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  • MIL-OSI USA: S. 5092, Northern Border Security Enhancement and Review Act

    Source: US Congressional Budget Office

    S. 5092 would require the Department of Homeland Security (DHS) to report to and brief the Congress on threats to the northern border of the United States, including apprehensions of aliens (non-U.S. nationals), staffing challenges, and improvements needed at and between ports of entry. Under the bill, DHS would have to update its analysis every three years. S. 5092 also would require DHS to update its northern border strategy and develop measures to evaluate the effectiveness of Customs and Border Protection’s efforts to secure the northern border in air and marine environments.

    Based on the costs of similar activities, CBO estimates that implementing the bill would cost less than $500,000 over the 2025-2029 period. Any related spending would be subject to the availability of appropriated funds. 

    MIL OSI USA News –

  • MIL-OSI Security: Lynn Man Charged with Multiple Drug Offenses After Selling Drugs to an Undercover Officer

    Source: Office of United States Attorneys

    Defendant was on probation for armed robbery when he sold fentanyl and methamphetamine to an undercover officer

    BOSTON – A Lynn man was arraigned Oct. 22, 2024 in connection to an ongoing investigation of fentanyl counterfeit pills containing methamphetamine.

    Ricardo Bratini-Perez, a/k/a “Rico,” a/k/a “Ricofromthesin,” 29, was arraigned on four counts of distribution and possession with intent to distribute fentanyl, fentanyl analog, and methamphetamine, and one count possession with intent to distribute 400 grams and more of a mixture and substance containing a detectable amount of fentanyl. A federal grand jury returned an indictment charging Bratini-Perez on Oct. 3, 2024.

    According to court records, Bratini-Perez was on probation following his release from state custody on armed robbery and firearm charges. While on probation, Bratini-Perez sold fentanyl and methamphetamine to an undercover officer on three occasions in March 2024 and April 2024. On April 8, 2024, Bratini-Perez was arrested following a fourth sale to the undercover officer. Following his arrest, investigators executed a search warrant at Bratini-Perez’s residence and recovered over 5,000 grams of counterfeit pills containing fentanyl. 
        
    The charge of possession with intent to distribute 500 grams and more of fentanyl provides for a sentence of at least 10 years and up to life in prison, five years and up to life of supervised release and a fine of up to $10,000,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police; and Lynn Police Chief Christopher P. Reddy made the announcement today. Assistant U.S. Attorney Philip A. Mallard of the Organized Crime and Gang Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI –

  • MIL-OSI Security: Ocala Man Arrested For Attempting To Transfer Obscene Material To A Minor

    Source: Office of United States Attorneys

    Ocala, Florida – United States Attorney Roger B. Handberg announces the  unsealing of an indictment charging Nicholas Robert Davis (30, Ocala) with attempted transfer of obscene material to a minor. If convicted, Davis faces a maximum penalty of 10 years in federal prison. 

    According to court documents, during an undercover operation on July 24, 2024, a Homeland Security Investigations (HSI) special agent posed online as a 13-year-old girl (UC) and received a message on an online social media platform from Davis. After learning the UC’s age, Davis and an undercover detective from the Marion County Sheriff’s Office, also posing as the minor, had a video call. Davis exposed his genitalia to the detective during the call and, afterward, engaged in a sexually explicit conversation with the UC. He also sent the UC a video of himself masturbating.  

    An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This case was investigated by Homeland Security Investigations and the Marion County Sheriff’s Office. It will be prosecuted by Assistant United States Attorney Sarah Janette Swartzberg.

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

    MIL Security OSI –

  • MIL-OSI Global: Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    The recent Brics summit in the Russian city of Kazan was less notable for what happened at the meeting than for what happened before, on the margins, or not at all. Among the notable things that did not happen was another expansion of the organisation.

    Since the addition of Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) at the 2023 Brics summit in Johannesburg, which almost doubled the number of member countries from the original five (Brazil, Russia, India, China and South Africa), further enlargement has stalled.

    Argentina, which was also invited in 2023, declined to join. Saudi Arabia, another 2023 invitee, has not acted on the offer to become a member either. Its de-facto ruler, crown prince Mohammad bin Salman, was among the notable absentees in Kazan.

    And Kazakhstan, Russia’s largest neighbour in Central Asia, decided not to join shortly before the summit. This drew Russia’s ire, resulting in a prompt ban on imports of a range of agricultural products from Kazakhstan in retaliation.

    While invitees have declined the opportunity to join Brics, a long list of applicants have not been offered membership. According to a statement by Russia’s president, Vladimir Putin, at a meeting of senior Brics security officials in September, 34 countries have expressed an interest in closer relations with Brics in some form.

    This appears to be a substantial increase in interest in Brics membership compared to a year ago, when South Africa’s foreign minister, Naledi Pandor, listed 23 applicants ahead of the 2023 summit.

    But the fact that, since then, only six invitations have been extended – and four accepted – indicates that formal enlargement of the organisation, at least for now, has been stymied by the inability of current members to forge consensus over the next round of expansion and the reluctance on the part of some invitees to be associated with the organisation.

    Meetings on the margins

    The summit declaration may offer little of substance. But there were a number of bilateral meetings before and in the margins of the gathering that are more indicative of the direction of Brics. Perhaps most importantly, India’s prime minister, Narendra Modi, and China’s president, Xi Jinping, held their first face-to-face discussion in five years.

    This is a remarkable change from just a few months ago, when tensions between New Delhi and Beijing were intense enough for Modi to cancel his participation in the summit of the Shanghai Cooperation Organisation in Astana, Kazakhstan. Yet, with a deal now reached over their countries’ longstanding border dispute, the two most populous and, in terms of GDP, economically most powerful members of Brics have an opportunity to rebuild their fraught relations.

    A warming of relations between China and India could generate more momentum for Brics to deliver on its ambitious agenda to develop, and ultimately implement, a vision for a new global order. Implicit in this would be a shift of leadership in Brics from China and Russia to China and India, and with it, potentially a change from an anti-western to a non-western agenda.

    This is, of course, something that exercises Putin. He acknowledged as much when he referred to the global south and global east in his remarks at the summit’s opening meeting. He also emphasised that it was important “to maintain balance and ensure that the effectiveness of Brics mechanisms is not diminished”.

    In his own bilateral meetings before and during the summit, Putin drove home the point that, despite western efforts, Russia was far from isolated on the world stage. One-to-one meetings with Xi, Modi, South Africa’s president, Cyril Ramaphosa, and the president of the UAE, Mohammed bin Zayed Al Nahyan, gave Putin the chance to push his own vision of Brics as a counterpoint to the US-led west.

    This may be a view shared in the global east – Russia, China and Iran, as well as non-Brics members North Korea, Cuba and Venezuela. But many in the global south – particularly India and Brazil – are unlikely to go all in with this agenda. They will focus on benefiting from their Brics membership as much as possible while maintaining close ties with the west.

    Lacking a coherent agenda

    India is the most significant player in Brics when it comes to balancing between east and west. Nato member Turkey is the equivalent on the outside. The country’s president, Recep Tayyip Erdoğan, travelled to Kazan and did not shy away from an hour-long meeting with his “dear friend” Putin.

    The relationship between Moscow and Ankara is fractious and complex across a wide range of crises from the South Caucasus, to Syria, Libya and Sudan. Yet, on perhaps the most divisive issue of all, Russian aggression towards Ukraine, Turkey has consistently maintained opened channels of communication with Russia and remains the only Nato power able to do so.



    Read more:
    Turkey attempts to broker power between east and west as it bids to join Brics

    The fact that there has been relatively little public pressure from official sources in the west on Erdoğan to stop is probably a reflection that such communication channels are still valued in the west. This, and Nato’s continued cooperation with India, point to a hedging strategy by the west. India cooperates with the US, Australia and Japan – the so-called Quad group of nations – on security in the Indo-Pacific, and it has maintained political dialogue with Nato since 2019.

    Turkey and India may not see eye-to-eye with the west on all issues. But neither do they with the global east camp inside Brics, and especially not with Russia. If nothing else, this limits the ability of Brics to forge a coherent agenda, deepen integration and ultimately mount a credible challenge to the existing order.

    Relying on India and Turkey to do the west’s bidding in undermining Brics, however, is not a credible long-term strategy. Brics may have achieved little as an organisation, but the Kazan summit declaration indicates that its key players continue to harbour aspirations for more.

    However, as the flailing expansion drive of the organisation indicates, there is also an internal battle in Brics over its future direction. This, in turn, creates space and time for the west to exercise more positive and constructive influence in the ongoing process of reshaping the international order.

    The global east may be beyond redemption, but there is still a massive opportunity to reengage with the global south.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time – https://theconversation.com/russias-brics-summit-shows-determination-for-a-new-world-order-but-internal-rifts-will-buy-the-west-some-time-241610

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer

    Source: The Conversation – UK – By Christopher Featherstone, Associate Lecturer, Department of Politics, University of York

    With less than two weeks to go until the US presidential election, another surprise twist has emerged. Donald Trump has accused the “far-left” Labour party in the UK of election interference by sending volunteers to help the Kamala Harris campaign. This news must have come as a surprise to prime minister Keir Starmer.

    The core of the accusations made by Trump and his team is that Labour was offering financial support to volunteers and helping them arrange accommodation for their trips to the US – and that this amounted to “illegal foreign national contributions” to the Harris campaign.

    And at the centre of those accusations appears to be a now-deleted LinkedIn post from a Labour official saying she had “10 spots available” to campaign in North Carolina. Labour insists this did not mean any financial support was being offered. Labour figures have suggested the campaigning was being done by private citizens.

    Trump’s lawyers filed a complaint with the Federal Elections Commission (FEC) against both the Labour party and the Harris campaign on October 22 claiming otherwise. And the finance point is key, since – under the rules of the FEC – foreign volunteers can assist a campaign, but only if they are unpaid. 10 Downing Street insists the campaigners associated with Labour were not being paid.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

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    While there are important questions that need to be answered as to whether the Labour party did break US election rules, the questions about the implications of Trump’s accusations for US-UK relations are likely to be of even greater significance.

    Regardless of whether Trump’s accusations are sustained by the FEC, they are likely to frame his perception of the Starmer government should he win the presidency in less than two weeks’ time. Labour has made improving relations with politicians on both sides of the aisle in Washington a priority. These efforts appear to have been undermined overnight with Trump’s accusations.

    These accusations will likely be investigated after the election has been held. If Trump wins the presidency, he will have enormous influence over this investigation and the surrounding media coverage, which would be an unwelcome situation for Starmer to find himself in.

    Starmer visits Joe Biden at the White House in September 2024.
    Flickr/Number 10, CC BY-NC-ND

    Potentially even more serious is the fact that if Trump loses, this could be the story that he focuses on to explain why he lost. It may seem trivial but triviality has not stopped Trump before. The suggestion that Labour helped Harris could prove just as useful to Trump as the unfounded claims of widespread “voter fraud” in 2020 that helped him seed an insurrection on January 6.

    Whether the FEC finds that the role of Labour activists in the Harris campaign constitutes foreign interference or not, entanglement in this story is unlikely to help relations with either a Trump or a Harris White House.

    UK invovlement in US elections

    Foreign activists have long been involved in US election campaigning – and they do so on both sides.

    The current UK foreign secretary, David Lammy, campaigned for Barack Obama in 2012. In 2017, the Australian Labor party was fined by the FEC for paying for their volunteer’s flights to the US to campaign for Bernie Sanders in Democratic primaries.



    Read more:
    What US election interference law actually says about Labour volunteers

    Indeed, the Trump campaign has used foreign activists and campaigners in the past. Before he decided to run for the seat of Clacton-on-Sea in July 2024, Nigel Farage claimed that he was going to devote his time to campaigning for Trump. Farage has repeatedly been on stage with Trump at his rallies. Former UK prime minister Liz Truss also attended the Republican National Convention in 2024, supporting Trump and calling Joe Biden, then the Democratic Party’s nominee, “weak”.

    What is rare, however, is FEC scrutiny on all this campaigning. While the involvement of foreign volunteers is legal and normal in the US, the rules are rarely debated or tested by a legal probe. These accusations may initiate renewed attention to the issue, and potentially a change in these rules in future elections.

    Importantly, while the coverage of Trump’s accusations against Labour and the Harris campaign have received huge coverage in the UK, attention in the US is limited. Much of the US media coverage has focused on allegations from John Kelly against Trump. Kelly, Trump’s former chief of staff, has accused Trump of being a fascist and of having said that he wished he had generals like “Hitler’s generals”. Trump’s claims about the UK have therefore received far less attention in the US than might have been anticipated. This will have diminished the impact of Trump’s claims with US voters, good news for the future. But Starmer should still be concerned about the impact on diplomatic relations.

    As with many of Donald Trump’s accusations and more controversial comments, there are a lot of moving parts. Trump showed how important his own personal attitudes were in US diplomacy during his previous administration. He is unlikely to forget about these accusations anytime soon, whether he wins or loses.

