NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Pandemic

  • MIL-OSI Global: Staffing shortages risk Ontario’s $10-a-day child care

    Source: The Conversation – Canada – By Emis Akbari, Adjunct Professor, Department of Applied Psychology and Human Development at Ontario Institute for the Study of Education (OISE) and Senior Policy Fellow at the Atkinson Centre, University of Toronto

    Ontario’s agreement under the Canada-Wide Early Learning and Child Care (CWELCC) program is set to expire in March 2026, and troubling signs suggest the province is far from meeting its commitments.

    Despite receiving $13.2 billion — almost half of the total $27.2 billion federal investment — Ontario has fallen short on critical benchmarks.

    Unlike most families across Canada, Ontario parents have yet to see significant growth in available spaces or $10-a-day child care.

    This provincial inaction is particularly troubling in a federal election year. While federal maintenance funding is to continue post-2026, without the benefits of the child care plan widely realized and apparent to voters, future governments could easily scale back any gains.

    Our recent study, conducted in collaboration with regional governments tasked with implementing Ontario’s early learning and child-care agreement, shows how staffing shortages have created long wait-lists for care. Children are ageing out of child care before a space becomes available. The unmet demand, regional officials told us, is eroding public confidence in the program as parents become frustrated in their search for affordable care.

    While other provinces have enacted comprehensive compensation reforms — including pensions, benefits and wage increases of up to 50 per cent — to attract and retain qualified educators, Ontario’s support for trained early childhood educators tops out at $24.86 per hour, well below the federal poverty line for a family of four.

    Low wages, staffing shortfalls

    Low wages deter new graduates from entering the child-care field and drive away those already employed. Of the 4,200 early childhood educators that Ontario colleges graduate annually, fewer than 60 per cent enter licensed child care, and only 40 per cent remain after five years.

    Small wonder for the exodus. One in five child-care staff responding to our survey told us they hold a second job to make ends meet. Over 55 per cent of couple families, and 83 per cent of lone parent families, are concerned about their housing.

    The province acknowledges a shortfall of 8,500 educators needed to meet its expansion goal of 86,000 new spaces. Yet the issue runs deeper. Staff shortages mean existing child-care rooms are empty. A single absence can force centre directors to abruptly close rooms, leaving parents scrambling for alternatives.

    The human costs

    The consequences extend beyond empty classrooms. Staff shortages compromise the quality and inclusivity of early childhood programs. Our report found that children with disabilities are often sent home or denied admission altogether due to insufficient staffing.

    This is despite Jordan’s Principle, which the federal government says ensures all First Nations children access the products, services and supports they need, when they need them.

    Ontario’s requirement for qualified staff is among the lowest in Canada, mandating that only half of a centre’s staff hold a college diploma in early education. The use of ministry “approvals,” a stop-gap measure allowing untrained staff to fill roles until qualified educators are found, has become standard practice.

    Our research found entire programs, particularly those in northern regions and those serving francophone and Indigenous families, operating without a single qualified early childhood educator.

    Educator shortages not only exclude children from child care, but degrade the quality of care. While less than one per cent of the province’s almost 28,000 early childhood educators working in licensed child care are reported to authorities, incidents involving the improper handling of children have seen an uptick.

    This may partly reflect the COVID-19 pandemic’s aftermath, but it also may signal staff burnout and the prevalence of untrained workers.

    Equally alarming, 14 per cent of respondents in our study indicated they would be reluctant to recommend their own centre to a family member or friend seeking child care.

    Quality and staffing challenges vary significantly across Ontario’s child-care network of over 5,700 centres. Publicly operated centres and established community providers, where wages and benefits are higher, report fewer staffing shortages or quality problems.

    In contrast, for-profit centres, where wages are significantly lower, experience the highest staff turnover and lowest levels of job dissatisfaction.

    These disparities are particularly concerning given Ontario’s pressure on regional governments to divest their public centres, and its push to lift the cap on the percentage of new for-profit spaces allowed under its agreement with Ottawa.

    A blueprint for change

    Ontario’s challenges are not insurmountable. Other provinces and territories are showing that fair compensation tied to qualifications and responsibilities can help to stabilize the child-care workforce.

    Publicly funded pensions, benefits, and additional incentives for educators in remote, Indigenous and francophone communities have proven effective in attracting and retaining staff.

    Ontario must urgently follow suit. The CWELCC program isn’t just about child care; it’s a highly effective economic strategy. The province’s Financial Accountability Office estimates that the national plan could enable 98,000 more Ontario mothers to join the workforce.

    However, this potential can only be realized if sufficient child-care spaces are created. Without early childhood educators new spaces are wasted infrastructure. This represents squandered economic development, children denied quality early education and families left to struggle financially.

    The time to act is now. Ontario must seize the promise of CWELCC before it becomes another missed opportunity.

    Emis Akbari receives funding from the Atkinson Foundation, the Lawson Foundation, and the Margaret and Wallace McCain Family Foundation.

    Kerry McCuaig receives funding from the Atkinson Foundation, the Lawson Foundation and the Margaret and Wallace McCain Family Foundation.

    – ref. Staffing shortages risk Ontario’s $10-a-day child care – https://theconversation.com/staffing-shortages-risk-ontarios-10-a-day-child-care-247273

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI United Nations: International Science Council ‘an Indispensable Bridge between Science, Policy’, Stresses Secretary-General

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ message to the General Assembly of the International Science Council, in Muscat today:

    Uniting through science is key to tackling our common challenges — from addressing the climate crisis, to combating global pandemics, to taking on the untold risk posed by emerging technologies.

    The International Science Council is an indispensable bridge between science and policy, connecting researchers to the work of global decision-makers.

    Your crucial role is the reason I invited the Council to contribute to the work of the United Nations through the Scientific Advisory Board.  By uniting experts across disciplines, the Board connects UN leaders to global networks representing thousands of scientists and academics, especially in developing countries.  And it helps ensure that science shapes policy solutions for people and planet.

    This spirit is central to the Pact for the Future, adopted at the United Nations by Member States last September.  The Pact recognizes the crucial role of science and technology cooperation to achieving the Sustainable Development Goals and supercharging progress around the world.

    We need your insights and expertise in this important task.  Together, let’s harness the power of science to build a more peaceful, sustainable and healthy future for all.

    MIL OSI United Nations News –

    January 28, 2025
  • MIL-OSI: D. Boral Capital Served as Co-manager to U.S. Energy Corp. (Nasdaq: USEG) in connection with its up to $12.1 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”) announced today the closing of its previously announced underwritten public offering of 4,871,400 shares of its common stock, which includes 635,400 shares sold pursuant to the exercise in full by the underwriters of their over-allotment option, par value $0.01 per share, at a public offering price of $2.65 per share, for total net proceeds, after underwriting commissions, of approximately $12.1 million.

    U.S. Energy plans to use the net proceeds of the offering to fund growth capital for its industrial gas development project, including new industrial gas wells and processing plant and equipment, and to support upcoming operations. The proceeds received by the Company from the exercise of the over-allotment option may be utilized to purchase shares of common stock from Sage Road Capital, LLC, a related party, or its affiliates at a price equal to the net offering price received by the Company.

    Roth Capital Partners acted as sole book-running manager for the offering. Johnson Rice & Company and D. Boral Capital acted as co-managers for the offering. The Loev Law Firm, PC represented the Company and K&L Gates LLP represented the underwriters in the offering.

    The offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on September 15, 2022. The prospectus supplement and accompanying base prospectus relating to the offering are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained by sending a request to: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147, email at rothecm@roth.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock or any other securities, nor shall there be any sale of such shares of common stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    ABOUT U.S. ENERGY CORP.

    We are a growth company focused on consolidating high-quality assets in the United States with the potential to optimize production and generate free cash flow through low-risk development while maintaining an attractive shareholder returns program. We are committed to being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com.

    Contact Us:

    D. Boral Capital
    590 Madison Avenue, 39th Floor
    New York, NY 10022
    Main Phone: +1 (212) 970-5150
    www.dboralcapital.com
    info@dboralcapital.com

    FORWARD-LOOKING STATEMENTS

    Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (1) the expected use of proceeds, including, but not limited to the repurchase of certain shares of common stock; (2) the ability of the Company to grow and manage growth profitably and retain its key employees; (3) risks associated with the integration of recently acquired assets; (4) the Company’s ability to comply with the terms of its senior credit facilities; (5) the ability of the Company to retain and hire key personnel; (6) the business, economic and political conditions in the markets in which the Company operates; (7) the volatility of oil and natural gas prices; (8) the Company’s success in discovering, estimating, developing and replacing oil, natural gas and helium reserves; (9) risks of the Company’s operations not being profitable or generating sufficient cash flow to meet its obligations; (10) risks relating to the future price of oil, natural gas, NGLs and helium; (11) risks related to the status and availability of oil, natural gas and helium gathering, transportation, and storage facilities; (12) risks related to changes in the legal and regulatory environment governing the oil, gas and helium industry, and new or amended environmental legislation and regulatory initiatives; (13) risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; (14) technological advancements; (15) changing economic, regulatory and political environments in the markets in which the Company operates; (16) general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; (17) actions of competitors or regulators; (18) the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; (19) pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; (20) inflationary risks and recent changes in inflation and interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; (21) risks related to military conflicts in oil producing countries; (22) changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; (23) the amount and timing of future development costs; (24) the availability and demand for alternative energy sources; (25) regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; (26) uncertainties inherent in estimating quantities of oil, natural gas and helium reserves and projecting future rates of production and timing of development activities; (27) risks relating to the lack of capital available on acceptable terms to finance the Company’s continued growth, potential future sales of debt or equity and dilution caused thereby; (28) the review and evaluation of potential strategic transactions and their impact on stockholder value and the process by which the Company engages in evaluation of strategic transactions; and (29) other risk factors included from time to time in documents U.S. Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results.

    The MIL Network –

    January 28, 2025
  • MIL-OSI: CareCloud Achieves Record-Breaking Shareholder Turnout and Record Yes Votes to Approve Increase in Authorized Shares

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Jan. 27, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leading provider of healthcare technology and generative AI solutions for medical practices and health systems nationwide, today held its special meeting (“Special Meeting”) of CareCloud’s common stock shareholders. At the Special Meeting, a record-breaking 10.8 million shareholders, representing 85% of the votes cast, approved an amendment to the Company’s Certificate of Incorporation to increase the Company’s authorized shares of common stock from 35 million to 85 million shares.

    “We thank our shareholders for their overwhelming support of our proposal,” said Stephen Snyder, Co-Chief Executive Officer of CareCloud.

    The detailed voting results are reflected in the Form 8-K to be filed today with the Securities and Exchange Commission (the “SEC”). Certain information contained in this press release is a summary of relevant portions of the Definitive Proxy Statement and other materials filed with the SEC. The entirety of the filings is available on the SEC’s website and on https://ir.carecloud.com/common-stock-special-proxy.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit ir.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:

    Stephen Snyder
    Co-CEO
    CareCloud, Inc.
    ir@carecloud.com 

    The MIL Network –

    January 28, 2025
  • MIL-OSI Global: Rural communities in Québec are embracing ‘mushroom tourism’ to boost local economies

    Source: The Conversation – Canada – By Amélie Cloutier, Professor of Strategy and Innovation, Université du Québec à Montréal (UQAM)

    Mycotourism combines mushroom foraging in natural habitats with culinary traditions and rural culture, offering a unique experience distinct from traditional tourism. (Shutterstock)

    Mycotourism, or mushroom tourism, is becoming increasingly popular as travellers seek out more nature-focused experiences. This unique tourism niche combines guided mushroom foraging with culinary traditions and rural culture to offer travellers an experience distinct from more traditional forms of tourism.

    Mycotourism has significant economic and environmental potential to boost local economies, particularly in rural areas, while also fostering a deeper connection between visitors and nature. When it is practised sustainably, it can also help conserve local ecosystems and cultural traditions by sharing traditional mushroom harvesting methods and ecological knowledge with the public.

    The growing popularity of mycotourism reflects a larger shift toward forest-related and gastronomy tourism. Forest-related tourism includes activities like foraging and product harvesting as travellers seek closer connections to nature, while gastronomy tourism involves travellers seeking out culinary experiences.

    Rural tourism, too, has seen growing interest in recent years. United Nations Tourism designated 2020 as the “Year of Tourism and Rural Development” and mycotourism aligns with this focus, as it is tied closely to rural economies, often involving small, seasonal businesses that face seasonal and visibility challenges.

    In response to this trend, the Québec government has revealed a 2024-2029 strategy to establish the province as a premier culinary destination with a promising future. As mycotourism grows, it aligns with Québec’s broader culinary and tourism goals.

    Mycotourism: A brief overview

    While mushroom foraging has long been practised informally in many parts of the world, it’s now evolving into a formalized tourism industry, led by local experts to ensure safety. Countries such as Mexico, Spain, Portugal, Scotland and South Africa are current pioneers in this market.

    Spain, where mycotourism originated, leads the way with its well-established “micoturismo” industry, especially in the Castilla y León region.

    While mushroom foraging has long been practised informally in many parts of the world, it’s now evolving into a formalized tourism industry.
    (Shutterstock)

    In Canada, Québec has become a hotspot for mycotourism thanks to its rich natural landscapes, including vast forests and diverse ecosystems. The province has seen increased demand from both local and international visitors.

    The Québec regions of Kamouraska and Mauricie, in particular, have emerged as leaders in North American mycotourism. This surge, which was boosted by the COVID-19 pandemic, has positioned these regions as key destinations for mushroom enthusiasts.

    The number of amateur mycology circles and their members has also risen sharply in the province, reflecting a growing interest in wild mushrooms.

    However, despite its growth, mycotourism remains relatively unfamiliar to many Canadians. It signals an untapped opportunity for the tourism industry in the country.

    Overcoming industry challenges

    The mycotourism sector faces several challenges, including fragmented initiatives, which presents challenges in areas like promotion, infrastructure and knowledge sharing.

    There is a need for better co-ordination among mycotourism stakeholders. In Québec, these stakeholders include regional tourism associations, sectoral tourism associations like Terroir et Saveurs du Québec.

    Establishing a unified platform or network for mycotourism stakeholders stakeholders could facilitate the exchange of best practices, improve promotion and support its sustainable growth.

    By closely monitoring new initiatives, researchers, entrepreneurs and tourism professionals can better understand the challenges and opportunities in this field.

    This collaborative approach would identify potential partners for future collaborations, highlight resources and tools and ensure the development of this industry respects all the stakeholders, including Indigenous communities.

    Canada is well-positioned to become a global leader in mycotourism.
    (Shutterstock)

    Our mushroom tourism research

    Our recent research study sheds light on the growth of the mycotourism industry in Québec. Through an in-depth environmental scan, we identified 57 providers across the province, with the majority concentrated in Mauricie and Bas-Saint-Laurent, including the region of Kamouraska.

    We found that most mycotourism businesses in Québec are micro or very small enterprises, which means collaboration and networking are both essential for supporting their growth and sustainability.

    The activities offered by these providers fell into five main categories:

    1. Events and learning: Includes festivals, conferences, training sessions and courses.
    2. Culinary experiences: Features culinary workshops and tasting sessions.
    3. Guided tours and hosting: Encompasses guided tours and group hosting events.
    4. Nature exploration and foraging: Includes guided, self-picking foraging expeditions.
    5. Accommodations with mushroom picking: Lodging experiences that allow guests to participate in mushroom picking during their stay.

    In addition, our study identified four types of enterprises in the sector. These ranged from solo ventures specializing in niche activities, to versatile solo ventures with a diverse range and experiences and services, to slightly larger businesses focusing on targeted services.

    It’s clear that Québec’s mycotourism sector is dynamic, with businesses continually developing new and innovative offerings. The wide range of experiences offered are designed to attract new segments of tourists interested in agritourism, gastronomy or other unique accommodations.

    Unlocking mycotourism potential

    As mycotourism continues to grow, it is crucial for small-scale initiatives in this sector to gain stronger support and recognition from tourism authorities, regional organizations and government agencies.

    Without this support, these businesses may struggle to overcome challenges like limited visibility, fragmented efforts and insufficient resources. If these challenges are not addressed, it could hinder the growth of the sector and its ability to contribute to local economies and rural development.

    With its vast forests, rich biodiversity and developing agritourism and gastronomy sectors, Canada is well-positioned to establish itself as a top destination for mushroom enthusiasts. But to fully realize its full potential, Canada must create an environment that promotes innovation, collaboration and investment in mycotourism.

    Amélie Cloutier receives funding from FRQSC.

    Marc-Antoine Vachon receives funding from Développement Économique Canada pour les régions du Québec et de la Fondation de l’UQAM grâce à un don de Transat A.T..

    Patrick Coulombe 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. Rural communities in Québec are embracing ‘mushroom tourism’ to boost local economies – https://theconversation.com/rural-communities-in-quebec-are-embracing-mushroom-tourism-to-boost-local-economies-246392

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI Security: Harford County Man Sentenced for Aggravated Identity Theft and Bank Fraud Scheme

    Source: Office of United States Attorneys

    Defendant also participated in scheme to illegally obtain $28,350 in unemployment insurance benefits from the State of California during COVID-19 Pandemic.

    Baltimore, Maryland – U.S. District Judge Julie R. Rubin sentenced Victor Ojo, 30, of Belcamp, Maryland, to 72 months in federal prison, followed by three years of supervised release.

    Victor Ojo received the sentence for aggravated identity theft and his role in an attempted bank-fraud scheme that had an intended loss amount of $1.5 million. Additionally, Victor Ojo admitted to participating in a fraudulent scheme to obtain $28,350 in unemployment insurance benefits. So, Judge Rubin ordered Victor Ojo to forfeit $20,014.03 and to pay $78,350 in restitution.

    Erek L. Barron, U.S. Attorney for the District of Maryland, announced the sentence with Andrew McKay, Special Agent in Charge of the Treasury Inspector General for Tax Administration’s (TIGTA) Mid-Atlantic Field Division, and Scott Moffit, Special Agent in Charge of TIGTA’s Cybercrime Investigations Division.

    According to his guilty plea, from April 2016 through at least August 2019, Victor Ojo conspired with Damilola Ojo, Jamelia Thompson, Raissa Kaossele, and others, to commit bank fraud using the Internal Revenue Service’s (IRS) Modernized Internet Employer Identification Number (MODIEIN) system. The MODIEIN is the IRS system that allows users to register for a unique Employer Identification Number (EIN). It requires users to enter the valid name and Social Security Number of a real living person to obtain an EIN for a business.

    The defendant and his co-conspirators created and used various EINs to carry out the scheme. They obtained many of the EINs from the IRS using stolen Personally Identifiable Information. These EINs, in conjunction with fraudulently obtained state business certificates, allowed the co-conspirators to open bank accounts at various financial institutions to deposit stolen and/or altered checks and to receive fraudulently obtained wire transfers and other funds. Many of the wire transfers were the result of Business Email Compromises. Once obtained, the co-conspirators rapidly withdrew the proceeds, transferring them to other bank accounts.

    Victor Ojo and his co-conspirators victimized individuals through identity theft, businesses through financial account compromise, and banks through misdirecting wire transfers and making fraudulent transactions. After Victor Ojo’s arrest, law enforcement discovered evidence linking him to fraudulent activity. Law enforcement found numerous financial documents; a jacket, shirt, and hat that they saw Victor Ojo wearing in bank-surveillance footage while interacting with the fraudulent accounts; and a $14,000 check with someone else’s name on it. They also found passports in other people’s names and a Colorado ID with authentication features in someone else’s name.

    In the plea agreement, Victor Ojo admitted that he engaged in additional fraudulent activities prior to his arrest for bank-fraud conspiracy. Specifically, Victor Ojo and co-conspirators fraudulently obtained $28,350 in unemployment insurance benefits from the State of California using a victim’s identification.

    Around August 1, 2021, the California Employment Development Department (EDD) issued a Bank of America debit card in that victim’s name to an address in Lanham, Maryland. The card was linked to a Bank of America account that the EDD deposited a total of $28,350 in unemployment insurance benefits into. 
     

    The EDD made the first deposit on August 8, 2021. On August 10, 11, 24, and 25, Victor Ojo used the card to withdraw thousands of dollars from various ATMs in Harford County, Maryland. Victor Ojo was also captured on surveillance cameras making the withdrawals on August 10, 11, and 25.

    U.S. Attorney Barron commended the TIGTA for its work in the investigation.  Mr. Barron also thanked Assistant U.S. Attorneys Joseph L. Wenner, Paul Riley, and John D’Amico who prosecuted the federal case. He also recognized Joanna B.N. Huber, Maryland COVID-19 Strike Force Paralegal Specialist, for her assistance.

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    ###

    MIL Security OSI –

    January 28, 2025
  • MIL-OSI United Kingdom: New £2m project to save UK from food shortages

    Source: Anglia Ruskin University

    Anglia Ruskin University (ARU) is leading a new £2 million initiative to help prevent food shortages that could potentially trigger civil unrest in the UK.

