Category: Pandemic

MIL-OSI Economics: How Copilots are helping drive innovation to achieve business results that matter

Source: Microsoft

Headline: How Copilots are helping drive innovation to achieve business results that matter

The pace of AI innovation today continues to be extraordinary, and at Microsoft we are focused on helping organizations embrace it. By providing our customers with the most advanced AI technology across every product we build — combined with our unparalleled partner ecosystem and co-innovation approach — we are helping them make real progress in ways that matter. I am proud to share over 100 customer stories from this quarter alone showing how we are helping customers accelerate AI Transformation — no matter where they are on their journey.

Recently during the Microsoft AI Tour, I spoke with customers who shared ways they are adopting Copilots to empower human achievement, democratize intelligence and realize significant business value. I also discussed the concept of an AI-first business process and the differentiation you can drive when bringing together the power of Copilots and human ambition with the autonomous capabilities of an agent. I was inspired by the outcomes our customers have achieved through pragmatic innovation and the progress they are making to evolve the future of industry. I am pleased to share ten stories from the past quarter that illustrate how Copilots have yielded results for our customers, while highlighting AI Transformation experiences in their own words.

Accenture and Avanade have a long history of helping customers implement cutting-edge solutions, with internal testing a key factor in their ability to deliver customizable Microsoft solutions with deep expertise. Putting Microsoft 365 Copilot into the hands of employees helped them realize ways to increase productivity, with 52% of employees seeing a positive impact on the quality of their work, 31% reporting less cognitive fatigue and 84% finding Copilot’s suggestions fair, respectful and non-biased. Accenture also piloted GitHub Copilot to help build better solutions faster with developers spending less time debugging, resulting in 95% of developers reporting they enjoyed coding more.

“Using our extensive Microsoft technology expertise and practical learnings from our own experience implementing Microsoft 365 Copilot, our solutions empower clients to fully tap into Microsoft AI capabilities.”

Veit Siegenheim, Global Future of Work Lead at Avanade

Nigerian multinational financial services group Access Holdings Plc. serves more than 56 million customers across 18 countries. As the business grew and transitioned from a small bank to a major holding company, it adopted Microsoft 365 Copilot to address challenges in data management, meeting productivity and software development. With the integration of Copilot into daily tools, the company significantly enhanced efficiency and engagement across the business. Writing code now takes two hours instead of eight, chatbots can be launched in 10 days instead of three months and presentations can be prepared in 45 minutes instead of six hours. Copilot has also driven a 25% increase in staff engagement during meetings.

“To inspire everyone in the organization to take advantage of AI, we knew we had to integrate AI into the tools people use every day. Microsoft 365 Copilot made the most sense and was a natural fit for us.”

Lanre Bamisebi, Executive Director IT and Digitalization at Access Holdings, Plc.

To improve resident services and reinvent customer engagement, the City of Burlington, Ontario, embraced AI and low-code tools to develop new online services that transform and automate internal processes. In just eight weeks, the city utilized Copilot Studio to develop and launch a custom copilot designed to help residents quickly find answers to frequently asked questions. The city also developed a portal that streamlines building permit reviews and enables customers to track the status of their own applications. As a result, the average time it takes to process a permit approval decreased from 15 weeks to 5-7 weeks, allowing more time for city employees to evaluate complex submissions.

“Our staff and citizens do not have to worry about mundane tasks as much anymore. Now they’re able to have rich, collaborative conversations about how to creatively solve problems, making for a much more fulfilling and rewarding work and customer experience.”

Chad MacDonald, Executive Director and Chief Information Officer at the City of Burlington

Finastra empowers financial institutions with leading software for lending, payments, treasury, capital markets and universal banking. To transform its marketing processes, the company used Microsoft 365 Copilot to automate tasks, enhance content creation, improve analytics and personalize customer interactions. Since integrating Copilot, the team reduced time-to-market for campaigns from three months to less than one. Copilot also significantly reduced the time marketers spend generating and gathering insights from each campaign, with employees citing a 20%-50% time savings across tasks like full-funnel analysis, supply management analysis and budget management.

“Copilot makes you more effective because you get better insights, and it makes you more efficient because you can produce results faster. It also makes work more meaningful and fun because your team can focus on what matters — strategy, creativity and everything that sets you apart from the competition.”

Joerg Klueckmann, Head of Corporate Marketing and Communications at Finastra

GoTo Group provides technology infrastructure and solutions across Indonesia. It is bending the curve on innovation by significantly enhancing productivity and code quality across its engineering teams by adopting GitHub Copilot. With real-time code suggestions, chat assistance and the ability to break down complex coding concepts, the company has saved over seven hours per week and achieved a 30% code acceptance rate within the first month. With 1,000 engineers already using GitHub Copilot, the tool allows them to innovate faster, reduce errors and focus more time on complex tasks to deliver greater value to their users.

“GitHub Copilot has significantly reduced syntax errors and provided helpful autocomplete features, eliminating repetitive tasks and making coding more efficient. This has allowed me to focus on the more complex elements in building great software.”

Nayana Hodi, Engineering Manager at GoTo Group

South Africa’s Milpark Education faced operational challenges when shifting to online learning due to legacy systems slowing down student interactions and support. Through close collaboration with Enterprisecloud, Milpark migrated its back-office infrastructure to Azure within three months, replacing its legacy student admissions system with an extensible, integrated digital platform powered by technologies such as Microsoft Copilot and Copilot Studio. In just four months, the educational institution improved efficiency and accuracy of student support, decreasing the average resolution time by 50% and escalations by more than 30%.

“Using Copilot, agents are now able to use generative AI to rapidly get up to speed on case details and respond to students using standardized templates that help them provide more personalized and professional responses. The results speak for themselves.”

Shaun Dale, Managing Director at Enterprisecloud

For over two decades, Teladoc Health has been offering a broad spectrum of services to patients using virtual care services — from primary care to chronic condition management. After the rapid growth of telehealth adoption post-pandemic, operational efficiency was instrumental in managing internal processes and external client interactions. By deploying Microsoft 365 Copilot and using Copilot in Power Automate, the company has reshaped business processes to help employees realize greater time savings while enhancing the client experience. The Copilots and agents helped employees save five hours per week and thousands of enterprise hours annually by eliminating mundane daily processes and fostering better cross-department communications, while also helping new employees get set up to run their workflows 20% faster.

“Copilot is changing the way we work. It’s not just about saving time; it’s about enhancing the quality of our work, allowing us to focus on what truly matters: delivering exceptional care to our members.”

Heather Underhill, SVP Client Experience & Operations at Teladoc Health

International energy company Uniper adopted a single-cloud strategy with Azure as its foundation to drive rapid AI innovation. To help its employees focus on using core competencies, the company implemented Microsoft 365 Copilot to reduce time spent on manual and repetitive tasks, and help workers focus on more pressing work, such as developing enhanced solutions to speed up the energy transition. Its in-house auditors have already increased productivity by 80% by using Copilot to create plans and checklists. Uniper is also using Copilot for Security to help identify risks twice as fast and take appropriate action sooner.

“As an operator of critical infrastructure, we have to contend with a growing number of reports of phishing and attacks by hackers. AI can help us implement a sensible way of managing the sheer number of threats.”

Damian Bunyan, CIO at Uniper

British telecommunications company Vodafone has transformed its workplace productivity with Microsoft 365 Copilot, already seeing strong ROI from its adoption. In early trials, Copilot saved employees an average of three hours per week by using the tool to draft emails, summarize meetings and search for information. Copilot is also enriching the employee experience, with 90% of users reporting they are eager to continue using Copilot and 60% citing improved work quality. For Vodafone’s legal and compliance team, Copilot has significantly accelerated the processes of drafting new contracts, reducing the time required to complete this work by one hour. As a result of these efficiency gains, Vodafone is rolling out Copilot to 68,000 employees.

“Our AI journey is focusing on three areas: operational efficiency inside the organization; rewiring the business to provide an enhanced customer experience; and unlocking growth opportunities through new products and services that we can create around generative AI. Copilot will help drive all three.”

Scott Petty, Chief Technology Officer at Vodafone

Wallenius Wilhelmsen, a global leader in roll-on/roll-off shipping and vehicle logistics, is empowering better decision-making while fostering a culture of innovation and inclusion with AI tools. After participating in an early access program, the company broadly adopted Microsoft Copilot 365 to help streamline processes, enhance data management and improve communication across its 28 countries. To help strengthen Copilot immersion and realize value faster, they introduced a seven-week Microsoft Viva campaign to teach, communicate and measure Copilot adoption. The campaign resulted in 80% of employees using Copilot, with some teams realizing time savings of at least 30 minutes per day. The company also uses Copilot Dashboard to manage usage and gather user feedback, helping demonstrate ROI and measure results outside of time savings alone.

“Copilot changes the way we think and work while keeping us curious and open to embracing opportunities. I think that is the sort of benefit that is not so measurable, but important. So, my time management and structured approach to my everyday work life has been enhanced with Copilot and Viva.”

Martin Hvatum, Senior Global Cash Manager at Wallenius Wilhelmsen

I believe that no other company has a better foundation to facilitate your AI Transformation than Microsoft. As we look ahead to Microsoft Ignite, I am excited by the latest innovation we will announce as a company, and the customer and partner experiences we will share. We remain committed to driving innovation that creates value in ways that matter most to our customers, and believe we are at our best when we serve others. There has never been a better opportunity for us to accomplish our mission of empowering every person and every organization on the planet to achieve more than now, and I look forward to the ways we will partner together to help you achieve more with AI.

AI Customer Stories from FY25 Q1

Accelleron: Accelleron turbocharges IT support solutions and resolution times with Power Platform

Agnostic Intelligence: Agnostic Intelligence transforms risk management with Azure OpenAI Service, achieving up to 80% time savings

Alaska Airlines: How Alaska Airlines uses technology to ensure its passengers have a seamless journey from ticket purchase to baggage pickup

Allgeier: Allgeier empowers organizations to own and expand data operations

ANZ Group: ANZ launches first-of-its-kind AI Immersion Centre in partnership with Microsoft

Asahi Europe & International: Asahi Europe & International charts new paths in employee productivity with Microsoft Copilot

Auburn University: Auburn University empowers thousands of students, faculty and staff to explore new ways of using AI with Microsoft Copilot

Avanade: Avanade equips 10,000 employees with Microsoft Fabric skills to help customers become AI-driven and future-ready

Azerbaijan Airlines: Azerbaijan Airlines expands data access to increase efficiency by 70% with Microsoft Dynamics 365

Aztec Group: Aztec Group uses Copilot for Microsoft 365 to enhance the client experience whilst powering efficiencies

Bader Sultan: Bader Sultan uses Microsoft Copilot to boost productivity and serve clients faster

BaptistCare: BaptistCare supports aging Australians and tackles workforce shortages through Microsoft 365 Copilot

Barbeque Mania!: Barbecue Mania! centralizes your data with Microsoft Azure and saves $3.5 million over 5 years

Bank of Montreal: Bank of Montreal reduces costs by 30% with Azure

BlackRock: How BlackRock’s ‘flight crew’ helped Copilot for Microsoft 365 take off

Capita: Capita uses GitHub Copilot to free developers and deliver faster for customers

Cassidy: Cassidy and Azure OpenAI Service: Making AI simple for all

Cdiscount: Cdiscount, Azure OpenAI Service and GitHub Copilot join forces for e-commerce

Celebal: Celebal drives custom business transformations with Microsoft Fabric

Chalhoub Group: Chalhoub Group’s People Analytics team speeds reporting with Microsoft Fabric

ClearBank: ClearBank processes 20 million payments a month — up from 8,000 — with platform built on Azure

Cloud Services: Faster with Fabric: Cloud Services breaks new ground with Microsoft

Coles Supermarkets: Coles Supermarkets embraces AI, cloud applications in 500-plus stores with Azure Stack HCI

Commercial Bank of Dubai: Commercial Bank of Dubai: innovating a future proof banking platform with Microsoft Azure

CPFL: CPFL expands its data repository by 1500% with Mega Lake project on Microsoft Azure

Cummins: Cummins uses Microsoft Purview to automate information governance more efficiently in the age of AI

Dubai Electricity and Water Authority (DEWA): DEWA pioneers the use of Azure AI Services in delivering utility services

Digi Rogaland: Digi Rogaland prioritizes student safety with Bouvet and Microsoft Fabric

Eastman: Eastman catalyzes cybersecurity defenses with Copilot for Security

E.ON: A modern workspace in transition: E.ON relies on generative AI to manage data floods with Copilot for Microsoft 365

EPAM Systems: Efficiency inside and out: EPAM streamlines communications for teams and clients with Copilot for Microsoft 365

EY: EY redefines sustainability performance management with Microsoft

Fast Shop: Fast Shop consolidated its data platform on Microsoft Azure and is now ready for the era of AI

FIDO Tech: AI tool uses sound to pinpoint leaky pipes, saving precious drinking water

Florida Crystals Corporation: Telecom expenses for Florida Crystals dropped 78% with Teams Phone and Teams Rooms

Four Agency: Four Agency innovates with Microsoft 365 Copilot to deliver better work faster

Fractal: Fractal builds innovative retail and consumer goods solutions with Microsoft’s AI offerings including Azure OpenAI Service

GE Aerospace: GE Aerospace launches company-wide generative AI platform for employees

Georgia Tech Institute for Data Engineering and Science: Georgia Tech is accelerating the future of electric vehicles using Azure OpenAI Service

Hitachi Solutions: Hitachi Solutions transforms internal operations with Microsoft Fabric

IBM Consulting: How IBM Consulting drives AI-powered innovation with Fabric expertise

iLink Digital: Transforming user-driven analytics with Microsoft Fabric

Insight Enterprises: Insight Enterprises achieves 93% Microsoft Copilot use rate, streamlining business operations to pave the way for customer success

Intesa Sanpaolo: Intesa Sanpaolo accrues big cybersecurity dividends with Microsoft Sentinel, Copilot for Security

ITOCHU Corporation: ITOCHU uses Microsoft Fabric and Azure AI Studio to evolve its data analytics dashboard into a service delivering instant recommendations

IU International University of Applied Sciences (IU): IU revolutionizes learning for its students with the AI study buddy Syntea and Azure OpenAI Service

John Cockerill: John Cockerill engages pro developers to build enterprise-wide apps with Power Platform

Kaya Limited: Kaya Limited elevates customer experience and operational efficiency with Microsoft Dynamics 365 and Power BI

LexisNexis: LexisNexis elevates legal work with AI using Copilot for Microsoft 365

Lionbridge: Lionbridge disrupts localization industry using Azure OpenAI Service and reduces turnaround times by up to 30%

Lotte Hotels & Resorts: Hotelier becomes a citizen developer, building a smart work culture based on Power Platform and hyper-automated work environment

Lumen Technologies: Microsoft and Lumen Technologies partner to power the future of AI and enable digital transformation to benefit hundreds of millions of customers

LS ELECTRIC: LS ELECTRIC uses data to optimize power consumption with Sight Machine and Microsoft Cloud for Manufacturing

MAIRE: MAIRE, transforming the energy sector and an entire company culture with Microsoft 365 Copilot

Mandelbulb Technologies: Early-adopter Mandelbulb Technologies finds success with Fabric

McKnight Foundation: McKnight Foundation accelerates its mission and supports community partners with Microsoft 365 Copilot

MISO: MISO undergoes a digital transformation with Microsoft Industry Solutions Delivery

Mitsubishi Heavy Industries (MHI): Recognizing the essence of AI and building the future with clients: MHI’s DI to create proprietary architecture using Azure OpenAI Service

Molslinjen: Molslinjen develops an AI-powered dynamic pricing strategy with Azure Databricks

National Australia Bank: National Australia Bank invests in an efficient, cloud-managed future with Windows 11 Enterprise

Nagel-Group: Works agreements and contracts: Nagel-Group uses Azure OpenAI Service to help employees find information

NC Fusion: Elevating experiences with AI, from productivity to personalization

National Football League Players Association: The National Football League Players Association and Xoriant use Azure AI Services to provide protection to players across 32 teams

Northwestern Medicine: Northwestern Medicine deploys DAX Copilot embedded in Epic within its enterprise to improve patient and physician experiences

Oncoclínicas: Oncoclínicas creates web portal and mobile app to store clinical and medical procedures with Azure Cognitive Services

PA Consulting: PA Consulting saves hours a week with Copilot for Microsoft 365 and Copilot for Sales

Parexel: Parexel speeds operational insights by 70% using Microsoft Azure, accelerating data product delivery and reducing manual work

Petrochemical Industries Company (PIC): From weeks to days, hours to seconds: PIC automates work processes to save time with Microsoft 365 Copilot

PKSHA Technology: PKSHA leans on Copilot for Microsoft 365 as part of their team

Planted: Planted combines economic growth and environmental sustainability — with Microsoft Azure OpenAI

Profisee: Profisee eliminates data siloes within Microsoft Fabric

Programa De Atención Domiciliaria: The Home Care Program in Panama helped more than 17,000 people with the power of Microsoft Power Automate

PwC: PwC scales GenAI for enterprise with Microsoft Azure AI

QNET: QNET increases security response efficiency 60 percent with Microsoft Security Solutions

RTI International: Research nonprofit RTI International improves the human condition with Microsoft 365 Copilot

Rijksmuseum: Rijksmuseum transforms how art lovers engage with the museum, with Dynamics 365

Sandvik Coromant: Sandvik Coromant hones sales experience with Microsoft Copilot for Sales

Share.Market: Share.Market redefines the investment experience with Microsoft Azure

Simpson Associates: Simpson Associates spurs justice for at-risk communities with Azure AI

Softchoice: Softchoice harnesses Microsoft Copilot and reduces content creation time by up to 70%, accelerating customer AI journeys with its experience

Sonata Software: Sonata Software goes from early adopter to market leader with Fabric

Swiss International Air Lines (SWISS): SWISS targets 30% cost savings, increased passenger satisfaction with Azure

SymphonyAI: SymphonyAI is solving real problems across industries with Azure AI

Syndigo: Syndigo accelerates digital commerce for its customers by more than 40% with Azure

TAL: TAL and Microsoft join forces on strategic technology deal

Tecnológico de Monterrey: Tecnológico de Monterrey university pioneers ambitious AI-powered learning ecosystem

Telstra: Telstra and Microsoft expand strategic partnership to power Australia’s AI future

The University of Sydney: The University of Sydney utilizes the power of Azure OpenAI to allow professors to create their own AI assistants

Torfaen County Borough: Torfaen County Borough Council streamlines organizational support for Social Care using Copilot for Microsoft 365

Trace3: Trace3 expands the realm of clients’ possibilities with Windows 11 Pro and Microsoft Copilot

Unilever: Unilever is reinventing the fundamentals of research and development with Azure Quantum Elements

University of Wisconsin: Microsoft collaborates with Mass General Brigham and University of Wisconsin–Madison to further advance AI foundation models for medical imaging

Via: Marketplace, online support, and remote work: Via embraces the digital world supported by Microsoft 365, Dynamics 365 and Azure

Virgin Atlantic: How Virgin Atlantic is flying higher with Copilot

Virgin Money: Redi, set, go: Virgin Money delivers exceptional customer experiences with Microsoft Copilot Studio

Visier: Visier achieves performance improvements of up to five times using Azure OpenAI Service

World2Meet (W2M): World2Meet, the travel company providing a better customer experience and operations with a new virtual assistant powered by Microsoft Azure

Xavier College: Xavier College begins a process of modernizing its student information systems on Dynamics 365 and AI, unlocking powerful insights

ZEISS: More time for research: ZEISS supports businesses and researchers with ZEISS arivis Cloud based on Microsoft Azure

ZF Friedrichshafen AG (ZF Group): ZF Group builds manufacturing efficiency with over 25,000 apps on Power Platform

Tags: Azure, Azure AI Services, Azure Cognitive Services, Azure Databricks, Azure OpenAI Service, Azure Quantum Elements, Azure Stack HCI, Copilot, Copilot for Sales, Copilot for Security, Copilot Studio, Dax Copilot, GitHub Copilot, Microsoft 365, Microsoft 365 Copilot, Microsoft AI Tour, Microsoft Cloud for Manufacturing, Microsoft Dynamics 365, Microsoft Fabric, Microsoft Ignite, Microsoft Power Platform, Microsoft Sentinel, Microsoft Teams, Microsoft Viva, Power Automate, Power BI

MIL OSI Economics –

January 25, 2025
MIL-OSI Security: Return to Nature Funeral Home Owners Plead Guilty in Federal Court

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

DENVER – The United States Attorney’s Office for the District of Colorado announces that Jon Hallford, 44, and Carie Hallford, 47, pleaded guilty today to one count each of conspiracy to commit wire fraud.

According to the plea agreements for each, the Hallfords were the co-owners of Return to Nature Funeral Home, which operated both in the Colorado Springs area and in Penrose, Colorado. In October 2023, residents in the Penrose area reported a foul odor emanating from the Return to Nature facility. After obtaining a search warrant, FBI, CBI, and local law enforcement investigators found the remains of approximately 190 deceased persons inside the building in various states of decomposition. Some of the remains discovered had dates of death as far back as 2019. As part of their fraud scheme, the Hallfords misled customers of the funeral home into believing that the remains of their loved ones would be buried or cremated per their wishes and the terms of the parties’ contracts.

As part of their plea agreements, the Hallfords also admitted that they conspired together to defraud the U.S. Small Business Administration of over $800,000 in COVID-19 pandemic relief funds, which they obtained under the government’s Economic Injury Disaster Loan program.

Sentencing will be held at a later date. Each defendant faces up to twenty years in federal prison.

United States District Court Judge Nina Y. Wang presided over the hearing. The FBI Denver Field Office and The United States Small Business Administration Office of Inspector General investigated the case. Several other state and local law enforcement agencies including the Colorado Bureau of Investigation, the Colorado Springs Police Department, the El Paso County Coroner’s Office, the Fremont County Sheriff’s Office, and the Fremont County Coroner’s Office have made significant contributions to this case. The prosecution was handled by Assistant United States Attorneys Tim Neff and Craig Fansler.

MIL Security OSI –

January 25, 2025

MIL-OSI: ASM announces third quarter 2024 results

Source: GlobeNewswire (MIL-OSI)

Almere, The Netherlands
October 29, 2024, 6 p.m. CET

AI-related demand drives robust growth in bookings and revenue

ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q3 2024 results (unaudited).

Financial highlights

€ million	Q3 2023	Q2 2024	Q3 2024
New orders	627.4	755.4	815.3
yoy change % at constant currencies	0%	56%	30%

Revenue	622.3	706.1	778.6
yoy change % at constant currencies	9%	6%	26%

Gross profit margin %	48.1 %	49.8 %	49.4 %
Adjusted gross profit margin ¹	48.9 %	49.8 %	49.4 %

Operating result	147.3	177.6	215.2
Operating result margin %	23.7 %	25.1 %	27.6 %

Adjusted operating result ¹	157.2	182.3	219.9
Adjusted operating result margin ¹	25.3 %	25.8 %	28.2 %

Net earnings	129.6	159.0	127.9
Adjusted net earnings ¹	139.1	164.7	133.6

¹ Adjusted figures are non-IFRS performance measures (previously referred to as “normalized”). Refer to Annex 3 for a reconciliation of non-IFRS performance measures.

New orders of €815 million in Q3 2024 increased by 30% at constant currencies (also 30% as reported) mainly driven by strong demand for gate-all-around (GAA) and high-bandwidth memory (HBM).
Revenue of €779 million increased by 26% at constant currencies (increased by 25% as reported) from Q3 of last year and at the upper end of the guidance (€740-780 million).
YoY improvement in adjusted gross profit margin is due to mix including slightly stronger-than-expected sales to China.
Adjusted operating result margin increased to 28.2%, compared to 25.3% in Q3 last year and increased from 25.8% last quarter mainly due to higher revenue and a one-off positive result of €7 million related to the sale of a building.
Revenue for Q4 2024 is expected to be in the range of €770-810 million.