    Christopher Featherstone 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. Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer – https://theconversation.com/why-donald-trumps-accusations-of-election-interference-are-a-lose-lose-situation-for-keir-starmer-242063

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why billionaire philanthropy might not be as generous as you think

    Source: The Conversation – UK – By Tobias Jung, Professor of Management, University of St Andrews

    Walmart heiress Alice Walton is one of the richest people in the world and a celebrated philanthropist, whose lifetime giving total recently hit an estimated US$1.5 billion (£1.2 billion). Her largest gift to date, US$390 million in the year to September 2023, included US$249 million for the Alice L Walton School of Medicine in her family’s hometown in Arkansas, US.

    Walton’s other major philanthropic activities include founding the Alice L. Walton Foundation, to increase access to the arts, improve education, enhance health and advance economic opportunities. She also established the Art Bridges Foundation to expand access to American art across the nation. So it seems unsurprising that Forbes magazine ranks Walton as one of the 30 biggest lifetime givers in the US.

    Her philanthropic efforts have also been recognised with accolades and awards: from being named one of the world’s most influential people by Time magazine, to receiving the Smithsonian Institution’s Archives of American Art Medal and the Getty Medal for contributions to the arts and humanities.

    But before joining the celebrations, it is important to reflect on billionaire philanthropy for a moment.

    From almost a decade of research at the Centre for the Study of Philanthropy & Public Good, it is clear that any billionaire philanthropy comes with questions about the societal costs underpinning it. In the case of huge businesses such as Walmart (a retail chain of hypermarkets, discounters and grocery shops), the sort of areas that come in for scrutiny are labour practices and the treatment of workers, the impact on communities and the environment, as well as tax practices and the cost to the taxpayer.

    Such concerns are not new, of course. They are continuations of debates that go back to at least the beginning of the 20th century and the potential tensions between the business practices and philanthropic activities of major industrialists – from Andrew Carnegie, JP Morgan and John D. Rockefeller back then to Amazon founder Jeff Bezos, Meta chief executive Mark Zuckerberg or the Sackler family, founders of Purdue Pharma, nowadays.

    There are also questions about the extent to which billionaire philanthropy is actually generous. While US$1.5 billion might sound impressive, it seems a bit like small change when examined more closely.

    The size of the sacrifice

    With an estimated net worth of US$91.3 billion, Walton has given away around 1.64% of her wealth. According to Forbes’ ranking of billionaires’ philanthropy, this puts her in the second lowest category of philanthropists: those who have given away between 1% and 4.99% of their wealth.

    It makes her more generous than her older brother Rob Walton, who is classified as having given away less than 1% of his wealth, but her US$1.5 billion is dwarfed by the philanthropic efforts of some of her contemporaries, such as novelist and philanthropist MacKenzie Scott or investor Warren Buffett.

    Scott, with an estimated net worth of US$35.3 billion, has already given away more than US$17 billion, or almost half of her wealth. Buffett, who has given around US$60 billion to date, has promised to give away 99% of his wealth, currently sitting at US$146.4 billion, during his lifetime or at death.

    But do these philanthropic efforts actually present personal sacrifices?

    It is difficult to get access to billionaires’ income data, but we can assume that a balanced portfolio for a wealthy investor can currently provide an annual return of around 5-8%. In the case of the US$91.3 billion fortune that Walton holds, this could mean an annual return of up to US$7.3 billion per year, acknowledging that depending on investment strategies and successes this might be lower or substantially higher. Compared to this, US$1.5 billion appears, once again, to be quite small.

    Whether they present major or meaningful contributions for the billionaire themselves is outlined by Warren Buffett.

    “I am giving up nothing that has utility to me”.

    Buffett is a signatory of the Giving Pledge, a campaign he launched in 2010 with Microsoft co-founder Bill Gates and Gates’ then-wife Melinda French Gates as an invitation to billionaires to commit the majority of their wealth to philanthropy.

    In his pledge, Buffett highlights that although he will give away 99% of his wealth, in fulfilling this pledge neither he nor his family will give up anything they will ever need or want. The remaining 1% of their wealth is sufficient – he has highlighted that “this pledge will leave my lifestyle untouched and that of my children as well”.

    So it seems that while billionaire philanthropy might be impressive in absolute terms, and offers significant opportunities for addressing urgent social, cultural, economic, political and environmental challenges, in relative terms its actual contribution might be quite negligible.

    This is particularly the case when you compare the societal costs associated with amassing billionaire fortunes with the societal contributions their philanthropy makes, and taking into account the wider damage that extraordinary economic inequality brings about.

    So while the major sums involved in billionaire philanthropy can offer unrivalled potential for change, it is still necessary and important to ask questions about the actual significance, scale and sacrifices for all of the parties involved.

    Tobias Jung 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. Why billionaire philanthropy might not be as generous as you think – https://theconversation.com/why-billionaire-philanthropy-might-not-be-as-generous-as-you-think-241862

    MIL OSI – Global Reports –

  • MIL-OSI Global: From fish to clean water, the ocean matters and here’s how to quantify the benefits

    Source: The Conversation – UK – By Stefanie Broszeit, Senior Scientist, Marine Ecosystem Services, Plymouth Marine Laboratory

    Drake’s Island in Plymouth Sound, Devon, is part of the UK’s first national marine park. Artur Niedzwiedz/Shutterstock

    Nature protection, conservation and restoration is “not a trivial matter but key to human survival,” according to scientists quoted in a 2005 UN report. To demonstrate this, they developed the concept of “ecosystem services” – the benefits that people derive from nature. Over the next 20 years, this concept has been in constant development to reflect our growing understanding of how ecosystems work and how we benefit from them.

    For many people, it feels wrong to take a human-centred view on nature. But for governments and conservation organisations, this concept is a useful tool. It helps us quantify the value of nature and make sure certain aspects are conserved and protected.

    My team and I provide other scientists with information about how coastal areas help to regulate the climate and reduce water pollution. In part, we work with marine conservation experts who restore ecosystems that have been depleted, such as seagrass or oyster beds. This can help choose the best approaches to restoring coastal areas to healthy habitats while providing other benefits, such as shelter for young fish or food for seabirds. Another group of scientists use our data to assess the value of these habitats, now and in the future once they have been restored to good health.

    In my work as a marine ecologist, I split ecosystem services into three different groups. First, provisioning services include the provision of food or timber along many other material gains we get from nature. For marine ecosystem services ,this includes fish and chemicals used for research and medicines. Second, regulating services support our planet and human wellbeing. Mussels clean water by filtering it and seagrass takes up and stores carbon dioxide from the atmosphere, thereby helping to regulate the climate. Third, cultural services include leisure and recreation such as sea swimming or fishing.

    Diving deeper

    A baby crab on seagrass growing at Kingsand, Plymouth Sound.
    Stefanie Broszeit, CC BY-NC-ND

    To better understand these marine ecosystem services and how to use them sustainably, my research delves into some of the more complicated processes that regulate ecosystem services. In terms of the ocean’s role in regulating climate, it’s not just about seagrass.

    Seaweeds such as kelp take up carbon too, but cannot bury it in the soil beneath them due to holding onto rocks rather than having roots. They store carbon by getting buried in the deep sea when they are whipped off the rocks during winter storms and transported by currents into deeper waters. There, worms and crabs can feed on this important food source, drawing the carbon deeper into the sediment.

    Another step is to measure the benefits of particular ecosystem services. Food provision can be relatively easily measured by data collected by harbours to quantify how much fish is being landed and sold. So we can estimate the volume of harvested fish and calculate their market value. Some cultural services, such as measuring the wellbeing benefits people receive from interacting with coastal environments, can be more difficult to measure.

    Plymouth Sound is a great place to assess both benefits to human wellbeing and marine ecology, because not only is this city a hotspot for marine biology research with three internationally recognised marine institutes, it’s also the UK’s first national marine park. Here, I can engage not only with the ecological sciences and datasets but also with environmental psychologists who study how nature affects us and how we affect nature. My team and I have created the marine, social and natural capital laboratory to explore this more.

    Plymouth Sound provides a multitude of ecosystem services.
    Robert Harding Video/Shutterstock

    Because of so many complex variables, it’s important that scientists like me choose the appropriate indicators to estimate the value of contributions from different ecosystem services. Then, we can assess whether interventions such as restoring seagrass or building a port might help or hinder the marine environment.

    Often, different ecosystem services might interact or conflict with each other. Fishing in the northeast Atlantic might, for example, negatively affect marine mammals such as seal if the fish they rely on as food are also being eaten by humans. So we need to look at the bigger picture to assess all of the ecosystem services provided by a particular area of ocean. And as our understanding of ecosystem services develops, we can refine efforts to give nature a helping hand.

    Swimming, sailing, even just building a sandcastle – the ocean benefits our physical and mental wellbeing. Curious about how a strong coastal connection helps drive marine conservation, scientists are diving in to investigate the power of blue health.

    This article is part of a series, Vitamin Sea, exploring how the ocean can be enhanced by our interaction with it.

    Stefanie Broszeit receives funding from the United Kingdom Research and Innovation and from Horizon Europe, funding European research through the European Commission.

    – ref. From fish to clean water, the ocean matters and here’s how to quantify the benefits – https://theconversation.com/from-fish-to-clean-water-the-ocean-matters-and-heres-how-to-quantify-the-benefits-241625

    MIL OSI – Global Reports –

  • MIL-OSI Global: The US is now at risk of losing to China in the race to send people back to the Moon’s surface

    Source: The Conversation – UK – By Jacco van Loon, Reader in Astrophysics, Keele University

    Who will be first to return humans to the lunar surface? Merlin74 / Shutterstock

    Will the next human to walk on the Moon speak English or Mandarin? In all, 12 Americans landed on the lunar surface between 1969 and 1972. Now, both the US and China are preparing to send humans back there this decade.

    However, the US lunar programme is delayed, in part because the spacesuits and lunar-landing vehicle are not ready. Meanwhile, China has pledged to put astronauts on the Moon by 2030 – and it has a habit of sticking to timelines.

    Just a few years ago, such a scenario would have seemed unlikely. But there now appears to be a realistic possibility that China could beat the US in a race that America, arguably, has defined. So who will return there first, and does it really matter?

    Nasa’s Moon programme is called Artemis. The US has involved international and commercial partners to spread the cost. Nasa set out a plan to get American boots back on lunar soil over the course of three missions. In November 2022, Nasa launched its Orion spacecraft on a loop around the Moon without humans aboard. This was the Artemis I mission.

    Artemis II, scheduled for late 2025, is similar to Artemis I, but this time Orion will carry four astronauts. They will not land; this will be left for Artemis III. For this third mission, Nasa will send a man and the first woman to the lunar surface. Though as yet unnamed, one of them will be the first person of colour on the Moon.

    Artemis III astronauts are set to use SpaceX’s Starship vehicle to land on the Moon.
    Nasa

    Artemis III was scheduled to launch this year, but the timescale has slipped several times. A review in December 2023 gave a one in three chance that Artemis III would not have launched by February 2028. The mission is currently slated to happen no earlier than September 2026.

    Meanwhile, China’s space programme seems to be moving at speed, without significant failures or delays. In April 2024, Chinese space officials announced that the country was on track to put its astronauts on the Moon by 2030.

    It’s an extraordinary trajectory for a country that launched its first astronaut in 2003. China has been operating space stations since 2011 and has been ticking off important, challenging firsts through its Chang’e lunar exploration programme.



    Read more:
    Nations realise they need to take risks or lose the race to the Moon

    These robotic missions returned samples from the surface, including from the lunar far side. They have tested technology that could be crucial for landing humans. The next mission will touch down at the lunar south pole, a region that attracts intense interest because of the presence of water ice in shadowed craters there.

    This water could be used for life support by a lunar base and turned into rocket propellant. Making rocket propellant on the Moon would be cheaper than bringing it from Earth, making lunar exploration more affordable. It is for these reasons that Artemis III will land at the south pole. It’s also the planned location for US and Chinese-led bases.

    On September 28 2024, China showed off a spacesuit, to be worn by its Moon walkers, or “selenauts”. The suit is designed to protect the wearer against extreme temperature variations and unfiltered solar radiation. It is lightweight and flexible. Is it a sign of China already overtaking the US in one aspect of the Moon race? The company manufacturing the Artemis Moon suit, Axiom Space, is currently having to modify several aspects of the reference design given to them by Nasa.

    The lander that will carry US astronauts from lunar orbit to the surface is also delayed. In 2021, Elon Musk’s SpaceX was given the contract to build this vehicle. It is based on SpaceX’s Starship, which consists of a 50m-long spacecraft that launches on the most powerful rocket ever built.