    The project, called Backcasting to Increase Food System Resilience in the UK, is being led by experts from Anglia Ruskin’s Global Sustainability Institute and has received £2,048,461 in funding from the Biotechnology and Biological Sciences Research Council, part of UK Research and Innovation (UKRI).

    Building on recent research that found that over 40% of food experts believe widespread civil unrest linked to food shortages, such as demonstrations and violent looting, is possible or likely in the UK within the next 10 years, the new project aims to urgently address vulnerabilities in the nation’s food supply.

    The UK’s food system is currently optimised for efficiency rather than resilience, relying heavily on imports, seasonal labour, and just-in-time supply chains.

    This makes it particularly susceptible to disruptions that could lead to a collapse, defined as a situation where the public lack access to affordable food, resulting in economic productivity losses, disease outbreaks, extreme hunger, malnutrition, or civil unrest.

    Potential causes of such a collapse include geopolitical instability and conflict around the world, pandemics, extreme weather events exacerbated by climate change, and trade tariffs.

    The project aims to identify and find ways of mitigating the potential tipping points that could lead to a collapse and prioritise the areas within the UK food system that urgently need to strengthen their resilience to likely risks and shocks.

    To achieve these goals, the researchers will work closely with key stakeholders including food producers, importers, distributers and retailers.

    A “backcasting” mapping exercise will be carried out to identify the most likely pathways leading to civil unrest with a focus on addressing problems at the early stages of these pathways, well before any unrest arises.

    Anglia Ruskin University is leading the project in partnership with experts from the University of York, the London School of Hygiene & Tropical Medicine, the University of the West of England and the Royal Agricultural University.

    Other partners include WTW, the Food Farming & Countryside Commission, the Food Ethics Council, WRAP, DEFRA, Trussell, Sustain, Better Food Traders, Samworth Brothers, the Food Standards Agency, the Institute of Grocery Distributors and WWF.

    “The Backcasting to Increase Food System Resilience in the UK project is a major investment into understanding how future shocks could significantly impact the UK food system and how we can build resilience to these.

    “The food system is exposed to various risks from climate change and biodiversity loss to geopolitical events, such as wars or cyberterrorism. Supporting the UK’s food system stakeholders from farmers through to retail, by working with them to build on their knowledge to deliver a transformation towards resilience, is vital.

    “The project will also involve placements inside organisations focusing on food system challenges, to better understand the interventions that may be possible, and allow wider lessons to be captured and shared. These placements will be open to PhDs from across the UK and will be announced in 2026.”

    Professor Aled Jones, Director of the Global Sustainability Institute at Anglia Ruskin University (ARU)

    MIL OSI United Kingdom –

    January 28, 2025
  • MIL-OSI United Kingdom: Dolly Parton’s Imagination Library and Salford City Council aim to inspire children to love reading

    Source: City of Salford

    Salford children have helped to launch a Dolly Parton’s Imagination Library at Little Hulton Library today and have also enjoyed a fun storytelling session.
     
    Dolly Parton’s Imagination Library and Salford City Council are inviting parents of children born in 2024 in Little Hulton, Salford to sign up to enrol in the programme.
     
    Councillor Jim Cammell, Councillor Mishal Saeed, Councillor Teresa Pepper and Councillor Hannah Robinson Smith have also helped to launch the scheme.

    Salford City Council is funding the latest book gifting programme in the city which is devoted to inspiring a love of reading in children.
     
    Inspired by her father’s inability to read or write, country music icon Dolly started her Imagination Library in 1995 for children in her home county. 
     
    Today, her programme spans five countries and gifts over three million free books each month to children, regardless of the family’s income. 

    Last year, Dolly celebrated her 200 millionth book gifted milestone since inception, with over six million of those going to families in the UK.
     
    The programme posts an age-appropriate book each month to children from birth to age five. The books are specially wrapped and addressed to the child and delivered, at no cost to the family. When children turn five, they receive a graduation book and a special letter to mark the end of the scheme.  

    The Little Hulton scheme will provide books for local children, with Salford City Council providing additional funding to run the scheme. 
     
    Councillor Jim Cammell, Lead Member for Children’s and Young People’s Services at Salford City Council, said: “It’s great news that we are able to launch another Dolly Parton Imagination Library in Salford. This will add to our work to improve educational outcomes and literacy for early years children in the city. This is particularly important as there continues to be a gap in Salford’s outcomes compared to 2019 pre-pandemic levels.
     
    “We are committed to working in partnership with all our communities to ensure Salford is a great place, where children get the best start in life, and can learn and develop the skills they need to thrive. We have recently launched a gold standard literacy hub with the National Literacy Trust, and Dolly Parton’s Imagination Library will support the work of the hub by promoting reading from the early years of a child’s life.”
     
    Meg Fletcher, Regional Director at The Dollywood Foundation from Dolly Parton Imagination Library, said: “We are delighted to be working in partnership with Salford City Council to reach even more children in the community. We’re building on a strong history of programmes in the city thanks to the tireless efforts of our champions and hope that families enjoy receiving the books each month!”
     
    The council’s Starting Life Well service, which works with all early years settings and schools, and the 0 to 19 years team in Little Hulton will promote and support the programme. 

    Little Hulton Family Hub staff will be promoting the scheme and also using the books in their sessions with families.
     
    The local library team in Little Hulton will also be supporting the programme, working with local families to promote literacy, and reading for pleasure more widely. There will be a set of books in each early years setting, school, the library and family hub as practical support for the project. 
     
    Currently there are seven Dolly Parton Imagination Libraries based within Salford, operated through various community organisations such as schools and charities. 
     
    Working towards Salford becoming a UNICEF Child-Friendly City is a priority in the council’s corporate plan, to ensure Salford is a great place for children and young people to grow up and feel safe, cared for, heard and have quality opportunities to play, learn and work. This will take the council on the next stage of its journey to improve education outcomes, support children to have positive and successful futures, and champion the voices and rights of children and young people in the city.
     
    Salford is the 18th most deprived area in the country. Figures from 2022 and 2023 have shown that children’s starting points from early years have been below national average and by the time the children leave primary school Key Stage 2 outcomes are below national levels.
     
    The Dollywood Foundation UK reports there are more than 680 children currently registered in Salford. Since 2013 2,000 children have been impacted by the programme and over 36,500 books sent to children in Salford. The enrolment does not involve means testing, all children in the area can be enrolled and receive the same books regardless of background.
     
    Families with babies born in Little Hulton in 2024 or 2025 can enrol by emailing West.Locality@salford.gov.uk for more information.

    Share this


    Date published
    Monday 27 January 2025

    Press and media enquiries

    MIL OSI United Kingdom –

    January 28, 2025
  • MIL-OSI: Eos Energy Secures Cerberus Delayed Draw Term Loan Full Funding, Continuing U.S. Manufacturing Capacity to Strengthen America’s Energy Independence

    Source: GlobeNewswire (MIL-OSI)

    TURTLE CREEK, Pa., Jan. 27, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage systems sourced and manufactured in the United States, today announced the successful achievement of the third set of performance milestones previously agreed upon between Eos and an affiliate of Cerberus Capital Management LP (“Cerberus”) as part of Cerberus’s strategic investment in the Company. Successfully meeting these performance milestones allowed the Company to access the final $40.5 million of the Delayed Draw Term Loan (DDTL), fueling ongoing operations, U.S. production expansion, and the creation of an American energy storage powerhouse.

    “The Eos team is making measurable progress, consistently meeting critical operational targets and positioning the Company for profitable growth,” said Nathan Kroeker, Eos Chief Financial Officer. “With the term loan fully funded, combined with Department of Energy (DOE) loan guarantee first disbursement in December, Eos has a strong foundation and sufficient capital to continue implementing Project AMAZE. We’re executing our strategy to scale production into strong customer demand for long duration energy storage. Cash from customer projects now play an important role in funding working capital and our American-made system can play a critical role in America achieving energy independence.”

    The $210.5 million DDTL announced in June 2024 is now fully funded, driven by the Company consistently achieving key operational milestones related to the Company’s state-of-the-art manufacturing line, raw materials cost-out, Z3 technology performance improvement and orders backlog cash conversion. The Company surpassed its January raw materials cost-out target by 6% while delivering manufacturing cycle times below 10 seconds to further demonstrate continued operational efficiency and progress towards profitable growth.

    “Cerberus is ecstatic about the incredible progress made since our initial investment last year. Joe and team continue to fire on all cylinders, and Cerberus will continue to be all-in, helping Eos execute on their rapidly growing global pipeline and backlog,” said Nick Robinson, Cerberus Senior Managing Director and Eos Board Member. “With all the pieces now firmly in place to scale, 2025 and beyond is all about revenue growth, profitability and acceleration of global manufacturing capacity to meet exponential global demand. This demand is driven by a critical need for a long duration, non-flammable alternative to lithium at a time when the national security imperative could not be more important. With President Trump’s recent Executive Order, emphasizing American-made, and American-sourced, manufacturing to supporting America’s energy independence, Cerberus could not be more excited about partnering with Eos to build a large global platform. Cerberus views Eos as the “First Solar” of the battery space, further highlighting America’s ability to lead, innovate, and reclaim our energy independence.”

    About Eos Energy Enterprises

    Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.


    Forward Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our path to profitability and strategic outlook, statements regarding our capital needs to support project AMAZE, statements regarding the anticipated use of proceeds from the delayed draw term loan with Cerberus, and statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future, including the discretionary revolving facility from Cerberus; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; uncertainties around our ability to meet the applicable conditions precedent to funding under the DOE loan; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

    The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network –

    January 28, 2025
  • MIL-OSI Global: Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits

    Source: The Conversation – USA – By Benjamin Chrisinger, Assistant Professor of Community Health, Tufts University

    More than 41 million Americans use SNAP benefits to buy groceries. Brandon Bell/Getty Images

    President Donald Trump’s pick for director of the Health and Human Services Department, Robert F. Kennedy Jr., has announced a bold plan. He wants to “Make America Healthy Again.”

    Kennedy’s strategy has gotten a lot of attention for its oddities, such as his opposition to vaccine mandates and support for raw milk. But it includes some concepts that many public health experts consider sensible, such as calling for a stronger focus on chronic disease prevention and seeking more restrictions on prescription drug advertising aimed at consumers.

    But he’s also demanding a ban on junk food from the Supplemental Nutrition Assistance Program. Banning junk food from SNAP is something that has divided public health experts for years.

    As public health researchers, we’ve devoted our careers to helping reduce chronic diseases. We agree with Kennedy that a healthy diet and sound nutrition are important ways to improve the nation’s health. We also know from our own research that safety net programs, including SNAP benefits – which are still sometimes called food stamps – are staving off hunger and food insecurity for millions of Americans.

    And we’re certain that adding to the restrictions that already limit access to SNAP benefits do little to make Americans healthier.

    What is SNAP?

    Over 42.1 million Americans, about 13% of all families, receive SNAP benefits. More than 1 in 4 of the households enrolled in the program include someone who is earning at least some income.

    More than 4 in 5 families getting SNAP benefits include a child, someone over 65 or someone with a disability. These benefits are distributed on a monthly basis through an electronic benefits transfer card that looks and works like a credit or debit card and can be used at supermarkets and other approved retailers. The federal government has spent more than US$110 billion annually on this program in recent years.

    Benefits help get food on the table but typically don’t cover everything a family needs to eat. The average monthly benefit is $195 per person.

    Americans who earn less than 130% of the poverty line are eligible for SNAP. In the 2025 fiscal year, a family of three can’t make more than $2,152 a month in net income or have assets of more than $4,500 if a household includes someone over 60, and $3,000 if it doesn’t.

    Adults without children or disabilities can’t get these benefits for more than three months every three years unless they meet the program’s work requirements by being employed or spending at least 20 hours weekly in a training program. People who are on strike and foreigners living in the U.S. without authorization are ineligible. People with prior drug-related felony convictions are federally banned from SNAP for life, but states can waive this rule. This program is federally funded but administered by the states, which have some leeway in determining eligibility.

    People enrolled in SNAP already face some restrictions on what they can buy with their benefits. They can’t use SNAP to purchase premade or restaurant meals, alcohol, tobacco, or things such as diapers, vitamins and toilet paper.

    Why restrict SNAP?

    Since SNAP is administered by the U.S. Department of Agriculture, Kennedy would have very little power to change SNAP’s rules should the Senate approve his nomination following the controversial politician’s upcoming confirmation hearing on Jan. 29, 2025.

    Still, we’re concerned that his support for new restrictions could help sway the authorities who would be responsible for such a policy change.

    Proposals to ban particular foods from SNAP have been floated many times by state legislators and members of Congress over the years.

    These bills have generally been designed to exclude supposedly luxury items, such as steak and seafood, or aimed at barring purchases from a different supermarket aisle: candy, soda and other junk foods.

    States can’t make this kind of modification without the USDA’s authorization. And so far, the USDA has rebuffed calls for it to allow such measures. Even without the agency’s support, Congress can make changes to these policies in the Farm Bill, which could in the future force the USDA to allow these restrictions in states that ask for them.

    The Trump administration, including Kennedy, has signaled its interest in these kinds of restrictions.

    Why SNAP restrictions won’t make America healthier

    While improving the American diet is a worthy goal, research that we and other scholars have done makes it clear that adding new restrictions to SNAP will do little to help us become a healthier nation.

    First, many studies have found that nearly all Americans could eat healthier.

    The rich and the poor alike consume unhealthy food in the U.S.

    Studies show that while lower-income Americans often spend more of their food budget on unhealthy stuff than more affluent people do, families in the middle and at the top of the income ladder still purchase lots of junk food.

    Unsurprisingly, those purchases reflect what we’re eating: Americans at all income levels have diets that don’t satisfy federal dietary guidelines. Spotlighting the poor food choices of SNAP participants would be a distraction from these facts and would risk further stigmatizing a successful anti-hunger program.

    Maintaining a good diet is not cheap or straightforward, especially on a low income. The poorest communities have far more inexpensive fast-food chains and dollar stores than their wealthier neighbors, as well as more ads for unhealthy products. Even when they get SNAP benefits, many Americans still struggle to make ends meet, and studies show how this negatively affects the quality of their diets.

    Another reason SNAP restrictions wouldn’t make America healthier is that diet is just one of many contributors to chronic diseases. Your level of physical activity, exposure to pollution, stress and genetics, among other things, shape your risk of getting heart disease, diabetes or other chronic diseases.

    Flexible but don’t cover all needs

    SNAP benefits are fairly flexible, covering just about anything people might want to eat, even if they have dietary restrictions due to their culture or health conditions. The program helps Americans afford most of their basic necessities, although it fails to pay for all the groceries most people who rely on the program need to buy in the course of a month.

    SNAP’s main function is preventing the worst effects of hunger and food insecurity for the more than 41 million people relying on it.

    There are other ways for the government to help make Americans healthier besides the imposition of stigmatizing restrictions on SNAP. For example, it can create matching programs for SNAP dollars spent on fruits and vegetables, which would give retailers incentives to offer more produce and make it easier for people who get SNAP benefits to buy more healthy food. The USDA has begun to support this kind of effort in several states.

    Benjamin Chrisinger receives funding from The Research Innovation and Development Grants in Economics (RIDGE) Partnership.

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

    – ref. Why government can’t make America ‘healthier’ by micromanaging groceries purchased with SNAP benefits – https://theconversation.com/why-government-cant-make-america-healthier-by-micromanaging-groceries-purchased-with-snap-benefits-246462

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, compared to $3.3 million and earnings per diluted share of $0.32 for the quarter ended September 30, 2024, and $3.7 million and $0.35 earnings per diluted share for the quarter ended December 31, 2023, respectively.

    The Company’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) increase in net interest income of $0.4 million with net interest margin increased by 16 basis points; (2) a $0.05 million increase in negative provision for credit losses to $0.45 million in the fourth quarter; (3) lower non-interest income of $0.9 million primarily due to $0.5 million lower gain on sale of loans and $0.2 million higher net losses on sale of equity securities in the fourth quarter of 2024; and (4) higher non-interest expense primarily due to higher REO expenses of $0.2 million and higher professional fees of $0.2 million.

    Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023. Tangible book value per share (non-GAAP)1 was $14.69 at December 31, 2024, compared to $14.64 at September 30, 2024, and a 9.5% increase from $13.42 at December 31, 2023. For the fourth quarter of 2024, tangible book value was positively influenced by net income and intangible amortization which was mostly offset by the impact of higher long-term interest rates which increased the net unrealized loss on the available for sale securities portfolio. Stockholders’ equity as a percentage of total assets was 10.24% at December 31, 2024, compared to 10.01% at September 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 increased to 8.54% at December 31, 2024, compared to 8.35% at September 30, 2024, largely due to the impact of asset shrinkage.

    “As we closed 2024, I am pleased with the execution on our strategic objectives, continuing to strengthen franchise value. The quarter reflected our balance sheet optimization efforts, which increased the net interest margin 6%, and increased the tangible common equity ratio for the continued repurchase of shares at prices that were accretive to earnings per share and tangible book value. The TCE ratio increased to 8.54%, from 8.35% in the prior quarter which provides flexibility to grow the loan portfolio and potentially repurchase shares in 2025. Deposits, net of the decrease in wholesale deposits, increased $27 million. Loans decreased $56 million during the quarter, primarily in non-strategic relationships, but we forecast modest loan growth of one to three percent in 2025. Credit metrics improved and we continue to maintain a healthy reserve for credit losses to total loans at 1.50%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    December 31, 2024, Highlights:

    • Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
    • Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
    • The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
    • Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
    • Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
    • Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
    • Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
    • Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
    • The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
    • Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
    • Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
    • Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
    • In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.
    • The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
    • On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

    Balance Sheet and Asset Quality

    Total assets decreased by $50.6 million during the quarter to $1.749 billion at December 31, 2024.

    Securities available for sale (AFS”) decreased $6.6 million during the quarter ended December 31, 2024, to $142.8 million from $149.4 million at September 30, 2024. The decrease was due to higher pre-tax unrealized losses of $3.3 million and principal repayments of $3.3 million.

    Securities held to maturity (“HTM”) decreased $1.5 million to $85.5 million during the quarter ended December 31, 2024, from $87.0 million at September 30, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.75% of total assets at December 31, 2024, compared to 11.46% at September 30, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $725 million, or 273%, of uninsured and uncollateralized deposits at December 31, 2024, and $718 million, or 269%, at September 30, 2024.

    Continued balance sheet optimization resulted in loans decreasing by $55.8 million during the fourth quarter ended December 31, 2024, to $1.372 billion, compared to September 30, 2024. A large level of non-strategic relationships were repaid during the quarter as well as a $4.9 million reduction in criticized loans.

    The office loan portfolio consisting of 71 loans totaled $28 million at December 31, 2024, and decreased $3 million from $31 million at September 30, 2024. Criticized loans in the office loan portfolio for the quarter ended December 31, 2024, totaled $0.5 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.45 million to $20.5 million at December 31, 2024, representing 1.50% of total loans receivable compared to 1.47% of total loans receivable at September 30, 2024. For the quarter ended December 31, 2024, the Bank recorded a negative provision of $0.45 million which included a negative provision on ACL for loans of $0.32 million and a negative provision of $0.13 million on ACL for unfunded commitments.

    Allowance for Credit Losses (“ACL”) – Loans Percentage

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Allowance for credit losses – Loans   $ 20,549     $ 21,000     $ 21,178     $ 22,908  
    ACL – Loans as a percentage of loans, end of period     1.50 %     1.47 %     1.48 %     1.57 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.334 million at December 31, 2024, $0.460 million at September 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.
    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

        December 31, 2024 and Three Months Ended   December 31, 2023 and Three Months Ended   December 31, 2024 and Twelve Months Ended   December 31, 2023 and Twelve Months Ended
    ACL – Unfunded commitments – beginning of period   $ 460     $ 1,571     $ 1,250     $ —  
    Cumulative effect of ASU 2016-13 adoption     —       —       —       1,537  
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations     (126 )     (321 )     (916 )     (287 )
    ACL – Unfunded commitments – end of period   $ 334     $ 1,250     $ 334     $ 1,250  

    Special mention loans decreased by $2.5 million to $8.5 million at December 31, 2024, compared to $11.0 million at September 30, 2024. Over the past 12 months, special mention loans have declined $9.9 million from $18.4 million at December 31, 2023.

    Substandard loans decreased by $2.3 million to $18.9 million at December 31, 2024, compared to $21.2 million at September 30, 2024, primarily due to a $1.6 million reduction in a nonperforming loan, classified as substandard, agricultural real estate forestry services loan.

    Nonperforming assets decreased $2.8 million to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024, primarily due to the $1.6 million reduction in nonperforming assets discussed above and the sale of a real estate owned property.