Comment

“ASM delivered strong results against a backdrop of continued mixed market conditions,” said Hichem M’Saad, CEO of ASM. “Revenue increased 26% at constant currencies to €779 million in the third quarter of 2024, which is a new quarterly high and at the upper end of our guidance of €740-780 million. With a gross margin of 49.4%, and ongoing focus on cost control, adjusted operating result increased by 40% to €220 million compared to Q3 2023.
Orders were up 30% to €815 million in Q3 2024 compared to last year’s Q3, driven by a further increase in orders for gate-all-around (GAA) technology and continued solid demand for high-bandwidth memory (HBM) DRAM applications. Total orders were ahead of our expectations at the start of the quarter due to some bookings that were pulled in from Q4.
AI continues to be the dominant semiconductor end market driver, while recovery in other markets such as PCs and smartphones is still sluggish, and the automotive/industrial segments remain in a cyclical downturn. AI is increasingly driving the demand for the most advanced devices, both in logic/foundry and HBM DRAM, and this plays to the strengths of ASM.
While recently announced capex reductions have somewhat impacted the outlook for advanced logic/foundry spending, we still project a substantial increase in our GAA-related sales in 2025. Leading customers have reiterated their plans to ramp the GAA node in high-volume manufacturing next year. With this transition we continue to expect meaningful increases in our served available market.
Sales and orders in China held up slightly better than expected in Q3. We still expect sales in China to be lower in the second half compared to the first half, and Q4 to be lower than Q3. While visibility for FY 2025 is still limited, we currently assume sales from Chinese customers to be moderately lower in the first half of 2025 compared to the second half of 2024.
For SiC Epi, we still expect a double-digit percentage increase in sales in FY 2024, despite the current market slowdown in this segment, and reflecting the contribution from previously won new customers. We believe that SiC Epi remains an attractive long-term growth market. ASM is well positioned, in particular on the back of our recently launched PE2O8 SiC Epi tool, which combines our proven best-in-class film performance with a new dual-chamber high-productivity platform for 200mm applications.”

Outlook

On a currency-comparable level, we project revenue of €770-810 million for Q4 2024. At constant currencies and taking into account the guidance for Q4, we project revenue in the second half of 2024 to increase by slightly more than 15% compared to the first half, and for FY 2024, we expect revenue to show a year-on-year increase of approximately 10%.
For WFE spending, a slight increase is expected in 2024, followed by continued growth in 2025. Based on this, we now expect revenue to be in the range of €3.2-3.6 billion for 2025, in particular driven by GAA related sales, and taking into account continued mixed end market conditions. This compares to our previous revenue target of €3.0-3.6 billion for 2025.
In terms of order intake we expect the level in Q4 to be again solid, albeit lower than in the third quarter. GAA related orders are expected to further increase, offset by a drop in China orders and the effect of aforementioned order pull-ins in Q3.

Share buyback program

On February 27, 2024, ASM announced the authorization of a new share buyback program of up to €150 million. The program started on May 15, 2024, and was completed on July 25, 2024. In total, we repurchased 228,389 shares at an average price of €656.77, under the 2024 program.

About ASM

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Quarterly earnings conference call details

ASM will host the quarterly earnings conference call and webcast on Wednesday, October 30, 2024, at 3:00 p.m. CET.

Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.

A simultaneous audio webcast and replay will be accessible at this link.

The MIL Network –

January 25, 2025

MIL-OSI: C&F Financial Corporation Announces Net Income for Third Quarter and First Nine Months

Source: GlobeNewswire (MIL-OSI)

TOANO, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the third quarter of 2024, compared to $5.8 million for the third quarter of 2023. The Corporation reported consolidated net income of $13.9 million for the first nine months of 2024, compared to $18.7 million for the first nine months of 2023. The following table presents selected financial performance highlights for the periods indicated:


	For The Quarter Ended						For the Nine Months Ended
Consolidated Financial Highlights (unaudited)	9/30/2024			9/30/2023			9/30/2024			9/30/2023
Consolidated net income (000’s)	$	5,420		$	5,777		$	13,889		$	18,658

Earnings per share – basic and diluted	$	1.65		$	1.71		$	4.15		$	5.41

Annualized return on average equity		9.74	%		11.28	%		8.47	%		12.22	%
Annualized return on average tangible common equity¹		11.16	%		13.19	%		9.74	%		14.18	%
Annualized return on average assets		0.86	%		0.96	%		0.75	%		1.04	%

________________________
¹ For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

“We are pleased with our results from the third quarter,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Both loans and deposits demonstrated solid growth, and the community banking segment showed increased earnings when compared to the previous quarter. Despite market and industry challenges, the consumer finance and mortgage banking segments remained profitable. Our net interest margin was relatively flat when compared to the second quarter, which was expected, and asset quality, liquidity and capital all remain strong.”

Key highlights for the third quarter and first nine months of 2024 are as follows.

Community banking segment loans grew $158.5 million, or 16.6 percent annualized, and $185.6 million, or 14.9 percent, compared to December 31, 2023 and September 30, 2023, respectively;
Consumer finance segment loans grew $8.8 million, or 2.5 percent annualized, and $6.1 million, or 1.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
Deposits increased $69.8 million, or 4.5 percent annualized, and $107.5 million, or 5.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
Consolidated annualized net interest margin was 4.13 percent for the third quarter of 2024 compared to 4.29 percent for the third quarter of 2023 and 4.12 percent in the second quarter of 2024;
The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods in 2023;
The consumer finance segment recorded provision for credit losses of $3.0 million and $8.1 million for the third quarter and first nine months of 2024, respectively, compared to $1.6 million and $4.3 million for the same periods in 2023;
The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023;
Mortgage banking segment loan originations were $157.0 million for the third quarter of 2024, an increase of $27.3 million, or 21.1 percent, and an increase of $11.0 million, or 7.5 percent, compared to the third quarter of 2023 and the second quarter of 2024, respectively;
During the third quarter of 2024, the community banking segment opened a new retail banking branch in Colonial Heights, Virginia and announced the closure of its Hampton, Virginia branch in the fourth quarter of 2024.

Community Banking Segment. The community banking segment reported net income of $5.3 million and $13.9 million for the third quarter and first nine months of 2024, respectively, compared to $5.7 million and $17.7 million for the same periods in 2023. The decreases in community banking segment net income were due primarily to:

higher interest expense due primarily to higher rates on deposits and higher balances of interest-bearing deposits, partially offset by lower balances of borrowings;
higher salaries and employee benefits expense for the first nine months of 2024, as compared to the same period in 2023, which have generally increased in line with market conditions. Salaries and employee benefits expense decreased to $8.9 million for the three months ended September 30, 2024, compared to $9.1 million and $9.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively, due primarily to a reduction in headcount through attrition;
higher occupancy expense related to branch network improvements, including the relocation of a branch and the opening of a new branch; and
higher data processing and consulting costs related to investments in operational technology to improve resilience, efficiency and customer experience;

partially offset by:

higher interest income resulting from the effects of higher interest rates on asset yields and higher average balances of loans, offset in part by lower average balances of securities; and
higher wealth management services income as assets under management increased 19.0 percent for the first nine months of 2024, as compared to the same period in 2023.

Average loans increased $186.5 million, or 15.2 percent, for the third quarter of 2024 and increased $158.4 million, or 13.2 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to growth in the construction, commercial real estate, and residential mortgage segments of the loan portfolio. Average deposits increased $135.8 million, or 6.8 percent, for the third quarter of 2024 and increased $101.2 million, or 5.1 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to higher balance of time deposits, partially offset by decreases in savings and interest-bearing demand deposits and noninterest-bearing demand deposits.

Average loan yields and average costs of interest-bearing deposits were higher for the third quarter and first nine months of 2024, compared to the same periods of 2023, due primarily to the effects of the higher interest rate environment.

The community banking segment’s nonaccrual loans were $628,000 at September 30, 2024 compared to $406,000 at December 31, 2023. The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods of 2023. At September 30, 2024, the allowance for credit losses increased to $17.5 million, compared to $16.1 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 1.22 percent at September 30, 2024 from 1.26 percent at December 31, 2023. The increases in provision and allowance for credit losses are due primarily to growth in the loan portfolio. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

Mortgage Banking Segment. The mortgage banking segment reported net income of $351,000 for the third quarter of 2024, compared to a net loss of $5,000 for the same period of 2023, due primarily to:

higher gains on sales of loans due to higher volume of mortgage loan originations; and
higher mortgage banking fee income;

partially offset by:

higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, and data processing expenses.

The mortgage banking segment reported net income of $1.0 million for the first nine months of 2024, compared to $568,000 for the same period of 2023, due primarily to:

lower variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, as well as mortgage banking loan processing expenses and data processing expenses;
lower occupancy expense due to an effort to reduce overhead costs;
higher mortgage banking fee income; and
relatively unchanged gains on sales of loans and mortgage loan production volume;

partially offset by:

lower mortgage lender services income due lower mortgage loan production volume across the industry.

The sustained elevated level of mortgage interest rates, combined with higher home prices and lower levels of inventory, has led to a level of mortgage loan originations in 2024 and 2023 for the industry that is lower than recent historical averages. Mortgage loan originations for the mortgage banking segment were $157.0 million for the third quarter of 2024, comprised of $15.0 million refinancings and $142.0 million home purchases, compared to $129.7 million, comprised of $11.9 million refinancings and $117.8 million home purchases, for the same period in 2023. Mortgage loan originations for the mortgage banking segment were $397.3 million for the first nine months of 2024, comprised of $34.3 million refinancings and $363.0 million home purchases, compared to $400.6 million, comprised of $40.2 million refinancings and $360.4 million home purchases, for the same period in 2023. Mortgage loan originations in the third quarter of 2024 increased $11.0 million compared to the second quarter of 2024 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

During the third quarter and first nine months of 2024, the mortgage banking segment recorded a reversal of provision for indemnification losses of $100,000 and $375,000, respectively, compared to a reversal of provision for indemnification losses of $200,000 and $435,000 in the same periods of 2023. The mortgage banking segment increased reserves for indemnification losses during 2020 based on widespread forbearance on mortgage loans and economic uncertainty related to the COVID-19 pandemic. The release of indemnification reserves in 2024 and 2023 was due primarily to improvement in the mortgage banking segment’s assessment of borrower payment performance, lower volume of mortgage loan originations in recent years and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

Consumer Finance Segment. The consumer finance segment reported net income of $311,000 and $1.1 million for the third quarter and first nine months of 2024, respectively, compared to net income of $682,000 and $2.3 million for the same periods in 2023. The decreases in consumer finance segment net income were due primarily to:

higher provision for credit losses due primarily to increased net charge-offs and loan growth; and
higher interest expense on variable rate borrowings from the community banking segment as a result of higher interest rates and higher balances of borrowings;

partially offset by:

higher interest income resulting from the effects of higher interest rates on loan yields and higher average balances of loans;
lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
lower loan recovery expense related to growth in loans with stronger credit quality and efficiency initiatives within the collections department.

Average loans increased $8.3 million, or 1.8 percent, for the third quarter of 2024 and increased $3.0 million, or less than one percent, for the first nine months of 2024, compared to the same periods in 2023. The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023, due primarily to an increase in the number of delinquent loans and repossessions and a higher average charge-off per unit as a result of larger loan amounts due to higher automobile values during 2020 and 2021 and a decline in wholesale values of used automobiles since then. At September 30, 2024, total delinquent loans as a percentage of total loans was 3.49 percent, compared to 4.09 percent at December 31, 2023, 3.30 percent at September 30, 2023, and 3.51 percent at June 30, 2024. Delinquency and loss rates have generally returned to pre-pandemic levels due to the passage of time since the expiration of stimulus and enhanced unemployment benefits that benefitted borrowers.

The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. The average amounts deferred on a monthly basis during the third quarter and first nine months of 2024 were 1.91 percent and 1.70 percent of average automobile loans outstanding compared to 2.20 percent and 1.83 percent during the same periods during 2023. The allowance for credit losses was $23.2 million at September 30, 2024 and $23.6 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 4.87 percent at September 30, 2024 from 5.03 percent at December 31, 2023, primarily as a result of growth in loans with stronger credit quality while balances of loans with lower credit quality declined. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of September 30, 2024, the Corporation’s uninsured deposits were approximately $607.6 million, or 28.5 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $455.6 million, or 21.3 percent of total deposits as of September 30, 2024. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $287.4 million and borrowing availability was $583.8 million as of September 30, 2024, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $415.6 million as of September 30, 2024.

In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $142.3 million at September 30, 2024 from $109.5 million at December 31, 2023 due primarily to higher borrowings from the FHLB. Borrowings decreased $4.7 million from $147.0 million at September 30, 2023.

Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

Capital and Dividends. The Corporation declared a quarterly cash dividend for the third quarter of 2024 of $0.44 per share, which was paid on October 1, 2024. This dividend represents a payout ratio of 26.7 percent of earnings per share for the third quarter of 2024. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

Total consolidated equity increased $10.4 million at September 30, 2024, compared to December 31, 2023, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by share repurchases and dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of rising market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest and unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale decreased to $17.2 million at September 30, 2024 compared to $25.0 million at December 31, 2023 due primarily to fluctuations in market interest rates of debt securities.

As of September 30, 2024, the most recent notification from the FDIC categorized the C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at September 30, 2024, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at September 30, 2024. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses became realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

In December 2023, the Board of Directors authorized a program, effective January 1, 2024, to repurchase up to $10.0 million of the Corporation’s common stock through December 31, 2024. During the third quarter and first nine months of 2024, the Corporation repurchased 60,520 shares, or $3.2 million, and 149,594 shares, or $7.3 million, of its common stock under this share repurchase program, respectively.

About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $61.78 per share on October 28, 2024. At September 30, 2024, the book value per share of the Corporation was $70.29 and the tangible book value per share was $62.13. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

C&F Bank operates 32 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia, North Carolina, and West Virginia. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia from its headquarters in Henrico, Virginia.

Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.

Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

Forward-Looking Statements. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
general business conditions, as well as conditions within the financial markets
general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and in the Middle East) or other major events, or the prospect of these events
average loan yields and average costs of interest-bearing deposits
financial services industry conditions, including bank failures or concerns involving liquidity
labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
demand for financial services in the Corporation’s market area
the value of securities held in the Corporation’s investment portfolios
the quality or composition of the loan portfolios and the value of the collateral securing those loans
the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
the level of net charge-offs on loans and the adequacy of our allowance for credit losses
the level of indemnification losses related to mortgage loans sold
demand for loan products
deposit flows
the strength of the Corporation’s counterparties
the availability of lines of credit from the FHLB and other counterparties
the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
services provided by, or the level of the Corporation’s reliance upon third parties for key services
the commercial and residential real estate markets, including changes in property values
the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
the Corporation’s technology initiatives and other strategic initiatives
the Corporation’s branch expansions and consolidations plans
cyber threats, attacks or events
C&F Bank’s product offerings
accounting principles, policies and guidelines, and elections by the Corporation thereunder

These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.


C&F Financial CorporationSelected Financial Information (dollars in thousands, except for per share data) (unaudited)

Financial Condition	9/30/2024		12/31/2023		9/30/2023
Interest-bearing deposits in other banks	$	32,507	$	58,777	$	53,407
Investment securities – available for sale, at fair value		409,045		462,444		460,653
Loans held for sale, at fair value		44,677		14,176		25,469
Loans, net:
Community Banking segment		1,414,576		1,257,557		1,230,694
Consumer Finance segment		454,062		444,931		446,787
Total assets		2,550,904		2,438,498		2,421,705
Deposits		2,135,891		2,066,130		2,028,429
Repurchase agreements		28,643		30,705		28,660
Other borrowings		113,683		78,834		118,388
Total equity		227,958		217,516		200,380


	For The				For The
	Quarter Ended				Nine Months Ended
Results of Operations	9/30/2024		9/30/2023		9/30/2024		9/30/2023
Interest income	$	36,131	$	31,686	$	103,151	$	91,729
Interest expense		11,442		7,224		31,476		17,964
Provision for credit losses:
Community Banking segment		700		500		1,650		1,550
Consumer Finance segment		3,000		1,550		8,100		4,250
Noninterest income:
Gains on sales of loans		1,825		1,220		4,814		4,930
Other		6,947		4,994		18,774		16,882
Noninterest expenses:
Salaries and employee benefits		13,921		12,921		41,625		40,841
Other		9,170		8,605		26,989		25,969
Income tax expense		1,250		1,323		3,010		4,309
Net income		5,420		5,777		13,889		18,658

Fully-taxable equivalent (FTE) amounts¹
Interest income on loans-FTE		33,070		28,423		94,166		81,999
Interest income on securities-FTE		2,958		3,134		9,033		9,589
Total interest income-FTE		36,417		31,936		104,010		92,424
Net interest income-FTE		24,975		24,712		72,534		74,460

________________________
¹For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”


	For the Quarter Ended
	9/30/2024							9/30/2023
	Average			Income/		Yield/		Average			Income/		Yield/
Yield Analysis	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Securities:
Taxable	$	318,834		$	1,828	2.29	%	$	414,036		$	2,207	2.13	%
Tax-exempt		119,253			1,130	3.79			110,182			927	3.37
Total securities		438,087			2,958	2.70			524,218			3,134	2.39
Loans:
Community banking segment		1,411,337			19,797	5.58			1,224,791			15,887	5.15
Mortgage banking segment		40,232			597	5.90			30,210			517	6.79
Consumer finance segment		481,124			12,676	10.48			472,811			12,019	10.09
Total loans		1,932,693			33,070	6.81			1,727,812			28,423	6.53
Interest-bearing deposits in other banks		38,756			389	3.99			38,507			379	3.90
Total earning assets		2,409,536			36,417	6.02			2,290,537			31,936	5.54
Allowance for credit losses		(40,879	)						(41,014	)
Total non-earning assets		158,063							151,070
Total assets	$	2,526,720						$	2,400,593

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits	$	323,019			540	0.67		$	341,707			505	0.59
Money market deposit accounts		293,789			1,104	1.49			304,309			782	1.02
Savings accounts		178,417			23	0.05			204,042			29	0.06
Certificates of deposit		801,669			8,524	4.23			571,499			4,316	3.00
Total interest-bearing deposits		1,596,894			10,191	2.54			1,421,557			5,632	1.57
Borrowings:
Repurchase agreements		27,207			117	1.72			29,440			95	1.29
Other borrowings		93,961			1,134	4.83			122,250			1,497	4.90
Total borrowings		121,168			1,251	4.13			151,690			1,592	4.20
Total interest-bearing liabilities		1,718,062			11,442	2.65			1,573,247			7,224	1.83
Noninterest-bearing demand deposits		537,796							577,382
Other liabilities		48,330							45,124
Total liabilities		2,304,188							2,195,753
Equity		222,532							204,840
Total liabilities and equity	$	2,526,720						$	2,400,593
Net interest income				$	24,975						$	24,712
Interest rate spread						3.37	%						3.71	%
Interest expense to average earning assets						1.89	%						1.25	%
Net interest margin						4.13	%						4.29	%


	For the Nine Months Ended
	9/30/2024							9/30/2023
	Average			Income/		Yield/		Average			Income/		Yield/
Yield Analysis	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Securities:
Taxable	$	340,297		$	5,665	2.22	%	$	441,204		$	7,017	2.12	%
Tax-exempt		119,931			3,368	3.74			104,549			2,572	3.28
Total securities		460,228			9,033	2.62			545,753			9,589	2.34
Loans:
Community banking segment		1,357,962			55,671	5.48			1,199,560			45,375	5.06
Mortgage banking segment		30,759			1,411	6.13			26,713			1,312	6.57
Consumer finance segment		477,768			37,084	10.37			474,738			35,312	9.94
Total loans		1,866,489			94,166	6.74			1,701,011			81,999	6.45
Interest-bearing deposits in other banks		30,197			811	3.59			33,072			836	3.38
Total earning assets		2,356,914			104,010	5.89			2,279,836			92,424	5.42
Allowance for loan losses		(40,670	)						(41,192	)
Total non-earning assets		155,935							150,826
Total assets	$	2,472,179						$	2,389,470

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits	$	326,540			1,569	0.64		$	359,157			1,578	0.59
Money market deposit accounts		295,257			3,177	1.44			323,630			2,121	0.88
Savings accounts		181,880			85	0.06			213,940			91	0.06
Certificates of deposit		753,114			23,140	4.10			509,424			9,447	2.48
Total interest-bearing deposits		1,556,791			27,971	2.40			1,406,151			13,237	1.26
Borrowings:
Repurchase agreements		26,774			325	1.62			32,048			273	1.14
Other borrowings		91,024			3,180	4.66			122,984			4,454	4.83
Total borrowings		117,798			3,505	3.97			155,032			4,727	4.07
Total interest-bearing liabilities		1,674,589			31,476	2.51			1,561,183			17,964	1.54
Noninterest-bearing demand deposits		533,113							582,573
Other liabilities		45,835							42,108
Total liabilities		2,253,537							2,185,864
Equity		218,642							203,606
Total liabilities and equity	$	2,472,179						$	2,389,470
Net interest income				$	72,534						$	74,460
Interest rate spread						3.38	%						3.88	%
Interest expense to average earning assets						1.78	%						1.05	%
Net interest margin						4.11	%						4.37	%


	9/30/2024
Funding Sources	Capacity		Outstanding		Available
Unsecured federal funds agreements	$	75,000	$	—	$	75,000
Borrowings from FHLB		254,445		60,000		194,445
Borrowings from Federal Reserve Bank		314,385		—		314,385
Total	$	643,830	$	60,000	$	583,830


Asset Quality	9/30/2024			12/31/2023
Community Banking
Total loans	$	1,432,109		$	1,273,629
Nonaccrual loans	$	628		$	406

Allowance for credit losses (ACL)	$	17,533		$	16,072
Nonaccrual loans to total loans		0.04	%		0.03	%
ACL to total loans		1.22	%		1.26	%
ACL to nonaccrual loans		2,791.88	%		3,958.62	%
Annualized year-to-date net charge-offs to average loans		0.01	%		0.01	%

Consumer Finance
Total loans	$	477,300		$	468,510
Nonaccrual loans	$	1,101		$	892
Repossessed assets	$	522		$	646
ACL	$	23,238		$	23,579
Nonaccrual loans to total loans		0.23	%		0.19	%
ACL to total loans		4.87	%		5.03	%
ACL to nonaccrual loans		2,110.63	%		2,643.39	%
Annualized year-to-date net charge-offs to average loans		2.36	%		1.99	%


	For The								For The
	Quarter Ended								Nine Months Ended
Other Performance Data	9/30/2024				9/30/2023				9/30/2024				9/30/2023
Net Income (Loss):
Community Banking	$	5,337			$	5,685			$	13,920			$	17,742
Mortgage Banking		351				(5	)			1,021				568
Consumer Finance		311				682				1,142				2,261
Other¹		(579	)			(585	)			(2,194	)			(1,913	)
Total	$	5,420			$	5,777			$	13,889			$	18,658

Net income attributable to C&F Financial Corporation	$	5,389			$	5,789			$	13,797			$	18,536

Earnings per share – basic and diluted	$	1.65			$	1.71			$	4.15			$	5.41
Weighted average shares outstanding – basic and diluted		3,258,420				3,391,624				3,323,942				3,426,845

Annualized return on average assets		0.86		%		0.96		%		0.75		%		1.04		%
Annualized return on average equity		9.74		%		11.28		%		8.47		%		12.22		%
Annualized return on average tangible common equity²		11.16		%		13.19		%		9.74		%		14.18		%
Dividends declared per share	$	0.44			$	0.44			$	1.32			$	1.32

Mortgage loan originations – Mortgage Banking	$	156,968			$	129,658			$	397,324			$	400,559
Mortgage loans sold – Mortgage Banking		146,143				140,214				367,449				389,465

________________________
¹ Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
² For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”


Market Ratios	9/30/2024		12/31/2023
Market value per share	$	58.35	$	68.19
Book value per share	$	70.29	$	64.28
Price to book value ratio		0.83		1.06
Tangible book value per share¹	$	62.13	$	56.40
Price to tangible book value ratio¹		0.94		1.21
Price to earnings ratio (ttm)		10.30		9.87

________________________
¹ For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”



							Minimum Capital
Capital Ratios	9/30/2024			12/31/2023			Requirements³
C&F Financial Corporation¹
Total risk-based capital ratio		13.8	%		14.8	%		8.0	%
Tier 1 risk-based capital ratio		11.6	%		12.6	%		6.0	%
Common equity tier 1 capital ratio		10.5	%		11.3	%		4.5	%
Tier 1 leverage ratio		9.8	%		10.1	%		4.0	%

C&F Bank²
Total risk-based capital ratio		13.4	%		14.1	%		8.0	%
Tier 1 risk-based capital ratio		12.1	%		12.9	%		6.0	%
Common equity tier 1 capital ratio		12.1	%		12.9	%		4.5	%
Tier 1 leverage ratio		10.1	%		10.3	%		4.0	%

________________________
¹ The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
² All ratios at September 30, 2024 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2023 are presented as filed.
³ The ratios presented for minimum capital requirements are those to be considered adequately capitalized.


