement; diversion of management’s attention from ongoing business operations and opportunities during the pending Global transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the Global transaction; adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including increases or decreases in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; legislative and regulatory changes; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; effects of critical accounting policies and judgments, including the use of estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; the potential effects of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission – that are available on our website at www.ffnwb.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this Press Release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
    Assets Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
                       
    Cash on hand and in banks $ 9,535     $ 8,423     $ 8,391     13.2 %   13.6 %
    Interest-earning deposits with banks   36,182       72,884       22,138     (50.4 )   63.4  
    Investments available-for-sale, at fair value   151,642       156,609       207,915     (3.2 )   (27.1 )
    Investments held-to-maturity, at amortized cost   2,468       2,462       2,456     0.2     0.5  
    Loans receivable, net of allowance of $15,066, $16,265 and $15,306, respectively   1,140,186       1,126,146       1,175,925     1.2     (3.0 )
    Federal Home Loan Bank (“FHLB”) stock, at cost   5,853       5,403       6,527     8.3     (10.3 )
    Accrued interest receivable   6,108       6,638       7,359     (8.0 )   (17.0 )
    Deferred tax assets, net   2,582       2,690       2,648     (4.0 )   (2.5 )
    Premises and equipment, net   18,166       18,584       19,667     (2.2 )   (7.6 )
    Bank owned life insurance (“BOLI”), net   38,950       38,661       37,653     0.7     3.4  
    Prepaid expenses and other assets   9,676       8,898       10,478     8.7     (7.7 )
    Right of use asset (“ROU”), net   2,357       2,473       2,617     (4.7 )   (9.9 )
    Goodwill   889       889       889     0.0     0.0  
    Core deposit intangible, net   295       326       419     (9.5 )   (29.6 )
    Total assets $ 1,424,889     $ 1,451,086     $ 1,505,082     (1.8 )   (5.3 )
                       
    Liabilities and Stockholders’ Equity                  
                       
    Deposits                  
    Noninterest-bearing deposits $ 80,772     $ 100,466     $ 100,899     (19.6 )   (19.9 )
    Interest-bearing deposits   1,050,628       1,066,889       1,093,208     (1.5 )   (3.9 )
    Total deposits   1,131,400       1,167,355       1,194,107     (3.1 )   (5.3 )
    FHLB advances   110,000       100,000       125,000     10.0     (12.0 )
    Advance payments from borrowers for taxes and insurance   2,873       5,211       2,952     (44.9 )   (2.7 )
    Lease liability, net   2,550       2,673       2,806     (4.6 )   (9.1 )
    Accrued interest payable   526       294       2,739     78.9     (80.8 )
    Other liabilities   15,985       15,340       15,818     4.2     1.1  
    Total liabilities   1,263,334       1,290,873       1,343,422     (2.1 )   (6.0 )
                       
    Commitments and contingencies                  
                       
    Stockholders’ Equity                  
    Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding   –       –       –     n/a     n/a  
    Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,230,010 shares at December 31, 2024, 9,213,969 shares at September 30, 2024, and 9,179,510 shares at December 31, 2023   93       92       92     1.1     1.1  
    Additional paid-in capital   72,823       72,916       73,035     (0.1 )   (0.3 )
    Retained earnings   94,892       93,692       96,206     1.3     (1.4 )
    Accumulated other comprehensive loss, net of tax   (6,253 )     (6,487 )     (7,673 )   (3.6 )   (18.5 )
    Total stockholders’ equity   161,555       160,213       161,660     0.8     (0.1 )
    Total liabilities and stockholders’ equity $ 1,424,889     $ 1,451,086     $ 1,505,082     (1.8 )%   (5.3 )%
     
    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Consolidated Income Statements
    (Dollars in thousands, except per share data)
    (Unaudited)
      Quarter Ended        
      Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Three
    Month
    Change    		   One
    Year
    Change
    Interest income                  
    Loans, including fees $ 16,512     $ 16,658     $ 17,143   (0.9 )%   (3.7 )%
    Investments   1,694       1,744       2,143   (2.9 )   (21.0 )
    Interest-earning deposits with banks   613       863       880   (29.0 )   (30.3 )
    Dividends on FHLB Stock   177       150       121   18.0     46.3  
    Total interest income   18,996       19,415       20,287   (2.2 )   (6.4 )
    Interest expense                  
    Deposits   9,956       9,748       10,281   2.1     (3.2 )
    FHLB advances and other borrowings   600       1,213       731   (50.5 )   (17.9 )
    Total interest expense   10,556       10,961       11,012   (3.7 )   (4.1 )
    Net interest income   8,440       8,454       9,275   (0.2 )   (9.0 )
    (Recapture of provision) provision for credit losses   (1,250 )     1,575       –   (179.4 )   n/a  
    Net interest income after (recapture of provision) provision for credit losses   9,690       6,879       9,275   40.9     4.5  
                       
