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Category: Politics

  • MIL-OSI: CMD Portal Awards 2025: AFL wins ‘Most Improved Bond Issuer’ award

    Source: GlobeNewswire (MIL-OSI)

                                                                 Press release
    28/01/2025

    CMD Portal Awards 2025: AFL wins ‘Most Improved Bond Issuer’ award

    AFL, the French local government funding agency, is rewarded for the second time by CMD Portal – a network of more than 35,000 bond market experts – and wins the “Most Improved Bond Issuer” prize, the most efficient bond issuer. This distinction reflects the bank’s proven ability to place its debt with a growing and diversified investor base across multiple currencies. Now well established as frequent bond issuer, AFL is on its way to become a significant borrower in the capital markets, offering investors the only diversified exposure to the French local public sector.

    A funding program in full expansion for 10 years

    Created 10 years ago by and for the French local authorities, AFL’s mission is to facilitate access to financing and is among the leading lenders to local governments.

    Since its creation, the bank has been able to maintain its financial strength while expanding its operations. It has doubled its financing program, diversified its issuance currencies, and increased the frequency of both private placements and benchmark transactions with the objective to improve liquidity for investors. AFL’s bond issues are now located nearly on the entire Euro curve, which allows it to broaden its access to the market.

    Ten years after the beginning of its activities, AFL’s balance sheet stands at nearly €11 billion, reflecting the dynamic growth in loan production granted to local authorities since its first bond issue in 2015.

    Issuance of new products and expansion into new international markets

    Since 2023, AFL has had the ability to issue callable bonds. On this segment, the bank has already and successfully completed six transactions of this type in 2024, with an average size of €37 million, totaling €221 million.

    In April 2024, AFL entered the public Swiss Franc (CHF) market with an inaugural transaction of CHF 110 million. This strategic bond issuance broadened AFL’s already diverse investor base, which now spans France, Germany, Austria, Switzerland, the Benelux, the UK, Northern Europe, and Asia.

    The institution now has a base of more than 300 international investors, including banks, private banks, fund managers, insurance companies, pension funds, and a growing number of central banks and official institutions.

    Lastly, in December 2024, AFL issued €50 million of subordinated debt securities, with the aim of enabling it to deploy its business plan while strengthening its equity base.

    2024 constitutes a pivotal year for AFL in two respects:

    • AFL was able to maintain its AA- rating when S&P downgraded France’s sovereign rating from AA to AA- in May 2024, leading the bank to now share the same as the French central government. AFL has thus strengthened its position compared to other public sector banking institutions.
    • Additionally, the HQLA 1 qualification granted by the ACPR in respect of for AFL’s debt on June 21, 2024, following the change in the risk weighting of French local authorities to 0%, has contributed to significantly enhancing the eligibility of AFL’s debt securities in the portfolios of investors, particularly banks.

    Key Takeaways:


    €11 billion in loans     granted over the past 10 years

    3rd largest lender to French local authorities

    Recognized as a public development bank in 2021

    HQLA 1 since June 2024

    AA-/AA- (S&P/Fitch)
    Same credit rating as the French government

    About AFL

    “The Company’s mission is to embody a responsible finance to strengthen the local world’s empowerment so as to better deliver the present and future needs of its inhabitants.”

    By creating our bank, the first one that we own and manage, we, French local authorities, have decided to act to deepen decentralization. Our bank, Agence France Locale (AFL), is not a financial institution similar to any other. Created by and for local authorities, it aims to strengthen our freedom, our ability to develop projects and our responsibility as local public actors. Its culture of prudence spares us from the dangers of complexity and its governance from downward slides of conflicts of interest. The main objective is to provide local world with an access to cost-efficient resources, under total transparency. The principles of solidarity and equity drive us. We are convinced that together we go further. We decided that our institution would be agile, addressing all types of local authorities, from the largest regions to the smallest municipalities. We see profit as a means to maximize public spending, not as an end goal. Through AFL, we support a local world committed to take up social, economic, and environmental challenges. AFL strengthens our empowerment: to carry out projects in our territories, today and tomorrow, to the benefits of the inhabitants. We are proud to have a bank whose development is like us, even more responsible and sustainable. We are Agence France Locale.

    Press contact
    Justine GUIGUES – Press Relation Officer
    justine.guigues@afl-banque.fr
    +33 6 74 94 29 66

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Sudan and Eastern DRC: Foreign Secretary’s statement

    Source: United Kingdom – Executive Government & Departments

    The Foreign Secretary made a statement to the House of Commons on the situation in Sudan and Eastern DRC on 28 January.

    With permission, Madam Deputy Speaker, I will make a statement on the situation in Sudan and eastern Democratic Republic of the Congo.

    The latest conflict in Sudan has now lasted twenty-one months.

    This weekend, the Rapid Support Forces attacked the last functional hospital in the besieged city of El-Fasher, in Darfur.

    The World Health Organisation assess some seventy patients and their families were killed.

    This attack is far from isolated.

    In recent weeks, the RSF shelled the ZamZam camp, where displaced people are trapped outside El-Fasher.

    While there are widespread reports of extrajudicial killings by militias aligned to the Sudanese armed forces in Wad Medani.

    The Government condemns these attacks in the strongest possible terms.

    They show a callous disregard for international humanitarian law and innocent Sudanese civilians.

    Exact figures for those killed and displaced in Sudan are hard to come by.

    But we know aid is being blocked from reaching those in need.

    And this is without a shadow of a doubt one of the biggest humanitarian catastrophes of our lifetimes.

    I saw this for myself, Madam Deputy Speaker, last week in Adré, on the Chad-Sudan border.

    This was the first ever Foreign Secretary to visit Chad.

    I felt it was my duty to confront the true horror of what is unfolding.

    To bear witness.

    And raise up the voices of those suffering, mainly women, so horrendously.

    88 per cent of the refugees at Adré are women and children.

    I met nurses in a clinic, fighting to save the lives of starving children.

    I met a woman who showed me her scars.

    She had been burned.

    She had been beaten.

    She had been raped.

    Turning to DRC, conflict there has gripped the east for over thirty years.

    An M23 rebel offensive at the start of this year had already seized Masisi and Minova.

    This weekend saw them enter Goma, the region’s major city, which M23 last occupied in 2012.

    Brave UN peacekeepers from South Africa, Malawi and Uruguay have tragically been killed.

    And with hundreds of thousands having already fled M23 to Goma, there is potential for a further humanitarian catastrophe.

    I have not yet travelled as Foreign Secretary to meet those fleeing Eastern DRC

    But the reports speak for themselves.

    This is one of the most dangerous places in the world to be a woman or girl with children as young as nine reportedly attacked and mutilated by machete-wielding militias. 

    Around a quarter of DRC’s population are facing acute food insecurity.

    And frequent bombardment of the makeshift camps which shelter those who have fled their homes.

    I regret to say, Madam Deputy Speaker, that Foreign Secretaries updating the House on conflicts in Africa is something of a rarity.

    As I discussed yesterday with African Ambassadors and High Commissioners, the surge of conflict globally includes the number in Africa almost doubling in the past decade.

    This is causing untold damage and holding back economic growth – the bedrock of our future partnership with African countries.  

    But where is the outrage?

    Again and again in Adré, I was asked:

    What is the world doing to help us?

    The truth is, if we were witnessing the horrors of El-Fasher and Goma on any other continent, or, for that matter, seeing the extremist violence in the Sahel and Somalia anywhere else in the world, there would be far more attention across the Western world.

    Indeed, one recent survey of armed conflict in 2024 contained spotlights on Europe, Eurasia, Asia and the Americas, but none on Africa.

    There should be no hierarchy of conflicts, but there is one.

    Every human life is of equal worth.

    The impact of these wars, Madam Deputy Speaker, is clear for all to see.

    You only have to be willing to look.

    I could not see atrocities such as these, and shrug my shoulders.

    However, the House will also understand the UK’s national interest in addressing these conflicts.

    Irregular migration from Sudan to Britain alone increased by 16% last year. 

    Unscrupulous smuggling gangs are looking to profit from the misery in places such as Sudan and DRC. 

    And the longer these wars last, the greater their ripple effects.

    Neighbours like Chad and many others are working hard to manage this crisis alongside others nearby.

    But further escalation only increases instability and the risks of conflict elsewhere.

    With Sudan sitting along the major trade routes of the Red Sea and eastern DRC one of the most resource-rich regions in the world.

    This is something we cannot tolerate.

    This Government therefore refuses to let these conflicts be forgotten.

    Working with Sierra Leone, the UK prepared a UN Security Council Resolution on Sudan to address the humanitarian catastrophe.

    Shockingly, despite support from every other member, including China, Russia wielded their veto.

    But Russian cynicism will not deter us.

    We will continue to use our Security Council seat to shine a light on what is happening and work with our African partners on broader UN reform.

    We have also doubled UK aid, supporting over one million displaced people.

    I saw our impact at the Adré crossing, and announced a further twenty million pounds to support food production and sexual and reproductive services.

    The UK is the third largest humanitarian donor on the crisis, having offered almost 250 million pounds in support this financial year.

    We have been redoubling our diplomatic efforts as well.

    In the spring, I am looking to gather Ministers in the UK to galvanise international support for peace.

    We need to see three things.

    First, the RSF and Sudanese Armed Forces committing a permanent ceasefire and protection of civilians.

    Second, unrestricted humanitarian access into and within Sudan, and a permanent UN presence.

    And finally, an international commitment to a sustained and meaningful political process.

    Instead of new and even more deadly weapons entering the conflict, we want to see consistent calls for all political parties to unite behind a common vision of a peaceful Sudan.

    We will engage with all those willing to work on bringing the conflict to an end.

    On DRC, the UK, has also reacted quickly to the current crisis, we now advise British Nationals not to the Rubavu district in Western Rwanda on the border with Goma.

    And we are continuing our humanitarian assistance , having provided 62 million pounds this financial year.

    This enables lifesaving assistance such as clean drinking water, treatment for malnourished children, and support for victims of sexual violence.

    Ultimately however, we need a political solution.

    We know that M23 rebels could not have taken Goma without material support from Rwandan Defence Forces.

    My Noble Friend, Lord Collins of Highbury, and I have been urging all sides to engage in good faith in African-led processes.

    Lord Collins spoke to the Rwandan and Angolan Foreign Ministers last week.

    And in the last few days, I have spoken to both Rwandan President Kagame and South African Foreign Minister Lamola.

    For all the complexities of such a long-running conflict, we must find a way to stop the killing.

    Madam Deputy Speaker, civilians in Sudan and eastern DRC must feel so powerless.

    Power seems gripped by those waging war around them.

    The Government, our partners, cannot simply will a ceasefire into being.

    But this is not a licence for inaction.

    As we have seen in Gaza, it can take hundreds of days of diplomatic failure to reach even the most fragile of ceasefires.

    So for our part, Madam Deputy Speaker, the UK will keep doing all in our power to get the world focused on these conflicts.

    And, somehow, to bring them to an end.

    I comment this statement to the House.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Duchess of Edinburgh opens Sandhurst facility for army musicians

    Source: United Kingdom – Government Statements

    A new band facility on the Sandhurst Estate, Surrey has been formally opened by Her Royal Highness The Duchess of Edinburgh.

    HRH The Duchess of Edinburgh talks to some of the musicians during her visit. (MOD Crown Copyright)

    Her Royal Highness opened the facility in her role as Colonel-in-Chief of the Royal Corps of Army Music (RCAM).

    The new purpose-built band facility – named The Duchess of Edinburgh Hall – houses two distinguished bands from RCAM: the Band of the Coldstream Guards and the Army Engagement Ensemble. The building provides a modern, sustainable acoustic space for rehearsals and performances.

    The RCAM, which performs at State Ceremonial events, has received significant MOD investment under the £5.1 billion Defence Estate Optimisation (DEO) Portfolio.

    The facility was delivered by the Defence Infrastructure Organisation (DIO) contracting to Willmott Dixon, Pick Everard and HLM Architects. It was funded under the DEO Army Programme, which makes up the largest share of the DEO Portfolio, and is delivering a better structured and more sustainable defence estate. This supports military capability and enhances the lived experience of service personnel.

    Major General Richard Clements CBE, Director of Basing and Infrastructure, said:

    The new band facility at Sandhurst will enable army musicians to carry out their supporting state and ceremonial duties and national and international engagement for defence, both today and into the future. It is a fantastic example of the significant investment we are making to deliver benefits for our people, support military training and capability, and build a more sustainable estate.

    Combining modern buildings with the refurbishment of existing infrastructure, the Duchess of Edinburgh Hall comprises a glass-roofed atrium for ensemble performance practice, rehearsal rooms, an instrument store, music library, offices, storage space and a crew room. The design also includes solar panels and air source heat pumps.

    Sherin Aminossehe, MOD Director of Infrastructure and the Senior Responsible Owner for the DEO Portfolio, said:

    DEO is committed to delivering the highest quality buildings that improve the lived experience of our military personnel. This is evidenced in these impressive new facilities being opened today, which not only provide bespoke and very modern spaces for these prestigious bands to train in, but do so in a way that carefully integrates itself within the existing infrastructure to preserve the important history of the site.