	For The Quarter Ended								For The Nine Months Ended
	9/30/2024				9/30/2023				9/30/2024				9/30/2023
Reconciliation of Certain Non-GAAP Financial Measures
Return on Average Tangible Common Equity
Average total equity, as reported	$	222,532			$	204,840			$	218,642			$	203,606
Average goodwill		(25,191	)			(25,191	)			(25,191	)			(25,191	)
Average other intangible assets		(1,242	)			(1,507	)			(1,303	)			(1,572	)
Average noncontrolling interest		(573	)			(484	)			(670	)			(668	)
Average tangible common equity	$	195,526			$	177,658			$	191,478			$	176,175

Net income	$	5,420			$	5,777			$	13,889			$	18,658
Amortization of intangibles		65				69				195				205
Net (income) loss attributable to noncontrolling interest		(31	)			12				(92	)			(122	)
Net tangible income attributable to C&F Financial Corporation	$	5,454			$	5,858			$	13,992			$	18,741

Annualized return on average equity, as reported		9.74		%		11.28		%		8.47		%		12.22		%
Annualized return on average tangible common equity		11.16		%		13.19		%		9.74		%		14.18		%


	For The Quarter Ended				For The Nine Months Ended
	9/30/2024		9/30/2023		9/30/2024		9/30/2023
Fully Taxable Equivalent Net Interest Income¹
Interest income on loans	$	33,021	$	28,369	$	94,014	$	81,845
FTE adjustment		49		54		152		154
FTE interest income on loans	$	33,070	$	28,423	$	94,166	$	81,999

Interest income on securities	$	2,721	$	2,938	$	8,326	$	9,048
FTE adjustment		237		196		707		541
FTE interest income on securities	$	2,958	$	3,134	$	9,033	$	9,589

Total interest income	$	36,131	$	31,686	$	103,151	$	91,729
FTE adjustment		286		250		859		695
FTE interest income	$	36,417	$	31,936	$	104,010	$	92,424

Net interest income	$	24,689	$	24,462	$	71,675	$	73,765
FTE adjustment		286		250		859		695
FTE net interest income	$	24,975	$	24,712	$	72,534	$	74,460

____________________
¹ Assuming a tax rate of 21%.


	9/30/2024			12/31/2023
Tangible Book Value Per Share
Equity attributable to C&F Financial Corporation	$	227,340		$	216,878
Goodwill		(25,191	)		(25,191	)
Other intangible assets		(1,211	)		(1,407	)
Tangible equity attributable to C&F Financial Corporation	$	200,938		$	190,280

Shares outstanding		3,234,363			3,374,098

Book value per share	$	70.29		$	64.28
Tangible book value per share	$	62.13		$	56.40


Contact:	Jason Long, CFO and Secretary
	(804) 843-2360

The MIL Network –

January 25, 2025

MIL-OSI Global: Encephalitis lethargica: the mysterious disease that inspired Awakenings is finally starting to give up some clues

Source: The Conversation – UK – By Jonathan Rogers, Wellcome Trust Clinical Fellow in Psychiatry, UCL

“People have forgotten what life is all about,” Robert De Niro’s character says in the film Awakenings after being revived from the shut-down state he had been in for 30 years. “They’ve forgotten what it is to be alive.”

Based on a true story told by Dr Oliver Sacks, Awakenings focuses with exquisite detail on the experiences of a few extraordinary people affected by a disease known as encephalitis lethargica, or the “sleepy sickness”. Yet far from being a rarity, this disease affected a million people worldwide during and after the first world war. Then it vanished and has remained a mystery for the past century. The question that has never been answered is: what caused it?

The disease was first described by a neurologist in Vienna in 1917. It was noted that the initial symptoms were similar to those of flu, but that’s where the similarities ended. Over the next few weeks, some would be unable to sleep at all, while others would be so drowsy they could be woken for only a few minutes to eat.

About half died in this early phase, but those who survived were even more perplexing. After recovering, often returning to work, many started to notice stiffness, slowness in their movements and even that their eyes would get stuck in certain positions. Sadly, this slowly progressed. And many were left – like De Niro’s character – in a frozen state, unable to speak or move.

But that wasn’t all. Many would develop monotonous or slurred speech. Some had changes to their mood, perceptions and personality. In a study my colleagues and I conducted, we even came across four patients who developed kleptomania (compulsive stealing) as part of their illness.

What could have caused this?

Finding the origin of a disease isn’t as straightforward as it sounds. HIV as a cause of Aids or HPV causing cervical cancer were both long journeys and were not at all obvious early on. It’s the same with encephalitis lethargica.

Given that it started suddenly and then went away, some have suggested it might be related to an infection. Spanish flu occurred around the same time, although the first cases of encephalitis lethargica were earlier. We haven’t found any influenza virus in the brains of people who were affected, so it doesn’t quite fit in a simple way.

To look at what might be going on, we spent hours reading through the meticulously preserved records of more than 600 patients who had encephalitis lethargica. We found that only 32% of them had had anything even remotely like flu in the year before their illness started. And less than 1% had an affected family member. So the flu infection story isn’t very convincing – at least on its own.

What about something in the environment? 1917 was a fairly eventful year – to say the least – with the first world war involving an enormous mobilisation of people, arms and supplies. Perhaps it was some new chemical being used. Yet our study found no link to people who worked with particular substances.

More recently, a new theory for encephalitis lethargica has been proposed. The idea is that there might be an autoimmune process involved – that is, the body’s natural defence mechanisms might have turned on itself and attacked the brain.

This happens elsewhere in the body. A reaction against cells in the pancreas causes type 1 diabetes, while antibodies to cells in the thyroid gland can trigger Graves’ disease. In the brain, the results can be devastating, and in recent years, we have recognised that multiple sclerosis also results from a problem with the immune system.

Something called autoimmune encephalitis is where certain antibodies attack nerve cells in the brain. We found that almost half of the patients diagnosed with encephalitis lethargica might have had autoimmune encephalitis, though it didn’t fit the pattern for any of the types we recognise today.

How could this explain a disease that arose out of nowhere and caused such a range of symptoms? Some patients found that their movements and thoughts were massively slowed down. Others hallucinated, had bizarre delusions or even seemed to lose their sense of right and wrong.

This is where we may have to return to the idea of an infection, either flu or something else. Some autoimmune conditions can be triggered by an infection of some kind, which may look a bit like something the body is familiar with. It’s a good disguise for the invading bug, but once your body has recognised it, there’s a risk it turns the body’s defences on itself.

Does this all really matter? Is it worth solving a pandemic where the last survivor died two decades ago? Well, sadly, encephalitis lethargica wasn’t the first neurological epidemic of its kind and – if we don’t crack it – we won’t be prepared for the next.

Jonathan Rogers has received funding from the Wellcome Trust and NIHR. He is a Council member for the British Association for Psychopharmacology, an Advisor to the Global Neuropsychiatry Group and a member of the Medical Advisory Board of the Catatonia Foundation.

– ref. Encephalitis lethargica: the mysterious disease that inspired Awakenings is finally starting to give up some clues – https://theconversation.com/encephalitis-lethargica-the-mysterious-disease-that-inspired-awakenings-is-finally-starting-to-give-up-some-clues-237619

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI United Nations: Secretary-General’s Remarks at the High-Level Segment of COP16 on Biodiversity [trilingual, as delivered; scroll down for all-English]

Source: United Nations secretary general

Presidente Petro,

Gracias por acoger esta importante sesión, aquí en Cali – un microcosmos de la rica biodiversidad de nuestro planeta.

Excelencias, queridos amigos,

La naturaleza es vida.

Y, sin embargo, estamos librando una guerra contra ella.

Una guerra donde no puede haber vencedores.

Cada año, vemos las temperaturas subir más y más.

Cada día, perdemos más especies.

Cada minuto, vertemos un camión de basura de desechos plásticos en nuestros océanos, ríos y lagos.

No se equivoquen.

Así es como se ve una crisis existencial.

Ningún país, rico o pobre, es inmune a la devastación provocada por el cambio climático, la pérdida de biodiversidad, la degradación de la tierra y la contaminación.

Estas crisis ambientales están entrelazadas. No conocen fronteras.

Y están devastando ecosistemas y medios de vida, amenazando la salud humana y socavando el desarrollo sostenible.

Los motores de esta destrucción están arraigados en modelos económicos obsoletos, que alimentan patrones insostenibles de producción y consumo.

Y se ven multiplicados por las desigualdades – en riqueza y poder.

Cada día que pasa, nos acercamos más a puntos de inflexión que podrían alimentar más hambre, desplazamientos y incluso conflictos armados.

Ya hemos alterado el 75% de la superficie terrestre y el 66% de los océanos.

Queridas amigas y queridos amigos,

La biodiversidad es aliada de la humanidad.

Debemos pasar de saquearla a preservarla.

Como he dicho una y otra vez, hacer las paces con la naturaleza es la tarea definitoria del siglo XXI.

Ese es el espíritu de la Declaración de hoy de la Coalición Mundial por la Paz con la Naturaleza:

Un llamado a la acción para mejorar los esfuerzos nacionales e internacionales hacia una relación equilibrada y armoniosa con la naturaleza – protegiendo la naturaleza y conservando, restaurando, utilizando y compartiendo de manera sostenible nuestra biodiversidad global.

Un llamado a reconocer el conocimiento vital, las innovaciones y las prácticas de los Pueblos indígenas y afrodescendientes, los agricultores y las comunidades locales.

Un llamado por la vida.

Excellencies, Dear friends,

Last month, UN Member States adopted the Pact for the Future.

The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

But we must now turn these promises into action in four vital ways.

First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

These must become the default for governments and businesses alike.

Second – we must agree on a strengthened monitoring and transparency framework.

This is not only vital for accountability but also about enabling course corrections and driving ambition.

Third – finance promises must be kept and support to developing countries accelerated.

We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

And we must bring the private sector on board.

Those profiting from nature cannot treat it like a free, infinite resource.

They must step up and contribute to its protection and restoration.

By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

Too often, they have been on the sidelines of global environmental policy.

Too often, environmental defenders have been threatened and killed.

Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

Their traditional knowledge is a living library of biodiversity conservation.

They must be protected.

And they must be part of every biodiversity conversation.

The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

Peace with nature means peace with those who protect it.

We must defend the people who defend nature.

Excellencies,

Across all these areas, we know progress is possible.

Many countries around the world are stepping up to lead the way.

Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.

The Congo Basin is intensifying efforts to increase protected area coverage.

The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet.

We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.

Let us be inspired and lifted by these examples.

Excellences, Chers amis,

Notre mission à Cali est claire : accélérer le progrès pour la biodiversité ; mobiliser les ressources nécessaires ; et renforcer le rôle des peuples autochtones, des personnes d’ascendance africaine et des communautés locales.

Nous pouvons – et nous devons – sauvegarder les écosystèmes qui nous font vivre et maintenir les objectifs climatiques à notre portée.

Tout autre chemin est impensable.

Il en va de la survie de la planète – et de la [nôtre].

Choisissons avec sagesse.

Choisissons la vie.

Faisons la paix avec la nature.

Je vous remercie.

****

[All-English]

President Petro,

Thank you for hosting this important session, here in Cali – a microcosm of our planet’s rich biodiversity.

Excellencies, dear friends,

Nature is life.

And yet we are waging a war against it.

A war where there can be no winner.

Every year, we see temperatures climbing higher.

Every day, we lose more species.

Every minute, we dump a garbage truck of plastic waste into our oceans, rivers and lakes.

Make no mistake.

This is what an existential crisis looks like.

No country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution.

These environmental crises are intertwined. They know no borders.

And they are devastating ecosystems and livelihoods, threatening human health and undermining sustainable development.

The drivers of this destruction are embedded in outdated economic models, fueling unsustainable production and consumption patterns.

They are multiplied by inequalities – in wealth and power.

And with each passing day, we are edging closer to tipping points that could fuel further hunger, displacement, and even armed conflicts.

We have already altered 75% of the Earth’s land surface and 66% of its ocean environments.

Dear friends,

Biodiversity is humanity’s ally.

We must move from plundering it to preserving it.

As I have said time and again, making peace with nature is the defining task of the 21st century.

That is the spirit of today’s Declaration of the World Coalition for Peace with Nature:

A call for action to enhance national and international efforts towards a balanced and harmonious relationship with nature – protecting nature and conserving, restoring and sustainably using and sharing our global biodiversity.

A call to recognize the vital knowledge, innovations and practices of Indigenous people, people of African descent, farmers and local communities.

A call for life.

Excellencies,

Last month, UN Member States adopted the Pact for the Future.

The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

But we must now turn these promises into action in four vital ways.

First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

These must become the default for governments and businesses alike.

Second – we must agree on a strengthened monitoring and transparency framework.

This is not only vital for accountability but also about enabling course corrections and driving ambition.

Third – finance promises must be kept and support to developing countries accelerated.

We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

And we must bring the private sector on board.

Those profiting from nature cannot treat it like a free, infinite resource.

They must step up and contribute to its protection and restoration.

By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

Too often, they have been on the sidelines of global environmental policy.

Too often, environmental defenders have been threatened and killed.

Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

Their traditional knowledge is a living library of biodiversity conservation.

They must be protected.

And they must be part of every biodiversity conversation.

The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

Peace with nature means peace for those who protect it.

We must defend the people who defend nature.

Excellencies,

Across all these areas, we know progress is possible.

Many countries around the world are stepping up to lead the way.

Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.

The Congo Basin is intensifying efforts to increase protected area coverage.

The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet.

We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.

Let us be inspired and lifted by these examples.

Excellencies, Dear friends,

We are in Cali to accelerate progress, commit resources, and elevate the role of Indigenous Peoples, people of African descent, and local communities.

We can – and we must – save the ecosystems that sustain us and keep our climate goals within reach.

The alternative is unthinkable.

The survival of our planet — and our own — is on the line.

Let us choose wisely.

Let us choose life.

Let us make peace with nature.

Thank you.

MIL OSI United Nations News –

January 25, 2025
MIL-OSI Africa: Secretary-General’s Remarks at the High-Level Segment of COP16 on Biodiversity [trilingual, as delivered; scroll down for all-English]

Source: United Nations – English

residente Petro,

Gracias por acoger esta importante sesión, aquí en Cali – un microcosmos de la rica biodiversidad de nuestro planeta.

Excelencias, queridos amigos,

La naturaleza es vida.

Y, sin embargo, estamos librando una guerra contra ella.

Una guerra donde no puede haber vencedores.

Cada año, vemos las temperaturas subir más y más.

Cada día, perdemos más especies.

Cada minuto, vertemos un camión de basura de desechos plásticos en nuestros océanos, ríos y lagos.

No se equivoquen.

Así es como se ve una crisis existencial.

Ningún país, rico o pobre, es inmune a la devastación provocada por el cambio climático, la pérdida de biodiversidad, la degradación de la tierra y la contaminación.

Estas crisis ambientales están entrelazadas. No conocen fronteras.

Y están devastando ecosistemas y medios de vida, amenazando la salud humana y socavando el desarrollo sostenible.

Los motores de esta destrucción están arraigados en modelos económicos obsoletos, que alimentan patrones insostenibles de producción y consumo.

Y se ven multiplicados por las desigualdades – en riqueza y poder.

Cada día que pasa, nos acercamos más a puntos de inflexión que podrían alimentar más hambre, desplazamientos y incluso conflictos armados.

Ya hemos alterado el 75% de la superficie terrestre y el 66% de los océanos.

Queridas amigas y queridos amigos,

La biodiversidad es aliada de la humanidad.

Debemos pasar de saquearla a preservarla.

Como he dicho una y otra vez, hacer las paces con la naturaleza es la tarea definitoria del siglo XXI.

Ese es el espíritu de la Declaración de hoy de la Coalición Mundial por la Paz con la Naturaleza:

Un llamado a la acción para mejorar los esfuerzos nacionales e internacionales hacia una relación equilibrada y armoniosa con la naturaleza – protegiendo la naturaleza y conservando, restaurando, utilizando y compartiendo de manera sostenible nuestra biodiversidad global.

Un llamado a reconocer el conocimiento vital, las innovaciones y las prácticas de los Pueblos indígenas y afrodescendientes, los agricultores y las comunidades locales.

Un llamado por la vida.

Excellencies, Dear friends,

Last month, UN Member States adopted the Pact for the Future.

The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

But we must now turn these promises into action in four vital ways.

First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

These must become the default for governments and businesses alike.

Second – we must agree on a strengthened monitoring and transparency framework.

This is not only vital for accountability but also about enabling course corrections and driving ambition.

Third – finance promises must be kept and support to developing countries accelerated.

We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

And we must bring the private sector on board.

Those profiting from nature cannot treat it like a free, infinite resource.

They must step up and contribute to its protection and restoration.

By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

Too often, they have been on the sidelines of global environmental policy.

Too often, environmental defenders have been threatened and killed.

Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

Their traditional knowledge is a living library of biodiversity conservation.

They must be protected.

And they must be part of every biodiversity conversation.

The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

Peace with nature means peace with those who protect it.

We must defend the people who defend nature.

Excellencies,

Across all these areas, we know progress is possible.

Many countries around the world are stepping up to lead the way.

Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.

The Congo Basin is intensifying efforts to increase protected area coverage.

The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet.

We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.

Let us be inspired and lifted by these examples.

Excellences, Chers amis,

Notre mission à Cali est claire : accélérer le progrès pour la biodiversité ; mobiliser les ressources nécessaires ; et renforcer le rôle des peuples autochtones, des personnes d’ascendance africaine et des communautés locales.

Nous pouvons – et nous devons – sauvegarder les écosystèmes qui nous font vivre et maintenir les objectifs climatiques à notre portée.

Tout autre chemin est impensable.

Il en va de la survie de la planète – et de la [nôtre].

Choisissons avec sagesse.

Choisissons la vie.

Faisons la paix avec la nature.

Je vous remercie.

****

[All-English]

President Petro,

Thank you for hosting this important session, here in Cali – a microcosm of our planet’s rich biodiversity.

Excellencies, dear friends,

Nature is life.

And yet we are waging a war against it.

A war where there can be no winner.

Every year, we see temperatures climbing higher.

Every day, we lose more species.

Every minute, we dump a garbage truck of plastic waste into our oceans, rivers and lakes.

Make no mistake.

This is what an existential crisis looks like.

No country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution.

These environmental crises are intertwined. They know no borders.

And they are devastating ecosystems and livelihoods, threatening human health and undermining sustainable development.

The drivers of this destruction are embedded in outdated economic models, fueling unsustainable production and consumption patterns.

They are multiplied by inequalities – in wealth and power.

And with each passing day, we are edging closer to tipping points that could fuel further hunger, displacement, and even armed conflicts.

We have already altered 75% of the Earth’s land surface and 66% of its ocean environments.

Dear friends,

Biodiversity is humanity’s ally.

We must move from plundering it to preserving it.

As I have said time and again, making peace with nature is the defining task of the 21st century.

That is the spirit of today’s Declaration of the World Coalition for Peace with Nature:

A call for action to enhance national and international efforts towards a balanced and harmonious relationship with nature – protecting nature and conserving, restoring and sustainably using and sharing our global biodiversity.

A call to recognize the vital knowledge, innovations and practices of Indigenous people, people of African descent, farmers and local communities.

A call for life.

Excellencies,

Last month, UN Member States adopted the Pact for the Future.

The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

But we must now turn these promises into action in four vital ways.

First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

These must become the default for governments and businesses alike.

Second – we must agree on a strengthened monitoring and transparency framework.

This is not only vital for accountability but also about enabling course corrections and driving ambition.

Third – finance promises must be kept and support to developing countries accelerated.

We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

And we must bring the private sector on board.

Those profiting from nature cannot treat it like a free, infinite resource.

They must step up and contribute to its protection and restoration.

By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

Too often, they have been on the sidelines of global environmental policy.

Too often, environmental defenders have been threatened and killed.

Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

Their traditional knowledge is a living library of biodiversity conservation.

They must be protected.

And they must be part of every biodiversity conversation.

The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

Peace with nature means peace for those who protect it.

We must defend the people who defend nature.

Excellencies,

Across all these areas, we know progress is possible.

Many countries around the world are stepping up to lead the way.

Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.

The Congo Basin is intensifying efforts to increase protected area coverage.

The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet.

We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.

Let us be inspired and lifted by these examples.

Excellencies, Dear friends,

We are in Cali to accelerate progress, commit resources, and elevate the role of Indigenous Peoples, people of African descent, and local communities.

We can – and we must – save the ecosystems that sustain us and keep our climate goals within reach.

The alternative is unthinkable.

The survival of our planet — and our own — is on the line.

Let us choose wisely.

Let us choose life.

Let us make peace with nature.

Thank you.

MIL OSI Africa –

January 25, 2025
MIL-OSI USA: UConn Health Helping Build Connecticut Youths Future Careers in Health and Science

Source: US State of Connecticut

Approximately 100 high school and college students had the opportunity to engage with UConn Health faculty, staff, medical, dental and graduate students in a series of activities to raise awareness about health and biomedical science careers and the admissions process for medical, dental, and graduate schools.

(Photo by John Atashian)

At UConn Health on October 19 the 2024 Bridge to the Future Health Career Pathways Mentoring Conference happily returned in-person. Since 2019 the annual event was held virtually due to the COVID-19 pandemic.

The event was hosted by Dr. Marja Hurley, UConn Board of Trustees Distinguished Professor, professor of medicine and orthopedic surgery, and associate dean of the Health Career Opportunity Programs.

This year’s conference was organized by the Department of Health Career Opportunity Programs (HCOP), the UConn Chapters of the Student National Medical Association (SNMA), the Latino Medical Student Association (LMSA), and the Student National Dental Association/ Hispanic Student Dental Association (SNDA/HSDA).

Keynote speaker Dr. Nurudeen Osumah with Dr. Marja Hurley (Photo by John Atashian).

The keynote speaker was Dr. Nurudeen Osumah, a UConn Health HCOP Pipeline participant and UConn School of Medicine Class of 2022 graduate who is an Emergency Medicine resident training at UConn Health. He spoke to the students about the impact of participating in a multitude of UConn Health HCOP preparatory programs and his personal journey through college and medical school.

(Photo by John Atashian)

Enrichment activities at the event for high school students included a “Road to Success” panel with Doctors Academy alumni, presentations and interactive activities on medical Spanish, taking a patient history, and clinical skills focused on blood pressure, suturing, surgical knots, and lumbar puncture conducted by members of LMSA and SNMA.

The college students attended a research poster symposium with currently enrolled UConn medical, dental, and graduate student presenters to learn about biomedical research opportunities and an enrichment seminar to learn about the admissions process for graduate and medical school programs offered at UConn Health.

(Photo by John Atashian)

For college students specifically interested in dental medicine, a Dental Impressions Workshop led by Jaelon Blandburg, third-year dental student and Dr. Gerald Birmingham, clinical assistant professor in General Dentistry, and assistant director of the Department of Health Career Opportunity Programs focused on a series of information sessions which included careers in dental medicine and a hands-on activity for taking dental impressions.