    Noninterest income                  
    BOLI income   289       295       255   (2.0 )   13.3  
    Wealth management revenue   88       42       60   109.5     46.7  
    Deposit related fees   226       236       234   (4.2 )   (3.4 )
    Loan related fees   44       96       60   (54.2 )   (26.7 )
    Other   11       8       24   37.5     (54.2 )
    Total noninterest income   658       677       633   (2.8 )   3.9  
                       
    Noninterest expense                  
    Salaries and employee benefits   5,466       4,606       4,822   18.7     13.4  
    Occupancy and equipment   1,154       1,183       1,231   (2.5 )   (6.3 )
    Professional fees   377       585       431   (35.6 )   (12.5 )
    Data processing   805       838       718   (3.9 )   12.1  
    Regulatory assessments   160       165       196   (3.0 )   (18.4 )
    Insurance and bond premiums   114       113       113   0.9     0.9  
    Marketing   24       46       70   (47.8 )   (65.7 )
    Other general and administrative   834       952       858   (12.4 )   (2.8 )
    Total noninterest expense   8,934       8,488       8,439   5.3     5.9  
    Income before federal income tax provision (benefit)   1,414       (932 )     1,469   (251.7 )   (3.7 )
    Federal income tax provision (benefit)   214       (324 )     275   (166.0 )   (22.2 )
    Net income (loss) $ 1,200     $ (608 )   $ 1,194   (297.4 )%   0.5 %
                       
    Basic earnings (loss) per share $ 0.13     $ (0.07 )   $ 0.13        
    Diluted earnings (loss) per share $ 0.13     $ (0.07 )   $ 0.13        
    Weighted average number of common shares outstanding   9,220,593       9,190,146       9,151,892        
    Weighted average number of diluted shares outstanding   9,238,565       9,190,146       9,176,724        
                                 
    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Consolidated Income Statements
    (Dollars in thousands, except per share data)
    (Unaudited)
      Year Ended December 31,    
        2024       2023     One Year
    Change
    Interest income          
    Loans, including fees $ 66,941     $ 66,938     0.0 %
    Investments   7,388       8,474     (12.8 )
    Interest-earning deposits with banks   2,444       2,261     8.1  
    Dividends on FHLB Stock   597       485     23.1  
    Total interest income   77,370       78,158     (1.0 )
    Interest expense          
    Deposits   39,117       34,407     13.7  
    FHLB advances and other borrowings   3,490       3,208     8.8  
    Total interest expense   42,607       37,615     13.3  
    Net interest income   34,763       40,543     (14.3 )
    Recapture of provision for credit losses   (50 )     (208 )   (76.0 )
    Net interest income after recapture of provision for credit losses   34,813       40,751     (14.6 )
               
    Noninterest income          
    BOLI   1,245       1,081     15.2  
    Wealth management revenue   279       253     10.3  
    Deposit accounts related fees   923       956     (3.5 )
    Loan related fees   296       275     7.6  
    Other   53       208     (74.5 )
    Total noninterest income   2,796       2,773     0.8  
               
    Noninterest expense          
    Salaries and employee benefits   20,652       20,366     1.4  
    Occupancy and equipment   4,789       4,748     0.9  
    Professional fees   3,011       2,288     31.6  
    Data processing   3,285       2,857     15.0  
    Regulatory assessments   662       763     (13.2 )
    Insurance and bond premiums   477       468     1.9  
    Marketing   179       343     (47.8 )
    Other general and administrative   3,638       3,833     (5.1 )
    Total noninterest expense   36,693       35,666     2.9  
    Income before federal income tax (benefit) provision   916       7,858     (88.3 )
    Federal income tax (benefit) provision   (156 )     1,553     (110.0 )
    Net income $ 1,072     $ 6,305     (83.0 )%
               