    On October 13 2024, Starship scored a successful fifth test flight. But several challenging steps are required before the Starship Human Landing System can carry astronauts down to the lunar surface. Starship cannot fly directly to the Moon. It must refuel in Earth orbit first (using other Starships that act as propellant “tankers”). SpaceX needs to demonstrate refuelling and conduct a test landing on the Moon without crew before Artemis III can proceed.

    In addition, during Artemis I, Orion’s heat shield suffered considerable damage as the spacecraft made the high-temperature return through Earth’s atmosphere. Nasa engineers have been working to find a remedy before the Artemis II mission.

    Too complicated?

    Some critics argue that Artemis is too complex, referring to the intricate way in which astronauts and Moon lander are brought together in lunar orbit, the large number of independently operating commercial partners and the number of Starship launches required. Depending who you ask, between four and 15 Starship flights are needed to complete the refuelling for Artemis III.

    Former Nasa administrator Michael Griffin has advocated a simpler strategy, broadly along the lines of how China expects to accomplish its lunar landing. His vision sees Nasa relying on traditional commercial partners such as Boeing, rather than relative “newbies” such as SpaceX.

    However, simple is not necessarily better or cheaper. The Apollo programme was simpler, but at almost three times the cost of Artemis. SpaceX has been more successful, and economical, than Boeing in sending crews to the International Space Station.

    The Artemis I mission was broadly successful, but Orion’s heat shield suffered damage.
    Nasa

    New technology is not developed through simple, tried approaches but in bold endeavours that push boundaries. The James Webb Space Telescope is highly complex, with its folded mirror and distant position in space, but it allows astronomers to peer into the depths of the universe as no other telescope can. Innovation is especially crucial bearing in mind future ambitions such as asteroid mining and a settlement on Mars.

    Does it matter whether the first 21st-century selenauts are Chinese or American? This is largely a question about the relationship between governments and their citizens, and between nations.

    Democratic governments depend on public support to safeguard funding for expensive, long-term ventures – and prestige is an important selling point. But prestige in a 21st-century Moon race will be earned by doing it well, not sooner. Rushing back to the Moon could be costly, both financially and in the risk to human life.

    Governments must set an example of responsible behaviour. Peace, inclusivity and sustainability should be guiding principles. Going back to the Moon must not be about dominion or superiority. It should be a chance to show that we can improve on how we have previously behaved on Earth.

    Jacco van Loon 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. The US is now at risk of losing to China in the race to send people back to the Moon’s surface – https://theconversation.com/the-us-is-now-at-risk-of-losing-to-china-in-the-race-to-send-people-back-to-the-moons-surface-241716

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Invitation letter for the European Political Community summit in Budapest

    Source: Council of the European Union

    European Council President Michel, along with the Prime Minister of Hungary, Viktor Orbán, invited heads of state and government across Europe to the fifth meeting of the European Political Community, which will take place in Budapest on 7 November 2024.

    MIL OSI Europe News –

  • MIL-OSI Russia: Dmitry Grigorenko: The effectiveness of inspections by regulatory authorities has increased

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The effectiveness of inspections by regulatory authorities has increased over the first nine months of 2024. This was discussed at a meeting of Deputy Prime Minister – Chief of the Government Staff Dmitry Grigorenko with regulatory authorities.

    “The main result is that we have reoriented the work of control bodies to a risk-oriented approach. This means that inspections are carried out only where there is a risk of violating the law. When a business conscientiously complies with mandatory requirements, there is no reason to come to it. The entire inspection system has been digitalized and has become absolutely transparent. Both the Government and the prosecutor’s office – we see when, where and on what grounds the inspector went, what violations he identified during the inspection,” commented Dmitry Grigorenko.

    The most effective checks remain those based on the triggering of risk indicators. Over the first nine months of 2024, the accuracy of checks based on the triggering of indicator signals reached 87%, while for the same period in 2023 it was 69%. For comparison: the average effectiveness of checks for all other reasons today is about 60%. Effectiveness is understood as the ratio of the validity of the check and the violations identified during the inspection.

    A risk indicator is a set of features that reflects compliance by a controlled entity with mandatory requirements. If the indicator gives a signal, then there is a high probability that mandatory requirements may be violated at the facility. The number of risk indicators is steadily growing. Today, there are 481 risk indicators in the arsenal of control and supervisory authorities. By the end of the year, it is planned to introduce 20 more.

    According to the results of the first nine months of the current year, the volume of inspections based on risk indicators has doubled. The total number of inspections (scheduled and unscheduled for other reasons) has been steadily decreasing – by almost 4.2 times since 2019. Over the first nine months of 2024, 284 thousand inspections were carried out, at the level of the same period last year.

    At the meeting, the participants also discussed the need to further improve the supervisory system and the risk system based on feedback from businesses. The government receives it through the service for pre-trial appeal of decisions of regulatory authorities. The service is in high demand, with more than 5,000 applications submitted in the first nine months of 2024, which is the same as in 2023. This year, the ability to challenge the assigned risk category, appeal orders based on the results of events without interaction, and file objections to the announced warning has been added.

    Representatives of the Prosecutor General’s Office and the Ministry of Economic Development also took part in the meeting.

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

    MIL OSI Russia News –

  • MIL-OSI USA: Rep. Adams Honored at Stratford Richardson YMCA After Securing Funds for New Clinic

    Source: United States House of Representatives – Congresswoman Alma Adams (12th District of North Carolina)

    Appropriations and community project funding bearing fruit for Mecklenburg and Cabarrus Counties

    CHARLOTTE – Yesterday, Congresswoman Alma S. Adams, Ph.D. (NC-12) was honored by the YMCA of Greater Charlotte for her years of service to the community and the role she played in securing $2 million for the construction of their new Atrium Health Community Care Primary Care West Boulevard Family Medicine Clinic. This on-campus clinic will help provide quality, affordable care to those in need. 

    “By providing minor surgical procedures, women’s care, pediatric care, and other preventive services, the Atrium Health Community Care Primary Care West Boulevard Family Medicine Clinic will be the difference between a family having to pay exorbitant emergency room fees and getting immediate treatment,” said Rep. Adams. “I am deeply honored to be chosen for the YMCA of Greater Charlotte’s inaugural ‘Champion of Change’ award. This work is personal for me and this clinic is an important step in closing the healthcare gaps that exist in our community.  Healthcare is one of my four H’s, so I am proud to have helped support this clinic and the YMCA of Greater Charlotte by securing funding towards its development.”  

    “We owe a debt of gratitude not only to Congresswoman Adams but also to our incredible partners—Atrium Health, our YMCA team, the congresswoman’s team, our elected officials, and our community partners,” said Sue Glass, President & CEO, YMCA of Greater Charlotte. “Together, through advocacy, commitment, and collaboration, we are transforming the Stratford Richardson YMCA campus into a catalyst for positive impact in Charlotte’s West Boulevard Corridor. 

    Other appropriations information and community project funding awards are available on Rep. Adams’ website. 

    ### 

    Congresswoman Alma S. Adams, Ph.D. represents North Carolina’s 12th Congressional District (Charlotte, Mecklenburg County, Cabarrus County) and serves on the House Committee on Agriculture and the House Committee on Education & the Workforce, where she serves as ranking member of the Workforce Protections Subcommittee. 

    MIL OSI USA News –

  • MIL-OSI USA: S. 4681, Enhanced Oversight and Accountability in Screening Act

    Source: US Congressional Budget Office

    S. 4681 would establish a committee to advise the Department of Homeland Security (DHS) on its screening, vetting, and inspection activities at airports and other ports of entry. Under the bill, the committee would make recommendations to the department to improve its policies and procedures, including training; data collection, storage, and analysis; internal oversight; and responsiveness to complaints from the public. S. 4681 would require the committee to report to the Congress annually on its activities until its termination on December 31, 2030. The bill also would permit the committee to accept and spend donations and gifts.

    S. 4681 would require DHS, within two years of enactment, to report to the Congress on a plan to improve the process for people who believe they have been wrongly identified as a threat while traveling to submit complaints to the department. The bill also would require the Department of Justice to report annually to the Congress on the consolidated terrorism watchlist, a database containing information on people known or suspected to be involved in terrorist activity. Lastly, S. 4681 would require DHS to report to the Congress annually for 11 years after enactment on the effectiveness of its enhanced screenings, which are additional security checks above what is required in airports and other ports of entry. 

    MIL OSI USA News –

  • MIL-OSI USA: Historic Deployment: First time in 70 years, the Wyoming Army Guard 2-300th Field Artillery Regiment deploys together

    Source: US State of Wyoming

    The Wyoming National Guard held send-off ceremonies for different batteries of the 2nd Battalion, 300th Field Artillery Regiment in Torrington, Gillette, Lander and Casper on July 30, 2024, supporting the Soldiers and their families as they embark on their eighth deployment in the past 20 years.

    The send-off ceremony formally recognizes the Soldiers and their families who are about to deploy. It also demonstrates that they have the full support of their community, leadership and loved ones, according to Lt. Col. Michael Kingman, 2-300th commander. This is the first full battalion deployment in over 70 years to conduct a field artillery mission.

    “This deployment marks the eighth time since September 11, 2001, that this formation has answered the nation’s call,” Kingman said. “Most of those deployments involved only portions of the battalion. This mission marks the first time the battalion has deployed as an integrated whole on a field artillery mission since the Korean War.”

    More than 360 Soldiers will deploy to several Middle Eastern countries to support Operations Spartan Shield and Inherent Resolve.

    The ceremony started with the arrival of the official party.

    Wyoming Governor Mark Gordon presided over the ceremonies, joined by Maj. Gen. Greg Porter, Wyoming adjutant general, Chief Master Sgt. Josh Moore, command senior enlisted leader for the Wyoming Guard, Lt. Col. Michael Kingman, 2-300th commander, Command Sgt. Maj. Spencer Jolly, 2-300th command sergeant major, along with other battery and company leadership.

    In the next part of the ceremony, Governor Gordon, General Porter, and Lieutenant Colonel Kingman shared their commitment to support and gratitude.

    Since taking office in 2019, the governor has made it a point to personally send off each service member and their families during deployments. He shared his thoughts with the Soldiers.

    “You are Wyoming proud, Wyoming strong, Wyoming proficient and Wyoming professional,” the governor said. “Thank you. All of us at home, your families, and all of us will know you are protecting us. We thank you from the depths of our hearts, from the bottom of our souls.”

    Governor Gordon also expressed his commitment to the families.

    “We feel that as much service as our men and women on the front lines give, it is also their families that stand watch,” he said. “We will stand 100 percent with the families as well. Thank you to every family member for your service.”

    General Porter spoke about the 2-300th’s rich history of serving the nation.

    “For over 136 years, Wyoming citizen Soldiers have raised their right hands and said, ‘I will do the nation’s bidding. I will wear the cloth of my country and go forth to do what needs to be done,’” the general said. “That is an incredible sacrifice, and I deeply appreciate all of you here in the community who are here to congratulate and recognize that sacrifice.”

    General Porter also highlighted the role of Soldiers as community members.

    “They are also mothers and fathers, sisters and brothers, friends, family members, coaches, ministers and teachers. Our guardsmen and women are an indelible part of the community, and when they leave, they leave a gap,” Porter said. “We will fill this gap for you. We will ensure your community is safe while you deploy, and more importantly, we will ensure your families are taken care of.”

    Lieutenant Colonel Kingman also thanked the families for their sacrifices and encouraged families to reach out if they need assistance.

    “It’s been said, and I believe it to be true, that they have the tougher task, staying behind,” he said. “For the Soldier who goes forward, time often flies. We will be mission-focused here very soon, and these 60 days will go by quickly because we will be busy. But for all the friends and family at home facing the daily grind, they will be going through that without the needed support from their loved ones at their side. I encourage you all to not suffer in silence. If you need someone to talk to, need encouragement, need a hot water heater fixed, or if a door won’t close properly—whatever it is—reach out. We have someone who is not only willing but eager to assist in solving whatever problem comes up.”

    The following segments are long-standing traditions of presenting an “Entering Wyoming” highway sign, the Wyoming flag and casing the 2-300th colors.

    An “Entering Wyoming” highway sign was presented to each battery. The sign will be displayed at each headquarters. Similar signs have been given to every Wyoming Army National Guard unit that has deployed since the Korean War.

    “For the Wyoming National Guard, this sign serves as a visual reminder to all who enter the area that they are in Cowboy Guard territory,” said 1st Lt. Chad Onthank, 920th Forward Support Command executive officer.

    Next, the governor presented the Wyoming flag to the 2-300th to remind each Soldier that those Wyomingites at home are with you every step of the way.

    Finally, Kingman and Jolly cased the battalion colors to show the unit has a mission forward and will deploy.

    For the deployment, Kingman issued a challenge to his Soldiers.

    “I am committed to ensuring that you have the best possible leadership and training every step of the way,” he said. “I am confident that if you work hard, are a good teammate, and keep a positive attitude, we can all come out of this experience as better friends, spouses, parents, Soldiers and human beings.”