        (in thousands)
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Special mention loan balances   $ 8,480   $ 11,047   $ 8,848   $ 13,737   $ 18,392
    Substandard loan balances     18,891     21,202     14,420     14,733     19,596
    Criticized loans, end of period   $ 27,371   $ 32,249   $ 23,268   $ 28,470   $ 37,988

    Total deposits decreased $32.5 million during the quarter ended December 31, 2024, to $1.49 billion as $59.7 million of wholesale brokered deposits were repaid. Brokered deposits declined $47.5 million to $19.1 million at December 31, 2024, from $66.6 million at September 30, 2024, and declined $79.1 million from $98.2 million at December 31, 2023.

    Deposit Portfolio Composition
    (in thousands)

        December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Consumer deposits   $ 852,083   $ 844,808   $ 822,665   $ 827,290   $ 814,899
    Commercial deposits     412,355     406,095     395,148     400,910     415,715
    Public deposits     190,460     176,844     187,698     202,175     182,172
    Wholesale deposits     33,250     92,920     114,033     97,114     106,306
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092

    At December 31, 2024, the deposit portfolio composition was 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits compared to 55% consumer, 27% commercial, 12% public, and 6% wholesale deposits at September 30, 2024.

    Deposit Composition By Type
    (in thousands)

        December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Non-interest-bearing demand deposits   $ 252,656   $ 256,840   $ 255,703   $ 248,537   $ 265,704
    Interest-bearing demand deposits     355,750     346,971     353,477     361,278     343,276
    Savings accounts     159,821     169,096     170,946     177,595     176,548
    Money market accounts     369,534     366,067     370,164     387,879     374,055
    Certificate accounts     350,387     381,693     369,254     352,200     359,509
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092

    Uninsured and uncollateralized deposits were $265.4 million, or 18% of total deposits, at December 31, 2024, and $267.1 million, or 18% of total deposits, at September 30, 2024. Uninsured deposits alone at December 31, 2024, were $428.0 million, or 29% of total deposits, and $413.6 million, or 27% of total deposits at September 30, 2024.

    As part of the balance sheet optimization plan, $16.0 million in Federal Home Loan Bank advances were repaid during the fourth quarter and totaled $5.0 million at December 31, 2024, compared to $21.0 million one quarter earlier.

    Common stock totaling approximately 94 thousand shares were repurchased in the fourth quarter of 2024 at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income increased $0.4 million for the quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat from $11.7 million for the quarter ended December 31, 2023. The increase in net interest income compared to the third quarter of 2024 was primarily due to an increase in net interest margin, partially offsetting the impact of asset shrinkage. The net interest margin increase was favorably impacted by 3 basis points due to deferred fee accretion on loan payoffs.

    Net interest income and net interest margin analysis:
    (in thousands, except yields and rates)

        Three months ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin
    As reported   $ 11,708     2.79 %   $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %
    Less accretion for PCD loans     (42 )   (0.01)%     (45 )   (0.01)%     (62 )   (0.01)%     (75 )   (0.02)%     (37 )   (0.01)%
    Less scheduled accretion interest     (33 )   (0.01)%     (33 )   (0.01)%     (32 )   (0.01)%     (33 )   (0.01)%     (33 )   (0.01)%
    Without loan purchase accretion   $ 11,633     2.77 %   $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %

    The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

    Portfolio Contractual Repricing:
    (in millions, except yields)

        Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026
    Maturing Certificate Accounts:                    
    Contractual Balance   $ 95     $ 177     $ 43     $ 14     $ 13  
    Contractual Interest Rate     4.63 %     4.68 %     4.25 %     3.07 %     3.36 %
    Maturing or Repricing Loans:                    
    Contractual Balance   $ 46     $ 97     $ 18     $ 55     $ 322  
    Contractual Interest Rate     5.27 %     7.10 %     6.15 %     4.79 %     3.85 %
    Maturing or Repricing Securities:                    
    Contractual Balance   $ 4     $ 3     $ 3     $ 4     $ 19  
    Contractual Interest Rate     6.15 %     5.12 %     4.07 %     4.31 %     3.49 %

    Non-interest income decreased $0.9 million in the fourth quarter of 2024 to $2.0 million from $2.9 million the prior quarter due to $0.5 million of lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Total non-interest income for the quarter ended December 31, 2023, was higher at $2.5 million due to an increase in net losses on equity securities in 4Q 2024.

    Non-interest expense increased $0.4 million to $10.8 million from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million one year earlier. The $0.4 million increase in non-interest expense compared to the linked quarter was largely due to the $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 is due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase in the current quarter of $0.2 million on losses on repossessed assets; (3) higher data processing of $0.2 million partially offset by lower other expenses $0.5 million primarily due to 2023 branch closure costs.

    Provision for income taxes decreased to $0.7 million in the fourth quarter of 2024 from $0.9 million in the third quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 19.5% for the quarter ended December 31, 2024, 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.

    These financial results are preliminary until Form 10-K is filed in March 2025.
    About the Company

    Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

    1Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

    Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

    Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

    Contact: Steve Bianchi, CEO
    (715)-836-9994

    (CZWI-ER)

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except shares and per share data)
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   December 31, 2023 (audited)
    Assets                
    Cash and cash equivalents   $ 50,172     $ 36,632     $ 36,886     $ 37,138  
    Securities available for sale “AFS”     142,851       149,432       146,438       155,743  
    Securities held to maturity “HTM”     85,504       87,033       88,605       91,229  
    Equity investments     4,702       5,096       5,023       3,284  
    Other investments     12,500       12,311       13,878       15,725  
    Loans receivable     1,368,981       1,424,828       1,428,588       1,460,792  
    Allowance for credit losses     (20,549 )     (21,000 )     (21,178 )     (22,908 )
    Loans receivable, net     1,348,432       1,403,828       1,407,410       1,437,884  
    Loans held for sale     1,329       697       275       5,773  
    Mortgage servicing rights, net     3,663       3,696       3,731       3,865  
    Office properties and equipment, net     17,075       17,365       17,774       18,373  
    Accrued interest receivable     5,653       6,235       6,289       5,409  
    Intangible assets     979       1,158       1,336       1,694  
    Goodwill     31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Bank owned life insurance (“BOLI”)     26,102       25,901       25,708       25,647  
    Other assets     17,144       16,683       15,794       16,334  
    TOTAL ASSETS   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Liabilities and Stockholders’ Equity                
    Liabilities:                
    Deposits   $ 1,488,148     $ 1,520,667     $ 1,519,544     $ 1,519,092  
    Federal Home Loan Bank (“FHLB”) advances     5,000       21,000       31,500       79,530  
    Other borrowings     61,606       61,548       61,498       67,465  
    Other liabilities     14,681       15,773       13,720       11,970  
    Total liabilities     1,569,435       1,618,988       1,626,262       1,678,057  
    Stockholders’ equity:                
    Common stock— $0.01 par value, authorized 30,000,000; 9,981,996, 10,074,136, 10,297,341, and 10,440,591 shares issued and outstanding, respectively     100       101       103       104  
    Additional paid-in capital     114,564       115,455       117,838       119,441  
    Retained earnings     80,840       78,438       75,501       71,117  
    Accumulated other comprehensive loss     (16,420 )     (13,845 )     (17,397 )     (17,328 )
    Total stockholders’ equity     179,084       180,149       176,045       173,334  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  

                    Note: Certain items previously reported were reclassified for consistency with the current presentation.

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
        Three Months Ended   Twelve Months Ended
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   December 31, 2023 (unaudited)   December 31, 2024 (unaudited)   December 31, 2023 (audited)
    Interest and dividend income:                    
    Interest and fees on loans   $ 19,534     $ 20,115     $ 19,408     $ 79,738     $ 73,577  
    Interest on investments     2,427       2,397       2,618       9,877       10,671  
    Total interest and dividend income     21,961       22,512       22,026       89,615       84,248  
    Interest expense:                    
    Interest on deposits     9,273       10,165       7,851       37,985       25,749  
    Interest on FHLB borrowed funds     65       128       1,371       1,281       5,966  
    Interest on other borrowed funds     915       934       1,057       3,875       4,184  
    Total interest expense     10,253       11,227       10,279       43,141       35,899  
    Net interest income before provision for credit losses     11,708       11,285       11,747       46,474       48,349  
    (Negative) provision for credit losses     (450 )     (400 )     (650 )     (3,175 )     (475 )
    Net interest income after provision for credit losses     12,158       11,685       12,397       49,649       48,824  
    Non-interest income:                    
    Service charges on deposit accounts     450       513       485       1,924       1,949  
    Interchange income     550       577       581       2,247       2,324  
    Loan servicing income     520       643       539       2,271       2,218  
    Gain on sale of loans     218       752       191       2,216       1,692  
    Loan fees and service charges     292       165       124       996       432  
    Net realized gains on debt securities     —       —       —       —       12  
    Net (losses) gains on equity securities     (287 )     (78 )     277       (856 )     447  
    Bank Owned Life Insurance (BOLI) death benefit     —       —       —       184       —  
    Other     266       349       283       1,125       1,176  
    Total non-interest income     2,009       2,921       2,480       10,107       10,250  
    Non-interest expense:                    
    Compensation and related benefits     5,840       5,743       5,139       22,741       21,106  
    Occupancy     1,217       1,242       1,314       5,159       5,431  
    Data processing     1,743       1,665       1,511       6,530       5,951  
    Amortization of intangible assets     179       178       179       715       755  
    Mortgage servicing rights expense, net     107       163       159       534       615  
    Advertising, marketing and public relations     218       225       262       793       734  
    FDIC premium assessment     192       201       204       798       812  
    Professional services     514       336       371       1,763       1,524  
    Losses (gains) on repossessed assets, net     247       65       —       294       62  
    Other     552       603       1,067       2,979       3,152  
    Total non-interest expense     10,809       10,421       10,206       42,306       40,142  
    Income before provision for income taxes     3,358       4,185       4,671       17,450       18,932  
    Provision for income taxes     656       899       978       3,699       5,873  
    Net income attributable to common stockholders   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Per share information:                    
    Basic earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Diluted earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Cash dividends paid   $ —     $ —     $ —     $ 0.32     $ 0.29  
    Book value per share at end of period   $ 17.94     $ 17.88     $ 16.60     $ 17.94     $ 16.60  
    Tangible book value per share at end of period (non-GAAP)   $ 14.69     $ 14.64     $ 13.42     $ 14.69     $ 13.42  

    Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    (in thousands, except per share data)

        Three Months Ended   Twelve Months Ended
        December 31,
    2024
      September 30,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
                       
    GAAP pretax income   $ 3,358   $ 4,185   $ 4,671   $ 17,450   $ 18,932
    Branch closure costs (1)     —     —     380     168     380
    Pretax income as adjusted (2)   $ 3,358   $ 4,185   $ 5,051   $ 17,618   $ 19,312
    Provision for income tax on net income as adjusted (3)     656     899     1,058     3,735     5,991
    Net income as adjusted (non-GAAP) (2)   $ 2,702   $ 3,286   $ 3,993   $ 13,883   $ 13,321
    GAAP diluted earnings per share, net of tax   $ 0.27   $ 0.32   $ 0.35   $ 1.34   $ 1.25
    Branch closure costs, net of tax     —     —     0.03     0.01     0.03
    Diluted earnings per share, as adjusted, net of tax (non-GAAP)   $ 0.27   $ 0.32   $ 0.38   $ 1.35   $ 1.28
                         
    Average diluted shares outstanding     10,033,957     10,204,195     10,457,184     10,262,710     10,470,298

    (1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
    (2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
    (3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

    Loan Composition

    (in thousands)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total Loans:                
    Commercial/Agricultural real estate:                
    Commercial real estate   $ 709,018     $ 730,459     $ 729,236     $ 750,531  
    Agricultural real estate     73,130       76,043       78,248       83,350  
    Multi-family real estate     220,805       239,191       234,758       228,095  
    Construction and land development     78,489       87,875       87,898       110,941  
    C&I/Agricultural operating:                
    Commercial and industrial     115,657       119,619       127,386       121,666  
    Agricultural operating     31,000       27,550       27,409       25,691  
    Residential mortgage:                
    Residential mortgage     132,341       134,944       133,503       129,021  
    Purchased HELOC loans     2,956       2,932       2,915       2,880  
    Consumer installment:                
    Originated indirect paper     3,970       4,405       5,110       6,535  
    Other consumer     5,012       5,438       5,860       6,187  
    Gross loans   $ 1,372,378     $ 1,428,456     $ 1,432,323     $ 1,464,897  
    Unearned net deferred fees and costs and loans in process     (2,547 )     (2,703 )     (2,733 )     (2,900 )
    Unamortized discount on acquired loans     (850 )     (925 )     (1,002 )     (1,205 )
    Total loans receivable   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Nonperforming assets:                
    Nonaccrual loans                
    Commercial real estate   $ 4,594     $ 4,778     $ 5,350     $ 10,359  
    Agricultural real estate     6,222       6,193       382       391  
    Construction and land development     103       106       —       54  
    Commercial and industrial (“C&I”)     597       1,956       422       —  
    Agricultural operating     793       901       1,017       1,180  
    Residential mortgage     858       1,088       1,145       1,167  
    Consumer installment     1       20       36       33  
    Total nonaccrual loans   $ 13,168     $ 15,042     $ 8,352     $ 13,184  
    Accruing loans past due 90 days or more     186       530       256       389  
    Total nonperforming loans (“NPLs”) at amortized cost     13,354       15,572       8,608       13,573  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Total nonperforming assets (“NPAs”)   $ 14,269     $ 17,144     $ 10,270     $ 15,368  
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Total assets, end of period   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Ratios:                
    NPLs to total loans     0.98 %     1.09 %     0.60 %     0.93 %
    NPAs to total assets     0.82 %     0.95 %     0.57 %     0.83 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

        Three Months Ended
    December 31, 2024
      Three Months Ended
    September 30, 2024
      Three Months Ended
    December 31, 2023
        Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
    Average interest earning assets:                                    
    Cash and cash equivalents   $ 26,197   $ 327   4.97 %   $ 25,187   $ 360   5.69 %   $ 16,699   $ 241   5.73 %
    Loans receivable     1,396,854     19,534   5.56 %     1,429,928     20,115   5.60 %     1,458,558     19,408   5.28 %
    Investment securities     235,268     1,940   3.28 %     236,960     1,966   3.30 %     243,705     2,102   3.42 %
    Other investments     12,318     160   5.17 %     12,553     71   2.25 %     15,760     275   6.92 %
    Total interest earning assets   $ 1,670,637   $ 21,961   5.23 %   $ 1,704,628   $ 22,512   5.25 %   $ 1,734,722   $ 22,026   5.04 %
    Average interest-bearing liabilities:                                    
    Savings accounts   $ 162,501   $ 383   0.94 %   $ 170,777   $ 450   1.05 %   $ 175,281   $ 323   0.73 %
    Demand deposits     346,411     1,891   2.17 %     357,201     2,152   2.40 %     329,096     1,680   2.03 %
    Money market accounts     351,566     2,720   3.08 %     381,369     3,126   3.26 %     326,981     2,217   2.69 %
    CD’s     374,087     4,279   4.55 %     379,722     4,437   4.65 %     368,110     3,631   3.91 %
    Total deposits   $ 1,234,565   $ 9,273   2.99 %   $ 1,289,069   $ 10,165   3.14 %   $ 1,199,468   $ 7,851   2.60 %
    FHLB advances and other borrowings     72,431     980   5.38 %     80,338     1,062   5.26 %     191,575     2,428   5.03 %
    Total interest-bearing liabilities   $ 1,306,996   $ 10,253   3.12 %   $ 1,369,407   $ 11,227   3.26 %   $ 1,391,043   $ 10,279   2.93 %
    Net interest income       $ 11,708           $ 11,285           $ 11,747    
    Interest rate spread           2.11 %           1.99 %           2.11 %
    Net interest margin           2.79 %           2.63 %           2.69 %
    Average interest earning assets to average interest-bearing liabilities           1.28             1.24             1.25  
        Twelve Months Ended
    December 31, 2024
      Twelve Months Ended
    December, 2023
        Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
    Average interest earning assets:                        
    Cash and cash equivalents   $ 20,864   $ 1,150   5.51 %   $ 18,469   $ 1,010   5.47 %
    Loans receivable     1,430,631     79,738   5.57 %     1,430,035     73,577   5.15 %
    Interest bearing deposits     —     —   — %     63     1   1.59 %
    Investment securities     238,851     7,977   3.34 %     257,020     8,606   3.35 %
    Other investments     12,816     750   5.85 %     16,274     1,054   6.48 %
    Total interest earning assets   $ 1,703,162   $ 89,615   5.26 %   $ 1,721,861   $ 84,248   4.89 %
    Average interest-bearing liabilities:                        
    Savings accounts   $ 171,069   $ 1,684   0.98 %   $ 200,087   $ 1,427   0.71 %
    Demand deposits     353,107     8,083   2.29 %     359,866     6,727   1.87 %
    Money market accounts     371,909     11,725   3.15 %     306,020     6,976   2.28 %
    CD’s     366,634     16,493   4.50 %     317,376     10,619   3.35 %
    Total deposits   $ 1,262,719   $ 37,985   3.01 %   $ 1,183,349   $ 25,749   2.18 %
    FHLB advances and other borrowings     99,731     5,156   5.17 %     208,373     10,150   4.87 %
    Total interest-bearing liabilities   $ 1,362,450   $ 43,141   3.17 %   $ 1,391,722   $ 35,899   2.58 %
    Net interest income       $ 46,474           $ 48,349    
    Interest rate spread           2.09 %           2.31 %
    Net interest margin           2.73 %           2.81 %
    Average interest earning assets to average interest bearing liabilities           1.25             1.24  

    Wholesale Deposits
    (in thousands)

        Quarter Ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Brokered certificate accounts   $ 14,123   $ 48,578   $ 54,123   $ 43,507   $ 58,209
    Brokered money market accounts     5,002     18,076     42,673     40,429     40,050
    Third party originated reciprocal deposits     14,125     26,266     17,237     13,178     8,047
    Total   $ 33,250   $ 92,920   $ 114,033   $ 97,114   $ 106,306

    Key Financial Metric Ratios:

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Ratios based on net income:                    
    Return on average assets (annualized)   0.61 %   0.72 %   0.79 %   0.76 %   0.71 %
    Return on average equity (annualized)   6.00 %   7.34 %   8.72 %   7.84 %   7.87 %
    Return on average tangible common equity4 (annualized)   7.72 %   9.38 %   11.29 %   10.03 %   10.26 %
    Efficiency ratio   76 %   72 %   72 %   72 %   68 %
    Net interest margin with loan purchase accretion   2.79 %   2.63 %   2.69 %   2.73 %   2.81 %
    Net interest margin without loan purchase accretion   2.77 %   2.61 %   2.67 %   2.69 %   2.78 %
    Ratios based on net income as adjusted (non-GAAP)                    
    Return on average assets as adjusted2 (annualized)   0.61 %   0.72 %   0.86 %   0.77 %   0.73 %
    Return on average equity as adjusted3 (annualized)   6.00 %   7.34 %   9.43 %   7.91 %   8.03 %

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
           
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average assets   $ 1,771,351     $ 1,810,826     $ 1,843,789     $ 1,808,256     $ 1,836,337  
    Return on average assets (annualized)     0.61 %     0.72 %     0.79 %     0.76 %     0.71 %
    Return on average assets as adjusted (non-GAAP) (annualized)     0.61 %     0.72 %     0.86 %     0.77 %     0.73 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average equity   $ 179,242     $ 178,050     $ 168,058     $ 175,475     $ 165,968  
    Return on average equity (annualized)     6.00 %     7.34 %     8.72 %     7.84 %     7.87 %
    Return on average equity as adjusted (non-GAAP) (annualized)     6.00 %     7.34 %     9.43 %     7.91 %     8.03 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of tangible book value per share (non-GAAP)

    (in thousands, except per share data)

    Tangible book value per share at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Ending common shares outstanding     9,981,996       10,074,136       10,297,341       10,440,591  
    Book value per share   $ 17.94     $ 17.88     $ 17.10     $ 16.60  
    Tangible book value per share (non-GAAP)   $ 14.69     $ 14.64     $ 13.91     $ 13.42  

    Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )   $ (31,498 )   $ (31,498 )     (31,498 )
    Less: Intangible assets     (979 )   $ (1,158 )   $ (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Total Assets   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible Assets (non-GAAP)   $ 1,716,042     $ 1,766,481     $ 1,769,473     $ 1,818,199  
    Total stockholders’ equity to total assets ratio     10.24 %     10.01 %     9.77 %     9.36 %
    Tangible common equity as a percent of tangible assets (non-GAAP)     8.54 %     8.35 %     8.09 %     7.71 %

    Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 173,334     $ 179,084     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,694 )     (979 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 140,142     $ 146,607     $ 140,142  
    Average tangible common equity (non-GAAP)   $ 146,676     $ 145,305     $ 134,776     $ 142,641     $ 132,409  
    GAAP earnings after income taxes     2,702       3,286       3,693       13,751       13,059  
    Amortization of intangible assets, net of tax     144       140       142       563       521  
    Tangible net income   $ 2,846     $ 3,426     $ 3,835     $ 14,314     $ 13,580  
    Return on average tangible common equity (annualized)     7.72 %     9.38 %     11.29 %     10.03 %     10.26 %