(Photo by John Atashian)

Additionally, college students interested in medicine engaged in a breakout session on medical patient history and case study led by Dr. Lenworth Ellis, assistant professor of medicine, interim chief of the Division of Occupational & Environmental Medicine, along with Professor Hurley and medical students.

The college program concluded with a “Road to Success” scholar athlete panel moderated by Khaoula Ben Haj Frej, a fourth-year medical student and Jaelon Blandburg, a third-year dental student. Currently enrolled students at the Schools of Medicine and Dental Medicine shared personal anecdotes, their experience as college student athletes, progression through their respective schools, and answered questions about their successes and challenges faced on their journey.

Dr. Marja Hurley (Photo by John Atashian)

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: California Company Charged with Conspiring to Sell Misbranded N95 Masks to Hospital in Early Months of COVID-19 Pandemic

Source: US Department of Health and Human Services – 3

Department of Justice
U.S. Attorney’s Office
District of Massachusetts

FOR IMMEDIATE RELEASE
October 29, 2024

This is the second company charged in connection with the scheme; three individuals also charged with misbranding N95 masks

BOSTON – A California company, and three individuals who owned and managed the company, have been charged and have agreed to plead guilty to charges relating to the shipment of facemasks that were misbranded as N95 respirators during the earliest phase of the COVID-19 pandemic in the United States.

Advoque Safeguard LLC (ASG) was charged with one count of conspiracy to introduce misbranded devices into interstate commerce with intent to defraud or mislead, in violation of the Federal Food, Drug and Cosmetic Act. Jason Azevedo, 33, of Cedar Creek, Texas; Paul Shrater, 51, of Simi Valley, Calif.; and Andrew Stack, 52, of Santa Cruz, Calif., were charged with one count of introduction of misbranded devices into interstate commerce. Plea hearings have not yet been scheduled by the Court.

Earlier this month, a second company, JDM Supply LLC (JDM), and two individuals, Daniel Motha and Jeffrey Motha, were charged and agreed to plead guilty in connection with this investigation. In addition, in August 2023, another individual, Jason Colantuoni, pleaded guilty to conspiracy to commit price gouging.

According to the charging documents, in the spring of 2020, during the earliest phase of the COVID-19 pandemic in the United States, ASG and JDM conspired to ship facemasks that were misbranded as National Institute of Occupational Safety and Health (NIOSH)-approved, N95 respirators. It is alleged that one hospital, identified as “HOSPITAL 1,” accepted and paid for hundreds of thousands of purported N95 masks that were manufactured by ASG and sold to HOSPITAL 1 by JDM. (HOSPITAL 1 did not use the masks, which were eventually returned to ASG.) It is further alleged that ASG and JDM misled the hospital into believing that the ASG masks were NIOSH-approved N95s, when in fact they were not. In August 2020, a NIOSH lab tested a sample of the ASG masks that had been shipped to HOSPITAL 1. All 10 ASG masks tested between 83.94% and 93.24% filtration efficiency, and thus fell under the 95% minimum level of filtration efficiency required for N95 respirators.

The charge of conspiracy to introduce or deliver for introduction into interstate commerce a misbranded device with intent to defraud or mislead provides for a fine of $500,000 or twice the pecuniary gain or loss of the offense, whichever is greater and up to five years of probation. The charge of introduction or delivery for introduction into interstate commerce a misbranded device provides for a sentence of up to one year in prison; up to one year of supervised release; and a fine of $100,000. Sentences are imposed by a federal judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

Acting United States Attorney Joshua S. Levy; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division; Fernando McMillan, Special Agent in Charge of the Food and Drug Administration, Office of Criminal Investigations; Christopher Algieri, Special Agent in Charge of the U.S. Department of Veterans Affairs Office of Inspector General, Northeast Field Office; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Michael J. Krol, Acting Special Agent in Charge of Homeland Security Investigations in New England made the announcement today. Assistant U.S. Attorneys Bill Brady and Howard Locker of the Health Care Fraud Unit are prosecuting the case.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

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 Hotline via the NCDF Web Complaint Form.

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

MIL OSI USA News –

January 25, 2025
MIL-Evening Report: Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris

Source: The Conversation (Au and NZ) – By Carol Johnson, Emerita Professor, Department of Politics and International Relations, University of Adelaide

Having a female presidential candidate has made gender obvious in this US presidential election, even to many who normally neglect its role. The specific contest between Kamala Harris and Donald Trump, along with the prominence of issues such as abortion, has resulted in a particularly large gender voting gap. Far more women have consistently indicated support for Harris and far more men for Trump.

However, gender has always been crucial in US presidential elections, not just because of gender voting patterns but because competing performances of masculinity have always played a major role.

Role of masculinity in 2020 election

The last presidential election saw Joe Biden’s form of kind and caring protective masculinity being explicitly contrasted with Trump’s divisive, hyper-masculine one.

Furthermore, strong male leaders are meant to protect the people from physical, social and economic harm. I have argued that one factor that contributed to Trump’s 2020 electoral defeat was a protective masculinity failure, especially in regard to COVID.

For example, former President Barack Obama argued that, unlike Biden, Trump could not be counted on to protect Americans:

Eight months into this pandemic, new cases are breaking records. Donald Trump isn’t going to suddenly protect all of us. He can’t even take the basic steps to protect himself […]. Joe understands […] that the first job of a president is to keep us safe from all threats: domestic, foreign, and microscopic.

Trump’s re-energised protective masculinity

However, since his 2020 electoral defeat, Trump has resurrected himself as a strong masculine protector. He claims that “our enemies” are trying to use legal charges to take away his freedom and silence him because he “will always stand” in the way of their attempt to silence the American people and take away their freedom.

He will also be a vengeful protector, declaring:

I am your warrior. I am your justice. And for those who have been wronged and betrayed: I am your retribution. I will totally obliterate the deep state.

Trump has long appealed to men who feel that traditional masculinity, and its related entitlements, are under threat.

He is currently courting white males, the youth manosphere, “techno bros”, “crypto bros”, conservative male unionists threatened by globalisation and offshoring, and conservative black and Latino men.

He has been explicitly mobilising misogyny, including by making lewd references to Harris. JD Vance has assisted Trump’s efforts.

Nonetheless, Trump claims that he will be a strong male protector of women, protecting them from illegal immigrants, crime, foreign threats and other anxieties:

You will be protected and I will be your protector. Women will be happy, healthy, confident and free.

Trump has even promised that, as a result, women “will no longer be thinking about abortion.” This is all despite his own alleged history of sexual assault.

Harris, gender and the women’s vote

By 2024, Biden’s apparent physical and cognitive decline meant that he was no longer a convincing masculine protector (or viable ongoing presidential candidate).

The choice of Harris as his replacement candidate had advantages, but it was also a gamble given the combined roles of gender and race. After all, despite the long history of US racism, it still proved easier to elect a black man (Obama) to the presidency than a white woman (Hillary Clinton).

However, the women’s vote is particularly important this election. As well as Harris’ appeal to younger and black women, Democrats have emphasised the importance of her appeal to white women, including some who previously voted Republican. Anti-Trump Republicans such as Liz Cheney are assisting Harris in appealing to the latter.

Issues such as abortion are crucial. The overturning of Roe v Wade abortion rights, enabled by Trump stacking the Supreme Court, also puts IVF at risk by not clarifying when life begins (with implications for frozen embryos). Senate Republicans have twice blocked a vote on a Democrat-led bill designed to protect IVF. Harris has pledged to sign a law protecting abortion rights (if Congress passes it).

Trump claims he supports IVF, won’t bring in a national ban on abortion and believes in abortion “exceptions for rape, incest, and life of the mother”.

However, Trump Republicans are courting, and influenced by, the American religious right on abortion. There aren’t such exceptions in several Republican states, as Harris’s heartrending accounts of the impact on women and their health reveals. Furthermore, Missouri, Kansas and Idaho are also trying to drastically reduce legal access to the abortion drug mifepristone.

Harris also emphasises other issues of particular significance for women, such as affordable childcare and better pay for care workers.

Harris and “tonic” masculinity

Given the role of competing masculinities in US presidential elections, Harris’ campaign has intentionally appealed to a very different form of protective masculinity from Trump’s.

Vice presidential candidate, Tim Walz’s, “America’s dad” image (of being a warm, caring but sports loving coach, national guard serving, gun owning, hunter) is used to contrast his “tonic masculinity” with Trump’s “toxic” masculinity. Harris’s husband, Doug Emhoff, is depicted as a supportive “wife-guy” who has “reshaped the perception of masculinity” (while strongly denying allegations he once slapped a woman).

Despite conservative claims of men being economically left behind, the Biden/Harris administration argues it has revitalised manufacturing and male jobs along with it and Harris will continue to do so. Meanwhile, Obama has urged black men to get behind Harris and the Harris campaign has highlighted its policies benefiting black men.

Can Harris mobilise protective femininity?

Given the major role of gender in US presidential elections, a key issue is whether Harris can successfully evoke a caring, motherly, protective femininity that promises security and economic benefits to voters and helps to counter Trump’s protective masculinity.

Other women politicians have been able to (for example, Germany’s Angela Merkel). Women leaders particularly mobilised protective femininity during the COVID health crisis (for example, New Zealand’s Jacinda Ardern). However, it always seemed likely masculinist leadership stereotypes would re-emerge once the economy needed rebuilding after the pandemic.

Harris has pledged she will “create an opportunity economy” and “protect our fundamental rights and freedoms, including the right of a woman to make decisions about her own body and not have her government tell her what to do”. She promises to be the kind of president “who cares about you and is not putting themselves first”. Whether such electoral pitches are successful remains to be seen.

Why the outcome of this election is crucial for gender equality.

A woman US president is long overdue after 46 male ones. A Trump victory would have major implications for abortion, IVF and women’s rights generally, including progress on the Biden/Harris National Strategy on Gender Equity and Equality. Immigrant and black women will be particularly vulnerable. A Trump victory would also have major implications for which models of masculinity are publicly endorsed.

A Trump victory would embolden conservative so-called anti-gender ideology campaigns. The Trump campaign has recently spent US $21 million (A$31.9 million) on ads associating Harris with LGBTIQ+ equality, especially transgender rights.

The Trump campaign asserts that “Kamala’s for they/them. President Trump is for you.” While Trump has also pledged that “we will get critical race theory and transgender insanity the hell out of our schools.”

A Trump victory will influence the future US economy, including risking increasing gender inequality in an Elon Musk-style unregulated technopoly.

Finally, academic commentators have drawn attention to the way in which socially conservative views on gender have been mobilised to support new forms of authoritarian regimes in Europe and elsewhere.

In short, this presidential election is a crucial one for the American people generally, but for the female half of the population in particular.

Carol Johnson 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. Gender is playing a crucial role in this US election – and it’s not just about Kamala Harris – https://theconversation.com/gender-is-playing-a-crucial-role-in-this-us-election-and-its-not-just-about-kamala-harris-242113

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-Evening Report: Inquiry warns distrustful public wouldn’t accept COVID measures in future pandemic

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The government-appointed inquiry into Australia’s COVID response has warned public trust won’t be so high in a future pandemic and people would be unlikely to accept again many of the measures taken.

“That means there is a job to be done to rebuild trust, and we must plan a response based on the Australia we are today, not the Australia we were before the pandemic,” the report released on Tuesday said.

The inquiry was conducted by former NSW public servant Robyn Kirk, epidemiologist Catherine Bennett, and economist Angela Jackson. It examined the health and economic responses; while it did not directly delve into the state responses, it did cover the federal-state interface.

The overall takeout from the inquiry is that “Australia did well relative to other nations, that experienced larger losses in human life, health system collapse and more severe economic downturns”.

But “the pandemic response was not as effective as it could have been” for an event for which there was “no playbook for pivotal actions.”

The inquiry said “with the benefit of hindsight, there was excessive fiscal and monetary policy stimulus provided throughout 2021 and 2022, especially in the construction sector. Combined with supply side disruptions, this contributed to inflationary pressures coming out of the pandemic.”

The inquiry criticised the Homebuilder program’s contribution to inflation, as well as Jobkeeper’s targeting, and said blanket access to superannuation should not be repeated.

The government – which might have originally expected the inquiry to have been more critical of the Morrison government – quickly seized on the report’s economic criticisms.

The panel has made a set of recommendations to ensure better preparation for a future pandemic.

It highlighted the “tail” the pandemic has left, especially its effect on children, who suffered school closures.

“Children faced lower health risks from COVID-19; however, broader impacts on the social and emotional development of children are ongoing. These include impacts on mental health, school attendance and academic outcomes for some groups of children.”

The report noted that the Australian Health Protection Principal Committee had never recommended widespread school closures.

A lack of clear communication about risks had created the environment for states to decide to go to remote learning.

The impacts on children should be considered in future pandemic preparations, the inquiry said.

It strongly backed making permanent the interim Australian Centre for Disease Control. The government will legislate next year for the CDC, to start on January 1 2026, as an independent statutory agency.

The CDC would be important in rebuilding trust, the report said, as well as “strengthening resilience and preparedness”. It would provide “national coordination to gather evidence necessary to undertake the assessments that can guide the proportionality of public health responses in future crises”.

The report said trust in government was essential for a successful response to a pandemic.

At COVID’s outset, the public largely did what was asked of them, complying with restrictive public health orders.

But the initial strengthening of trust in government did not continue through the pandemic. By the second year, restrictions on personal freedom were less accepted.

Reasons for the decrease in trust included a lack of transparency in decision making, poor communication, the stringency and duration of restrictions, implementation of mandated measures, access to vaccines and inconsistencies in responses across jurisdictions.

Michelle Grattan 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. Inquiry warns distrustful public wouldn’t accept COVID measures in future pandemic – https://theconversation.com/inquiry-warns-distrustful-public-wouldnt-accept-covid-measures-in-future-pandemic-242383

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI Economics: China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

Source: GlobalData

China’s medtech market growth to exceed global average over 2023-33 despite headwinds, says GlobalData

Posted in Medical Devices

Prominent medical technology market experts who gathered at the MedTech Conference 2024, which was held recently in Toronto, Canada, expressed an optimistic outlook for the future of the medical devices market in China. While the global medical devices market is forecast to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2033, China’s medical devices market is forecast to expand at a faster CAGR of 5.0% over the same period despite some challenges, according to GlobalData, a leading data and analytics company.

Tina Deng, MSc, Principal Medical Device Analyst at GlobalData, comments: “The key drivers of growth in China’s medical devices market include the country’s aging population, an increasing number of chronic conditions, rising penetration of medical devices at all levels of healthcare, and growing coverage by Chinese health insurance funds.”

The overall economic slowdown in China has resulted in tighter budgets for healthcare expenditures. This financial strain may negatively impact the growth of the medical devices market as hospitals and healthcare institutions struggle to manage costs. While volume-based procurement (VBP) aims to improve efficiency and reduce costs in healthcare spending, it poses challenges for manufacturers that could affect the long-term landscape of the medical devices market in China.

Global supply chain issues, which were exacerbated by geopolitical tensions and the COVID-19 pandemic, hinder production, and distribution. Additionally, China’s increasing protectionist policies are aimed at bolstering its domestic medical device industry, which poses challenges for international companies.

Deng concludes: “Multinational companies need to consider differentiated strategies to reduce operational cost and offer affordable products in China. It is essential to emphasize the overall value of products rather than just their price. Highlighting superior quality, reliability, and post-sales support can differentiate products in a competitive landscape.

“Additionally, multinational companies can collaborate with local companies or distributors to enhance their market knowledge, navigate regulatory environments, and improve access to procurement opportunities. Flexible pricing models that can adapt to different procurement requirements and buyer preferences can also be developed, ensuring competitiveness in various segments.”

MIL OSI Economics –

January 25, 2025
MIL-OSI Australia: Address to AFR Super and Wealth Summit, Sydney

Source: Australian Treasurer

Introduction

I would like to acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land we are meeting on.

I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.

At this very forum 2 years ago, I made a promise –

A promise that the Albanese government will deliver a stronger superannuation system that provides the best outcomes for members.

A stronger system where workers are paid what they are owed.

A system where funds deliver strong investment performance.

A system where the member is at the centre.

A system that is fair.

On current trends, the superannuation sector will exceed $4 trillion in the next term of government.

As the stewards of the system, we are committed to ensuring that translates to a dignified retirement for all Australians.

To do that, we have been improving every interaction with the system.

From the first dollar of superannuation accumulated –

To the final dollar drawn down –

We want to ensure Australians share in the dividend of the nation’s prosperity.

Every dollar of superannuation needs to be paid

Superannuation relies on the premise that wealth will accumulate over your working life to be drawn down upon in retirement.

This all falls over from the outset if workers are not paid what they are owed.

In the most recent data available, in a single year, it is estimated that workers had $3.6 billion stolen from them through unpaid super.

Not good enough.

We don’t accept workers being underpaid wages.

We shouldn’t accept workers being underpaid super.

So we have acted decisively.

We enshrined the right to super in the National Employment Standards.

We’ve criminalised the theft of superannuation.

And we’re fulfilling our election commitment to set new targets for the Tax Office to recover unpaid super.

Yet the most important policy in this regard is our commitment to payday super.

From 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages.

Workers will benefit by getting their super earlier and more frequently.

The Tax Office will have greater ability to track employers meeting their obligations.

And it will help prevent the build‑up of debts of unpaid super, which are too often lost forever if a business becomes insolvent.

This is one of the biggest reforms to the payment of superannuation since it was introduced over 30 years ago.

And it will deliver for workers.

Funds must deliver strong investment returns

We need to make sure super is paid on time.

And we need to make sure super is invested in the best financial interests of members.

Upon coming to government, the annual superannuation performance test only applied to around 70 MySuper products.

It has now been expanded to around 650 products, including the choice sector.

The test now covers around 80 per cent of benefits held in the accumulation phase.

This drives accountability for trustees to deliver good investment returns.

And it delivers transparency for members to know how their fund is performing.

And it’s working.

The tail of underperformance is being cleaned up.

After almost 100 products failed last year, that number is down to 37 this year.

But this is not a policy that is set and forget.

We have had a look under the hood of the test to ensure that it is delivering for members.

That it is not limiting the returns that funds can achieve.

And to ensure that it is fit‑for‑purpose as the system continues to mature.

As we work through the views and feedback we have received, you can judge our record to decipher what the future of the test looks like.

How do we ensure funds invest in the best financial interests of members.

And how do we help more Australians retire with dignity.

Superannuation will be increasingly judged by its member service

Now for a long time, the superannuation system has been judged simply by how well it accumulates wealth.

And this is a key metric for its success.

A metric – might I add – that it has generally hit out of the park.

But more and more, this is not going to be the only marker against which success is judged.

The superannuation industry will be judged by the standard of member service received throughout a person’s working life and retirement.

And members are not judging their superannuation fund against another fund.

They’re judging their fund against the service they receive from their bank or their insurer.

And if they don’t receive an acceptable level of service, members might just start to question the value proposition of superannuation.

There are plenty of bad answers to the question of what superannuation should be used for.

In fact, you can spot these bad ideas when they put forward an answer that is anything but retirement income.

In recent weeks, the Opposition have revealed their true colours when it comes to the superannuation system.

The Shadow Treasurer let the cat out of the bag – they don’t believe in a universal superannuation system.

And they don’t want superannuation to be kept for retirement as they continue to promote using super to buy a house.

It’s an idea that is both bad retirement policy and bad housing policy.

The entry price for a good idea is that it has to work.

But this one doesn’t build a single home.

And in a supply‑constrained market, it will only push house prices up and up.

Their sales pitch to a young person is to drain your super, while pushing home ownership further away.

And housing is just the tip of the iceberg.

There is not a policy problem that the Opposition believe can’t be met by ripping open super.

Like when they encouraged $38 billion in retirement savings to be drained during the pandemic.

However, if the superannuation system doesn’t meet the members’ needs, these ideas become more attractive.

Let’s be clear – the expectation on funds is only going to increase.

The government has made its views clear.

And this is a key strategic priority for ASIC as well and they will continue to work across industry to hold funds to account.

Members are going to want help to meet their retirement goals.

To be in the right products.

And to be supported when things go wrong.

Upon coming to government, the standard was not good enough.

Pleasingly, this has started to turn around as funds have dedicated time and resources to lifting their performance.

And I welcome the recent guidance note that ASFA has published –

And I acknowledge the collaboration from others in the sector, including the Super Members Council and Financial Services Council.

This is trending in the right direction, with more to be done to serve the members of the system.

Reforming the financial advice laws will improve member outcomes

While superannuation funds can do a lot more to meet their members’ expectations and needs –

There is one area of the law that funds have almost unanimously said is holding them back and leading to bad outcomes for members.

The financial advice laws in the country are not fit‑for‑purpose.

It’s too expensive.

Too hard to access.

And too strangled by red tape to be helpful.

4 in 5 Australians aged 45 to 54 said they needed financial advice, but did not have the capacity to pay for it.

74 per cent of Australians aged 18 to 34 have been found to have unmet advice needs.

Funds have to hang up on members or turn them away because the laws prevent them from providing answers to, often, simple questions.

This means members might get no advice or information, which means they are likely not able to maximise their savings.

Treasury analysis shows around 50 per cent of accounts have a balance of at least $100,000 in the year before a person’s passing.

But worse still, if members cannot get advice from regulated sources, they may be led by ‘finfluencers’ and ‘armchair’ commentators to expose themselves to the dangerous world of scammers.

No one can defend the current financial advice laws when presented with these outcomes.

This is an acute challenge for the superannuation industry.

We have over 5 million Australians at or approaching retirement.

And they are hungry for advice and information.

And so we have set out to implement the most significant reforms to the financial advice laws in a decade.

We are committed to improving the retirement phase of superannuation.

And the foundation stone for this project is helping more Australians access quality and affordable financial advice.

We have delivered the first tranche of reforms.

And the next tranche of reforms is being drafted and prepared for introduction.

In this tranche of reforms, we will modernise the best interests duty and remove the safe harbour steps.

We will reform statements of advice so that they are actually usable by the consumer who paid for it to make informed decisions.

And we will create a new class of adviser who will be able to provide simple and safe advice.

Advice will be safe – so that we protect Australians from bad advice.

Advice will be helpful – so that it is useful and fit‑for‑purpose.

And advice will be quality – so that it delivers the best outcomes for Australians.

An Australian retirement system must be fair

Strengthening the system also means that we need to ensure it reflects society’s expectations around fairness.

In just the past week, the Tax Office revealed that there are 42 self‑managed superannuation funds with assets in excess of $100 million.

No one is decrying that success.

But you’ll have a hard time convincing me that these accounts need their current level of taxpayer support.

The top 10 per cent receive over 40 per cent of the current earnings concessions.

And the cost of superannuation concessions will exceed the cost of the Age Pension by the 2040s.

So we think it is a fairer outcome if we modestly reduce the tax concessions for some of these accounts with very high balances.

We’re not capping how much can be held in superannuation.

And the tax concessions will still be generous for everyone.

But budgets are about trade‑offs.

If you think the current tax concessions are appropriate, then you will need to find those savings by cutting services somewhere else.

Our decisions mean we can go further to improve the equity of the system.

Where we believe more support has been needed is in paid parental leave.

By 2026, we will have expanded the government‑funded scheme to a full 6 months, an extra 6 weeks of paid leave.

And we don’t think this time off work should impact your retirement income.

For births and adoptions from 1 July next year, all parents who receive PPL will be eligible for an additional 12 per cent payment directly into their super fund.

This is a landmark reform for families that could see them up to $3,000 better off.

That’s a fairer outcome.

Conclusion

Our superannuation policy agenda is comprehensive.

But the thread that binds it together is what we have proposed as the objective of superannuation.

That savings would be preserved to deliver income for a dignified retirement – alongside government support – in an equitable and sustainable way.

So we are committed to a system where every dollar of super is paid.

A system that maximises performance.

And a system that puts the member’s needs at the centre.

This is the vision for better retirement incomes for all Australians.

That’s the objective of super.