    MIL OSI USA News –

  • MIL-OSI Europe: EU concludes crisis response exercise EU Integrated Resolve 2024

    Source: European Commission – Justice

    European Commission Press release Brussels, 25 Oct 2024 The EU has concluded successfully the EU Integrated Resolve 2024, a joint exercise co-led by the Council of the EU, the European Commission, as well as the European External Action Service.

    MIL OSI Europe News –

  • MIL-OSI Security: Two men charged with murder of Ahmed Deen-Jah

    Source: United Kingdom London Metropolitan Police

    Two men will appear in court charged with the murder of Ahmed Deen-Jah who died after being stabbed in east London in 2017.

    [D] Lekan Akinsoji – 26 (15.01.98) of no fixed abode and [E] Sundjata Keita – 26 (11.03.98) of St Margaret’s Court, E12 will appear at Thames Magistrates’ Court on Saturday, 26 October.

    Both were arrested on Friday, 25 October.

    Ahmed died after being attacked in Freemasons Road, Custom House on 2 April 2017.

    MIL Security OSI –

  • MIL-OSI: Project Rise Partners Issues Open Letter to Paramount Shareholders

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) —

    Dear Paramount Shareholders,

    We are Project Rise Partners, a special-purpose vehicle comprised of Malka Investment Trust and Rise Beyond LLC. We are a group of investors with backgrounds in entertainment, media, finance, technology, real estate, and hospitality who are committed to Paramount Global’s future success and have formally offered Paramount $13.5 billion cash, which includes up to $5 billion debt restructuring, which we believe is far better for Paramount and its shareholders than their current agreement with Skydance Media.

    We’ve included a summary in the below table which demonstrates why our offer is significantly more favorable and fair to the shareholders when compared to the current Skydance agreement. This superior offer we have already presented is both well-financed and more beneficial to the shareholders because we recognize they are the ones who have built and sustained Paramount. Our offer rewards all stakeholders and ensures that your many different types of investments in the company are not just acknowledged but rewarded.

    Our view is straightforward: shareholders deserve a deal that reflects Paramount’s true value, as well as fairness and transparency in the process. Our offer is backed by a robust set of investors with a specific emphasis on investing into Paramount’s growth, while also providing shareholders a premium over recent market prices. We are confident that our offer not only surpasses other proposals, including the one from Skydance, but it also aligns with the long-term interests of Paramount, its employees, and you, its shareholders.

    Most importantly, we want to reiterate that we are dedicated to treating all shareholders fairly. Our proposal ensures that every investor receives favorable terms in a straightforward way. We believe that this approach honors the trust you have placed in Paramount and provides a path forward that delivers significant value to every shareholder.

    We look forward to engaging with you further and sharing the detailed financial terms of our offer. Thank you for your consideration, and we are confident that, together, we can shape a prosperous future for Paramount Global.

    Sincerely,
    Project Rise Partners
    C/O Malka Investment Trust

    Item Skydance Offer PRP Offer Delta
    Total Cash Consideration $7.2B $13.5B +17%
    Class A offer price $23 $24 +4.3%
    Class B offer price $15 $16 +6.7%
    Balance sheet infusion $1.5B $2B (incl. in total cash) +33%
    Warrants dilution 200M warrants None  
    Debt Restructuring package None Up to $5B (incl. in total cash)  
    Skydance share dilution +317M shares None  
    Overall dilution +615M New shares None  
    Dilution impact to existing Class B 50+% dilution None  
     

    Media Contact:
    media@malkatrust.com

    The MIL Network –

  • MIL-OSI: Credit Agricole Nord de France – Resultats Financiers au 30 Septembre 2024

    Source: GlobeNewswire (MIL-OSI)

    Lille, le 25 octobre 2024

    Résultats financiers au 30 Septembre 2024
     du Crédit Agricole Mutuel Nord de France

      Septembre 2024 Septembre 2023 Variation

                                             

    Activité :      
    Encours de collecte globale 38 188 M€  37 110 M€ 2,90%
    Encours de crédit 28 749 M€  28 862 M€ -0,39%
           
    Résultats sociaux* :      
    Produit Net Bancaire 494,2 M€  455,6 M€ 8,47%
    Résultat Brut d’Exploitation  206,9 M€ 158,7 M€ 30,38%
    Résultat Net  126,7 M€  114,7 M€ 10,45%
           
    Résultats consolidés IFRS :      
    Produit Net Bancaire 545,8 M€  495,8 M€ 10,08%
    Résultat Brut d’Exploitation  226,8 M€  162,4 M€ 39,66%
    Résultat Net Part du Groupe 157,7 M€  129,1 M€ 22,18%
                     
    Structure financière :      
    Bilan consolidé 38 221 M€  38 273 M€** -0,14%
    Ratio CET1 Bâle 3 28,37%*** 29,05% -0,68 pts
    Ratio de liquidité LCR 1 mois**** 120,97% 156,99%  -36,02 pts
    Ratio Crédit Collecte (yc Greenlease) 124,08% 125,69% -1,61 pts

    Le Conseil d’Administration a arrêté, lors de sa séance du 25 Octobre 2024, les Comptes sociaux et consolidés du Crédit Agricole Nord de France au 30 Septembre 2024.

    • Activité commerciale

    Depuis le 1er janvier plus de 42 380 clients ont rejoint la Caisse régionale, portant le total de clients à 1,15 million. La Caisse régionale devait franchir le seuil symbolique de 1 Million de Clients particuliers à la fin de l’année 2024.

    L’activité crédits progresse de 24,9 % par rapport au troisième trimestre 2023, pour s’établir à 2,7 Mrds€ de réalisations mais les encours de crédits s’affichent en léger recul de 0,4 % à 28,7 Mrds€. Les crédits aux entreprises se maintiennent à un niveau élevé et les réalisations de crédit habitat progressent de 19,1% par rapport au T3 2023, sans pour autant revenir à la dynamique des années antérieures.

    L’encours d’épargne progresse de 2,9 % sur 12 mois, pour s’établir à 38,2 Mrds€. Cette épargne est portée par les dépôts à terme qui s’élèvent désormais à 4,3 Mrds€ (soit 11,2% du total de la collecte). L’encours des dépôts à vue baisse de 8,4% sur un an et l’épargne de nos clients est orientée vers des supports mieux rémunérés. Cette déformation du profil de la collecte impacte la marge d’intermédiation mais la dynamique de notre activité en atténue les effets.

    L’activité assurances s’intensifie, avec un nombre de contrats d’assurance de biens et de personnes qui progresse de 34 500 contrats, soit une hausse de 4,6%. La Caisse régionale devrait franchir le seuil symbolique de 100.000 contrats vendus en 2024.

    • Résultat social

    Le Produit Net Bancaire de la Caisse régionale, à 494,2 M€, est en hausse de 8,5%. Cette évolution est le reflet d’une activité commerciale soutenue, d’une marge d’intermédiation qui montre une inflexion à la hausse et d’une bonne performance des filiales et participations.

    Les charges générales d’exploitation affichent une baisse de -3,2%. La hausse des salaires est compensée partiellement par les efforts d’optimisation et de rationalisation de nos charges et par l’absence de dotation au Fonds de Résolution Unique.

    En 2024, la Caisse régionale est impactée par une hausse significative du coût du risque, qui s’établit à -49,4 M€ en septembre. Elle s’explique notamment par une montée du risque de contrepartie sur le segment des entreprises et des professionnels. Ce coût du risque ne s’améliorera pas sur la fin de l’année 2024 et est le reflet d’une dégradation de la situation économique.

    Le résultat net social intègre une dotation du FRBG (Fonds pour Risques Bancaires Généraux) de 20 M€.

    Après prise en compte des autres incidences sur le résultat, le résultat net social (y compris résultat des titrisations) s’établit à 126,7 M€, en hausse sur un an de 10,5%.

    • Résultat consolidé

    Le résultat net consolidé du Groupe Crédit Agricole Nord de France s’élève à 157,7 M€, en hausse de 22,2% sur un an, en lien principalement avec l’évolution du résultat brut d’exploitation de la Caisse régionale.

    La contribution des Pôles métiers au résultat net consolidé s’établit comme suit : 

    • Pôle Bancassurance : 144,1 M€ contre 120,4 M€ au 30 Septembre 2023,
    • Pôle Capital Investissement : 8,4 M€ contre 8,2 M€ au 30 Septembre 2023,
    • Pôle Presse : 0,4 M€ contre 0,1 M€ au 30 Septembre 2023,
    • Pôle Foncière : 3,7 M€ contre 2,4 M€ au 30 Septembre 2023,
    • Pôle Immobilier : 1,6 M€ contre – 1,2 M€ au 30 Septembre 2023,
    • Pôle Innovation : – 0,4 M€ contre – 0,8 M€ au 30 Septembre 2023.
    • CCI Nord de France

    Le certificat coopératif d’investissement a clôturé à 12,19 € au 30 septembre 2024, en baisse de 4,5 % depuis le 31 décembre 2023.

    • Perspectives

    Depuis l’été 2024, l’environnement des taux est plus favorable à l’investissement mais la dégradation de l’environnement économique peut impacter la dynamique crédits sur les prochains mois. La remontée du rendement de nos encours crédits devrait se poursuivre et le coût de la collecte et du refinancement se stabiliser après avoir été fortement impacté par la transformation de la collecte. Ces effets favorables sur la marge d’intermédiation devraient s’accentuer progressivement. La dégradation du coût du risque reste un élément de prudence et la Caisse régionale poursuit ses efforts pour maintenir un niveau de couverture élevé dans un contexte économique incertain.

    *            *            *

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Fannie Mae Executes Final Credit Insurance Risk Transfer Transaction of 2024 on $7.9 Billion of Single-Family Loans

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it has executed its seventh Credit Insurance Risk Transfer (CIRT ) transaction of the year. CIRT 2024-L4 transferred $338.6 million of mortgage credit risk to private insurers and reinsurers.

    “We appreciate the support of the 26 insurers and reinsurers that committed to write coverage on this deal, including the strong reception to the new structural enhancements that we introduced in the updated CIRT insurance policy,” said Rob Schaefer, Fannie Mae Vice President, Capital Markets. Under the updated terms to the CIRT insurance policy, coverage will be released more quickly over the life of the transaction if the covered pool of loans continues to perform well. Additionally, the insurance premium obligation will be based on the amount of remaining coverage instead of the outstanding balance of the covered loan pool.

    The covered loan pool for CIRT 2024-L4 consists of approximately 23,500 single-family mortgage loans with an outstanding unpaid principal balance (UPB) of approximately $7.9 billion. Additionally, the covered pool collateral has loan-to-value (LTV) ratios of 60.01 percent to 80.00 percent and was acquired between September 2023 and December 2023. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.

    With CIRT 2024-L4, which became effective September 1, 2024, Fannie Mae will retain risk for the first 170 basis points of loss on the $7.9 billion covered loan pool. If the $133.9 million retention layer is exhausted, 26 insurers and reinsurers will cover the next 430 basis points of loss on the pool, up to a maximum coverage of $338.6 million.

    Coverage for this deal is provided based upon actual losses for a term of 18 years. Depending on the paydown of the insured pool and the principal amounts of insured loans that become seriously delinquent, the coverage amount may be reduced at the first month after the effective date of the policy and each month thereafter. The coverage on this deal may be canceled by Fannie Mae at any time on or after the five-year anniversary of the effective date by paying a cancellation fee.

    Since inception to date, Fannie Mae has acquired approximately $28.1 billion of insurance coverage on $935 billion of single-family loans through the CIRT program, measured at the time of issuance for both post-acquisition (bulk) and front-end transactions. As of June 30, 2024, approximately $1.35 trillion in outstanding UPB of loans in our single-family conventional guaranty book of business were included in a reference pool for a credit risk transfer transaction.

    To promote transparency and to help insurers and reinsurers evaluate the CIRT program, Fannie Mae provides ongoing, robust disclosure data, as well as access to news, resources, and analytics through its credit risk transfer webpages. This includes Fannie Mae’s innovative Data Dynamics® tool that enables market participants to interact with and analyze both CIRT deals that are currently outstanding in the market and Fannie Mae’s historical loan dataset. For more information on specific CIRT transactions, including pricing, please visit our Credit Insurance Risk Transfer webpage.

    MIL OSI Economics –

  • MIL-OSI Economics: IMF’s Sub-Saharan Africa Regional Economic Outlook: Reform Amid Great Expectations

    Source: International Monetary Fund

    October 25, 2024

    • Growth in sub-Saharan Africa is projected at 3.6% in 2024, unchanged from 2023, with a modest increase to 4.2% in 2025 — insufficient to significantly reduce poverty or address development challenges.
    • Macroeconomic vulnerabilities persist and inflation remains high in many countries, while elevated public debt and rising debt service costs are crowding-out resources for development spending.
    • Policymakers face a tough balancing act in reducing vulnerabilities while addressing development needs and ensuring socially acceptable reforms amid tight financing constraints.