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Twelve Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Non-interest expense (GAAP) $ 10,809     $ 10,421     $ 10,206     $ 42,306     $ 40,142  
    Less amortization of intangibles   (179 )     (178 )     (179 )     (715 )     (755 )
    Efficiency ratio numerator (GAAP) $ 10,630     $ 10,243     $ 10,027     $ 41,591     $ 39,387  
                       
    Non-interest income $ 2,009     $ 2,921     $ 2,480     $ 10,107     $ 10,250  
    Add back net losses on debt and equity securities   (287 )     (78 )     —       (856 )     —  
    Subtract net gains on debt and equity securities   —       —       277       —       459  
    Net interest income   11,708       11,285       11,747       46,474       48,349  
    Efficiency ratio denominator (GAAP) $ 14,004     $ 14,284     $ 13,950     $ 57,437     $ 58,140  
    Efficiency ratio (GAAP)   76 %     72 %     72 %     72 %     68 %

    1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

    2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

    3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

    4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

    The MIL Network –

    January 28, 2025
  • MIL-OSI USA: Warren, McGovern, Lawmakers Blast Trump’s Inaction on High Egg Prices

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    January 27, 2025
    Lawmakers lay out six executive actions that could lower costs.
    “We urge you to make good on your campaign promise to lower food prices for American families.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jim McGovern (D-Mass.) led 19 of their colleagues, writing to President Donald Trump, pushing him to take meaningful steps to lower the prices of eggs and other groceries—a problem he largely ignored during his entire first week in office. 
    During his campaign for president, Mr. Trump repeatedly promised he would lower food prices “immediately” if elected. Trump even told the press, “I won on groceries.” But during his first week, he instead focused on attempting to end birthright citizenship, firing inspectors general, and pardoning January 6 attackers, including those who assaulted Capitol police officers. 
    “Your sole action on costs was an executive order that contained only the barest mention of food prices and not a single specific policy to reduce them,” wrote the lawmakers. “You have tools you can use to lower grocery costs and crack down on corporate profiteering, and we write to ask if you will commit to using those tools to make good on your promises to the American people.”
    “To make food more affordable, you should look to the dominant food and grocery companies that have made record profits on the backs of working families who have had to pay higher prices,” continued the lawmakers. 
    For example, last year a Kroger executive admitted in federal court that the company raised the price of eggs and milk “significantly higher than the cost of inflation” in the years following the COVID-19 pandemic. In 2023, a federal court found that the country’s largest egg producers had engaged in a price-fixing conspiracy in the mid-2000s as well. Now, egg producers and grocery stores may leverage the current avian flu outbreak as an opportunity to further constrain supply or hike up egg prices to increase profits.
    “If you are indeed committed to lowering food prices, we stand ready to work with you,” wrote the lawmakers. 
    The lawmakers laid out six recommendations for executive actions to lower prices by encouraging competition and fighting price-gouging at each level of the food supply chain:
    Encourage the Federal Trade Commission (FTC) and U.S. Department of Agriculture (USDA) to prohibit exclusionary contracting by dominant firms in the food industry, making it harder for major retailers and food brands to shut out smaller suppliers and drive up prices at smaller stores.
    Encourage the FTC to issue guidance on potential violations of the Robinson Patman Act and Section 5 of the FTC Act within the food industry and take enforcement action where merited. 
    Work with the USDA to increase the number of government contract recipients that are very small businesses and to ensure that government contracting considers the long-term costs of food sector consolidation. 
    Help the Department of Justice (DOJ) and FTC scrutinize, and where appropriate, block mergers and acquisitions in the food and agricultural sectors.
    Encourage the DOJ to prosecute actors in the agricultural and food sectors for price-fixing and other anticompetitive behavior.
    Direct the Commodity Futures Trading Commission (CFTC) and FTC to form a joint task force to investigate food price manipulation throughout the supply chain. 
    “Americans are looking to you to lower food prices. Instead of working to lower their grocery bills, however, you have used the first week of your administration on attempting to end birthright citizenship, pardoning individuals who attacked the U.S. Capitol on January 6, and renaming a mountain,” concluded the lawmakers. “We urge you to make good on your campaign promise to lower food prices for American families.”

    MIL OSI USA News –

    January 28, 2025
  • MIL-OSI Global: England’s maths teacher recruitment problem is set to worsen

    Source: The Conversation – UK – By Neil Saunders, Senior Lecturer in Mathematics, City St George’s, University of London

    Ground Picture/Shutterstock

    Everyone should leave school with a solid understanding of maths. Decent mathematics literacy is a hugely important skill in many aspects of life. We need it when budgeting for a weekly shop, asking for a pay rise and completing a tax return.

    An interest and enjoyment in maths fostered at school can lead people to study the subject further. Mathematics graduates go on to professions in government, industry, software development and financial analytics, as well as many genres of engineering.

    In total, 13% of all employment in the UK is in professions that depend on mathematical sciences. A workforce that has been well taught in maths is crucial to a society’s prosperity.

    Building a workforce skilled in mathematics in England, however, will be difficult when there are not enough people qualified to teach the subject at school. Mathematics is a technical discipline. Quality teaching relies on its educators to have specific training: a university degree in maths.

    Research published in 2019 in Australia found that secondary school students achieved noticeably higher results when they were taught maths by teachers with a university degree majoring in maths than those “out-of-field” teachers.

    But in England, the Department of Education has an ongoing problem of under-recruitment of maths teachers. In the year 2023-24, recruitment in initial trainee maths teaching reached only 63% of its target. Research from 2018 found that less than half of maths teachers in state schools have a mathematics or other relevant degree.

    And maths achievement is declining. In the OECD’s programme for international student assessment (Pisa) tests, introduced in the year 2000, 15 year-olds in the UK are recording their lowest maths results since 2006.

    The longstanding failure to recruit enough maths graduates to become teachers is now set to be exacerbated by the changes in maths provision at universities. Maths degrees are becoming less accessible to the people who are likely to go on to become teachers.

    University options

    Over the previous decade, but particularly since the pandemic, Russell Group universities – research-intensive institutions that take students with the highest A-level grades — have increased their intake of students taking maths degrees.

    On the other hand, maths options are declining at lower-tariff universities and those that offer flexible study options.

    Birkbeck, University of London, no longer offers undergraduate degrees in maths as a single subject. Birkbeck is renowned for its provision of evening and part-time degree courses, which offers flexibility for students who may not be able to attend a traditional course or need to work while studying.

    Huddersfield has also discontinued its mathematics courses after reviewing its provision, and many other institutions are considering further cuts and redundancies.

    In 2011, lower-tariff institutions accounted for 13% of the market share of the intake of mathematics students. This dropped to just 4.5% in 2021, putting such institutions under severe pressure.

    Graduates of post-92 universities – former polytechnics and other recently established institutions, which often require lower grades for entry – are much more likely than their Russell Group counterparts to go into school teaching. A recent report by Professor Paul Wakeling, which was commissioned by the Campaign for Mathematical Sciences, analysed outcomes of mathematical degrees in the UK across the period 2017-18 to 2020-21.

    Over that period, it found that 17.4% of graduates from post-92 institutions went into the secondary teaching, compared with around 5.6% from Russell group universities.

    The accessibility of a degree will affect who enrols.
    VesnaArt/Shutterstock

    The closure of mathematics departments causes the phenomenon of “maths deserts”: large swaths of the country where access to mathematics degree study is limited. This particularly affects students from poorer backgrounds, who are more likely to be living at home during their degree and will attend their local university.

    This also affects the provision of school maths teachers. Graduates in mathematics from more disadvantaged socioeconomic backgrounds are more likely to go into school teaching than graduates from more wealthy backgrounds.

    The decline in the availability of maths degrees at lower-tariff institutions is likely to be reducing the number of potential maths teachers – as well as severely reducing the diversity of people going into maths.

    The chronic shortage of specialist maths teachers is set to worsen. Universities around the country are under severe financial pressure, which is likely to lead to further cutting of courses and staff.

    This will only exacerbate the problem of teacher shortages – which is turn will lead to declining mathematical literacy in the community, as well as a lack of diversity in mathematics.

    Neil Saunders 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. England’s maths teacher recruitment problem is set to worsen – https://theconversation.com/englands-maths-teacher-recruitment-problem-is-set-to-worsen-246351

    MIL OSI – Global Reports –

    January 28, 2025
  • MIL-OSI United Kingdom: Improving Access to Scotland’s NHS: We Can Renew Scotland’s NHS and Help Our Nation Thrive

    Source: Scottish National Party

    Like all of us, the National Health Service is personal for me – I see first-hand all that it does, and has done, for my own family.

    In the last years of my beloved Mother’s life, I saw such care and attentiveness in the community and in hospital care.

    My wife would not have the capacity and capability she has in dealing with MS, had it not been for the outstanding care and insight of the National Health Service alongside, might I say, her absolutely personal determination to stay strong.

    I would not have had such joy in my life at the birth of my three children without the National Health Service.

    It is personal for all of us.

    That is why we care about it so much.

    That is why we want to see it thriving once again.

    We all know the tremendous pressures our NHS has been under in recent years.

    We see a service still reeling from the strain of a global pandemic – a pandemic that revealed the NHS’s many strengths but also exposed its underlying weaknesses.

    Weaknesses made worse by a decade and a half of austerity, and by the body blow of inflation that has meant – as we know from our own family finances – the available money delivers less.

    It is a service still beset by backlogs and delayed discharges, and struggling to meet the increasing needs of an ageing population.

    The challenges are great, of that I have no doubt. But I know also that our NHS is fundamentally resilient, fundamentally robust.

    I witnessed both these realities earlier this month when I spent a Saturday evening visiting the emergency department at the Royal Infirmary of Edinburgh.

    In the midst of both winter pressures and a particularly challenging flu season, I saw patients who waited too long to be seen, but also staff who went above and beyond.

    I saw an NHS that in the face of the storm kept on standing, kept on delivering.

    There are some who oppose the NHS model, who believe that the answer to our health challenges is a privatisation of care. They want us to believe that the health service is beyond saving, that it is on the point of collapse.

    But that is simply not true.

    There are challenges.

    Some services are struggling.

    Periods of real crisis as we have seen in recent weeks as flu cases spiked.

    The impact of these issues on too many patients is real.

    But, as I will set out today, there is nothing wrong with the National Health Service that can’t be fixed by what is right with the National Health Service.

    What is right with the National Health Service includes the thousands of health and care staff who are doing phenomenal things under enormous pressure.

    People who, time and again, display resilience, selflessness and grit, who truly go above and beyond.

    It includes innovations, such as the Rapid Cancer Diagnostic Service, a new pathway that delivers significant reductions in the time from referral to diagnosis, opening the door also to faster treatment.

    It includes national public health initiatives like the HPV vaccination programme, which has resulted in no cases of cervical cancer in young women who have been fully vaccinated.

    A remarkable, utterly remarkable, life-saving achievement.

    And it includes cutting-edge research, multiple projects, looking into the ways AI can transform diagnosis and treatment in the years to come.

    The foundations on which we will build NHS recovery and renewal are strong.

    Under this Government, the NHS will always remain in the hands of the public and free at the point of use. That is non-negotiable.

    The question then becomes how do we do better?

    How do we ensure our health service is not just the best in these isles but the best it can possibly be?

    The answer to that question is not a simple one. There is no ‘magic bullet’.

    Rather, it involves progress across multiple fronts, a balancing of sometimes competing demands and interests.

    It will require choices and action by central government, yes, but that must be delivered in partnership with others – local government, the third sector, patient groups, and health and social care workers at all levels.

    It must deliver reform that is fundamentally patient-centred but do so through a health and social care system that becomes an ever more interconnected whole.

    I have said before that my approach as First Minister is to seek the right solutions, not merely the quick ones.

    I favour consensus building and collaboration over diktats from on high. For the future success of our NHS this is not only the right approach, but also the necessary approach.

    We will only succeed on this path of reform and renewal if we walk it together.

    That is why the Cabinet Secretary for Health and I meet regularly with staff in all parts of the National Health Service.

    It is why we have been engaging with health boards, local government, Health and Social Care Partnerships, the Scottish Ambulance Service, Public Health Scotland, and NHS 24.

    We have listened carefully, also, to patients and their families, to all those who depend on the NHS for lifesaving, life-enhancing care.

    We have been told all that is going well and all that must be better.

    We have heard the advice from those with direct, frontline experience. And that has helped us develop a clear understanding of where the challenges are, and what changes are needed.

    It is this kind of open, collaborative approach, with a focus on solutions, on the right answers over the easy ones, that has led to the actions I am setting out today.

    It is a set of actions with clear outcomes – tangible improvements that we can and will deliver.

    Tangible improvements to make people’s experience of the NHS in Scotland better than it is today.

    Actions made possible by the record funding we are delivering to the NHS frontline.

    Actions that will address the immediate issues in our health service – those problems of access that I know cause so much frustration, and indeed for some, unnecessary pain.

    Actions that set out a new course so we can safeguard the NHS for the long-term.

    Over the coming weeks, the Government will set out for Parliament what the different elements of our approach will mean in practice.

    And we will be reminding Members of Parliament as we do that, that the delivery of this stronger NHS depends on the safe progress of the draft Budget currently being considered by Parliament.

    The actions we will take to deliver a more accessible, more person-centred NHS have three clear purposes:

    First, to reduce the immediate pressures across the NHS.

    Second, to shift the balance of care from acute services to the community.

    Third, to use innovation – digital and technological – to improve access to care.

    Together, these will address the problems that right now, every day weigh down our National Health Service.

    They will begin to deliver the long-term, systemic improvement that is needed to ensure our health service is sustainable for the future.

    And they will make it easier for people across Scotland to live healthier lives, helping us to build a future in which health is practiced in homes and communities as much as it is practiced in surgeries and hospitals.

    So let’s talk first about those immediate problems, the crises facing too many parts of our National Health Service.

    The first and most important thing on many people’s minds is how long it can take to access services.

    Delays in access, with waiting times that are too long, and delays in discharge, because appropriate at home or in community care is not available.

    The two, of course, are fundamentally connected.

    Last year, I referred to delayed discharge as the canary in the coal mine of our National Health Service. I think of waiting times in much the same way.

    Both these delays tell us that the flow of people through the health system is not happening as it should.

    Put more simply, people are not getting the right care in the right place, at the right time.

    That is not acceptable to me.

    It is not acceptable to my Government, because it can lead to people getting sicker as they wait, and it can mean they can take longer to recover.

    It adds substantially to the stress they and their loved ones experience.

    It creates greater strain across the system, leading to more delays elsewhere, poorer outcomes for others and still further stress on services.

    It is the very definition of a vicious circle, and it has to come to an end.

    So, today, we commit to a substantial increase in capacity in order to significantly reduce people’s waits.

    The changes we propose – including an enhanced regional delivery model, alongside increased levels of activity in our National Treatment Centres – will deliver over 150,000 extra appointments and procedures – in hospitals, in communities – in the coming year.

    That includes 10,000 extra procedures through smarter working in the National Treatment Centres.

    Other sites – including Gartnavel, Inverclyde, Stracathro, Perth Royal Infirmary and Queen Margaret Hospital – will deliver 9,500 extra cataract procedures.

    As well as 2,500 extra orthopaedic appointments and procedures – operations such as hip or knee replacements.

    In this way, we will create centres of excellence, places of expertise and specialisation, where we will be better placed to capitalise on the technological innovation and the potential of AI.

    And we will cut our waiting lists.

    Cancer referrals, gynaecology, ophthalmology, orthopaedics, and radiology – all benefiting from this new investment.

    Centres able to deliver more care, more quickly and more efficiently than traditional, smaller, more fragmented facilities – with transport support provided for those who need it.

    And, to ensure that they do, we will put in place clear milestones and targets for those specialities that add the most to our waiting lists.

    Our second focus will see more and better care delivered in the community.

    I spoke earlier about the importance of people receiving the right care at the right time, in the right setting.

    That right setting will always be the least intensive setting appropriate to the person’s needs.

    Sometimes that appropriate setting is in hospital. More often, it is not.

    So to strengthen and renew our NHS, we will shift more care into communities and into homes.

    As much as possible, people who do not need to be in hospital will not go to hospital, protecting those acute services for those who absolutely need them.

    This new approach will mean changing the way we deliver acute services.

    By this summer, we will have specialised staff in frailty teams, at the front door of every A&E department in Scotland.

    This will mean that frail patients, often older patients with complex needs, will bypass our busy A&Es, in order to receive the specialist care and support they need, whether in hospital or back at home.

    It will mean better care for these most vulnerable patients while reducing the pressure on our A&Es.

    Our actions will also improve the NHS’s capacity to treat people at home.

    Our Hospital at Home initiative, which allows hospital-levels of care in a person’s home, will be expanded to at least 2,000 beds by the end of 2026.

    Without the need for any new bricks and mortar, the effective capacity of every single hospital in Scotland will be expanded.

    Taken together, it is action that will ease acute pressures, reduce delays, cost less to our NHS, and most importantly, help people get better more quickly, more comfortably.

    Quality care for thousands of Scots delivered not simply close to home, but at home.

    Of course, we cannot simply shift services out of acute settings. We also need to build capacity in our primary care and community health settings.

    With this in mind, the Government has been listening carefully to the views of Scotland’s GPs.

    They have described the multiple contributions general practice can make as we shift to more community-focused care. They have argued that GPs must be given the resources they need to fulfil that role.

    We have listened, and we have been persuaded.

    As a result, our plan will ensure that a greater proportion of new NHS funding goes to primary and community care.

    GPs and services in the community will have the resources they need to play a greater role in our health system.

    This increased investment will result in GP services that are easier for people to access.

    That is important in terms of people’s confidence in the health service – indeed, difficulties making GP appointments top the list of issues that people often raise with me.

    But equally, it will make it more likely that health issues are picked up quickly and dealt with earlier.

    For there is no better way to deal with illness than to prevent it.

    Addressing conditions early and intervening to prevent diseases from progressing, prevents manageable conditions from becoming serious ones.

    It is good for patients and of vital importance for the future sustainability of our National Health Service.

    That is why our plan also includes £10.5 million to build GP capacity to intervene earlier and prevent illnesses, such as cardiovascular disease.

    But this is not only an issue of money. We must also innovate and identify new ways of working.

    For example, I want to see the NHS Scotland Pharmacy First Service expand so that community pharmacies can treat a greater number of clinical conditions and prevent the need for a GP visit in the first place.

    The third part of our approach is innovation to improve access to, and delivery of, care.

    Better use of data will ensure that more operating theatres are working at maximum capacity, with best practice approaches, approaches shown to increase productivity by 20%, rolled out across the country.

    Using existing capacity, more operations will be delivered – enabling us to also deliver shorter waiting times.

    The latest innovations in genetic testing will be harnessed to enable better targeting of medications in cases ranging from recent stroke patients to new-born infants with bacterial infections.

    Smarter care, better care.

    Building on the already successful model of digital support for mental health – a service that saw 74,000 referrals in 2023-24 – we will offer support in additional areas including dermatology and the management of long-term conditions.

    This type of care, because it is not dependent on physical attendance, at a specific time, in a specific place, is more flexible.

    It means care can be made to fit better into the lives of those who use the services.

    Again, smarter care, and better care.

    And, as a much-needed addition to improve patients’ interaction with the NHS, there will be a Scottish health and social care app.

    This ‘Digital Front Door’ will begin rollout from the end of this year, starting in Lanarkshire, and, over time, it will become an ever more central, ever more important access and management point for care in Scotland.

    This is the third in a series of speeches I have delivered in recent weeks.

    In each I have spoken about the importance of identifying clear goals, clear direction to national policy.

    If we have a clear sense of the direction we wish to travel, the levels of success we wish to achieve, and if we can unite behind these goals, then genuine progress becomes all the more possible.

    Protecting, strengthening, renewing our National Health Service – that is a goal I think we can all get behind.