    Historic stables dating back to the 1800s have been transformed into modern changing facilities, including the refurbished ‘Sullivan Block’, which is named after Thomas Sullivan who served as Bandmaster at The Royal Military Academy, Sandhurst from 1845 to 1857. He was the father of Sir Arthur Seymour Sullivan of ‘Gilbert and Sullivan’ fame. 

    Warren Webster, DIO MPP Army Programme Director, said:

    It’s fantastic to see this excellent new facility being opened by HRH The Duchess of Edinburgh. The different elements of the facility were carefully designed to meet the needs of army musicians and it was a pleasure to see Her Royal Highness’s reaction to them. The musicians have been making great use of the Duchess of Edinburgh Hall since its completion and we look forward to hearing their music fill these spaces for decades to come.

    The Band of the Coldstream Guards is a 54-piece symphonic wind band that supports a variety of high-profile events, including state ceremonies, public duties, commemorative and celebratory events, and repatriations. Additionally, it contributes to the UK’s defence efforts both domestically and internationally through community engagement and events. The Army Engagement Ensemble focuses on recruitment, supporting Recruiting Group and the army’s main effort to attract future soldiers.

    Major Justin Teggarty, Director of Music and Officer Commanding, Band of the Coldstream Guards said:

    This new facility is perfect for the Band’s needs. The quality of the design and finish is highly impressive, and we now have a comfortable, purpose-built, modern building in which to rehearse, collaborate and function to the highest standard. I am particularly impressed with the acoustics in the atrium: it is fantastic to be able to play together in a space that does justice to the talent and professionalism of army musicians.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Mapping groundwater in southern Alberta

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General Alan Wilson joins 19 states in urging Costco to end unlawful DEI policiesRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson joined attorneys general from 18 other states in calling on Costco to end its unlawful diversity, equity, and inclusion (DEI) policies, which they assert violate state and federal anti-discrimination laws. The letter, sent to Costco’s leadership, demands the company repeal these divisive policies within 30 days, emphasizing that Costco’s practices stand in direct opposition to its stated motto, “Do the right thing.”

    “Costco’s DEI policies may have a fancy name, but at their core, they’re about discrimination, not diversity,” said Attorney General Wilson. “America was built on the idea that individuals are judged by their character and contributions, not the color of their skin. Costco should focus on merit, not woke politics.”

    The letter highlights the Supreme Court’s recent decision in Students for Fair Admissions v. Harvard, which struck down race-based preferences and classifications. Justice Clarence Thomas’s opinion in that case reaffirmed that such practices contradict the principles outlined in the Declaration of Independence and the Constitution, which guarantee that all individuals are created equal and must be treated equally under the law.

    In recent months, many companies, including Amazon, Ford, McDonald’s, Meta, and Walmart, have abandoned or reevaluated their DEI policies in light of legal challenges and public pressure. Costco, however, has doubled down, with its board of directors unanimously opposing a shareholder proposal to study the financial risks associated with these policies.

    “Costco’s refusal to step away from discriminatory practices not only risks lawsuits but also jeopardizes the trust of its customers, employees, and investors,” added Attorney General Wilson. “The Supreme Court has made it crystal clear: eliminating racial discrimination means eliminating all of it.”

    The letter also urges Costco to redirect its focus to other pressing issues, including allegations of slave labor in its supply chain, rather than clinging to policies that sow division and violate the law. The attorneys general have requested a response from Costco within 30 days, either confirming the repeal of its DEI policies or providing an explanation for their continuation.

    You can read the letter here.

    MIL OSI USA News –

  • MIL-OSI Global: France’s military withdrawal presents opportunities and risks to West African states

    Source: The Conversation – Canada – By Yolaine Frossard de Saugy, PhD Candidate, International Relations, McGill University

    In early January, Côte d’Ivoire announced that French troops would be withdrawing from the country and the military base of Port-Bouët would be handed over to Côte d’Ivoire’s army. The announcement is part of a seismic shift in France’s decades-long presence across francophone Africa.

    It is the latest echo of a larger trend that’s seen French troops withdraw or be expelled from its former sphere of influence, losing diplomatic and military weight in countries France had formerly colonized. Since 2022, Burkina Faso, Chad, Mali, Niger, Senegal, and now Côte d’Ivoire, have terminated defence agreements with France.

    This may present an opportunity for a long overdue assertion of sovereignty by the region’s countries. However, an ongoing threat from terror groups and the eagerness of other entities to step in could instead lead to more instability and a reinforcement of authoritarianism or regime fragmentation.

    France’s withdrawal

    Following the wave of independence in the 1960s, France entered in an array of agreements with its former colonies. These helped ensure France’s continued influence in Western Africa and its international standing.

    In addition to close political and economic ties, which included currency control by France and support to friendly leaders, this also involved the largest permanent military presence by a former colonial power, with troops stationed at various times in Cameroon, Gabon, Senegal, Burkina Faso, the Central African Republic, Djibouti, Chad, Niger, Mali and Côte d’Ivoire, as well as military assistance to others.

    This large military presence has long been controversial. Historically, France was involved in a number of covert or overt military operations with dubious ends, including deadly interventions in Cameroon in the 1960s and support for the Rwandan government during the 1994 genocide.

    More recently, it was criticized for backing of authoritarian regimes and leaders and an inadequate approach to anti-terrorism, including through the Serval and Barkhane missions in Mali and the broader Sahel region — the vast semi-arid region of Africa separating the Sahara Desert to the north and tropical savannahs to the south — between 2012 and 2022.

    Criticism has also been leveraged at the neocolonial intent of France’s policy, especially in the wake of comments such as President Emmanuel Macron’s remark that African countries were not sufficiently grateful for France’s interventions, which many decried as insensitive to the historical context and implications of France’s role.

    Change was therefore long overdue, and over the past three years, a number of developments have seemed to show that France’s star was waning.

    A surge of anti-French sentiment spread across the Sahel and beyond. A series of coups in Mali, Niger and Burkina Faso put in power military leaders who were eager to shake off French presence, leading to the departure of French forces from bases there.

    Leaving Côte d’Ivoire’s Port-Bouët was done in a more orderly fashion, and France presented it as part of a voluntary reorganization of its presence.

    Still, it is hard not to read this withdrawal as part of a wider reckoning with the failure of past policies and a rising desire of African leaders to reclaim sovereignty. This was indeed voiced out loud in the cases of Burkina Faso, Chad and Senegal, where a symbolic repudiation of French heritage is also taking place through the changing of street names.

    Risks of foreign influence

    This moment could provide an opportunity for West African states to shake off the remnants of the power imbalance that characterized France’s presence, and reshuffle the cards of military and diplomatic co-operation. This could lead to an era of more equal partnerships and responsiveness to popular aspirations.

    There are signs that such moves are taking place in the economic area, with Mali, for instance, asserting its sovereignty on resource extraction.

    However, the security situation in the Sahel has continued to deteriorate since the French withdrawal. New partners of Burkina Faso, Chad, Mali and Niger — such as the new iterations of the Wagner group, a Russian mercenary corps used as a proxy by the Russian government to widen its influence — have failed to protect civilians or undermine insurgencies.

    In some cases, they have even been accused of taking part in the violence. The military juntas in power have delayed promised democratic transitions, and sometimes turned to the scapegoating of minorities as a litmus test of their anti-western credentials instead.

    This situation is therefore more likely to lead to further instability, especially as Russia is consolidating its involvement in the Sahel, China seeks to make further inroads in the region to strengthen its stance as the alternative to western support, and new nations such as Turkey and even Ukraine are seeking to widen their influence and reach.



    Read more:
    Ukrainian special operations abroad are part of its broader war effort against Russia

    Governments in countries like Chad seem to be turning to multiple new partners for support in maintaining security. This could help them conclude fairer agreements, but it also heightens the risk of regime fragmentation and internal violence if competing forces vie for influence.

    Sudan’s civil war, fuelled by the support of external countries =like Egypt and the United Arab Emirates, offers a cautionary tale of what is at risk when multiple new entities seek access or export their rivalries to the continent.

    Asserting sovereignity

    The political landscape across West Africa is rapidly changing. France seeks new partners outside of its traditional area but sees its influence diminishing across the board. The potential for a more isolationist United States under President Donald Trump is likely to leave a power vacuum in many parts of the world, further opening the door to new forces drawn to Africa’s natural resources and geostrategic importance.

    These trends provide African countries with an opportunity to change longstanding patterns. However, they also come with heightened risks, especially in an emerging multipolar world order where mid-level powers, rising major powers and reconstituting great powers seek opportunities to assert their influence.

    The only potential counterbalance to these dangers is strong regional co-ordination between West African states.

    Mali, Niger and Burkina Faso have left the historical regional grouping ECOWAS, whose effectiveness had been hampered by its historical dependence on western funding. They have, however, formed their own alliance and there are now talks of expanding co-operation with neighbours, including Togo and Ghana.

    Whether this can at last provide truly African solutions to the continent’s challenges and offset the centrifugal forces already at play remains to be seen.

    Yolaine Frossard de Saugy 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. France’s military withdrawal presents opportunities and risks to West African states – https://theconversation.com/frances-military-withdrawal-presents-opportunities-and-risks-to-west-african-states-248098

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: UKSPF funding boost for local projects

    Source: City of Canterbury

    Home  »  Latest News   »   UKSPF funding boost for local projects

    Sixteen projects and initiative across the district have benefitted from United Kingdom Shared Prosperity Fund (UKSPF) money over the last few months.

    The city council has been awarding the grants having secured this UK government funding for schemes that invest in local communities and spaces.

    Three such projects are Startlab, Arcade Britannia and the Whitstable Beavers and Cubs.

    Startlab (pictured below), which received UKSPF funding of £9,960, is a community arts programme with a focus on inclusion and creativity led by the Canterbury Theatre & Festival Trust.

    It runs across the district and features a wide mix of activities, including a collaborative choral project for primary school children, an all-inclusive community dance project for aspiring choreographers and dancers, and professionally-led comedy workshops for the over 60s.

    Beach Creative (pictured below) in Herne Bay was awarded £8,324 in UKSPF funding for the Arcade Britannia project, a celebration of the central role of amusement arcades in British culture.

    The initiative comprised an exhibition and a variety of events with its centrepiece being an interactive digital recreation of a late 1980s seaside arcade enhanced by stories of the people who worked and played there.

    And a new Whitstable Beavers and Cubs group (pictured top), as part of the 2nd Whitstable Sea Scouts, is thriving following its funding boost of a contributory UKSPF grant of £1,900.

    The group runs from Blean Village Hall, and as well as providing all sorts of fun activities for local children, the project also increases the number of volunteer ‘leaders’ required to grow Beavers and Cubs packs to ensure schemes can continue for years to come.

    Cabinet member for economic development and inclusion, Cllr Chris Cornell, paid a visit to all three projects to hear more about how the UKSPF grants had made such a difference.

    He said: “We’re very proud to have funded schemes for people of all ages across the district through our UKSPF money. It was really inspiring to see that so many people have benefitted from all of these, making new friends and enjoying experiences they otherwise would not have had.

    “When you are making decisions on who and what to fund, you can get a sense of what can be achieved by reading an application, but it’s only through seeing the outcomes with your own eyes that you realise how special that is.

    “I thank everyone involved in all our UKSPF-funded projects for their passion, commitment and support for their local communities.”

    Published: 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: BATON ROUGE WOMAN SENTENCED TO 13 MONTHS IN FEDERAL PRISON FOR COVID-19 FRAUD

    Source: Office of United States Attorneys

    United States Attorney Ronald C. Gathe, Jr. announced that U.S. District Judge Brian A. Jackson sentenced Gernesia Williams, 47, of Baton Rouge, to 13 months in federal prison following her conviction for knowing conversion of government funds. The Court further sentenced Williams to serve three years of supervised release following her term of imprisonment and ordered her to pay $110,030.47 in restitution.

    According to admissions made as part of her guilty plea, between approximately April 2020 and January 2023, Williams knowingly converted more than $100,000 in loan proceeds she obtained as part of the U.S. Small Business Administration’s COVID-19 Economic Injury Disaster Loan (“EIDL”) program for her own use. As a condition to obtaining the loans, she promised to use the proceeds solely as working capital to alleviate economic injury caused by the COVID-19 pandemic. Nevertheless, Williams misspent at least $110,030.47 of the loan proceeds on herself and others, including more than $30,000 on jewelry and more than $20,000 on a destination wedding in Florida. 

    Anyone with information about allegations of pandemic fraud can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    This matter was investigated by the Federal Bureau of Investigation and the U.S. Treasury Inspector General for Tax Administration, and was prosecuted by Assistant United States Attorney Ben Wallace. 

    MIL Security OSI –

  • MIL-OSI: Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

    Source: GlobeNewswire (MIL-OSI)

    HELENA, Mont., Jan. 28, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and $2.2 million, or $0.28 per diluted share, in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $9.8 million, or $1.24 per diluted share, compared to $10.1 million, or $1.29 per diluted share, in 2023.

    Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on January 23, 2025. The dividend will be payable March 7, 2025, to shareholders of record February 14, 2025. The current dividend represents an annualized yield of 3.93% based on recent market prices.

    “Eagle’s fourth quarter operating results were highlighted by strong quarterly deposit growth, sound revenue generation, and net interest margin expansion,” said Laura F. Clark, President and CEO. “We continue to maintain a stable core deposit base, with non-CDs representing 72.4% of total deposits at year end. Additionally, we continue to maintain quality credit. While loan growth has moderated in recent quarters, we are anticipating steady single-digit loan growth in the year ahead.”