MIL OSI News –

January 25, 2025
MIL-Evening Report: Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever
Source: The Conversation (Au and NZ) – By Jocelyne Basseal, Associate Director, Sydney Infectious Diseases Institute (Sydney ID), Faculty of Medicine and Health, University of Sydney

Christie Cooper/Shutterstock

The long-awaited independent inquiry into Australia’s COVID response was released today, with lessons on how the nation could better prepare for future pandemics.

The 868-page report outlined nine guiding recommendations and 26 actions, including 19 set for implementation over the next 12 to 18 months. These form the foundation for future pandemic preparedness.

With initial strong national solidarity, Australia acted quickly to close national borders, the inquiry found. This bought crucial time, but Australia was not adequately prepared for a crisis of the scale of the COVID pandemic.

Australia’s response lacked strong central co-ordination and leadership. Communication about public health advice was often conflicting or not appropriately communicated with the most vulnerable groups. Public trust was further undermined by a lack of transparency in decision-making, such as disease modelling, which underpinned important public health responses.

In hindsight, the inquiry concluded a fully fledged Australian Centre for Disease Control (CDC) could have made a huge difference. In response, the federal government today committed A$251 milion to establish such a centre in Canberra.

What did the inquiry find?

1. Early rapid response and consensus helped keep us safe. As an inland nation, Australia was able to close its borders while preparing for the ultimate inevitable population-wide spread of SARS CoV-2. But it was unprepared for pandemic-related quarantines.

2. Initially, the communication was clear and consistent. This didn’t last. Huge uncertainties, rapidly changing circumstances, differing opinions among experts and the politicisation of the response undermined communication strategies. Communication with diverse ethnic groups and vulnerable populations groups were often sub-optimal. In future, misinformation and disinformation needs to be addressed through improving health literacy and proactive communication.

3. Our health-care infrastructure was lacking and couldn’t cope with emergency surge capacity, the inquiry found, although health-care workers “pulled together” remarkably. Aged care facilities were particularly vulnerable and had poor infection-control practices. More broadly, there were supply chain issues and inadequate stockpiles of essential infection prevention and control equipment, such as masks and gloves. Australia was unable to manufacture these and was left at the mercy of foreign providers.

4. Analysing the genetic material of the virus and widespread testing were critical to tracking viral evolution and spread. Pathogen genomics in New South Wales and Victoria, for instance, allowed accurate tracking of virus variants and local transmission. But there was poor exchange of data between jurisdictions and limited national coordination to optimise data interpretation and response.

5. Transparent, evidence-based decision-making was lacking. Disease models that informed key decisions were opaque and not open to scrutiny or peer review.

6. Vulnerable populations, including children, suffered disproportionately. COVID-related school closures were particularly harmful as they affected learning, socialising and development, and disproportionately affected children from lower socioeconomic backgrounds. Strict social isolation also increased the risk of family violence, along with anxiety and other mental health impacts. Aboriginal and Torres Strait Islander people experienced higher risks due to the inequity of service provision and the social determinants of health.

7. Research is important and should be rapidly scalable. Good surveillance systems for emerging infectious diseases and future pandemic threats should be in place. Patient specimens need to be stored so we can rapidly explore the mechanisms of disease and develop essential diagnostic tests. The inquiry recognised the need for Australia to develop its own vaccines and for access to mRNA technology was recognised as an important health security measure, given challenges in vaccine access.

8. Global solidarity and co-operation create a safer word for all.
The stark inequities in COVID vaccine access, opened major fault lines in international relationships and still complicate the drafting of a global pandemic treaty.

9. Emerging diseases with a One Health focus should be recognised as a ‘standing threat’. In our modern interconnected world, with highly concentrated human and animal populations combined with stressed ecosystems, new diseases with pandemic potential will continue to emerge at an unprecedented rate. This requires a gobal focus.

How could a CDC make a difference?

One of the inquiry’s key take-home messages is that the lack of strong, independent, central co-ordination hampered our pandemic response.

The inadequate flow of data between jurisdictions were major shortcomings that limited the ability to target responses. This is needed to understand:
- transmission dynamics
- the vulnerabilities in those with severe disease
- the circulating viral variants.
The inquiry also emphasised the need to analyse data in near real time.

Good data drive evidence-informed and transparent policy. This is a crucial area for a future Australian CDC to address. The CDC will function as a “data hub”, with Canberra offering the ideal location supporting a multi-jurisdictional “hub-and-spoke” model.

Australia’s new CDC is expected to be launched by January 2026, pending legislation approval. The ongoing challenge will be to ensure it delivers optimal long-term health benefits for all Australians.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Australia’s COVID inquiry shows why a permanent ‘centre for disease control’ is more urgent than ever – https://theconversation.com/australias-covid-inquiry-shows-why-a-permanent-centre-for-disease-control-is-more-urgent-than-ever-239498
MIL OSI Analysis – EveningReport.nz –
January 25, 2025
MIL-OSI Europe: Luis de Guindos: Interview with ANSA

Source: European Central Bank

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

29 October 2024

At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

Are you referring to fiscal side effects?

No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

MIL OSI Europe News –

January 25, 2025
MIL-OSI United Kingdom: Mayor convenes emergency rough sleeping summit, as he warns rough sleeping in the capital will get worse before it gets better
Source: Mayor of London
- Sadiq convenes emergency roundtable with the Minister for Homelessness and Rough Sleeping, boroughs, leaders and experts in the sector to find long-term solutions to the capital’s rough sleeping crisis
- Sadiq announces new ‘Homes off the Streets’ initiative, with £4.8m investment providing support for people previously sleeping rough in 3,500 long-term homes
- The Mayor reiterates his mission to end rough sleeping by 2030 but warns the scale of the challenge and legacy of previous Government underinvestment means things could get worse before they get better
- City Hall’s rough sleeping budget has quadrupled since Sadiq has been Mayor
- Around 17,600 people have been helped off the capital’s streets since Sadiq was first elected through the Mayor’s services alone, with 75 per cent staying off the streets for good
The Mayor of London, Sadiq Khan, has today renewed his ambition to work closely with the new Government, London’s homelessness sector and experts to tackle the rising numbers of people ending up on the streets as he warned ‘the situation will get worse before it gets better.’

Sadiq is convening an emergency roundtable with the Minister for Homelessness and Rough Sleeping, Rushanara Ali MP, boroughs and leaders from the NHS, local government, homelessness charities and former rough sleepers to officially launch a call for evidence that will inform his plan of action on rough sleeping in London.

The Mayor’s plan of action, due to be launched next year, will establish a shared mission for ending rough sleeping, including the scale of funding required and the best mechanisms for achieving this ambition by 2030.

Whilst Sadiq is optimistic that rough sleeping can be ended with strong leadership, sufficient resources and the right strategy, he is warning that the scale of the challenge and the legacy of years of underinvestment from the previous Government in housing and support means that things could get worse this winter before they get better.

Sadiq is also today announcing a new ‘Homes off the Streets’ initiative, which builds on the Mayor’s Clearing House scheme and is being delivered by City Hall, with funding for support to help more Londoners in their recovery from homelessness.

The £4.8m funding will ensure that former rough sleepers at 3,500 properties across the capital can support themselves and stay off the streets for good. It will provide advice and support in areas such as accessing financial advice, applying for benefits and using public services.

The Mayor also intends to work with social landlords to increase the number of properties available in the future through his ‘Homes off the Streets’ initiative to ensure as many rough sleepers as possible can stay off the streets for good.

London has long been at the forefront of delivering innovative long-term solutions to homelessness and rough sleeping and was one of the early adopters of a housing-led approach to tackling rough sleeping. Sadiq’s Homes off the Streets scheme builds on this legacy and is a pillar of his wider ambition to end rough sleeping for good by 2030.

Rough sleeping has been rising in London and across the country, with London hit hard by previous Government cuts to key services and a national slowdown in housebuilding. Latest figures collated by City Hall for 2023/23 show the total number of people sleeping rough in London has continued to rise, with a 20 per cent increase in the number of new rough sleepers compared to the same period last year. [1]

In response to the capital’s worsening crisis in rough sleeping, the Mayor has delivered record funding to homelessness charities and service providers and significantly increased City Hall’s rough sleeping budget. At £36.3 million, the budget in 2023/24 is now more than four times the £8.45 million a year it was when Sadiq took office in 2016. Around 17,600 people have been helped off the capital’s streets since 2016 through the Mayor’s services alone, with 75 per cent staying off the streets for good.

Sadiq is clear that ending rough sleeping in London for good will require every sector to step up and play their part – from health to housing, and social care to wider society – backed by greater investment.

The Mayor of London, Sadiq Khan, said: “We know we can bring down rough sleeping – it’s exactly what was done during the pandemic, and also two decades ago.

“However, with rough sleeping in London and across the country on the rise, the reality is that the situation will get worse before it gets better.

“Today I am bringing together Ministers, boroughs and leaders from the NHS, local government, homelessness charities and former rough sleepers, so we can work hand-in-hand to tackle this growing emergency. Providing funding to get vulnerable people off the streets and helping them to start rebuilding their lives is at the centre of our plan.

“There’s so much more we need to do at all levels of Government and wider society – as we work together to build a better, fairer, more prosperous London for everyone.”

The Minister for Homelessness, Rushanara Ali said: “To end homelessness for good we must tackle its root causes, not just its symptoms. We can only do this by working together across government, with councils, charities, experts, and front-line services.

“This is why the summit is so important because not only will it bring all these stakeholders together, but we will also hear from those with first-hand experience of homelessness to help inform the Government’s long-term strategy to get us back on track to ending homelessness for good.”

Filmmaker Lorna Tucker-McGarvey, who slept on the streets of London for 18 months as a teenager said: “I strongly believe that we can end rough sleeping with the right support, so I’m really pleased that the Mayor of London has convened today’s emergency rough sleeping summit.

“It is powerful to have a seat at the table alongside others with lived experience of homelessness, and I hope our stories will drive forward the goal of ending rough sleeping in London by 2030.”

Cllr Grace Williams, London Councils’ Executive Member for Housing & Regeneration, said: “Rough sleeping is the most visible form of London’s homelessness emergency.

“Tackling rough sleeping requires a range of policy measures, as well as close partnerships between different agencies and investment in the frontline services keeping people off the streets.

“London boroughs play a pivotal role. We are proud to be working alongside the Mayor, the voluntary sector, and other partners in tackling this crisis. Together we can make faster progress towards ending rough sleeping for good.

Charlie Culshaw, Director of L&Q Living, said: “We’ve been a key partner in the Clearing House initiative since its inception and, with significant funding from the Mayor’s Office, we have seen it go from strength to strength. Adopting a housing-led approach to homelessness has the benefit of ensuring access to expert advice from those with unrivalled experience of helping people transition from rough sleeping to having a roof over their heads.

“As one of the UK’s leading housing associations we’re proud to support the Homes off the Street initiative to build on this success. We’re committed to continuing our support for the Mayor’s mission of bringing an end to rough sleeping by 2030 and ensuring that more people have a home to call their own.”
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Australia: New methods of domestic and family violence perpetration

Source: Australian Executive Government Ministers

New research has highlighted the need for further improvement in justice and support services to protect victim‑survivors from coercive control.

Coercive control is a pattern of abusive behaviour designed to exert power and dominance over another person or persons. It can involve physical and non-physical abuse and, over time, creates fear and takes away the person’s freedom and independence.

Coercive control almost always underpins family and domestic violence. Understanding and identifying these dynamics is fundamental to an effective response to family and domestic violence.

A landmark agreement by the Standing Council of Attorneys-General in September 2023 endorsed National Principles to Address Coercive Control in Family and Domestic Violence which, for the first time, create a shared national understanding of coercive control.

The Australian Institute of Criminology (AIC) study Technology-facilitated coercive control investigates the use of technology to facilitate controlling, monitoring, stalking, and emotionally abusive behaviours by intimate partners in domestic and family violence contexts.

Victim‑survivors and domestic and family violence frontline workers interviewed by the AIC reported significant gaps and the need for improvement in justice and support services.

One considerable gap is a lack of understanding of technology-facilitated coercive control among frontline workers, including police, and the community more broadly. This meant that victim‑survivors did not always recognise that what was happening to them was a form of violence.

Often, police were found to view reports by victim-survivors as isolated incidents, rather than as patterns of behaviour. Within domestic and family violence services there was found to be a lack of funding for specialist suppliers to conduct technology safety scans, leaving services to rely on local telecommunications stores or students to check devices.

In an additional paper, the AIC found an increase in reports of technology-facilitated coercive control during the COVID-19 pandemic exacerbated difficulties for victim-survivors in accessing support. Increased workload and working condition pressures on domestic and family violence workers and other support workers was also reported.

The Attorney-General’s Department is undertaking work to strengthen responses to Family, Domestic and Sexual Violence including a suite of resources to help people recognise coercive control and encourage victim-survivors to seek help.

In addition, the Government has invested in a $4.1 million training and education package to enhance the effectiveness of police responses to Family, Domestic and Sexual Violence and training and education to increase awareness of coercive control and recognition of technology facilitated abuse.

If you or someone you know is experiencing, or at risk of experiencing, domestic, family or sexual violence, call 1800RESPECT on 1800 737 732, chat online via www.1800RESPECT.org.au, or text 0458 737 732.

If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit http://www.ntv.org.au.

Feeling worried or no good? No shame, no judgement, safe place to yarn. Speak to a 13YARN Crisis Supporter, call 13 92 76. This service is available 24 hours a day, 7 days a week.

The Australian Institute of Criminology

The AIC is Australia’s national research and knowledge centre on crime and justice. The AIC seeks to promote justice and reduce crime by undertaking and communicating evidence-based research to inform policy and practice.

On 26 June 2024, the AIC released a new online dashboard to monitor intimate partner homicides involving female victims. The dashboard will be updated on a quarterly basis.

MIL OSI News –

January 25, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches, inaugurates and lays the foundation stone of multiple projects related to health sector worth over Rs 12,850 crore

Source: Government of India (2)

Prime Minister Shri Narendra Modi launches, inaugurates and lays the foundation stone of multiple projects related to health sector worth over Rs 12,850 crore

Augmenting the healthcare infrastructure is our priority, Initiatives relating to the sector launched today will make top-quality and affordable facilities available to the citizens:PM

It is a matter of happiness for all of us that today Ayurveda Day is being celebrated in more than 150 countries: PM

Government has set five pillars of health policy:PM

Now every senior citizen of the country above the age of 70 years will get free treatment in the hospital,Such elderly people will be given Ayushman Vaya Vandana Card:PM

Government is running Mission Indradhanush campaign to prevent deadly diseases: PM

Our government is saving the money of the countrymen by making maximum use of technology in the health sector: PM

Posted On: 29 OCT 2024 3:09PM by PIB Delhi

On the occasion of Dhanvantari Jayanti and 9th Ayurveda Day, the Prime Minister, Shri Narendra Modi today launched, inaugurated and laid the foundation stone for multiple projects related to the health sector worth around Rs 12,850 crore at All India Institute of Ayurveda (AIIA) in New Delhi.

Addressing the gathering, the Prime Minister noted the occasion of Dhanvantari Jayanti and Dhanteras and conveyed his best wishes on the occasion. He conveyed his wishes to all business owners of the country as most people tend to buy something new for their homes, and also extended advanced greetings for Diwali.

The Prime Minister underlined that this Diwali is a historic one as Lord Shri Ram’s temple in Ayodhya will be lit up with thousands of diyas, making the celebrations unprecedented. “Lord Ram has once again returned to his abode in this year’s Diwali”, the Prime Minister remarked, adding that this wait is finally over not after 14 but 500 years.

Shri Modi said that it is no coincidence that this year’s festival of Dhanteras is an amalgamation of prosperity and health but a symbol of India’s culture and philosophy of life. Quoting sages and saints, the Prime Minister explained that health is considered supreme wealth and this ancient notion is finding acceptance across the world in the form of Yoga. Shri Modi expressed happiness that Ayurveda Diwas is being celebrated in more than 150 countries today and said that it is proof of the growing attraction towards Ayurveda, and India’s contribution to the world from its ancient past.

The Prime Minister underscored that in the past decade, the country had witnessed the beginning of a new chapter in the health sector with the amalgamation of knowledge of Ayurveda with Modern medicine. He added that All India Institute of Ayurveda had been a focal point of this chapter. Shri Modi remarked that seven years ago on Ayurveda day, he was fortunate to dedicate the first phase of the institute to the country and today with the blessings of Lord Dhanvantri, he was inaugurating the second phase of the institute. He noted that it would be possible to see the ancient techniques like Panchakarma infused with modern technology in this institute along with advanced research studies in the fields of Ayurveda and medical science. Shri Modi congratulated the citizens of India for this advancement.

Noting that the progress of a nation is directly proportional to the health of its citizens, the Prime Minister highlighted the government’s priority to the health of its citizens and outlined the five pillars of health policy. He listed the five pillars as preventive healthcare, early detection of ailments, free and low-cost treatment and medicines, availability of doctors in small towns and lastly expansion of technology in health services. “India is looking at the health sector as holistic health”, Shri Modi said, adding that the projects of today provide a glimpse of these five pillars. Touching upon the inauguration and foundation stone laying of projects worth more than Rs 13,000 crore, the Prime Minister mentioned creation of 4 centers of excellence under Ayush Health scheme, expansion of health services with the use of drones, helicopter service in AIIMS, Rishikesh, new infrastructure in AIIMS, New Delhi and AIIMS, Bilaspur, expansion of services in five other AIIMS in the country, establishment of medical colleges, bhoomi pujan of nursing colleges and other projects related to the health sector.The Prime Minister expressed happiness with several hospitals being established for the treatment of shramiks and said that it would become a center of treatment for shramiks. He also touched upon the inauguration of pharma units that would play a key role in manufacturing of advanced medicine and high quality stents and implants and further India’s growth.

The Prime Minister noted that most of us come from a background where illness meant a lightning strike on the entire family and especially in a poor household if a person is down with serious ailment, every member of the family was deeply affected. He added that there was a time when people would sell their houses, lands, jewelry, everything for treatment and be unable to bear the huge out-of-pocket expenditure while poor people had to make a choice between healthcare and other priorities of family. Shri Modi underlined that to overcome the despair of the poor, our Government introduced the Ayushman Bharat Yojana, where the government would bear the cost of hospitalization of the poor up to Rs. 5 lakh. The Prime Minister expressed satisfaction that about 4 crore poor people in the country have benefited from the Ayushman Yojana by getting treated without having to pay a single rupee. Shri Modi remarked that when he meets the beneficiaries of Ayushman Yojana in different states of the country, he feels satisfied that the scheme was a blessing for every person associated with it, be it a doctor or a paramedical staff.

Expressing satisfaction on the expansion of Ayushman Yojana, Shri Modi said that every elderly person was looking forward to it and the poll guarantee, if elected for the third term, of bringing all the elderly above 70 years of age under the ambit of Ayushman Yojana was being fulfilled. He added that every elderly person above 70 years of age in the country will get free treatment in the hospital by a Ayushman Vaya Vandana Card. Shri Modi highlighted that the card was universal and there was no restriction on income, be it poor or middle class or upper class. Informing that the scheme would prove to be a milestone for its universal applicability, Shri Modi remarked that with a Ayushman Vaya Vandana card for an elderly in the house, the Out-of-Pocket expenditure will be reduced to a great extent. He congratulated all the countrymen for this scheme and also informed that the scheme was not implemented in Delhi and West Bengal.

Reiterating the government’s priority to reduce the cost of treatment, be it the poor or middle class, the Prime Minister mentioned the launch of more than 14,000 PM Jan Aushadhi Kendras across the country where medicines are available at 80 percent discount. He informed that the poor and middle class have managed to save Rs 30,000 crore due to availability of cheap medicines. He further added that prices of devices like stents and knee implants have been reduced, therefore, preventing a loss of more than Rs 80,000 crores rupees by the common citizens. He also mentioned the free dialysis scheme and Mission Indradhanush campaign to prevent fatal diseases and saving the lives of pregnant women and newborn babies. The Prime Minister assured that he will not rest until the poor and middle class of the country are free from the burden of expensive treatment.

The Prime Minister emphasized the importance of timely diagnosis in reducing the risks and inconveniences associated with illnesses. He highlighted that over two lakh Ayushman Arogya Mandirs have been established across the country to facilitate early diagnosis and treatment. He said that these Arogya Mandirs enable crores of citizens to easily check for diseases like cancer, hypertension, and diabetes. He said that timely diagnosis leads to prompt treatment, ultimately saving costs for patients. The Prime Minister explained that the government is leveraging technology to enhance healthcare and save citizens’ money under the e-Sanjeevani scheme where over 30 crore people have consulted doctors online. “Free and accurate consultations from doctors have significantly reduced healthcare expenses”, he added. Shri Modi announced the launch of the U-win platform which will provide India with a technologically advanced interface in the health sector. “The world witnessed the success of our Co-win platform during the pandemic, and the success of the UPI payment system has become a global story,” he said, adding that India aims to replicate this success in the healthcare sector through Digital Public Infrastructure.

The Prime Minister highlighted the unprecedented progress made in India’s healthcare sector over the past decade, contrasting it with the limited achievements in the previous six to seven decades and said, “In the last 10 years, we have seen a record number of new AIIMS and medical colleges being established”. Referring to today’s occasion, the Prime Minister said that hospitals were inaugurated in Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh. He also mentioned the foundation stone laying for new medical colleges in Narsapur and Bommasandra in Karnataka, Pithampur in Madhya Pradesh, Achitapuram in Andhra Pradesh, and Faridabad in Haryana. “Additionally, work has begun on the new ESIC Hospital in Meerut, Uttar Pradesh, and a new hospital was inaugurated in Indore”, he added. The Prime Minister emphasized that the increasing number of hospitals reflects a proportional rise in medical seats. He affirmed that no poor child’s dream of becoming a doctor would be shattered, and no middle-class student would be forced to study abroad due to lack of options in India. Shri Modi informed that nearly 1 lakh new MBBS and MD seats have been added over the past 10 years and reiterated the commitment to announcing another 75,000 seats in the next five years.

The Prime Minister informed that 7.5 lakh registered AYUSH practitioners are already contributing to the nation’s healthcare. He stressed on increasing this number further and highlighted the growing demand for medical and wellness tourism in India. He stressed the need for the youth and AYUSH practitioners to prepare for expanding fields such as preventive cardiology, Ayurvedic orthopedics, and Ayurvedic rehabilitation centers, both in India and abroad. “Immense opportunities are being created for AYUSH practitioners. Our youth will not only progress themselves through these opportunities but will also render a great service to humanity”, he added.

PM Modi noted the rapid progress in medicine during the 21st century, with breakthroughs in treatments for previously incurable diseases. He said, “As the world places importance on wellness along with treatment, India has thousands of years of knowledge in this area.” The Prime Minister announced the launch of the Prakriti Parikshan Abhiyan aimed at designing ideal lifestyles and risk analysis for individuals using Ayurveda principles. He emphasized that this initiative can redefine the healthcare sector globally and provide a new perspective for the entire world.

Prime Minister Modi underscored the importance of validating traditional herbs like Ashwagandha, turmeric, and black pepper through high-impact scientific studies. “Lab validation of our traditional healthcare systems will not only increase the value of these herbs but also create a significant market”, he remarked, pointing to the rising demand for Ashwagandha, which is projected to reach $2.5 billion by the end of this decade.

Underlining that the success of AYUSH is transforming not only the health sector but also the economy, the Prime Minister informed that the AYUSH manufacturing sector has grown from $3 billion in 2014 to nearly $24 billion today, an 8-fold increase in just 10 years. He added that over 900 AYUSH start-ups are now operational in India, creating new opportunities for the youth. The Prime Minister highlighted the global export of AYUSH products to 150 countries, benefiting Indian farmers by turning local herbs and superfoods into global commodities. He also pointed out initiatives like the Namami Gange project, which promotes natural farming and herb cultivation along the Ganga river.

Reflecting on India’s commitment to health and well-being, Shri Modi said that it is the soul of India’s national character and social fabric. He emphasized that the government in the last 10 years has aligned the nation’s policies with the philosophy of ‘Sabka Saath, Sabka Vikas.’ “In the next 25 years, these efforts will lay a strong foundation for a developed and healthy India”, Shri Modi concluded.