    Basic earnings per share $ 0.12     $ 0.69      
    Diluted earnings per share $ 0.12     $ 0.69      
    Weighted average number of common shares outstanding   9,183,900       9,126,209      
    Weighted average number of diluted shares outstanding   9,238,016       9,152,617      
                       

    The following table presents a breakdown of the loan portfolio (unaudited):

      December 31, 2024 September 30, 2024 December 31, 2023
      Amount   Percent   Amount   Percent   Amount   Percent
      (Dollars in thousands)
    Commercial real estate:                      
    Residential:                      
    Multifamily $ 126,303     10.9 %   $ 132,811     11.6 %   $ 138,149     11.6 %
    Total multifamily residential   126,303     10.9       132,811     11.6       138,149     11.6  
                           
    Non-residential:                      
    Retail   110,787     9.6       118,840     10.4       124,172     10.4  
    Office   73,306     6.3       73,778     6.5       72,778     6.1  
    Hotel / motel   72,434     6.3       54,716     4.8       63,597     5.3  
    Storage   32,229     2.8       32,443     2.8       33,033     2.8  
    Mobile home park   22,701     2.0       22,443     2.0       21,701     1.8  
    Warehouse   23,363     2.0       18,743     1.6       19,218     1.6  
    Nursing Home   9,713     0.8       11,407     1.0       11,610     1.0  
    Other non-residential   29,865     2.5       30,719     2.7       31,750     2.6  
    Total non-residential   374,398     32.3       363,089     31.8       377,859     31.6  
                           
    Construction/land:                      
    One-to-four family residential   49,674     4.3       42,846     3.8       47,149     4.0  
    Multifamily   7,884     0.7       7,227     0.6       4,004     0.3  
    Land development   9,582     0.8       10,148     0.8       9,771     0.8  
    Total construction/land   67,140     5.8       60,221     5.2       60,924     5.1  
                           
    One-to-four family residential:                      
    Permanent owner occupied   284,650     24.7       279,744     24.5       284,471     23.9  
    Permanent non-owner occupied   217,420     18.8       221,127     19.4       228,752     19.2  
    Total one-to-four family residential   502,070     43.5       500,871     43.9       513,223     43.1  
                           
    Business                      
    Aircraft   –     0.0       –     0.0       1,945     0.1  
    Small Business Administration (“SBA”)   1,729     0.2       1,745     0.2       1,794     0.3  
    Paycheck Protection Plan (“PPP”)   159     0.0       238     0.0       473     0.0  
    Other business   10,247     0.9       12,416     1.1       24,869     2.1  
    Total business   12,135     1.1       14,399     1.3       29,081     2.5  
                           
    Consumer                      
    Classic, collectible and other auto   59,580     5.2       58,085     5.1       58,618     5.0  
    Other consumer   13,626     1.2       12,935     1.1       13,377     1.1  
    Total consumer   73,206     6.4       71,020     6.2       71,995     6.1  
    Total loans   1,155,252     100.0 %     1,142,411     100.0 %     1,191,231     100.0 %
    Less:                      
    ACL   15,066           16,265           15,306      
    Loans receivable, net $ 1,140,186         $ 1,126,146         $ 1,175,925      
                           
    Concentrations of credit: (1)                      
    Construction loans as % of total capital   40.5 %         36.8 %         38.3 %      
    Total non-owner occupied commercial
    real estate as % of total capital    		   300.8 %         296.2 %         316.8 %    

    (1) Concentrations of credit percentages are for First Financial Northwest Bank only using classifications in accordance with FDIC regulatory guidelines.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Quarter Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
        2024       2024       2024       2024       2023  
      (Dollars in thousands, except per share data)
    Performance Ratios: (1)                  
    Return on assets   0.33 %     (0.17 )%     0.43 %     (0.29 )%     0.31 %
    Return on equity   2.96       (1.50 )     3.88       (2.67 )     2.97  
    Dividend payout ratio   0.00       0.00       76.47       (108.33 )     100.00  
    Equity-to-assets ratio   11.34       11.04       11.10       10.91       10.74  
    Tangible equity ratio (2)   11.26       10.97       11.02       10.83       10.66  
    Net interest margin   2.50       2.46       2.66       2.55       2.54  
    Average interest-earning assets to average interest-bearing liabilities   116.51       116.46       117.01       116.40       115.84  
    Efficiency ratio   98.20       92.96       82.35       116.97       85.17  
    Noninterest expense as a percent of average total assets   2.49       2.32       2.21       3.05       2.18  
    Book value per common share $ 17.50     $ 17.39     $ 17.51     $ 17.46     $ 17.61  
    Tangible book value per share (2)   17.37       17.26       17.37       17.32       17.47  
                       