    Fourth Quarter 2024 Highlights (at or for the three-month period ended December 31, 2024, except where noted):

    • Net income increased 26.7% to $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and increased 58.6% compared to $2.2 million, or $0.28 per diluted share, in the fourth quarter a year ago.
    • Net interest margin (“NIM”) was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point increase compared to the fourth quarter a year ago.
    • Revenues (net interest income before the provision for credit losses, plus noninterest income) increased 2.8% to $21.4 million in the fourth quarter of 2024, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago.
    • Total loans increased 2.4% to $1.52 billion, at December 31, 2024, compared to $1.48 billion a year earlier, and decreased 0.9% compared to $1.53 billion at September 30, 2024.
    • Total deposits increased $46.0 million or 2.8% to $1.68 billion at December 31, 2024, compared to a year earlier, and increased $30.7 million or 1.9%, compared to September 30, 2024.
    • The allowance for credit losses represented 1.11% of portfolio loans and 437.7% of nonperforming loans at December 31, 2024, compared to 1.11% of portfolio loans and 195.2% of nonperforming loans at December 31, 2023.
    • The Company’s available borrowing capacity was approximately $404.0 million at December 31, 2024, compared to $398.5 million at December 31, 2023.
      December 31, 2024 December 31, 2023
    (Dollars in thousands)  Borrowings Outstanding    Remaining Borrowing Capacity    Borrowings Outstanding    Remaining Borrowing Capacity
    Federal Home Loan Bank advances $ 140,930   $ 276,664   $ 175,737   $ 266,017
    Federal Reserve Bank discount window   –     27,349     –     32,472
    Correspondent bank lines of credit   –     100,000     –     100,000
    Total $ 140,930   $ 404,013   $ 175,737   $ 398,489
             
    • The Company paid a quarterly cash dividend in the fourth quarter of $0.1425 per share on December 6, 2024, to shareholders of record November 15, 2024.

    Balance Sheet Results
    Eagle’s total assets increased 1.3% to $2.10 billion at December 31, 2024, compared to $2.08 billion a year ago, and decreased 2.0% compared to $2.15 billion three months earlier. The investment securities portfolio totaled $292.6 million at December 31, 2024, compared to $318.3 million a year ago, and $307.0 million at September 30, 2024.

    Eagle originated $68.1 million in new residential mortgages during the quarter and sold $64.0 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.18%. This production compares to residential mortgage originations of $58.0 million in the preceding quarter with sales of $51.0 million and an average gross margin on sale of mortgage loans of approximately 3.31%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

    Total loans increased $36.2 million, or 2.4%, compared to a year ago, and decreased $14.0 million, or 0.9%, from three months earlier. Commercial real estate loans increased 6.1% to $646.0 million at December 31, 2024, compared to $608.7 million a year earlier. Commercial real estate loans were comprised of 71.4% non-owner occupied and 28.6% owner occupied at December 31, 2024. Agricultural and farmland loans increased 4.9% to $281.0 million at December 31, 2024, compared to $267.9 million a year earlier. Residential mortgage loans decreased 1.8% to $153.7 million, compared to $156.6 million a year earlier. Commercial loans increased 8.5% to $144.0 million, compared to $132.7 million a year ago. Commercial construction and development loans decreased 21.5% to $124.2 million, compared to $158.1 million a year ago. Home equity loans increased 12.2% to $97.5 million, residential construction loans increased 5.2% to $45.7 million, and consumer loans decreased 5.4% to $28.5 million, compared to a year ago.

    “Similar to other community banks, our deposit mix has shifted towards higher yielding deposits over the last several quarters due to the higher interest rate environment. However, the recent Fed rate cuts have started to ease deposit pricing, and we anticipate this will continue as we move through this next rate cycle,” said Miranda Spaulding, CFO.

    Total deposits increased to $1.68 billion at December 31, 2024, compared to $1.64 billion at December 31, 2023, and $1.65 billion at September 30, 2024. Noninterest-bearing checking accounts represented 24.9%, interest-bearing checking accounts represented 13.2%, savings accounts represented 12.5%, money market accounts comprised 21.8% and time certificates of deposit made up 27.6% of the total deposit portfolio at December 31, 2024. There were no brokered certificates at December 31, 2024, compared to $72.2 million at December 31, 2023, and $22.1 million at September 30, 2024. The average cost of total deposits was 1.71% in the fourth quarter of 2024, compared to 1.76% in the preceding quarter and 1.49% in the fourth quarter of 2023. The estimated amount of uninsured deposits was approximately $323.0 million, or 19% of total deposits, at December 31, 2024, compared to $307.0 million, or 18% of total deposits, at September 30, 2024.

    Shareholders’ equity was $174.8 million at December 31, 2024, compared to $169.3 million a year earlier and $177.7 million three months earlier. Book value per share was $21.77 at December 31, 2024, compared to $21.11 a year earlier and $22.17 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, was $16.88 at December 31, 2024, compared to $16.05 a year earlier and $17.23 three months earlier.

    Operating Results
    “The higher yields on interest earning assets combined with a lower cost of funds contributed to our 25 basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate additional improvement in our cost of funds over the next several quarters.”

    Eagle’s NIM was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point improvement compared to the fourth quarter a year ago. The interest accretion on acquired loans totaled $161,000 and resulted in a four basis-point increase in the NIM during the fourth quarter of 2024, compared to $167,000 and a three basis-point increase in the NIM during the preceding quarter. Funding costs for the fourth quarter of 2024 were 2.69%, compared to 2.89% in the third quarter of 2024 and 2.58% in the fourth quarter of 2023. Average yields on interest earning assets for the fourth quarter of 2024 increased to 5.70%, compared to 5.66% in the third quarter of 2024 and 5.36% in the fourth quarter a year ago. For the year, the NIM was 3.42% compared to 3.51% for 2023.

    Net interest income, before the provision for credit losses, increased 6.3% to $16.8 million in the fourth quarter of 2024, compared to $15.8 million in the third quarter of 2024, and increased 10.5% compared to $15.2 million in the fourth quarter of 2023. For the year, net interest income increased 1.5% to $63.4 million, compared to $62.5 million in 2023.

    Fourth quarter revenues increased 2.8% to $21.4 million, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago. For the year 2024, revenues were $81.2 million, compared to $85.2 million in 2023. The decrease compared to a year ago was largely due to lower volumes in mortgage banking activity.

    Total noninterest income decreased 8.2% to $4.6 million in the fourth quarter of 2024, compared to $5.0 million in the preceding quarter, and decreased 21.3% compared to $5.8 million in the fourth quarter a year ago. The decrease compared to the preceding quarter was largely due to income from bank owned life insurance of $724,000 recorded during the third quarter of 2024. Net mortgage banking income, the largest component of noninterest income, totaled $2.8 million in the fourth quarter of 2024, compared to $2.6 million in the preceding quarter and $3.7 million in the fourth quarter a year ago. This decrease compared to the fourth quarter a year ago was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes. For the year, noninterest income decreased 21.8% to $17.8 million, compared to $22.7 million in 2023. Net mortgage banking income decreased 33.1% to $10.0 million in 2024, compared to $15.0 million in 2023. These decreases were driven by a decline in net gain on sale of mortgage loans.

    Eagle’s fourth quarter noninterest expense was $17.7 million, an increase of 2.5% compared to $17.3 million in the preceding quarter and a 6.3% decrease compared to $18.9 million in the fourth quarter a year ago. Lower salaries and employee benefits contributed to the decrease compared to the year ago quarter. For the year, noninterest expense decreased 3.9% to $69.3 million, compared to $72.1 million in 2023.

    For the fourth quarter of 2024, the Company recorded income tax expense of $269,000. This compared to income tax expense of $529,000 in the preceding quarter and an income tax benefit of $315,000 in the fourth quarter of 2023. The effective tax rate for the year was 14.2% compared to 13.7% for the prior year and is due to the increase in proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

    Credit Quality
    Due to muted loan growth and positive economic factors within the CECL modeling, Eagle recorded a recapture in its provision for credit losses of $36,000 during the fourth quarter of 2024. This compared to a $277,000 provision for credit losses in the preceding quarter and $270,000 in the fourth quarter a year ago. The allowance for credit losses represented 437.7% of nonperforming loans at December 31, 2024, compared to 356.7% three months earlier and 195.2% a year earlier. Nonperforming loans were $3.9 million at December 31, 2024, $4.8 million at September 30, 2024, and $8.4 million a year earlier. Net loan charge-offs totaled $44,000 in the fourth quarter of 2024, compared to net loan charge-offs of $17,000 in the preceding quarter and net loan charge-offs of $10,000 in the fourth quarter a year ago. The allowance for credit losses was $16.9 million, or 1.11% of total loans, at December 31, 2024, compared to $17.1 million, or 1.12% of total loans, at September 30, 2024, and $16.4 million, or 1.11% of total loans, a year ago.

    Capital Management
    The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.57% at December 31, 2024, up from 6.32% a year ago and 6.56% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of December 31, 2024, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.07% as of December 31, 2024.

    About the Company
    Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 29 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

    Forward Looking Statements
    This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, 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 current beliefs and expectations of our management 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. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); 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 that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

    Use of Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

    The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

    Balance Sheet      
    (Dollars in thousands, except per share data)   (Unaudited)  
      December 31, September 30, December 31,
      2024 2024 2023
           
    Assets:      
    Cash and due from banks $ 29,824   $ 22,954   $ 23,243  
    Interest bearing deposits in banks   1,735     19,035     1,302  
    Federal funds sold   –     200     –  
    Total cash and cash equivalents   31,559     42,189     24,545  
    Securities available-for-sale, at fair value   292,590     306,982     318,279  
    Federal Home Loan Bank (“FHLB”) stock   7,778     11,218     9,191  
    Federal Reserve Bank (“FRB”) stock   4,131     4,131     4,131  
    Mortgage loans held-for-sale, at fair value   13,368     13,429     11,432  
    Loans:      
    Real estate loans:      
    Residential 1-4 family   153,721     156,811     156,578  
    Residential 1-4 family construction   45,701     52,217     43,434  
    Commercial real estate   645,962     644,019     608,691  
    Commercial construction and development   124,211     125,323     158,132  
    Farmland   146,610     145,356     142,590  
    Other loans:      
    Home equity   97,543     93,646     86,932  
    Consumer   28,513     29,445     30,125  
    Commercial   144,039     143,190     132,709  
    Agricultural   134,346     144,645     125,298  
    Total loans   1,520,646     1,534,652     1,484,489  
    Allowance for credit losses   (16,850 )   (17,130 )   (16,440 )
    Net loans   1,503,796     1,517,522     1,468,049  
    Accrued interest and dividends receivable   12,890     14,844     12,485  
    Mortgage servicing rights, net   15,376     15,443     15,853  
    Assets held-for-sale, at cost   960     257     –  
    Premises and equipment, net   101,540     100,297     94,282  
    Cash surrender value of life insurance, net   53,232     52,852     47,939  
    Goodwill   34,740     34,740     34,740  
    Core deposit intangible, net   4,499     4,834     5,880  
    Other assets   26,631     26,375     28,860  
    Total assets $ 2,103,090   $ 2,145,113   $ 2,075,666  
           
    Liabilities:      
    Deposit accounts:      
    Noninterest bearing $ 419,211   $ 419,760   $ 418,727  
    Interest bearing   1,262,017     1,230,752     1,216,468  
    Total deposits   1,681,228     1,650,512     1,635,195  
    Accrued expenses and other liabilities   47,018     38,593     36,462  
    FHLB advances and other borrowings   140,930     219,167     175,737  
    Other long-term debt, net   59,149     59,111     58,999  
    Total liabilities   1,928,325     1,967,383     1,906,393  
           
    Shareholders’ Equity:      
    Preferred stock (par value $0.01 per share; 1,000,000 shares      
    authorized; no shares issued or outstanding)   –     –     –  
    Common stock (par value $0.01; 20,000,000 shares authorized;      
    8,507,429 shares issued; 8,027,177, 8,016,784 and 8,016,784      
    shares outstanding at December 31, 2024, September 30, 2024, and      
    December 31, 2023, respectively   85     85     85  
    Additional paid-in capital   108,334     109,040     108,819  
    Unallocated common stock held by Employee Stock Ownership Plan   (4,011 )   (4,154 )   (4,583 )
    Treasury stock, at cost (480,252, 490,645 and 490,645 shares at      
    December 31, 2024, September 30, 2024, and December 31, 2023, respectively)   (10,761 )   (11,124 )   (11,124 )
    Retained earnings   101,264     98,979     96,021  
    Accumulated other comprehensive loss, net of tax   (20,146 )   (15,096 )   (19,945 )
    Total shareholders’ equity   174,765     177,730     169,273  
    Total liabilities and shareholders’ equity $ 2,103,090   $ 2,145,113   $ 2,075,666  
           