    MIL OSI United Kingdom –

    January 28, 2025
  • MIL-OSI: Franklin Electric Declares Payment of Increased Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Jan. 27, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.265 per share payable February 20, 2025, to shareholders of record on February 6, 2025. This represents a 6 percent increase from the prior quarterly dividend. This dividend will mark the 33rd consecutive year that Franklin Electric has increased its dividend, demonstrating its commitment to returning cash to shareholders and confidence in the outlook of the business.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    The MIL Network –

    January 28, 2025
  • MIL-OSI Asia-Pac: Immigration Department Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

         The Director of Immigration, Mr Kwok Joon-fung, held a press conference today (January 27) to review the work of the Immigration Department (ImmD) over the past year and look ahead to the future. The following is a summary of the department’s major activities in 2024 and its outlook:      Staying committed to its mission and safeguarding national security      The Safeguarding National Security Ordinance took effect upon gazettal in 2024. Together with the Hong Kong National Security Law, a comprehensive legal system and enforcement mechanism for safeguarding national security have been established in the Hong Kong Special Administrative Region (HKSAR). With a crucial role to play in safeguarding national security, the department has been guarding the country’s southern gateway rigorously with patriotism, and acts in accordance with all applicable laws and prevailing immigration policies to protect Hong Kong’s national sovereignty, security and development interests. Staying principled and innovative, the Government actively seeks reforms so that Hong Kong can advance from stability to prosperity and better integrate into the national development. It also strives to consolidate and enhance Hong Kong’s status as an international financial, shipping and trade centre. The ImmD continues to render full support to the HKSAR Government in its policy directions and measures, with a view to contributing to the prosperity and stability of Hong Kong.      Enhancing efficiency and facilitating connections and integration (A) Passenger traffic at control points      In 2024, a total of around 298 million passengers passed through Hong Kong’s control points, representing an increase of about 41 per cent over 2023 and a return to the 300 million level in 2019. The total number of visitor arrivals was around 44.5 million, representing an increase of about 31 per cent as compared with that of 2023, of which Mainland visitor arrivals were around 34.04 million, representing an increase of about 27 per cent when compared with that of 2023. Meanwhile, the number of arrivals of other visitors in 2024 was around 10.46 million, representing an increase of about 44 per cent over 2023. Among the visitor arrivals in 2024, around 9.86 million visitors travelled through the Airport Control Point, while around 32.81 million visitors and around 1.84 million visitors passed through land control points and sea control points respectively. (B) Enabling people movement (1) Enhancing handling capacity of control points      The ImmD has been taking various measures, including flexible deployment of manpower, optimisation of workflow and effective use of information technology, etc, to continuously enhance the handling capacity and efficiency of control points. Among them, the Heung Yuen Wai Boundary Control Point has seen a continuous increase in users since its passenger clearance services commenced operation in February 2023. To further enhance the clearance capacity, the ImmD set up 10 additional mobile counters in the arrival hall of the Heung Yuen Wai Boundary Control Point and completed the enhancement works in early June 2024 to replace some of the conventional counters with e-Channels, thereby increasing the number of e-Channels in the arrival hall from the existing 14 to 18. Furthermore, to enhance the handling capacity and efficiency of the Express Rail Link West Kowloon Control Point, in addition to the existing 22 e-Channels, 19 extra e-Channels were installed in phases in the arrival hall, which were then put into service progressively starting from June 26, 2024. (2) Extension of e-Channel service            The ImmD launched the Contactless e-Channel service in 2021 to allow registered Hong Kong residents to undergo self-service immigration clearance using an encrypted QR code generated by the “Contactless e-Channel” mobile application and facial recognition technology. As at the end of 2024, around 5 million Hong Kong residents had registered for the service and the number of passengers who used the service reached around 150 million, accounting for nearly 75 per cent of the daily number of Hong Kong residents using the e-Channels. On July 19, 2024, the ImmD launched the Mutual Use of QR Code between HKSAR and Macao SAR Clearance Service in collaboration with the relevant authorities of Macao. Eligible Hong Kong residents who have registered for using the Macao Automated Passenger Clearance Service may use the encrypted QR code generated by the “Contactless e-Channel” mobile application for self-service immigration clearance in Macao. Similarily, eligible Macao permanent residents may also use the encrypted QR code generated by the “Macao One Account” mobile application for self-service immigration clearance through the e-Channels in Hong Kong. As at the end of 2024, the numbers of Hong Kong residents and Macao residents who used the service were around 400 000 and 210 000 respectively. (3) Cancelling the requirement for visitors to furnish arrival or departure cards      To further streamline immigration procedures, the ImmD has cancelled the requirement for visitors to furnish an arrival or departure card with effect from October 16, 2024. All passengers are no longer required to complete and furnish an arrival or departure card, thereby facilitating a faster and more convenient immigration clearance process.      Attracting talent by building Hong Kong into an international hub for talent      In support of the Government’s initiatives to attract and retain talent, as well as building Hong Kong into an international hub for talent, the ImmD continued to implement the various enhanced talent admission schemes and deployed additional manpower and streamlined the system to speed up the processing of relevant applications. Meanwhile, technology was also utilised to enhance electronic services, making the submission of visa applications more convenient and efficient. (For details of the numbers of applications for visas/entry permits/extensions of stay received and approved under various admission schemes/policies, please refer to the Annex.) (A) Enhancing talent admission schemes (1) Enhancing the assessment criteria and arrangements for the General Points Test under the Quality Migrant Admission Scheme      With effect from November 1, 2024, the General Points Test (GPT) under the Quality Migrant Admission Scheme (QMAS) has been enhanced by adopting clearer and more objective scoring criteria, as well as streamlining the application and selection process. The enhanced GPT replaced the original item-by-item scoring system with an assessment questionnaire comprising 12 assessment criteria across six major aspects, namely age, academic qualifications, language proficiency, work experience, income and business ownership. Applicants may submit applications if they meet a minimum of six assessment criteria. The ImmD will pass the eligible applications to an assessment panel chaired by the Secretary for Labour and Welfare. The assessment panel will then provide advice to the Director of Immigration according to the selection results. There is no annual quota under the enhanced GPT. (2) Expanding the list of eligible universities under the Top Talent Pass Scheme and extending the validity period of the first visa for Category A applications      To further expand the network for attracting talent, starting from November 1, 2024, 13 top Mainland and overseas universities/institutions have been added to the list of eligible universities under the Top Talent Pass Scheme (TTPS). The aggregate list currently covers a total of 199 eligible institutions after the annual update. In addition, with effect from October 16, 2024, the validity period of the first visa of applicants approved under Category A of the TTPS has also been extended from two years to three years to facilitate their advance planning for relocation to Hong Kong with their families. The new measure also applies to Category A applicants whose applications were approved before the aforementioned date. (3) Extending the immigration arrangements for graduates from the Greater Bay Area campuses of Hong Kong universities      In late 2022, the Immigration Arrangements for Non-local Graduates was expanded to include graduates from the Greater Bay Area (GBA) campuses of Hong Kong universities on a pilot basis for two years. The HKSAR Government announced in October 2024 that the arrangements would be extended for two years to the end of 2026. (B) Temporarily exempting full-time non-local undergraduate students from restrictions on taking up part-time jobs      Starting from November 1, 2024, full-time non-local undergraduate students have been temporarily exempted from the restrictions on taking up part-time jobs to enhance their personal experience of working in Hong Kong, thereby increasing their incentive to stay in Hong Kong for development after graduation. Eligible full-time non-local undergraduate students are allowed to take up part-time employment within the duration of their studies, with no restrictions on the number of working hours and location. (C) Implementation of New Capital Investment Entrant Scheme      The New Capital Investment Entrant Scheme was launched on March 1, 2024, with the aim to further enrich the talent pool and attract more new capital to Hong Kong. An eligible applicant must invest a minimum of HK$30 million in the permissible investment assets. Invest Hong Kong is responsible for assessing whether the applications fulfil the financial requirements, and the ImmD is responsible for assessing the applications for visa and entry permits and extensions of stay, etc. (D) Relaxation of visa arrangements for nationals of Cambodia, Laos, Myanmar and Vietnam      To foster closer ties with countries of the Association of Southeast Asian Nations (ASEAN), following the relaxation of criteria for Vietnamese nationals applying for multiple-entry visas for travel or business in 2023, the relaxation measure has been extended to include nationals of Cambodia, Laos and Myanmar starting from October 16, 2024. Meanwhile, the validity period of multiple-entry visas for nationals of these four ASEAN countries has also been extended from two years to three years. The ImmD has put in place a fast-track arrangement for group visitors from ASEAN countries who submit their visa applications via local travel agents, so that the processing time of the visa applications can be significantly shortened.      Be people-oriented and improve their livelihood in pursuit of happiness (A) Commissioning of the new Immigration Headquarters      Located at the Tseung Kwan O town centre, the new Immigration Headquarters officially commenced operation on June 11, 2024, marking a new milestone in the development of the department. Not only is the new headquarters equipped with better facilities and infrastructure, it also houses the Tseung Kwan O Marriage Registry and Tseung Kwan O Births Registry, delivering quality public services to citizens. The marriage hall of the Tseung Kwan O Marriage Registry features an innovative design with special wall panels, a lighting system that can be set to different colours, as well as various photo-taking spots. Since its opening on June 26, the hall has been popular among the public. As at the end of 2024, more than 1 300 weddings were held there. (B) New submission and collection kiosks for personal documentation      The Registration of Persons (Amendment) Regulation 2024 came into effect on December 13, 2024. On the same day, the ImmD introduced self-application services for identity cards (ICs), expanding the service scope of the Personal Documentation Submission Kiosks to cover IC applications, in addition to HKSAR passport applications. The new services cover three types of replacement applications of IC holders who are aged 18 or above holding a locally issued smart IC, i.e. (i) replacement for an adult IC for persons reaching the age of 18; (ii) replacement for a permanent IC for persons having their eligibility for a permanent IC verified; and (iii) replacement for a new smart identity card for persons holding a valid old form of smart identity IC. Eligible applicants may apply for an IC replacement in a self-service manner and submit their HKSAR passport applications in one go. For collection of documents, members of the public may also collect their ICs and HKSAR passports in a self-service manner through the Personal Documentation Collection Kiosks. A total of 54 new personal documentation kiosks are provided in the new headquarters. The service hours of some of the kiosks have been further extended until 10pm to enable eligible applicants’ access to the services beyond office hours. In addition, starting from December 13, 2024, the processing time for new smart ICs has been shortened from the current seven working days to five working days. Members of the public may collect their new ICs on the next working day upon completion of application processing by the ImmD. (C) Conclusion of Territory-wide Identity Card Replacement Exercise      Following the conclusion of the Territory-wide Identity Card Replacement Exercise on March 3, 2023, the Smart Identity Card Replacement Centres ceased operation. Residents who have yet to replace their smart identity cards can visit the four designated Registration of Persons (ROP) Offices during the extended service hours or the ROP – Kwun Tong (Temporary) Office for identity card replacement. As at the end of 2024, a total of some 7.32 million identity card holders had replaced their smart identity cards, representing a replacement rate of about 91 per cent. The Secretary for Security has made the Registration of Persons (Invalidation of Identity Cards) Order 2024 under section 7C of the Registration of Persons Ordinance (Cap. 177), declaring that the old form of smart identity cards issued before November 26, 2018, will be invalidated in two phases in 2025. Moreover, the On-site Identity Card Replacement Service (On-site Service), which had been temporarily suspended for over two years due to the pandemic, resumed in November 2022 to provide on-site identity card replacement service to eligible residents of residential care homes (RCHs). As at the end of 2024, the outreach teams had visited around 1 100 RCHs to complete the replacement procedures for over 45 200 residents. It is anticipated that the On-site Service will conclude in the first quarter of 2025. (D) Granting of visa-free access for HKSAR passport holders      In 2024, the ImmD issued a total of more than 900 000 HKSAR passports. Since July 2024, the period of visa-free entry for HKSAR passport holders to Thailand has been extended from up to 30 days to 60 days. As at the end of 2024, 171 countries or territories had granted visa-free access or visa-on-arrival for HKSAR passport holders. The ImmD will continue to lobby more countries or territories to grant visa-free access or visa-on-arrival for HKSAR passport holders to provide travel convenience. (E) Services and support for Hong Kong residents in distress outside Hong Kong (1) Assistance to Hong Kong residents in distress outside Hong Kong      The ImmD’s Assistance to Hong Kong Residents Unit (AHU) has been making every effort to provide practical assistance to Hong Kong residents in distress outside Hong Kong. The AHU maintains close ties with the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR (OCMFA), Chinese diplomatic and consular missions overseas and other relevant HKSAR government departments to provide all practicable help and support to assistance seekers. To step up its services and support for Hong Kong residents in distress outside Hong Kong, the ImmD introduced the 1868 WeChat assistance hotline and 1868 Chatbot on March 18, 2024. Along with the existing options, Hong Kong residents may contact the AHU through a total of six different channels for assistance. In 2024, the AHU handled 3 302 requests for assistance in total, most of which involved loss of travel documents, hospitalisation, casualties, etc outside Hong Kong. Among the requests received, there were cases of Hong Kong residents suspected of having been lured to Southeast Asian countries and detained to engage in illegal work. The ImmD has provided appropriate advice and practicable assistance to the persons concerned or their families according to their wishes. In the light of the situation in Lebanon and Israel, the ImmD has also maintained close contact with the OCMFA and relevant Chinese Embassies to follow up as appropriate. With the assistance of the Embassy, three Hong Kong residents were safely evacuated from Lebanon by vessel and flight under the national arrangements. (2) Publicity on consular protection and outbound travel safety     In June 2024, the ImmD and the OCMFA co-organised the Consular Protection Month to widely disseminate information on consular protection and outbound travel safety through a series of activities, including holding the launching ceremony of the Consular Protection Month at Hong Kong International Airport (HKIA), organising roving exhibitions on consular protection across the territory, setting up booths at the International Travel Expo and conducting joint seminars with the OCMFA. Meanwhile, the “Consular Protection and Outbound Travel Safety” online exhibition was launched to enable members of the public to learn more about consular protection and outbound travel safety through various activities. (F) Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens)      The Exit and Entry Administration of the People’s Republic of China started to issue Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens) (Permits) from July 10, 2024, onwards. To apply for the Permit, applicants are required to apply for a Notice of Application for Access to Information (Notice) from the ImmD. The Notice will normally be made available within 10 days upon receipt of the request. As at the end of 2024, a total of about 87 000 applications in relation to the Notice had been received, among which 99 per cent had been processed.      Stringent law enforcement and securing social stability (A) Law enforcement           The ImmD is dedicated to combating immigration-related crimes. Its Cybercrime and Forensics Investigation Group has been actively conducting targeted cyber patrols and taking enforcement actions against those who organise, arrange or incite the public to commit serious crimes such as employing illegal workers through social media or instant messaging software, with a view to tackling illegal employment and protecting the job opportunities of local workers. (1) Combating illegal employment      In 2024, the ImmD conducted a total of 17 906 operations against illegal employment and arrested 4 172 illegal workers and 513 local employers altogether. In particular, a total of 444 non-ethnic Chinese illegal workers and 146 local employers who employed them were arrested during the enforcement operations against non-ethnic Chinese illegal workers. Employing illegal workers is a serious offence. A dishwashing service company licensee was convicted for employing illegal workers and sentenced to 19 months’ imprisonment in February 2024. In July and August 2024, under the co-ordination of the Exit and Entry Administration of the People’s Republic of China, the ImmD mounted a cross-boundary joint operation with the Exit and Entry Administration Offices of the public security authorities of Guangxi and Guangdong and the Shenzhen Frontier Inspection Station, cracking down on a cross-boundary forgery syndicate that specialised in soliciting Mainlanders to take up illegal employment in Hong Kong, resulting in the arrest of a total of 201 persons and the seizure of a large quantity of forgery equipment and forged documents. In regards to the Hong Kong side, the ImmD mounted an operation codenamed “Vanguard” and arrested a total of 97 persons, including a syndicate mastermind and serveral core members, as well as a number of suspected illegal workers and employers suspected of employing them. (2) Strengthening counter-terrorism preparedness, combating illegal transnational migration and document fraud      Officers of the ImmD intercepted suspicious persons at immigration control points in light of terrorist threat assessments and actual circumstances, and kept visitors in suspected association with terrorist activities under surveillance to prevent such persons from attempting to enter Hong Kong. In 2024, the ImmD conducted a total of 13 664 related inspection operations at various immigration control points, and intercepted 32 551 passengers in total for enquiries. To enhance its preparedness and response capability for emergencies and terrorist attacks, the ImmD participated in a large-scale interdepartmental counter-terrorism exercise codenamed “Wisdomlight” at the Kai Tak Sports Park in December 2024. During the exercise, the ImmD showcased its recently commissioned mobile identification tactical unit, while the Emergency Response Team of the Castle Peak Bay Immigration Centre (CIC) demonstrated how to quell a disturbance. Moreover, the ImmD has been working with different law enforcement agencies to combat illegal transnational migration, with the focus on investigation into document fraud, in order to prevent anyone from entering Hong Kong or travelling to other countries or territories via Hong Kong with forged travel documents. The ImmD’s Anti-Illegal Migration Agency conducted a total of 30 438 operations against forgery activities, including joint operations with overseas and local law enforcement agencies against illegal transnational migration. A total of 23 693 passengers were intercepted for enquiries. (B) Handling non-refoulement claims (1) Combating illegal entry of non-ethnic Chinese      The ImmD has commenced dedicated operations with Mainland and local law enforcement agencies since 2016 in order to take sustained enforcement action against illegal immigration activities of non-ethnic Chinese. While a sharp increase in the number of non-ethnic Chinese illegal immigrants intercepted in the second half of 2023 was once noted, the situation has improved significantly following the strengthened enforcement actions through concerted efforts of enforcement agencies. The number of interceptions plummeted by 84 per cent from the peak of 364 in October 2023 to a monthly average of 57 in 2024. The ImmD will continue to step up intelligence exchanges with enforcement agencies on the Mainland and in Macao to further combat illegal immigration precisely. (2) Advance Passenger Information System      To meet the aviation security requirements of the Convention on International Civil Aviation and to align Hong Kong with other aviation hubs worldwide, as well as to enable the ImmD to further enhance its clearance and enforcement capabilities to prevent undesirables, including potential non-refoulement claimants, from boarding flights heading to Hong Kong, the ImmD implemented the Advance Passenger Information (API) System on September 3, 2024, requiring airlines to transmit advance information to the ImmD about flights and passengers heading to Hong Kong through the API System when checking in travellers, and act upon the direction given through the system to allow or not allow specific travellers to board the aircraft heading to Hong Kong. To allow sufficient time for over 100 airlines to connect to the API System and to ensure that the system will run in a smooth and orderly manner, the rollout will be carried out in phases. A transitional period of around 12 months will also be provided. The offences and defences, and the miscellaneous provisions relating to the API System under Cap. 115Q, Laws of Hong Kong will come into effect after the transitional period, namely starting from September 1, 2025. (3) Stepping up the screening process      The ImmD continued to speed up the screening of non-refoulement claims with flexible staff deployment and optimised workflow. In 2024, the ImmD determined over 2 700 non-refoulement claims. As at the end of last year, there were about 850 claims pending screening by the ImmD. Under the unified screening mechanism, over 95 per cent of the claimants rejected by the ImmD lodged appeals against the decisions. As at the end of 2024, there were about 750 claimants who had lodged appeals pending decision by the Torture Claims Appeal Board/Non-refoulement Claims Petition Office. (4) Better management of detainees      To enhance security and management efficiency, the CIC is pressing ahead with a number of enhancement projects, including overhauling the CCTV surveillance system; launching an RFID (radio frequency Identification) Equipment Management System; and installing a Contactless Vital Sign Monitoring System to remotely monitor the vital signs of detainees. The CIC has also deployed small unmanned aircraft to carry out patrol duties from time to time to eliminate potential security threats. In addition to the CIC, the HKSAR Government included the Tai Tam Gap Correctional Institution and the Nei Kwu Correctional Institution (NKCI) as places of detention of the ImmD in 2021 and 2023 respectively, thereby increasing the number of detention places for detaining non-refoulement claimants to three. When the in-situ expansion of the NKCI is completed in 2025, the overall detention capacity of the three detention places will increase to 940. (5) Enhancing efficiency of removing unsubstantiated claimants      The ImmD has been committed to promptly removing unsubstantiated non-refoulement claimants from Hong Kong. In 2024, the ImmD removed 2 219 unsubstantiated claimants from Hong Kong, representing a rise of 24 per cent when compared with that in 2023. Under the updated removal policy effective from December 7, 2022, the ImmD may generally proceed with the removal of an unsubstantiated claimant whose judicial review case has been dismissed by the Court of First Instance of the High Court, thereby enhancing the efficiency of and efforts in removing unsubstantiated claimants. Since the implementation of the policy till the end of 2024, the ImmD removed a total of 4 070 unsubstantiated claimants from Hong Kong, including 314 claimants who were removed under the updated removal policy.      Nurturing young people and strengthening patriotic teams (A) Hong Kong will prosper when its young people thrive (1) Immigration Department Youth Leaders Corps      The ImmD formed the Immigration Department Youth Leaders Corps (IDYL) to provide systematic and regular disciplinary and leadership training for members by sending dedicated training officers to secondary schools with the aim of nurturing them to become pillars of society who love the country and Hong Kong. There is also a post-secondary student team, IDYL Plus, members of which have already been admitted to post-secondary institutes. They will be the experienced leaders to pass the values of the IDYL and their personal experiences to younger members. To celebrate the 75th anniversary of the founding of the People’s Republic of China, the IDYL organised a Shanghai summer exchange tour in July for 75 members to learn about the history of the motherland and have an in-depth exchange of ideas with local young people. As at the end of 2024, a total of over 950 students participated in the IDYL. (2) Immigration Department Youth Ambassador Programme      The ImmD launched the Immigration Department Youth Ambassador Programme in November 2023 and used the Immigration Divisions of the Mainland Offices of the HKSAR Government (Mainland Offices) as bases to recruit young people from Hong Kong who are studying and living in various provinces on the Mainland as Youth Ambassadors. Since the launch of the Programme, the ImmD has appointed 32 Youth Ambassadors in Beijing, Guangzhou, Shanghai and Wuhan. The appointed Youth Ambassadors will have diverse learning opportunities provided by the ImmD during the one-year term and collaborate with the Mainland Offices in disseminating the latest information and in briefing the public on the business scope of the department. The ImmD expects that the Programme will broaden the Youth Ambassadors’ horizons and lay solid groundwork for their different future positions in society. (B) Staff training and continuous development (1) Recruitment of service members      The ImmD launched a new round of in-service appointments and open recruitment of Immigration Officers in May 2024, while the open recruitment of Immigration Assistants continued to be all year round. During the recruitment exercises in 2024, the department recruited about 100 Immigration Officers and 210 Immigration Assistants. (2) National studies     In 2024, a total of 366 members of the Immigration Service were arranged to attend training courses in various Mainland institutes, including the National Academy of Governance, the First Standing Force of the Exit and Entry Administration of the People’s Republic of China, the China Foreign Affairs University, and the China People’s Police University. Moreover, in order to reinforce the concept of national security among newly recruited Immigration Officers, deepen their understanding of the history and development of the motherland as well as enhance their knowledge of the country’s immigration regime, with the staunch support of the Ministry of Public Security and the China People’s Police University, the ImmD has arranged 200 Immigration Officer trainees to participate in the National Affairs and Immigration Control Training Course for Immigration Officer Trainees at the China People’s Police University (Guangzhou) since October 2023. The ImmD will actively co-ordinate with relevant Mainland authorities so that newly recruited Immigration Assistants can also receive training in the Mainland.      Vision for 2025      Utilising technologies to enhance service standards (A) New milestone of e-Channel service      Since the launch of the first e-Channel at the Lo Wu Control Point in December 2004, the total number of users of e-Channels has exceeded 2 billion. Over the past two decades, the ImmD has been striving for innovation in enhancing the clearance efficiency of e-Channels and expanding the service target group in order to provide immigration services of the highest quality to members of the public and visitors. To further enhance service quality, the ImmD has set two key directions for the future development of e-Channels, namely “simplicity” and “efficiency”. While ensuring information security, the ImmD will introduce more innovative technologies for e-Channel users to perform immigration clearance in a more convenient and faster manner. (1) Extension of applicable age of e-Channel service      At present, Hong Kong permanent residents aged 11 or above holding a smart identity card can use e-Channels for self-service immigration clearance. To enhance clearance efficiency, the ImmD will adjust the applicable age of the e-Channel service for Hong Kong permanent residents from the first quarter of 2025 onwards so that children aged 7 or above holding a valid HKSAR passport and a Hong Kong permanent identity card can undergo self-service immigration clearance with a smart identity card using facial recognition technology at e-Channels. The implementation date will be announced later. (2) Introduction of new e-Channel      The ImmD plans to introduce the new e-Channel at the Arrival Hall of HKIA in the third quarter of 2025, which will enable eligible Hong Kong residents to experience hassle-free self-service immigration clearance through verification of identity by facial recognition technology at the new e-Channel upon arrival without prior enrolment or presenting travel documents or QR codes. (3) Innovative proposal for the application of technologies in handling immigration clearance for private cars      The ImmD and the Hong Kong Applied Science and Technology Research Institute (ASTRI) signed a Memorandum of Understanding in April 2024 to explore an innovative proposal for the application of technologies in four areas, i.e. Innovative Immigration Control Operation, Biometric Identification and Authentication, Artificial Intelligence Assisted Immigration Application and Collaborative Robotics Technology. Currently, the ImmD is making substantial efforts in a collaborative project relating to the Innovative Immigration Control Operation with ASTRI, actively researching whether a technology solution underpinned by facial recognition technology can be used to handle immigration clearance of private car passengers, with a view to further enhancing passenger clearance experience. (B) Upgrading infrastructure of boundary control points (1) Redevelopment of Huanggang Port      To tie in with the Guangdong-Hong Kong-Macao Greater Bay Area development blueprint and enable smooth and efficient people and cargo flows within the area, the HKSAR Government has been forging ahead with a series of measures to further enhance the capacity of control points and the clearance efficiency, with the redevelopment of the Huanggang Port as one of the key projects. The new Huanggang Port will implement the “co-location arrangement” and adopt a new clearance mode of “collaborative inspection and joint clearance”, making it the first boundary control point between Guangdong Province and the HKSAR adopting such a clearance mode. Currently, Hong Kong and Shenzhen are taking forward the construction works of the new Huanggang Port building and specific immigration clearance arrangements. The target is to strive for basic completion of the new Huanggang Port building by the end of 2025. The ImmD will continue to maintain close liaison with the authorities of both Hong Kong and the Mainland, and proactively implement all relevant preparatory work. (2) Airport Terminal 2      With the full commissioning of the Three-Runway System (3RS) of HKIA in 2024, the capacity of HKIA will be substantially enhanced. Terminal 2 (T2) under the 3RS project is undergoing expansion. Upon completion, it will provide full-fledged terminal services with additional immigration facilities, which include a total of 137 immigration clearance counters and 60 e-Channels. T2 will be opened in phases based on passenger traffic demand. The ImmD will maintain close ties with the Airport Authority Hong Kong and other relevant HKSAR government departments to ensure the smooth commissioning and running of T2. (C) Providing immigration facilitation to the 15th National Games      The ImmD fully supports the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games to be held in 2025, whereby special immigration lanes will be provided in the closed areas of designated control points on Hong Kong side to provide faster and more convenient clearance services for athletes from the Mainland and Macao and their accompanying staff. (D) Commencement of study of Fourth Information Systems Strategy (ISS-4)      To further work in tandem with the HKSAR Government’s smart city initiative and proactively seize the opportunities of innovative technology and artificial intelligence technology, the ImmD has appointed a consultant in August 2024 to conduct a new round of reviews on information systems and formulate the ISS-4 as the department’s long-term information technology development blueprint. The research for the ISS-4 is expected to be completed in the second quarter of 2025. (E) Enhancing various measures for attracting talent      The ImmD will continue to fully support the HKSAR Government’s measures for attracting and retaining talent. A new channel will be introduced under the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals in 2025 to allow young and experienced non-degree talent with relevant professional and technical qualifications to apply for entry into Hong Kong to join the skilled trades facing acute manpower shortage. There will be a quota under such an arrangement. Moreover, a new mechanism will be introduced under the QMAS in 2025 to proactively invite top-notch and leading talent to come to Hong Kong for development, promoting Hong Kong as the focal point of international high-calibre talent.