Union Minister for Health and Family Welfare & Chemicals & Fertilizers, Shri J P Nadda, and Minister of Labour and Employment & Youth Affairs and Sports, Dr Mansukh Mandaviya were present on the occasion among others.

Background

As a major addition to the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY), the Prime Minister launched expansion of health coverage to all senior citizens aged 70 years and above. This will help provide health coverage to all senior citizens regardless of their income.

It has been the constant endeavor of the Prime Minister to provide quality healthcare services all across the country. In a major boost to healthcare infrastructure, the Prime Minister inaugurated and laid the foundation stone of multiple healthcare institutions.

The Prime Minister inaugurated Phase II of India’s First All India Institute of Ayurveda. It includes a Panchakarma hospital, an Ayurvedic pharmacy for drug manufacturing, a sports medicine unit, a central library, an IT and start-ups incubation center and a 500-seat auditorium among others. He also inaugurated three medical colleges at Mandsaur, Neemuch and Seoni in Madhya Pradesh. Further, he inaugurated facility and service extensions at various AIIMS in Bilaspur in Himachal Pradesh, Kalyani in West Bengal, Patna in Bihar, Gorakhpur in Uttar Pradesh, Bhopal in Madhya Pradesh, Guwahati in Assam and in New Delhi, which will also include a Jan Aushadhi Kendra. The Prime Minister also inaugurated a Super Speciality Block in Government Medical College at Bilaspur in Chhattisgarh and a Critical Care Block in Bargarh, Odisha.

The Prime Minister also laid the foundation stone of five Nursing Colleges in Shivpuri, Ratlam, Khandwa, Rajgarh and Mandsaur in Madhya Pradesh; 21 Critical Care Blocks at Himachal Pradesh, Karnataka, Manipur, Tamil Nadu and Rajasthan under Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) and several facilities and service extensions at AIIMS in New Delhi and in Bilaspur, Himachal Pradesh.

The Prime Minister also inaugurated an ESIC Hospital at Indore in Madhya Pradesh, and lay the foundation stone for ESIC hospitals at Faridabad in Haryana, Bommasandra and Narasapur in Karnataka, Indore in Madhya Pradesh, Meerut in Uttar Pradesh, and Atchutapuram in Andhra Pradesh. These projects will bring healthcare benefits to around 55 lakh ESI beneficiaries.

The Prime Minister has been a strong proponent of expanding the usage of technology to enhance service delivery across sectors. In an innovative usage of drone technology to enhance service delivery to make healthcare more accessible, the Prime Minister launched drone services at 11 Tertiary Healthcare Institutions. These are AIIMS Rishikesh in Uttarakhand, AIIMS Bibinagar in Telangana, AIIMS Guwahati in Assam, AIIMS Bhopal in Madhya Pradesh, AIIMS Jodhpur in Rajasthan, AIIMS Patna in Bihar, AIIMS Bilaspur in Himachal Pradesh, AIIMS Raebareli in Uttar Pradesh, AIIMS Raipur in Chhattisgarh, AIIMS Mangalagiri in Andhra Pradesh and RIMS Imphal in Manipur. He will also launch Helicopter Emergency Medical Services from AIIMS Rishikesh, which will help deliver speedy medical care.

The Prime Minister launched the U-WIN portal. It will benefit pregnant women and infants by fully digitalizing the vaccination process. It will ensure timely administration of life-saving vaccines to pregnant women and children (from birth to 16 years) against 12 vaccine-preventable diseases. Further, the Prime Minister also launched a portal for allied and healthcare professionals and institutes. It will act as a centralized database of existing healthcare professionals and institutes.

The Prime Minister launched several initiatives to strengthen the R&D and testing infrastructure to improve the healthcare ecosystem in the country. The Prime Minister inaugurated a Central Drugs Testing Laboratory in Gothapatna in Bhubaneswar, Odisha.

He laid the foundation stone of two Central Research Institutes in Yoga and Naturopathy at Khordha in Odisha, Raipur in Chhattisgarh. He also laid the foundation stone of four Centres of Excellence at NIPER Ahmedabad in Gujarat for medical devices, NIPER Hyderabad in Telangana for bulk drugs, NIPER Guwahati in Assam for phytopharmaceuticals, and NIPER Mohali in Punjab for anti-bacterial anti-viral drug discovery and development.

The Prime Minister launched four Ayush Centres of Excellence, namely Centre of Excellence for diabetes and metabolic disorders at Indian Institute of Science, Bengaluru; Centre of Excellence in sustainable Ayush for advanced technological solutions, start-up support and net zero sustainable solutions for Rasaushadhies at IIT Delhi; Centre of Excellence for fundamental and translational research in Ayurveda at Central Drug Research Institute, Lucknow; and Centre of Excellence on Ayurveda and Systems Medicine at JNU, New Delhi.

In a major boost to Make in India initiative in the healthcare sector, Prime Minister inaugurated five projects under the Production Linked Incentive (PLI) scheme for medical devices and bulk drugs at Vapi in Gujarat, Hyderabad in Telangana, Bengaluru in Karnataka, Kakinada in Andhra Pradesh and Nalagarh in Himachal Pradesh. These units will manufacture high-end medical devices, such as body implants and critical care equipment, along with important bulk drugs.

The Prime Minister also launched a nationwide campaign, “Desh Ka Prakriti Parikshan Abhiyan,” that aims to raise health awareness among the citizens. He also launched the State specific Action Plan on Climate Change and Human Health for each state and UT which will lay out adaptation strategies towards developing climate resilient healthcare services.

Augmenting the healthcare infrastructure is our priority. Initiatives relating to the sector launched today will make top-quality and affordable facilities available to the citizens.https://t.co/eqbS0KJjE2

— Narendra Modi (@narendramodi) October 29, 2024

हम सबके लिए खुशी की बात है कि आज 150 से ज्यादा देशों में आयुर्वेद दिवस मनाया जा रहा है: PM @narendramodi pic.twitter.com/8fKNt6ssSb

— PMO India (@PMOIndia) October 29, 2024

केंद्र सरकार ने स्वास्थ्य नीति के पांच स्तंभ तय किए हैं… pic.twitter.com/YPJEOaiEfR

— PMO India (@PMOIndia) October 29, 2024

अब 70 वर्ष से अधिक उम्र के देश के हर बुजुर्ग को अस्पताल में मुफ्त इलाज मिलेगा।

ऐसे बुजुर्गों को आयुष्मान वय वंदना कार्ड दिया जाएगा। pic.twitter.com/hiToKZdFO0

— PMO India (@PMOIndia) October 29, 2024

हमारी सरकार जानलेवा बीमारियों से रोकथाम के लिए मिशन इंद्रधनुष अभियान चला रही है: PM @narendramodi pic.twitter.com/iFe51I0OoN

— PMO India (@PMOIndia) October 29, 2024

हमारी सरकार स्वास्थ्य क्षेत्र में टेक्नोलॉजी का ज्यादा से ज्यादा इस्तेमाल करके भी देशवासियों के पैसे बचा रही है: PM @narendramodi pic.twitter.com/2cuObnOOQS

— PMO India (@PMOIndia) October 29, 2024

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Economics: Luis de Guindos: Interview with ANSA

Source: European Central Bank

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

29 October 2024

At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

Are you referring to fiscal side effects?

No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

MIL OSI Economics –

January 25, 2025
MIL-OSI USA: EPA Announces $500,000 Air Monitoring Grant Project for El Paso-Based Group La Mujer Obrera

Source: US Environment Protection Agency

October 25, 2024

Contact Information

Joe Robledo and Jennah Durant (R6press@epa.gov)

214-665-2200

DALLAS, TEXAS (October 25, 2024) – The U.S. Environmental Protection Agency awarded a $500,000 air monitoring grant to La Mujer Obrera, a community group based in El Paso, Texas, to analyze transportation emissions and other local pollution sources. This funding comes from the Biden-Harris Administration’s American Rescue Plan (ARP), which granted select cooperative agreements to conduct ambient air monitoring in communities with environmental and health outcome disparities stemming from pollution and the COVID-19 pandemic.

“For over 40 years, La Mujer Obrera has fought for the health and well-being of their neighbors in the Chamizal community of El Paso,” said Regional Administrator Dr. Earthea Nance. “With this funding, La Mujer Obrera can address air quality concerns head-on and provide real-time data to residents. I would like to thank La Mujer Obrera for their decades of environmental stewardship and advocacy for their community.”

“Historic amounts of federal funding have given El Paso the opportunity to innovate, improve, and invest in infrastructure that prioritizes public health and reduces pollution,” said Congresswoman Veronica Escobar (TX-16). “I am grateful to the EPA for another important investment that moves us closer to our goal of true environmental justice, and to La Mujer Obrera for their critical work to advocate for the health of vulnerable communities.”

“This is a step forward in addressing the environmental justice problems that have created a public health crisis in the Chamizal. We have the right to a safe community for our children, elders, and future generations. Working in collaboration with residents, we are planning what that looks like,” said Executive Director of La Mujer Obrera Lorena Andrade.

La Mujer Obrera was founded in 1981 and has campaigned for the protection of basic human rights such as employment, housing, education, nutrition, health, and political liberty. With this funding, La Mujer Obrera plans to deploy air monitors in the Chamizal community to create a mitigation plan armed with data to protect the health of the residents in the neighborhood. Air quality data will provide a baseline analysis across transportation emissions, environmental justice concerns, known pollution sources, and localized environmental justice screening. Working collectively with Chamizal residents, La Mujer Obrera will prepare and design the Chamizal Action Plan. The plan includes a block-by-block localized air quality assessment and data report(s) that will map sources of contamination contributing to ozone emissions, particulate matter, and fugitive dust. Additionally, this plan will educate residents on hazardous air pollutants that are specific to certain communities.

This funding is designed to be a multi-year plan with the project ending in 2027. By 2027, La Mujer Obrera will incorporate mitigation plans and green infrastructure principles into the planning for future neighborhood improvements and developments for the neighborhood. Lastly, La Mujer Obrera expects residents to experience an improvement in public health and air quality with the support of local, state, and federal government to reduce emission sources as recommended by the Chamizal Action Plan.

For more information on the American Rescue Plan, please visit our webpage.

Connect with the Environmental Protection Agency Region 6 on Facebook, X (formerly known as Twitter), or visit our homepage.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Territorial Bancorp Inc. Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

The Company’s tier one leverage and risk-based capital ratios were 11.57% and 29.07%, respectively, and the Company is considered to be “well-capitalized” at September 30, 2024.
Ratio of non-performing assets to total assets of 0.11% at September 30, 2024.

HONOLULU, Oct. 28, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, reported a net loss of $1,318,000, or $0.15 per diluted share, for the three months ended September 30, 2024.

The Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on November 22, 2024, to stockholders of record as of November 8, 2024.

Hope Bancorp, Inc. Merger Agreement

As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (NASDAQ: HOPE) (Hope Bancorp) and the Company signed a definitive merger agreement. Under the terms of the merger agreement, Company stockholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Company common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.60 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial stockholders.

Upon completion of the transaction, Hope Bancorp intends to maintain the Territorial franchise in Hawaii and preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to the local communities. The branches will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.

The transaction is subject to regulatory approvals, the approval of Territorial stockholders, and the satisfaction of other customary closing conditions.

Interest Income

Net interest income decreased by $2.55 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Total interest income was $18.31 million for the three months ended September 30, 2024, compared to $17.38 million for the three months ended September 30, 2023. The $929,000 increase in total interest income was primarily due to an $850,000 increase in interest earned on other investments and a $343,000 increase in interest earned on loans. The increase in interest income on other investments is primarily due to a $58.03 million increase in the average cash balance with the Federal Reserve Bank of San Francisco (FRB) and a 30 basis point increase in the average interest rate paid on cash balances. The $343,000 increase in interest income on loans resulted from a 15 basis point increase in the average loan yield, partially offset by a $14.74 million decrease in the average loan balance. The increases in interest income on other investments and loans during the quarter were partially offset by a $264,000 decrease in interest on investment securities, which occurred because of a $41.07 million decrease in the average securities balance.

Interest Expense

As a result of prolonged increases in short-term interest rates, total interest expense increased by $3.48 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Interest expense on deposits increased by $3.06 million for the three months ended September 30, 2024, primarily due to an increase in interest expense on certificates of deposit (CD) and savings accounts. Interest expense on CDs rose by $2.01 million for the three months ended September 30, 2024, due to a 66 basis point increase in the average cost of CDs and a $107.30 million increase in the average CD balance. The increase in the average cost of CDs and savings accounts occurred as interest rates were raised in response to the increases in market interest rates over that period. Interest expense on savings accounts rose by $1.06 million for the three months ended September 30, 2024, due to a 65 basis point increase in the average cost of savings accounts which was partially offset by a $82.46 million decrease in the average savings account balance. The increase in the average balance of CDs and the decrease in the average balance of savings accounts occurred as customers transferred balances from lower rate savings accounts to higher rate CDs. Interest expense on FRB borrowings rose by $600,000 for the three months ended September 30, 2024, as the Company obtained a $50.00 million advance from the FRB in the fourth quarter of 2023. FRB advances were obtained in 2023 to enhance the Company’s liquidity and to fund deposit withdrawals.

Noninterest Expense

Noninterest expense increased by $333,000 for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a $398,000 increase in general and administrative expenses. General and administrative expenses included $324,000 of merger-related legal and consulting expenses and the write off of $135,000 of currency destroyed in the Lahaina wildfire. Federal Deposit Insurance Corporation (FDIC) premium expense rose by $146,000 for the quarter because of an increase in the FDIC insurance premium rates. The increase in other general and administrative expenses and FDIC premiums was offset by a $277,000 decrease in salaries and employee benefits during the quarter. The decrease in salaries and employee benefits occurred primarily because of decreases in compensation expense, supplemental executive retirement plan benefits, Employee Stock Ownership Plan (ESOP) expenses, health insurance and payroll taxes. The decrease in compensation expenses, payroll taxes and health insurance expenses is primarily due to a decrease in the number of employees. The decrease in ESOP expenses is primarily due to a decline in the Company’s share price which is used to calculate the accrual. The decrease in these compensation and employee benefit expenses was partially offset by a decrease in deferred salary expense for originating new loans as fewer loans were originated during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Income Taxes

Income tax benefit for the three months ended September 30, 2024 was $611,000 with an effective tax rate of (31.67)% compared to income tax expense of $335,000 with an effective tax rate of 27.57% for the three months ended September 30, 2023. The decrease in income tax expense was primarily due to a $3.14 million decrease in income before income taxes during the quarter.

Balance Sheet

Total assets were $2.20 billion at September 30, 2024 and $2.24 billion at December 31, 2023. Investment securities, including available for sale securities, decreased by $31.63 million to $674.27 million at September 30, 2024 from $705.90 million at December 31, 2023. The decrease in investment securities occurred because of principal repayments on mortgage-backed securities. Loans receivable decreased by $20.86 million to $1.29 billion at September 30, 2024 from $1.31 billion at December 31, 2023. The decrease in loans receivable occurred as loan repayments and sales exceeded new loan originations. Cash and cash equivalents increased by $16.47 million to $143.13 million at September 30, 2024 from $126.66 million at December 31, 2023 due to increases in deposits and principal repayments on mortgage-backed securities and on loans receivable.

Deposits increased by $33.68 million from $1.64 billion at December 31, 2023 to $1.67 billion at September 30, 2024. The increase in deposits is primarily due to deposits from state and local governments. The increase in deposits was used with principal repayments on mortgage-backed securities and loans receivable to pay off $65.00 million of maturing Federal Home Loan Bank (FHLB) advances during the quarter. FHLB advances decreased by $65.00 million to $177.00 million at September 30, 2024 from $242.00 million at December 31, 2023.

Asset Quality

Credit quality continues to be extremely important as the Bank adheres to its strict underwriting standards. The Company had no delinquent mortgage loans 90 days or more past due at September 30, 2024, compared to $227,000 at December 31, 2023. Non-performing assets totaled $2.34 million at September 30, 2024, compared to $2.26 million at December 31, 2023. The ratio of non-performing assets to total assets was 0.11% at September 30, 2024, compared to 0.10% at December 31, 2023. The allowance for credit losses was $5.06 million at September 30, 2024, compared to $5.12 million at December 31, 2023, representing 0.39% of total loans for both periods. The ratio of the allowance for credit losses to non-performing loans was 216.12% at September 30, 2024, compared to 226.59% at December 31, 2023.

About Us

Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 28 branch offices in the state of Hawaii. For additional information, please visit the Company’s website at: https://www.tsbhawaii.bank.

Additional Information and Where to Find it

In connection with the proposed merger, Hope Bancorp, Inc. filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 on June 21, 2024, which included a Proxy Statement of Territorial Bancorp Inc. that also constitutes a prospectus of Hope Bancorp, Inc. Territorial Bancorp stockholders are encouraged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed merger. Territorial Bancorp stockholders are able to obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Hope Bancorp and Territorial Bancorp at the SEC’s Internet site (www.sec.gov).

Forward-looking statements

This earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating strategies;
statements regarding the asset quality of our loan and investment portfolios; and
estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

factors related to the proposed transaction with Hope Bancorp, including the receipt of regulatory and stockholder approvals, and other customary closing conditions;
general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
competition among depository and other financial institutions;
inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
adverse changes in the securities markets;
changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
our ability to enter new markets successfully and capitalize on growth opportunities;
our ability to successfully integrate acquired entities, if any;
changes in consumer demand, spending, borrowing and savings habits;
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
changes in our organization, compensation and benefit plans;
the timing and amount of revenues that we may recognize;
the value and marketability of collateral underlying our loan portfolios;
our ability to retain key employees;
cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
technological change that may be more difficult or expensive than expected;
the ability of third-party providers to perform their obligations to us;
the ability of the U.S. Government to manage federal debt limits;
the quality and composition of our investment portfolio;
the effect of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event;
changes in market and other conditions that would affect our ability to repurchase our common stock; and
changes in our financial condition or results of operations that reduce capital available to pay dividends.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

Contact:
Walter Ida
(808) 946-1400


Territorial Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended							Nine Months Ended
	September 30,							September 30,
	2024			2023				2024			2023
Interest income:
Loans	$	12,229		$	11,886		$	36,540		$	35,037
Investment securities		4,183			4,447			12,753			13,512
Other investments		1,901			1,051			5,104			2,848
Total interest income		18,313			17,384			54,397			51,397

Interest expense:
Deposits		8,469			5,408			22,658			13,261
Advances from the Federal Home Loan Bank		1,714			1,896			5,330			4,782
Advances from the Federal Reserve Bank		600			—			1,789			—
Securities sold under agreements to repurchase		46			46			137			137
Total interest expense		10,829			7,350			29,914			18,180

Net interest income		7,484			10,034			24,483			33,217
Provision (reversal of provision) for credit losses		29			(259	)		22			(147	)

Net interest income after provision (reversal of provision) for credit losses		7,455			10,293			24,461			33,364

Noninterest income:
Service and other fees		273			298			885			1,022
Income on bank-owned life insurance		255			218			750			628
Net gain on sale of loans		19			—			19			10
Other		69			73			215			208
Total noninterest income		616			589			1,869			1,868

Noninterest expense:
Salaries and employee benefits		4,899			5,176			14,606			15,723
Occupancy		1,813			1,819			5,319			5,201
Equipment		1,335			1,263			3,987			3,878
Federal deposit insurance premiums		392			246			1,281			737
Other general and administrative expenses		1,561			1,163			4,851			3,251
Total noninterest expense		10,000			9,667			30,044			28,790

(Loss) Income before income taxes		(1,929	)		1,215			(3,714	)		6,442
Income tax (benefit) expense		(611	)		335			(1,139	)		1,749
Net (loss) income	$	(1,318	)	$	880		$	(2,575	)	$	4,693

Basic (loss) earnings per share	$	(0.15	)	$	0.10		$	(0.30	)	$	0.54
Diluted (loss) earnings per share	$	(0.15	)	$	0.10		$	(0.30	)	$	0.53
Cash dividends declared per common share	$	0.01		$	0.23		$	0.07		$	0.69
Basic weighted-average shares outstanding		8,618,155			8,577,632			8,604,082			8,656,915
Diluted weighted-average shares outstanding		8,618,155			8,610,289			8,604,082			8,705,784


Territorial Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)

	September 30,			December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	143,128		$	126,659
Investment securities available for sale, at fair value		19,920			20,171
Investment securities held to maturity, at amortized cost (fair value of $552,222 and $568,128 at September 30, 2024 and December 31, 2023, respectively)		654,349			685,728
Loans receivable		1,287,688			1,308,552
Allowance for credit losses		(5,055	)		(5,121	)
Loans receivable, net of allowance for credit losses		1,282,633			1,303,431
Federal Home Loan Bank stock, at cost		9,307			12,192
Federal Reserve Bank stock, at cost		3,187			3,180
Accrued interest receivable		6,056			6,105
Premises and equipment, net		7,257			7,185
Right-of-use asset, net		11,613			12,371
Bank-owned life insurance		49,388			48,638
Income taxes receivable		1,832			344
Deferred income tax assets, net		2,465			2,457
Prepaid expenses and other assets		7,297			8,211
Total assets	$	2,198,432		$	2,236,672

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits	$	1,670,281		$	1,636,604
Advances from the Federal Home Loan Bank		177,000			242,000
Advances from the Federal Reserve Bank		50,000			50,000
Securities sold under agreements to repurchase		10,000			10,000
Accounts payable and accrued expenses		22,176			23,334
Lease liability		17,090			17,297
Advance payments by borrowers for taxes and insurance		3,148			6,351
Total liabilities		1,949,695			1,985,586

Stockholders’ Equity:
Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding		—			—
Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding
8,832,210 and 8,826,613 shares at September 30, 2024 and December 31, 2023, respectively		88			88
Additional paid-in capital		48,163			48,022
Unearned ESOP shares		(2,079	)		(2,447	)
Retained earnings		208,504			211,644
Accumulated other comprehensive loss		(5,939	)		(6,221	)
Total stockholders’ equity		248,737			251,086
Total liabilities and stockholders’ equity	$	2,198,432		$	2,236,672


Territorial Bancorp Inc. and Subsidiaries
Selected Financial Data (Unaudited)



		Three Months Ended
		September 30,
			2024			2023

Performance Ratios (annualized):
	Return on average assets		(0.24%	)		0.16%
	Return on average equity		(2.09%	)		1.39%
	Net interest margin on average interest earning assets		1.42%			1.90%
	Efficiency ratio (1)		123.46%			91.00%

		At			At
		September			December
			30, 2024			31, 2023

Selected Balance Sheet Data:
	Book value per share (2)	$	28.16		$	28.45
	Stockholders’ equity to total assets		11.31%			11.23%


Asset Quality
(Dollars in thousands):
	Delinquent loans 90 days past due and not accruing	$	0		$	227
	Non-performing assets (3)	$	2,339		$	2,260
	Allowance for credit losses	$	5,055		$	5,121
	Non-performing assets to total assets		0.11%			0.10%
	Allowance for credit losses to total loans		0.39%			0.39%
	Allowance for credit losses to non-performing assets		216.12%			226.59%


Note:

(1)	Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income
(2)	Book value per share is equal to stockholders’ equity divided by number of shares issued and outstanding
(3)	Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs

The MIL Network –

January 25, 2025

MIL-OSI: CareCloud Pays Off Credit Line, Signs an Updated Credit Facility Agreement

Source: GlobeNewswire (MIL-OSI)

SOMERSET, N.J., Oct. 28, 2024 (GLOBE NEWSWIRE) — — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it has fully paid down its credit facility line with Silicon Valley Bank (“SVB”), achieving a key 2024 objective. Additionally, CareCloud requested and secured a reduction in its borrowing fees and lowered its overall revolving credit facility limit.

“We are thrilled to have reached this important strategic milestone,” said Norm Roth, Interim CFO and Corporate Controller of CareCloud. “We started 2024 with a $10 million outstanding balance and a clear goal to significantly increase our free cash flow, allowing us to fully pay down this debt. We are pleased to have accomplished this ahead of schedule, achieving a zero balance at the end of the third quarter.”