    Washington, DC: Sub-Saharan Africa’s economic growth is projected to remain subdued at 3.6 percent in 2024, unchanged from 2023, with a modest pickup to 4.2 percent expected in 2025, according to the latest IMF Regional Economic Outlook for Sub-Saharan Africa published today. The report notes that countries in the region are still grappling with macroeconomic imbalances, tight financing conditions, amid rising social pressures, leaving policymakers facing difficult choices in implementing reforms.

    “Sub-Saharan African countries are navigating a complex economic landscape marked by both progress and persistent vulnerabilities,” said Abebe Aemro Selassie, Director of the IMF’s African Department. “While many of the region’s countries are among the world’s fastest-growing economies, resource-intensive countries —particularly oil exporters— continue to struggle with lower growth rates. Inflation is declining but remains in double digits in nearly one-third of countries. Public debt has stabilized at a high level, with rising debt service burdens crowding out resources for development spending.”

    “While we are seeing some improvement in macroeconomic imbalances, growth remains insufficient to significantly reduce poverty or address substantial developmental challenges in the region.”

    The report includes focused notes addressing critical issues facing the region: the urgent need for job creation, the economic divergence between resource-rich and non-resource-rich countries, and the positive effects of striving for greater gender equality.

    Against this backdrop, Mr. Selassie pointed to priorities for policymakers in the region:

    “The policy mix should be consistent with the size of macroeconomic imbalances, while taking into account the political economy constraints that will affect the pace of reforms.

    “Countries with high macroeconomic imbalances are more likely to resort to relatively large and frontloaded fiscal reforms, given the tight financing constraints. The need for financial support from the international community is most acute for this group.

    “For countries with lower imbalances, policymakers should consider easing monetary policy toward a more neutral stance, while rebuilding fiscal and external buffers over time.”

    “Policymakers need to focus on designing reforms that are socially acceptable, including effective communication and consultation strategies and measures to protect the most vulnerable.

    “With continued efforts, sub-Saharan Africa can address its current challenges and move towards more sustainable and inclusive growth,” Mr. Selassie concluded. “However, the path ahead requires careful policy calibration and a strong commitment to implementing necessary reforms while managing social pressures.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Economics: OEUK news OEUK: Autumn Statement must support a homegrown energy transition 25 October 2024

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK: Autumn Statement must support a homegrown energy transition

    25 October 2024

    Leading trade body Offshore Energies UK (OEUK) urges the Chancellor to use next week’s Autumn Statement to back the UK’s homegrown offshore energy sector and make the UK an irresistible place for energy investment.

    North Sea oil and gas is a strategic economic asset that has provided a national dividend through energy and economic security for the last 60 years. The North Sea and its expert workforce can continue to power the country for decades to come.

    OEUK analysis published last month highlighted that the proposals to extend the windfall tax on the oil and gas sector will deter the very investment needed across our energy landscape. There is a more prosperous path for government and Industry. While we use oil and gas, we must prioritise investment in our homegrown production, value in our economy, and jobs.

    A letter from 46 supply chain companies to the Government has set out the scale of the challenge they face. The Chancellor is urged to use the Autumn statement to support and nurture the ecosystem of small, medium, and large companies across the UK’s energy mix.

    David Whitehouse, OEUK’s CEO, comments:

    “We recognise that the demands on the Exchequer are challenging. Unlocking economic growth is the solution, and building on industrial strengths is key to our path forward.

    “The North Sea is a strategic national asset and must be treated as such. Our homegrown offshore energy sector has powered the UK for the past 60 years, and the sector’s firms and skilled people are critical to our energy future as drivers of economic growth.

    “We welcome steps to accelerate the deployment of renewable energy, and the recognition that we will use oil and gas for decades to come. Windfall taxes extended on oil and gas producers when no windfall exists deter the very investment that we need across our energy transition. While we use oil and gas, we must surely prioritise investment in our homegrown production, value in our economy, and our jobs.

    “In the past 100 days, it has been good to see the engagement of our new Government with the proud and innovative workers and firms in our offshore energy industry. The Government has heard from people across the sector, and now decisions will be made.

    “On Wednesday, the Autumn Statement will be a marker. We are in a global race for energy investment. Let us choose the path that encourages and attracts it, to build on our national strengths, so the whole of the UK can win.”

    Share this article

    MIL OSI Economics –

  • MIL-OSI Canada: Deerfoot improvement project complete

    Source: Government of Canada regional news

    Deerfoot Trail is a vital artery for Calgary, enabling the efficient movement of people and goods. Improving this highway is essential to reduce congestion, improve safety and enhance connectivity for thousands of daily drivers. As Calgary grows, the improvements to Deerfoot Trail will better meet the needs of its growing population, helping drivers spend less time staring at tail-lights, and more time doing the things they love.

    The expansion of Deerfoot Trail as well as the new connection of Beddington Trail and the adjacent 11 Street NE is now complete, relieving many headaches for drivers. Diverting considerable commuter, industrial and airport traffic between McKnight Boulevard and Beddington Trail to this new connection will increase safety and reduce weaving northbound on Deerfoot Trail. These improvements will also address key bottlenecks between Glenmore Trail and Anderson Road/Bow Bottom Trail, helping people get where they need to go more efficiently.

    “It’s great to see provincial construction wrap up on this critical road for Calgary drivers. I’d like to thank the contractors for building a wider, more efficient Deerfoot and also thank Calgarians for their patience during construction. This project will benefit so many families that commute everyday and is another example of how we’re making life better for Albertans.”

    Devin Dreeshen, Minister of Transportation and Economic Corridors

    Work on this section of Deerfoot Trail began in Spring 2023 and includes connecting 11 Street NE to westbound Beddington Trail and northbound Deerfoot Trail. Upgrades also included adding a fourth continuous lane to Deerfoot Trail in each direction from Airport Trail to Beddington Trail.

    The suite of Deerfoot Trail improvements began in 2022 with work on 64 Avenue, which was competed in 2023. The Beddington Trail and 11 Street project is the second key segment to be completed. The totality of work on Deerfoot Trail includes increased capacity on ramps, additional lanes, reconfiguring exits and intersections and twinning a bridge. Improvements to Deerfoot Trail are being completed in distinct projects, prioritizing the most congested areas. It is estimated that the remaining Deerfoot Trail improvements will be complete by fall 2027. This important work will enhance safety and save time for drivers.

    “I am thrilled the province has chosen to invest in one of our most critical transportation corridors. This investment will enhance the efficiency and safety in the movement of goods and people for all road users. We look forward to continuing our collaborative partnership with the provincial government on future enhancements that will contribute to a more effective and safer transportation network for our city.”

    Andre Chabot, Ward 10 councillor, City of Calgary

    “We are excited to have an improved Deerfoot Trail and completed Beddington Trail NW and 11 Street NE enhancing access to YYC Calgary International Airport for our guests and commercial partners by reducing traffic congestion, providing alternative routes, growing connectivity and boosting economic and logistics efficiency.”

    Chris Dinsdale, president and CEO, The Calgary Airport Authority

    Quick facts

    • Aecon Transportation West Ltd. completed the construction of the Beddington Trail and 11 Street NE connector for $19 million.
    • Other improvements will increase capacity for current and future traffic volumes and include:
    • Deerfoot Trail and 64 Avenue NE – Began in fall 2022; completed in summer 2023.
    • McKnight Boulevard. – Aecon Transportation West began work in spring 2023 anticipated completion in Fall 2025.
    • Bow Bottom Trail/Anderson Road, Southland Drive and Glenmore Trail work – Aecon Infrastructure Management started work in spring 2023; anticipated completion in fall 2027.
    • 16 Avenue NE – Aecon Transportation West began work in Spring 2024; anticipated completion in Fall 2025.
    • Ivor Strong Bridge twinning – Aecon Infrastructure Management continues progress; anticipated completion in fall 2027.
    • Budget 2024 allocated $523.8 million for these upgrades.
    • Deerfoot Trail is a major north-south freeway in Calgary and has been in operation since the 1970s; up to about 180,000 vehicles travel this road, daily.
    • When the entire suite of improvements on Deerfoot Trail is completed, motorists can expect about:
      • 15 per cent faster morning rush hour commutes
      • 22 per cent faster evening rush hour commutes
      • 900,000 hours saved annually on the Deerfoot Trail
      • An economic boost of about $23 million, annually

    Related information

    • Deerfoot Trail Improvements

    MIL OSI Canada News –

  • MIL-OSI Europe: Analysis: Has Azerbaijan Successfully Domesticated Islam?

    Source: Universities – Science Po in English

    With COP29, hosted by Baku, right around the corner, let’s have a look at Azerbaijan and its secular history with Altay Goyushow, professor of history at Baku State University and visiting scholar at Sciences Po Center for International Studies (CERI).

    A fine observer of the Azerbaijani regime, he answers the questions of Miriam Périer (CERI) about the ruling elite’s attitude toward religion, and Islam in particular, and the need to look back at the Soviet period to understand the current situation.

    > Read the full interview on CERI’s website.

    What is the aim of the current Azerbaijani ruling elite’s policies in the field of religion?

    Azerbaijan is a secular state. A genuine secularist movement was started in Azerbaijan in the mid-nineteenth century by the local Russian and European-educated intelligentsia. The greatest success of this movement was the creation of the first secular republic during the First World War and the Russian Revolution.

    In 1920, the Red Army put an end to this republic. However, during Soviet rule the secularist traditions of Azerbaijani society strengthened further, even though, as I said earlier, the collapse of the Soviet Union was accompanied by the impressive revival of religion. Soviet rule eradicated local sources of religious knowledge and because of this, in the 1990s, the revival was led primarily by foreign actors.

    Then, in the late 1990s, local clerics educated abroad took the leading role in religious proselytism. This situation was unacceptable to Azerbaijani authorities, as they wanted religious learning to be concentrated in the hands of locally educated Muslim clerics. The authorities have been pursuing a policy of domesticating Islam. Unlike the Soviets, the current Azerbaijani government does not intend to get rid of religion; they instead want to make Islamic elites into loyal supporters of the secular system and ruling elite.

    This policy has given birth to a complex religious situation in the country. On the one hand, there is an official Islam loyal to the government. On the other hand, there are Islamic communities that aim to exist without the secular state’s interference. The constitution says that the state and religion are separate; however, the real situation is much more complicated.

    Both the government and independent Islamic communities complain about interference from their counterparts. Islamic communities complain that the state infringes on their freedom of conscience, while the government complains that independent communities are a threat to the secular nature of the state.

    You mention that the current ruling elite of Azerbaijan is particularly concerned by Muharram traditions, partly because these do not correspond to so-called “civilised religion” according to the government. Can you tell us why?

    The Azerbaijani government aims to create distinct characteristics of local Islam which it describes as a “civilised” Islam. The methods used to achieve this goal include the implementation of a unique education programme for training Muslim clerics in the newly established Theological Institute, the adaptation of distinct uniforms for Azerbaijani Muslim clerics, the promotion of joint Sunni-Shi’i prayers, among other things.

    “Correcting” rituals of Muharram commemorations are among the planned reforms. It should be noted that Muharram is the most popular religious commemoration in Azerbaijan. It has been for centuries. However, beginning in the early twentieth century, some practices of Muharram commemorations, such as self-flagellation or striking oneself with swords and knives, have been heavily criticised by the local secular intelligentsia as “uncivilised” rituals.

    The Soviets launched multiple campaigns against Muharram observations like these and others. In the post-Soviet era, this approach has been continued, and some practices have been replaced with novelties, such as making blood donations instead of striking themselves with knives or self-flagellation with metal chains.

    During the last decade, another government concern has been the increased pilgrimage of Azerbaijani believers to Shi’i shrines in Iraq and Iran at the end of annual Muharram commemorations. The government considers the rising number of pilgrims to those places as a security risk. So, by implementing various measures and restrictions, the authorities are trying to curb the number of pilgrims.

    Does the Azerbaijani population support the ruling elite’s policies toward religion? What is the position of secular youth movements in the face of the government’s attitude toward independent Muslim communities?

    It is an interesting question. Azerbaijan, despite the impressive religious revival in the post-Soviet period, remains a largely secular country. So, most Azerbaijanis cherish their society’s secular characteristics and do not appreciate the interference of religion or religious communities in state affairs.

    However, state institutions’ deep interference with the life of religious communities in many instances infringes on people’s freedom of conscience. And in this particular matter, there is a generational disruption within society. While the older Soviet-trained and educated part of the society, especially the urbanised part, is not particularly critical of the excesses of the government’s religious policies, the younger population, especially its quite vocal liberal and progressive representatives, despite appreciating and praising the secular fundamentals of the society, is frequently critical of the tough measures implemented by the government in the promotion of religious conformity.