    MIL OSI Asia Pacific News –

    January 28, 2025
  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Albania

    Source: IMF – News in Russian

    January 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Albania on January 17, 2025.

    The Albanian economy has turned in a strong performance in recent years, underpinned by prudent macroeconomic policies. Output is now well above its pre-pandemic trend thanks to a booming tourism sector. Prudent fiscal policies contributed to a remarkable reduction in public debt while proactive monetary policy, falling global commodity prices, and lek appreciation have facilitated disinflation. External imbalances have shrunk considerably.

    Growth prospects are expected to remain robust. Following an expansion of 3.9 percent in 2023, real GDP growth is projected to average around 3½ percent in 2024–2029, driven by domestic consumption, tourism, and construction activity. End-of-year inflation in 2024 is expected at around 2 percent, below the Bank of Albania’s (BoA) 3 percent target. Although base effects from a significant month-on-month drop in early 2024 will temporarily push up inflation in the first half of 2025, a sustained return to target is not expected before 2026, given the high degree of inertia in the inflation process in Albania.

    The authorities are expected to outperform their 2024 budget target. With revenues on track, thanks to the favorable conjuncture, and capital spending execution lagging, the primary surplus is projected at around 0.5 percent of GDP in 2024, marginally higher than the
    0.3 percent of GDP budget target. The 2025 budget aims for a zero primary balance. The public debt ratio, expected at around 56 percent at end-2024, is expected to decline to around 50 percent in 2029 and is assessed to be sustainable over the medium-term.

    Systemic vulnerabilities in the financial system appear broadly contained. The banking sector remains well-capitalized and liquid with average prudential ratios well above regulatory requirements. However, banks’ large-borrower and sovereign exposures represent sources of risk, as does the rapid expansion of banks’ lending to the real estate sector, which has seen continued price increases and accounts for two-thirds of unhedged FX loans.

    Notwithstanding the upbeat macroeconomic picture, considerable structural challenges remain. GDP per capita stands at just around a quarter of the U.S. and EU-15 levels, amid rapid aging and emigration. Wide-ranging reforms, including to enhance governance and public financial management frameworks, boost human capital and productivity, are needed to catalyze lasting higher growth and convergence. 

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Albania’s recent strong economic performance, underpinned by prudent macroeconomic policies and booming tourism. Directors concurred that the outlook remains favorable with broadly balanced risks, but noted structural challenges related to rapid population aging, emigration, low productivity, and governance shortcomings. They emphasized the importance of preserving macroeconomic stability while advancing reforms to accelerate convergence with the EU and promote sustainable and inclusive growth.

    Directors considered that maintaining a modest annual primary surplus alongside continued efforts to strengthen debt management would reinforce fiscal resilience. While welcoming the progress on the authorities’ medium‑term revenue strategy, they emphasized that sustained revenue administration and tax policy reforms will be needed to address rising spending needs. Directors stressed that public investment and fiscal risk management reforms, especially related to state‑owned enterprises and public‑private partnerships, remain critical to fiscal transparency.

    Directors agreed that uncertainty around the outlook calls for a continued data‑dependent approach to monetary policy. As the sustained lek appreciation is assessed to be largely driven by fundamentals, Directors emphasized that the exchange rate should be allowed to adjust more flexibly, with intervention serving as a complementary tool to address non‑fundamental fluctuations. Carefully weighing the costs and benefits of further reserve accumulation would also be important.

    Directors concurred that continued supervisory vigilance is vital given pockets of vulnerability in the financial sector related to credit growth in the real estate sector as well as banks’ large borrower and sovereign exposures. They encouraged the authorities to ensure strict regulatory compliance and greater alignment with EU standards, and to enhance the macroprudential toolkit. Deepening financial markets and improving oversight of non‑bank financial institutions are key to enhancing resilience and preserving integrity.

    Directors emphasized that deeper reforms are needed to maximize the gains from the EU accession process. Policies should focus on enhancing productivity by fostering global value chain integration, removing barriers to firm growth, and promoting access to bank lending. Further efforts to update education and training programs, advance on the digital agenda, boost female labor force participation, and diversify renewable energy sources would also be important. Directors emphasized that continued infrastructure investments and governance reforms—including the implementation of the 2024–30 Anticorruption Strategy and further implementation of AML/CFT international standards—are key priorities.

     

    Albania: Selected Economic Indicators

    Population: 2.8 million (2023)

    Per capita GDP ($): 8300 (2023)

    Life expectancy (years): 76.8 (2023)

    Literacy rate: 99% (2022)

    Nominal GDP ($bn): 23.0 (2023)

    Poverty rate: 21.7% (2023)

    Quota: SDR 139.3 million (0.03 percent of total)

     

    2023

    2024

    2025

    2026

     

    Proj.

    Output

    Real GDP growth (%)

    3.9

    3.6

    3.5

    3.5

    Output gap (%)

    0.5

    0.3

    0.1

    0.0

    Prices

          Inflation (%, average)

    4.8

    2.2

    2.8

    2.8

          Inflation (%, end-period)

    3.9

    2.0

    2.2

    3.0

    General government finances

    Revenues (% GDP)

    27.2

    28.1

    27.9

    27.9

    Expenditures (% GDP)

    28.5

    29.8

    30.4

    30.5

    Fiscal balance (% GDP)

    -1.3

    -1.7

    -2.5

    -2.6

    Public debt (% GDP) 1/ 2/

    58.4

    56.4

    55.5

    54.5

    Primary balance (% GDP)

    0.7

    0.5

    0.0

    0.0

    Money and credit

    Broad money (% change)

    2.0

    7.1

    5.4

    6.6

    Credit to the private sector (% change)

    5.0

    10.7

    5.4

    6.6

    Balance of payments

    Current account (% GDP)

    -1.2

    -3.4

    -3.7

    -3.9

    FDI (% GDP)

    5.7

    6.0

    6.0

    5.8

    Reserves (months of imports)

    7.3

    6.3

    6.2

    6.3

    External debt (% GDP)

    46.2

    41.0

    39.8

    38.7

    Sources: Albanian authorities, World Bank, UNDP, and IMF staff estimates and projections.

    1/ Public debt refers to the general government and includes all public domestic and external guarantees as well as arrears from central and local government and VAT refund arrears.

    2/ The 2021 SDR allocation equivalent at present to $170 million is recorded with the Bank of Albania and is used as a credit line.

               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/01/24/pr25016-albania-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

    January 27, 2025
  • MIL-OSI Asia-Pac: Smooth logistics to serve visitors

    Source: Hong Kong Information Services

    Secretary for Transport & Logistics Mable Chan

    Today is the Winter Solstice, one of the most important festivals for the Chinese community. First and foremost, I would like to wish everyone a joyful and peaceful reunion on this special occasion. Following the Winter Solstice, we have Christmas, New Year’s Eve, and New Year holidays around the corner. My colleagues and industry friends have already made full preparations for the seamless flow of people and goods, ensuring everyone can enjoy this festive season with their families and friends.

    Aviation Capacity Restored to Pre-Pandemic Levels

    Hong Kong International Airport (HKIA) successfully operated all three runways simultaneously last month, just in time for the Christmas peak. I believe some of you may have already set off last night as the Airport Authority anticipates that we will see a peak in departures this weekend.

    Another piece of good news to share is that the Airport Authority expects daily passenger traffic to reach pre-pandemic peak of approximately 200,000 passengers during Christmas. In fact, we have reached 1,150 flight movements today, which is very close to the pre-pandemic 1,200 daily movement and these all reflect that the airport’s capacity has been fully restored. Local airlines are actively exploring new destinations to support the expansion of HKIA’s network, in order to provide more choices for travellers. To inject new demand into HKIA, we have launched direct passenger services to Xining, Zhoushan, Huangshan, and Yichang in Mainland China; Vientiane, Laos; Riyadh, Saudi Arabia; Sendai and Yonago, Japan; and Cairns, Australia earlier this year. Local airlines will also open direct flights in phases to the Gold Coast, Australia; Dallas, the US; Hyderabad, India; Munich, Germany; and Brussels, Belgium next year.

    World-Class Temperature-Controlled Logistics

    As the flow of people at HKIA is bustling, the achievements in our logistics industry are equally undeniable. Earlier, I celebrated Christmas with colleagues from my bureau and shared with them seasonal fruits from around the world. Hong Kong’s fruit market gathers top-quality produce with strict temperature requirements from the five continents, all at reasonable prices and arriving fresh to customers. This is made possible by Hong Kong’s world-class and highly efficient air transportation facilities, which clearly demonstrate the city’s advantages in air freight, especially in temperature-controlled logistics.

    The Christmas holiday is filled with opportunities for gatherings and feasts. I invite everyone to take the chance to experience the convenience of Hong Kong’s temperature-controlled logistics, enjoying global cuisine right here in the city. The high-quality temperature-controlled goods in Hong Kong not only benefit the 7.8 million residents but also extend their reach to the 86 million people in the Greater Bay Area (GBA).

    By the end of next year, the Airport Authority will complete the first phase of the permanent facilities for the “HKIA Dongguan Logistics Park” aiming to gradually handle 1 million tons of cargo annually. To meet the growing demand in the GBA for fresh food, such as high-value frozen tuna, salmon and other seafood, the Airport Authority is working with the Dongguan Municipal Government to establish a new customs-designated supervision area for fresh food at the HKIA Dongguan Logistics Park. The Dongguan Municipal Government has received approval from the General Administration of Customs of People’s Republic of China to establish a new designated customs supervision site for fresh food at the Logistics Park. Facilities such as refrigerated storage and inspection areas are currently being prepared for construction.

    As the world’s busiest cargo airport, HKIA has always made me proud. In 2023, HKIA handled 4.3 million tonnes of cargo. This year, the growth momentum continues, with 4.5 million tonnes of cargo processed in the first eleven months alone, surpassing the total cargo volume for the entire previous year. HKIA was named “Cargo Airport of the Year – Asia Pacific” and “Air Cargo Technology Provider of The Year” at the 11th Payload Asia Awards, held in Singapore. I hope HKIA continues their excellent work, propelling both passenger and cargo services to new heights.

    Welcoming travellers of Shenzhen’s Multiple-Entry Individual Visit Scheme

    The central government has resumed the multiple-entry Individual Visit Scheme (IVS) for Shenzhen permanent residents and is implementing a new arrangement to expand the multiple-entry IVS to Shenzhen residence permit holders on December 1. In addition, various exciting activities are taking place across Hong Kong in December, including the New Year’s Eve countdown fireworks display, and it is expected that the number of visitors to Hong Kong will significantly increase during that period. I sincerely invite travellers from the Mainland and overseas to stay a few more days in Hong Kong to experience the charm of this metropolitan city and the unique blend of Eastern and Western Christmas atmosphere.

    We have also made arrangements for transportation on New Year’s Eve. The Transport Department will coordinate with the opening hours of boundary control points to enhance transportation services connecting various ports, including increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge shuttle bus (Gold Bus), the Lok Ma Chau-Huanggang cross-boundary shuttle bus service. Public transport operators will increase their capacity. The Mass Transit Railway (MTR) Corporation will not only provide overnight service on most railway lines on New Year’s Eve but also extend the service of the East Rail Line to and from the MTR Lo Wu Station. There will be a bus route between MTR Sheung Shui Station and San Tin Public Transport Interchange to facilitate East Rail Line passengers in using the 24-hour crossing at Lok Ma Chau/Huanggang after the service to Lo Wu concludes.

    Finally, I would like to take this opportunity to wish all citizens a sweet and warm Christmas, and to carry the joy into 2025. I also want to express my heartfelt gratitude to all those who will be on duty in various locations during the holiday period to serve the public.

    Secretary for Transport & Logistics Mable Chan wrote this article and posted it on her blog on December 21.

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI United Kingdom: Long cold winter shows need for permanent protections from eviction

    Source: Scottish Greens

    21 Dec 2024 Housing

    Tenants must feel secure in their homes this winter and beyond.

    More in Housing

    Scottish Greens spokesperson for housing Ariane Burgess MSP is urging landlords to avoid evictions this winter to ensure that nobody is left out in the cold this Christmas. 

    Almost nine months since the moratorium was lifted, Scotland faces its first winter without an eviction ban in place leaving many tenants feeling less than festive as they face the risk of homelessness due to the rapidly increasing cost of living and rent fees. 

    Ms Burgess said: “Christmas is a time of togetherness and goodwill to all. This season should serve as a reminder to show compassion and kindness. 

    “It can be a very difficult time, and there are many families who will go without presents and Christmas day dinners to keep a roof over their heads this year.

    “The housing crisis in Scotland is getting worse; yet many homes and buildings lay empty that could be retrofitted and repurposed to create safe, sustainable, affordable social housing. 

    “Homelessness is on the rise as many cannot meet the soaring fees to rent privately, and I fear that this will increase over Scotland’s first winter since the temporary eviction protections that the Scottish Greens introduced came to an end.

    “We brought in a rent freeze and evictions ban in 2022 to ease the financial pressures and stress of insecure tenancies for people during the pandemic. 

    “Now, both the freeze and ban have ended. The forthcoming Housing Bill should offer stronger rights for tenants, but I fear that what we will get is a watered down version of the bill by the Scottish Government. 

    “This winter there is a real threat of more tenancies ending abruptly and more people facing homelessness as a result. That is why we need robust and permanent protections.

    “In the meantime I urge every landlord and others across the rental sector to be compassionate this winter; to avoid evictions and ensure that everyone has a warm, safe place to call home over the festive season and beyond.”

    MIL OSI United Kingdom –

    January 27, 2025
  • MIL-OSI Video: Safeguarding Green Spaces & Heavy Industries Push for Net Zero | WEF | Top Stories of the Week

    Source: World Economic Forum (video statements)

    This week’s top stories of the week include:

    0:15 How corruption damages society – Corruption is a pervasive issue that undermines societies, economies, and governance. Defined as the abuse of entrusted power for personal gain, it has far-reaching consequences that go beyond financial losses. Understanding its impact and adopting strategies to fight it are critical to creating more equitable and sustainable societies.

    4:29 Tips for safeguarding green spaces – Just 37% of the world’s 500 most populous cities have developed a dedicated strategy around nature and biodiversity preservation. Travis Beck is Chief Park Officer at the Presidio, a historic national park site in California’s San Francisco Bay Area. He discusses 3 ways the park is safeguarding its future under his watch.