    Capital Ratios: (3)                  
    Tier 1 leverage ratio   11.16 %     10.86 %     10.91 %     10.41 %     10.18 %
    Common equity tier 1 capital ratio   15.40       15.43       15.39       14.98       14.90  
    Tier 1 capital ratio   15.40       15.43       15.39       14.98       14.90  
    Total capital ratio   16.65       16.68       16.64       16.24       16.15  
                       
    Asset Quality Ratios: (4)                  
    Nonaccrual loans as a percent of total loans   0.07 %     0.07 %     0.41 %     0.02 %     0.02 %
    Nonaccrual loans as a percent of total assets   0.06       0.06       0.32       0.01       0.01  
    ACL as a percent of total loans   1.30       1.42       1.29       1.30       1.28  
    Net charge-offs to average loans receivable, net   (0.00 )     0.00       0.00       0.00       0.00  
                       
    Allowance for Credit Losses:                  
    ACL – loans                  
    Beginning balance $ 16,265     $ 14,796     $ 14,996     $ 15,306     $ 15,306  
    (Recapture of provision) provision for credit losses   (1,200 )     1,500       (200 )     (300 )     –  
    Charge-offs   –       (31 )     –       (10 )     –  
    Recoveries   1       –       –       –       –  
    Ending balance $ 15,066     $ 16,265     $ 14,796     $ 14,996     $ 15,306  
                       
    Allowance for unfunded commitments                  
    Beginning balance $ 639     $ 564     $ 564     $ 439     $ 439  
    (Recapture of provision) provision for credit losses   (50 )     75       –       125       –  
    Ending balance $ 589     $ 639     $ 564     $ 564     $ 439  
                       
    (Recapture of provision) provision for credit losses                  
    ACL – loans $ (1,200 )   $ 1,500     $ (200 )   $ (300 )   $ –  
    Allowance for unfunded commitments   (50 )     75       –       125       –  
    Total $ (1,250 )   $ 1,575     $ (200 )   $ (175 )   $ –  

    (1) Performance ratios are calculated on an annualized basis.
    (2) Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
    (3) Capital ratios are for First Financial Northwest Bank only.
    (4) Loans are reported net of undisbursed funds.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Quarter Ended
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
        2024       2024       2024       2024       2023  
      (Dollars in thousands)
    Yields and Costs: (1)                  
    Yield on loans   5.82 %     5.86 %     5.93 %     5.88 %     5.83 %
    Yield on investments   4.29       4.30       4.38       4.11       4.11  
    Yield on interest-earning deposits   4.73       5.27       5.25       5.28       5.32  
    Yield on FHLB stock   12.87       7.73       8.63       7.79       7.29  
    Yield on interest-earning assets   5.63 %     5.66 %     5.73 %     5.62 %     5.56 %
                       
    Cost of interest-bearing deposits   3.77 %     3.80 %     3.71 %     3.69 %     3.62 %
    Cost of borrowings   2.35       3.19       2.64       2.65       2.40  
    Cost of interest-bearing liabilities   3.64 %     3.72 %     3.59 %     3.58 %     3.50 %
                       
    Cost of total deposits (2)   3.46 %     3.47 %     3.38 %     3.38 %     3.31 %
    Cost of funds (2)   3.37       3.44       3.30       3.31       3.23  
                       
    Average Balances:                  
    Loans $ 1,129,019     $ 1,131,473     $ 1,139,017     $ 1,160,156     $ 1,167,339  
    Investments   156,975       161,232       173,102       202,106       206,837  
    Interest-earning deposits   51,518       65,149       36,959       37,032       65,680  
    FHLB stock   5,471       7,719       6,714       6,554       6,584  
    Total interest-earning assets $ 1,342,983     $ 1,365,573     $ 1,355,792     $ 1,405,848     $ 1,446,440  
                       