“Along with eliminating the credit facility balance — which had been incurring interest expense since the beginning of the year — we sought and achieved a reduction in the available amount of our credit line. This reduction will lower the annual anniversary and unused revolving line facility fees. These savings amount to approximately $140,000 on an annual basis. Moreover, these cost reductions are a small part of a larger plan to accelerate free cashflow and revitalize our business model as we continue to strategically drive efficiencies across the organization,” said Roth.

Pursuant to the Company’s Ninth Loan Modification Agreement, dated October 25, 2024, with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Agreement”), the Company continues to maintain an unused, but available, credit facility line of $10 million. The information contained in this press release is a summary of certain relevant portions of the Agreement and Form 8-K, which are filed with Securities and Exchange Commission.

About CareCloud

CareCloud brings disciplined innovation to the business of healthcare. Our suite of 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.

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,” “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. We do not have an ongoing obligation to update shareholders regarding future proxy or vote trends, even if they are materially different from those experienced to date. 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 and Investor Contact:
Stephen Snyder
President
CareCloud, Inc.
ir@carecloud.com

The MIL Network –

January 25, 2025
MIL-OSI: Silicon Motion Announces Annual Cash Dividend Payable Quarterly

Source: GlobeNewswire (MIL-OSI)

TAIPEI, Taiwan and MILPITAS, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO)(“Silicon Motion” or the “Company”), a global leader in designing and marketing NAND flash controllers for solid state storage devices, announces today its annual cash dividend of $2.00 per ADS.

The Board of Directors of the Company has declared an annual dividend of $2.00 per ADS¹^,² which will be paid in four quarterly installments of $0.50 per ADS³ according to the following anticipated record and payment dates:

Record Date Payment Date

November 14, 2024 November 27, 2024

February 13, 2025 February 27, 2025

May 8, 2025 May 22, 2025

August 7, 2025 August 21, 2025

The Company’s depository bank’s DR books will be closed for issuance and cancellation on each of the record dates.

“Silicon Motion’s business outlook and our ability to generate free cash flow remains strong. Our focus continues to be in distributing a meaningful portion of this to our shareholders as dividend,” said Wallace Kou, President and CEO of Silicon Motion.

The payment of the annual dividend to be paid in quarterly installments will be made according to the anticipated record and payment dates unless subsequently changed by the Board. The declaration and payment of future cash dividends is subject to the Board’s continuing determination that the payment of dividends is in the best interests of the Company’s shareholders and is in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends.

ABOUT SILICON MOTION:

We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.com.

FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this press release.

_________________

¹ One ADS is equivalent to four ordinary shares.
² $2.00 per ADS is equivalent to $0.50 per ordinary share.
³ $0.50 per ADS is equivalent to $0.125 per ordinary share.

The MIL Network –

January 25, 2025
MIL-OSI: Franklin Electric Declares Quarterly Dividend of $0.25 Per Share

Source: GlobeNewswire (MIL-OSI)

FORT WAYNE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable November 21, 2024, to shareholders of record on November 7, 2024.

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 2023 and America’s Climate Leaders 2023 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 25, 2025

MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

Source: GlobeNewswire (MIL-OSI)

EAU CLAIRE, Wis., Oct. 28, 2024 (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 $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)¹ was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)¹ was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

“We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

September 30, 2024, Highlights:

Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

Balance Sheet and Asset Quality

Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 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 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

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

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Allowance for credit losses – Loans	$	21,000		$	21,178		$	22,908		$	22,973
ACL – Loans as a percentage of loans, end of period		1.47	%		1.48	%		1.57	%		1.59	%

In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses – Unfunded Commitments:
(in thousands)

	September 30, 2024 and Three Months Ended			September 30, 2023 and Three Months Ended		September 30, 2024 and Nine Months Ended			September 30, 2023 and Nine Months Ended
ACL – Unfunded commitments – beginning of period	$	712		$	1,544	$	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		(252	)		27		(790	)		34
ACL – Unfunded commitments – end of period	$	460		$	1,571	$	460		$	1,571

Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

	(in thousands)
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Special mention loan balances	$	11,047	$	8,848	$	13,737	$	18,392	$	20,043
Substandard loan balances		21,202		14,420		14,733		19,596		16,171
Criticized loans, end of period	$	32,249	$	23,268	$	28,470	$	37,988	$	36,214

Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

Deposit Portfolio Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Consumer deposits	$	844,808	$	822,665	$	827,290	$	814,899	$	794,970
Commercial deposits		432,361		412,385		414,088		423,762		429,358
Public deposits		176,844		187,698		202,175		182,172		163,734
Brokered deposits		66,654		96,796		83,936		98,259		85,173
Total deposits	$	1,520,667	$	1,519,544	$	1,527,489	$	1,519,092	$	1,473,235

Deposit Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Non-interest-bearing demand deposits	$	256,840	$	255,703	$	248,537	$	265,704	$	275,790
Interest-bearing demand deposits		346,971		353,477		361,278		343,276		336,962
Savings accounts		169,096		170,946		177,595		176,548		183,702
Money market accounts		366,067		370,164		387,879		374,055		312,689
Certificate accounts		381,693		369,254		352,200		359,509		364,092
Total deposits	$	1,520,667	$	1,519,544		1,527,489	$	1,519,092	$	1,473,235

At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations

Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

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

	Three months ended
	September 30, 2024					June 30, 2024					March 31, 2024					December 31, 2023					September 30, 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	$	11,285		2.63	%	$	11,576		2.72	%	$	11,905		2.77	%	$	11,747		2.69	%	$	12,121		2.79	%
Less accretion for PCD loans		(45	)	(0.01	)%		(62	)	(0.01	)%		(75	)	(0.02	)%		(37	)	(0.01	)%		(39	)	(0.01	)%
Less scheduled accretion interest		(33	)	(0.01	)%		(32	)	(0.01	)%		(33	)	(0.01	)%		(33	)	(0.01	)%		(77	)	(0.02	)%
Without loan purchase accretion	$	11,207		2.61	%	$	11,482		2.70	%	$	11,797		2.74	%	$	11,677		2.67	%	$	12,005		2.76	%

Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

These financial results are preliminary until Form 10-Q is filed in November 2024.

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)

	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			December 31, 2023 (audited)			September 30, 2023 (unaudited)
Assets
Cash and cash equivalents	$	36,632		$	36,886		$	37,138		$	32,532
Securities available for sale “AFS”		149,432			146,438			155,743			153,414
Securities held to maturity “HTM”		87,033			88,605			91,229			92,336
Equity investments		5,096			5,023			3,284			2,433
Other investments		12,311			13,878			15,725			15,109
Loans receivable		1,424,828			1,428,588			1,460,792			1,447,529
Allowance for credit losses		(21,000	)		(21,178	)		(22,908	)		(22,973	)
Loans receivable, net		1,403,828			1,407,410			1,437,884			1,424,556
Loans held for sale		697			275			5,773			2,737
Mortgage servicing rights, net		3,696			3,731			3,865			3,944
Office properties and equipment, net		17,365			17,774			18,373			19,465
Accrued interest receivable		6,235			6,289			5,409			5,936
Intangible assets		1,158			1,336			1,694			1,873
Goodwill		31,498			31,498			31,498			31,498
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Bank owned life insurance (“BOLI”)		25,901			25,708			25,647			25,467
Other assets		16,683			15,794			16,334			18,741
TOTAL ASSETS	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,520,667		$	1,519,544		$	1,519,092		$	1,473,235
Federal Home Loan Bank (“FHLB”) advances		21,000			31,500			79,530			114,530
Other borrowings		61,548			61,498			67,465			67,407
Other liabilities		15,773			13,720			11,970			10,513
Total liabilities		1,618,988			1,626,262			1,678,057			1,665,685
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively		101			103			104			105
Additional paid-in capital		115,455			117,838			119,441			119,612
Retained earnings		78,438			75,501			71,117			67,424
Accumulated other comprehensive loss		(13,845	)		(17,397	)		(17,328	)		(21,739	)
Total stockholders’ equity		180,149			176,045			173,334			165,402
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087

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									Nine Months Ended
	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			September 30, 2023 (unaudited)			September 30, 2024 (unaudited)			September 30, 2023 (unaudited)
Interest and dividend income:
Interest and fees on loans	$	20,115		$	19,921		$	19,083		$	60,204		$	54,169
Interest on investments		2,397			2,542			2,689			7,450			8,053
Total interest and dividend income		22,512			22,463			21,772			67,654			62,222
Interest expense:
Interest on deposits		10,165			9,338			7,388			28,712			17,898
Interest on FHLB borrowed funds		128			576			1,210			1,216			4,595
Interest on other borrowed funds		934			973			1,053			2,960			3,127
Total interest expense		11,227			10,887			9,651			32,888			25,620
Net interest income before provision for credit losses		11,285			11,576			12,121			34,766			36,602
(Negative) provision for credit losses		(400	)		(1,525	)		(325	)		(2,725	)		175
Net interest income after provision for credit losses		11,685			13,101			12,446			37,491			36,427
Non-interest income:
Service charges on deposit accounts		513			490			491			1,474			1,464
Interchange income		577			579			601			1,697			1,743
Loan servicing income		643			526			611			1,751			1,679
Gain on sale of loans		752			226			299			1,998			1,501
Loan fees and service charges		165			309			140			704			308
Net realized gains on debt securities		—			—			—			—			12
Net (losses) gains on equity securities		(78	)		(658	)		116			(569	)		170
Bank Owned Life Insurance (BOLI) death benefit		—			184			—			184			—
Other		349			257			307			859			893
Total non-interest income		2,921			1,913			2,565			8,098			7,770
Non-interest expense:
Compensation and related benefits		5,743			5,675			5,293			16,901			15,967
Occupancy		1,242			1,333			1,335			3,942			4,117
Data processing		1,665			1,525			1,536			4,787			4,440
Amortization of intangible assets		178			179			179			536			576
Mortgage servicing rights expense, net		163			116			150			427			456
Advertising, marketing and public relations		225			186			185			575			472
FDIC premium assessment		201			200			204			606			608
Professional services		336			347			342			1,249			1,153
Losses (gains) on repossessed assets, net		65			(18	)		100			47			62
Other		603			756			645			2,427			2,085
Total non-interest expense		10,421			10,299			9,969			31,497			29,936
Income before provision for income taxes		4,185			4,715			5,042			14,092			14,261
Provision for income taxes		899			1,040			2,544			3,043			4,895
Net income attributable to common stockholders	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Per share information:
Basic earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Diluted earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Cash dividends paid	$	—		$	—		$	—		$	0.32		$	0.29
Book value per share at end of period	$	17.88		$	17.10		$	15.80		$	17.88		$	15.80
Tangible book value per share at end of period (non-GAAP)	$	14.64		$	13.91		$	12.61		$	14.64		$	12.61

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

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

GAAP pretax income	$	4,185	$	4,715	$	5,042	$	14,092	$	14,261
Branch closure costs (1)		—		168		—		168		—
Pretax income as adjusted (2)	$	4,185	$	4,883	$	5,042	$	14,260	$	14,261
Provision for income tax on net income as adjusted (3)		899		1,077		2,544		3,079		4,895
Net income as adjusted (non-GAAP) (2)	$	3,286	$	3,806	$	2,498	$	11,181	$	9,366
GAAP diluted earnings per share, net of tax	$	0.32	$	0.35	$	0.24	$	1.07	$	0.89
Branch closure costs, net of tax		—		0.01		—		0.01		—
Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.32	$	0.36	$	0.24	$	1.08	$	0.89

Average diluted shares outstanding		10,204,195		10,373,089		10,470,098		10,339,802		10,474,685

(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)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	730,459		$	729,236		$	750,531		$	750,282
Agricultural real estate		76,043			78,248			83,350			84,558
Multi-family real estate		239,191			234,758			228,095			219,193
Construction and land development		87,875			87,898			110,941			109,799
C&I/Agricultural operating:
Commercial and industrial		119,619			127,386			121,666			121,033
Agricultural operating		27,550			27,409			25,691			24,552
Residential mortgage:
Residential mortgage		134,944			133,503			129,021			125,939
Purchased HELOC loans		2,932			2,915			2,880			2,881
Consumer installment:
Originated indirect paper		4,405			5,110			6,535			7,175
Other consumer		5,438			5,860			6,187			6,440
Gross loans	$	1,428,456		$	1,432,323		$	1,464,897		$	1,451,852
Unearned net deferred fees and costs and loans in process		(2,703	)		(2,733	)		(2,900	)		(3,048	)
Unamortized discount on acquired loans		(925	)		(1,002	)		(1,205	)		(1,275	)
Total loans receivable	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,778		$	5,350		$	10,359		$	10,570
Agricultural real estate		6,193			382			391			469
Construction and land development		106			—			54			94
Commercial and industrial (“C&I”)		1,956			422			—			—
Agricultural operating		901			1,017			1,180			1,373
Residential mortgage		1,088			1,145			1,167			923
Consumer installment		20			36			33			27
Total nonaccrual loans	$	15,042		$	8,352		$	13,184		$	13,456
Accruing loans past due 90 days or more		530			256			389			971
Total nonperforming loans (“NPLs”) at amortized cost		15,572			8,608			13,573			14,427
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Total nonperforming assets (“NPAs”)	$	17,144		$	10,270		$	15,368		$	15,473
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Total assets, end of period	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Ratios:
NPLs to total loans		1.09	%		0.60	%		0.93	%		1.00	%
NPAs to total assets		0.95	%		0.57	%		0.83	%		0.85	%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

	Three Months Ended September 30, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 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	$	25,187	$	360	5.69	%	$	18,894	$	272	5.79	%	$	21,298	$	302	5.63	%
Loans receivable		1,429,928		20,115	5.60	%		1,439,535		19,921	5.57	%		1,435,284		19,083	5.27	%
Investment securities		236,960		1,966	3.30	%		238,147		2,012	3.40	%		252,226		2,119	3.33	%
Other investments		12,553		71	2.25	%		13,051		258	7.95	%		15,511		268	6.85	%
Total interest earning assets	$	1,704,628	$	22,512	5.25	%	$	1,709,627	$	22,463	5.28	%	$	1,724,319	$	21,772	5.01	%
Average interest-bearing liabilities:
Savings accounts	$	170,777	$	450	1.05	%		174,259	$	429	0.99	%	$	199,279	$	328	0.65	%
Demand deposits		357,201		2,152	2.40	%		354,850	$	2,023	2.29	%		354,073		1,863	2.09	%
Money market accounts		381,369		3,126	3.26	%		377,346	$	2,958	3.15	%		298,098		1,889	2.51	%
CD’s		379,722		4,437	4.65	%		352,323	$	3,928	4.48	%		358,238		3,308	3.66	%
Total deposits	$	1,289,069	$	10,165	3.14	%	$	1,258,778	$	9,338	2.98	%	$	1,209,688	$	7,388	2.42	%
FHLB advances and other borrowings		80,338		1,062	5.26	%		121,967	$	1,549	5.11	%		182,967		2,263	4.91	%
Total interest-bearing liabilities	$	1,369,407	$	11,227	3.26	%	$	1,380,745	$	10,887	3.17	%	$	1,392,655	$	9,651	2.75	%
Net interest income			$	11,285					$	11,576					$	12,121
Interest rate spread					1.99	%					2.11	%					2.26	%
Net interest margin					2.63	%					2.72	%					2.79	%
Average interest earning assets to average interest-bearing liabilities					1.24						1.24						1.24

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 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	$	19,073	$	823	5.76	%	$	19,066	$	768	5.39	%
Loans receivable		1,441,972		60,204	5.58	%		1,420,423		54,169	5.10	%
Interest bearing deposits		—		—	—	%		84		1	1.59	%
Investment securities		240,054		6,038	3.36	%		261,507		6,505	3.33	%
Other investments		12,983		589	6.06	%		16,447		779	6.33	%
Total interest earning assets	$	1,714,082	$	67,654	5.27	%	$	1,717,527	$	62,222	4.84	%
Average interest-bearing liabilities:
Savings accounts	$	173,946	$	1,300	1.00	%	$	208,446	$	1,103	0.71	%
Demand deposits		355,356		6,192	2.33	%		370,235		5,047	1.82	%
Money market accounts		378,740		9,005	3.18	%		298,957		4,759	2.13	%
CD’s		364,131		12,215	4.48	%		300,279		6,989	3.11	%
Total deposits	$	1,272,173	$	28,712	3.01	%	$	1,177,917	$	17,898	2.03	%
FHLB advances and other borrowings		108,897		4,176	5.12	%		214,034		7,722	4.82	%
Total interest-bearing liabilities	$	1,381,070	$	32,888	3.18	%	$	1,391,951	$	25,620	2.46	%
Net interest income			$	34,766					$	36,602
Interest rate spread					2.09	%					2.38	%
Net interest margin					2.71	%					2.85	%
Average interest earning assets to average interest bearing liabilities					1.24						1.23

Key Financial Metric Ratios:

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Ratios based on net income:
Return on average assets (annualized)	0.72	%	0.81	%	0.54	%	0.81	%	0.68	%
Return on average equity (annualized)	7.34	%	8.52	%	5.97	%	8.46	%	7.59	%
Return on average tangible common equity⁴ (annualized)	9.38	%	10.92	%	7.74	%	10.78	%	9.91	%
Efficiency ratio	72	%	72	%	67	%	71	%	66	%
Net interest margin with loan purchase accretion	2.63	%	2.72	%	2.79	%	2.71	%	2.85	%
Net interest margin without loan purchase accretion	2.61	%	2.70	%	2.76	%	2.69	%	2.82	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted² (annualized)	0.72	%	0.84	%	0.54	%	0.82	%	0.68	%
Return on average equity as adjusted³ (annualized)	7.34	%	8.82	%	5.97	%	8.56	%	7.59	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average assets	$	1,810,826		$	1,815,693		$	1,836,775		$	1,822,106		$	1,832,832
Return on average assets (annualized)		0.72	%		0.81	%		0.54	%		0.81	%		0.68	%
Return on average assets as adjusted (non-GAAP) (annualized)		0.72	%		0.84	%		0.54	%		0.82	%		0.68	%

(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									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average equity	$	178,050		$	173,462		$	166,131		$	174,436		$	165,075
Return on average equity (annualized)		7.34	%		8.52	%		5.97	%		8.46	%		7.59	%
Return on average equity as adjusted (non-GAAP) (annualized)		7.34	%		8.82	%		5.97	%		8.56	%		7.59	%

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

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Non-interest expense (GAAP)	$	10,421		$	10,299		$	9,969		$	31,497		$	29,936
Less amortization of intangibles		(178	)		(179	)		(179	)		(536	)		(576	)
Efficiency ratio numerator (GAAP)	$	10,243		$	10,120		$	9,790		$	30,961		$	29,360

Non-interest income	$	2,921		$	1,913		$	2,565		$	8,098		$	7,770
Add back net losses on debt and equity securities		(78	)		(658	)		—			(569	)		—
Subtract net gains on debt and equity securities		—			—			116			—			182
Net interest income		11,285			11,576			12,121			34,766			36,602
Efficiency ratio denominator (GAAP)	$	14,284		$	14,147		$	14,570		$	43,433		$	44,190
Efficiency ratio (GAAP)		72	%		72	%		67	%		71	%		66	%

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

(in thousands, except per share data)

Tangible book value per share at end of period	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Ending common shares outstanding		10,074,136			10,297,341			10,440,591			10,468,091
Book value per share	$	17.88		$	17.10		$	16.60		$	15.80
Tangible book value per share (non-GAAP)	$	14.64		$	13.91		$	13.42		$	12.61

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	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)	$	(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)	$	(1,336	)		(1,694	)	$	(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Total Assets	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)	$	(1,873	)
Tangible Assets (non-GAAP)	$	1,766,481		$	1,769,473		$	1,818,199		$	1,797,716
Total stockholders’ equity to total assets ratio		10.01	%		9.77	%		9.36	%		9.03	%
Tangible common equity as a percent of tangible assets (non-GAAP)		8.35	%		8.09	%		7.71	%		7.34	%

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

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	165,402		$	180,149		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,873	)		(1,158	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	132,031		$	147,493		$	132,031
Average tangible common equity (non-GAAP)	$	145,305		$	140,539		$	132,671		$	141,512		$	131,425
GAAP earnings after income taxes		3,286			3,675			2,498			11,049			9,366
Amortization of intangible assets, net of tax		140			140			89			374			378
Tangible net income	$	3,426		$	3,815		$	2,587		$	11,423		$	9,744
Return on average tangible common equity (annualized)		9.38	%		10.92	%		7.74	%		10.78	%		9.91	%

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 25, 2025

MIL-OSI United Kingdom: Chancellor: “We will build a Britain where those who can work, will work”
Source: United Kingdom – Executive Government & Departments

Ahead of Budget later this week, the Chancellor pledges work and welfare overhaul so people who can work, do work.
£240 million Get Britain Working package to include work, skills and health support for disabled people and long-term sick.

Benefit reform to be accelerated from this autumn to give more people access to employment support.

Ahead of the Budget, the Chancellor has unveiled a £240 million cash-injection to accelerate the rollout of local services to help people back into work and drive down inactivity.

The intervention comes as stark figures show that the UK remains the only G7 country that has higher levels of economic inactivity now than before the pandemic, with 2.8 million people out of work due to long-term sickness, which is holding back productivity and stunting growth.

The funding is partly set to go towards boosting the rollout of Get Britain Working “trailblazers” in local areas, which will bring together and streamline work, health, and skills support to disabled people and those who are long term sick.

These trailblazers will focus on reaching people who are not normally in touch with the system, by enabling local areas to help them access existing support in skills, education, employment, or health but also testing new early interventions targeted at the specific barriers they are facing to work.

Recognising that poor health is a key driver of economic inactivity, these trailblazers will also ensure work and skills support is better integrated with the health service, to ensure people get the joined-up health and employment support they need to get back into work and stay in work.

The government will also work in close partnership with mayors to develop these trailblazers, to ensure these local services are tailored to meet the unique employment and inactivity challenges in different areas.

Benefit reform is also set to be accelerated this year, with 800,000 people on the old Employment and Support Allowance (ESA) benefit to be moved onto Universal Credit (UC) from this autumn instead of 2028.

This move will bring more people into a modern benefit regime, continuing to ensure they are supported to look for and move into work.

It comes ahead of the Get Britain Working White Paper – set to be unveiled later in the Autumn – which will set out the government’s ambitious plans for reform to break down barriers to work.

The reforms will be underpinned by an approach of high expectation and high support as well as a belief in mutual obligations: the responsibility to work if you can, backed up by proper support and real opportunities to get a decent job.

Chancellor of the Exchequer, Rachel Reeves said:

Due to years of economic neglect, the benefits bill is ballooning. We will build a Britain where people who can work, will work, turning the page on the recent rise in economic inactivity and decline and towards a future where people have good jobs and our benefits bill is under control.

Work and Pensions Secretary, Liz Kendall said:

Millions of people have been denied the opportunity to build a better life. This includes one-in-eight young people who have had their hopes of a brighter future dashed and written off before they’ve even begun.

Through our Get Britain Working plan, we will ensure every young person is supported to find earnings or learning, while our new jobs and careers service will transform opportunity for all, as we deliver the fundamental reforms needed to tackle spiralling inactivity, grow the economy, and take our first steps to our ambitious 80 per cent employment rate.

Unlocking barriers to work and tackling inactivity is at the heart of plans to improve living standards for everyone across the country and delivering on the central mission of driving growth.

By creating more good jobs through investment, reforming employment support, fixing our NHS, making work pay through our Employment Rights Bill, and devolving power out of Westminster as set out in our forthcoming English Devolution White Paper, we will ensure many more people can benefit from the dignity and purpose that comes with work.

These reforms will support more people into jobs alongside the Plan to Make Work Pay, that will make sure that those jobs provide security, a decent wage, and the genuine two-sided flexibility needed so people can thrive at work.

This plan is central to the Government’s efforts to repair the damage done to the economy, fix its foundations, and rebuild Britain so it becomes a country of growth, not decline.