    7:24 Heavy industries push for net zero – Eight heavy-emitting sectors account for around 40% of global greenhouse gas emissions. These sectors play a key role in the global economy. Demand is set to rise more than 60% by 2050, so it’s imperative to make them more sustainable. How are they getting on? The Net Zero Industry Tracker has the answers.

    10:42 Impact of climate change on profits – Researchers have calculated the business risks posed by climate hazards such as extreme weather, which pose a threat to companies’ fixed assets such as property, machinery and equipment. Together, these losses could cut 7% from companies’ profits every year by 2035, half as much as the losses incurred during the worst of the COVID-19 pandemic.

    _____________________________________________

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #WorldEconomicForum

    https://www.youtube.com/watch?v=jFMqedrRYt8

    MIL OSI Video –

    January 27, 2025
  • MIL-OSI Asia-Pac: LegCo delegation continues duty visit to Japan (with photos)

    Source: Hong Kong Government special administrative region

    LegCo delegation continues duty visit to Japan (with photos)
    LegCo delegation continues duty visit to Japan (with photos)
    ************************************************************

    The following is issued on behalf of the Legislative Council Secretariat:     The Legislative Council (LegCo) delegation led by the President of LegCo, Mr Andrew Leung, continued its duty visit to Japan today (December 22).           In the morning, the delegation visited the Cup Noodles Museum in Yokohama and met with the Chairman and Chief Executive Officer of Nissin Foods Company Limited, Mr Kiyotaka Ando. The delegation learnt about the company’s latest business development in Hong Kong and Japan, including the use of smart production lines to enhance production efficiency. Both parties also exchanged views on Hong Kong’s role in international trade of food products and the development of industrial tourism. Members highlighted that enterprises can attract customers and expand the market in the Guangdong-Hong Kong-Macao Greater Bay Area by making use of the brand of “Made in Hong Kong” and its quality assurance. Members added that Hong Kong can take reference from Japan to turn the production lines and factories to be tourist attractions.           The delegation later visited Yokohama Chinatown, the largest Chinatown in Asia, and exchanged views with the Vice President of the Yokohama Chinatown Development Association (the Association), Mr Akio Takematsu. Members took the opportunity to learn about the latest development and the street management of the area, as well as the communication between the Association, which represents business operators, with the local government and residents, and the enhanced promotional strategies after the COVID-19 pandemic to attract visitors.            In the afternoon, the delegation visited the Christmas Market in Yokohama Red Brick Warehouse to understand its operation, and the successful experience in enriching visitors’ experience with a blend of the Eastern and Western cultures so as to stimulate consumption.           Before departing for Yokohama, several members of the delegation held a breakfast meeting with Mr Kenichi Okada, who left his role as the Consul-General of Japan in Hong Kong at the end of last month. They exchanged views on further developing tourism and cultural co-operation opportunities between Hong Kong and Japan. Mr Leung, on behalf of LegCo, also expressed gratitude to the former Consul-General, Mr Kenichi Okada, for his assistance in facilitating this duty visit.           The delegation will continue its duty visit in Japan tomorrow (December 23).

     
    Ends/Sunday, December 22, 2024Issued at HKT 19:40

    NNNN

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI Asia-Pac: Joint Statement: Official visit of Shri Narendra Modi, Prime Minister of India to Kuwait (December 21-22, 2024)

    Source: Government of India

    Posted On: 22 DEC 2024 7:46PM by PIB Delhi

    At the invitation of His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Prime Minister of India His Excellency Shri Narendra Modi paid an official visit to Kuwait on 21-22 December 2024. This was his first visit to Kuwait. Prime Minister Shri Narendra Modi attended the opening ceremony of the 26th Arabian Gulf Cup in Kuwait on 21 December 2024 as the ‘Guest of Honour’ of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

     His Highness the Amir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, Crown Prince of the State of Kuwait received Prime Minister Shri Narendra Modi at Bayan Palace on 22 December 2024 and was accorded a ceremonial welcome. Prime Minister Shri Narendra Modi expressed his deep appreciation to His Highness the Amir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for conferring on him the highest award of the State of Kuwait ‘The Order of Mubarak Al Kabeer’. The leaders exchanged views on bilateral, global, regional and multilateral issues of mutual interest.

    Given the traditional, close and friendly bilateral relations and desire to deepen cooperation in all fields, the two leaders agreed to elevate the relations between India and Kuwait to a ‘Strategic Partnership’. The leaders stressed that it is in line with the common interests of the two countries and for the mutual benefit of the two peoples. Establishment of a strategic partnership between both countries will further broad-base and deepen our long-standing historical ties.

    Prime Minister Shri Narendra Modi held bilateral talks with His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Mubarak Al-Sabah, Prime Minister of the State of Kuwait. In light of the newly established strategic partnership, the two sides reaffirmed their commitment to further strengthen bilateral relations through comprehensive and structured cooperation in key areas, including political, trade, investment, defence, security, energy, culture, education, technology and people-to-people ties.

    The two sides recalled the centuries-old historical ties rooted in shared history and cultural affinities. They noted with satisfaction the regular interactions at various levels which have helped in generating and sustaining the momentum in the multifaceted bilateral cooperation. Both sides emphasized on sustaining the recent momentum in high-level exchanges through regular bilateral exchanges at Ministerial and senior-official levels.

    The two sides welcomed the recent establishment of a Joint Commission on Cooperation (JCC) between India and Kuwait. The JCC will be an institutional mechanism to review and monitor the entire spectrum of the bilateral relations between the two countries and will be headed by the Foreign Ministers of both countries. To further expand our bilateral cooperation across various fields, new Joint Working Groups (JWGs) have been set up in areas of trade, investments, education and skill development, science and technology, security and counter-terrorism, agriculture, and culture, in addition to the existing JWGs on Health, Manpower and Hydrocarbons. Both sides emphasized on convening the meetings of the JCC and the JWGs under it at an early date.

    Both sides noted that trade has been an enduring link between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. They also emphasized on the need for promoting exchange of business delegations and strengthening institutional linkages.

     Recognizing that the Indian economy is one of the fastest growing emerging major economies and acknowledging Kuwait’s significant investment capacity, both sides discussed various avenues for investments in India. The Kuwaiti side welcomed steps taken by India in making a conducive environment for foreign direct investments and foreign institutional investments, and expressed interest to explore investment opportunities in different sectors, including technology, tourism, healthcare, food-security, logistics and others. They recognized the need for closer and greater engagement between investment authorities in Kuwait with Indian institutions, companies and funds. They encouraged companies of both countries to invest and participate in infrastructure projects. They also directed the concerned authorities of both countries to fast-track and complete the ongoing negotiations on the Bilateral Investment Treaty.

     Both sides discussed ways to enhance their bilateral partnership in the energy sector. While expressing satisfaction at the bilateral energy trade, they agreed that potential exists to further enhance it. They discussed avenues to transform the cooperation from a buyer-seller relationship to a comprehensive partnership with greater collaboration in upstream and downstream sectors. Both sides expressed keenness to support companies of the two countries to increase cooperation in the fields of exploration and production of oil and gas, refining, engineering services, petrochemical industries, new and renewable energy. Both sides also agreed to discuss participation by Kuwait in India’s Strategic Petroleum Reserve Programme.

    Both sides agreed that defence is an important component of the strategic partnership between India and Kuwait. The two sides welcomed the signing of the MoU in the field of Defence that will provide the required framework to further strengthen bilateral defence ties, including through joint military exercises, training of defence personnel, coastal defence, maritime safety, joint development and production of defence equipment.

     The two sides unequivocally condemned terrorism in all its forms and manifestations, including cross-border terrorism and called for disrupting of terrorism financing networks and safe havens, and dismantling of terror infrastructure. Expressing appreciation of their ongoing bilateral cooperation in the area of security, both sides agreed to enhance cooperation in counter-terrorism operations, information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking and other transnational crimes. The two sides discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. The Indian side praised the results of the fourth high-level conference on “Enhancing International Cooperation in Combating Terrorism and Building Resilient Mechanisms for Border Security – The Kuwait Phase of the Dushanbe Process,” which was hosted by the State of Kuwait on November 4-5, 2024.

     Both sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. Both sides appreciated the bilateral cooperation during the COVID- 19 pandemic. They discussed the possibility of setting up of Indian pharmaceutical manufacturing plants in Kuwait. They also expressed their intent to strengthen cooperation in the field of medical products regulation in the ongoing discussions on an MoU between the drug regulatory authorities.

     The two sides expressed interest in pursuing deeper collaboration in the area of technology including emerging technologies, semiconductors and artificial intelligence. They discussed avenues to explore B2B cooperation, furthering e-Governance, and sharing best practices for facilitating industries/companies of both countries in the policies and regulation in the electronics and IT sector.

     The Kuwaiti side also expressed interest in cooperation with India to ensure its food-security. Both sides discussed various avenues for collaboration including investments by Kuwaiti companies in food parks in India.

     The Indian side welcomed Kuwait’s decision to become a member of the International Solar Alliance (ISA), marking a significant step towards collaboration in developing and deploying low-carbon growth trajectories and fostering sustainable energy solutions. Both sides agreed to work closely towards increasing the deployment of solar energy across the globe within ISA.

     Both sides noted the recent meetings between the civil aviation authorities of both countries. The two sides discussed the increase of bilateral flight seat capacities and associated issues. They agreed to continue discussions in order to reach a mutually acceptable solution at an early date.

    Appreciating the renewal of the Cultural Exchange Programme (CEP) for 2025-2029, which will facilitate greater cultural exchanges in arts, music, and literature festivals, the two sides reaffirmed their commitment on further enhancing people to people contacts and strengthening the cultural cooperation.

     Both sides expressed satisfaction at the signing of the Executive Program on Cooperation in the Field of Sports for 2025-2028. which will strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations.

     Both sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. Both sides also expressed interest in collaborating on Educational Technology, exploring opportunities for online learning platforms and digital libraries to modernize educational infrastructure.

     As part of the activities under the MoU between Sheikh Saud Al Nasser Al Sabah Kuwaiti Diplomatic Institute and the Sushma Swaraj Institute of Foreign Service (SSIFS), both sides welcomed the proposal to organize the Special Course for diplomats and Officers from Kuwait at SSIFS in New Delhi.

     Both sides acknowledged that centuries old people-to-people ties represent a fundamental pillar of the historic India-Kuwait relationship. The Kuwaiti leadership expressed deep appreciation for the role and contribution made by the Indian community in Kuwait for the progress and development of their host country, noting that Indian citizens in Kuwait are highly respected for their peaceful and hard-working nature. Prime Minister Shri Narendra Modi conveyed his appreciation to the leadership of Kuwait for ensuring the welfare and well-being of this large and vibrant Indian community in Kuwait.

     The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. Both sides agreed to hold regular meetings of Consular Dialogue as well as Labour and Manpower Dialogue to address issues related to expatriates, labour mobility and matters of mutual interest.

    The two sides appreciated the excellent coordination between both sides in the UN and other multilateral fora. The Indian side welcomed Kuwait’s entry as ‘dialogue partner’ in SCO during India’s Presidency of Shanghai Cooperation Organisation (SCO) in 2023. The Indian side also appreciated Kuwait’s active role in the Asian Cooperation Dialogue (ACD). The Kuwaiti side highlighted the importance of making the necessary efforts to explore the possibility of transforming the ACD into a regional organisation.

     Prime Minister Shri Narendra Modi congratulated His Highness the Amir on Kuwait’s assumption of the Presidency of GCC this year and expressed confidence that the growing India-GCC cooperation will be further strengthened under his visionary leadership. Both sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024. The Kuwaiti side as the current Chair of GCC assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan in areas including health, trade, security, agriculture and food security, transportation, energy, culture, amongst others. Both sides also stressed the importance of early conclusion of the India-GCC Free Trade Agreement.

    In the context of the UN reforms, both leaders emphasized the importance of an effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for the UN reforms, including of the Security Council through expansion in both categories of membership, to make it more representative, credible and effective.

     The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:● MoU between India and Kuwait on Cooperation in the field of Defence.

    ● Cultural Exchange Programme between India and Kuwait for the years 2025-2029.

    ● Executive Programme between India and Kuwait on Cooperation in the field of Sports for 2025-2028 between the Ministry of Youth Affairs and Sports, Government of India and Public Authority for Youth and Sports, Government of the State of Kuwait.

    ● Kuwait’s membership of International Solar Alliance (ISA).

     Prime Minister Shri Narendra Modi thanked His Highness the Amir of the State of Kuwait for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Kuwait. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability. Prime Minister Shri Narendra Modi also invited His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Crown Prince His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, and His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Mubarak Al-Sabah, Prime Minister of the State of Kuwait to visit India.

    *****

    MJPS/ST/SKS

    (Release ID: 2087074) Visitor Counter : 10

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI Asia-Pac: English rendering of PM’s address at the Indian Community Event ‘Hala Modi’ in Kuwait

    Source: Government of India (2)

    Posted On: 21 DEC 2024 9:22PM by PIB Delhi

    Bharat Mata ki—Jai!

    Bharat Mata ki—Jai!

    Bharat Mata ki—Jai!

    Namaskar!

    I arrived in Kuwait just two or two and a half hours ago. And ever since I set foot here, I have felt a unique sense of belonging and warmth all around. You all have come from different states of Bharat, but looking at all of you, it feels as if a mini Hindustan has come alive before me. Here, I see people from North, South, East, and West, speaking different languages and dialects. Yet, there is one common echo in everyone’s hearts, one resounding chant in everyone’s hearts – Bharat Mata ki Jai, Bharat Mata ki—Jai.

    Here, there is a festive atmosphere of culture. Right now, you are preparing for Christmas and New Year. Soon, Pongal will arrive. Whether it’s Makar Sankranti, Lohri, Bihu, or many such festivals, they are not far away. I extend my heartfelt wishes to all of you for Christmas, New Year, and all the festivals celebrated in every corner of the country.

    Friends,

    Today, this moment is very special for me personally. After 43 years—more than four decades—a Prime Minister of Bharat has come to Kuwait. It takes just four hours for you to travel from Bharat to Kuwait, but it took a Prime Minister four decades to make this journey. Many of you have been living in Kuwait for generations. Some of you were even born here. And every year, hundreds of Indians join your community.  You have added a touch of Indian flavour to Kuwaiti society, painted the canvas of Kuwait with the colours of Indian skills, and blended Bharat’s talent, technology, and tradition into the fabric of Kuwait.  That is why I am here today—not just to meet you, but to celebrate your achievements.

    Friends,

    A little while ago, I met Indian workers and professionals working here. These friends are involved in construction work and are contributing their hard work in many other sectors as well. Members of the Indian community, as doctors, nurses, and paramedics, are a significant strength of Kuwait’s medical infrastructure.  Those among you who are teachers are contributing to strengthening Kuwait’s next generation. Those of you who are engineers and architects are building the next generation of infrastructure in Kuwait.

    And friends,

    Whenever I speak with the leadership of Kuwait, they always praise you all immensely. The citizens of Kuwait also hold great respect for you because of your hard work, honesty, and skills.  Today, Bharat is the world leader in remittances, and a significant share of the credit for this achievement goes to all of you hardworking friends. Your contribution is deeply respected by your fellow countrymen back home.

    Friends,

    The relationship between Bharat and Kuwait is one of civilizations, of the sea, of affection, and of trade. Bharat and Kuwait are situated on opposite shores of the Arabian Sea. It is not just diplomacy that binds us, but also the connection of hearts. Our present ties are as strong as our shared history.  There was a time when pearls, dates, and magnificent breeds of horses from Kuwait were sent to Bharat, while many goods from Bharat made their way here. Indian rice, tea, spices, fabrics, and wood were regularly brought to Kuwait. The teakwood from Bharat was used to build ships on which Kuwaiti sailors undertook long voyages.  The pearls of Kuwait have been as precious as diamonds to Bharat. Today, Indian jewellery is renowned worldwide, and Kuwaiti pearls have contributed to that legacy.  In Gujarat, we often hear stories from our elders about how, in past centuries, there was constant travel and trade between Kuwait and Bharat. Particularly in the 19th century, Kuwaiti traders started coming to Surat. At that time, Surat was an international market for Kuwaiti pearls. Ports like Surat, Porbandar, and Veraval in Gujarat stand as witnesses to these historic connections.

    Kuwaiti traders have even published numerous books in the Gujarati language. After Gujarat, Kuwaiti traders established a distinct presence in Mumbai and other markets as well. One notable example is the renowned Kuwaiti merchant Abdul Latif Al Abdul Razzak, whose book ‘How to Calculate Pearl Weight’ was published in Mumbai. Many Kuwaiti traders opened offices in Mumbai, Kolkata, Porbandar, Veraval, and Goa for their export and import businesses. Even today, many Kuwaiti families reside in Mumbai’s Mohammad Ali Street.  It might surprise many to learn that 60-65 years ago, the Indian rupee was used in Kuwait just as it was in Bharat. Back then, if someone purchased something from a shop in Kuwait, Indian rupees were accepted as currency. Terms like “Rupiya,” “Paisa,” and “Aana,” which were part of Indian currency vocabulary, were very familiar to the people of Kuwait.

    Friends,

    Bharat was one of the first countries in the world to recognize Kuwait after its independence. That is why visiting a country and society with which we share so many memories and such deep connections in both our past and present is truly memorable for me.  I am deeply grateful to the people of Kuwait and its government. I would like to especially thank His Highness The Amir for his kind invitation.

    Friends,

    The bond forged through culture and commerce in the past is now reaching new heights in this new century. Today, Kuwait is a very significant energy and trade partner for Bharat, and Bharat is also a major investment destination for Kuwaiti companies. I vividly recall a saying mentioned by His Highness, The Crown Prince of Kuwait, during our meeting in New York. He said, “When you are in need, India is your destination.” The citizens of Bharat and Kuwait have always stood by each other during difficult times and crises. During the Corona pandemic, both countries supported each other at every level. When Bharat needed help the most, Kuwait supplied liquid oxygen to us. His Highness, The Crown Prince, personally stepped forward to inspire everyone to work swiftly.  I am satisfied that Bharat, too, extended its support by sending vaccines and medical teams to help Kuwait fight the crisis. Bharat kept its ports open to ensure there were no shortages of essential food supplies for Kuwait and its surrounding regions.  In June of this year, a heart-breaking incident occurred here in Kuwait—the fire tragedy in Mangaf—which claimed the lives of many Indians. When I heard this news, I was deeply concerned. However, the way the Kuwaiti government extended its support during that time was like that of a true brother. I salute Kuwait’s spirit and compassion.

    Friends,

    This tradition of standing by each other in both happiness and sorrow forms the foundation of our mutual relationship and trust. In the coming decades, we will become even greater partners in prosperity. Our goals are not very different. The people of Kuwait are working towards building New Kuwait, and the people of Bharat are also dedicated to making the country a developed nation by 2047.  Kuwait aims to become a dynamic economy through trade and innovation, and Bharat, too, is focusing on innovation and continuously strengthening its economy. These two goals complement each other.  The innovation, skills, technology, and manpower required for the creation of New Kuwait are all available in Bharat. Bharat’s start-ups, ranging from fintech to healthcare, smart cities to green technologies, can provide cutting-edge solutions for every need of Kuwait. Bharat’s skilled youth can also add new strength to Kuwait’s future journey.

    Friends,

    Bharat has the potential to become the world’s skill capital. Bharat will remain the youngest country in the world for many decades to come. In this context, Bharat has the capacity to meet the global demand for skills. To achieve this, Bharat is focusing on skill development and skill upgrading for its youth, in line with global needs.  In recent years, Bharat has signed migration and employment agreements with nearly two dozen countries, including Gulf nations, Japan, Australia, France, Germany, Mauritius, the UK, and Italy. Countries around the world are also opening their doors to Bharat’s skilled manpower.

    Friends,

    Many agreements are being made with different countries to ensure the welfare and facilities of Indians working abroad. You may be familiar with the e-Migrate portal. Foreign companies and registered agents have been brought onto a single platform through this portal. This makes it easy to identify where there is a demand for manpower, what type of manpower is needed, and which company requires it.  Thanks to this portal, millions of workers have come to Gulf countries in the past 4-5 years. Every such initiative has a single goal—to ensure that the talent from Bharat contributes to the world’s progress and that those who go abroad for work always have the necessary support.  You all in Kuwait will also benefit greatly from Bharat’s efforts in this regard.

    Friends,

    Wherever we live in the world, we respect the country we are in, and we feel immense joy in seeing Bharat reach new heights. You all came from Bharat, lived here, yet you have preserved your Indian identity in your hearts. Now, tell me, which Indian wouldn’t feel proud of the success of Mangalyaan? Which Indian wouldn’t have been overjoyed by the landing of Chandrayaan on the moon? Am I not right? Today, Bharat is advancing with a new spirit. Bharat is now the world’s fifth-largest economy. It is home to the world’s number one fintech ecosystem. Bharat also boasts the world’s third-largest start-up ecosystem and is the second-largest mobile phone manufacturer in the world.