    Income Statement   (Unaudited)     (Unaudited)
    (Dollars in thousands, except per share data) Three Months Ended   Years Ended
      December 31, September 30, December 31,   December 31,
      2024 2024 2023   2024 2023
    Interest and dividend income:            
    Interest and fees on loans $ 23,756   $ 23,802   $ 21,481     $ 92,282   $ 79,423  
    Securities available-for-sale   2,475     2,598     2,790       10,428     11,376  
    FRB and FHLB dividends   308     266     247       1,085     727  
    Other interest income   148     94     23       416     89  
    Total interest and dividend income   26,687     26,760     24,541       104,211     91,615  
    Interest expense:            
    Interest expense on deposits   7,216     7,190     6,090       27,838     17,857  
    FHLB advances and other borrowings   2,005     3,084     2,569       10,211     8,562  
    Other long-term debt   676     684     684       2,724     2,719  
    Total interest expense   9,897     10,958     9,343       40,773     29,138  
    Net interest income   16,790     15,802     15,198       63,438     62,477  
    (Recapture) provision for credit losses   (36 )   277     270       518     1,456  
    Net interest income after provision for credit losses   16,826     15,525     14,928       62,920     61,021  
                 
    Noninterest income:            
    Service charges on deposit accounts   387     430     444       1,645     1,757  
    Mortgage banking, net   2,818     2,602     3,718       10,014     14,970  
    Interchange and ATM fees   675     662     663       2,540     2,524  
    Appreciation in cash surrender value of life insurance   408     1,038     301       2,054     1,466  
    Net loss on sale of available-for-sale securities   (141 )   –     –       (141 )   (222 )
    Other noninterest income   425     251     686       1,664     2,227  
    Total noninterest income   4,572     4,983     5,812       17,776     22,722  
                 
    Noninterest expense:            
    Salaries and employee benefits   9,830     9,894     11,359       39,715     42,973  
    Occupancy and equipment expense   2,194     2,134     1,972       8,531     8,072  
    Data processing   1,715     1,587     1,673       6,209     5,943  
    Software subscriptions   576     511     519       2,127     2,064  
    Advertising   466     277     445       1,312     1,375  
    Amortization   337     337     386       1,391     1,587  
    Loan costs   372     385     461       1,567     1,887  
    FDIC insurance premiums   287     295     288       1,165     1,150  
    Professional and examination fees   596     438     438       1,941     1,922  
    Other noninterest expense   1,323     1,412     1,350       5,348     5,116  
    Total noninterest expense   17,696     17,270     18,891       69,306     72,089  
                 
    Income before provision for income taxes   3,702     3,238     1,849       11,390     11,654  
    Provision (benefit) for income taxes   269     529     (315 )     1,612     1,598  
    Net income $ 3,433   $ 2,709   $ 2,164     $ 9,778   $ 10,056  
                 
    Basic earnings per common share $ 0.44   $ 0.35   $ 0.28     $ 1.25   $ 1.29  
    Diluted earnings per common share $ 0.44   $ 0.34   $ 0.28     $ 1.24   $ 1.29  
                 
    Basic weighted average shares outstanding   7,862,279     7,836,921     7,809,274       7,838,822     7,793,352  
                 
    Diluted weighted average shares outstanding   7,868,507     7,860,138     7,815,022       7,853,792     7,798,244  
                 
    ADDITIONAL FINANCIAL INFORMATION   (Unaudited)  
    (Dollars in thousands, except per share data) Three Months Ended or Years Ended
      December 31, September 30, December 31,
      2024 2024 2023
           
    Mortgage Banking Activity (For the quarter):      
    Net gain on sale of mortgage loans $ 2,036   $ 1,691   $ 2,845  
    Net change in fair value of loans held-for-sale and derivatives   (3 )   159     (40 )
    Mortgage servicing income, net   785     752     913  
    Mortgage banking, net $ 2,818   $ 2,602   $ 3,718  
           
    Mortgage Banking Activity (Year-to-date):      
    Net gain on sale of mortgage loans $ 6,741     $ 11,396  
    Net change in fair value of loans held-for-sale and derivatives   (5 )     194  
    Mortgage servicing income, net   3,278       3,380  
    Mortgage banking, net $ 10,014     $ 14,970  
           
    Performance Ratios (For the quarter):      
    Return on average assets   0.65%   0.51%   0.42%
    Return on average equity   8.12%   6.56%   5.68%
    Yield on average interest earning assets   5.70%   5.66%   5.36%
    Cost of funds   2.69%   2.89%   2.58%
    Net interest margin   3.59%   3.34%   3.32%
    Core efficiency ratio*   81.26%   81.47%   88.08%
           
    Performance Ratios (Year-to-date):      
    Return on average assets   0.47%     0.50%
    Return on average equity   5.94%     6.33%
    Yield on average interest earning assets   5.62%     5.14%
    Cost of funds   2.76%     2.11%
    Net interest margin   3.42%     3.51%
    Core efficiency ratio*   83.62%     82.75%
           
    * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
    costs and intangible asset amortization, by the sum of net interest income and non-interest income.    
           
           
           
    ADDITIONAL FINANCIAL INFORMATION      
    (Dollars in thousands, except per share data)      
           
    Asset Quality Ratios and Data: As of or for the Three Months Ended
      December 31, September 30, December 31,
      2024 2024 2023
           
    Nonaccrual loans $ 3,227   $ 3,859   $ 8,395  
    Loans 90 days past due and still accruing   623     944     26  
    Total nonperforming loans   3,850     4,803     8,421  
    Other real estate owned and other repossessed assets   45     4     5  
    Total nonperforming assets $ 3,895   $ 4,807   $ 8,426  
           
    Nonperforming loans / portfolio loans   0.25%   0.31%   0.57%
    Nonperforming assets / assets   0.19%   0.22%   0.41%
    Allowance for credit losses / portfolio loans   1.11%   1.12%   1.11%
    Allowance for credit losses/ nonperforming loans   437.66%   356.65%   195.23%
    Gross loan charge-offs for the quarter $ 51   $ 22   $ 11  
    Gross loan recoveries for the quarter $ 7   $ 5   $ 1  
    Net loan charge-offs for the quarter $ 44   $ 17   $ 10  
           
           
      December 31, September 30, December 31,
      2024 2024 2023
    Capital Data (At quarter end):      
    Common shareholders’ equity (book value) per share $ 21.77   $ 22.17   $ 21.11  
    Tangible book value per share** $ 16.88   $ 17.23   $ 16.05  
    Shares outstanding   8,027,177     8,016,784     8,016,784  
    Tangible common equity to tangible assets***   6.57%   6.56%   6.32%
           
    Other Information:      
    Average investment securities for the quarter $ 300,088   $ 305,730   $ 306,678  
    Average investment securities year-to-date $ 306,538   $ 308,688   $ 328,533  
    Average loans for the quarter **** $ 1,533,686   $ 1,547,246   $ 1,494,181  
    Average loans year-to-date **** $ 1,523,384   $ 1,519,951   $ 1,436,672  
    Average earning assets for the quarter $ 1,858,078   $ 1,874,669   $ 1,817,419  
    Average earning assets year-to-date $ 1,850,120   $ 1,847,468   $ 1,780,727  
    Average total assets for the quarter $ 2,107,357   $ 2,116,839   $ 2,062,267  
    Average total assets year-to-date $ 2,092,051   $ 2,086,951   $ 2,015,586  
    Average deposits for the quarter $ 1,671,653   $ 1,622,254   $ 1,626,598  
    Average deposits year-to-date $ 1,636,390   $ 1,624,636   $ 1,603,861  
    Average equity for the quarter $ 169,054   $ 165,162   $ 152,516  
    Average equity year-to-date $ 164,591   $ 163,106   $ 158,807  
           
           
           
    ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
    less goodwill and core deposit intangible, by common shares outstanding.
    *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
    equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
    **** Includes loans held for sale
    Reconciliation of Non-GAAP Financial Measures          
                 
    Core Efficiency Ratio   (Unaudited)     (Unaudited)
    (Dollars in thousands) Three Months Ended   Years Ended
      December 31, September 30, December 31,   December 31,
      2024 2024 2023   2024 2023
    Calculation of Core Efficiency Ratio:            
    Noninterest expense $ 17,696   $ 17,270   $ 18,891     $ 69,306   $ 72,089  
    Intangible asset amortization   (337 )   (337 )   (386 )     (1,391 )   (1,587 )
    Core efficiency ratio numerator   17,359     16,933     18,505       67,915     70,502  
                 
    Net interest income   16,790     15,802     15,198       63,438     62,477  
    Noninterest income   4,572     4,983     5,812       17,776     22,722  
    Core efficiency ratio denominator   21,362     20,785     21,010       81,214     85,199  
                 
    Core efficiency ratio (non-GAAP)   81.26%   81.47%   88.08%     83.62%   82.75%
                 
    Tangible Book Value and Tangible Assets (Unaudited)
    (Dollars in thousands, except per share data) December 31, September 30, December 31,
      2024 2024 2023
    Tangible Book Value:      
    Shareholders’ equity $ 174,765   $ 177,730   $ 169,273  
    Goodwill and core deposit intangible, net   (39,239 )   (39,574 ) $ (40,620 )
    Tangible common shareholders’ equity (non-GAAP) $ 135,526   $ 138,156   $ 128,653  
           
    Common shares outstanding at end of period   8,027,177     8,016,784     8,016,784  
           
    Common shareholders’ equity (book value) per share (GAAP) $ 21.77   $ 22.17   $ 21.11  
           
    Tangible common shareholders’ equity (tangible book value)      
    per share (non-GAAP) $ 16.88   $ 17.23   $ 16.05  
           
    Tangible Assets:      
    Total assets $ 2,103,090   $ 2,145,113   $ 2,075,666  
    Goodwill and core deposit intangible, net   (39,239 )   (39,574 )   (40,620 )
    Tangible assets (non-GAAP) $ 2,063,851   $ 2,105,539   $ 2,035,046  
           
    Tangible common shareholders’ equity to tangible assets      
    (non-GAAP)   6.57%   6.56%   6.32%
           
    Contacts: Laura F. Clark, President and CEO
    (406) 457-4007
    Miranda J. Spaulding, SVP and CFO
    (406) 441-5010
       

    The MIL Network –

  • MIL-OSI USA: Heinrich, Luján Introduce Resolution Condemning Pardons of Individuals Found Guilty of Assaulting Capitol Police Officers

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Resolution comes after Trump pardons 1,500 criminals convicted of violently assaulting police officers
    WASHINGTON — Today, U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) introduced a new resolution condemning the pardons of individuals who were found guilty of assaulting Capitol Police Officers.
    The resolution follows the reckless action by President Trump, on the first day of his second term, to grant full, complete, and unconditional pardons to over 1,500 people charged, and in many cases already convicted and incarcerated, with committing crimes in the January 6, 2021 attack on the U.S. Capitol, and to commute the sentences of 14 others, including leaders of the Proud Boys and Oath Keepers, far-right militias. Among those pardoned by Trump were 169 people who pleaded guilty to assaulting police officers on January 6th. During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as over 60 officers from the Washington, D.C. Metropolitan Police Department.
    The senators’ resolution, condemning the pardons for individuals who were found guilty of assaulting Capitol Police Officers, simply states: “Resolved, That the Senate disapproves of any pardons for individuals who were found guilty of assaulting Capitol Police officers.” This week, Senate Democrats will seek unanimous consent on the Senate floor to pass the resolution.
    “These criminals used flagpoles, fire extinguishers and bear spray to assault the police securing the Capitol on January 6. No one who assaults a police officer should be given a ‘get out of jail free card’ from the President,” said Heinrich.
    “What took place at the U.S. Capitol on January 6th is a stain on American history. The events of that have left a scar on many, including the law enforcement officers that defended the Capitol. President Trump’s pardons of violent criminals is a betrayal of the rule of law and our brave law enforcement officers,” said Luján. “I urge my Republican colleagues to join us in condemning this vicious attack on law enforcement and in showing the nation that political violence is unacceptable.”
    According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in court, the weapons used and carried on the Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.
    Among others, the individuals who assaulted law enforcement officers and were granted full, unconditional pardons by President Trump this week include:
    Rockne Gerald Earles, of Chama, N.M., who pled guilty last year to two felony assault charges on Capitol Police officers. In one attack, captured on video, Earles wrestled a police officer to the steps outside the Capitol Building. That officer was later hospitalized with a concussion and missed 45 days of work due to his injuries. Earlier this month, federal prosecutors recommended a sentence of 52 months in prison for Earles.
    Taylor James Johnatakis, of Kingston, Washington, was convicted of three felonies in November 2023, including assaulting officers. Prosecutors said that he “coordinated a violent assault on a line of police officers defending” the Capitol and that video shows he “used a metal barricade to attack officers head on and grabbed one officer to prevent him from defending himself against other attacking rioters.”
    Julian Khater, who assaulted a U.S. police office—Brian Sicknick—and later pled guilty to assaulting a police officer with a dangerous weapon.
    Robert Palmer, who attacked police with a fire extinguisher, a wooden plank, and a pole.
    Tyler Bradley Dykes of Bluffton, South Carolina, who was sentenced to 57 months in federal prison for stealing a police riot shield and twice using it against officers. He pleaded guilty to two felony counts of assaulting, resisting or impeding officers.
    Devlyn Thompson, who hit a police officer with a metal baton.
    Andrew Taake, of Houston, Texas, who was sentenced to a little more than six years for assaulting law enforcement officers with bear spray and a metal whip.
    Christopher Quaglin, who federal prosecutors said “viciously assaulted numerous officers” and was one of the most violent rioters, was sentenced to 12 years in federal prison.
    David Dempsey, who, according to prosecutors, “was one of the most violent rioters,” and received 20 years in prison. Prosecutors also said Dempsey had a “very significant history of arrests and convictions” prior to the January 6th attack.
    Daniel Rodriguez, of Fontana, California, who plunged a stun gun into the neck of Washington Police Officer Michael Fanone multiple times.
    Ryan Nichols, of Longview, Texas, who assaulted officers with pepper spray, and later on Jan. 6, at his hotel room, he called for additional violence.
    Howard Richardson, of King of Prussia, Pennsylvania, who struck a police officer three times with a flagpole, hard enough to break the flagpole.
    Robert Sanford, from Chester, Pennsylvania, who hit two police officers in the head with a fire extinguisher and threw a traffic cone at another officer.
    Jonathan Munafo, of Albany, New York, who punched a police officer, stole the officer’s riot shield, and struck a Capitol office window with two poles.
    The resolution is led by U.S. Senators Patty Murray (D-Wash.), Chuck Schumer (D-N.Y.), Chris Murphy (D-Conn.) and Andy Kim (D-N.J.). Alongside Heinrich and Luján, the resolution is cosponsored by U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
    The text of the resolution is here.