    Interest-bearing deposits $ 1,051,201     $ 1,021,041     $ 1,029,608     $ 1,082,168     $ 1,127,690  
    Borrowings   101,522       151,478       129,126       125,604       120,978  
    Total interest-bearing liabilities   1,152,723       1,172,519       1,158,734       1,207,772       1,248,668  
    Noninterest-bearing deposits   93,331       96,003       101,196       99,173       102,869  
    Total deposits and borrowings $ 1,246,054     $ 1,268,522     $ 1,259,930     $ 1,306,945     $ 1,351,537  
                       
    Average assets $ 1,429,788     $ 1,453,431     $ 1,446,207     $ 1,495,753     $ 1,538,955  
    Average stockholders’ equity   161,093       161,569       161,057       161,823       159,659  

    (1) Yields and costs are annualized.
    (2) Includes noninterest-bearing deposits.
    (3) Includes total borrowings and deposits (including noninterest-bearing deposits).

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Year Ended December 31,
        2024       2023       2022       2021       2020  
          (Dollars in thousands, except per share data)  
    Performance Ratios:                  
    Return on assets   0.07 %     0.41 %     0.91 %     0.86 %     0.63 %
    Return on equity   0.66       3.93       8.34       7.65       5.50  
    Dividend payout ratio   216.67       75.36       32.65       33.59       45.45  
    Equity-to-assets ratio   11.34       10.74       10.67       11.07       11.26  
    Tangible equity ratio (1)   11.26       10.66       10.58       10.97       11.15  
    Net interest margin   2.54       2.82       3.54       3.35       3.15  
    Average interest-earning assets to average interest-bearing liabilities   116.59       116.69       119.18       118.59       115.62  
    Efficiency ratio   97.69       82.34       69.04       68.32       72.39  
    Noninterest expense as a percent of average total assets   2.52       2.33       2.44       2.35       2.39  
    Book value per common share $ 17.50     $ 17.61     $ 17.57     $ 17.30     $ 16.05  
    Tangible book value per share (1)   17.37       17.47       17.41       17.13       15.88  
                       
    Capital Ratios: (2)                  
    Tier 1 leverage ratio   11.16 %     10.18 %     10.31 %     10.34 %     10.29 %
    Common equity tier 1 capital ratio   15.40       14.90       14.37       14.23       14.32  
    Tier 1 capital ratio   15.40       14.90       14.37       14.23       14.32  
    Total capital ratio   16.65       16.15       15.62       15.48       15.57  
                       
    Asset Quality Ratios: (3)                  
    Nonaccrual loans as a percent of total loans   0.07 %     0.02 %     0.02 %     0.00 %     0.19 %
    Nonaccrual loans as a percent of total assets   0.06       0.01       0.01       0.00       0.18  
    ACL as a percent of total loans   1.30       1.28       1.29       1.40       1.36  
    Net charge-offs (recoveries) to average loans receivable, net   0.00       0.00       0.00       (0.02 )     (0.00 )
                       
    ACL – loans                  
    Beginning balance $ 15,306     $ 15,227     $ 15,657     $ 15,174     $ 13,218  
    Beginning balance adjustment from adoption of Topic 326   –       500       –       –       –  
    (Recapture of provision) provision for credit losses   (200 )     (400 )     (400 )     300       1,900  
    Charge-offs   (41 )     (22 )     (37 )     –       (2 )
    Recoveries   1       1       7       183       58  
    Ending balance $ 15,066     $ 15,306     $ 15,227     $ 15,657     $ 15,174  
                       
    Allowance for unfunded commitments                  
    Beginning balance $ 439     $ 247     $ 281     $ 351     $ 428  
    Provision (recapture of provision) for credit losses   150       192       (34 )     (70 )     (77 )
    Ending balance $ 589     $ 439     $ 247     $ 281     $ 351  
                       
    (Recapture of provision) provision for credit losses                  
    ACL – loans $ (200 )   $ (400 )   $ (400 )   $ 300     $ 1,900  
    Allowance for unfunded commitments   150       192       (34 )     (70 )     (77 )
    Total $ (50 )   $ (208 )   $ (434 )   $ 230     $ 1,823  

    (1) Non-GAAP financial measures. Refer to Non-GAAP Financial Measures at the end of this press release for a reconciliation to the nearest GAAP equivalents.
    (2) Capital ratios are for First Financial Northwest Bank only.
    (3) Loans are reported net of undisbursed funds.

    FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
     Key Financial Measures
    (Unaudited)
      At or For the Year Ended December 31,
        2024       2023       2022       2021       2020  
      (Dollars in thousands)
    Yields and Costs:                  
    Yield on loans   5.87 %     5.71 %     4.69 %     4.57 %     4.69 %
    Yield on investments   4.26       3.97       2.77       1.83       2.39  
    Yield on interest-earning deposits   5.12       5.06       1.28       0.12       0.21  
    Yield on FHLB stock   9.03       7.07       5.08       5.29       4.85  
    Yield on interest-earning assets   5.66 %     5.44 %     4.33 %     4.01 %     4.36 %
                       
    Cost of deposits   3.74 %     3.12 %     0.87 %     0.71 %     1.42 %
    Cost of borrowings   2.75       2.52       1.70       1.39       1.31  
    Cost of interest-bearing liabilities   3.63 %     3.05 %     0.95 %     0.78 %     1.41 %
                       
    Cost of interest-bearing deposits   3.42 %     2.83 %     0.77 %     0.64 %     1.32 %
    Cost of funds   3.35       2.80       0.86       0.71       1.32  
                       
    Average Balances:                  
    Loans $ 1,139,864     $ 1,172,569     $ 1,128,835     $ 1,098,772     $ 1,120,889  
    Investments   173,276       213,261       203,165       176,110       133,584  
    Interest-earning deposits   47,723       44,684       30,176       60,482       25,108  
    FHLB stock   6,614       6,857       6,256       6,271       6,600  
    Total interest-earning assets $ 1,367,477     $ 1,437,371     $ 1,368,432     $ 1,341,635     $ 1,286,181  
                       
    Interest-bearing deposits $ 1,045,950     $ 1,104,510     $ 1,034,351     $ 1,015,852     $ 987,069  
    Borrowings   126,931       127,263       113,890       115,466       125,392  
    Total interest-bearing liabilities   1,172,881       1,231,773       1,148,241       1,131,318       1,112,461  
    Noninterest-bearing deposits   97,411       109,795       125,166       112,484       75,388  
    Total deposits and borrowings $ 1,270,292     $ 1,341,568     $ 1,273,407     $ 1,243,802     $ 1,187,849  
                       
    Average assets $ 1,456,215     $ 1,529,511     $ 1,455,739     $ 1,421,476     $ 1,361,604  
    Average stockholders’ equity   161,385       160,428       158,685       160,041       155,587  

    Non-GAAP Financial Measures

    In addition to financial results presented in accordance with generally accepted accounting principles (“GAAP”) utilized in the United States, this earnings release contains non-GAAP financial measures that include tangible equity, tangible assets, tangible book value per share, and the tangible equity-to-assets ratio. The Company believes that these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of goodwill and core deposit intangible, net and provides an alternative view of the Company’s performance over time and in comparison to the Company’s competitors. Non-GAAP financial measures have limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation and are not a substitute for other measures in this earnings release that are presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    The following tables provide a reconciliation between the GAAP and non-GAAP measures:

      Quarter Ended
        Dec 31,
    2024    		       Sep 30,
    2024    		       Jun 30,
    2024    		       Mar 31,
    2024    		       Dec 31,
    2023    		  
      (Dollars in thousands, except per share data)
    Tangible equity to tangible assets and tangible book value per share:  
    Total stockholders’ equity (GAAP) $ 161,555     $ 160,213     $ 160,693     $ 160,183     $ 161,660  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible, net   295       326       357       388       419  
    Tangible equity (Non-GAAP) $ 160,371     $ 158,998     $ 159,447     $ 158,906     $ 160,352  
                       
    Total assets (GAAP) $ 1,424,889     $ 1,451,086     $ 1,447,753     $ 1,468,350     $ 1,505,082  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible, net   295       326       357       388       419  
    Tangible assets (Non-GAAP) $ 1,423,705     $ 1,449,871     $ 1,446,507     $ 1,467,073     $ 1,503,774  
                       
    Common shares outstanding at period end   9,230,010       9,213,969       9,179,825       9,174,425       9,179,510  
                       