    It should also be added that ethnic nationalism is a strong feature of Azerbaijani society. And traditionally, secular nationalists have been critical of Islamic movements, and on this issue, they tend to align more with the government than Islamic communities.

    Cover image caption: Baku, Taza-Pir mosque, the seat of the Sheikh-ul-Islam, the head of the Caucasus Muslim Board. (credits: Altay Goyushow)

    MIL OSI Europe News –

  • MIL-OSI Security: Tantallon — Police charge three people and seize weapons following search

    Source: Royal Canadian Mounted Police

    The RCMP and HRP Integrated Criminal Investigation Division (CID) has charged three people and seized firearms and crossbows after executing a search warrant at a Tantallon residence.

    On October 23, officers from the Special Enforcement Section of the Integrated CID, assisted by the RCMP’s Emergency Response Team and the RCMP Halifax Regional Detachment, executed a search warrant at a residence in the 12700 block of Peggy’s Cove Rd as part of an ongoing investigation. Three people were safely arrested at the residence.

    During the search, officers located two prohibited firearms, a restricted firearm, ammunition, and four crossbows.

    Jedidiah Lewis Langille, 30, and Trena Whittier, 54, both of Tantallon, and Dean Richardson, 51, of Glen Haven have been charged with 26 criminal code offences. The firearms and weapons related offences include, but are not limited to:

    • Possession of a Prohibited Firearm
    • Possessing a Firearm for a Dangerous Purpose
    • Possessing a Weapon (crossbow) for a Dangerous Purpose
    • Possessing a Loaded Restricted or Prohibited Firearm
    • Possessing a firearm obtained by the commission of an offence

    Langille faces an additional 16 charges related to an existing court-ordered firearms prohibition, including but not limited to:

    • Possessing a Firearm Contrary to Prohibition Order
    • Possessing a Crossbow Contrary to Prohibition Order
    • Possession Ammunition Contrary to Prohibition Order

    Langille and Richardson were held in custody and appeared in Halifax Provincial Court on October 24, 2024.

    Whittier was released from custody to appear in Halifax Provincial Court on December 17, 2024 at 10:00 a.m.

    MIL Security OSI –

  • MIL-OSI: Federal Home Loan Bank of Des Moines Announces Third Quarter 2024 Financial Results, Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    DES MOINES, Iowa, Oct. 25, 2024 (GLOBE NEWSWIRE) —  

    Third Quarter 2024 Highlights

    • Net income of $204 million
    • Voluntary community and housing contributions of $40 million
    • Affordable Housing Program (AHP) assessments of $23 million
    • Advances totaled $98.9 billion
    • Mortgage loans held for portfolio, net totaled $11.4 billion
    • Letters of credit totaled $18.2 billion
    • Retained earnings totaled $3.4 billion

    Dividend

    The Board of Directors approved a third quarter 2024 dividend to be paid at an annualized rate of 9.50 percent on average activity-based stock, and 6.00 percent on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $137 million on November 13, 2024.

    Affordable Housing and Community Impact

    The Bank’s housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities and support their affordable housing needs. The Bank contributes 10 percent of its net income each year to its AHP, an annual grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment products called Home$tart and the Native American Homeownership Initiative. During the third quarter of 2024, the Bank accrued AHP assessments of $23 million and disbursed $13 million of AHP funds through this program. The Bank recorded an additional $4 million voluntary AHP contribution during the third quarter of 2024.

    In addition to its AHP, the Bank offers its members other voluntary programs to further its housing mission and provide more support for affordable housing initiatives. During the third quarter of 2024, the Bank authorized an additional $4 million through Mortgage Rate Relief (MRR), which will provide a total of approximately $29 million in subsidy to those seeking affordable homeownership. MRR is designed to make homeownership attainable for borrowers at or below 80 percent of the area median income, by providing them an interest rate that is approximately two percentage points lower than the current market rate. During the third quarter of 2024, the Bank funded $210 million of loans under this program and recorded $20 million in subsidy expense. During the third quarter of 2024, the Bank launched a new program, the Habitat for Humanity® Advance Rate Discount. This program provides up to $100 million in zero percent advances to members that originate or purchase mortgage loans from a Habitat for Humanity® affiliate. During the third quarter of 2024, the Bank originated $70 million of zero percent advances and recorded $16 million in subsidy expense.

    Financial Results Discussion

    Net Income – For the three and nine months ended September 30, 2024, the Bank recorded net income of $204 million and $708 million compared to $265 million and $706 million for the same periods in 2023.

    Net Interest Income – For the three and nine months ended September 30, 2024, the Bank recorded net interest income of $327 million and $995 million, a decrease of $13 million and an increase of $36 million when compared to the same periods in 2023. The decline during the three months ended September 30, 2024 was primarily due to lower average advance balances, which also reduced earnings on invested capital. The decline was offset in part by improved asset-liability spreads on our investments, driven by higher-yielding mortgage-backed security (MBS) purchases.

    Net interest income during the nine months ended September 30, 2024 increased primarily due to higher asset-liability spread resulting largely from higher-yielding MBS purchases and increased longer-term advances, as well as higher short-term interest rates, which improved earnings on invested capital. The increase was partially offset by lower average advance balances.

    Other Income (Loss) – For the three and nine months ended September 30, 2024, the Bank recorded other losses of $14 million and $19 million, a decline of $17 million and an improvement of $10 million when compared to the same periods in 2023. The decline in other (income) loss during the three months ended September 30, 2024 was primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives. During the nine months ended September 30, 2024, the improvement in other (income) loss was driven by net gains recorded on litigation settlements and increased fees on standby letters of credit. The increase was offset in part by the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives.

    Other Expense – For the three and nine months ended September 30, 2024, the Bank recorded other expense of $86 million and $191 million, an increase of $38 million and $47 million when compared to the same periods in 2023. The increase during the three and nine months ended September 30, 2024 was primarily driven by an increase in voluntary community and housing contributions of $35 million and $32 million when compared to the same periods in 2023. Additionally, the increase during the nine months ended September 30, 2024 was driven by higher contract labor and consultant costs.

    Assets – The Bank’s total assets decreased to $162.0 billion at September 30, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances. Advances decreased $23.6 billion due mainly to a decline in borrowings by large depository institution members, offset in part by an increase in borrowings by insurance companies.

    Capital – Total capital decreased to $9.3 billion at September 30, 2024 from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.

    Federal Home Loan Bank of Des Moines
    Financial Highlights
    (preliminary and unaudited)
    Dollars in millions
    Selected Balance Sheet Items September 30,
    2024    		   December 31,
    2023
    Advances $ 98,923     $ 122,530  
    Investments   49,649       49,828  
    Mortgage loans held for portfolio, net   11,398       9,967  
    Total assets   161,979       184,406  
    Consolidated obligations   150,532       171,498  
    Capital stock – Class B putable   5,892       6,873  
    Retained earnings   3,422       3,138  
    Total capital   9,284       9,831  
    Total regulatory capital1   9,323       10,023  
    Regulatory capital ratio   5.76 %     5.44 %
    1 Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as regulatory capital as a percentage of period end assets.

            

      For the Three Months Ended   For the Nine Months Ended
      September 30,   September 30,
    Operating Results   2024       2023       2024       2023  
    Net interest income $ 327     $ 340     $     995     $    959  
    Provision (reversal) for credit losses on mortgage loans   —       —       (2 )     1  
    Other income (loss)   (14 )     3       (19 )     (29 )
    Other expense   86       48       191       144  
    Affordable Housing Program assessments   23       30       79       79  
    Net income $ 204     $ 265     $ 708     $ 706  
    Performance Ratios              
    Net interest spread   0.48 %     0.42 %     0.45 %     0.42 %
    Net interest margin   0.77       0.74       0.75       0.71  
    Return on average equity (annualized)   8.40       11.31       9.77       10.28  
    Return on average assets (annualized)   0.47       0.56       0.52               0.51  

    The financial results reported in this earnings release for the third quarter of 2024 are preliminary until the Bank announces unaudited financial results in its Third Quarter 2024 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.

    The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by over 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.

    Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact: Julie DeVader          
    515.412.2172
    jdevader@fhlbdm.com

    The MIL Network –

  • MIL-OSI: Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend

    Source: GlobeNewswire (MIL-OSI)

    LYNCHBURG, Va., Oct. 25, 2024 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and nine month periods ended September 30, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

    Net income for the three months ended September 30, 2024 was $1.99 million or $0.44 per basic and diluted share compared with $2.08 million or $0.46 per basic and diluted share for the three months ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $6.33 million or $1.39 per share compared with $6.60 million or $1.44 per share for the nine months ended September 30, 2023.

    Robert R. Chapman III, CEO of the Bank, commented: “The Company delivered stable, strong earnings that contributed to building value, growing stockholders’ equity, and a significant increase in book value per share. Our performance once again generated positive returns for shareholders, which have for many years included paying a quarterly cash dividend.

    “Our performance reflected strong interest expense management, sound investment practices, and a balanced and diversified stream of interest and noninterest income. Disciplined credit management has supported superior asset quality, maximizing the value of the revenue generated. Our team of skilled, dedicated professionals continue to do an outstanding job meeting customers’ financial needs, which has led to consistently positive and steady financial results.

    “Even through a period of unusually high interest rates that has moderated lending activity and provided challenges, we have worked with customers to find solutions. A healthy loan portfolio has been a key growth driver as total assets surpassed the $1 billion mark in the third quarter. Assets have increased more than $30 million during 2024, primarily reflecting loan portfolio growth, net of fees, of more than $25 million since the beginning of the year.

    “Initiatives to earn new deposits and a focus on retaining customers’ deposits have led to growth of total deposits since the beginning of the year. At September 30, 2024, interest bearing demand accounts have grown by $2.7 million, time deposits have increased, and noninterest-bearing demand deposits have held steady. We continue to focus on building this important source of funding for loans and providing liquidity.

    “Strategic locations in Buchanan, Virginia, opened at the end of the second quarter, and Nellysford, Virginia, opened at the beginning of the third quarter, are off to strong starts and further expand the Bank’s footprint and deposit-gathering capabilities.

    “The third quarter reflected healthy year-over-year growth of noninterest income. Expanding fee income from wealth management, treasury services for our business customers, and gains on sales of originated mortgage loans to the secondary market have fueled noninterest income.

    “During the third quarter of 2024, we saw encouraging signs that stabilizing interest rates, slowing inflation, and continued economic health in our served markets is supporting positive trends. We are continuing to see increased commercial lending demand, positive trends in residential mortgage volume and origination fees, and continued deposit growth.

    “Looking ahead, we feel that the interest rate environment and continuing economic stabilization and predictability will be clear positives. We anticipate a gradual lessening of the intense pressure on margins and slowing of interest expense increases that have characterized the past two years.

    “Our longstanding commitment to building strong, lasting banking relationships with customers has provided many opportunities to demonstrate the Bank of the James’ value. As a result, use of our commercial cash management services and digital banking capabilities continues to grow, retail customers take advantage of a wide range of digital and in-person banking options, and residential mortgage customers and retail banking customers benefit from our efficient service, digital capabilities and integrated financial offerings.

    “We feel the Company is well-positioned to continue on our path of providing superior value to our shareholders, customers, and the communities we serve.”

    Third Quarter and First Nine Months of 2024 Highlights

    • Total interest income of $11.56 million in the third quarter of 2024 increased 14% from a year earlier, and increased from $10.94 million in the second quarter of 2024. In the first nine months of 2024, total interest income of $33.01 million rose 15% compared with a year earlier. The growth in the quarter and first nine months primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages.
    • Net interest income after provision for (recovery of) credit losses in the third quarter of 2024 was down marginally compared with the third quarter of 2023. For the first nine months of 2024, net interest income after provision for (recovery of) credit losses was relatively stable compared with the first nine months of 2023. The first nine months of 2024 reflected loan loss recoveries driven by strong asset quality. The third quarter of 2024 reflects a small credit loss provision based primarily on loan growth. Results in both 2024 periods reflected the impact of elevated interest expense.
    • Net interest margin in the third quarter of 2024 was 3.16%, marginally lower than a year earlier but up from second quarter of 2024 net interest margin of 3.02%. Interest spread was 2.81% in the third quarter of 2024. In the first nine months of 2024, net interest margin was 3.07% and interest spread was 2.73%.
    • Total noninterest income for the third quarter of 2024 rose 19% compared with the third quarter of 2023, and in the first nine months of 2024 increased 17% compared with the first nine months of 2023. Growth primarily reflected gains on sale of loans held for sale, strong wealth management fee income contributions from PWW, and fee income generated by commercial treasury services and residential mortgage originations.
    • Loans, net of the allowance for credit losses, increased to $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting overall loan stability and growth in CRE and residential mortgage loans.
    • Measures of asset quality included a ratio of nonperforming loans to total loans of 0.20% at September 30, 2024, minimal levels of nonperforming loans, and zero other real estate owned (OREO).
    • Total assets increased to $1.01 billion at September 30, 2024 from $969.37 million at December 31, 2023.
    • Total deposits increased to $907.61 million at September 30, 2024 compared with $878.46 million at December 31, 2023.
    • Shareholder value measures at September 30, 2024 reflected consistent growth from December 31, 2023 in total stockholders’ equity and retained earnings. Book value per share of $15.15 has increased significantly from $13.58 at June 30, 2024 and $13.21 at December 31, 2023.
    • On October 15, 2024, the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of November 22, 2024, to be paid on December 6, 2024.