    MIL OSI USA News –

  • MIL-OSI USA: Warren Writes Fox News Digital Op-ed Challenging Elon Musk to Cut $2 Trillion in Waste By Taking On Billionaires and Giant Corporations

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    January 28, 2025
    “Here’s something President Donald Trump, Elon Musk, and I agree on: the federal government throws away trillions of dollars on wasteful spending.”
    “Instead of cutting help for people who rely on Medicare, Social Security and the VA, let’s focus on the billionaires and billionaire corporations who are feasting off the American taxpayer.”
    Warren Op-Ed in Fox News Digital
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, published an op-ed outlining her recommendations for cutting government waste to make government more efficient and save taxpayers money. In a public letter last week, Warren proposed 30 recommendations for President Trump and Elon Musk, head of the Department of Government Efficiency, to cut at least $2 trillion in government waste over the next decade. 
    Musk has already walked back his goal of $2 trillion of cuts. Unlike the Republican plans, none of these recommendations would cut access to Medicare, Medicaid, Social Security, veterans’ benefits, and other programs that tens of millions of Americans count on–and instead focus on waste, fraud, and abuse in government spending. 
    Read the full op-ed here and below: 
    Senator Elizabeth Warren: Trump, Musk and I agree on something important. And I’ve got 30 ways to get it doneJanuary 28, 2025
    Here’s something President Donald Trump, Elon Musk, and I agree on: the federal government throws away trillions of dollars on wasteful spending. I have spent years trying to squeeze government waste out of our budget, and I’m ready to work with Musk to make government more efficient and save taxpayers money. But here’s the thing: we need to focus in the right place. Instead of cutting help for people who rely on Medicare, Social Security and the VA, let’s focus on the billionaires and billionaire corporations who are feasting off the American taxpayer.
    After promising his Department of Government Efficiency (DOGE) would cut $2 trillion in government waste, Musk’s ambition is rapidly shrinking. Within weeks, he cut his goal in half to $1 trillion– all before he’s actually cut a single dollar. I don’t want Musk to fold so quickly. I crunched the numbers and found $2 trillion that we could cut over the next 10 years by focusing on the guys who are getting rich off our government. Last week, I sent Musk my blueprint to do just that. 
    Congressional Republicans’ initial plans call for cuts to government programs that millions of Americans rely on to pay their bills each month – things like Social Security, money to cover nursing home costs, and help buying private health insurance. Scrapping essential services is not efficiency; it is cold-hearted cruelty. Tossing old folks out of nursing homes or telling people that their insurance has been cancelled won’t save money; it just makes lives tougher for the families that struggle to pick up the slack. If Musk and the Republicans take that route, it will be a disaster for working people and I will fight back.
    But we don’t have to cut the programs Americans rely on. We can eliminate at least $2 trillion of government waste over the next decade without cutting programs that help our grandparents, our veterans, and our children. In fact, I have 30 specific proposals to do just that. I’ll share a few of them now, but you can read all about them in my letter to Musk here.
    Here are a few examples of government waste we could start with. First, we could negotiate better contracts for the Department of Defense. In 2023, the DoD spent $440.7 billion on contracts – and giant contractors overcharge us on nearly everything. The Air Force pays over 7,500% more on soap dispensers than regular Americans do. The Army pays $71 for pins that should cost less than a nickel. Spending is so out of control at DoD that it is the only agency in government that cannot pass a simple audit. American taxpayers are sick of getting scammed by overpaid military contractors. My recommendations on Defense spending alone would save nearly $200 billion in the next 12 years. 
    Taxpayers are also getting swindled by for-profit health insurance companies. Right now, about half of all seniors have been lured into a privatized Medicare program called Medicare Advantage. This program was started to lower costs for seniors, but over time the insurers figured out how to boost their profits by manipulating claims and denying coverage. It’s so bad now that the non-partisan Medicare Payment Advisory Commission estimates that privatized Medicare insurers overcharged taxpayers by nearly $83 billion in 2024 alone, while other independent researchers put the dollar figure at $140 billion. Rooting out their dirty tactics could save more than a trillion dollars over ten years without cutting Medicare benefits by one penny.
    Cracking down on health care profiteering isn’t a partisan issue. I’ve partnered with Republican Josh Hawley of Missouri to claw back billions more from corporations that are cheating the government on health care costs. He’s not the only Republican who agrees that we need to stop corporations from overcharging taxpayers for lifesaving medications: President Trump has voiced support for another one of my proposals to cut wasteful spending, Medicare price negotiations. By expanding this program to bring the prices down for the most expensive drugs covered by Medicare, the government could save taxpayers another $200 billion over the next decade.
    We can bring down the deficit by cutting spending, but we can also improve our financial position by making millionaires and billionaires pay their fair share. Hedge funds and private equity companies use loopholes to avoid paying anywhere between $1.4 billion and $18 billion each year – that’s an easy fix. By closing just one big estate tax exemption loophole abused by the ultra-rich, the US government could save another $60 billion per year. We should close those loopholes – and fully fund the IRS to catch wealthy tax cheats who think they’re above the law.  
    My list of cuts and loophole closers will save $2 trillion. So where are Elon Musk, Donald Trump and the DOGE project? Why give up so quickly on beating back the defense contractors, health insurance giants, and other huge companies that are ripping off the American people? If Musk and Trump have the courage to cut this waste, I’ve got a plan and 30 specific recommendations to get it done.
    Democrat Elizabeth Warren represents Massachusetts in the United States Senate.

    MIL OSI USA News –

  • MIL-OSI Global: Trump 2.0: the rise of an ‘anti-elite’ elite in US politics

    Source: The Conversation – France – By William Genieys, Directeur de recherche CNRS au CEE, Sciences Po

    US president Donald Trump is surrounded by a new cohort of politicians and officials. While one of his campaign promises was to overthrow the “corrupt elites” he accuses of flooding the American political arena, his second term in office has elevated elites chosen, above all, for their political loyalty to him.

    The media’s focus on Trump’s comments on making Canada the 51st US state and annexing Greenland and billionaire Elon Musk’s support for some far-right parties in Europe has obscured the ambitious programme to transform the federal government that the new political elite intends to implement.

    In the wake of Trump’s inauguration on January 20, the Republican elites most loyal to the MAGA (“Make America Great Again”) leader, who staunchly oppose Democratic elites and their policies, are operating amid their party’s control over the executive and legislative branches (at least until the midterm elections in 2026), a conservative-dominated Supreme Court that includes three Trump-appointed justices, and a federal judiciary that shifted right during his first term.

    However, the political project of the Trumpist camp consists less of challenging elitism in general than attacking a specific elite: one particular to liberal democracies.

    Castigating democratic elitism

    Typical anti-elite political propaganda, along the lines of “I speak for you, the people, against the elites who betray and deceive you,” claims that a populist leader would be able to exercise power for and on behalf of the people without the mediation of an elite disconnected from their needs.

    Political theorist John Higley sees behind this form of anti-elite discourse an association between so-called “forceful leaders” and “leonine elites” (who take advantage of the former and their political success): a phenomenon that threatens the future of Western democracies.

    Since the Second World War, there has been a consensus in US politics on the idea of democratic elitism. According to this principle, elitist mediation is inevitable in mass democracies and must be based on two criteria: respect for the results of elections (which must be free and competitive); and the relative autonomy of political institutions.

    The challenge to this consensus has been growing since the 1990s with the increased polarization of American politics. It gained new momentum during and after the 2016 presidential campaign, which was marked by anti-elite rhetoric from both Republicans and Democrats (such as senators Bernie Sanders and Elizabeth Warren). At the heart of some of their diatribes was an aversion to “the Establishment” on the east and west coasts of the United States, where many prestigious financial, political and academic institutions are based, and the conspiracy notion of the “deep state”.

    The re-election of Trump, who has never admitted defeat in the 2020 presidential vote, growing political hostility and the direct involvement of tech tycoons in political communication –especially on the Republican side– further reinforce the denial of democratic elitism.

    Trump’s populism from above: a revolt of the elites

    The idea that democracy could be betrayed by “the revolt of the elites”, put forward by the US historian Christopher Lasch (1932-1994), is not new. For the anthropologist Arjun Appadurai, it is a particular feature of contemporary populism, which comes “from above.” Indeed, if the 20th century was the era of the “revolt of the masses”, the 21st century, according to Appadurai, “is characterized by the ‘revolt of the elites’.” This would explain the rise of populist autocracies (such as those currently led by Viktor Orban in Hungary, Recep Tayyip Erdogan in Turkey and Narendra Modi in India, and formerly led by Jair Bolsonaro in Brazil), but also the election successes of populist leaders in consolidated democracies (including those of Trump in the US, Giorgia Meloni in Italy, and Geert Wilders in the Netherlands, for example).

    As Appadurai explains, the success of Trumpian populism, which represents a revolt by ordinary Americans against the elites, casts a veil over the fact that, following Trump’s victory in November, “it is a new elite that has ousted from power the despised Democratic elite that had occupied the White House for nearly four years.”

    The aim of this “alter elite” is to replace the “regular” Democrat elites, but also the moderate Republicans, by deeply discrediting their values (such as liberalism and so-called “wokeism”) and their supposedly corrupt political practices. As a result, this populism “from above” carried out by the President’s supporters constitutes an alternative elite configuration, the effects of which on American democratic life could be more significant than those observed during Trump’s first term.

    Beyond the idea of a ‘Muskoligarchy’

    The idea that we are witnessing the formation of a “Muskoligarchy” –in other words, an economic elite (including tech barons such as Jeff Bezos, Mark Zuckerberg and Marc Andreessen) rallying around the figurehead of Elon Musk, whom Trump asked to lead what the president has called a “Department of Government Efficiency” (DOGE) –is seductive. It perfectly combines the vision of an alliance between a “conspiratorial, coherent, conscious” ruling class and an oligarchy made up of the “ultra-rich”. For the Financial Times columnist Martin Wolf, it is even a sign of the development of “pluto-populism”. (It is also worth noting that former president Joe Biden, in his farewell speech, referred to “an oligarchy… of extreme wealth” and “the potential rise of a tech-industrial complex.”)

    However, some observers are cautious about the advent of a “Muskoligarchy.” They point to the sociological eclecticism of the new Trumpian elite, whose facade of unity is held together above all by a political loyalty, for the time being unfailing, to the MAGA leader. The fact remains, however, that the various factions of this new “anti-elite” elite are converging around a common agenda: to rid the federal government of the supposed stranglehold of Democratic “insiders.”

    An ‘anti-elite’ elite against the ‘deep state’

    In his presidential inauguration speech in 1981, Ronald Reagan said: “Government is not the solution to our problem; government is the problem.” The anti-elitism of the Trump elite is inspired by this diagnosis, and defends a simple political programme: rid democracy of the “deep state.”


    Although the idea that the US is “beleaguered” by an “unelected and unaccountable elite” and “insiders” who subvert the general interest has been shown to be unfounded, it is nonetheless predominant in the new Trump Administration.

    This conspiracy theory has been taken to the extreme by Kash Patel, the candidate being considered to head the FBI. In his book, Government Gangsters, a veritable manifesto against the federal administration, the former lawyer writes about the need to resort to “purges” in order to bring elite Democrats to justice. He lists around 60 people, including Biden, ex-secretary of state Hillary Clinton and ex-vice president Kamala Harris.

    Government Gangsters, Kash Patel’s controversial book.
    Google Books

    The appointment of Russell Vought as head of the Office of Management and Budget at the White House, a person who is known for having sought to obstruct the transition to the Biden Administration in 2021, also highlights the hard turn that the Trump administration is likely to take.

    Reshaping the state around political loyalty

    To “deconstruct the administrative state”, the “anti-elite” elites are relying on Project 2025, a 900-plus page programme report that the conservative think-tank The Heritage Foundation, which published it, says was produced by “more than 400 scholars and policy experts.” According to former Project 2025 director Paul Dans, “never before has the entire movement… banded together to construct a comprehensive plan” for this purpose. On this basis, the “anti-elite” elite want to impose loyalty to Project 2025 on federal civil servants.

    But this idea is not new. At the end of his first term, Trump issued an executive order facilitating the dismissal of statutory federal civil servants occupying “policy-related positions” and considered to be “disloyal”. The decree was rescinded by president Biden, but Trump on his first day back in office signed an executive order that seeks to void Biden’s rescindment. As President, Trump is also able to allocate senior positions within the federal administration to his supporters.

    The “anti-elite” elite not only want to reduce the size of the state, as was the case under Reagan’s “neoliberalism”, but to deconstruct and rebuild it in their own image. Their real aim is a more lasting victory: the transformation of democratic elitism into populist elitism.

    Les auteurs ne travaillent pas, ne conseillent pas, ne possèdent pas de parts, ne reçoivent pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’ont déclaré aucune autre affiliation que leur organisme de recherche.

    – ref. Trump 2.0: the rise of an ‘anti-elite’ elite in US politics – https://theconversation.com/trump-2-0-the-rise-of-an-anti-elite-elite-in-us-politics-248180

    MIL OSI – Global Reports –

  • MIL-OSI Global: Getting mail to your door is just one part of what the postmaster general does

    Source: The Conversation – USA – By Jena Martin, Professor of Law, St. Mary’s University

    Postal workers sort through mail and packages. Frederic J. Brown/AFP via Getty Images

    The postmaster general is responsible for getting billions of pieces of mail across the globe, managing hundreds of thousands of employees and caring for some of the country’s most vulnerable Americans.

    The agency is currently run by Postmaster General Louis DeJoy, who served in President Donald Trump’s first administration and during President Joe Biden’s term as well. He is one of the few key advisers to serve in both Trump administrations.

    I’m a law professor who has studied the United States Postal Service and the role of the postmaster general.

    Here’s what having the job of overseeing the Postal Service entails. Spoiler: It’s about more than getting your mail delivered.

    Sprawling duties of the postmaster

    The postmaster general overseas a vast operation.

    Over 44% of the world’s mail is processed and delivered by the U.S. Postal Service, making it the largest delivery service in the world.

    In 2023 alone, the Postal Service handled 116.2 billion pieces of mail. And while processing and delivering mail is the key component of the Postal Service’s mission, it has other responsibilities as well.

    In many ways, in fact, it’s the nondelivery parts of the organization that have the biggest impact on the U.S. economy.

    In 2023, USPS owned or leased 22,873 properties around the country. To place this in perspective, the General Services Administration – known as “America’s landlord” – owns or leases only 8,800 properties.

    The agency also paid US$2 billion in salary and benefits to its 525,469 career employees and processed more than 8.5 million passport applications.

    Finally, USPS has a mandate that supports the health of many Americans. The service’s “last mile” delivery commitment ensures that all Americans – even those living in rural communities – receive mail delivery six days a week. This is particularly important for people without easy access to medical services, as it often provides lifesaving medications to people in need.

    Those are all official duties. Unofficially, the Postal Service has long been known to assist elderly citizens and respond to emergency situations that occur on letter carriers’ routes. In early January 2025, for example, a Massachusetts mail carrier was able to save a house from burning by quickly extinguishing a fire.

    As my co-author Matt Titolo and I have written elsewhere, “Americans depend on USPS for a host of essential services including food, medicine, paying bills, shopping, and running small businesses.”

    Deep roots in US history

    That deep connection with communities has been a part of USPS since its founding. In fact, the postal system is older than the nation itself, with Benjamin Franklin serving as the first head of the organization beginning in 1775.

    When the U.S. Constitution was ratified in 1789, it included Article 1, Section 8 – generally known as the postal clause – which explicitly gives Congress the power “to establish Post Offices and post Roads” and “to make all Laws which shall be necessary and proper” to implement the task.

    A faded postcard sent in 1912.
    Jena Ardell via GettyImages

    Until 1971 the postmaster general was a Cabinet-level position and fifth in the presidential line of succession – coming right after the attorney general and right before the secretary of the Interior. The postmaster general was removed from the Cabinet, and the line of succession, in 1971 when Congress reorganized the Post Office and gave it its new name of the U.S. Postal Service.

    Since that reorganization, the president no longer has the power to appoint – or fire – the postmaster general. That power lies with the Board of Governors of the Postal Service, whose members are appointed by the president with the advice and consent of the Senate.

    The future of the Postal Service

    Over the years, postmaster generals have discussed moving USPS away from its roots as a service-oriented organization and toward a typical business operation. Presidential candidates, including Trump, have called for either full or partial privatization of the agency.

    Indeed, USPS faces continuous deficit problems. But privatization and a resulting focus on profits would likely increase the cost of mailing a letter, a change that would disproportionately affect low-income individuals and small businesses – and could even result in service cuts to rural areas, making life for Americans living there harder and less healthy.

    As Forbes reports, critics and proponents of the move to privatize acknowledge it could result in “fewer days of mail services, longer mail delivery timelines or less access to USPS services.”

    This story is part of a series of profiles of Cabinet and high-level administration positions.

    Prof. Martin’s husband has been employed with the Postal Service for the last twenty-nine years.

    – ref. Getting mail to your door is just one part of what the postmaster general does – https://theconversation.com/getting-mail-to-your-door-is-just-one-part-of-what-the-postmaster-general-does-246861

    MIL OSI – Global Reports –

  • MIL-OSI Global: Medical research depends on government money – even a day’s delay in the intricate funding process throws science off-kilter

    Source: The Conversation – USA – By Aliasger K. Salem, Associate Vice President for Research and Professor of Pharmaceutical Sciences, University of Iowa

    Of the tens of thousands of grant applications submitted to the National Institutes of Health, only around 1 in 5 is funded. Sean Gladwell/Moment via Getty Images

    In the early days of the second Trump administration, a directive to pause all public communication from the Department of Health and Human Services created uncertainty and anxiety among biomedical researchers in the U.S. This directive halted key operations of numerous federal agencies like the National Institutes of Health, including those critical to advancing science and medicine.

    These operations included a hiring freeze, travel bans and a pause on publishing regulations, guidance documents and other communications. The directive also suspended the grant review panels that determine which research projects receive funding.

    As a result of these disruptions, NIH staff has reported being unable to meet with study participants or recruit patients into clinical trials, delays submitting research findings to science journals, and rescinded job offers.

    Shorter communication freezes in the first few days of a new administration aren’t uncommon. But the consequences of a freeze lasting weeks or potentially longer underscore the critical role the federal government plays in supporting biomedical research. It also brings the intricate processes through which federal research grants are evaluated and awarded into the spotlight.

    I am a member of a federal research grant review panel, as well as a scientist whose own projects have undergone this review process. My experience with the NIH has shown me that these panels come to a decision on the best science to fund through rigorous review and careful vetting.

    How NIH study sections work

    At the heart of the NIH’s mission to advance biomedical research is a careful and transparent peer review process. Key to this process are study sections – panels of scientists and subject matter experts tasked with evaluating grant applications for scientific and technical merit. Study sections are overseen by the Center for Scientific Review, the NIH’s portal for all incoming grant proposals.

    A typical study section consists of dozens of reviewers selected based on their expertise in relevant fields and with careful screening for any conflicts of interest. These scientists are a mix of permanent members and temporary participants.

    I have had the privilege of serving as a permanent chartered member of an NIH study section for several years. This role requires a commitment of four to six years and provides an in-depth understanding of the peer review process. Despite media reports and social media posts indicating that many other panels have been canceled, a section meeting I have scheduled in February 2025 is currently proceeding as planned.

    Evaluating projects for their scientific merit and potential impact is an involved process.
    Center for Scientific Review

    Reviewers analyze applications using key criteria, including the significance and innovation of the research, the qualifications and training of the investigators, the feasibility and rigor of the study design, and the environment the work will be conducted in. Each criterion is scored and combined into an overall impact score. Applications with the highest scores are sent to the next stage, where reviewers meet to discuss and assign final rankings.

    Because no system is perfect, the NIH is constantly reevaluating its review process for potential improvements. For example, in a change that was proposed in 2024, new submissions from Jan. 25, 2025, onward will be reviewed using an updated scoring system that does not rate the investigator and environment but takes these criteria into account in the overall impact score. This change improves the process by increasing the focus of the review on the quality and impact of the science.

    From review to award

    Following peer review, applications are passed to the NIH’s funding institutes and centers, such as the National Institute of Allergy and Infectious Diseases or the National Cancer Institute, where program officials assess the applications’ alignment with the priorities and budgets of institutes’ relevant research programs.

    A second tier of review is conducted by advisory councils composed of scientists, clinicians and public representatives. In my experience, study section scores and comments typically carry the greatest weight. Public health needs, policy directives and ensuring that one type of research is not overrepresented relative to other areas are also considered in funding decisions. These factors can change with shifts in administrative priorities.

    Grant awards are typically announced several months after the review process, although administrative freezes or budgetary uncertainties can extend this timeline. Last year, approximately US$40 billion was awarded for biomedical research, largely through almost 50,000 competitive grants to more than 300,000 researchers at over 2,500 universities, medical schools and other research institutions across the U.S.

    Getting federal funding for research is a highly competitive process. On average, only 1 in 5 grant applications is funded.

    Medical research often follows a strict timeline.
    gorodenkoff/iStock via Getty Images Plus

    Consequences of an administrative freeze

    The Trump administration’s initial freeze paused some of the steps in the federal research grant review process. Some study section meetings have been postponed indefinitely, and program officials faced delays in processing applications. Some research groups relying on NIH funding for ongoing projects can face cash flow challenges, potentially resulting in a need to scale back research activities or temporarily reassign staff.

    Because my own study section meeting is still scheduled to take place in February, I believe these pauses are temporary. This is consistent with a recent follow-up memo from acting HHS Secretary Dorothy Fink, stating that the directive would be in effect through Feb. 1.

    Importantly, the pause underscores the fragility of the research funding pipeline and the cascading effects of administrative uncertainty. Early-career scientists who often rely on timely grant awards to establish their labs are particularly vulnerable, heightening concerns about workforce sustainability in biomedical research.

    As the NIH and research community navigate these pauses, this chapter serves as a reminder of the critical importance of stable and predictable funding systems. Biomedical research in the U.S. has historically maintained bipartisan support. Protecting the NIH’s mission of advancing human health from political or administrative turbulence is critical to ensure that the pursuit of scientific innovation and public health remains uncompromised.

    Aliasger K. Salem receives funding from the National Institutes of Health. He serves on the Executive Board of the American Association for Pharmaceutical Scientists.

    – ref. Medical research depends on government money – even a day’s delay in the intricate funding process throws science off-kilter – https://theconversation.com/medical-research-depends-on-government-money-even-a-days-delay-in-the-intricate-funding-process-throws-science-off-kilter-248290

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Middle East: Minister for Development’s statement, 28 January 2025

    Source: United Kingdom – Executive Government & Departments

    Development Minister Anneliese Dodds gave an oral statement to the House of Commons on the ceasefire agreement in Gaza and effect on humanitarian aid.

    With permission, I will update the House on the ceasefire agreement in Gaza and detail our latest efforts to get aid to those in desperate need.

    Madam Deputy Speaker, this is a fragile ceasefire – but it brings much-needed hope for the Israeli and Palestinian people.

    The agreement to end the fighting and release the hostages is what this Labour government has been pressing for from the moment we came to office.

    I thank Qatar, Egypt and the US for their tireless efforts, and echo the Prime Minister in wishing Emily Damari and the other former hostages well as they begin to recover from their horrific ordeals.

    We continue to call, Madam Deputy Speaker, for their immediate release of all those still waiting to be reunited with their loved ones, including the remaining hostages with links to the UK.

    Madam Deputy Speaker, civilians in Gaza have endured suffering that defies belief, and this deal brings hope that they can start to rebuild their lives.

    In the days since the guns were silenced, Israel has opened up mechanisms to surge in aid.

    The UN and aid organisations have been working tirelessly to deliver the humanitarian aims of the ceasefire agreement.

    After so much time waiting at the border – delays I saw for myself in December – trucks are now streaming in.

    Partners on the ground report that more than 200,000 food parcels have been dispatched to more than 130 distribution points since the ceasefire.

    This government has been at the forefront of the humanitarian effort in Gaza since we came to office.

    Overturning the suspension of funding to UNRWA and then boosting our support. Supporting UK-Med field hospitals to help the injured. Working with Egypt to support those Medevac-ed out of Gaza and providing vital resources to UNICEF and the World Food Programme.

    Today, I am pleased to announce that the UK is investing in the ceasefire.

    UK support will be distributed to the UN and key medical partners, so that tens of thousands of civilians get the healthcare, food and shelter they need.

    That support will amount to £17 million from the UK to get more aid into Gaza and restore services. The figure also includes £2 million for the World Bank to support the construction and restoration of critical water and energy infrastructure.

    The UK has already helped around 284,000 people in Gaza to access water, sanitation and hygiene services.

    Today’s uplift brings our commitment for the Occupied Palestinian Territories and Palestinian refugees in the region to £129 million this financial year.

    I am also pleased to announce to the House that this morning, Jordanian air force helicopters started landing in Gaza with UK-funded medical supplies and logistical support from UK armed forces.

    I thank Jordan for their excellent commitment to getting aid in, in such challenging circumstances. We will continue to support our Jordanian partners in this initiative.

    But more action is needed.

    The air bridge to Gaza is no substitute for road routes, which must remain open.

    We also call on Israel to allow more essential items like tents, mattresses and medical equipment in.

    As people start to move home, basic services need to be put back in place, and unexploded bombs and mines cleared.

    Without this, even more lives will be lost.

    And of course, the UN and humanitarian agencies must be able to operate freely.

    This Government has repeatedly stated the need for UNRWA to continue its lifesaving assistance to the people of Gaza, Jerusalem and the West Bank.

    The Knesset legislation taking effect on the 30th of January risks impeding the progress made since the ceasefire. Israel must allow the agency to continue to operate.

    The legislation does not and cannot change the fact that Israel has a responsibility under international law to facilitate humanitarian assistance.

    As the UN Security Council heard last week, a million Gazan children need support to process their traumatic experiences – their suffering cannot be underestimated.

    And around fifteen and a half thousand patients need medical evacuation, according to the World Health Organisation. Routes must be opened for them to get this treatment.

    Madam Deputy Speaker, the UK and wider international community stand ready to support Palestinians as they begin to rebuild their lives, their homes and their communities.

    We are under no illusions concerning the scale of the challenge ahead.

    The overwhelming majority of homes in Gaza are damaged or destroyed. The economy has collapsed. And basic services, including energy and water, have been knocked out.

    So, we are working with partners to urgently find ways to

    best finance and support recovery and reconstruction efforts.

    It is essential that the coming surge of assistance is properly coordinated, and with the access and security to reach those in need.

    The Palestinian Authority has a crucial role to play and we are providing technical and financial assistance to the Authority, including to support the urgent recovery of basic services.

    Madam Deputy Speaker, the UK has always been clear that this ceasefire is just the first step. We must build confidence on all sides to help sustain it, progress through all its phases and turn it into a lasting peace that assures the security of Israelis and Palestinians alike.

    The UK will focus all of our efforts on keeping up the momentum, using every diplomatic channel available.

    As you will know, Madam Deputy Speaker, the Foreign Secretary and the Minister for the Middle East kept up the drumbeat of engagement during their visits to Egypt and the United Nations last week.

    We will keep up the pace until every hostage is released, aid reaches all those in need, and Palestinians are able to rebuild their homes and their lives.

    I commend this statement to the House.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Statement on arbitrary detentions of UN personnel in Yemen

    Source: Government of Sweden

    Statement on arbitrary detentions of UN personnel in Yemen – Government.se

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    Statement by Ministry for Foreign Affairs

    Published

    Sweden echoes the EU statement and strongly condemns the latest round of arbitrary detentions by the Houthis of seven UN personnel working in Yemen.

    Sweden reiterates the demand by the UN Secretary‑General for the immediate and unconditional release of all personnel from the UN, international and national non‑governmental organizations, and diplomatic missions, including those detained in 2021, 2023, and 2024. The continued arbitrary detention of aid workers is unacceptable and negatively impacts the ability to deliver life‑saving humanitarian aid in Yemen. 

    Sweden calls on the Houthis to act in the best interest of the Yemeni people and underscores the obligations of all parties to armed conflict under international humanitarian law to allow and facilitate rapid, safe and unhindered humanitarian assistance, as well as to ensure the safety and security of humanitarian personnel. 

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Government opens discussions with Community Pharmacy England over 25/26 funding contract

    Source: United Kingdom – Executive Government & Departments

    The consultation will set the future direction for the community pharmacy sector.

    The Department of Health and Social Care (DHSC) has entered into consultation with Community Pharmacy England (CPE) regarding the 2024/25 and 2025/26 funding contractual framework.

    The discussions will set the future direction for community pharmacy as it plays a vital role in supporting delivery of the reforms set out in the government’s Plan for Change.

    A letter signalling the start of the consultation was sent to CPE on Monday.

    Moving the focus of care from hospitals into the community is one of the three core shifts outlined in the 10 Year Health Plan, which will be published later this year. The government has previously outlined its ambition to make better use of pharmacists’ skills and training to deliver more services for patients within their local communities.

    Minister of State for Care, Stephen Kinnock said:

    Community pharmacists are at the heart of local healthcare, and they have a vital role to play as we shift from hospital to community, giving patients better access to care, closer to home, through our 10 Year Health Plan.

    We have inherited a sector that is suffering from years of underfunding and neglect, but we recognise the hard work pharmacists undertake every day to deliver for patients.

    I am committed to working closely with Community Pharmacy England to agree a package of funding that is reflective of the important support that they provide to patients up and down the country. I am confident that together we can get the sector back on its feet and fit for pharmacies and patients long into the future.

    Janet Morrison, Chief Executive of Community Pharmacy England said:

    We are relieved that discussions on the arrangements for community pharmacy are now commencing.

    Community Pharmacy England will consider very carefully if the proposals that the Government is putting on the table address the severity of the funding crisis in community pharmacy.

    Everyone in community pharmacy shares the Government’s ambition for a vibrant community pharmacy sector, playing a vital role in delivering long term health plans, but this can only be achieved if the sector is put on a sustainable financial footing.

    Amanda Doyle, National Director for Primary Care for NHS England, said:

    The NHS knows just how important pharmacies are to local communities – they offer people convenient care close to home which is a key ambition of the 10 Year Health Plan.

    We recognise that pharmacies are under pressure, and we are committed to working with the sector and government to ensure that patients can continue to receive high-quality care building on the exceptional work of teams over the past few years to develop and expand new services for patients.

    ENDS.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rep. Simpson Cosponsors Bill to Codify President Trump’s Executive Border Action into Law

    Source: US State of Idaho

    Rep. Simpson Cosponsors Bill to Codify President Trump’s Executive Border Action into Law

    Washington, January 28, 2025

    WASHINGTON—Idaho Congressman Mike Simpson cosponsored H.R. 273, the REMAIN in Mexico Act, a bill that codifies one of President Trump’s successful immigration policies. This legislation is led by Congressman Brandon Gill (R-TX) and has bipartisan support from over 100 members of Congress.
    “Under President Trump’s first administration, the American people understood the meaning of a secure border, largely due to President Trump’s successful Remain in Mexico border policy. The Biden administration’s reckless decision to repeal this policy fueled a surge of illegal immigration pouring into our communities over the last four years. Congress must codify this proven Trump policy into federal law to keep Americans safe. I am proud to cosponsor this commonsense bill to help secure our southern border and strengthen our national security,” said Rep. Simpson.
    President Trump’s “Remain in Mexico” policy is officially known as the migrant protection protocols, first implemented by the Trump administration in January 2019. The protocols allow the U.S. government to return foreign individuals who entered the U.S. via the southern border to Mexico to await immigration proceedings.

    MIL OSI USA News –

  • MIL-OSI Africa: International Islamic Trade Finance Corporation (ITFC) Launches New Environmental and Social Policy to Drive Sustainable Trade

    Source: Africa Press Organisation – English (2) – Report:

    JEDDAH, Saudi Arabia, January 28, 2025/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank Group (IsDB), unveiled its new Environmental and Social (ES) policy. This policy reinforces ITFC’s commitment to embedding sustainable practices across its trade finance operations, recognizing the essential role trade finance and trade development can play in mitigating climate change and promoting social equity.  

    ITFC’s member countries are among the most vulnerable to climate change, social challenges, and economic inequality. This ongoing climate crisis requires  urgent action. With trade being responsible for 20-30% of global CO₂ emissions, ITFC is aligning its operations with international frameworks such as the Paris Agreement and the United Nations Sustainable Development Goals (SDGs) to make trading greener in its markets of operations. By championing responsible and inclusive trade finance, ITFC aims to reduce its carbon footprint while supporting its member countries in achieving sustainable economic growth. 

    This new ES policy is focused on 5 key areas: 

    • Environmental Action. ITFC is proactively incorporating green practices throughout every aspect of its operations and work environment. By prioritizing digitization, implementing paperless solutions, and enhancing energy efficiency, we aim to lead by example in embracing environmentally responsible initiatives and  demonstrating our commitment to sustainability.  

    • Sustainable and Inclusive Trade Finance. ITFC aims to increase its share of financing in goods and services that promote sustainability. By prioritizing sectors that strengthen resilience, such as sustainable agriculture, financial inclusion, and eco-friendly supply chains, ITFC is contributing to sustainable and inclusive growth in our member countries. 

    • Empowering for Sustainable Impact. Through capacity-building programs and technical assistance, ITFC will help businesses and governments reduce climate risks, advance social inclusion, and access green financing opportunities. 

    • Innovative Treasury Solutions. ITFC is dedicated to increasing investment in Shariah-compliant sustainable financial instruments, including exploring the issuance of green Sukuk to bolster climate-resilient trade and development for ITFC member countries.  

    • Credible Assessment and Disclosure. ITFC is committed to adopting best practices to embed environmental and social considerations in its transactions and projects. We aim to transparently disclose our ES performance, adhering to international best practices, promote accountability and build trust with our stakeholders. 

    On this note, Eng. Hani Salem Sonbol, CEO ITFC stated: “Our work in some of the world’s most climate-vulnerable regions have given us firsthand insight into the reality of climate change. From rural landscapes to urban centers, we are witnessing the effects of an accelerating environmental shift and as we remain true to our commitment to powering sustainable growth, it has become imperative for the Corporation to fully streamline and operationalize its new direction towards sustainability and climate change.” 

    ITFC’s new environmental and social policy reflects its vision to foster economic growth that is both inclusive and sustainable, setting a new standard for trade finance institutions globally. ITFC remains committed to fostering intra-OIC trade, enhancing member countries’ capacities to adopt green energy solutions. 

    MIL OSI Africa –

  • MIL-OSI United Kingdom: New humanitarian support for Gaza as ceasefire allows operations to scale up

    Source: United Kingdom – Government Statements

    The Minister for Development announces new £17 million package to support thousands of civilians across the Occupied Palestinian Territories.

    • UK aid package will ensure healthcare, food and shelter reaches tens of thousands of civilians and supports vital infrastructure across the Occupied Palestinian Territories.

    • Minister for Development, Anneliese Dodds announces £17 million package and reiterates need for much more aid to enter Gaza with the support of UN agencies including UNRWA.

    • Comes as 300,000 people now confirmed treated by UK-Med at field hospitals in Gaza thanks to UK funding.

    Thousands of civilians in Gaza will receive humanitarian aid funded by the UK.

    Food assistance programmes, water and sanitation services and maternal and children’s healthcare are some of the areas which will be scaled up with new funding.

    This will build on UK efforts over the past 15 months which have ensured more than half a million people have received essential healthcare in Gaza.  

    Within this £17 million package announced today, £2 million in funding for the World Bank will support critical water and energy infrastructure construction and restoration across the Occupied Palestinian Territories (OPTs), including in Gaza. The UK’s ongoing support has meant 284,000 people in Gaza already have improved access to water, sanitation and hygiene services. 

    This announcement brings the total UK support for the OPTs this financial year to £129 million, demonstrating the UK’s commitment to playing a leading role in alleviating Palestinian suffering and helping to build security and economic recovery in the Middle East. This will help drive UK security, in support of the Government’s Plan for Change. 

    It comes as a Jordanian-led helicopter initiative flying aid directly to Gaza has started delivering lifesaving UK-funded medicines to civilians today. As well as providing up to £500,000 of supplies onboard, the UK has also deployed military planners to assist with logistics. Speaking in the House this afternoon, Minister Dodds will underscore the UK’s pride in working with Jordan – who have demonstrated leadership and commitment to deliver aid via all routes possible – to get the airbridge up and running in such challenging circumstances.

    Minister for Development Anneliese Dodds said: 

    The scale of suffering in Gaza cannot be overstated and the UN and its agencies, including UNRWA, must be allowed by Israel to do their vital work.  

    This announcement is part of the UK’s investment in the ceasefire deal, scaling up aid operations and helping the most desperate people access healthcare, water, food and shelter.  

    We must seize this opportunity to get a surge of humanitarian aid to Gaza, all the hostages released and a path towards a viable Palestinian state.

    Minister Dodds emphasised the UK will also continue to support the crucial role played by UN agencies and NGOs operating in Gaza. This includes UNRWA, which has played a vital role in the increase in humanitarian assistance since the ceasefire earlier this month.

    Ahead of the upcoming implementation of Israel’s UNRWA legislation on 30 January, which risks jeopardising the humanitarian response in Gaza and the delivery of essential services in East Jerusalem and the West Bank, the UK has urged Israel to ensure that UNRWA can continue its lifesaving operations for Palestinian refugees. Israel has a responsibility under international law to facilitate humanitarian assistance. Minister Dodds will again reiterate that humanitarian operations must not face a cliff edge on 30 January.

    The Minister for Development also confirmed that the UK provided an additional £4.5 million to UK-Med last year. The charity deploys staff, many of whom work in the NHS, to crisis-hit areas around the world to deliver life and limb-saving healthcare. NHS staff who work for UK-Med typically deploy to Gaza for a four-week period, supporting lifesaving efforts and gaining essential trauma experience.

    UK funding has helped doctors in Gaza treat more than 300,000 patients in Gaza with a range of medical conditions as well as treating injuries directly associated with the conflict. This funding is on top of the £5.5 million announced for the charity on the Foreign Secretary’s first visit to Israel and the OPTs in July last year. 

    UK-Med CEO, David Wightwick said:

    After more than two decades in humanitarian work, I have never seen a crisis of this scale and severity.

    That’s why UK Government funding is vital in providing support to UK-Med to deliver life-saving care to over 300,000 patients in Gaza during 2024. 