    Equity-to-assets ratio (GAAP)   11.34 %     11.04 %     11.10 %     10.91 %     10.74 %
    Tangible equity-to-tangible assets ratio (Non-GAAP)   11.26       10.97       11.02       10.83       10.66  
    Book value per common share (GAAP) $ 17.50     $ 17.39     $ 17.51     $ 17.46     $ 17.61  
    Tangible book value per share (Non-GAAP)   17.37       17.26       17.37       17.32       17.47  
                                           
    Non-GAAP Financial Measures (continued)
     
      Year Ended December 31,
        2024       2023       2022       2021       2020  
      (Dollars in thousands, except per share data)
    Tangible equity to tangible assets and tangible book value per share:
    Total stockholders’ equity (GAAP) $ 161,555     $ 161,660     $ 160,360     $ 157,879     $ 156,302  
    Less:                  
    Goodwill   889       889       889       889       889  
    Core deposit intangible   295       419       548       684       824  
    Tangible equity (Non-GAAP) $ 160,371     $ 160,352     $ 158,923     $ 156,306     $ 154,589  
                       
    Total assets (GAAP)   1,424,889       1,505,082       1,502,916       1,426,329       1,387,669  
    Less:                  
    Goodwill   889       889       889       889       889  
        295       419       548       684       824  
    Tangible assets (Non-GAAP) $ 1,423,705     $ 1,503,774     $ 1,501,479     $ 1,424,756     $ 1,385,956  
                       
    Common shares outstanding at period end   9,230,010       9,179,510       9,127,595       9,125,759       9,736,875  
                       
    Equity-to-assets ratio (GAAP)   11.34 %     10.74 %     10.67 %     11.07 %     11.26 %
    Tangible equity ratio (Non-GAAP)   11.26       10.66       10.58       10.97       11.15  
    Book value per common share (GAAP) $ 17.50     $ 17.61     $ 17.57     $ 17.30     $ 16.05  
    Tangible book value per share (Non-GAAP)   17.37       17.47       17.41       17.13       15.88  

    For more information, contact:
    Joseph W. Kiley III, President and Chief Executive Officer
    Rich Jacobson, Executive Vice President and Chief Financial Officer
    (425) 255-4400

    The MIL Network –

  • MIL-OSI: ServiceTrade™ Announces Integration With The Compliance Engine™ by BRYCER to Automate AHJ Reporting

    Source: GlobeNewswire (MIL-OSI)

    DURHAM, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — ServiceTrade, an innovative software platform designed to enhance business value and optimize operations for commercial mechanical and fire contractors, today announced the integration of its popular platform with The Compliance Engine by BRYCER, the market-leading platform for Authority Having Jurisdiction (AHJ) fire system inspection compliance. BRYCER partners with hundreds of AHJs, including states, counties, cities, municipalities, and fire departments across the U.S., to enable timely digital compliance reporting.

    ServiceTrade Chief Product Officer Brook Bock summarized the importance of the integration: “All commercial buildings are required to comply with National Fire Protection Agency (NFPA) and local regulations for equipment inspections and safety. BRYCER leads the market with its extensive network of hundreds of AHJs nationwide, helping fire protection contractors meet the specific requirements of each jurisdiction. ServiceTrade helps contractors track inspection requirements, streamline workflows, and now simplify reporting via direct integration with The Compliance Engine. It’s a win for contractors and their clients by enabling more inspections to be scheduled, completed, and submitted to the AHJ on time. The integration makes it easier for contractors to maximize inspection revenue while eliminating manual compliance data entry to AHJs.”  

    Sheri Marler, Billing Supervisor at Marmic Fire & Safety, shared, “ServiceTrade and The Compliance Engine integration will transform our workflow by creating a seamless, automated system that eliminates manual uploads. This integration will not only save our team significant time, it will also enhance accuracy.” Marler continued, “The ability to track and clear deficiencies automatically is particularly important, and it will deliver both time savings and improved precision for our operations.”

    The ServiceTrade platform is specifically designed for the recurring nature of inspection, testing, and maintenance (ITM) work and for reducing the inherent liability risk of the fire protection services industry. Automating inspection scheduling, generating NFPA compliance reports, and submitting them digitally to AHJs save contractors time and reduce errors. ServiceTrade’s NFPA-compliant inspection forms, inspection deficiency management workflows, recurring ITM scheduling, and reporting capabilities dramatically improve fire service contractors’ efficiency. ServiceTrade’s integration with The Compliance Engine automates interactions with AHJs and eliminates manual data entry and reporting. The results are increases in efficiency, more repair revenue through inspection deficiency management, and stronger client relationships.   