Shevaun Haviland, Director General of the British Chambers of Commerce said:

The high number of working age people who are economically inactive is a real and daily concern to employers. Many firms are struggling to fill job vacancies, and this is constraining their operations and profitability.

We welcome further cash investment into tackling economic activity. Businesses will be pleased to hear about plans to improve skills, health and employment support for people who want to work – alongside support for young people to start and build their careers.

It’s important these changes are delivered quickly to help firms develop thriving workforces, so they can grow and invest further in the years to come.

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Published 28 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI USA: First Lady Tammy Murphy Hosts 22nd Family Festival in Orange to Address Maternal and Infant Health Crisis

Source: US State of New Jersey

The Family Festival Series Has Now Reached 14,950 Families Across 11 Counties

ORANGE – First Lady Tammy Murphy marked her 22nd Nurture NJ Family Festival in Orange today, gathering 1,100 attendees to receive valuable state, county and local resources for expectant and new parents, including health care, housing support, food assistance, child care and more.

“Over the past seven years, our Family Festivals have provided support and resources to countless mothers and families across the Garden State. There are incredible resources available to New Jerseyans and – with help from our partners – we are putting them within reach in every community we visit,” said First Lady Tammy Murphy. “Communities like Orange represent the very best of New Jersey. However, we know that communities of color experience significant disparities in maternal and infant health outcomes. That is why I look forward to continuing our festival series in targeted cities as we work to make New Jersey the safest and most equitable place in the nation to have a baby and raise a family.”

In a city like Orange, with large Black and Latino communities, the consequences of New Jersey’s maternal and infant health crisis are unmistakable. In New Jersey, a Black mother is nearly seven times more likely and Hispanic mothers are three and a half times more likely than white mothers to die of maternity-related complications. Orange ranks sixth among our cities that experience high rates of Black infant mortality.

Launched by First Lady Tammy Murphy in 2019, Nurture NJ is a statewide initiative committed to addressing our state’s maternal and infant health crisis. Since its inception, Nurture NJ has seen over 65 pieces of maternal and infant health legislation signed by Governor Murphy. The initiative has also developed and implemented groundbreaking programs and policies, such as the first-of-its-kind in the nation Maternal and Infant Health Innovation Authority (MIHIA), which is tasked with overseeing the groundbreaking New Jersey Maternal and Infant Health Innovation Center based in Trenton, and will be the arm of government that continues the vital work of Nurture NJ past the Murphy Administration.

Under First Lady Murphy’s leadership, Nurture NJ has made significant policy achievements including: developing the Nurture NJ Maternal and Infant Health Strategic Plan – of which over half of its more than 80 recommendations have been started or completed; becoming the second state to expand Medicaid coverage to 365 days postpartum; establishing Medicaid reimbursement for doula care; increasing all perinatal Medicaid provider reimbursements to 100 percent of Medicare rates; and launching the most robust-in-the-nation universal nurse home visitation program so that every new parent is visited by a nurse in their home for free within two weeks after bringing home a new baby. Through these innovative policies and more, Nurture NJ has positioned New Jersey as a national leader in the fight against the maternal and infant health crisis.

The Orange Family Festival was hosted in partnership with the Office of First Lady Tammy Murphy, Nurture NJ, Senator Britnee Timberlake, Assemblywoman Carmen Morales, Assemblyman Mike Venezia, County of Essex, City of Orange, Orange Public Schools, Essex Pregnancy and Parenting, Greater Newark Health Care Coalition, Horizon Blue Cross Blue Shield of New Jersey, Newark Community Health Centers, Partnership for Maternal and Child Health of Northern NJ, Perinatal Health Equity Initiative, Prevent Child Abuse NJ, Programs for Parents, RWJBarnabas Health and The Burke Foundation.

“Partnering with First Lady Tammy Murphy for the Family Festival in Essex County, Orange, NJ, was a true privilege. This event united families and provided invaluable resources, aligning perfectly with my legislative priorities around children and families. My gratitude goes to the First Lady, the City of Orange, and all other organizers and partners for orchestrating such an inspiring and impactful event,” said Senator Britnee Timberlake.

“I want to extend my heartfelt gratitude to First Lady Tammy Murphy for her unwavering support and dedication to our communities. I am thrilled to welcome the family festival to Orange, NJ. This investment not only enhances our community but also creates opportunities for our residents. Together, we are building a brighter future for our families and ensuring that the Oranges have all the resources and support that our families deserve,” said Assemblywoman Carmen Morales.

“I’m proud to support First Lady Tammy Murphy’s Family Fun Day in Orange, which provides critical resources and services to our families in a warm, community-centered setting. This event exemplifies our commitment to ensuring all New Jersey families have access to the support they need to thrive,” said Assemblyman Mike Venezia.

“If there is anything that we learned from the COVID pandemic, it’s that promoting public health and reaching out to the community to make health care more accessible are most important. Events like the Family Festival enable us to connect with underserved and hard to reach communities and provide a one-stop location where residents can begin their journey to wellness. Working with the state, health agencies and community partners, we are Putting Essex County’s Health First,” said Essex County Executive Joseph N. DiVincenzo, Jr.

“The core of family health is ensuring that every family, regardless of background or circumstance, has access to the care and resources they deserve. Through this event, we celebrate the incredible collaboration between the NJDOH, RWJBarnabas Health, and our community partners, working together to bridge the gaps in health equity and empower families across Essex County. Together, we are building a healthier, more equitable future for all,” said Maya Harlow, Essex County Health Officer/ Director.

“With open arms we welcome First Lady Tammy Murphy and her staff as we collaborate to launch the Orange Family Festival on Saturday. This family and resource connection effort will serve as a direct pipeline to successes in Orange households, schools and community spaces by focusing on children and parents in need. We appreciate First Lady Murphy and the Governor for helping to extend our reach to every part of our community,” said Mayor Dwayne Warren of Orange.

“The Orange School District supports opportunities for families to engage with our community partners. I am quite pleased that the City of Orange was selected to host this amazing event for our community. I believe the powerful information must be disseminated and this event is right in line with this thinking,” said Superintendent of Schools Dr. Gerald Fitzhugh, II.

“First Lady Tammy Murphy’s Family Festival in Orange is an inspiration to the people in these challenging times. The event clearly guides families in underserved communities to access the care and resources that are available in their community in an atmosphere of hope for a better and healthier life. The NJ Nurture program gives families, moms and children wealth in health,” said Dr Pamela Clarke, President & CEO of Newark Community Health Centers Inc.

“Improving maternal and infant health is central to creating a healthier New Jersey and that is what the Family Festivals are all about. Everyone deserves access to affordable healthcare no matter who they are or where they live and we are grateful for the opportunity to continue our partnership with the Governor and First Lady. As New Jersey’s health solutions leader, Horizon is meeting our neighbors where they live and helping them achieve their best health through partnerships like this one,” said Wendy Morriarty, VP and Chief Medicaid Officer, Horizon Blue Cross Blue Shield of NJ.

“Cooperman Barnabas Medical Center, together with RWJBarnabas Health, remains committed to providing equitable health care, helping to improve the health and well-being of our community, said Richard L. Davis, President and CEO of Cooperman Barnabas Medical Center. “We are honored to be a part of First Lady Tammy Murphy’s Family Festival, which is in alignment with our system mission to partner with our communities to build and sustain a healthier New Jersey.”

“The Burke Foundation is proud to support the First Lady’s Nurture NJ Family Festivals which bring together families and the support they need to thrive within the communities where they live. We’re committed to improving maternal and child health in New Jersey by investing $15 million over the next five years in programs that will improve families’ health and well-being, and we’re honored to be part of today’s celebration in Orange,” said Atiya Weiss, Executive Director of the Burke Foundation.

“The Greater Newark Health Care Coalition is proud to partner with First Lady Tammy Murphy and our local and state partners to bring so many resources and programs to the Orange community and its neighbors. Having access to many critical resources under one roof in the community helps eliminate accessibility barriers that prevent our families from benefiting from great programs. We thank First Lady Tammy Murphy, Nurture NJ, and the sponsors for their vision and commitment to improve maternal and child health in NJ,” said Andrea Martinez-Mejia, Executive Director, Greater Newark Health Care Coalition.

“The Family Festival brings communities together and provides important resources to strengthen and empower families. We are thrilled to be part of this event which supports children and families and exemplifies prevention in partnership in New Jersey,” said Gina Hernandez, CEO and Executive Director, Prevent Child Abuse-New Jersey and Essex Pregnancy and Parenting.

“We are thrilled to participate in the First Lady of New Jersey’s Family Festival, where we can stand alongside families and community partners dedicated to a future with equitable healthcare. Our participation in This event reflects our unwavering commitment to addressing disparities in Black infant and maternal health, and we look forward to empowering and supporting families with the resources, knowledge, and compassion they deserve,” said Dr. Nastassia Harris, Founder of Perinatal Health Equity Initiative.

“We are excited to be part of the festival, so we can meet Essex County parents to share information about the New Jersey Child Care Assistance Program, how to find quality child care and talk, generally, with them about their child care needs,” said Nayibe Capellan, CEO Programs for Parents.

“We are thrilled to support the First Lady’s Family Festival. These events not only provide vital health resources for the residents of Orange, but they bring together the community for a day of fun,” said Mariekarl Vilceus-Talty, President & CEO, Partnership for Maternal and Child Health of Northern New Jersey.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Governor Murphy Announces Departure of Chief Counsel Parimal Garg

Source: US State of New Jersey

TRENTON – Governor Phil Murphy today announced that his longtime Chief Counsel Parimal Garg will depart the administration next month to work in private practice.

“Parimal Garg has been by my side for the last eight years, from the early days of my first campaign through nearly seven years in the Governor’s Office,” said Governor Murphy. “I relied heavily on Parimal’s advice and counsel on issues from managing a once-in-a-century pandemic to selecting four Supreme Court Justices, and everything in between. No matter the complexity of the challenge, Parimal always thought through every angle of the issue, identified goals, and formulated strategies for achieving them. I am grateful for Parimal’s many years of service and his unwavering friendship, and I know he will excel in this next chapter of his legal career.”

“When I decided to work for Phil Murphy in 2016, I did it with a belief that regardless of his political odds, he was the right person to put New Jersey back on track,” said outgoing Chief Counsel Parimal Garg. “Over the last eight years, he rose to every challenge, whether that meant repairing New Jersey’s finances, taking decisive action to protect public health, or skillfully navigating different federal administrations to advance New Jersey’s interests. I am forever grateful to Governor Murphy for the opportunity to help lead his team, and for his trust and confidence during my four years as Chief Counsel. I know that the Governor, the First Lady, and the entire Murphy administration will spend the next year cementing a record of achievement that is unparalleled in our state’s history.”

Having served as Chief Counsel since October 2020, Garg is the longest serving Chief Counsel to the Governor in New Jersey history. From January 2018 to October 2020, Garg served as Deputy Chief Counsel to the Governor, after having worked as a senior policy advisor on Murphy’s gubernatorial campaign beginning in the summer of 2016.

Previously, Garg served as a litigation associate at Paul, Weiss, Rifkind, Wharton & Garrison LLP in Washington, D.C., and as a law clerk to New Jersey Supreme Court Chief Justice Stuart Rabner. He received his B.A. from Georgetown University, magna cum laude, and his J.D. from Harvard Law School, cum laude.

Originally from Lawrenceville, Garg now resides in Montclair.

Garg will depart the Governor’s Office in mid-November. An announcement on his successor will be made prior to his departure.

MIL OSI USA News –

January 25, 2025
MIL-OSI Europe: Exploring the Future of Cash in Germany — A Foresight Study | Guest contribution in Central Bank Payments News

Source: Deutsche Bundesbank in English

Safeguarding the role of cash …
Many continue to experience the payment landscape in Germany as being shaped by cash. But in Germany, too, the use of cash has been declining for some years now. The coronavirus pandemic has significantly accelerated change processes in payment behaviour. While cash payments accounted for 82.5% of total transactions in 2008, their share fell to 51% in 2023. At the same time, we see an increase in the use of debit cards (27% in 2023) and mobile payments (6% in 2023).
Nevertheless, cash remains an important part of economic life in Germany. Consumers expect to be able to pay with cash and want to maintain the freedom of choice between cash and cashless means of payment. On top of consumers’ preferences in favour of cash, the Bundesbank considers resilience, crisis preparedness, and inclusivity for all groups in society as further reasons why cash should be firmly anchored in the payment landscape. A functioning cash infrastructure with good access to cash and high acceptance rates of cash is crucial for this.
The Bundesbank has a statutory mandate to facilitate the smooth functioning of cash and cashless payments. Together with the other Eurosystem central banks, the Bundesbank works to ensure that euro cash remains generally available and accepted as a means of payment and store of value. That said, some developments such as the declining use of cash for payments and the thinning out of ATM networks suggest that a future with cash cannot be taken for granted.
… calls for future-oriented research
With this in mind, the Bundesbank has turned its attention to exploring what sort of long-term future cash might have in Germany. In order to be able to proactively shape the evolution of cash in light of the trends we are currently seeing, we need an idea of the environment in which cash will be embedded in future. What developments and trends will influence the payment landscape and the cash cycle over the next 15 to 20 years?
To take due account of the intricacies of the way in which cash is embedded in social and economic structures, a future-oriented study design is called for. One option is to take the strategic foresight route. The Bundesbank has therefore commissioned a study looking at the cash of the future, which uses this kind of method.
Future scenarios for Germany’s payment landscape
A commonly used approach in strategic foresight involves the development of future scenarios. These scenarios are hypothetical visions of the future on a set topic. The scenarios presented in the study describe potential futures for cash and the cash cycle in Germany from the perspective of the year 2037. They show alternative development paths and the influencing factors behind them.
The scenarios are based on empirical evidence and were developed by strategic foresight experts working with established academic methods. It is important to appreciate that scenarios are not forecasts and, as such, do not represent precise predictions of a future that will definitely come to pass. What scenarios actually provide us with is a way to orient ourselves. What developments are possible, what are the dependencies between different developments and what are the consequences? The scenarios can thus play a role in decision-making and strategy-building and aid communication with stakeholders and the general public.
A total of three scenarios were developed. In all three scenarios, cash use continues, albeit to different degrees. In all scenarios, cash is the only means of payment available as a fallback option in the event of technical outages.
The hyperdigital payment world — artificially intelligent, convenient, and vulnerable
This scenario is characterised by economic and social transformation aimed at safeguarding peace and prosperity. Geopolitical shifts and far-reaching digitalisation are the driving forces of this transformation. All areas of life are highly digitalised, and that includes making payments. The digital euro has already been introduced as legal tender. The majority of the public has a high degree of confidence in digital solutions, in the government, and in the providers of cashless means of payment. In this scenario, cash serves, at most, as a store of value.
Cash has all but disappeared from everyday payment situations. Only 15% of all transactions are settled using cash in 2037. Payments between individuals are almost exclusively made via payment apps.
Conventional online commerce, in which cash plays virtually no role, continues to grow strongly. When it comes to bricks-and mortar retail, hardly any checkouts are staffed anymore. Only a scarce few self-checkouts still accept cash payments. With a small number of exceptions, local governments, authorities, and public enterprises do not provide facilities for paying in cash either.
Banks have massively thinned out their ATM network. With the disappearance of staffed checkouts in the retail sector and the cutback in cash payment options for customers, in-store cash withdrawal services — which are currently still commonplace — vanish as well. Cost pressures on the cash cycle increase considerably up to the end of the decade. Only a small number of effective measures to cut costs in the cash cycle are implemented.
In accordance with an EU regulation, the Federal Government responds to the massive decline in the use of cash, adopting statutory standards to secure a basic level of cash provision for retailers and the general public. The aim of this move is to maintain the cash infrastructure in case there is a crisis.
In summary, this scenario shows us a highly digitalised world in which cash plays only a minor role. It is barely able to perform its function as a crisis preparedness measure.
The cash renaissance payment world — smart, self-determined, and resilient
The world of this scenario has been shaped by the coronavirus pandemic, climate change, advances in general-purpose artificial intelligence (AI) and the war in Ukraine. On the back of recent experiences, the public has become more aware of the need to prepare for disasters and crises.
Moreover, many people fear heteronomy and the notion of being controlled by self-learning AI systems trained on mass data. Ambitious individuals tending towards alternative lifestyles are advocating for the right to an analogue life, drawing attention to the dangers of AI and calling for data minimisation and digital sovereignty.
The benefits of cash are being rediscovered. Cash is associated with values such as sovereignty, independence, and constructive rebellion. This heightened awareness of the benefits of cash gradually spreads into society’s centre ground. Despite the stabilising effects on cash use, cash made up less than 50% of transactions at the end of the 2020s.
Policymakers were aware of the public’s desire for freedom of choice, as well as of the significance of cash for certain groups in society. Considerations around resilience and autonomy in payments prompted the Federal Government to take regulatory steps to strengthen cash as a means of payment. At the beginning of the 2030s, the Federal Government recommended that retailers should, as a basic principle, accept cash. All of the major supermarket chains offer both staffed checkouts and self-checkouts with cash payment modules.
Due to an EU regulation on access to cash, the trend towards branch closures and the thinning out of the ATM network started to slow again from the mid-2020s. Clear regulation for maintaining cash infrastructures gives cash cycle stakeholders greater certainty for investing in innovation and cost-saving measures.
All in all, in this scenario, we see parts of society circling back to cash and its benefits, meaning that cash use is declining only slowly and stabilises in the 2030s.
The vanishing hybrid payment world — pluralistic, segregated, and indifferent
In the 2020s, there was significantly greater individualisation and pluralisation in people’s living standards, lifestyles, and personal environments compared with the 2010s. Members of more progressive milieus, in particular, are regarded as early adopters when it comes to innovations in cashless payment instruments. But still, even those who mainly opt for cashless payments often carry an “emergency stash” of a few notes in their smartphone case or in their bag or pocket.
At the end of the 2030s, cash is still being used by a large part of the population to pay street vendors, when tipping, as a gift to friends or family and when paying smaller amounts. The decline in cash use is gradual (31% of all transactions in 2037).
The remaining bricks-and-mortar retailers are aware of the diverse preferences of their customer base. This means there is huge variation in terms of cashier system facilities and cash acceptance. However, bricks-and-mortar retailers encourage customers to use cashless payment methods. Public authorities are also coming to favour cashless means of payment.
Banks continued to significantly reduce the number of their branches and ATMs throughout the country up to the end of the 2020s. As the share of cash is shrinking, less and less cash is coming into shop tills, meaning that in-store cash withdrawal services
deteriorate. Overall, it becomes harder to access cash.
A major crisis or disaster that could draw society’s attention to cash as a resilient means of payment fails to materialise. A pro-cash movement among the general public cannot be orchestrated in an increasingly segregated society. This means there is no political pressure to act and no resistance against the gradual decline of cash.
A downward spiral is created: the use of cash continues to decline as access to and acceptance of cash become restricted. The fixed costs for the supply and removal of cash appear disproportionately high as cash volumes fall. Options for accessing cash and situations where it is accepted are therefore limited further. A hybrid payment landscape — something desired by large parts of society — slowly but surely disappears as it becomes more and more difficult to actually use cash.
Current developments
Once scenarios have been developed, they should be checked against current developments from time to time. It is important to bear in mind that certain trends already visible today might appear in one scenario or another but this does not necessarily mean that a particular scenario will occur. Nor do these trends make it more likely that one of the scenarios will prevail. This is because the developments described in the scenarios should not be looked at in isolation; it is only through their interplay that they mesh to form a holistic projection of the payment landscape in 2037.
Cashless payments more convenient
Recently published research by the Bundesbank shows that cash currently accounts for 51% of all transactions in Germany. Contactless cards and mobile payment methods are being used more and more frequently. Cashless means of payment are increasingly perceived as more convenient, faster, and easier than cash. These are characteristics regarded as key reasons in deciding for or against a means of payment in the “hyperdigital payment world” and “hybrid payment world” scenarios. On top of this, acceptance of cashless means of payment has risen sharply, including in former cash strongholds such as restaurants and cafés and the services industry. Against this background, the general trend of declining cash usage in the scenarios appears highly plausible.
Cash availability and acceptance declining
Acceptance of cash in Germany remains high, although it is slightly declining. Cash payments are almost universally accepted at retail outlets for day-to-day purchases. At retail outlets for durable goods and in the food services sector, acceptance has somewhat deteriorated. In public administration, meanwhile, cash acceptance is low and falling.
As anticipated in all three scenarios, the number of ATMs and bank offices is declining sharply. The number of ATMs fell by 12% between 2019 and 2023. A weakening of this decline in the mid-2020s does not seem to be on the cards so far. As things currently stand, legal framework conditions creating guaranteed access to cash are lacking. Although more and more people are making use of the option to withdraw cash in shops, Germany’s Retail Federation (Handelsverband) is warning of service constraints if the declining propensity to pay in cash results in there not being enough cash in registers. These developments make a downward spiral of declining cash usage, acceptance of cash, and cash availability highly likely.
Cash should not be taken for granted
Cash use does not increase again in any of the scenarios. While the share of cash payments does slowly stabilise in the “cash renaissance” scenario, it steadily contracts in the other two. That said, neither of those two scenarios anticipate a complete disappearance of cash. But two of three scenarios — as well as the developments that we are currently seeing — suggest that its stabilising function and freedom of choice between cash and digital payments are not fully given anymore.
The Bundesbank considers cash to be its core physical product and takes active measures to safeguard its continued existence and future use alongside its complement, the digital euro. However, the Bundesbank, too, has to adapt to the changing payment landscape. Under its new branch strategy the Bundesbank is aiming to create a more efficient branch network. Branch closures will go hand in hand with extensive investment into new and modern branches. Increased automation and simpler access routes for CIT companies will ensure a secure and efficient supply of cash in the long term.
Society and policymakers called to action
The scenarios also show that the responsibility does not lie solely with the Bundesbank. The Bundesbank’s measures will not be adequate unless they are accompanied by action from policymakers and society. That is why it is initiating further collaborative activities. The National Cash Forum brings the relevant stakeholders to the table to lay the groundwork for enhancing and stabilising the cash cycle. A joint dialogue with various interest groups from society culminated in position papers expressing a clear commitment to cash. We at the Bundesbank are committed to contributing to a future with cash.

MIL OSI

MIL OSI Europe News –

January 25, 2025
MIL-OSI Economics: Almost there – navigating the last mile of disinflation in Latin America

Source: Bank for International Settlements

The Covid-19 pandemic required unprecedented policy actions from central bankers. After a faster-than-expected economic recovery, inflation surged to decades-high levels. Central banks raised policy rates and inflation fell substantially. Strong monetary policy frameworks helped Latin American central banks in keeping long-term inflation expectations anchored and avoiding financial crises.

However, the final stage of reducing inflation to target levels, “the last mile,” remains challenging. While inflation is much lower, it is still not yet at target. Some countries even experienced a rebound. The final stage of disinflation will be different from the first phase. Base effects from the waning of the transitory factors that pushed up inflation play a much smaller role now. High and persistent growth in services prices will be a challenge, especially as wages continue to rise. Expansionary fiscal policies are counteracting restrictive monetary policies, complicating the path to achieving inflation targets. In addition, inflation is increasingly driven by domestic factors, reflecting greater economic and labour market disparities among countries.

Central banks will have to proceed cautiously in the period ahead.

MIL OSI Economics –

January 25, 2025

Record Date	Payment Date
November 14, 2024	November 27, 2024
February 13, 2025	February 27, 2025
May 8, 2025	May 22, 2025
August 7, 2025	August 21, 2025

Category: Pandemic

What could have caused this?

Role of masculinity in 2020 election

Trump’s re-energised protective masculinity

Harris, gender and the women’s vote

Harris and “tonic” masculinity

Can Harris mobilise protective femininity?

Why the outcome of this election is crucial for gender equality.

Introduction

Every dollar of superannuation needs to be paid

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Reforming the financial advice laws will improve member outcomes

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Conclusion

What did the inquiry find?

How could a CDC make a difference?

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

The Australian Institute of Criminology

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

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