    Third Quarter, First Nine Months of 2024 Operational Review

    Net interest income after provision for credit losses for the third quarter of 2024 was $7.42 million compared to net interest income after recovery of credit losses of $7.53 million a year earlier. In the first nine months of 2024, net interest income after recovery of credit losses was $22.13 million compared with $22.63 million a year earlier. The Company recorded a small provision for credit losses in the third quarter of 2024, primarily due to higher loan levels. The credit loss recovery in the first nine months of 2024 was $584,000 compared with $278,000 in the first nine months of 2023.

    Total interest income increased to $11.56 million in the third quarter of 2024 compared with $10.14 million a year earlier. The first nine months of 2024 total interest income was $33.01 million, up from $28.82 million in the first nine months of 2023. The year-over-year increases primarily reflected upward adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

    Investment portfolio management has enabled the Company to capitalize on attractive Fed funds rates. In the third quarter of 2024, the yield on all interest-earning assets was 4.86% compared with 4.43% a year earlier. The yield on interest-bearing loans, including fees, was 5.65% in the third quarter of 2024 compared with 5.13% a year earlier. The interest rates on certain existing commercial loans continue to reprice upward in accordance with their terms.

    Total interest expense in the third quarter and first nine months of 2024 increased significantly compared with the prior periods of 2023, primarily reflecting higher deposit rates commensurate with the prevailing interest rate environment, and growth of interest-bearing time deposits. Rates on interest-bearing deposits and total interest-bearing liabilities have placed continuing pressure on margins. The net interest margin in the third quarter of 2024 was 3.16% and the interest spread was 2.81% compared with 3.21% and 2.94%, respectively, in the third quarter of 2023.

    J. Todd Scruggs, Executive Vice President and CFO of the Bank commented: “Even before the Federal Reserve announced a 50 basis point reduction in rates, we anticipated that a stabilizing rate environment would gradually lessen the pressure on margins we have experienced. While not directly reflecting the Fed rate cut announced in mid-September, our third quarter net interest margin of 3.16% improved from the 3.02% margin in the second quarter of 2024. We anticipate continuing gradual margin and spread improvement in future quarters.”

    Noninterest income in the third quarter of 2024 rose 19% to $3.82 million compared with $3.20 million in the third quarter of 2023. In the first nine months of 2024, noninterest income was up 17% to $11.32 million from $9.70 million a year earlier.

    Noninterest income reflected income contributions from debit card activity, a gain on an investment in an SBIC fund, commercial treasury services, and the mortgage division. In the third quarter of 2024, income from wealth management fees increased 19% compared with a year earlier and gains on sale of loans held for sale rose 34% from a year earlier.

    Noninterest expense in the third quarter of 2024 was $8.78 million, up 8% compared with $8.14 million in the first nine months of 2023. Noninterest expense in the first nine months of 2024 was $25.60 million, up 6% from $24.09 million a year earlier. Noninterest expense in the first nine months of 2024 reflected additional personnel costs related to staffing new locations, and the decision to begin accruing for anticipated year-end performance-based compensation ahead of the fourth quarter.

    Balance Sheet: Strong Cash Position, Asset Quality, Stability

    Total assets grew to $1.01 billion at September 30, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

    Loans, net of allowance for credit losses, were $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and strong, stable residential mortgage, consumer, and construction lending.

    Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $333.77 million compared with $306.86 million at December 31, 2023, reflecting a decreasing rate of loan payoffs and new loans. Of this amount, commercial non-owner occupied was approximately $189.98 million and commercial owner occupied was $143.79 million. The Bank closely monitors concentrations in these segments. We have no commercial real estate loans secured by large office buildings in large metropolitan city centers.

    Commercial construction/land loans and residential construction/land loans were $50.00 million at September 30, 2024 compared with $53.64 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects.

    Commercial and industrial loans were $60.34 million at September 30, 2024, reflecting a continuing trend of stability in this loan segment. Commercial and industrial loans were $64.92 million at June 30, 2024 and $65.32 million at December 31, 2023.

    Residential mortgage loans were $114.99 million at September 30, 2024 compared with $112.73 million at June 30, 2024 and $106.99 million at December 31, 2023. Growth of retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $75.09 million at September 30, 2024, essentially unchanged from totals at December 31, 2023.

    Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at September 30, 2024 was 0.20% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.12% at September 30, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.30 million at September 30, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

    Total deposits were $907.61 million at September 30, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits were $132.22 million compared with $134.28 million at December 31, 2023. Initiatives to attract deposit business and new locations contributed to the approximately $2.8 million growth in NOW, money market, and savings totals since December 31, 2023. Time deposits were $234.42 million at September 30, 2024 compared with $205.96 million at December 31, 2023. At both September 30, 2024 and December 31, 2023, the Bank had no brokered deposits.

    Key measures of shareholder value continued trending positively. Book value per share rose to $15.15 compared with $13.21 at December 31, 2023, reflecting strong financial performance and a smaller unrealized loss in the Company’s available-for-sale investment portfolio. Total stockholders’ equity rose to $68.83 million from $60.04 million at December 31, 2023. Retained earnings at September 30, 2024 were $41.64 million compared with $36.68 million at December 31, 2023.

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

    About the Company

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

    Cautionary Statement Regarding Forward-Looking Statements

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

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

    FINANCIAL RESULTS FOLLOW

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

           
      (unaudited)    
    Assets 9/30/2024   12/31/2023
    Cash and due from banks $ 22,692     $ 25,613  
    Federal funds sold   86,515       49,225  
    Total cash and cash equivalents   109,207       74,838  
           
    Securities held-to-maturity, at amortized cost (fair value of $3,328 as of September 30, 2024 and $3,231 as of December 31, 2023) net of allowance for credit loss of $0 as of September 30, 2024 and December 31, 2023   3,610       3,622  
    Securities available-for-sale, at fair value   192,469       216,510  
    Restricted stock, at cost   1,821       1,541  
    Loans held for sale   3,239       1,258  
    Loans, net of allowance for credit losses of $7,078 as of September 30, 2024 and $7,412 as of December 31, 2023   627,112       601,921  
    Premises and equipment, net   19,378       18,141  
    Interest receivable   2,697       2,835  
    Cash value – bank owned life insurance   22,716       21,586  
    Customer relationship intangible   6,865       7,285  
    Goodwill   2,054       2,054  
    Income taxes receivable   –       128  
    Deferred tax asset   7,576       8,206  
    Other assets   9,319       9,446  
    Total assets $ 1,008,063     $ 969,371  
           
    Liabilities and Stockholders’ Equity      
    Deposits      
    Noninterest bearing demand $ 132,223     $ 134,275  
    NOW, money market and savings   540,966       538,229  
    Time   234,421       205,955  
    Total deposits   907,610       878,459  
           
    Capital notes, net   10,046       10,042  
    Other borrowings   9,444       9,890  
    Income taxes payable   212       –  
    Interest payable   758       480  
    Other liabilities   11,159       10,461  
    Total liabilities $ 939,229     $ 909,332  
           
    Stockholders’ equity      
                 
    Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of September 30, 2024 and December 31, 2023   9,723       9,723  
    Additional paid-in-capital   35,253       35,253  
    Accumulated other comprehensive (loss)   (17,782 )     (21,615 )
    Retained earnings   41,640       36,678  
    Total stockholders’ equity $ 68,834     $ 60,039  
           
    Total liabilities and stockholders’ equity $ 1,008,063     $ 969,371  
     

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

      For the Three Months Ended   For the Nine Months Ended
      September 30,   September 30,
    Interest Income   2024     2023       2024       2023  
    Loans $ 9,004   $ 7,990     $ 25,375     $ 23,251  
    Securities              
    US Government and agency obligations   369     321       1,068       962  
    Mortgage backed securities   442     435       1,974       1,255  
    Municipals – taxable   298     286       872       853  
    Municipals – tax exempt   18     18       55       55  
    Dividends   12     8       59       49  
    Corporates   136     139       407       423  
    Interest bearing deposits   303     134       628       375  
    Federal Funds sold   981     812       2,569       1,601  
    Total interest income   11,563     10,143       33,007       28,824  
                   
    Interest Expense              
    Deposits              
    NOW, money market savings   1,487     894       4,145       1,916  
    Time deposits   2,375     1,683       6,731       3,918  
    FHLB borrowings   –     –       –       31  
    Finance leases   18     22       58       66  
    Other borrowings   92     98       278       297  
    Capital notes   82     82       245       245  
    Total interest expense   4,054     2,779       11,457       6,473  
                   
    Net interest income   7,509     7,364       21,550       22,351  
                   
    Provision for (recovery of) credit losses   92     (164 )     (584 )     (278 )
                   
    Net interest income after recovery of provision for credit losses   7,417     7,528       22,134       22,629  
                   
    Noninterest income              
    Gain on sales of loans held for sale   1,326     989       3,526       3,065  
    Service charges, fees and commissions   991     1,004       2,930       2,942  
    Wealth management fees   1,244     1,050       3,583       3,098  
    Life insurance income   189     139       531       405  
    Gain on sales and calls of securities, net   31     –       669       –  
    Other   42     19       82       179  
                   
    Total noninterest income   3,823     3,201       11,321       9,689  
                   
    Noninterest expenses              
    Salaries and employee benefits   4,920     4,683       14,256       13,296  
    Occupancy   514     458       1,493       1,389  
    Equipment   640     501       1,879       1,813  
    Supplies   131     118       397       399  
    Professional   718     682       2,214       2,075  
    Data processing   764     689       2,263       2,079  
    Marketing   220     204       481       683  
    Credit   190     218       612       623  
    Other real estate   –     3       –       36  
    FDIC insurance   94     126       329       321  
    Amortization of intangibles   140     46       420       420  
    Other   445     412       1,258       957  
    Total noninterest expenses   8,776     8,140       25,602       24,091  
                   
    Income before income taxes   2,464     2,589       7,853       8,227  
                   
    Income tax expense   474     511       1,527       1,631  
                   
    Net Income $ 1,990   $ 2,078     $ 6,326     $ 6,596  
                   
    Weighted average shares outstanding – basic and diluted   4,543,338     4,543,338       4,543,338       4,568,789  
                   
    Earnings per common share – basic and diluted $ 0.44   $ 0.46     $ 1.39     $ 1.44  
     

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

    Selected Data: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Interest income $ 11,563   $ 10,143     14.00 % $ 33,007   $ 28,824     14.51 %
    Interest expense   4,054     2,779     45.88 %   11,457     6,473     77.00 %
    Net interest income   7,509     7,364     1.97 %   21,550     22,351     -3.58 %
    Provision for (recovery of) credit losses   92     (164 )   -156.10 %   (584 )   (278 )   110.07 %
    Noninterest income   3,823     3,201     19.43 %   11,321     9,689     16.84 %
    Noninterest expense   8,776     8,140     7.81 %   25,602     24,091     6.27 %
    Income taxes   474     511     -7.24 %   1,527     1,631     -6.38 %
    Net income   1,990     2,078     -4.23 %   6,326     6,596     -4.09 %
    Weighted average shares outstanding – basic   4,543,338     4,543,338     –     4,543,338     4,568,789     (25,451 )
    Weighted average shares outstanding – diluted   4,543,338     4,543,338     –     4,543,338     4,568,789     (25,451 )
    Basic net income
    per share    		 $ 0.44   $ 0.46   $ (0.02 ) $ 1.39   $ 1.44   $ (0.05 )
    Fully diluted net income per share $ 0.44   $ 0.46   $ (0.02 ) $ 1.39   $ 1.44   $ (0.05 )
    Balance Sheet at
    period end:    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Loans, net $ 627,112   $ 601,921     4.19 % $ 599,585   $ 605,366     -0.95 %
    Loans held for sale   3,239     1,258     157.47 %   3,325     2,423     37.23 %
    Total securities   196,079     220,132     -10.93 %   185,603     189,426     -2.02 %
    Total deposits   907,610     878,459     3.32 %   880,203     848,138     3.78 %
    Stockholders’ equity   68,834     60,039     14.65 %   50,129     50,226     -0.19 %
    Total assets   1,008,063     969,371     3.99 %   960,887     928,571     3.48 %
    Shares outstanding   4,543,338     4,543,338     –     4,543,338     4,628,657     (85,319 )
    Book value per share $ 15.15   $ 13.21   $ 1.94   $ 11.03   $ 10.85   $ 0.18  
    Daily averages: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Loans $ 629,860   $ 612,021     2.91 % $ 617,582   $ 618,152     -0.09 %
    Loans held for sale   3,845     4,421     -13.03 %   3,454     3,548     -2.65 %
    Total securities (book value)   220,730     222,969     -1.00 %   237,215     223,391     6.19 %
    Total deposits   902,615     869,655     3.79 %   895,000     862,212     3.80 %
    Stockholders’ equity   61,576     52,564     17.14 %   60,564     51,274     18.12 %
    Interest earning assets   946,518     909,774     4.04 %   937,793     897,364     4.51 %
    Interest bearing liabilities   785,980     740,516     6.14 %   776,672     733,343     5.91 %
    Total assets   995,101     953,546     4.36 %   986,132     945,389     4.31 %
    Financial Ratios: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Return on average assets   0.80 %   0.86 %   (0.06 )   0.86 %   0.93 %   (0.07 )
    Return on average equity   12.86 %   15.68 %   (2.82 )   13.95 %   17.20 %   (3.25 )
    Net interest margin   3.16 %   3.21 %   (0.05 )   3.07 %   3.33 %   (0.26 )
    Efficiency ratio   77.44 %   77.05 %   0.39     77.89 %   75.19 %   2.70  
    Average equity to
    average assets    		   6.19 %   5.51 %   0.68     6.14 %   5.42 %   0.72  
    Allowance for credit losses: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Beginning balance $ 6,951   $ 7,586     -8.37 % $ 7,412   $ 6,259     18.42 %
    Retained earnings adjustment related to impact of adoption of ASU 2016-13   –     –     N/A     –     1,245     -100.00 %
    Provision for (recovery of) credit losses*   106     (130 )   -181.54 %   (494 )   (188 )   162.77 %
    Charge-offs   –     (144 )   -100.00 %   (84 )   (196 )   -57.14 %
    Recoveries   21     8     162.50 %   244     200     22.00 %
    Ending balance   7,078     7,320     -3.31 %   7,078     7,320     -3.31 %