    Let me share a statistic with you, and I’m sure you will be pleased to hear it. In the past 10 years, the length of optical fiber laid across Bharat is eight times greater than the distance between the Earth and the Moon. Today, Bharat is one of the most digitally connected countries in the world. Every Indian is using digital tools from small towns to villages. Smart digital systems in Bharat are no longer a luxury; they are now a part of the everyday life of the common man. Whether it’s enjoying a cup of tea, buying fruits on the street, or making digital payments, Bharat has embraced digital convenience. Ordering groceries, food, fruits, vegetables, or everyday household items is now done in a matter of moments, and payments are made via mobile phones.  People have DigiLocker for storing documents, DigiYatra for seamless travel at airports, and FASTag to save time at toll booths. Bharat is becoming increasingly digitally smart, and this is just the beginning. The future of Bharat lies in innovations that will set the direction for the entire world. The future Bharat will be the hub of global development, the growth engine of the world. The time is not far when Bharat will become the hub of Green Energy, Pharma, Electronics, Automobiles, Semiconductors, Legal, Insurance, Contracting, and Commercial sectors. You will see the major economic centres of the world establishing themselves in Bharat. Bharat will emerge as a massive hub for Global Capability Centres, Global Technology Centres and Global Engineering Centres.

    Friends,

    We consider the entire world to be one family. Bharat is moving forward as a ‘Vishwa Bandhu’ (global friend), thinking of the world’s welfare. The world, too, is acknowledging this spirit of Bharat. Today, on December 21, 2024, the world is celebrating its first World Meditation Day, dedicated to Bharat’s thousands of years of meditation tradition. Since 2015, the world has been celebrating International Yoga Day on June 21, also dedicated to Bharat’s yoga tradition. In 2023, the world celebrated the International Year of Millets, which was made possible through Bharat’s efforts and proposal. Today, Bharat’s yoga is uniting every region of the world. Bharat’s traditional medicine, our Ayurveda, and our Ayush products are enriching global wellness. Our superfoods, millets, and Shri Anna are becoming a major foundation for nutrition and a healthy lifestyle. From Nalanda to the IITs, Bharat’s knowledge system is strengthening the global knowledge ecosystem. Today, Bharat is also becoming a key link in global connectivity. During the G-20 summit held in Bharat last year, the announcement of the India-Middle East-Europe Corridor was made. This corridor is set to provide a new direction for the future of the world.

    Friends,

    The journey of a ‘Viksit Bharat’ (Developed India) is incomplete without your support and the participation of the Indian diaspora. I invite you all to join the resolve for a ‘Viksit Bharat’. The first month of the new year, January 2025, will be a month of many national celebrations. From January 8 to 10 this year, the Pravasi Bharatiya Divas will be held in Bhubaneswar, with people from all over the world coming together. I invite you all to be a part of this event.  On this journey, you can take blessings from Lord Jagannath in Puri. After that, do visit Prayagraj to take part in the Maha Kumbh Mela, which will be held from January 13 to February 26, lasting for about a month and a half. Make sure to return after watching the Republic Day celebrations on January 26. And yes, bring your Kuwaiti friends to Bharat, show them around, and let them experience Bharat. There was a time when Dilip Kumar Saheb inaugurated the first Indian restaurant here. The real taste of Bharat can only be experienced there. So, make sure to prepare your Kuwaiti friends for this experience.

    Friends,

    I know that all of you are very excited about the Arabian Gulf Cup that is starting today. You are eager to cheer for the Kuwait team. I am grateful to His Highness, The Amir, for inviting me as the Guest of Honour for the opening ceremony. This reflects the immense respect that the royal family, the government of Kuwait, have for all of you and Bharat. I hope that you continue to strengthen the Bharat-Kuwait relationship in this way. With this wish, once again, a heartfelt thank you to all of you!

    Bharat Mata ki—Jai!

    Bharat Mata ki—Jai!

    Bharat Mata ki—Jai!

    Thank you very much. 

    DISCLAIMER: This is the approximate translation of the PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI China: US withdrawal from WHO would be ‘catastrophic’

    Source: China State Council Information Office

    Photo taken on Jan. 30, 2023 shows the World Health Organization (WHO) headquarters in Geneva, Switzerland. [Photo/Xinhua]

    Donald Trump’s transition team is pushing to pull the United States out of the World Health Organization (WHO) on the first day of the new administration, according to experts who warn of the “catastrophic” impact it would have on global health, the Financial Times (FT) reported on Sunday.

    Members of Trump’s team told the experts of their intention to announce a withdrawal from the global health body on the president-elect’s January 20 inauguration, the FT said, noting that the departure would remove the WHO’s biggest source of funds, damaging its ability to respond to public health crises such as the coronavirus pandemic.

    U.S.’s plan to withdraw “on day one” would be “catastrophic” for global health, the FT quoted Lawrence Gostin, professor of global health at Georgetown Law, as saying.

    Gostin said there would be “very lean years for the WHO where it will struggle to respond to health emergencies and will have to reduce its scientific staff considerably.”

    MIL OSI China News –

    January 27, 2025
  • MIL-OSI United Kingdom: Eight-year ban for former footballer who ran London sports academy

    Source: United Kingdom – Executive Government & Departments

    Kieron Minto-St.Aimie received a director’s disqualification for claiming a £25,000 Covid loan his company was not entitled to.

    • Kieron Minto-St.Aimie is a former professional footballer who went on to run a sports academy in Brent. 
    • His company received the £25,000 Covid Bounce Back Loan after he overstated its turnover. 
    • He was disqualified as a company director for eight years at London’s Royal Courts of Justice.  

    A former professional footballer has been banned from being a company director for eight years.  

    Kieron Minto-St.Aimie claimed a £25,000 Covid Bounce Back Loan for the St Aimie’s Sports Academy Community Interest Company in Brent, when it was entitled to much less. 

    Elizabeth Pigney, Chief Investigator at the Insolvency Service, said: “Kieron Minto-St.Aimie successfully applied for a Covid Bounce Back loan by overstating his company’s turnover. 

    His eight-year disqualification should serve as a warning to others that the justice system will not allow business owners to make false declarations to obtain funds that were so crucially needed by other small and medium-sized businesses during the pandemic.

    The former footballer, aged 35, of Pound Lane in London, began his career at Queens Park Rangers before spells at clubs including Oxford United and Barnet. 

    He opened St.Aimie’s Sports Academy, on Harlesden Road in Brent, as its sole director in 2016.  

    Before its closure in January 2023, the academy was known in the local community for providing football coaching and mentoring to children and young people.  

    In May 2020, Minto-St.Aimie applied for a Covid Bounce Back loan of £25,000.  

    However, in order to obtain the £25,000 he overstated the company’s turnover by £60,000 as it should have only been entitled to around £10,000 under the scheme based on its actual turnover.  

    On 6 December 2024, the judge at London’s Royal Courts of Justice disqualified Minto-St.Aimie as a company director for eight years.

    Further information 

    • Kieron Minto-St.Aimie is of Pound Lane, London. His date of birth is 4 May, 1989. 
    • St.Aimie’s Sports Academy (company number 10534175)  
    • Read more about the Bounce Back Loan Schene and the action the Insolvency Service can take of it finds misconduct.  
    • Further information about the work of the Insolvency Service, and how to complain about financial misconduct. 

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 23 December 2024

    MIL OSI United Kingdom –

    January 27, 2025
  • MIL-OSI: Himax to Unveil State-of-the-Art WiseEye Module Solutions at CES 2025 Empowering Seamless AIoT Integration

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, Dec. 23, 2024 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (“Himax” or “Company”) (Nasdaq: HIMX), an industry leader in fabless display driver ICs and other semiconductors, today announced that the Company and its AI ecosystem partners will unveil a suite of innovative, production-ready AIoT applications at CES 2025, powered by Himax’s groundbreaking ultralow power WiseEye Module solutions. These designs will showcase intuitive, user-friendly AI capabilities set to transform multiple industries by improving productivity, scalability, automation, and efficiency, all while delivering better performance and lower power consumption. Himax’s ultralow power WiseEye Module solutions are leading the AIoT revolution with their advanced, efficient, and scalable AI-driven technologies.

    The Himax WiseEye Module seamlessly integrates ultralow power WiseEye AI processors and proprietary always-on CMOS sensors, designed with compact form factors, high integration, and plug-and-play functionality. Characterized by remarkably low power consumption at just single-digit milliwatts, it is ideal for battery-powered endpoint devices that cater to everyday life. The WiseEye Module incorporates versatile AI models from in-house or third-party partners, enabling no-code/low-code AI development for use cases like people counting, gesture recognition, human detection, face recognition, and audio command classification. This simplifies the AI development process, reducing cost and time, allowing AI developers, even those with limited AI expertise, to easily integrate advanced AI features into their systems and applications. Given their versatility, WiseEye Modules are poised to become foundational technology for a wide range of IoT applications.

    At the event, a visionary and innovative lineup of ultralow power WiseEye Module solutions will be on display, showcasing their potential to revolutionize AI-powered applications across industries.

    • WiseEye PalmVein Module: Offers secure, reliable contactless biometric authentication by utilizing unique vein patterns, ensuring robust security and privacy through on-device inferencing
    • AI Baby Cry Detection Module: Accurately detects infant and child crying even in noisy environments, enhancing child safety and enabling timely, automated caregiving
    • Dynamic Gesture Module: Enables intuitive human-machine interaction, supporting a wide range of static and dynamic gestures for seamless control, enhancing accessibility and convenience without the need for traditional input methods
    • Human Sensing Module: Provides precise and energy-efficient human presence detection, creating more responsive and convenient environments in smart homes and offices
    • People Flow Management Solution: Improves space optimization and operational efficiency by analyzing human movement patterns, enabling better resource planning and allocation

    More compelling joint demonstrations with ecosystem partners will also be showcased at the event, including the world-first AI agent SenseCAP Watcher developed with Seeed Studio, mixed reality eye-tracking solutions with Ganzin, and AI-enabled thermal sensing modules in collaboration with leading thermal sensor partners, among others.

    “Our WiseEye™ Modules are designed to drive innovation and enhance lives through advanced, seamless AI integration, all while consuming ultralow power,” said Mark Chen, Vice President of Smart Sensing Business at Himax. “At Himax, we are dedicated to advancing the future of AI vision with innovative, ultralow power, easy-to-adopt AI solutions, enabling seamless integration of advanced vision AI into diverse IoT applications that power the next generation of intelligent, connected devices, enhancing everyday life,” concluded Mark.

    Himax invites all interested parties to stop by our exhibition booth at The Venetian Las Vegas Hotel (3355 Las Vegas Boulevard S, Las Vegas, Nevada, U.S.A.) Venetian Tower Suite 34-208 to experience the Company and partners’ cutting-edge WiseEye Module solutions. To schedule a meeting or booth tour, please contact Himax at: Himax_CES2025@himax.com.tw.

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,683 patents granted and 390 patents pending approval worldwide as of September 30, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Company Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    The MIL Network –

    January 27, 2025
  • MIL-OSI USA: FACT SHEET: President  Biden Commutes the Sentences of 37 Individuals on Death  Row

    US Senate News:

    Source: The White House
    Today, President Biden announced that he is commuting the sentences of 37 individuals on federal death row. Those individuals will have their sentences reclassified from execution to life without the possibility of parole.
    President Biden has dedicated his career to reducing violent crime and ensuring a fair and effective justice system. He believes that America must stop the use of the death penalty at the federal level, except in cases of terrorism and hate-motivated mass murder – which is why today’s actions apply to all but those cases. When President Biden came into office, his Administration imposed a moratorium on federal executions, and his actions today will prevent the next Administration from carrying out the execution sentences that would not be handed down under current policy and practice.
    This historic clemency action builds on the President’s record of criminal justice reform. The President has issued more commutations at this point in his presidency than any of his recent predecessors at the same point in their first terms. Earlier this month, the President announced clemency for approximately 1,500 Americans – the most ever in a single day – who have shown successful rehabilitation and a commitment to making communities safer. This included sentence commutations for nearly 1,500 individuals who were placed on home confinement during the COVID-19 pandemic and who have successfully reintegrated into their families and communities, as well as 39 pardons for individuals who were convicted of non-violent crimes. President Biden is also the first President ever to issue categorical pardons to individuals convicted of simple use and possession of marijuana, and to former LGBTQI+ service members convicted of private conduct because of their sexual orientation.
    The President’s criminal justice record has transformed individual lives and positively impacted communities, especially historically marginalized communities. In the coming weeks, the President will take additional steps to provide meaningful second chances and continue to review additional pardons and commutations.

    MIL OSI USA News –

    January 27, 2025
  • MIL-OSI: Partners Value Investments L.P. Announces Renewal of Normal Course Issuer Bids

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (the “Partnership”) (TSX VENTURE: PVF) announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) to renew its normal course issuer bids to purchase up to 3,521,732 of its non‐voting equity limited partnership units (the “Equity LP Units”), representing approximately 5% of its currently outstanding Equity LP Units; and to purchase up to 938,226 of its non‐voting Class A preferred limited partnership units, Series 1 (the “Preferred LP Units”), representing approximately 5% of its currently outstanding Preferred LP Units (collectively, the “Bids”). The period of the Bids will be effective from January 3, 2025 to January 2, 2026, or such earlier date that the Partnership completes its purchases.

    Purchases by the Partnership pursuant to the Bids will be made by its broker, RBC Capital Markets, through the facilities of the Exchange, other designated exchanges and alternative trading systems in Canada. The price which the Partnership will pay for any Equity LP Units and Preferred LP Units purchased will be the market price of the Equity LP Units and Preferred LP Units at the time of acquisition. Any Equity LP Units and/or Preferred LP Units acquired through the Bids will be cancelled. As of December 13, 2024, there were 70,434,631 Equity LP Units outstanding and 18,764,512 Preferred LP Units outstanding.

    Of the 3,533,556 Equity LP units and 938,350 Preferred LP Units approved for purchase under the Partnership’s prior normal course issuer bids that commenced on January 3, 2024 and will be expiring on January 2, 2025, the Partnership purchased 278,324 Equity LP Units at an average price of $102.02 and did not make any purchase of Preferred LP Units through the facilities of the Exchange, other designated exchanges or an alternative trading system in Canada.

    The Partnership believes that, from time to time, the market price of its securities may not adequately reflect their value. In such circumstances, the Partnership believes the purchase of its outstanding securities may represent an appropriate and desirable use of its available funds. All Equity LP Units and Preferred LP Units acquired by the Partnership under the Bids will be cancelled.

    In connection with the Bids, the Partnership entered into an automatic purchase plan with its designated broker, RBC Capital Markets. The automatic purchase plan will allow for the purchase of Equity LP Units and Preferred LP Units when the Partnership would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, Equity LP Units and Preferred LP Units will be repurchased in accordance with management’s discretion and in compliance with applicable law.

    For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward- looking information and forward-looking statements.

    Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation and Brookfield Asset Management Ltd., the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws, catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

    The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

    January 27, 2025
  • MIL-OSI Asia-Pac: Health, medical research supported

    Source: Hong Kong Information Services

    The Health Bureau today said the Government provides comprehensive and dedicated support for health and medical research projects, research infrastructure and research capacity building in Hong Kong through setting up the Health & Medical Research Fund (HMRF).

    Making the statement in regard to some recent media reports on the Government’s funding support for infectious diseases-related research, the bureau emphasised that the Government has all along been highly supportive of the local health and medical sector to conduct health and medical research, including those related to infectious diseases.

    The bureau noted that funding commitment to the HMRF, established in 2011, has been increased repeatedly and the approved amount has increased to $4.22 billion to support Government-commissioned programmes and investigator-initiated projects. Among them, those related to infectious diseases research amount to $1.2 billion.

    Such projects involved six commissioned programmes on infectious diseases with approved funding of $792 million, covering COVID-19, Middle East Respiratory Syndrome (MERS), influenza, avian flu, swine flu and other respiratory infectious diseases, human papilloma virus and anti-microbial resistance research.

    The above-mentioned commissioned programmes include a total of $556 million since April 2020 to support 105 individual COVID-19 related research studies from bench to bedside and at the community level through application of new technologies.

    These studies provide new evidence to support the Government to promptly tackle the COVID-19 epidemic by formulating health policies, identifying the transmission chains, implementing control measures, improving clinical management as well as developing and promoting the vaccination programme.

    One of the research projects successfully developed the sewage testing approach for quantitative detection of SARS-CoV-2, providing an important indicator for the Government to keep track of virus activity in the community during the COVID-19 epidemic.

    For investigator-initiated projects, infectious disease has always been one of the thematic priorities. As of end September 2024, a total of about 400 research studies have been funded amounting to $424 million.

    Such studies covered the prevention, detection, diagnosis and management of various infectious diseases, such as the hepatitis virus, tuberculosis, AIDS, and those related to preparedness and response to a pandemic and epidemic.

    The Government encourages researchers to continue to leverage the HMRF to amplify the value of their research projects into full play and usher in considerable and sustainable positive impacts on health policy making and implementation with their research outcomes and to unleash new quality productive forces.

    On combating infectious diseases, the Government will continue to support the health and medical sector in conducting related research in order to enhance the capacity in surveillance, early detection, prevention and control.

    MIL OSI Asia Pacific News –

    January 27, 2025
  • MIL-OSI Global: Could trusting each other more unlock economic growth?

    Source: The Conversation – UK – By Paul Whiteley, Professor, Department of Government, University of Essex

    Shutterstock/GoodStudio

    Trust in Britain’s institutions is in bad shape, according to recent data from the European Social Survey.

    Trust is important because a good deal of governing involves trying to persuade people to do things or convince them that things will get better in the future. This is increasingly difficult to do if trust is in decline. Trust in political institutions is particularly important when governments have to make unpopular decisions, such as raising taxes.

    Data covering a 20-year period shows a marked decline in trust in parliaments, political parties and politicians. The following question is asked in the European Social Surveys over time:

    Please tell me on a score of 0-10 how much you personally trust each of the following institutions. 0 means you do not trust an institution at all, and 10 means you have complete trust in it.

    The decline in trust began around the time of the 2016 survey, when the lowest level of trust in politicians and political parties was recorded in 20 years of doing the survey. Parliament has done a bit better, but decline in trust for it is still quite marked. It is no coincidence that this decline started in 2016 – the year of Brexit.

    Average trust scores for British institutions, 2002-2022

    Trust on the slide.
    P Whiteley, CC BY-ND

    But the European Social Survey carries another important measure of trust – our trust in fellow citizens. A question in the surveys asks how trusting respondents felt about other people on an 11-point scale, with a high score indicating that people are trusting.

    Average trust scores in other people in Britain, 2002-2022

    Trust in other people.
    P Whiteley, CC BY-ND

    After a shaky start at the beginning of the millennium, trust in other people increased significantly in Britain in 2006, to over 5.35 on the 11-point scale. It then dropped in 2008, the year of the financial crisis. The recovery from this decline was in place by 2010. It is noticeable that the trust scores fell again in 2018, when the political consequences of Brexit were making themselves felt. Trust revived again in 2020 during the pandemic.

    So, our trust in each other is in healthier shape than our trust in institutions. This is important because trust in others is a key measure of social capital – the willingness of people to work together to solve social and economic problems in society. The importance of social capital in creating prosperity in the US was highlighted by the American political scientist Bob Putnam in his best-selling book, Bowling Alone.

    Trust is lacking in British politicians.
    Flickr/UK Parliament, CC BY-NC-ND

    There is now a large literature on social capital and trust, some of it focusing specifically on Britain. The findings are that trust promotes prosperity for a number of reasons. If people trust each other, they are more likely to volunteer. This free labour helps to provide a social safety net, which increases prosperity for all – even if it is not fully recognised in the national income statistics.

    High-trust countries like Denmark and Sweden also have low levels of corruption – and corruption is a blocker to growth. In a high-trust environment, the costs of doing business are lower because there is less need for elaborate contracts, expensive lawyers and lots of litigation to make other people behave properly. This is, in part, why high-trust countries are richer than low-trust countries.

    It’s well established that economic growth is driven by investment in innovation, skills and transport, extra manufacturing capacity and greater workplace productivity. However, it is also the case that social capital helps to create economic growth. In researching this across a variety of countries, I found that trust was very important in stimulating economic growth alongside these other factors.

    Government has limited direct influence on social capital, but it can encourage it by investing in voluntary organisations and increasing transparency in its dealings with the public.

    Britain has suffered from a lack of investment in capital spending and infrastructure, and has neglected investment in education over the past 15 years. Social capital seems to be in much better shape, and faced with the significant challenge of restoring growth, the UK government needs to pull every lever at its disposal. It can repair trust in politics with its own actions, and this is likely to help with sustaining social capital, which is part of the solution to restoring economic growth.

    Paul Whiteley has received funding from the British Academy and the ESRC.

    – ref. Could trusting each other more unlock economic growth? – https://theconversation.com/could-trusting-each-other-more-unlock-economic-growth-246302

    MIL OSI – Global Reports –

    January 27, 2025
←Previous Page
1 … 126 127 128 129 130 … 162
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress