Category: Politics

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

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

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

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

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

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

Decline continued when the COVID-19 pandemic began

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

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

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

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

Giving is growing more concentrated

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

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

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

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

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

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

What’s around the corner

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

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

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

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

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

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

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

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

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

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI Global: Canada and Greenland aren’t likely to join the US anytime soon – but ‘GrAmeriCa’ is a revealing thought experiment

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

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

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

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

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

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

Bigger, but not more crowded

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

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

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

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

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

A strategic shift

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

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

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

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

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

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

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

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

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

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

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI Global: The global wildlife trade is an enormous market – the US imports billions of animals from nearly 30,000 species

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

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

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

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

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

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

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

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

Not all wildlife are wild

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

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

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

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

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

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

Data is thin in many ways

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

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

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

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

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

Why tracking the wildlife trade is important

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

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

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

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

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

What’s next

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

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

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

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

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

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

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

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI Global: In asking Trump to show mercy, Bishop Budde continues a long tradition of Christian leaders ‘speaking truth to power’

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

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

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

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

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

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

Early voices

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

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

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

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

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

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

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

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

Thomas Becket and St. Catherine

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

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

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

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

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

Leaders speak up across denominations

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

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

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

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

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

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

Desmond Tutu and other leaders

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

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

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

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

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

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

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Mission 300 Africa Energy Summit: “Introduction to the Panel on “Policies and reforms for transforming African energy” [as prepared for delivery]

Source: United Nations secretary general

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

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

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

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

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

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

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

This injustice must be urgently resolved.

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

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

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

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

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

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

First, fostering policy coherence.

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

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

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

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

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

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

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

Excellencies,

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

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

Second, mobilizing finance and support.

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

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

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

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

Third, enhancing transparent international cooperation.

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

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

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

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

Excellencies,

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

Thank you.

MIL OSI United Nations News –

January 29, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

December 31, 2024
	Noninterest- bearing demand		Interest- bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	26,242	$	14,786	$	10,197	$	284,670	$	309,858	$	–	$	645,753
Landing		3,245		1,359		170		7,958		14,965		–		27,697
Woodinville		1,738		3,168		620		8,834		11,511		–		25,871
Bothell		2,792		930		408		1,421		6,762		–		12,313
Crossroads		11,075		2,762		86		29,208		18,772		–		61,903
Kent		3,766		4,873		40		18,673		8,471		–		35,823
Kirkland		5,524		1,924		208		11,574		1,855		–		21,085
Issaquah		1,244		238		13		2,298		6,562		–		10,355
Total King County		55,626		30,040		11,742		364,636		378,756		–		840,800
Snohomish County
Mill Creek		3,184		3,496		342		16,135		12,487		–		35,644
Edmonds		7,316		8,542		338		16,482		13,003		–		45,681
Clearview		4,909		5,653		1,494		17,934		13,778		–		43,768
Lake Stevens		3,633		5,946		1,314		24,571		17,004		–		52,468
Smokey Point		2,544		1,800		1,032		36,950		9,619		–		51,945
Total Snohomish County		21,586		25,437		4,520		112,072		65,891		–		229,506
Pierce County
University Place		1,837		54		1		2,113		2,122		–		6,127
Gig Harbor		1,723		1,426		14		1,699		2,205		–		7,067
Total Pierce County		3,560		1,480		15		3,812		4,327		–		13,194

Brokered deposits		–		–		–		–		–		47,900		47,900

Total deposits	$	80,772	$	56,957	$	16,277	$	480,520	$	448,974	$	47,900	$	1,131,400

September 30, 2024
	Noninterest- bearing demand		Interest- bearing demand		Savings		Money market		Certificates of deposit, retail		Brokered deposits		Total
	(Dollars in thousands)
King County
Renton	$	29,388	$	14,153	$	10,654	$	305,836	$	315,721	$	–	$	675,752
Landing		3,442		1,660		237		8,348		12,733		–		26,420
Woodinville		1,968		2,234		959		8,852		11,522		–		25,535
Bothell		2,965		1,151		401		1,536		5,918		–		11,971
Crossroads		14,770		2,039		107		31,665		18,136		–		66,717
Kent		5,417		10,502		44		16,053		8,562		–		40,578
Kirkland		10,967		1,890		206		11,243		2,240		–		26,546
Issaquah		1,186		294		18		2,547		6,580		–		10,625
Total King County		70,103		33,923		12,626		386,080		381,412		–		884,144
Snohomish County
Mill Creek		3,990		2,171		384		14,628		10,312		–		31,485
Edmonds		9,254		6,831		330		18,549		13,281		–		48,245
Clearview		5,587		5,242		1,462		21,206		12,251		–		45,748
Lake Stevens		3,970		4,282		1,244		23,257		15,571		–		48,324
Smokey Point		2,994		1,664		969		29,353		11,387		–		46,367
Total Snohomish County		25,795		20,190		4,389		106,993		62,802		–		220,169
Pierce County
University Place		2,940		53		4		1,848		1,458		–		6,303
Gig Harbor		1,628		1,340		12		1,057		1,802		–		5,839
Total Pierce County		4,568		1,393		16		2,905		3,260		–		12,142

Brokered deposits		–		–		–		–		–		50,900		50,900

Total deposits	$	100,466	$	55,506	$	17,031	$	495,978	$	447,474	$	50,900	$	1,167,355

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

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

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

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

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

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

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

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

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

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

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

Forward-looking statements:

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

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited)
Assets	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Three Month Change		One Year Change

Cash on hand and in banks	$	9,535		$	8,423		$	8,391		13.2	%	13.6	%
Interest-earning deposits with banks		36,182			72,884			22,138		(50.4	)	63.4
Investments available-for-sale, at fair value		151,642			156,609			207,915		(3.2	)	(27.1	)
Investments held-to-maturity, at amortized cost		2,468			2,462			2,456		0.2		0.5
Loans receivable, net of allowance of $15,066, $16,265 and $15,306, respectively		1,140,186			1,126,146			1,175,925		1.2		(3.0	)
Federal Home Loan Bank (“FHLB”) stock, at cost		5,853			5,403			6,527		8.3		(10.3	)
Accrued interest receivable		6,108			6,638			7,359		(8.0	)	(17.0	)
Deferred tax assets, net		2,582			2,690			2,648		(4.0	)	(2.5	)
Premises and equipment, net		18,166			18,584			19,667		(2.2	)	(7.6	)
Bank owned life insurance (“BOLI”), net		38,950			38,661			37,653		0.7		3.4
Prepaid expenses and other assets		9,676			8,898			10,478		8.7		(7.7	)
Right of use asset (“ROU”), net		2,357			2,473			2,617		(4.7	)	(9.9	)
Goodwill		889			889			889		0.0		0.0
Core deposit intangible, net		295			326			419		(9.5	)	(29.6	)
Total assets	$	1,424,889		$	1,451,086		$	1,505,082		(1.8	)	(5.3	)

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing deposits	$	80,772		$	100,466		$	100,899		(19.6	)	(19.9	)
Interest-bearing deposits		1,050,628			1,066,889			1,093,208		(1.5	)	(3.9	)
Total deposits		1,131,400			1,167,355			1,194,107		(3.1	)	(5.3	)
FHLB advances		110,000			100,000			125,000		10.0		(12.0	)
Advance payments from borrowers for taxes and insurance		2,873			5,211			2,952		(44.9	)	(2.7	)
Lease liability, net		2,550			2,673			2,806		(4.6	)	(9.1	)
Accrued interest payable		526			294			2,739		78.9		(80.8	)
Other liabilities		15,985			15,340			15,818		4.2		1.1
Total liabilities		1,263,334			1,290,873			1,343,422		(2.1	)	(6.0	)

Commitments and contingencies

Stockholders’ Equity
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding		–			–			–		n/a		n/a
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 9,230,010 shares at December 31, 2024, 9,213,969 shares at September 30, 2024, and 9,179,510 shares at December 31, 2023		93			92			92		1.1		1.1
Additional paid-in capital		72,823			72,916			73,035		(0.1	)	(0.3	)
Retained earnings		94,892			93,692			96,206		1.3		(1.4	)
Accumulated other comprehensive loss, net of tax		(6,253	)		(6,487	)		(7,673	)	(3.6	)	(18.5	)
Total stockholders’ equity		161,555			160,213			161,660		0.8		(0.1	)
Total liabilities and stockholders’ equity	$	1,424,889		$	1,451,086		$	1,505,082		(1.8	)%	(5.3	)%

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)
	Quarter Ended
	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023		Three Month Change		One Year Change
Interest income
Loans, including fees	$	16,512		$	16,658		$	17,143	(0.9	)%	(3.7	)%
Investments		1,694			1,744			2,143	(2.9	)	(21.0	)
Interest-earning deposits with banks		613			863			880	(29.0	)	(30.3	)
Dividends on FHLB Stock		177			150			121	18.0		46.3
Total interest income		18,996			19,415			20,287	(2.2	)	(6.4	)
Interest expense
Deposits		9,956			9,748			10,281	2.1		(3.2	)
FHLB advances and other borrowings		600			1,213			731	(50.5	)	(17.9	)
Total interest expense		10,556			10,961			11,012	(3.7	)	(4.1	)
Net interest income		8,440			8,454			9,275	(0.2	)	(9.0	)
(Recapture of provision) provision for credit losses		(1,250	)		1,575			–	(179.4	)	n/a
Net interest income after (recapture of provision) provision for credit losses		9,690			6,879			9,275	40.9		4.5

Noninterest income
BOLI income		289			295			255	(2.0	)	13.3
Wealth management revenue		88			42			60	109.5		46.7
Deposit related fees		226			236			234	(4.2	)	(3.4	)
Loan related fees		44			96			60	(54.2	)	(26.7	)
Other		11			8			24	37.5		(54.2	)
Total noninterest income		658			677			633	(2.8	)	3.9

Noninterest expense
Salaries and employee benefits		5,466			4,606			4,822	18.7		13.4
Occupancy and equipment		1,154			1,183			1,231	(2.5	)	(6.3	)
Professional fees		377			585			431	(35.6	)	(12.5	)
Data processing		805			838			718	(3.9	)	12.1
Regulatory assessments		160			165			196	(3.0	)	(18.4	)
Insurance and bond premiums		114			113			113	0.9		0.9
Marketing		24			46			70	(47.8	)	(65.7	)
Other general and administrative		834			952			858	(12.4	)	(2.8	)
Total noninterest expense		8,934			8,488			8,439	5.3		5.9
Income before federal income tax provision (benefit)		1,414			(932	)		1,469	(251.7	)	(3.7	)
Federal income tax provision (benefit)		214			(324	)		275	(166.0	)	(22.2	)
Net income (loss)	$	1,200		$	(608	)	$	1,194	(297.4	)%	0.5	%

Basic earnings (loss) per share	$	0.13		$	(0.07	)	$	0.13
Diluted earnings (loss) per share	$	0.13		$	(0.07	)	$	0.13
Weighted average number of common shares outstanding		9,220,593			9,190,146			9,151,892
Weighted average number of diluted shares outstanding		9,238,565			9,190,146			9,176,724

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Consolidated Income Statements (Dollars in thousands, except per share data) (Unaudited)
	Year Ended December 31,
		2024			2023		One Year Change
Interest income
Loans, including fees	$	66,941		$	66,938		0.0	%
Investments		7,388			8,474		(12.8	)
Interest-earning deposits with banks		2,444			2,261		8.1
Dividends on FHLB Stock		597			485		23.1
Total interest income		77,370			78,158		(1.0	)
Interest expense
Deposits		39,117			34,407		13.7
FHLB advances and other borrowings		3,490			3,208		8.8
Total interest expense		42,607			37,615		13.3
Net interest income		34,763			40,543		(14.3	)
Recapture of provision for credit losses		(50	)		(208	)	(76.0	)
Net interest income after recapture of provision for credit losses		34,813			40,751		(14.6	)

Noninterest income
BOLI		1,245			1,081		15.2
Wealth management revenue		279			253		10.3
Deposit accounts related fees		923			956		(3.5	)
Loan related fees		296			275		7.6
Other		53			208		(74.5	)
Total noninterest income		2,796			2,773		0.8

Noninterest expense
Salaries and employee benefits		20,652			20,366		1.4
Occupancy and equipment		4,789			4,748		0.9
Professional fees		3,011			2,288		31.6
Data processing		3,285			2,857		15.0
Regulatory assessments		662			763		(13.2	)
Insurance and bond premiums		477			468		1.9
Marketing		179			343		(47.8	)
Other general and administrative		3,638			3,833		(5.1	)
Total noninterest expense		36,693			35,666		2.9
Income before federal income tax (benefit) provision		916			7,858		(88.3	)
Federal income tax (benefit) provision		(156	)		1,553		(110.0	)
Net income	$	1,072		$	6,305		(83.0	)%

Basic earnings per share	$	0.12		$	0.69
Diluted earnings per share	$	0.12		$	0.69
Weighted average number of common shares outstanding		9,183,900			9,126,209
Weighted average number of diluted shares outstanding		9,238,016			9,152,617

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

	December 31, 2024					September 30, 2024					December 31, 2023
	Amount			Percent		Amount			Percent		Amount			Percent
	(Dollars in thousands)
Commercial real estate:
Residential:
Multifamily	$	126,303		10.9	%	$	132,811		11.6	%	$	138,149		11.6	%
Total multifamily residential		126,303		10.9			132,811		11.6			138,149		11.6

Non-residential:
Retail		110,787		9.6			118,840		10.4			124,172		10.4
Office		73,306		6.3			73,778		6.5			72,778		6.1
Hotel / motel		72,434		6.3			54,716		4.8			63,597		5.3
Storage		32,229		2.8			32,443		2.8			33,033		2.8
Mobile home park		22,701		2.0			22,443		2.0			21,701		1.8
Warehouse		23,363		2.0			18,743		1.6			19,218		1.6
Nursing Home		9,713		0.8			11,407		1.0			11,610		1.0
Other non-residential		29,865		2.5			30,719		2.7			31,750		2.6
Total non-residential		374,398		32.3			363,089		31.8			377,859		31.6

Construction/land:
One-to-four family residential		49,674		4.3			42,846		3.8			47,149		4.0
Multifamily		7,884		0.7			7,227		0.6			4,004		0.3
Land development		9,582		0.8			10,148		0.8			9,771		0.8
Total construction/land		67,140		5.8			60,221		5.2			60,924		5.1

One-to-four family residential:
Permanent owner occupied		284,650		24.7			279,744		24.5			284,471		23.9
Permanent non-owner occupied		217,420		18.8			221,127		19.4			228,752		19.2
Total one-to-four family residential		502,070		43.5			500,871		43.9			513,223		43.1

Business
Aircraft		–		0.0			–		0.0			1,945		0.1
Small Business Administration (“SBA”)		1,729		0.2			1,745		0.2			1,794		0.3
Paycheck Protection Plan (“PPP”)		159		0.0			238		0.0			473		0.0
Other business		10,247		0.9			12,416		1.1			24,869		2.1
Total business		12,135		1.1			14,399		1.3			29,081		2.5

Consumer
Classic, collectible and other auto		59,580		5.2			58,085		5.1			58,618		5.0
Other consumer		13,626		1.2			12,935		1.1			13,377		1.1
Total consumer		73,206		6.4			71,020		6.2			71,995		6.1
Total loans		1,155,252		100.0	%		1,142,411		100.0	%		1,191,231		100.0	%
Less:
ACL		15,066					16,265					15,306
Loans receivable, net	$	1,140,186				$	1,126,146				$	1,175,925

Concentrations of credit: ⁽¹⁾
Construction loans as % of total capital		40.5	%				36.8	%				38.3	%
Total non-owner occupied commercial real estate as % of total capital		300.8	%				296.2	%				316.8	%

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Quarter Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2024			2024			2024			2024			2023
	(Dollars in thousands, except per share data)
Performance Ratios: ⁽¹⁾
Return on assets		0.33	%		(0.17	)%		0.43	%		(0.29	)%		0.31	%
Return on equity		2.96			(1.50	)		3.88			(2.67	)		2.97
Dividend payout ratio		0.00			0.00			76.47			(108.33	)		100.00
Equity-to-assets ratio		11.34			11.04			11.10			10.91			10.74
Tangible equity ratio ⁽²⁾		11.26			10.97			11.02			10.83			10.66
Net interest margin		2.50			2.46			2.66			2.55			2.54
Average interest-earning assets to average interest-bearing liabilities		116.51			116.46			117.01			116.40			115.84
Efficiency ratio		98.20			92.96			82.35			116.97			85.17
Noninterest expense as a percent of average total assets		2.49			2.32			2.21			3.05			2.18
Book value per common share	$	17.50		$	17.39		$	17.51		$	17.46		$	17.61
Tangible book value per share ⁽²⁾		17.37			17.26			17.37			17.32			17.47

Capital Ratios: ⁽³⁾
Tier 1 leverage ratio		11.16	%		10.86	%		10.91	%		10.41	%		10.18	%
Common equity tier 1 capital ratio		15.40			15.43			15.39			14.98			14.90
Tier 1 capital ratio		15.40			15.43			15.39			14.98			14.90
Total capital ratio		16.65			16.68			16.64			16.24			16.15

Asset Quality Ratios: ⁽⁴⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.07	%		0.41	%		0.02	%		0.02	%
Nonaccrual loans as a percent of total assets		0.06			0.06			0.32			0.01			0.01
ACL as a percent of total loans		1.30			1.42			1.29			1.30			1.28
Net charge-offs to average loans receivable, net		(0.00	)		0.00			0.00			0.00			0.00

Allowance for Credit Losses:
ACL – loans
Beginning balance	$	16,265		$	14,796		$	14,996		$	15,306		$	15,306
(Recapture of provision) provision for credit losses		(1,200	)		1,500			(200	)		(300	)		–
Charge-offs		–			(31	)		–			(10	)		–
Recoveries		1			–			–			–			–
Ending balance	$	15,066		$	16,265		$	14,796		$	14,996		$	15,306

Allowance for unfunded commitments
Beginning balance	$	639		$	564		$	564		$	439		$	439
(Recapture of provision) provision for credit losses		(50	)		75			–			125			–
Ending balance	$	589		$	639		$	564		$	564		$	439

(Recapture of provision) provision for credit losses
ACL – loans	$	(1,200	)	$	1,500		$	(200	)	$	(300	)	$	–
Allowance for unfunded commitments		(50	)		75			–			125			–
Total	$	(1,250	)	$	1,575		$	(200	)	$	(175	)	$	–

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Quarter Ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2024			2024			2024			2024			2023
	(Dollars in thousands)
Yields and Costs: ⁽¹⁾
Yield on loans		5.82	%		5.86	%		5.93	%		5.88	%		5.83	%
Yield on investments		4.29			4.30			4.38			4.11			4.11
Yield on interest-earning deposits		4.73			5.27			5.25			5.28			5.32
Yield on FHLB stock		12.87			7.73			8.63			7.79			7.29
Yield on interest-earning assets		5.63	%		5.66	%		5.73	%		5.62	%		5.56	%

Cost of interest-bearing deposits		3.77	%		3.80	%		3.71	%		3.69	%		3.62	%
Cost of borrowings		2.35			3.19			2.64			2.65			2.40
Cost of interest-bearing liabilities		3.64	%		3.72	%		3.59	%		3.58	%		3.50	%

Cost of total deposits ⁽²⁾		3.46	%		3.47	%		3.38	%		3.38	%		3.31	%
Cost of funds ⁽²⁾		3.37			3.44			3.30			3.31			3.23

Average Balances:
Loans	$	1,129,019		$	1,131,473		$	1,139,017		$	1,160,156		$	1,167,339
Investments		156,975			161,232			173,102			202,106			206,837
Interest-earning deposits		51,518			65,149			36,959			37,032			65,680
FHLB stock		5,471			7,719			6,714			6,554			6,584
Total interest-earning assets	$	1,342,983		$	1,365,573		$	1,355,792		$	1,405,848		$	1,446,440

Interest-bearing deposits	$	1,051,201		$	1,021,041		$	1,029,608		$	1,082,168		$	1,127,690
Borrowings		101,522			151,478			129,126			125,604			120,978
Total interest-bearing liabilities		1,152,723			1,172,519			1,158,734			1,207,772			1,248,668
Noninterest-bearing deposits		93,331			96,003			101,196			99,173			102,869
Total deposits and borrowings	$	1,246,054		$	1,268,522		$	1,259,930		$	1,306,945		$	1,351,537

Average assets	$	1,429,788		$	1,453,431		$	1,446,207		$	1,495,753		$	1,538,955
Average stockholders’ equity		161,093			161,569			161,057			161,823			159,659

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Year Ended December 31,
		2024			2023			2022			2021			2020
				(Dollars in thousands, except per share data)
Performance Ratios:
Return on assets		0.07	%		0.41	%		0.91	%		0.86	%		0.63	%
Return on equity		0.66			3.93			8.34			7.65			5.50
Dividend payout ratio		216.67			75.36			32.65			33.59			45.45
Equity-to-assets ratio		11.34			10.74			10.67			11.07			11.26
Tangible equity ratio ⁽¹⁾		11.26			10.66			10.58			10.97			11.15
Net interest margin		2.54			2.82			3.54			3.35			3.15
Average interest-earning assets to average interest-bearing liabilities		116.59			116.69			119.18			118.59			115.62
Efficiency ratio		97.69			82.34			69.04			68.32			72.39
Noninterest expense as a percent of average total assets		2.52			2.33			2.44			2.35			2.39
Book value per common share	$	17.50		$	17.61		$	17.57		$	17.30		$	16.05
Tangible book value per share ⁽¹⁾		17.37			17.47			17.41			17.13			15.88

Capital Ratios: ⁽²⁾
Tier 1 leverage ratio		11.16	%		10.18	%		10.31	%		10.34	%		10.29	%
Common equity tier 1 capital ratio		15.40			14.90			14.37			14.23			14.32
Tier 1 capital ratio		15.40			14.90			14.37			14.23			14.32
Total capital ratio		16.65			16.15			15.62			15.48			15.57

Asset Quality Ratios: ⁽³⁾
Nonaccrual loans as a percent of total loans		0.07	%		0.02	%		0.02	%		0.00	%		0.19	%
Nonaccrual loans as a percent of total assets		0.06			0.01			0.01			0.00			0.18
ACL as a percent of total loans		1.30			1.28			1.29			1.40			1.36
Net charge-offs (recoveries) to average loans receivable, net		0.00			0.00			0.00			(0.02	)		(0.00	)

ACL – loans
Beginning balance	$	15,306		$	15,227		$	15,657		$	15,174		$	13,218
Beginning balance adjustment from adoption of Topic 326		–			500			–			–			–
(Recapture of provision) provision for credit losses		(200	)		(400	)		(400	)		300			1,900
Charge-offs		(41	)		(22	)		(37	)		–			(2	)
Recoveries		1			1			7			183			58
Ending balance	$	15,066		$	15,306		$	15,227		$	15,657		$	15,174

Allowance for unfunded commitments
Beginning balance	$	439		$	247		$	281		$	351		$	428
Provision (recapture of provision) for credit losses		150			192			(34	)		(70	)		(77	)
Ending balance	$	589		$	439		$	247		$	281		$	351

(Recapture of provision) provision for credit losses
ACL – loans	$	(200	)	$	(400	)	$	(400	)	$	300		$	1,900
Allowance for unfunded commitments		150			192			(34	)		(70	)		(77	)
Total	$	(50	)	$	(208	)	$	(434	)	$	230		$	1,823

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

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES Key Financial Measures (Unaudited)
	At or For the Year Ended December 31,
		2024			2023			2022			2021			2020
	(Dollars in thousands)
Yields and Costs:
Yield on loans		5.87	%		5.71	%		4.69	%		4.57	%		4.69	%
Yield on investments		4.26			3.97			2.77			1.83			2.39
Yield on interest-earning deposits		5.12			5.06			1.28			0.12			0.21
Yield on FHLB stock		9.03			7.07			5.08			5.29			4.85
Yield on interest-earning assets		5.66	%		5.44	%		4.33	%		4.01	%		4.36	%

Cost of deposits		3.74	%		3.12	%		0.87	%		0.71	%		1.42	%
Cost of borrowings		2.75			2.52			1.70			1.39			1.31
Cost of interest-bearing liabilities		3.63	%		3.05	%		0.95	%		0.78	%		1.41	%

Cost of interest-bearing deposits		3.42	%		2.83	%		0.77	%		0.64	%		1.32	%
Cost of funds		3.35			2.80			0.86			0.71			1.32

Average Balances:
Loans	$	1,139,864		$	1,172,569		$	1,128,835		$	1,098,772		$	1,120,889
Investments		173,276			213,261			203,165			176,110			133,584
Interest-earning deposits		47,723			44,684			30,176			60,482			25,108
FHLB stock		6,614			6,857			6,256			6,271			6,600
Total interest-earning assets	$	1,367,477		$	1,437,371		$	1,368,432		$	1,341,635		$	1,286,181

Interest-bearing deposits	$	1,045,950		$	1,104,510		$	1,034,351		$	1,015,852		$	987,069
Borrowings		126,931			127,263			113,890			115,466			125,392
Total interest-bearing liabilities		1,172,881			1,231,773			1,148,241			1,131,318			1,112,461
Noninterest-bearing deposits		97,411			109,795			125,166			112,484			75,388
Total deposits and borrowings	$	1,270,292		$	1,341,568		$	1,273,407		$	1,243,802		$	1,187,849

Average assets	$	1,456,215		$	1,529,511		$	1,455,739		$	1,421,476		$	1,361,604
Average stockholders’ equity		161,385			160,428			158,685			160,041			155,587

Non-GAAP Financial Measures

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

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

	Quarter Ended
		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:
Total stockholders’ equity (GAAP)	$	161,555		$	160,213		$	160,693		$	160,183		$	161,660
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		295			326			357			388			419
Tangible equity (Non-GAAP)	$	160,371		$	158,998		$	159,447		$	158,906		$	160,352

Total assets (GAAP)	$	1,424,889		$	1,451,086		$	1,447,753		$	1,468,350		$	1,505,082
Less:
Goodwill		889			889			889			889			889
Core deposit intangible, net		295			326			357			388			419
Tangible assets (Non-GAAP)	$	1,423,705		$	1,449,871		$	1,446,507		$	1,467,073		$	1,503,774

Common shares outstanding at period end		9,230,010			9,213,969			9,179,825			9,174,425			9,179,510

Equity-to-assets ratio (GAAP)		11.34	%		11.04	%		11.10	%		10.91	%		10.74	%
Tangible equity-to-tangible assets ratio (Non-GAAP)		11.26			10.97			11.02			10.83			10.66
Book value per common share (GAAP)	$	17.50		$	17.39		$	17.51		$	17.46		$	17.61
Tangible book value per share (Non-GAAP)		17.37			17.26			17.37			17.32			17.47

Non-GAAP Financial Measures (continued)

	Year Ended December 31,
		2024			2023			2022			2021			2020
	(Dollars in thousands, except per share data)
Tangible equity to tangible assets and tangible book value per share:
Total stockholders’ equity (GAAP)	$	161,555		$	161,660		$	160,360		$	157,879		$	156,302
Less:
Goodwill		889			889			889			889			889
Core deposit intangible		295			419			548			684			824
Tangible equity (Non-GAAP)	$	160,371		$	160,352		$	158,923		$	156,306		$	154,589

Total assets (GAAP)		1,424,889			1,505,082			1,502,916			1,426,329			1,387,669
Less:
Goodwill		889			889			889			889			889
		295			419			548			684			824
Tangible assets (Non-GAAP)	$	1,423,705		$	1,503,774		$	1,501,479		$	1,424,756		$	1,385,956

Common shares outstanding at period end		9,230,010			9,179,510			9,127,595			9,125,759			9,736,875

Equity-to-assets ratio (GAAP)		11.34	%		10.74	%		10.67	%		11.07	%		11.26	%
Tangible equity ratio (Non-GAAP)		11.26			10.66			10.58			10.97			11.15
Book value per common share (GAAP)	$	17.50		$	17.61		$	17.57		$	17.30		$	16.05
Tangible book value per share (Non-GAAP)		17.37			17.47			17.41			17.13			15.88

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

The MIL Network –

January 29, 2025

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

Source: City of Salford

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Date published

Tuesday 28 January 2025

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MIL OSI United Kingdom –

January 29, 2025
MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and His Family Attend New Year Gala Dinner Hosted by the Taiwanese Community in Sydney

Source: Republic Of China Taiwan 2

Director General David Cheng-Wei Wu and his family, along with the TECO Sydney team, were delighted to attend the New Year Gala Dinner of the Taiwanese community in Sydney, organized by the Association of Overseas Alumni in Australia.
In his remarks, DG Wu highlighted:

Taiwan’s resilience in 2024, standing firm against challenges and achieving remarkable progress despite threats to the rules-based international order and regional stability.
A warm welcome to OCAC Director Ms. May Chiang and Council Members Mr. Johnson Hsiung and Ms. Shirley Chen. TECO Sydney remains committed to working with our community to turn Taiwan’s achievements into global opportunities.
Australia’s role as CPTPP chair in 2025 and the hope for Taiwan’s early accession to strengthen democratic supply chains and complete the CPTPP.
Gratitude to NSW Parliament for passing PMB No. 1414, countering China’s misinterpretation of UNGA Resolution 2758—the first and only state legislature globally to do so.
The need for Taiwan and Australia to deepen cooperation and exchange ideas, talent, technology, and social initiatives for regional peace and prosperity.

Leaders in the NSW Parliament, including Rod Roberts MLC, Dr. Hugh McDermott MP, Jacqui Munro MLC, and Tania Mihailuk MLC, along with Cr Alex Yang from Burwood Council, attended the gala dinner to celebrate the Lunar New Year.
In their remarks, they praised Taiwan’s democratic and economic achievements and expressed hopes for a stronger and more dynamic TW-AU relationship in all aspects in the Year of the Snake!

MIL OSI Asia Pacific News –

January 29, 2025
MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME FEBRUARY 27, 2025

Source: GlobeNewswire (MIL-OSI)

Boston, MA, Jan. 28, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination has been postponed to 10:00 a.m., Eastern Time on Thursday, February 27, 2025. At the meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

The Special Meeting is being postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Thursday, February 27, 2025, via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination, is being extended to 5:00 p.m., Eastern time, on Tuesday, February 25, 2025.

Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

About Finnovate Acquisition Corp.

Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Forward-Looking Statements

The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information

Pubco has filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”), which includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

Participants in The Solicitation

Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

No Offer Or Solicitation

This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

INVESTOR RELATIONS CONTACT

Finnovate Acquisition Corp.
Calvin Kung
265 Franklin Street
Suite 1702
Boston, MA 02110
+1 (424) 253-0908

The MIL Network –

January 29, 2025
MIL-OSI: Exterro Schedules First-of-Its-Kind INFORM Webinar Series to Unite Global Forensic Experts
Source: GlobeNewswire (MIL-OSI)

PORTLAND, Ore., Jan. 28, 2025 (GLOBE NEWSWIRE) — Exterro Inc. is launching INFORM, a global webinar series designed as a premier resource for digital forensics practitioners. This virtual event will feature independent industry luminaries and experts sharing actionable insights and fostering a community of excellence.

“INFORM is an opportunity for digital forensics experts and practitioners across the globe to connect, learn, and grow,” says Harsh Behl, VP of Product for Digital Forensics at Exterro. “Participants will join an exclusive global community, gaining new ideas, sharing insights, and forging connections with peers and experts.”

Actionable Insights and Strategies for Attendees

Attendees will gain exclusive insights and strategies through deep dives with leaders who understand their biggest challenges. Each session provides real-world solutions and skills applicable immediately. From notable Organizations to leading industry voices, these trailblazers and innovators will showcase the latest in forensic investigation techniques and offer predictions that will shape the year ahead.

“The series will explore challenges and best practices of conducting investigations that investigators face in their jurisdictions, strategies for navigating diverse laws, legal frameworks, and fostering cooperation,” says Justin Tolman, the forensic evangelist and subject matter expert at Exterro. “Attendees will receive valuable insights from experts on overcoming challenges like cross-border hurdles to ensure compliance while driving effective investigative outcomes. By spanning regional perspectives, we’re offering attendees a holistic view of digital forensics that reflects the complex, global nature of today’s investigations.”

At this full-day event will, the experts will delve deeper into:
- Strategies for tackling complex investigations, leveraging innovative tools and strategic collaboration to solve high-value crimes, and insights into dismantling intricate, cross-border criminal networks.
- Approaches to help forensic teams focus on critical evidence, minimize review time, reduce costs, and implement best practices for refining forensic workflows to deliver results faster in complex investigations.
- Advanced digital forensics techniques to identify, analyze, and mitigate insider threats and data exfiltration, including methods to uncover subtle indicators of compromise, trace unauthorized data movement, and implement robust prevention strategies.
- Addressing unique cloud challenges, including multi-tenant architectures, data sovereignty, and dynamic environments, while ensuring compliance and minimizing downtime.
- How police forces are reshaping their digital forensic processes through innovative cloud-based solutions, modernizing and streamlining investigations, and enhancing collaboration, scalability, and case resolution efficiency.
- Challenges and considerations that digital forensic practitioners must address.
- Various AI methods, such as image forensics, facial detection and recognition, and deep metadata analysis used for deepfake detection, the challenges posed by the rapid evolution of deepfake technology, and the importance of a multi-modal framework in safeguarding digital media integrity.
- The interplay between eDiscovery and forensics in internal investigations, providing insights and tips for success and efficiency, including guidance on the admissibility of evidence and strategies for enhancing personal value.
INFORM will feature some of the brightest minds in digital forensics, including:
- Farand C. Wasiak: Senior Special Agent at the South Carolina Law Enforcement Division (SLED), with extensive experience in cybercrime and child protection investigations.
- Prof. Triveni Singh: Cybercrime expert and Superintendent of Police (SP) for Cyber Crime in Uttar Pradesh, India, presenting a comprehensive guide to incident response in cloud environments.
- Rob Fried: SVP and Global Head of Forensics at Sandline Global, renowned for leadership in data collection, expert testimony, and investigative training.
- David Williams: Director of Global Public Safety & Justice at Microsoft, exploring the critical fight against deepfake technologies and the need for multi-modal detection methods.
- John Price KPM: Detective Sergeant with West Midlands Police, offering insights into revolutionizing case management with cloud-based forensics and digital scene triage.
Why INFORM Matters Now

The surge in cybercrime, increasing complexity of legal compliance, and rapid growth of data sources have reshaped the digital forensics landscape. As investigations grow more intricate, the need for global collaboration and knowledge-sharing has become paramount. INFORM seeks to break down silos and create a platform where forensic professionals, regardless of geography, can access the expertise they need to stay ahead of emerging threats.

True to Exterro’s mission of accessibility and community-building, INFORM is a free-to-attend event. Participants can tailor their experience by selecting sessions that align with their interests or commit to the full day to experience the complete global narrative of digital forensics innovation.

To register and view the full schedule of speakers and sessions, visit here.

About Exterro:

Exterro empowers organizations and law enforcement agencies to achieve better legal, regulatory, and investigatory outcomes, while saving money and minimizing the impact of data risk. Its data risk management software is the only comprehensive platform that leverages data discovery, automation, and workflow optimization, and one of the first to utilize responsible AI to give users insight into and control over the complex interconnections of privacy, legal operations, digital investigations, cybersecurity response, compliance, and data governance. Thousands of corporations, law firms, managed services providers, and government and law enforcement agencies trust Exterro to manage their risks and drive successful outcomes at a lower cost. For more information, visit www.exterro.com.

For media inquiries, please contact:
Anamika D. Kumar
Email – anamika.dhirendrakumar@exterro.com

The MIL Network –
January 29, 2025
MIL-OSI: Community Bankshares, Inc. Acquires Thomas USAF / Thomas Financial Group to Completely Revolutionize Government-Guaranteed Lending Nationwide

Source: GlobeNewswire (MIL-OSI)

LAGRANGE, Ga., Jan. 28, 2025 (GLOBE NEWSWIRE) — Community Bankshares, Inc., one of the fastest-growing financial services companies in the nation, announces its acquisition of Thomas USAF / Thomas Financial Group, a 30-year industry leader in USDA government-guaranteed commercial lending. This acquisition, coming on the heels of the recent launch of Phoenix Lender Services, underscores Community Bankshares’ bold strategy to redefine the financial services landscape and expand its leadership in innovative lending solutions for rural and underserved markets across the United States.

A Future-Focused Partnership

“This is not just an acquisition — it’s a reimagining of what’s possible in government-guaranteed lending,” said Jeremy Gilpin, Chairman of the Board of Community Bankshares, Inc. “By combining the proven track record of Thomas Financial Group as a top USDA originator and packager with the cutting-edge capabilities of Phoenix Lender Services and lending expertise of Community Bank & Trust, we’re setting a new standard for how rural and underserved markets can access capital and thrive.”

The acquisition builds on Community Bankshares’ strategic vision of redefining how lending capital is provided across America in a manner that promotes business stability and encourages community prosperity.

Jeremy Gilpin and Chris Hurn bring more than 60 years of combined experience in government-guaranteed lending. Together, they have assembled a powerhouse leadership team within the Community Bankshares companies that is certain to shake up the industry. Their shared vision, innovative strategies, and proven success in government-guaranteed lending sets the stage for a transformative era in rural economic development and business financing.

A Legacy of Leadership

Founded by visionary entrepreneur Mike Thomas, Thomas USAF / Thomas Financial Group has been a pioneer in leveraging USDA and SBA lending programs to empower small businesses and revitalize communities. Consistently ranked as one of the top originators and packagers of USDA and SBA loans in the nation, the company has facilitated over $5 billion in financing to businesses across diverse industries, helping them navigate complex lending scenarios and achieve their financial goals.

“Founding Thomas Financial was not just about lending—it was about giving rural and underserved communities a fighting chance to grow and thrive,” said Mike Thomas, Founder of Thomas Financial Group. “As I hand the reins to the brilliant Jeremy Gilpin and the exceptional leadership at Community Bankshares, I am proud of the legacy we leave behind and confident in the transformative impact this partnership will have nationwide.”

Mike Thomas will remain actively engaged with the organization to assist with Governmental Affairs, playing a key role in shaping its strategic direction. Leveraging his decades of experience and extensive industry relationships, Mr. Thomas will focus on advocating for rural and underserved markets, as well as small businesses, to strengthen the company’s leadership in the government-guaranteed lending sector. His ongoing involvement ensures that Thomas Financial Group, along with the entire Community Bankshares family of companies, remains at the forefront of legislative initiatives, policy development, and strategic partnerships with government agencies.

“This acquisition reflects our unwavering commitment to transforming access to capital in underserved markets,” said Gilpin. “With the expertise of Thomas Financial Group and our shared values, we are building a new era of opportunity for businesses and communities nationwide.”

Community Bankshares is now positioned as a leader in addressing current challenges faced by small businesses and rural economies, particularly as they navigate a rapidly evolving financial landscape. The partnership will also ensure the continued legacy of excellence established by Thomas Financial Group, now a wholly owned subsidiary of Community Bankshares.

“We are poised to lead one of the most innovative and forward-thinking organizations in the government-guaranteed lending sector nationwide,” said Chris Hurn, President of Community Bankshares. “This collaboration not only enhances our capacity to serve businesses across the spectrum, from startups to established enterprises, but it also reaffirms our commitment to championing economic growth in rural and underserved markets. Together, we will ensure these communities remain integral to the progress and prosperity of our nation’s economy.”

For more information about Thomas Financial Group, visit www.ThomasFinancialGroup.com.

About Thomas Financial Group

Thomas Financial Group, based in Atlanta, Georgia, is now a subsidiary of Community Bankshares, Inc. and a nationally recognized leader in commercial lending solutions. Specializing in USDA and SBA programs, the company has a proven track record of empowering businesses, strengthening rural and underserved communities, and advancing government-guaranteed lending.

About Community Bankshares, Inc.

Headquartered in LaGrange, Georgia, Community Bankshares, Inc. is the parent company of Community Bank & Trust and a network of financial service subsidiaries. Phoenix Lender Services (PHX) is a subsidiary of Community Bankshares, Inc. Whose mission is redefining the way lending capital is provided across America, in a manner that promotes business stability and encourages community prosperity. The company serves a diverse clientele across the nation, fostering growth, opportunity, and collaboration.

Media Contact:

Hannah Williams
Uproar by Moburst for Community Bankshares Inc
hannah.williams@moburst.com

The MIL Network –

January 29, 2025

MIL-OSI: BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024; Reports $0.16 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share

Source: GlobeNewswire (MIL-OSI)

BAYONNE, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $3.3 million for the fourth quarter of 2024, compared to $6.7 million in the third quarter of 2024, and $6.1 million for the fourth quarter of 2023. Earnings per diluted share for the fourth quarter of 2024 were $0.16, compared to $0.36 in the preceding quarter and $0.35 in the fourth quarter of 2023. Net income and earnings per diluted share for the fourth quarter of 2024, without giving effect to the Company’s unrealized losses on equity investments and the loss on sale of non-performing loans, were $4.1 million and $0.24, respectively.

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on February 24, 2025 to common shareholders of record on February 7, 2025.

“We took a number of positive actions during 2024 that have strengthened our balance sheet position. We meaningfully reduced our exposure to wholesale funding and continue to work hard on replacing higher cost funding with core deposits. Additionally, we have strengthened our capital position through positive retained earnings, favorable capital actions and selective loan growth. We have been prudently building up our CECL reserves to address asset quality issues. As we tackle and remediate credit quality issues, we are also positioning the Bank to gradually start lending and booking new business with both existing and new customers,” stated Michael Shriner, President and Chief Executive Officer.

Executive Summary

Total deposits were $2.751 billion at December 31, 2024 compared to $2.725 billion at September 30, 2024.
Net interest margin was 2.53 percent for the fourth quarter of 2024, compared to 2.58 percent for the third quarter of 2024, and 2.57 percent for the fourth quarter of 2023.
- Total yield on interest-earning assets was 5.33 percent for the fourth quarter of 2024 compared to 5.44 percent for the third quarter of 2024, and 5.33 percent for the fourth quarter of 2023.
- Total cost of interest-bearing liabilities was 3.57 percent for the fourth quarter of 2024, compared to 3.62 percent for the third quarter of 2024, and 3.45 percent for the fourth quarter of 2023.
The efficiency ratio for the fourth quarter was 62.1 percent compared to 53.2 percent in the prior quarter, and 61.0 percent in the fourth quarter of 2023.
The annualized return on average assets ratio for the fourth quarter was 0.36 percent, compared to 0.72 percent in the prior quarter, and 0.63 percent in the fourth quarter of 2023.
The annualized return on average equity ratio for the fourth quarter was 4.0 percent, compared to 8.3 percent in the prior quarter, and 7.9 percent in the fourth quarter of 2023.
The provision for credit losses was $4.2 million in the fourth quarter of 2024 compared to $2.9 million for the third quarter of 2024, and $1.9 million for the fourth quarter of 2023.
The allowance for credit losses (“ACL”) as a percentage of total loans was 1.15 percent at December 31, 2024 compared to 1.11 percent at the prior quarter-end and 1.01 percent at December 31, 2023.
Total loans receivable, net of the allowance for credit losses, of $2.996 billion at December 31, 2024, decreased 8.6 percent from $3.280 billion at December 31, 2023.

Balance Sheet Review

Total assets decreased by $233.3 million, or 6.1 percent, to $3.599 billion at December 31, 2024, from $3.832 billion at December 31, 2023. The decrease in total assets was due to a decrease in loans of $283.4 million, offset by an increase of $37.8 million in cash and cash equivalents. The decrease in loans was primarily from loan sales and payoffs/paydowns that exceeded loan originations.

Total cash and cash equivalents increased by $37.8 million, or 13.5 percent, to $317.3 million at December 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to loan sales and payoffs/paydowns that exceeded loan originations.

Loans receivable, net, decreased by $283.4 million, or 8.6 percent, to $2.996 billion at December 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $187.4 million in commercial real estate multi-family loans, $57.4 million in construction loans, $29.4 million in commercial business loans, $8.4 million in residential 1-4 family loans, and $1.4 million in consumer loans. Home equity loans increased $438 thousand. The allowance for credit losses on loans increased $1.2 million to $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024, as compared to an allowance for credit losses on loans of $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31, 2023.

Total investment securities increased by $14.3 million, or 14.8 percent, to $111.2 million at December 31, 2024, from $96.9 million at December 31, 2023, as excess liquidity has been deployed into the securities portfolio.

Deposits decreased by $228.2 million, or 7.7 percent, to $2.751 billion at December 31, 2024, from $2.979 billion at December 31, 2023. A majority of the decline was due to a decrease in certificates of deposit of $193.5 million. The reduction in certificates of deposit was mainly caused by the withdrawal of brokered deposits which was partially offset by an increase in retail time deposits.

Total borrowings decreased by $12.1 million to $498.3 million at December 31, 2024 from $510.4 million at December 31, 2023. The decrease in borrowings was primarily due to the maturity of $18.0 million of FHLB debt that was paid off during 2024. The weighted average interest rate of the Company’s outstanding FHLB advances was 4.35 percent at December 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of such FHLB advances as of December 31, 2024 was 0.97 years. The interest rate of the Company’s subordinated debt balances was 9.25 percent at December 31, 2024 and 8.36 percent at December 31, 2023.

Stockholders’ equity increased by $9.9 million, or 3.1 percent, to $323.9 million at December 31, 2024, from $314.1 million at December 31, 2023. The increase was primarily attributable to the increase in retained earnings of $5.9 million, or 4.4 percent, to $141.9 million at December 31, 2024 from $135.9 million at December 31, 2023.

Fourth Quarter 2024 Income Statement Review

Net income was $3.3 million for the quarter ended December 31, 2024 and $6.1 million for the quarter ended December 31, 2023. In the fourth quarter of 2024, the Bank recorded $2.2 million more in loan loss provisioning, and net interest income declined by $1.7 million. Non-interest income was also lower by $2.3 million. Offsetting these declines was a decrease in non-interest expense of $2.2 million. The Bank also recorded $1.3 million less for income tax provisioning.

Net interest income decreased by $1.7 million, or 7.2 percent, to $22.2 million for the fourth quarter of 2024, from $23.9 million for the fourth quarter of 2023. The decrease in net interest income resulted from lower interest income, offset by lower interest expense.

Interest income decreased by $3.1 million, or 6.1 percent, to $46.7 million for the fourth quarter of 2024, from $49.7 million for the fourth quarter of 2023. The average balance of interest-earning assets decreased $226.6 million, or 6.1 percent. The rate of return remained flat at 5.33 percent.

Interest expense declined $1.3 million, to $24.5 million, for the fourth quarter of 2024, from $25.8 million for the fourth quarter of 2023. Average interest-bearing liabilities decreased $247.2 million, or 8.3 percent. The average yield on these liabilities was 3.57 percent, versus 3.45 percent from one year earlier.

The net interest margin was 2.53 percent for the fourth quarter of 2024 compared to 2.57 percent for the fourth quarter of 2023. The decrease in the net interest margin compared to the fourth quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities. The yield on interest earning assets remained the same from one year earlier.

During the fourth quarter of 2024, the Company recognized $4.1 million in net charge-offs compared to $233 thousand in net charge offs for the fourth quarter of 2023. The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024 as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses on loans was $4.2 million for the fourth quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. Management believes that the allowance for credit losses on loans was adequate at December 31, 2024 and December 31, 2023.

Non-interest income decreased by $2.3 million to $938 thousand for the fourth quarter of 2024 from $3.2 million in the fourth quarter of 2023. The decrease in total non-interest income was related to losses on equity investments of $661 thousand in the 2024 quarter as compared to a gain on such investments of $1.1 million in the 2023 quarter, as well as the recordation of a $570 thousand loss on the sale of a non-performing loan during the fourth quarter.

Non-interest expense decreased by $2.2 million, or 13.3 percent, to $14.4 million for the fourth quarter of 2024 from $16.6 million for the fourth quarter of 2023. The decrease in these expenses for the fourth quarter of 2024 was driven by lower salaries and benefits expense, which declined $857 thousand. The fourth quarter of 2023 salaries and benefits included a previously disclosed one-time payment of $1.17 million to a former executive officer. Professional fees, regulatory assessment fees and advertising and promotional costs also declined by $388 thousand, $373 thousand, and $191 thousand, respectively.

The income tax provision decreased by $1.3 million, or 48.4 percent, to $1.3 million for the fourth quarter of 2024. The provision was $2.6 million for the fourth quarter of 2023. The consolidated effective tax rate was 29.0 percent for the fourth quarter of 2024 and 29.9 percent for the fourth quarter of 2023.

Year-to-Date Income Statement Review

Net income decreased by $10.9 million, or 36.8 percent, to $18.6 million for the twelve months of 2024 from $29.5 million for the twelve months of 2023. The decrease in net income was driven, primarily, by lower net interest income of $12.0 million, or 11.6 percent, and an increase in the provision for credit losses by $5.5 million.

Net interest income decreased by $12.0 million, or 11.6 percent, to $92.0 million for the first twelve months of 2024 from $104.1 million for the twelve months of 2023. The decrease in net interest income resulted from an increase in interest expense of $17.7 million, partly offset by an increase in interest income of $5.6 million.

Interest income increased by $5.6 million, or 3.0 percent, to $194.0 million for the twelve months of 2024, from $188.4 million for the twelve months of 2023. The increase was due to an increase of 22 basis points on interest earning assets, from 5.16 percent to 5.38 percent. Offsetting this, somewhat, was a decrease in average interest earning assets of $47.5 million, for the comparable period, which was comprised of a decrease in average loans of $84.8 million offset by an increase in average other interest-earning assets of $37.6 million.

Interest expense increased by $17.7 million, or 21.0 percent, to $102.0 million for 2024, from $84.3 million for 2023. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 64 basis points to 3.57 percent for the twelve months of 2024, from 2.93 percent for the twelve months of 2023. Offsetting this was a decrease in average interest bearing liabilities of $18.5 million over the same comparable time period.

Net interest margin was 2.55 percent for the twelve months of 2024, compared to 2.85 percent for the twelve months of 2023. The decrease in the net interest margin compared to the prior period was largely the result of an increase in the cost of the Bank’s interest-bearing liabilities.

During the twelve months of 2024, the Company experienced $10.4 million in net charge offs compared to $704 thousand in net charge offs for the same period in 2023. The provision for credit losses was $11.6 million for the twelve months of 2024 compared to $6.1 million for the same period in 2023.

Non-interest income decreased by $1.1 million to $2.9 million for the twelve months of 2024 from $4.1 million for the twelve months of 2023. The decrease was due to losses on sales of loans of $5.3 million. This was offset by realized and unrealized gains or losses on equity investments, which were $3.7 million greater, and income on Bank-owned Life Insurance (BOLI), which was $883 thousand higher, for the comparable period. The realized and unrealized gains or losses on equity investments are based on prevailing market conditions.

Non-interest expense decreased by $3.5 million, or 5.7 percent, to $57.1 million for the twelve months of 2024 from $60.6 million for the same period in 2023. The decrease in operating expenses for 2024 was driven primarily by decreases in salaries and employee benefits of $2.6 million and advertising and promotional costs of $485 thousand. The 2023 salaries and benefits expense included the payment to a former executive described above.

The income tax provision decreased by $4.3 million, or 36.6 percent to $7.6 million for the twelve months of 2024 from $12.0 million for the same period in 2023. The consolidated effective tax rate was 29.1 percent for the twelve months of 2024 compared to 28.9 percent for the twelve months of 2023.

Asset Quality

During the fourth quarter of 2024, the Company recognized $4.1 million in net charge offs, compared to $233 thousand in net charge offs for the fourth quarter of 2023.

The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024, as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was 77.8 percent of non-accrual loans at December 31, 2024, and 178.9 percent of non-accrual loans at December 31, 2023.

About BCB Bancorp, Inc.

BCB Bancorp, Inc. is a New Jersey corporation established in 2003, and is the holding company parent of BCB Community Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of the Bank. Established in 2000 and headquartered in Bayonne, N.J., the Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three New Jersey branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four New York branch offices in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels and higher interest rates concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, and supply chain disruptions.. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; the impact of any future pandemics or other natural disasters; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.


	Statements of Income – Three Months Ended,
	December 31, 2024			September 30, 2024		December 31, 2023		Dec 31, 2024 vs. Sept 30, 2024		Dec 31, 2024 vs. Dec 31, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	41,431		$	42,857	$	43,893	-3.3	%	-5.6	%
Mortgage-backed securities		473			303		293	56.1	%	61.4	%
Other investment securities		978			994		991	-1.6	%	-1.3	%
FHLB stock and other interest-earning assets		3,771			4,472		4,527	-15.7	%	-16.7	%
Total interest and dividend income		46,653			48,626		49,704	-4.1	%	-6.1	%

Interest expense:
Deposits:
Demand		5,866			5,686		5,015	3.2	%	17.0	%
Savings and club		156			146		177	6.8	%	-11.9	%
Certificates of deposit		12,218			13,670		13,308	-10.6	%	-8.2	%
		18,240			19,502		18,500	-6.5	%	-1.4	%
Borrowings		6,219			6,079		7,282	2.3	%	-14.6	%
Total interest expense		24,459			25,581		25,782	-4.4	%	-5.1	%

Net interest income		22,194			23,045		23,922	-3.7	%	-7.2	%
Provision for credit losses		4,154			2,890		1,927	43.7	%	115.6	%

Net interest income after provision for credit losses		18,040			20,155		21,995	-10.5	%	-18.0	%

Non-interest income income (loss) :
Fees and service charges		1,187			1,196		1,445	-0.8	%	-17.9	%
(Loss) gain on sales of loans		(554	)		35		11	-1682.9	%	-5136.4	%
Realized and unrealized gain (loss) on equity investments		(661	)		1,132		1,029	-158.4	%	-164.2	%
Bank-owned life insurance (“BOLI”) income		636			652		597	-2.5	%	6.5	%
Other		330			112		69	194.6	%	378.3	%
Total non-interest income		938			3,127		3,228	-70.0	%	-70.9	%

Non-interest expense:
Salaries and employee benefits		7,117			7,139		7,974	-0.3	%	-10.7	%
Occupancy and equipment		2,483			2,591		2,606	-4.2	%	-4.7	%
Data processing and communications		1,754			1,681		1,721	4.3	%	1.9	%
Professional fees		599			618		987	-3.1	%	-39.3	%
Director fees		269			351		274	-23.4	%	-1.8	%
Regulatory assessment fees		769			666		1,142	15.5	%	-32.7	%
Advertising and promotions		212			182		403	16.5	%	-47.4	%
Other real estate owned, net		–			–		4	0.0	%	-100.0	%
Other		1,164			701		1,457	66.0	%	-20.1	%
Total non-interest expense		14,367			13,929		16,568	3.1	%	-13.3	%

Income before income tax provision		4,611			9,353		8,655	-50.7	%	-46.7	%
Income tax provision		1,339			2,685		2,593	-50.1	%	-48.4	%

Net Income		3,272			6,668		6,062	-50.9	%	-46.0	%
Preferred stock dividends		475			475		182	-0.0	%	160.7	%
Net Income available to common stockholders	$	2,797		$	6,193	$	5,880	-54.8	%	-52.4	%

Net Income per common share-basic and diluted
Basic	$	0.16		$	0.36	$	0.35	-54.9	%	-52.9	%
Diluted	$	0.16		$	0.36	$	0.35	-54.9	%	-53.0	%

Weighted average number of common shares outstanding
Basic		17,056			17,039		16,876	0.1	%	1.1	%
Diluted		17,108			17,064		16,884	0.3	%	1.3	%

	Statements of Income – Twelve Months Ended,
	December 31, 2024			December 31, 2023			Dec 31, 2024 vs. Dec 31, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	172,046		$	169,559		1.5	%
Mortgage-backed securities		1,378			880		56.6	%
Other investment securities		3,953			4,226		-6.5	%
FHLB stock and other interest-earning assets		16,632			13,695		21.4	%
Total interest and dividend income		194,009			188,360		3.0	%

Interest expense:
Deposits:
Demand		22,158			16,915		31.0	%
Savings and club		620			620		0.0	%
Certificates of deposit		55,442			39,157		41.6	%
		78,220			56,692		38.0	%
Borrowings		23,768			27,606		-13.9	%
Total interest expense		101,988			84,298		21.0	%

Net interest income		92,021			104,062		-11.6	%
Provision for credit losses		11,570			6,104		89.5	%

Net interest income after provision for credit losses		80,451			97,958		-17.9	%

Non-interest income:
Fees and service charges		4,717			5,334		-11.6	%
(Loss) gain on sales of loans		(5,325	)		36		-14891.7	%
Realized and unrealized gain (loss) on equity investments		379			(3,361	)	-111.3	%
Bank-owned life insurance (“BOLI”) income		2,634			1,751		50.4	%
Other		535			251		113.1	%
Total non-interest income		2,940			4,088		-28.1	%

Non-interest expense:
Salaries and employee benefits		28,229			30,827		-8.4	%
Occupancy and equipment		10,247			10,340		-0.9	%
Data processing and communications		6,960			6,968		-0.1	%
Professional fees		2,416			2,735		-11.7	%
Director fees		1,151			1,083		6.3	%
Regulatory assessments		3,530			3,585		-1.5	%
Advertising and promotions		863			1,348		-36.0	%
Other real estate owned, net		–			7		-100.0	%
Other		3,725			3,698		0.7	%
Total non-interest expense		57,121			60,591		-5.7	%

Income before income tax provision		26,270			41,455		-36.6	%
Income tax provision		7,647			11,972		-36.1	%

Net Income		18,623			29,483		-36.8	%
Preferred stock dividends		1,832			702		160.9	%
Net Income available to common stockholders	$	16,791		$	28,781		-41.7	%

Net Income per common share-basic and diluted
Basic	$	0.99		$	1.71		-42.1	%
Diluted	$	0.99		$	1.70		-42.0	%

Weighted average number of common shares outstanding
Basic		17,007			16,870		0.8	%
Diluted		17,018			16,932		0.5	%

Statements of Financial Condition	December 31, 2024			September 30, 2024			December 31, 2023			Dec 31, 2024 vs. Sept 30, 2024		Dec 31, 2024 vs. Dec 31, 2023
ASSETS	(In Thousands, Unaudited)
Cash and amounts due from depository institutions	$	14,075		$	12,617		$	16,597		11.6	%	-15.2	%
Interest-earning deposits		303,207			230,506			262,926		31.5	%	15.3	%
Total cash and cash equivalents		317,282			243,123			279,523		30.5	%	13.5	%

Interest-earning time deposits		735			735			735		–		–
Debt securities available for sale		101,717			98,169			87,769		3.6	%	15.9	%
Equity investments		9,472			10,133			9,093		-6.5	%	4.2	%
Loans held for sale		–			250			1,287		-100.0	%	-100.0	%
Loans receivable, net of allowance for credit losses on loans of $34,789, $34,693 and $33,608, respectively		2,996,259			3,087,914			3,279,708		-3.0	%	-8.6	%
Federal Home Loan Bank of New York (“FHLB”) stock, at cost		24,272			24,732			24,917		-1.9	%	-2.6	%
Premises and equipment, net		12,569			12,008			13,057		4.7	%	-3.7	%
Accrued interest receivable		15,176			16,496			16,072		-8.0	%	-5.6	%
Deferred income taxes		17,181			17,370			18,213		-1.1	%	-5.7	%
Goodwill and other intangibles		5,253			5,253			5,253		0.0	%	0.0	%
Operating lease right-of-use asset		12,686			13,438			12,935		-5.6	%	-1.9	%
Bank-owned life insurance (“BOLI”)		76,040			75,404			73,407		0.8	%	3.6	%
Other assets		10,476			8,745			10,428		19.8	%	0.5	%
Total Assets	$	3,599,118		$	3,613,770		$	3,832,397		-0.4	%	-6.1	%

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES
Non-interest bearing deposits	$	520,387		$	528,089		$	536,264		-1.5	%	-3.0	%
Interest bearing deposits		2,230,471			2,196,491			2,442,816		1.5	%	-8.7	%
Total deposits		2,750,858			2,724,580			2,979,080		1.0	%	-7.7	%
FHLB advances		455,361			466,424			472,811		-2.4	%	-3.7	%
Subordinated debentures		42,961			67,042			37,624		-35.9	%	14.2	%
Operating lease liability		13,139			13,878			13,315		-5.3	%	-1.3	%
Other liabilities		12,874			13,733			15,512		-6.3	%	-17.0	%
Total Liabilities		3,275,193			3,285,657			3,518,342		-0.3	%	-6.9	%

STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		–			–			–		–		–
Additional paid-in capital preferred stock		24,723			29,763			25,043		-16.9	%	-1.3	%
Common stock: no par value, 40,000 shares authorized		–			–			–		0.0	%	0.0	%
Additional paid-in capital common stock		200,935			200,605			198,923		0.2	%	1.0	%
Retained earnings		141,853			141,770			135,927		0.1	%	4.4	%
Accumulated other comprehensive loss		(5,239	)		(5,678	)		(7,491	)	-7.7	%	-30.1	%
Treasury stock, at cost		(38,347	)		(38,347	)		(38,347	)	0.0	%	0.0	%
Total Stockholders’ Equity		323,925			328,113			314,055		-1.3	%	3.1	%

Total Liabilities and Stockholders’ Equity	$	3,599,118		$	3,613,770		$	3,832,397		-0.4	%	-6.1	%

Outstanding common shares		17,063			17,048			16,904

	Three Months Ended December 31,
		2024						2023
	Average Balance		Interest Earned/Paid		Average Yield/Rate (3)		Average Balance		Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable⁽⁴⁾⁽⁵⁾	$	3,081,846	$	41,431	5.38	%	$	3,311,946	$	43,893	5.30	%
Investment Securities		110,447		1,451	5.26	%		93,638		1,284	5.48	%
Other Interest-earning assets⁽⁶⁾		309,804		3,771	4.87	%		323,064		4,527	5.61	%
Total Interest-earning assets		3,502,097		46,653	5.33	%		3,728,648		49,704	5.33	%
Non-interest-earning assets		124,554						124,809
Total assets	$	3,626,651					$	3,853,457
Interest-bearing liabilities:
Interest-bearing demand accounts	$	551,971	$	2,682	1.94	%	$	578,890	$	2,184	1.51	%
Money market accounts		380,136		3,184	3.35	%		359,366		2,832	3.15	%
Savings accounts		254,093		156	0.25	%		288,108		177	0.25	%
Certificates of Deposit		1,048,341		12,218	4.66	%		1,140,656		13,307	4.67	%
Total interest-bearing deposits		2,234,541		18,240	3.27	%		2,367,020		18,500	3.13	%
Borrowed funds		508,113		6,219	4.90	%		622,860		7,282	4.68	%
Total interest-bearing liabilities		2,742,654		24,459	3.57	%		2,989,880		25,782	3.45	%
Non-interest-bearing liabilities		560,345						557,156
Total liabilities		3,302,999						3,547,036
Stockholders’ equity		323,652						306,420
Total liabilities and stockholders’ equity	$	3,626,651					$	3,853,457
Net interest income			$	22,194					$	23,922
Net interest rate spread⁽¹⁾					1.76	%					1.88	%
Net interest margin⁽²⁾					2.53	%					2.57	%

^{(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.}
^{(2) Net interest margin represents net interest income divided by average total interest-earning assets.}
^{(3) Annualized.}
^{(4) Excludes allowance for credit losses.}
^{(5) Includes non-accrual loans.}
^{(6) Includes Federal Home Loan Bank of New York Stock.}

	Year Ended December 31,
		2024						2023
	Average Balance		Interest Earned/Paid		Average Yield/Rate (3)		Average Balance		Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable⁽⁴⁾⁽⁵⁾	$	3,196,538	$	172,046	5.38	%	$	3,281,334	$	169,559	5.17	%
Investment Securities		99,733		5,331	5.35	%		100,000		5,106	5.11	%
Other interest-earning assets⁽⁶⁾		308,248		16,632	5.40	%		270,659		13,695	5.06	%
Total Interest-earning assets		3,604,519		194,009	5.38	%		3,651,993		188,360	5.16	%
Non-interest-earning assets		124,441						123,652
Total assets	$	3,728,960					$	3,775,645
Interest-bearing liabilities:
Interest-bearing demand accounts	$	553,013	$	9,701	1.75	%	$	658,023	$	8,426	1.28	%
Money market accounts		372,205		12,457	3.35	%		334,353		8,489	2.54	%
Savings accounts		264,430		620	0.23	%		305,778		620	0.20	%
Certificates of Deposit		1,153,235		55,442	4.81	%		980,617		39,157	3.99	%
Total interest-bearing deposits		2,342,883		78,220	3.34	%		2,278,771		56,692	2.49	%
Borrowed funds		511,916		23,768	4.64	%		594,564		27,606	4.64	%
Total interest-bearing liabilities		2,854,799		101,988	3.57	%		2,873,335		84,298	2.93	%
Non-interest-bearing liabilities		554,037						602,691
Total liabilities		3,408,836						3,476,026
Stockholders’ equity		320,124						299,618
Total liabilities and stockholders’ equity	$	3,728,960					$	3,775,644
Net interest income			$	92,021					$	104,062
Net interest rate spread⁽¹⁾					1.81	%					2.22	%
Net interest margin⁽²⁾					2.55	%					2.85	%

^{(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.}
^{(2) Net interest margin represents net interest income divided by average total interest-earning assets.}
^{(3) Annualized.}
^{(4) Excludes allowance for credit losses.}
^{(5) Includes non-accrual loans.}
^{(6) Includes Federal Home Loan Bank of New York Stock.}

	Financial Condition data by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023

	(In thousands, except book values)
Total assets	$	3,599,118		$	3,613,770		$	3,793,941		$	3,849,195		$	3,832,397
Cash and cash equivalents		317,282			243,123			326,870			352,448			279,523
Securities		111,189			108,302			94,965			96,189			96,862
Loans receivable, net		2,996,259			3,087,914			3,161,925			3,226,877			3,279,708
Deposits		2,750,858			2,724,580			2,935,239			2,991,659			2,979,080
Borrowings		498,322			533,466			510,710			510,573			510,435
Stockholders’ equity		323,925			328,113			320,732			320,131			314,055
Book value per common share¹	$	17.54		$	17.50		$	17.17		$	17.24		$	17.10
Tangible book value per common share²	$	17.23		$	17.19		$	16.86		$	16.93		$	16.79

	Operating data by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except for per share amounts)
Net interest income	$	22,194		$	23,045		$	23,639		$	23,143		$	23,922
Provision for credit losses		4,154			2,890			2,438			2,088			1,927
Non-interest income (loss)		938			3,127			(3,234	)		2,109			3,228
Non-interest expense		14,367			13,929			13,987			14,838			16,568
Income tax expense		1,339			2,685			1,163			2,460			2,593
Net income	$	3,272		$	6,668		$	2,817		$	5,866		$	6,062
Net income per diluted share	$	0.16		$	0.36		$	0.14		$	0.32		$	0.35
Common Dividends declared per share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16

	Financial Ratios(3)
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
Return on average assets		0.36	%		0.72	%		0.30	%		0.61	%		0.63	%
Return on average stockholders’ equity		4.04	%		8.29	%		3.52	%		7.46	%		7.91	%
Net interest margin		2.53	%		2.58	%		2.60	%		2.50	%		2.57	%
Stockholders’ equity to total assets		9.00	%		9.08	%		8.45	%		8.32	%		8.19	%
Efficiency Ratio⁴		62.11	%		53.22	%		68.55	%		58.76	%		61.02	%

	Asset Quality Ratios
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except for ratio %)
Non-Accrual Loans	$	44,708		$	35,330		$	32,448		$	22,241		$	18,783
Non-Accrual Loans as a % of Total Loans		1.48	%		1.13	%		1.01	%		0.68	%		0.57	%
ACL as % of Non-Accrual Loans		77.8	%		98.2	%		108.6	%		155.4	%		178.9	%
Individually Analyzed Loans		83,399			66,048			60,798			65,731			54,019
Classified Loans		152,714			98,316			87,033			97,739			85,727

^{(1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.}
^{(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”}
^{(3) Ratios are presented on an annualized basis, where appropriate.}
^{(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”}

	Recorded Investment in Loans Receivable by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands)
Residential one-to-four family	$	239,870		$	241,050		$	242,706		$	244,762		$	248,295
Commercial and multi-family		2,246,677			2,296,886			2,340,385			2,392,970			2,434,115
Construction		135,434			146,471			173,207			180,975			192,816
Commercial business		342,799			371,365			375,355			378,073			372,202
Home equity		66,769			67,566			66,843			65,518			66,331
Consumer		2,235			2,309			2,053			2,847			3,643
	$	3,033,784		$	3,125,647		$	3,200,549		$	3,265,145		$	3,317,402
Less:
Deferred loan fees, net		(2,736	)		(3,040	)		(3,381	)		(3,705	)		(4,086	)
Allowance for credit losses		(34,789	)		(34,693	)		(35,243	)		(34,563	)		(33,608	)

Total loans, net	$	2,996,259		$	3,087,914		$	3,161,925		$	3,226,877		$	3,279,708

	Non-Accruing Loans in Portfolio by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands)
Residential one-to-four family	$	1,387		$	410		$	350		$	429		$	270
Commercial and multi-family		32,973			27,693			27,796			12,627			8,684
Construction		586			586			586			3,225			4,292
Commercial business		10,530			6,498			3,673			5,916			5,491
Home equity		231			123			43			44			46
Consumer		–			20			–			–			–
Total:	$	45,707		$	35,330		$	32,448		$	22,241		$	18,783

	Distribution of Deposits by quarter
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands)
Demand:
Non-Interest Bearing	$	520,387		$	528,089		$	523,816		$	531,112		$	536,264
Interest Bearing		553,731			527,862			549,239			552,295			564,912
Money Market		395,004			366,655			371,689			361,791			370,934
Sub-total:	$	1,469,122		$	1,422,606		$	1,444,744		$	1,445,198		$	1,472,110
Savings and Club		252,491			255,115			258,680			272,051			284,273
Certificates of Deposit		1,029,245			1,046,859			1,231,815			1,274,410			1,222,697
Total Deposits:	$	2,750,858		$	2,724,580		$	2,935,239		$	2,991,659		$	2,979,080

	Reconciliation of GAAP to Non-GAAP Financial Measures by quarter

	Tangible Book Value per Share
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except per share amounts)
Total Stockholders’ Equity	$	323,925		$	328,113		$	320,732		$	320,131		$	314,055
Less: goodwill		5,253			5,253			5,253			5,253			5,253
Less: preferred stock		24,723			29,763			28,403			27,733			25,043
Total tangible common stockholders’ equity		293,949			293,097			287,076			287,145			283,759
Shares common shares outstanding		17,063			17,048			17,029			16,957			16,904
Book value per common share	$	17.54		$	17.50		$	17.17		$	17.24		$	17.10
Tangible book value per common share	$	17.23		$	17.19		$	16.86		$	16.93		$	16.79

	Efficiency Ratios
	Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q4 2023
	(In thousands, except for ratio %)
Net interest income	$	22,194		$	23,045		$	23,639		$	23,143		$	23,922
Non-interest income (loss)		938			3,127			(3,234	)		2,109			3,228
Total income		23,132			26,172			20,405			25,252			27,150
Non-interest expense		14,367			13,929			13,987			14,838			16,568
Efficiency Ratio		62.11	%		53.22	%		68.55	%		58.76	%		61.02	%

CONTACT:	MICHAEL SHRINER,
	PRESIDENT & CEO
	JAWAD CHAUDHRY,
	EVP & CFO
	(201) 823-0700

The MIL Network –

January 29, 2025

MIL-OSI: Locus Technologies and Sophare AI announce partnership to integrate compensation analytics into leading CSRD and ESG software platform
Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Locus Technologies, the sustainability and Environmental Health and Safety (EHS) compliance software leader, proudly announces its strategic partnership with Sophare AI to tackle one of the most complex aspects of ESG: social and pay equity. This collaboration will empower organizations worldwide to address pressing regulatory and ethical challenges through innovative technology and unparalleled domain expertise–without jumping between multiple ESG apps and platforms, which adds time and expense to the disclosure process.

As part of this partnership, Sophare will extend Locus’s ESG software platform with new capabilities designed to address three critical areas:
1. European Union Pay Transparency Directive Compliance: Sophare’s AI-powered tools help organizations navigate and comply with the EU’s directive, which mandates companies with 100+ employees to disclose gender pay gaps and provide transparent pay structures by 2026.
2. Global Gender Pay Gap Reporting: With reporting requirements spreading across the EU, UK, Australia, and beyond, Sophare centralizes reporting of multi-jurisdictional compliance and uses AI and automation to streamline reporting.
3. Alignment with the UN’s Sustainable Development Goal (SDG) 5: Sophare AI empowers companies to align with SDG 5 by shining a light on data related to gender equality in leadership and employee compensation.
“This partnership aligns with Locus’s track record of working with professionals who bring deep domain expertise,” said Dr. Zvonimir Dadić, head of the CSRD Practice Group for Locus Technologies Europe. “Sophare’s founding team combines technical chops with a thoughtful approach to legal compliance, and we are pleased to be able to offer our clients this streamlined path to compliance.”

Sophare AI CEO, Siena Duplan, brings a decade of experience developing pay equity algorithms as a data scientist for Salesforce, one of the world’s leading Fortune 500 companies. Sophare’s co-founder and CTO has led a distinguished career in the UK Civil Service and brings extensive engineering experience developing services in hand with legal, compliance, and policy teams. Together, Sophare AI and Locus Technologies will pursue their shared commitment to sustainability and equity, driven by data science.

“Compliance in HR is often seen as a box-ticking exercise, but it’s actually a gateway to bringing organizations into the era of AI,” said Duplan. “HR compliance in particular is a prime opportunity to tap into AI and automation for both significant productivity gains and to deliver a transparent workplace where employees can thrive. Our next-gen data solutions put social and pay equity on par with financial and environmental health.”

This partnership underscores Locus’s commitment to creating an integrated, end-to-end ESG software solution that stays ahead of a rapidly evolving regulatory landscape and helps organizations surmount the biggest obstacles to compliance. Together, Locus and Sophare are transforming the “S” in ESG into a driver for meaningful, measurable impact. To learn more about Locus’s CSRD and ESG software, including the new Sophare AI functionality, please contact us.

About Locus Technologies
Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit https://www.locustec.com or email info@locustec.com.

About Sophare AI
Sophare AI uses advanced data analytics and machine learning to help organizations achieve lasting pay equity and comply with global pay transparency regulations. Sophare takes a thoughtful approach to legal compliance and business practices, relying on deep expertise in employment laws and regulations across different countries. The company carefully analyzes these requirements to develop the best data models and strategies to help customers meet compliance standards. Deciding how to adapt its services and operations to meet legal requirements is a core part of how Sophare operates. Sophare currently supports global gender pay gap reporting and other cross-border HR compliance requirements. Sophare AI is also seeking partners to co-develop an AI-driven workforce scenario planning tool. Sophare AI is headquartered in San Francisco, California. Please visit sophare.ai or email team@sophare.ai for more information.

Media Contact:
Brenda Mahedy
Locus Technologies
media@locustechnologies.net

The MIL Network –
January 29, 2025
MIL-OSI: NANO Nuclear Energy Expands Intellectual Property Portfolio with Acquisition of Key Worldwide Patents for Composite Moderator for Nuclear Reactor Systems
Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today highlighted additional important patents recently acquired from Ultra Safe Nuclear Corp. (USNC), which augment protections for NANO Nuclear’s modular microreactor technologies under development.

Patent No. US 11,264,141 B2, titled “Composite Moderator for Nuclear Reactor Systems,” relates to the design and construction of composite moderators with a view towards improving safety and waste management by addressing graphite oxidation found in conventional, individual moderator systems. Additionally, the patented advanced design reduces waste and structural deterioration, enabling the moderator to serve throughout the fuel’s lifecycle without requiring replacement in the reactor core. This intellectual property is expected to enhance the protections for NANO Nuclear’s own proprietary advanced portable ZEUS and ODIN microreactors, as well the KRONOS MMR^™ and LOKI MMR^™ reactors, all of which are currently in development.

The U.S. patent is accompanied by related patents issued in Canada, the Russian Federation, Japan, The People’s Republic of China, the Republic of Korea and by the European Patent Office. An application with the World Intellectual Property Organization is currently in progress. Today’s announcement follows last week’s announcement of NANO Nuclear’s acquisition of patents from USNC supporting modular transportable reactors with variable operations and multiple core configurations and applications, including the generation of electric power and process heat.

Figure 1 – NANO Nuclear expands intellectual property portfolio to protect proprietary advanced portable ZEUS and ODIN microreactors, as well the KRONOS MMR^™ and LOKI MMR^™ reactors, all of which are currently in development.

“As our technical teams continue their deeper exploration of the various nuclear technology patents we acquired from USNC, the benefits that these pivotal patents will provide to our development plans becomes more apparent,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Regarding the composite moderator patent highlighted today, this innovative design is expected to reduce the maintenance requirements of our modular, portable nuclear reactors while improving overall performance. We believe it will also play a key role in eliminating excess waste byproducts, enabling NANO Nuclear to build cleaner, more robust and cost-effective energy systems.”

“The addition of this world-class intellectual property to our portfolio is key in the development and eventual deployment of our innovative, portable and secure nuclear energy systems,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Improving the functionality of these critical parts enables us to cut down the waste produced during operation and create a safer and more efficient product. These important patents not only create the potential to improve performance but also underscores our commitment to sustainability and thoughtful design.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR^™ Energy System and space focused, portable LOKI MMR^™.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further NANO Nuclear information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

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Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include, without limitation, statements regarding the anticipated benefits of the recently acquired intellectual property described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
January 29, 2025
MIL-OSI Africa: Top Renewable Energy Projects Powering African Mining

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

CAPE TOWN, South Africa, January 28, 2025/APO Group/ —

As Africa’s mining industry faces increasing pressure to decarbonize, companies are turning to renewable energy solutions to meet environmental targets while ensuring reliable and affordable energy supplies. This shift is driven by the need to reduce operational costs, achieve sustainability goals and comply with evolving global regulations. From solar and wind to hydropower, renewables are becoming integral to mining operations across the continent. Initiatives across Angola, Zambia, South Africa and the Democratic Republic of Congo (DRC) are setting a precedent for how renewables can transform the mining sector and contribute to Africa’s broader energy transition.

Trafigura’s 2,000 MW Green Energy Initiative

Global commodities trader Trafigura, engineering firm ProMarks and the Angolan government agreed to develop a 2,000 MW high-voltage electricity interconnector in July 2024. The project will transport renewable energy, primarily from hydropower projects in northern Angola, to meet growing demand from mining companies in Zambia and the DRC. The project will also supply the Southern Africa Power Pool regional grid.

First Quantum’s 430 MW Renewables Project in Zambia

Canadian mining firm First Quantum Minerals is investing $500 million in a 430 MW renewable energy project to power its Kansanshi and Sentinel mines in Zambia. Developed in partnership with Total Eren and Chariot, the project includes a 230 MW solar PV plant and a 200 MW wind farm. The facilities, set for completion in 2026 and 2027, respectively, aim to reduce First Quantum’s carbon footprint by 30% by 2025.

Tronox Holdings’ 400 MW Portfolio in South Africa

Mining and chemicals firm Tronox Holdings has signed agreements with clean energy firms NOA Group and Sola Group to secure over 400 MW of renewable energy for its mining and smelting operations in South Africa. Once commissioned from 2027, the projects will provide 70% of Tronox Holdings’ energy needs, reducing the firm’s carbon footprint by 25% compared to 2019 levels. The combined capacity includes a 200 MW solar power plant from Sola Group and additional capacity from NOA Group, delivering 497 GWh of electricity annually.

CMOC’s 200 MW Project in the DRC

Chinese mining firm CMOC closed a deal with green energy firm Lualaba Power in July 2024 to accelerate development of the 200 MW Nzilo II hydropower and floating solar project in the DRC. The project will provide CMOC with base load and peak power, supporting the firm’s target to produce 800,000 to 1 million tons of copper annually by 2028.

Northam’s 180 MW Solar Farm in South Africa

In August 2024, mining firm Northam Platinum Group Metals signed a power purchase agreement for a 180 MW solar farm to power its Zondereinde mine in South Africa. The solar plant will generate 220 GWh annually, meeting 15% of the mine’s energy needs while reducing carbon emissions.

MIL OSI Africa –

January 29, 2025
MIL-OSI Europe: AFRICA/DR CONGO – Bishop of Goma: “The neonatal ward at the Charité Maternelle General Hospital is affected by fighting”

Source: Agenzia Fides – MIL OSI

Kinshasa (Agenzia Fides) – Fighting continues in Goma, the capital of North Kivu, which the M23 rebels took over between Sunday 26 and Monday 27 January (see Fides, 27/1/2025). The M23 forces are encountering resistance from soldiers of the Congolese armed forces (FARDC) and pro-government Wazalando militiamen. Four other South African soldiers from the Southern African Development Community Mission in the Democratic Republic of Congo (SAMIDRC) were killed in the clashes, after nine soldiers had already been killed in the last two days. The clashes are concentrated in the area of the airport, which has now also been taken over by the M23.The situation in the city remains chaotic. There are fighting, power and communication outages and looting. Residents are fleeing the city. The World Food Programme (WFP) has meanwhile expressed concern about the suspension of the distribution of humanitarian aid in the region, which could lead to severe food shortages in the next 24 hours. In a message published yesterday, January 27, the Bishop of Goma, Willy Ngumbi Ngengele, reported “I am horrified to learn of the bombings, including those targeting the neonatal department of the Charité Maternelle General Hospital, resulting in the deaths of newborns, and the attack on the diocesan procuracy compound, which shattered the windows of the newly inaugurated building”. “I deplore the looting of certain businesses and warehouses by the population and, at times, by the military, further worsening an already dire humanitarian situation,” wrote the Bishop of Goma. “I urge all parties involved in the current armed conflict, as well as the population, to show absolute respect for human life and for private and public infrastructure, which must be preserved by all under any circumstances, in accordance with human dignity and international law” continues Mgr. Ngumbi Ngengele. The Bishop concludes by urging “the Clergy, Consecrated Persons, as well as the faithful, and all people of goodwill, to provide the necessary assistance to anyone in need”. Meanwhile, demonstrations are taking place in Kinshasa against the “invasion of Rwanda in the east of the Democratic Republic of Congo.” (L.M.) (Agenzia Fides, 28/1/2025)
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MIL OSI Europe News –

January 29, 2025
MIL-OSI USA: Engineering Professor Earns Nation’s Highest Honor for Early-Career Scientists

Source: US State of Connecticut

On Jan. 14, UConn civil engineering Professor Arash E. Zaghi was among nearly 400 individuals honored by President Biden with the Presidential Early Career Award for Scientists and Engineers (PECASE). This is the highest honor bestowed by the U.S. government on outstanding scientists and engineers who are in the early phases of their careers. Jill Wegrzyn, an associate professor in the UConn Department of Ecology and Evolutionary Biology, also received this award.

Established by President Clinton in 1996, PECASE recognizes scientists and engineers who show exceptional potential for leadership early in their research careers. The award recognizes innovative and far-reaching developments in science and technology.

Zaghi, who joined the UConn faculty in 2011, is a professor in the College of Engineering. At the beginning of his career, his research focused primarily on bridge design and resilience against earthquakes and other disasters.

But after his diagnosis with dyslexia and ADHD at age 32, he knew he wanted to get involved with supporting neurodiverse learners. Building on his own experience, Zaghi quickly identified a major problem with mainstream narratives of neurodiversity.

“My diagnosis opened my eyes to the unique strengths often overlooked in individuals like myself,” Zaghi says. “As I delved into the literature, I discovered mixed perspectives. Some studies suggest that people with ADHD tend to be more creative and willing to take risks. These are precisely the skills we need to address the complex, large-scale challenges of our time. This realization sparked my commitment to redefining neurodiversity as a strength and to creating environments where diverse ways of thinking are celebrated and harnessed for innovation.”

Now, Zaghi’s work specifically centers on countering the “deficit” model of neurodiversity, which focuses on the challenges neurodiverse students face in traditional learning environments and promoting the “strengths-based” model. Instead of regarding neurodiversity as a problem to be solved, this model encourages the view of neurodiversity as a unique strength. For example, research (including Zaghi’s own) has suggested that neurodiverse students tend to excel in areas such as creativity, pattern-recognition, and problem-solving. Many also demonstrate higher than average academic ability.

My diagnosis opened my eyes to the unique strengths often overlooked in individuals like myself.

These are all the qualities, Zaghi thinks, that the fields of engineering – and science more broadly – should be embracing and actively recruiting.

The National Science Foundation (NSF) agrees. In 2017, Zaghi was awarded the prestigious NSF CAREER Award for his project “Promoting Engineering Innovation through Increased Neurodiversity by Encouraging the Participation of Students with ADHD.” In 2021, he followed it with an NSF Mid-Career Advancement award for a project using artificial intelligence to develop personalized assistive tools to enhance the participation of neurodiverse students in STEM education.

Zaghi’s latest honor, the PECASE, is another national recognition of the powerful potential of his work. It is the crowning jewel of a research career studded with similar accolades, most relating to promoting neurodiverse learning through a strengths-based approach.

“We are very proud of Prof. Arash Zaghi for winning this presidential award and for his pioneering research in supporting neurodiverse students to improve their learning outcome and future careers,” says JC Zhao, Dean of the UConn College of Engineering. “Arash’s research and outreach will shift the paradigm and also bring visibility to a generally misunderstood group of students who can be as successful as Arash himself.”

Throughout this career, Zaghi has been able to steadily expand the breadth of his work in supporting neurodiverse education. His earliest projects in this realm had a very specific focus – for example, supporting students with ADHD in engineering.

Over time, and thanks to collaborations with other researchers at UConn and elsewhere, Zaghi’s focus was able to grow beyond engineering to include STEM as a whole. It has also grown to include other types of neurodiversity, like dyslexia and autism, and address different age groups, from K-12 learners to graduate students.

With UConn neuroscientist Fumiko Hoeft, Zaghi is co-PI on the TRANSdisciplinary Convergence in Educational Neuroscience Doctoral (TRANSCEND) training program, an interdisciplinary training program devoted to rethinking educational neuroscience. He is also the co-PI on the UConn INCLUDE project, which supports neurodiversity in the College of Engineering.

The recognition for his work as a champion of neurodiversity is gratifying, Zaghi says, but he can remember a time just ten years ago when the idea of a strengths-based approach was considered “so radical.”

When he submitted his first proposal to the NSF, Zaghi recalls, he was told, “This is so far out of the mainstream that I have no idea how the panel is going to react.”

“We were extremely fortunate that the NSF invested in us,” he says. “I think that’s a great story of how bold research pays off. The NSF is there to support high-risk, high-payoff research, and they supported that ‘crazy idea.’ Now, here we are – with the amount of visibility, I think we have substantially contributed to changing the narrative from a deficit perspective to a strengths-based one.”

MIL OSI USA News –

January 29, 2025
MIL-OSI: QXO Comments on Beacon Roofing Supply’s Adoption of Shareholder-Unfriendly Poison Pill

Source: GlobeNewswire (MIL-OSI)

Reaffirms Commitment to Acquiring Beacon for $124.25 per Share in Cash

All-Cash Offer Provides Significant and Immediate Value to Beacon Shareholders

GREENWICH, Conn., Jan. 28, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today commented on Beacon Roofing Supply, Inc.’s (Nasdaq: BECN) adoption of a shareholder rights plan, which takes immediate effect and is aimed at blocking QXO’s all-cash tender offer to acquire all outstanding shares of Beacon for $124.25 per share.

“We launched our all-cash tender offer to ensure that Beacon’s shareholders can take advantage of our compelling offer and get paid quickly. We have committed financing, have no due diligence condition and anticipate a smooth regulatory approval process to close,” said Brad Jacobs, chairman and chief executive officer of QXO. “The only thing stopping shareholders from acting to get cash expeditiously is the decision by Beacon’s Board to adopt a poison pill. We are prepared to take all necessary steps to complete this transaction promptly and deliver significant and immediate value to Beacon shareholders.”

QXO’s $124.25 per share offer represents a 37% premium to Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024, and a 26% premium to the $98.75 price before its proposal became public.

QXO’s tender offer will be outstanding until 12:00 midnight, New York City time, at the end of February 24, 2025, and it is prepared to complete the acquisition shortly after the tender expires, in approximately one month. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

Morgan Stanley & Co. LLC is acting as financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

About QXO

QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

Forward-Looking Statements

The communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO and Beacon including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO’s commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; QXO’s indebtedness, including the substantial indebtedness QXO expects to incur in connection with the proposed transaction with Beacon and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees may be difficult; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

Important Additional Information and Where to Find It

This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the SEC on [DATE], 2025, and Beacon will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC. Investors and security holders are urged to read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement, when available, carefully since they contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer. The information agent for the tender offer is Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, Toll-free telephone: +1 (888) 750-5834.

QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

Certain Information Concerning the Participants

The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the issuance of this communication, other than QXO, which beneficially owns 100 shares of Beacon common stock, none of the participants that have been identified beneficially own any shares of Beacon common stock.

Media Contacts
Joe Checkler
joe.checkler@qxo.com
203-609-9650

Steve Lipin / Lauren Odell
Gladstone Place Partners
212-230-5930

Investor Contacts ‍

Mark Manduca
mark.manduca@qxo.com
203-321-3889

Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
212-750-5833

The MIL Network –

January 29, 2025
MIL-Evening Report: ‘Turn it into a retirement village’: Inside the war of words over Eden Park

After lengthy, torrid and emotional debate a critical decision for the future of Auckland Tāmaki Makaurau is being made in March. One party will celebrate; the other will slink back to the drawing board. But will it really settle the great Auckland stadium debate?

SPECIAL REPORT: By Chris Schulz

It resembles a building from Blade Runner. It looks like somewhere the Avengers might assemble. It is, believes Paul Nisbet, the future.

“It’s innovative, it’s groundbreaking, it’s something different,” says the driving force behind Te Tōangaroa, a new stadium mooted for downtown Auckland.

He has spent 13 years dreaming up this moon shot, and it shows. “We have an opportunity here to deliver something special for the country.”

Located behind Spark Arena, Te Tōangaroa — also called “Quay Park” — is Nisbet’s big gamble, the stadium he believes Tāmaki Makaurau needs to sustain the city’s live sport and entertainment demands for the next 100 years.

His is a concept as grand as it gets, a U-shaped dream with winged rooftops that will sweep around fans sitting in the stands, each getting unimpeded views out over the Waitematā Harbour and Rangitoto Island.

Located behind Spark Arena, Te Tōangaroa is also called “Quay Park”. Image: Te Tōangaroa

Nisbet calls his vision a “gateway for the world,” a structure so grand he believes it would attract the biggest sports teams, stars and sponsors to Aotearoa while offering visitors a must-see tourist destination. Nestled alongside residential areas, commercial zones and an All Blacks-themed hotel, designs show a retractable roof protecting 55,000 punters from the elements and a sky turret towering over neighbouring buildings.

He’s gone all in on this. Nisbet’s quit his job, assembled a consortium of experts — called Cenfield MXD — and attracted financial backers to turn his vision into a reality. It is, Nisbet believes, the culmination of his 30-year career working in major stadiums, including 11 years as director of Auckland Stadiums.

“I’ve had the chance to travel extensively,” he says. “I’ve been to over 50 stadiums around the world.”

Tāmaki Makaurau, he says, needs Te Tōangaroa — urgently. If approved, it will be built over an ageing commercial space and an unused railway yard sitting behind Spark Arena, what Nisbet calls “a dirty old brownfields location that’s sapping the economic viability out of the city”.

He calls it a “regeneration” project. “You couldn’t mistake you’re in Auckland, or New Zealand, when you see images of it,” he says.

The All Blacks are on board, says Nisbet, and they want Te Tōangaroa built by 2029 in time for a Lions tour. (The All Blacks didn’t respond to a request for comment, but former players John Kirwan and Sean Fitzpatrick have backed the team moving to Te Tōangaroa.)

Concert promoters are on board too, says Nisbet. He believes Te Tōangaroa would end the Taylor Swift debacle that’s seen her and many major acts skip us in favour of touring Australian stadiums.

“It will be one of those special places that international acts just have to play,” he says.

The problem? Nisbet’s made a gamble that may not pay off. In March, a decision is due to be made about the city’s stadium future. Building Te Tōangaroa, with an estimated construction time of six years and a budget of $1 billion, is just one option.

The other, Eden Park, has 125 years of history, a long-standing All Blacks record and a huge number of supporters behind it — as well as a CEO willing to do anything to win.

The stadium standing in Te Tōangaroa’s way
Stand in Eden Park’s foyer for a few minutes and history will smack you in the face. It’s there in the photos framed on the wall from a 1937 All Blacks test match. It’s sitting in Anton Oliver’s rugby boots from 2001, presumably fumigated and placed inside a glass case.

More recent history is on display too, with floor-to-ceiling photographs showing off concerts headlined by by Ed Sheeran and Six60, a pivot only possible since 2021.

Soon, the man in charge of all of this arrives. “Very few people have seen this space,” says Nick Sautner, the Eden Park CEO who shakes my hand, pulls me down a hallway and invites me into a secret room in the bowels of Eden Park. With gleaming wood panels, leather couches and top-shelf liquor, Sautner’s proud of his hidden bar.

“It’s invite-only . . . a VIP experience,” says Sautner, whose Australian accent remains easily identifiable despite seven years at the helm of Eden Park.

The future of Eden Park if a refurb is granted. Image: YouTube

This bar, he says, is just one of the many innovations Eden Park has undertaken in recent years. Built in 1900, the Mt Eden stadium remains the home of the All Blacks — but Eden Park is no longer considered a specialty sports venue.

Up to 70 percent of the stadium’s revenue now comes from non-sporting activities, Sautner confirms. You can golf, abseil onto the rooftops and stay the night in dedicated glamping venues. It’s also become promoters’ choice for major concerts, with Coldplay and Luke Combs recently hosting multiple shows there. “We will consider any innovation you can imagine,” Sautner tells me. “We’re a blank canvas.”

Throughout our interview, Sautner refers to Eden Park as the “national stadium”. He’s upbeat and on form, rattling off statistics and renovations from memory. His social media feeds — especially LinkedIn — are full of posts promoting the stadium’s achievements. He’ll pick up the phone to anyone who will talk to him.

“Whatsapp is the best way of contacting me,” he says. Residents have his number and can call directly with complaints. After our interview, Sautner passes me his business card then follows it up with an email making sure I have everything I need. “My phone’s always on,” he assures me.

He may not admit it, but Sautner’s doing all of this in an attempt to get ahead of what’s shaping up as the biggest crisis of Eden Park’s 125 years. If Te Tōangaroa is chosen in March, Eden Park — as well as Albany’s North Harbour Stadium and Onehunga’s Go Media Stadium – will all take a back seat.

If Eden Park loses the All Blacks and their 31-year unbeaten record, then there’s no other word for it: the threat is existential.

Called Eden Park 2.1, Sautner is promoting a three-stage renovation plan. Image: YouTube

Ask Sautner if he’s losing sleep over his stadium’s future and he shakes his head. To him, Te Tōangaroa’s numbers don’t stack up. “If someone can make the business model work for an alternative stadium in Auckland, I’m all for activating the waterfront,” he says.

Then he poses a series of questions: “How many events a year would a downtown stadium hold? Forty-five?” he asks. “So 320 other days a year, what’s going to be in that stadium?”

He is, of course, biased. But Sautner believes upgrading Eden Park is the right move. Called Eden Park 2.1, Sautner is promoting a three-stage renovation plan that includes building a $100 million retractable rooftop. A new North Stand would lift Eden Park’s capacity to 70,000, and improved function facilities and a pedestrian bridge would turn the venue into “a fortress . . . capable of hosting every event”.

He’s veering into corporate speak, but Sautner sees the vision clearly. With his annual concert consent recently raised from six to 12 shows, he already thinks he’s got it in the bag, “Eden Park has the land, it has the consent, it has the community, it has the infrastructure,” he says. “I’m very confident Eden Park is going to be here for another 100 years.”

Instead of a drink, Sautner offers RNZ a personal stadium tour that takes us through the exact same doors that open when the All Blacks emerge onto the hallowed turf. There, blinking in the sunlight, Sautner sweeps his arms around the stadium and grins. “I get up every day and I think of my family,” he says. “Then I think, ‘How can I make Eden Park better?”

The stadium debate: ‘It began when the dinosaurs died out’
It is, says Shane Henderson, an argument for the ages. It never seems to quit. How long have Aucklanders been feuding about stadiums? “It began when the dinosaurs died out,” jokes Henderson.

For the past year, he’s been chairing a working group that will make the decision on Auckland’s stadium future. That group whittled four options down to the current two, eliminating a sunken waterfront stadium, and another based in Silo Park.

He’s doing this because Wayne Brown asked him to. “The mayor said, ‘We need to say to the public, ‘This is our preferred option for a stadium for the city.’” It’s taken over Henderson’s life. Every summer barbecue has turned into a forum for people to share their views.

“People say, “Why don’t you do this?’” he says. Henderson won’t be drawn on which way he’s leaning ahead of March’s decision, but he’s well aware of the stakes. “We’re talking about the future of our city for generations to come,” he says. “It’s natural feelings are going to run high.”

That’s true. As I researched this story, the main parties engaged in a back-and-forth discussion that became increasingly heated. Jim Doyle, from Te Tōangaroa’s Cenfield MXD team, described Eden Park’s situation as desperate.

“Eden Park can’t fund itself . . . it’s got no money, it’s costing ratepayers,” he said. Doyle alleged the stadium “wouldn’t be fit for purpose”. “You’re going to have to spend probably close to $1 billion to upgrade it.” Asked what should happen to Eden Park should the decision go Te Tōangaroa’s way, Doyle shrugged his shoulders. “Turn it into a retirement village.”

Eden Park’s Sautner immediately struck back. Yes, he admits Eden Park owes $40 million to Auckland Council, calling that debt a “legacy left over from the Rugby World Cup 2011”. But he denied most of the consortium’s claims.

“Eden Park does not receive any funding or subsidies from Auckland ratepayers,” Sautner said in a written statement. He confirmed renovations had already begun. “Over the past three years, the Trust has invested more than $30 million to enhance infrastructure and upgrade facilities . . . creating flexible spaces to meet evolving market demands.”

Sautner said Doyle’s statement was evidence of his team’s inexperience. “We are extremely disappointed that comments of this nature have been made,” he said. “They are factually incorrect and highlight Quay Park consortium’s lack of understanding of stadium economics.”

Do we even need to do this?
As the stadium debate turns into a showdown, major stars continue to skip Aotearoa in favour of huge Australian shows, with Katy Perry, Kylie Minogue and Oasis all giving us a miss this year. New Zealand music fans are reluctantly spending large sums on flights and accommodation if they want to see them. Until Metallica arrives in November, there are no stadium shows booked; just three of Eden Park’s 12 allotted concert slots are taken this year.

Yet, Auckland City councillors will soon study feasibility reports being submitted by both stadium options.

On March 24, Henderson, the working group chair, says councillors will come together to “thrash it out” and vote for their preferred option. There will only be one winner, and The New Zealand Herald reports either building Te Tōangaroa or Eden Park 2.1 is likely to cost more than $1 billion. Either we’re spending that on a brand new waterfront stadium, or we’re upgrading an old one.

“Is that the best use of that money?” asks David Benge. The managing director for events company TEG Live doesn’t believe Tāmaki Makaurau needs another stadium because it’s barely using those it already has. He has questions.

“I understand the excitement around a shiny new toy, but to what end?” he asks. “Can Auckland sustain a show at Go Media Stadium, a show at Western Springs, a show at Eden Park, and a show at this new stadium on the same night — or even in the same week?”

Benge doesn’t believe Te Tōangaroa would entice more artists to play here either. “I’m yet to meet an artist who’s going to be swayed by how iconic a venue is,” he says. Bigger problems include the size of our population and the strength of our dollar.

No matter the venue, “you’re still incurring the same expenses to produce the show,” he says. Instead, he suggests Pōneke as the next city needing a new venue. “If you could wave a magic wand and invest in a 10,000-12,000-capacity indoor arena in Wellington, that would be fantastic,” he says.

Would a new stadium really lure big artists to NZ? Image: Te Tōangaroa

Live Nation, the touring juggernaut that hosts most of the country’s stadium shows, didn’t respond to a request for comment. Other promoters canvassed by RNZ offered mixed views. Some wanted a new stadium, while others wanted a refurbished one. Every single one of them said that any new stadium needed to be built with concerts — not sport — in mind.

“We’re fitting a square peg in a round hole,” one said about the production costs involved in trucking temporary stages into Eden Park or Go Media Stadium. “Turf replacement can add hundreds of thousands — if not $1 million — to your bottom line,” said another.

Some wanted something else entirely. Veteran promoter Campbell Smith pointed out Auckland Council is seeking input for a potential redevelopment of Western Springs. One mooted option is turning it into a home ground for the rapidly rising football club Auckland FC. Smith doesn’t agree with that. “I think it’s a really attractive option for music and festivals,” he says. “It’s got a large footprint, it’s easily accessible, it’s close to the city … It would be a travesty if it was developed entirely for sport.”

One thing is for certain: a decision on this lengthy, torrid and emotional topic is being made in March. One party will celebrate; the other will slink back to the drawing board. Will it finally end the great Auckland stadium debate? That’s a question that seems easier to answer than any of the others.

Chris Schulz is a freelance entertainment journalist and author of the industry newsletter, Boiler Room. This article was first published by RNZ and is republished with the author’s permission. Asia Pacific Report has a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

January 29, 2025
MIL-OSI United Kingdom: Ivory Act protections come into force for four more species
Source: United Kingdom – Government Statements

Act will ban the importing, exporting and dealing in items containing ivory from Hippopotamus, narwhal, killer and sperm whale
Hippopotamus, narwhal, killer whale and sperm whale will have greater legal protection from today (28 January) under the UK’s world leading Ivory Act.

The Act will now ban the importing, exporting and dealing in items containing ivory from these magnificent animals – previously the Ivory Act only covered elephants.

The Ivory Act provides for one of the toughest bans on ivory sales in the world and anyone found guilty of breaching the ban faces tough penalties including an unlimited fine or up to five years in jail.

Closing domestic ivory markets is a critical part of the UK’s global conservation efforts. Hippopotamus is the species most at extinction risk from the trade in its ivory after elephants.

All four species are listed under the Convention on International Trade in Endangered Species of Fauna and Flora (CITES) and already threatened by climate change with poaching and trading in their ivory – which is found in teeth and tusks – having the potential to exacerbate these threats and make their long-term survival less likely.

Mary Creagh, International Nature Minister, said:

“Today is an important moment for all wildlife lovers. The poaching of these wonderful animals for their ivory is sickening and this government will do all we can to end this horrible trade.

“The Ivory Act is one of the toughest bans in the world. This new government is showing global leadership by enshrining these protections into law to tackle the poaching of these iconic animals.”

The UK is a world leader in international conservation. Supported by ambitious domestic action and new international partnerships, we are putting climate and nature at the heart of our foreign policy including appointing a new International Nature Envoy.

Working with partners across the world we are building global ambition on nature and pushing to accelerate delivery of the UN Global Biodiversity Framework to halt the loss and reverse of wildlife internationally.

The ban is being introduced after extensive consultation and provides a limited exemption for the existing trade in artistic and cultural artefacts.

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Published 28 January 2025
MIL OSI United Kingdom –
January 29, 2025
MIL-OSI USA: Fact Sheet: President Donald J. Trump Restores Merit and Lethality to America’s Armed Forces

US Senate News:

Source: The White House
ELIMINATING RACE- AND SEX-BASED DISCRIMINATION WITHIN THE ARMED FORCES: Today, President Donald J. Trump signed an Executive Order to restore merit and lethality to America’s fighting force.
The Executive Order bans the use of discriminatory race- or sex-based preferences by any element of the Armed Forces, the Department of Defense, or the Department of Homeland Security.
This Order also abolishes any remnant of the Diversity, Equity and Inclusion (DEI) bureaucracy within the Department of Defense and the Department of Homeland Security.

The Secretary of Defense will task the Department of Defense with conducting an internal review of all instances of race- or sex-based discrimination based on Department of Defense DEI initiatives.
This Order also requires the Secretary of Defense and the Secretary of Homeland Security to review the curriculum at the United States Service Academies and other academic institutions to ensure these institutions eliminate radical DEI and gender ideologies.

ENDING AN ERA OF ASSAULT ON MILITARY DISCIPLINE AND CULTURE: Foreign adversaries are strengthening their fighting forces every day while the United States has deliberately been focused on radical ideology like DEI. The world is watching.
Prior to harmful changes introduced by the Obama and Biden administrations, the United States military offered equality of opportunity to every American capable of and interested in serving their country. Yet these two administrations exploited the military in favor of identity politics—harming our national defense, undermining the non-political nature of our military, and eroding morale and recruitment.
Due to this “woke” assault, the Services together logged their lowest recruiting records since 1940 with a 41,000-troop shortfall in 2023.

Today’s Order moves our military away from this dark period and renews esprit de corps, readiness, and focus. It returns the Pentagon to the warfighter.
This Order also combats ideologies that seek to divide our Armed Forces by race, sex or other immutable characteristics and thus tear at cohesion and military efficacy.
RESTORING A WARFIGHTING MINDSET: The Armed Forces of the United States exist to preserve our freedom and the American way of life.
President Trump is committed to a merit-based system of sex-neutral policies and colorblind recruitment, promotion, and retention that will return our military to greatness.
President Trump vowed to get rid of the “woke” generals who prioritize social experiments over warfighting. He stated in his 2024 reelection campaign that “…[y]ou can’t have a woke military…You need people that want to win. They want to win wars. That’s what their purpose is, to win wars, not to be woke… but we do have great military.”

MIL OSI USA News –

January 29, 2025

MIL-OSI: Auburn National Bancorporation, Inc. Reports Fourth Quarter and Full Year Results

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter 2024 Highlights:

Net interest margin (tax-equivalent) improved 44 basis points to 3.09%, compared to 4Q 2023

Net interest income (tax-equivalent) increased 14% compared to 4Q 2023

Average loans increased 3% compared to 4Q 2023

Nonperforming assets were $0.5 million or 0.05% of total assets at December 31, 2024

AUBURN, Ala., Jan. 28, 2025 (GLOBE NEWSWIRE) — Auburn National Bancorporation (Nasdaq: AUBN) reported net income of $1.6 million, or $0.45 per share, for the fourth quarter of 2024, compared to $1.7 million, or $0.50 per share, for the third quarter of 2024, and a net loss of $(4.0) million, or $(1.14) per share, for the fourth quarter of 2023. The net loss for the fourth quarter of 2023 reflected the sale of $117.6 million of available-for-sale securities for an after-tax loss of $(4.7) million, or $(1.35) per share related to the Company’s balance sheet repositioning strategy. Excluding this non-routine item, net earnings for the fourth quarter of 2023 would have been $0.7 million, or $0.21 per share.

For the full year 2024, the Company reported net earnings of $6.4 million, or $1.83 per share, compared to $1.4 million, or $0.40 per share, for 2023. Excluding the loss on sale of securities related to the balance sheet repositioning strategy during 2023, described above, net earnings for the full year 2023 would have been $6.1 million, or $1.75 per share.

“Our fourth quarter and full year results reflect solid revenue growth, strong asset quality, and controlled expenses,” said David A. Hedges, President and CEO. “Except for the first quarter of 2024, following the balance sheet repositioning, our quarterly cost of deposits decreased for the first time since the third quarter of 2022. We remain optimistic that our net interest margin will continue to improve in 2025 as recent cuts in the federal funds rate should reduce our cost of deposits and still allow our earning asset yields to improve as loans and securities re-price. While the interest rate environment remains challenging for the banking industry, our capital and liquidity are strong and we are well positioned to meet the needs of our customers,” said Mr. Hedges.

Net interest income (tax-equivalent) was $7.0 million for the fourth quarter of 2024, compared to $6.8 million in the third quarter of 2024, and $6.2 million for the fourth quarter of 2023. The increase in net interest income was primarily due to improved net interest margin.

Net interest margin (tax-equivalent) was 3.09% in the fourth quarter of 2024, compared to 3.05% in the third quarter of 2024, and 2.65% in the fourth quarter of 2023. The increase in net interest margin compared to the fourth quarter of 2023 was primarily due to loan growth and the balance sheet repositioning strategy mentioned above, which resulted in a more favorable asset mix and higher yields on interest-earning assets in 2024. Average loans for the fourth quarter of 2024 were $567.6 million, a 3% increase from the fourth quarter of 2023.

Nonperforming assets were $0.5 million, or 0.05% of total assets, at December 31, 2024, compared to $0.8 million, or 0.08% of total assets at September 30, 2024, and $0.9 million, or 0.09% of total assets, at December 31, 2023.

The Company recorded a negative provision for credit losses of $(48) thousand in the fourth quarter of 2024, compared to a negative provision for credit losses of $(127) thousand in the third quarter of 2024, and a provision for credit losses of $326 thousand in the fourth quarter of 2023.

At December 31, 2024 and September 30, 2024, the Company’s allowance for credit losses was $6.9 million, or 1.22% of total loans, compared to $6.9 million, or 1.23% of total loans at December 31, 2023. Although the balance of the allowance for credit losses was largely unchanged, the decrease in the allowance for credit losses as a percentage of total loans was primarily due to improved economic forecasts.

Noninterest income was $0.8 million for both the fourth and third quarters of 2024, compared to a loss of $5.4 million in the fourth quarter of 2023. Excluding the pre-tax securities loss of $6.3 million related to the balance sheet repositioning strategy in 2023, noninterest income would have been $0.9 million for the fourth quarter of 2023.

Noninterest expense was $5.5 million in both the fourth and third quarters of 2024, compared to $5.8 million for the fourth quarter of 2023. The decrease in noninterest expense compared to the fourth quarter of 2023 was primarily related to decreases in salaries and benefits expense, net occupancy and equipment expense, and professional fees expense.

The provision for income tax expense was $0.8 million for the fourth quarter of 2024, compared to income tax expense of $0.5 million for the third quarter of 2024, and an income tax benefit of $(1.5) million for the fourth quarter of 2023.

The effective tax rate for the fourth quarter of 2024 was 34.73%, compared to 23.46% for the third quarter of 2024, and an effective tax rate of (27.53)% for the fourth quarter of 2023. The increase in the effective tax rate compared to the fourth quarter of 2023 was primarily due to an increase in pre-tax earnings in 2024 resulting from our balance sheet repositioning and the pre-tax loss incurred in the fourth quarter of 2023 from selling securities in such balance sheet repositioning. Also, the provision for income tax expense and the effective tax rates for the fourth and third quarters of 2024 included discrete tax items associated with provision to return adjustments in conjunction with the final 2023 tax return filing and the resolution of state examination activities, which resulted in additional tax expense. Excluding these discrete items, the effective tax rate for the fourth and third quarters of 2024, would have been 21.55% and 18.96%, respectively. The Company’s effective income tax rate otherwise is principally affected by tax-exempt earnings from the Company’s investments in municipal securities, bank-owned life insurance, and New Markets Tax Credits.

Total assets were $977.3 million at December 31, 2024, compared to $990.1 million at September 30, 2024 and $975.3 million at December 31, 2023. Loans, net of unearned income were $564.0 million at December 31, 2024, compared to $565.7 million at September 30, 2024 and $557.3 million at December 31, 2023. Growth in construction and land development loans since December 31, 2023 was partially offset by paydowns in commercial and industrial loans. Total deposits were $895.8 million at December 31, 2024, compared to $901.7 million at September 30, 2024 and $896.2 million at December 31, 2023. At December 31, 2024, the Company had $74.1 million of reciprocal deposits sold off-balance sheet, compared to $37.8 million at September 30, 2024, and $59.0 million at December 31, 2023. The Company had no brokered deposits, FHLB advances or other wholesale borrowings outstanding at December 31, 2024, September 30, 2024, or December 31, 2023.

At December 31, 2024, the Company’s consolidated stockholders’ equity (book value) was $78.3 million, or $22.41 per share, compared to $84.3 million, or $24.14 per share, and $76.5 million, or $21.90 per share, at December 31, 2023. The decrease from September 30, 2024 was primarily driven by other comprehensive losses of $6.7 million due to higher market interest rates that led to an increase in unrealized losses on securities available-for-sale, net of tax, and cash dividends paid of $1.0 million, partially offset by net earnings of $1.6 million during the fourth quarter of 2024. The increase from December 31, 2023 was primarily driven by net earnings of $6.4 million, which was partially offset by cash dividends paid of $3.8 million, other comprehensive losses of $0.6 million related to unrealized gains/losses on securities available-for-sale, net of tax, and a $0.3 million one-time charge for the cumulative effect to adopt a new accounting standard on January 1, 2024. Unrealized losses on securities do not affect the Bank’s capital for regulatory capital purposes.

The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was 8.01% at December 31, 2024, compared to 8.52% at September 30, 2024, and 7.84% at December 31, 2023. All of the Company’s marketable securities are classified as available-for-sale. Therefore, any changes in the fair value of the Company’s securities portfolio are reflected in total equity, net of tax, under generally accepted accounting principles.

The Company paid cash dividends of $0.27 per share in the fourth quarter of 2024. At December 31, 2024, the Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards.

About Auburn National Bancorporation, Inc.

Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $977 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank operates seven full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, costs and revenues, the continuing effects of the COVID-19 pandemic and related government, Federal Reserve monetary and regulatory actions, including the remaining effects of pandemic-related economic stimulus and economic conditions generally and in our markets, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation, including Federal Reserve monetary policies which were tightened in response to inflation beginning in 2022 through increases in the target federal funds rate and reductions in the Federal Reserve’s Treasury and mortgage-backed securities (MBS) holdings, and more recent monetary loosening through increased reinvestment of maturing Treasury securities and reinvestment in agency debt and MBS in Treasury securities beginning in June 2024 and beginning September 17, 2024, three reductions in the target federal funds rate totaling 100 basis points to a current target of 4.25-4.50%, changes in the shape of the yield curve, interest rates (generally and those applicable to our assets and liabilities) and changes in our asset values, especially investment securities, as a result of monetary policies and interest rate changes, noninterest income, loan performance, loan deferrals and modifications, nonperforming assets, other real estate owned, provision for credit losses, including the continuing effects of the application of the new CECL accounting standard adopted on January 1, 2023 and our CECL models, including possible adjustments to the fair values of securities available for sale in lieu of other-than-temporary impairments, charge-offs, collateral values, credit quality, asset sales, insurance claims, and market trends, as well as statements with respect to our objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements, with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements, or financial condition of the Company or the Bank to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2023 and otherwise in our other SEC reports and filings.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.

For additional information, contact:
David A. Hedges
President and CEO
(334) 821-9200

Financial Highlights (unaudited)
			Quarter ended												Year ended December 31,
(Dollars in thousands, except per share amounts)				December 31, 2024				September 30, 2024				December 31, 2023				2024				2023
Results of Operations
Net interest income (a)			$	6,988			$	6,811			$	6,154			$	27,204			$	26,745
Less: tax-equivalent adjustment				19				21				95				79				417
	Net interest income (GAAP)			6,969				6,790				6,059				27,125				26,328
Noninterest income				845				846				(5,429	)			3,474				(2,981	)
	Total revenue			7,814				7,636				630				30,599				23,347
Provision for credit losses				(48	)			(127	)			326				36				135
Noninterest expense				5,472				5,500				5,803				22,166				22,594
Income tax expense (benefit)				830				531				(1,514	)			2,000				(777	)
Net earnings (loss)			$	1,560			$	1,732			$	(3,985	)		$	6,397			$	1,395

Per share data:
Basic and diluted net earnings (loss):			$	0.45			$	0.50			$	(1.14	)		$	1.83			$	0.40
Cash dividends declared			$	0.27			$	0.27			$	0.27			$	1.08			$	1.08
Weighted average shares outstanding:				3,493,699				3,493,699				3,493,614				3,493,690				3,498,030
Shares outstanding, at period end				3,493,699				3,493,699				3,493,614				3,493,699				3,493,614
Book value			$	22.41			$	24.14			$	21.90			$	22.41			$	21.90
Common stock price:
	High		$	24.57			$	24.35			$	21.99			$	24.57			$	24.50
	Low			20.06				17.50				19.72				16.63				18.80
	Period-end		$	23.49			$	22.90			$	21.28			$	23.49			$	21.28
		To earnings ratio (c)		12.77		x		91.60		x		53.20		x		12.84		x		53.20		x
		To book value		105		%		95		%		97		%		105		%		97		%
Performance ratios:
Return on average equity (annualized):				7.49		%		9.10		%		(26.40	)	%		8.21		%		2.05		%
Return on average assets (annualized):				0.63		%		0.71		%		(1.56	)	%		0.65		%		0.14		%
Dividend payout ratio				60.00		%		54.00		%		(23.68	)	%		59.02		%		270.00		%
Other financial data:
Net interest margin (a)				3.09		%		3.05		%		2.65		%		3.06		%		2.89		%
Effective income tax rate				34.73		%		23.46		%		(27.53	)	%		23.82		%		(125.73	)	%
Efficiency ratio (b)				69.86		%		71.83		%		800.41		%		72.25		%		95.08		%
Asset Quality:
Nonperforming assets:
	Nonperforming (nonaccrual) loans		$	503			$	775			$	911			$	503			$	911
		Total nonperforming assets	$	503			$	775			$	911			$	503			$	911

Net (recoveries) charge-offs			$	(16	)		$	60			$	173			$	(14	)		$	46
Allowance for credit losses as a % of:
	Loans			1.22		%		1.22		%		1.23		%		1.22		%		1.23		%
	Nonperforming loans			1,366		%		887		%		753		%		1,366		%		753		%
Nonperforming assets as a % of:
	Loans and other real estate owned			0.09		%		0.14		%		0.16		%		0.09		%		0.16		%
	Total assets			0.05		%		0.08		%		0.09		%		0.05		%		0.09		%
Nonperforming loans as a % of total loans				0.09		%		0.14		%		0.16		%		0.09		%		0.16		%
Net (recoveries) charge-offs
as a % of average loans				(0.01	)	%		0.04		%		0.13		%		—		%		0.01		%

Selected average balances:
Securities			$	255,168			$	251,723			$	354,065			$	258,155			$	387,488
Loans, net of unearned income				567,634				571,651				550,938				568,378				523,838
Total assets				991,275				982,656				1,020,476				982,268				1,021,808
Total deposits				904,605				904,860				953,674				902,429				946,791
Total stockholders’ equity				83,325				76,113				60,372				77,921				68,066
Selected period end balances:
Securities			$	243,012			$	258,285			$	270,910			$	243,012			$	270,910
Loans, net of unearned income				564,017				565,699				557,294				564,017				557,294
Allowance for credit losses				6,871				6,876				6,863				6,871				6,863
Total assets				977,324				990,143				975,255				977,324				975,255
Total deposits				895,824				901,724				896,243				895,824				896,243
Total stockholders’ equity				78,292				84,336				76,507				78,292				76,507

(a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation of
	GAAP to non-GAAP Measures (unaudited).”
(b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and tax-equivalent
	net interest income. See “Reconciliation of GAAP to non-GAAP Measures (unaudited)” below.
(c) Calculated by dividing period end share price by earnings per share for the previous four quarters.

Reconciliation of GAAP to non-GAAP Measures (unaudited):

Quarter ended December 31,

Years ended December 31,

(Dollars in thousands, except per share amounts)

2023

2022

2023

2022

Net interest income, as reported (GAAP)

6,059

7,471

26,328

27,166

Tax-equivalent adjustment

117

417

456

Net interest income (tax-equivalent)

6,154

7,588

26,745

27,622

The MIL Network –

January 29, 2025

MIL-OSI: Bannix and VisionWave Announce filing of a registration statement on Form S-4

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., Jan. 28, 2025 (GLOBE NEWSWIRE) — Bannix Acquisition Corp. (“Bannix”) (NASDAQ: BNIX), a publicly traded special purpose acquisition company, and VisionWave Technologies, Inc. (“VisionWave”), a company specializes in the development, testing, and commercialization of advanced technologies for defense, surveillance, and homeland security applications., today announced that VisionWave Holdings, Inc., a wholly owned subsidiary of Bannix (“VisionWave Holdings”), filed with the U.S. Securities and Exchange Commission (“SEC”) of a registration statement on Form S-4 (the “Registration Statement”).

The Registration Statement contains a preliminary proxy statement/prospectus in connection with the proposed business combination between VisionWave and Bannix. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about VisionWave, VisionWave Holdings, Bannix, and the proposed business combination.

CEO and Chairman of Bannix Douglas Davis, commented, “We are thrilled to reach this milestone with VisionWave as we continue the partnership. The potential of in the defense sector is immense, and this partnership positions the combined company for success. We are confident VisionWave is poised to be a leading player and are eager to continue on the path ahead.”

Transaction Overview

Under the terms of the merger agreement entered into by Bannix and VisionWave, among others, with respect to the proposed business combination, Bannix and VisionWave will merge with subsidiaries of VisionWave Holdings, a wholly owned subsidiary of Bannix that was formed for the proposed transaction (the “Merger”), with Bannix and VisionWave becoming direct wholly owned subsidiaries of VisionWave Holdings. At the effective time of the Merger, stockholders of Bannix and VisionWave immediately prior to the effective time of the Merger will receive shares of VisionWave Holdings common stock.

About Bannix Acquisition Corp.

Bannix Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

About VisionWave Technologies Inc.

VisionWave Technologies Inc. is at the forefront of revolutionizing defense capabilities by integrating advanced artificial intelligence (AI) and autonomous solutions across air, ground, and sea domains. Its state-of-the-art innovations— ranging from high-resolution radars and advanced vision systems to radio frequency (RF) sensing technologies are seeking to redefine operational efficiency and precision for military and homeland security applications worldwide. From tactical ground vehicles to precision weapon control systems, VisionWave leads the development of reliable, high-performance technologies that transform defense strategies and deliver superior results, even in the most challenging environments. With headquarters in the U.S. and strategic partnerships in Canada and the United Arab Emigrants, VisionWave is uniquely positioned to serve global markets, offering cutting-edge defense solutions that address the evolving needs of security forces across the world.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on beliefs and assumptions and on information currently available to Bannix and VisionWave, including statements regarding VisionWave’s business plans and growth strategies, market opportunities, and financial prospects. In some cases, you can identify forward looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to:

(i) the risk that the previously disclosed proposed business combination (the “proposed transaction”) may not be completed in a timely manner or at all, which may adversely affect the price of Bannix’s securities; (ii) the risk that the proposed transaction may not be completed by Bannix’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Bannix; (iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the approval of the proposed transaction by Bannix’s stockholders and the receipt of certain governmental and regulatory approvals; (iv) the failure to obtain adequate financing to support the future working capital needs of VisionWave and the combined company; (v) the outcome of any legal proceedings that may be instituted against Bannix or VisionWave related to the merger agreement and the proposed transaction; (vi) changes to the proposed structure of the proposed transaction that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed transaction; (vii) the ability to maintain the listing of Bannix’s securities on Nasdaq; (viii) the price of Bannix’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which VisionWave operates, variations in performance across competitors, changes in laws and regulations affecting VisionWave’s business and changes in the combined capital structure; and (viii) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Bannix’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are available on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov and other documents filed, or to be filed with the SEC by Bannix and that may be found in the Registration Statement. The foregoing list of factors is not exhaustive. There may be additional risks that neither Bannix nor VisionWave presently know or that Bannix or VisionWave currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the definitive proxy statement to be filed by VisionWave Holdigns with the SEC, including those under “Risk Factors” therein, and other documents filed by Bannix and VisionWave Holdings from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Bannix, VisionWave and VisionWave Holdings assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Bannix, VisionWave Holdings nor VisionWave gives any assurance that either Bannix or VisionWave will achieve its expectations.