    I want to thank our 400-strong team on the ground for their determination, professionalism and tireless work to address the health impacts of this devastating conflict.

    This government’s steadfast support for UNRWA, including £41m of support this financial year, has helped the organisation deliver its humanitarian operation and provide essential services such as education, social care and vaccinations across the OPTs and to Palestinian refugees in the region.  

    Notes to editors 

    • The £17 million package announced today consists of: 
    • £15 million of UK funding comes from the Crisis Reserve pool to be allocated to partner agencies. 
    • £2 million of funding for the World Bank to deliver water and energy infrastructure across the OPTs, including in Gaza 
    • An additional £4.5 million of funding to UK-Med has previously been allocated and spent but not announced  
    • UK-Med operate two field hospitals in Gaza, Deir Al Balah and Al Mawasi. The Al Mawasi field hospital has, among other facilities, an operating theatre, a maternity unit and physical rehabilitation services for patients. At Deir Al Balah, UK-Med staff deliver primary care and see over 400 patients a day.  *This air bridge to Gaza is no substitute for the road routes. The terms of the ceasefire must be adhered to, so that many more trucks can safely and effectively distribute aid within Gaza.
    • Footage – b-roll of UK aid to Gaza via Jordanian helicopters and UK-Med field hospital

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: “Risks in Focus 2025” – Climate change, geopolitics and a weak economy could put pressure on Germany’s financial system

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    In 2025, companies in the German financial sector should ensure that their risk management incorporates more comprehensive Information on the consequences of climate change. According to BaFin, physical risks such as extreme weather or natural disasters in the form of major fires, droughts or floods could have a much greater impact on banks’ loan portfolios and insurers’ loss amounts in future.
    In this year’s “Risks in Focus”, BaFin describes these increasing physical risks as a relevant trend for the financial sector. At a press conference to mark the publication, BaFin President Mark Branson explained: “The environment in which companies in the financial sector have to operate is highly challenging because, for many risk drivers – such as climate change, geopolitical upheavals and quantum leaps in technological progress – we lack relevant historical experience. This makes it all the more important for companies in the financial sector to think in terms of scenarios, manage risks wisely and prepare themselves for potential shocks with well-stocked capital and liquidity buffers.”

    In 2025, BaFin will focus particularly on six risks

    In its outlook on risks, BaFin explains at the beginning of each year where the financial system in Germany is particularly vulnerable and which risks are most capable of jeopardising financial stability or the integrity of German financial markets. BaFin also highlights what it considers to be relevant trends that companies in the financial sector should be paying attention to. For financial institutions, the outlook provides a useful guideline for their own risk management. It also gives an overview of BaFin’s supervisory priorities for the current year.

    In total, BaFin is focusing on six risks and three trends for the German financial sector:

    Opportunities and risks from three trends

    Alongside these risks, BaFin has identified three trends that offer opportunities for the economy and the financial sector, but that also harbour considerable risks: sustainability issues, digitalisation and geopolitical upheavals. In addition to the physical risks of advancing climate change, BaFin also sees risks in the uncertainties and costs associated with the transition to a low-carbon economy (transition risks). In BaFin’s view, “greenwashing”, i.e. attempts to sell products based on unfounded claims that they are particularly environmentally friendly or responsible, also still poses risks.

    Digitalisation and geopolitics

    When it comes to digitalisation, BaFin is concerned with increasing cyber risks, the responsible use of artificial intelligence, volatility in the market valuation of cryptoassets and, most recently, the future use of quantum computers. Although high-performance quantum computers have yet to be used on a mass scale, in the interests of IT security, financial companies should already be preparing for their potential application. In the future, quantum computers will be able to crack data encryption methods that are currently considered secure. Criminals could therefore steal data now to decrypt later with the aid of quantum computing. The development of protection plans is therefore crucial.

    According to Branson, “Many companies are aware of all these risks and have invested in their IT security. It is important to us that companies continuously monitor current developments and threats. They must also prepare for crisis situations and adapt their security measures. This is what we expect of them. It is also what their customers expect of them.”

    In terms of geopolitics, clear trends towards market fragmentation and increasing tensions between countries were observed in 2024. This could continue, with repercussions for the entire financial system. Although they are not an independent risk type, geopolitical crises can influence and exacerbate other relevant risks. The German financial system is particularly susceptible because of Germany’s close international trade links and the high export dependency of its economy.

    Contact:Jacque­line Juk­nat

    Head of Communications
    Phone: +49 (0) 228 / 4108 – 4629

    Contact:Christoph Blu­men­thal

    Head of Press Relations and Social Media
    Phone: +49 (0) 228 4108-7094

    MIL OSI Economics –

  • MIL-OSI: Wintrust Financial Corporation Completes Integration with LPL Platform

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC, a subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA), today announced that Wintrust Financial Corporation (Nasdaq: WTFC) has transitioned support of the wealth management business of Wintrust Investments and certain private client business at Great Lakes Advisors (collectively “Wintrust”) to LPL Financial and its Institution Services platform.     

    “This strategic relationship with LPL Financial is a significant step forward for Wintrust and our mission to provide exceptional wealth management advice and superior service to our clients across the country,” said Tom Zidar, Chairman and Chief Executive Officer at Wintrust Wealth Management. “By leveraging LPL’s enhanced platform, we will deliver a more streamlined and personalized experience to our clients and a more intuitive, integrated experience for our advisors.”   

    “Wintrust’s advisors now have the capabilities, technology and centralized support to differentiate their service offering and grow their practices,” said Christopher Cassidy, Senior Vice President, Head of Institution Business Development at LPL. “This strategic relationship reflects the value LPL brings to help financial institutions scale their wealth management businesses and deliver personalized experiences for their clients.”    

    LPL and Wintrust Financial Corporation signed an agreement in February 2024. On January 25, about $15 billion of brokerage and advisory assets were onboarded to LPL. The remaining $1 billion of assets are expected to onboard over the next several months.   

    About Wintrust    

    Wintrust is a financial holding company with approximately $64.9 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.  

    About LPL Financial   

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.  

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC.  

    LPL Financial and its affiliated companies provide financial services only from the United States. LPL Financial and Wintrust are not affiliated.  

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.   

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.    

    Forward-Looking Statements  

    Certain of the statements included in this release, such as those regarding the expected onboarding of assets associated with the strategic relationship and the benefits anticipated of the relationship, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon Wintrust, LPL or both. In particular, no assurance can be provided that the assets reported as serviced by financial advisors affiliated with Wintrust will translate into assets serviced by LPL or that the benefits that are expected to accrue to Wintrust, LPL and advisors as a result of the strategic relationship will materialize. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include: difficulties or delays of LPL in transitioning advisors affiliated with Wintrust, or in onboarding Wintrust’s clients and businesses or transitioning their assets from Wintrust’s current third-party custodian to LPL; the inability of LPL to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL’s success in onboarding assets currently served by Wintrust’s advisors; disruptions to Wintrust’s or LPL’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with financial advisors and clients, employees, other business partners or governmental entities; the inability of LPL or Wintrust to implement onboarding plans; the choice by clients of Wintrust-affiliated advisors not to open brokerage and/or advisory accounts at LPL; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and the effects of competition in the financial services industry, including competitors’ success in recruiting Wintrust-affiliated advisors. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” and “Forward Looking Statements” (in the case of Wintrust) or the “Risk Factors” and “Special Note Regarding Forward-Looking Statements” (in the case of LPL) sections included in each of Wintrust’s and LPL’s most recent Annual Report on Form 10-K. Except as required by law, Wintrust and LPL do not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.   

    Contacts   

    LPL Media Relations   
    media.relations@lplfinancial.com   
    (704) 996-1840

    LPL Investor Relations   
    investor.relations@lplfinancial.com   

    Wintrust  
    David A. Dykstra 
    Vice Chairman & Chief Operating Officer 
    (847) 939-9000 

    Tracking: 686437 

    The MIL Network –

  • MIL-OSI: Broadcom Delivers Industry’s First Quantum Resistant Network Encryption, Enabling Real-time Ransomware Detection

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Broadcom Inc. (NASDAQ:AVGO) today announced an industry-first — the new, innovative Emulex Secure Fibre Channel Host Bus Adapters (HBA) — a cost-effective, easy-to-manage solution that encrypts all data as it moves between servers and storage.

    Encrypting mission-critical data is no longer a nice-to-have, but a must-have. The cost of ransomware attacks continues to rise with attacks in 2024 costing USD $5.37 million1 on average per attack. Upcoming generative AI and quantum computers magnify the risk if data is not encrypted at all points in the data center including the network.

    To address these cybersecurity issues, governments have responded with mandates, including the United States’ Commercial National Security Algorithm (CNSA) 2.0, the European Union’s Network and Information Security (NIS) 2, Digital Operational Resilience Act (DORA) and more that require enterprises to modernize their IT infrastructures with post-quantum cryptographic encryption algorithms and zero trust architecture.

    Today, data centers have the option of deploying application encryption or network encryption to protect their data. Network encryption offers several important advantages versus application-based encryption including preserving storage array services such as dedupe and compression, which is destroyed when using application-based encryption. Network encryption also enables real-time ransomware detection while application-based encryption hides ransomware attacks. Additional highlights of this solution include no encryption performance penalty and simple, session-based key management.

    “Customers are seeking ways to protect themselves against crippling and expensive ransomware attacks as well as complying with new government regulations mandating all data be encrypted,” said Jeff Hoogenboom, vice president and general manager, Emulex Connectivity Division, Broadcom. “The Emulex Secure Host Bus Adapter meets these needs by providing an elegantly simple solution that once installed, encrypts all data across all applications.”

    “As enterprises face an ever-growing wave of cybersecurity threats, the Emulex Secure HBA stands out as a simple drop-in solution that enhances SAN security without compromising performance,” said Brian Beeler, president, StorageReview.com. “In our testing, we found these HBAs excelled at securing in-flight SAN data encryption while seamlessly complementing existing security technologies. We’re excited to see these adapters become a standard layer of improved SAN security in 2025, providing enterprises with an essential tool to safeguard their critical data.”

    Emulex Secure HBAs Feature:

    • Security Built on Zero Trust, Post-Quantum Cryptography
      • Encryption algorithms support CNSA 2.0, DORA and NIS2 mandates.
      • Secures data in-flight between host servers and storage arrays.
      • Zero Trust platform with Security Protocol and Data Model (SPDM). cryptographic authentication of endpoints, and silicon root-of-trust authentication.
      • Compliance with the NIST 800-193 framework — secure boot, digitally signed drivers, T10-DIF, and more.
    • Cost effective encryption: Dedupe/compression storage services remain intact; protects all data across all applications versus application-specific solutions.
    • Runs on existing Fibre Channel infrastructure.
    • Maximum application performance: Cryptography offloaded to hardware, providing encryption with no performance impact.
    • Easy to manage and deploy: Simple session-based key management with on-demand key generation; transparent runs with existing operating systems, applications and SAN management tools.

    Emulex 32G and 64G Secure HBAs are available in 1, 2, and 4 port configurations and are shipping now. For further information please visit Broadcom.com here, and StorageReview.com here.

    About Broadcom
    Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom’s category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, go to www.broadcom.com.

    Broadcom, the pulse logo, and Connecting everything are among the trademarks of Broadcom. The term “Broadcom” refers to Broadcom Inc., and/or its subsidiaries. Other trademarks are the property of their respective owners.

    1 Cost of a Data Breach Report 2024, Ponemon Institute

    Press Contact:
    Jon Piazza
    Global Communications
    press.relations@broadcom.com
    Telephone: +1 310 498 5254

    Industry Quotes

    Mark Jones, President Emeritus, Fibre Channel Industry Association (FCIA)
    “A standards-based solution to network security ensures industry-wide interoperability and gives customers the assurance of a working ecosystem that has been the hallmark of the Fibre Channel industry for over 30 years. The Emulex Secure HBA is leveraging the new INCITS FC-SP-3 standard; this security protocol will ensure that Fibre Channel will continue to be the most secure choice of storage network transport far into the future.”

    Dave Pearson, Vice President, Infrastructure Research, IDC
    “Cybersecurity ‘defense-in-depth’ best practices for enterprises means going beyond just data-at-rest encryption, but the tradeoff has traditionally meant losing data compression and deduplication capabilities. Secure HBAs aim to solve this problem by enabling in-flight encryption with full data compression.”

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

    Read the full Gartner report here

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Contact Information 
    Comms-team@illumio.com 

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Safe Harbor Provision

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Contact

    Dillon Arace
    darace@mgroupsc.com

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

     

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Alberta’s Treasury Board and Finance

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

    About DMG Blockchain Solutions Inc.

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

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

    For further information, please contact:

    On behalf of the Board of Directors,

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

    For Investor Relations:
    investors@dmgblockchain.com

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

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

    Cautionary Note Regarding Forward-Looking Information

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    About Enlight Renewable Energy

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

    About Harel

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

    About Amitim Senior Pension Funds

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

    Investor Contact

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

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

    Cautionary Note Regarding Forward-Looking Statements

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

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

    The MIL Network –

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

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

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

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

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

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

    Politics meets crypto

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

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

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

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

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

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

    MAGA credit card

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

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

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

    Regulatory environment

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

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

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

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

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

    Relevance to Canada

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

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

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

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

    Risky convergence

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

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

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

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

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

    MIL OSI – Global Reports –