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

    Nonperforming assets: Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Total nonperforming loans $ 1,295   $ 391     231.20 % $ 585   $ 633     -7.58 %
    Other real estate owned   –     –     N/A     –     566     -100.00 %
    Total nonperforming assets   1,295     391     231.20 %   585     1,199     -51.21 %
    Asset quality ratios: Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Nonperforming loans to total loans   0.20 %   0.06 %   0.14     0.10 %   0.10 %   (0.01 )
    Allowance for credit losses for loans to total loans   1.12 %   1.22 %   (0.10 )   1.21 %   1.02 %   0.18  
    Allowance for credit losses for loans to nonperforming loans   546.56 %   1894.56 %   1,348.00     1251.28 %   989.42 %   261.86  

    The MIL Network –

  • MIL-OSI: Korjaus pörssitiedotteeseen: QPR Software Oyj:n taloudellinen raportointi vuonna 2025

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE OYJ                          PÖRSSITIEDOTE                                     25.10.2024 klo 19.00

    Korjaus pörssitiedotteeseen: QPR Software Oyj julkaisi tänään tiedotteen vuoden 2025 taloudellisesta kalenterista, jossa esitettiin taloudellisten raporttien suunnitellut julkaisupäivät. Suomenkielisessä tiedotteessa oli virhe vuosikertomuksen julkaisupäivän vuosiluvussa, mutta englanninkielinen tiedote sisälsi oikean päivämäärän. Alla on suomenkielinen tiedote korjattuna oikealla päivämäärällä.

    Tässä pörssitiedotteessa QPR Software Oyj esittää taloudellisen kalenterin vuodelle 2025, joka sisältää taloudellisten raporttien suunnitellut julkaisupäivät.

    QPR julkaisee vuonna 2025 kolme osavuosikatsausta:

    • Osavuosikatsaus tammi–maaliskuu 2025 torstaina 24.4.2025
    • Puolivuosikatsaus tammi-kesäkuu 2025 perjantaina 18.7.2025
    • Osavuosikatsaus tammi-syyskuu 2025 perjantaina 31.10.2025

    QPR Softwaren tilinpäätöstiedote, toimintakertomus, tilintarkastuskertomus ja hallinto- ja ohjausjärjestelmäraportti tilikaudelta 2024 julkaistaan perjantaina 14.2.2025.

    QPR:n vuosikertomus 2024 julkaistaan perjantaina 3.4.2025.

    QPR:n vuoden 2025 varsinainen yhtiökokous on tarkoitus pitää keskiviikkona 18.6.2025. Hallitus kutsuu yhtiökokouksen koolle myöhemmin julkistettavalla kutsulla.

    Lisätietoja:

    QPR Software Oyj

    Heikki Veijola

    Toimitusjohtaja

    Puh. +358 40 922 6029

    QPR Software lyhyesti

    QPR Software (Nasdaq Helsinki) on johtava toimija Digital Twin of an Organization (DTO) -teknologiassa ja yksi maailman edistyneimmistä prosessilouhinnan ohjelmistoyhtiöistä. Yhtiö innovoi, kehittää ja toimittaa ohjelmistoja organisaatioiden toiminnan analysointiin, seurantaan ja mallintamiseen. Lisäksi QPR tarjoaa asiantuntevia konsultointipalveluita varmistaakseen asiakkailleen täyden hyödyn ohjelmistoista ja niihin liittyvistä menetelmistä.

    www.qpr.com/fi

    JAKELU

    Nasdaq Helsinki

    Keskeiset tiedotusvälineet

    www.qpr.com/fi/

    The MIL Network –

  • MIL-OSI Economics: Court Extends Gulf of Mexico Biological Opinion Deadline

    Source: International Association of Drilling Contractors – IADC

    Headline: Court Extends Gulf of Mexico Biological Opinion Deadline

    Houston (25 October 2024) – A federal court has extended the deadline to vacate the 2020 Biological Opinion on the Federally Regulated Oil and Gas Program Activities in the Gulf of Mexico. The National Marine Fisheries Service (NMFS) now has until May 21, 2025, instead of December 20, 2024, to issue a new biological opinion, as required by the Endangered Species Act for offshore permitting.

    IADC views this deadline extension favorably. The original decision to vacate the 2020 Biological Opinion in December 2024 would have essentially shut down operations in the Gulf of Mexico, threatening thousands of jobs and U.S. energy security. IADC supports the industry stakeholders working diligently on this matter and is fully prepared to provide direct assistance in these efforts.

    ABOUT IADC

    The International Association Drilling Contractors (IADC) is a non-profit trade association that is the global leader in advancing and promoting innovative technology and safe practices that bring oil and gas to the world’s consumers.

    ###

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Obernolte, Rep. Panetta laud FAA’s approval of powered lift aircraft

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON – U.S. Congressman Jay Obernolte (R-CA) and Congressman Jimmy Panetta (D-CA), who together co-chair the bipartisan Advanced Air Mobility (AAM) Caucus, applaud the decision by the Federal Aviation Administration (FAA) to issue a final rule for powered lift operations. The Integration of Powered-Lift: Pilot Certification and Operations Special Federal Aviation Regulation (SFAR) provides a comprehensive framework for certifying the initial cadre of powered-lift instructors and pilots, a major step forward for the growing AAM industry.  

    “I commend the decision by the FAA to approve powered lift as a new category of civil aircraft, the first in over 80 years, and their continued efforts to promote innovation in America’s aviation industry,” said Rep. Obernolte. “This rule will allow these aircraft to provide services such as air taxi, cargo delivery, and an array of other operations within the United States. The possibilities of powered lift operations are transformative, and this rule allows industry to provide these services by creating an operational system for advanced air mobility.” 

    “With the proper federal regulatory framework, Advanced Air Mobility has the potential to revolutionize how we move people and goods throughout our country,” said Rep. Panetta.  “The Federal Aviation Administration’s final rule is a significant step forward in allowing powered lift aircraft to be integrated into our airspace and allow these operations to take flight.  I look forward to continuing our bipartisan work to advocate for the future of aviation and the innovation in California’s 19thCongressional District powering these exciting aircraft.”   

    Due to the concerted efforts of Rep. Obernolte, Rep. Panetta, members of theAAM Caucus, and FAA Administrator Whitaker, powered lift will be the first completely new category of civil aircraft since helicopters were introduced in the 1940s. The rule makes changes to existing regulations, establishes an SFAR for instructor and pilot certification and training, applies helicopter operating requirements to some phases of flight, adopts a performance-based approach to certain operating rules, and allows powered-lift pilot training with a single set of flight controls instead of two.

    What They’re Saying: 

    •  “Supernal is pleased to see the FAA finalize the rulemaking for pilot training and operations for the AAM industry, while adopting a more flexible approach to requirements such as dual controls” said Jaiwon Shin, CEO of Supernal. “We look forward to continued collaboration with the FAA and Congress to position the US as a global leader in this exciting new industry.”  
    • “We applaud the FAA on the release of the SFAR ahead of schedule as it represents a tremendous milestone for our country and the eVTOL industry. Now, Archer has a clear roadmap to pioneer eVTOL here in the U.S. Our team is full speed ahead in our ongoing partnership with the FAA as we work towards commercialization as soon as possible,” said Adam Goldstein, founder and CEO of Archer.  
    • “The regulation published will ensure the U.S. continues to play a global leadership role in the development and adoption of clean flight,” said JoeBen Bevirt, Founder and CEO of Joby. “Delivering ahead of schedule is a testament to the dedication, coordination and hard work of the rulemaking team.” 
    • “Advanced air mobility promises to change the very definition of on-demand aviation worldwide,” National Business Aviation Association President and CEO Ed Bolen said. “Given the speed at which the technology is developing, it is critical that all stakeholders have clear, official guidance for AAM operations. We commend the FAA for providing that guidance with the publication of this new rule.” 

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    MIL OSI USA News –

  • MIL-OSI USA: Hageman Protects Private Landowners Through PASTURES Act

    Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

    Washington, D.C.  – Today Congresswoman Harriet Hageman introduced the Protecting Agricultural Spaces Through Effective Ranching Strategies (PASTURES) Act which will safeguard landowners with property adjacent to federally leased land from federal enforcement actions related to livestock trespassing. 

    “The Biden-Harris Administration continues to reduce grazing opportunities for livestock producers who hold federal grazing leases. This administration is making it increasingly difficult for ranchers on public and private lands to adjust to sudden changes in allocations – often creating circumstances where livestock cross into unfenced land, which ultimately results in heavy penalties for the rancher. My bill will prohibit federal land management agencies from enforcing a trespass after permits or leases are adjusted or rescinded – until the relevant land management agency constructs a fence to keep the livestock out.” Hageman stated. “Livestock grazing is an important land management tool that we should be using more, not less, on our federal lands. This legislation would help ranchers while also requiring our agencies to be better neighbors on our public lands by applying these appropriate fencing protocols.”

    Margaret Byfield, Executive Director of American Stewards of Liberty, stated “The Pasture Act will prevent the misuse of regulatory authorities by federal land management agencies and increase protections for American landowners. It is common for allotments on federal lands to be unfenced even when bordering other properties. These operations were designed to have as few barriers as possible to facilitate open corridors for livestock and wildlife. Yet, this responsible stewardship practice can too easily be used to entrap landowners when unfenced allotments are canceled by the agency. Congress needs to reign in federal agencies powers, and this Act is a key step towards this end.”

    The PASTURES Act provides ranchers with the security and stability needed to continue their operations after significant federal decisions are made regarding the surrounding land. The bill has the support of the American Stewards of Liberty, Wyoming Farm Bureau, Wyoming Stock Growers Association and R-CALF USA.

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    Contact: Chris Berardi, Sr. Advisor/Communications Director

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Molinaro Announces Mobile Office Hours in Tompkins County

    Source: United States House of Representatives – Representative Marc Molinaro (R-NY-19)

    Binghamton, NY – U.S. Rep. Marc Molinaro (NY-19) today announced his constituent service team will hold mobile office hours from 11:00am to 1:00pm on Monday, October 28 at the Trumansburg Village Office.

    During this event, constituents will be able to connect with representatives from Rep. Molinaro’s office to share comments and resolve issues they are having with federal agencies like the VA, IRS, and Social Security Administration.

    If constituents aren’t able to make this event, Rep. Molinaro also maintains offices in Broome County and Greene County. These offices are open from 9am to 5pm, Monday through Friday. Rep. Molinaro also has satellite offices in Sullivan County, Delaware County, and Otsego County. These offices are accessible by appointment and can be made by calling (607) 242-0200 or contacting the office online.

    Details for the mobile office hours are as follows:

    Tompkins County

    Date: Monday, October 28

    Time: 11:00am – 1:00pm

    Location:

    Trumansburg Village Office

    56 East Main St. 

    Trumansburg, NY 14886

    MIL OSI USA News –