    “We’re proud to partner with BRYCER, the leader in the business,” continued Ms. Bock. The Compliance Engine is widely recognized as the platform with the most connections to AHJs in the U.S. It helps them track and manage inspections, testing, and maintenance for commercial fire protection systems in their jurisdiction.  

    Bryan Schultz, co-founder of BRYCER said, “Automating inspection reporting has been proven to increase the number of fire protection systems tested and repaired by as much as 72%. BRYCER integration with ServiceTrade will enable commercial service contractors to efficiently increase compliance through on-time safety inspections, which benefits their business, the building owner, and the AHJ.”

    TO LEARN MORE ABOUT SERVICETRADE:

    ABOUT SERVICETRADE:

    ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300+ customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

    All trademarks are the property of their respective companies.

    Contact: Media@KTCMarketingandPR.com

    The MIL Network –

  • MIL-OSI United Kingdom: Salford City Council approves plans to assess new Mayoral Development Zone

    Source: City of Salford

    Salford City Council has today (28 January) approved a report to explore the opportunity and benefits for the establishment of a Mayoral Development Zone (MDZ), which could pave the way for significant investment and growth in a key part of the city.

    The decision was made at Cabinet with Salford City Mayor, Paul Dennett and senior elected members signing off on the proposed plans. 

    Councillors supported the plans for an MDZ within the wider Western Gateway area of the city. The Western Gateway refers to the west part of the city, the area surrounding the Liverpool Rd and M62 corridors and along the route of the Manchester Ship Canal. 

    The ambitious plans are part of a cross-borough approach with Greater Manchester Combined Authority (GMCA) and Trafford Council and could see thousands of job opportunities created alongside the huge economic boost that could be realised from regeneration through the MDZ. 

    Paul Dennett, Salford City Mayor, said: “Realising the full potential of the Western Gateway and Port Salford and driving significant growth and economic benefit has long been a key aspiration for the city council. 

    Across Salford and Trafford there is the potential to generate thousands of new jobs, capitalising on planned employment space, new homes, as well as leisure and retail.

    Good growth is one of the cornerstones of our priorities, outlined in our corporate plan This is our Salford, and these plans represent our commitment to delivering on our ambitions to create a fairer, greener, healthier and more inclusive city. 

    This much needed redevelopment and subsequent growth will not happen overnight, but this step is an important and exciting one as it moves our aspirations for this area of the city closer to becoming a reality. 

    Now this proposal has been approved, myself, along with senior elected members and officers will now begin to develop the MDZ further and explore all the possibilities associated with this approach.” 

    An MDZ refers to a defined area where a mayor can seek to channel significant investment and development activity with the goal of regenerating and revitalising that specific area. 

    The MDZ will provide clear governance, resources and a dedicated work programme to secure investment to unlock key development sites in the Western Gateway.

    The Western Gateway is one of six growth locations in Greater Manchester identified to generate significant inclusive growth and economic benefits. In order to unlock potential growth, the site is reliant on significant highway and rail infrastructure investment. 

    Port Salford has been a long-term component of the city’s planned future regeneration and growth for the city council, and this move brings this vision a step closer to fruition. 

    Port Salford Phase 1 already has consent for the construction of a multi-modal freight interchange comprising 155,000 sqm (1,600,000 sqft) of warehousing with the potential to be the only inland tri-modal port in the UK.

    In 2012, Government funding was secured to part finance and deliver Part WGIS which allowed development of up to 55,000 sqm at Port Salford. 

    Initial development in 2017, saw the completion of 55,000sqm of warehouse space occupied by Great Bear.  

    By also including Port Salford Phase 2 (adopted under Places for Everyone) and development land at the City of Salford Community Stadium, these sites collectively provide an opportunity to deliver 511,000sqm of new employment floorspace, 5,790 new jobs and circa £6.4m in business rates.

    Approval to explore the MDZ is a key decision and is subject to 5-day call in period. The approval of these plans follows on from the decision made by Trafford Council’s executive on Monday 27 January to approve the plans. The approval decision will then be presented to GMCA’s executive on Friday 31 January for decision.

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    Date published
    Tuesday 28 January 2025

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    MIL OSI United Kingdom –