Additional Information and Where to Find It

In connection with the proposed transaction, VisionWave Holdings filed with the SEC the Registration Statement on Form S-4, and after the Registration Statement is declared effective, VisionWave Holdings will mail a definitive proxy statement/prospectus relating to the proposed transaction to its stockholders. This press release does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. VisionWave Holdings and Bannix may file other documents regarding the proposed transaction with the SEC, and Bannix’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto, the definitive proxy statement/prospectus and the other documents filed in connection with the proposed transaction, as these materials will contain important information about VisionWave, VisionWave Holdings, Bannix and the proposed transaction. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed transaction will be mailed to stockholders of Bannix as of a record date to be established for voting on the proposed transaction and the other matters to be voted upon at a meeting of Bannix’s stockholders to be held to approve the proposed transaction and such other matters. Such stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Bannix Acquisition Corp., 300 Delaware Avenue, Suite 210#301, Wilmington, Delaware 19801 or via email at doug.davis@bannixacquisition.com.

Participants in Solicitation

Bannix, VisionWave Holdings and VisionWave, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from Bannix’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Bannix’s stockholders in connection with the proposed transaction, including the names of such persons and a description of their respective interests, is set forth in Bannix’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the Registration Statement regarding the proposed transaction when it becomes available. Stockholders will be able to obtain copies of the documents described in this paragraph that are filed with the SEC, once available, without charge at the SEC’s website at www.sec.gov, or by directing a request to Bannix Acquisition Corp., 300 Delaware Avenue, Suite 210#301, Wilmington, Delaware 19801 or via email at doug.davis@bannixacquisition.com.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Bannix, VisionWave Holdings or VisionWave, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Contacts

Bannix Acquisition Corp.
Douglas Davis, CEO
(302) 305-479

The MIL Network –

January 29, 2025
MIL-OSI: New Research Reveals Massive Surge in AI Adoption for Talent Acquisition in 2025
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Today, GoodTime released its fourth annual Hiring Insights Report, a comprehensive analysis based on an independent study of over 500 U.S. talent acquisition (TA) leaders, revealing the most pressing challenges and emerging trends shaping the hiring landscape in 2025.

The report uncovers a challenging talent market where TA teams met just 47.9% of their hiring goals in 2024 on average, marking the lowest success rate recorded in the past four years. Persistent bottlenecks, increasing time-to-hire, and rising candidate expectations have strained hiring efficiency across industries.

At the same time, the report reveals key opportunities for 2025, including greater use of AI and automation, streamlined hiring tools, and a renewed focus on candidate experience — strategies that top-performing teams are already embracing to stay competitive.

Key findings from the 2025 Hiring Insights Report:
- Time-to-hire challenges: 60% of organizations reported longer time-to-hire in 2024, with interview cancellations and scheduling delays identified as the top bottlenecks.
- Surging AI adoption: 99% of talent acquisition teams now use AI and automation to streamline hiring processes, with 93% planning additional technology investments in 2025.
- Candidate experience focus: Top-performing teams were 55% more likely to focus on candidate experience improvements.
- Sector-specific insights: Healthcare was the only sector to show year-over-year improvement in hiring goal attainment (56%), while retail, manufacturing, financial services, and technology all lagged further behind.
Talent leaders eye bold moves in 2025

“The data makes it clear — talent teams can’t afford to stay stuck in the hiring struggles of 2024,” said Ahryun Moon, CEO and Co-Founder of GoodTime. “The path forward demands bold investments in automation and AI to eliminate bottlenecks and meet hiring goals faster. But efficiency alone isn’t enough. The teams that will win in 2025 are those that balance speed with exceptional, human-centric hiring experiences.”

The 2025 Hiring Insights Report shows that talent acquisition leaders are taking decisive action to improve hiring efficiency and outcomes in the year ahead, and focusing on five key areas to overcome hiring challenges:

Driving operational efficiency with AI and automation

AI and automation are now essential tools for modern talent acquisition. 99% of teams reported the use of these technologies and nearly all leaders are planning additional investments in 2025. Streamlined and automated workflows reduce administrative burdens, allowing recruiters to focus on strategic hiring efforts and improving overall operational efficiency.

Eliminating bottlenecks in the hiring process

Time-to-hire remains a critical challenge, with 60% of organizations reporting delays, largely due to interview cancellations and scheduling issues. Addressing these bottlenecks requires proactive strategies such as AI-powered analytics for identifying recurring issues, intelligent interviewer selection tools, and automated reminders and rescheduling workflows. These efforts help reduce scheduling conflicts and improve hiring speed.

Enhancing the candidate experience to stay competitive

Top-performing TA teams set themselves apart by prioritizing the candidate experience. Personalized experiences, such as branded candidate portals with real-time updates and anonymous feedback collection, keep candidates informed and engaged throughout the hiring process. Additionally, AI-driven insights help interviewers come better prepared for conversations, ensuring a smoother and more effective interview that creates a more engaging candidate experience.

Leveraging data-driven insights for better decision-making

Data and analytics have transformed hiring strategies, and nearly half of teams reported using AI-powered insights for better decision-making. Leading organizations are using these tools to detect inefficiencies, benchmark performance against industry standards, and implement real-time analytics for continuous process improvement, to make more informed decisions faster.

Committing to continuous process improvement

TA leaders emphasize the need for continuous refinement of hiring processes to stay competitive. This includes regular process audits using hiring data and feedback, ongoing interviewer training, and aligning hiring strategies with broader business goals. A culture of continuous improvement ensures hiring teams remain agile and capable of adapting to evolving market conditions.

How challenges differed across sectors

The 2025 Hiring Insights Report revealed that hiring challenges varied significantly across sectors. For example, healthcare was the only sector to report year-over-year improvements in hiring goal attainment, reaching 56%. Conversely, the retail and manufacturing sectors faced some of the highest struggles, with hiring goal attainment dipping to 36% — its lowest in three years.

The financial services and technology sectors cited interview scheduling delays and capacity issues as primary barriers to success. Companies in these sectors have increasingly adopted automated interview scheduling tools and leverage AI to manage interviewer capacity more effectively. Meanwhile, the retail sector reported a surge in candidate drop-offs due to prolonged hiring timelines, highlighting the critical need for faster, more efficient hiring processes.

The 2025 Hiring Insights Report offers further analysis and detailed recommendations for talent leaders seeking to improve hiring outcomes. The full report is available at goodtime.io.

About GoodTime

GoodTime elevates the entire hiring experience with human-centric AI, all while automating 90% of interview management tasks. Trusted by global talent teams at companies like Hubspot, Spotify, Priceline, and Lyft, our platform not only automates interview scheduling but also keeps candidates and interviewers deeply engaged throughout the hiring journey. Gain access to powerful insights and AI-driven recommendations to streamline processes and ensure every interviewer is always well-prepared. The result? Exceptional hiring experiences that consistently land you top talent.

Learn more at goodtime.io.

Media Contact

For more information or to arrange an interview with Ahryun Moon, please contact:
Jake Link
press@goodtime.io

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9acc85bf-54e5-4ade-9d49-7e9ea67071df

The MIL Network –
January 29, 2025
MIL-OSI Global: You don’t have to be a net zero hero – how focus on personal climate action can distract from systemic problems

Source: The Conversation – UK – By Sam Illingworth, Professor of Creative Pedagogies, Edinburgh Napier University

Tint Media/Shutterstock

Campaigns and social media often encourage people to make eco-friendly choices like using less plastic or driving less. While these actions are important, focusing so much on what people do can distract from the much larger role that businesses and governments play in causing and solving environmental problems.

For example, some campaigns promote a “net zero hero” narrative that implies that people should take the lead in fighting climate change by changing their behaviour, recycling more, taking fewer flights or eating less meat.

While personal actions can help, there’s a danger this way of thinking can put too much responsibility on consumers. These individual actions are not enough to solve the problem.

By focusing so much on personal responsibility, we risk ignoring the systemic changes needed to address the climate crisis. These include switching to renewable energy on a large scale, enforcing strict industrial regulations and redesigning cities to reduce dependence on fossil fuels.

Without these bigger steps, taken by governments and large organisations, we can’t make real progress in tackling climate change.

Read more:
Quick climate dictionary: what actually is a carbon footprint?

Energy companies and trade groups have been particularly good at shifting blame to consumers. They promote products and habits that claim to lower personal carbon footprints while lobbying against strong environmental laws that would require real emission cuts from industries.

Fossil fuel companies have known about climate change science since the 1950s but funded misinformation campaigns to delay action and shift blame to individuals.

Indeed, the carbon footprint calculator itself was developed in 2004 by a public relations firm working for BP. The tool encouraged individuals to calculate their personal impact on the environment, focusing on activities like driving, energy use, and diet.

According to reports on the campaign’s origins, this approach was part of a deliberate strategy to shift public attention away from the significant environmental harm caused by corporations, particularly the fossil fuel industry.

Despite this narrative, many corporations have failed to address their own emissions. A recent study found that only 60% of companies met their 2020 emissions targets, and 31% failed to report any outcomes.

This lack of accountability highlights how many major companies neglect their responsibilities, raising serious concerns about their commitment to 2030 climate goals.

These tactics maintain the status quo and creates a cycle of guilt and failure for consumers. Many people feel overwhelmed, leading to demotivation and even climate anxiety.

Similar strategies have been used in other industries. For instance, the tobacco industry blamed smokers for health issues, focusing on personal choice while downplaying nicotine addiction and resisting health regulations.

The real meaning of a carbon footprint.

Shifting the focus

In my research into climate communication, I see how stories of guilt resonate with communities already facing misplaced blame. For example, in workshops with groups affected by austerity, people often felt guilty for not helping others more.

Over time, they realised this was due to failures in governance, not personal shortcomings. They saw a similar pattern in the climate crisis, learning to separate personal guilt from the larger roles of corporations and governments.

Collective action will drive systemic change.
John Gomez/Shutterstock

As a climate researcher and communicator, my job is to help move the conversation from personal guilt to shared responsibility and accountability. This shift empowers people as citizens, not just consumers, to demand action from leaders and industries.

Understanding that while personal responsibility is meaningful, the real power to create change lies with corporations and governments is vital. We need systemic change, not consumer guilt.

To tackle the climate crisis, we must make personal choices that reflect care for the environment. But we must also work together to demand that companies and governments adopt sustainable practices, for example through voting for leaders who prioritise environmental reform. The path to a sustainable future is collective action – not carrying the weight of guilt alone.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

Sam Illingworth 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. You don’t have to be a net zero hero – how focus on personal climate action can distract from systemic problems – https://theconversation.com/you-dont-have-to-be-a-net-zero-hero-how-focus-on-personal-climate-action-can-distract-from-systemic-problems-248073

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI Global: Patrick Doyle’s five best film scores – including his pick of an undiscovered gem

Source: The Conversation – UK – By David Scott, Head of Division, School of Business and Creative Industries, University of the West of Scotland

Scottish musician Patrick Doyle is an acclaimed composer of over 60 feature film scores with many attendant accolades, honours and awards. I first met him in 2001 while making a now long-vanished series on movie music called Silverscreen Beats for BBC Radio.

I visited him at his office on the Shepperton lot in Surrey. There, I watched, enchanted, as he flitted between desk and piano bringing his creativity to life with his incredible musicality and riotous humour illustrating scores like Carlito’s Way (1993), Sense and Sensibility (1995) and Gosford Park (2001).

So years later, when the University of the West of Scotland (UWS) presented Doyle with an honorary doctorate, I wasted no time in asking him to visit and talk to our students. The film of that event is finally available online and is a treat for all fans of film music.

I could pick 20 favourite Patrick Doyle soundtracks for this “best of” list. In the end, I selected these four and asked him to pick a fifth.

1. Henry V (1989)

Back in 2001, Doyle told me he loves to get the opportunity to compose a song for a movie soundtrack. Henry V, his first full-length feature score, includes one of the greatest examples, Non-Nobis Domine, sung after the key battle scene of Kenneth Branagh’s 1989 film.

It builds from a plain opening verse, sung in the film by young Doyle himself who remembers, with a humorous twinkle, trying to sing it slightly “off key” to enhance its authenticity.

Non-Nobis Domine in Henry V.

From that simple introduction, the composer gradually adds choral, orchestral and complex harmonic elements, skilfully balancing the elation and darkness of triumph. And for all its harmonic counterpoint and rich orchestration, he never lets you forget that lonely central melody, doubling it down the octave on bowed double basses as it reaches the climax.

The soundtrack recording, conducted by Simon Rattle with the Birmingham Symphony Orchestra, is a thing of wonder. But to truly understand the perfect marriage of story and music – even if orchestras and choirs did not typically boom across 15th-century battlefields – experience Non-Nobis Domine in the original movie.

2. Brave (2012)

The Scottish tradition is never far from Patrick’s music. Indeed, O! For a Muse of Fire, the opening theme from Henry V, uses a recognisably Scottish sound, two notes played quickly across a five note interval, as a key motif, expanding this in a melodic phrase that recalls the cries of seagulls.

In Disney Pixar’s Brave (2012), Doyle brings an authentic voice to the imaginary Scotland of its central character, the indefatigable Merida. Her defiant exuberance is mirrored in the rhythm of pieces like The Games and Remember to Smile where the composer uses a traditional hand-held drum (the bodhran), bagpipes and fiddles, with the harmony instruments often playing in tight unison to rousing effect.

Remember to Smile from the Brave score.

If a key role of the movie soundtrack is to extend narrative or visual language, the effect wrought here is almost physical – to the extent that my own embarrassed grandchildren have had to restrain me from dancing on the couch during screenings of Brave.

Elsewhere though, the slow mystery of a beautifully animated landscape is matched by atmospheric, languid passages that call on deep reserves of the tradition and its melancholy.

3. Sense and Sensibility (1995)

Patrick’s Catholic upbringing is another constant presence in his music. He was greatly influenced by the beautiful Irish melodic hymns which were imported to the west of Scotland. His soundtrack for Ang Lee’s Sense and Sensibility was nominated for a raft of music awards including the Baftas, the Oscars and Golden Globes.

It has marvellous passages of yearning and almost devotional melody and harmony, but I include it selfishly for the hymnal Weep No More You Sad Fountains alone. It’s one of my very favourite melodies, and one I was privileged to hear him play at close quarters at UWS.

The Dreame from Sense and Sensibility.

This majestic piece can be heard on the original soundtrack, sung by English soprano Jane Eaglen, on Patrick’s 2015 album of solo piano pieces and, of course, during my interview with him. Perhaps less well known from the same film is The Dreame, another devotional piece, again sung by Eaglen and set to a Ben Johnson poem. Complex in conception and virtuosic in execution, the piece is nevertheless understated, underplayed, and more devastating for it.

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4. Carlito’s Way (1993)

Doyle’s hilarious and hugely affectionate account of working with one of cinema’s greats, the director Brian DePalma, is a highlight of the conversation I had with him at UWS. His insights range from the creation of the music, the larger-than-life DePalma himself and descriptions of giant cranes chucking down fake rain onto a Biblical-scale location shoot in New York.

The music created for Carlito’s Way, DePalma’s crime classic starring Al Pacino, is dramatic and rangy, with passages of glacial orchestrated strings – the title theme is a highlight – sitting alongside solo piano, small jazz ensemble and interesting sonic juxtapositions.

The Elevator from Carlitto’s Way.

One piece, The Elevator, combines marimba, piano and plucked strings in unison against guiro and woodblocks. It establishes a theme that builds intensely, adding different instrumental colour towards the famous climax in Grand Central Station in New York. It is recognisably “movie music”, but tells its own melodic story.

5. Doyle’s choice – Indochine (1993)

When I asked Patrick to choose an “undiscovered gem for a new generation”, he quickly picked Indochine, the 1993 drama starring Catherine Deneuve. The movie won the Oscar for best foreign film in that year and the music is classic Doyle, melodic, rich in harmony and grand enough in orchestral scale to match the sumptuous visual language of the film.

Premier Rendez-Vous from Indochine.

That devotional, romantic sound is in full flow too. Pieces like Premier Rendez-Vous and Journey’s End are almost heady in conception and execution. Among the most distinctive themes in this hugely expansive work are also among the most distinctive pieces in Doyle’s own canon: two sure-footed tango and rumba pieces and the title theme itself with its unusual and atmospheric combination of ethereal wordless vocal, eastern bass drum, gong and finger bells. Essential.

David Scott 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. Patrick Doyle’s five best film scores – including his pick of an undiscovered gem – https://theconversation.com/patrick-doyles-five-best-film-scores-including-his-pick-of-an-undiscovered-gem-247132

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI Global: Trump pulls out of WHO and Paris – how did international bodies get through deglobalisation last time around?

Source: The Conversation – UK – By Perri 6, Emeritus Professor of Public Management, Queen Mary University of London

Donald Trump has ordered the US to leave the World Health Organization. Skorzewiak / Shutterstock

Following Donald Trump’s return to the White House, much attention has been given to his plans for tariffs on imported goods, deportations of illegal migrants, and cuts to federal government spending. Fewer column inches have addressed the implications of his presidency for global regulatory bodies.

Just as he did during his first term, Trump has announced the withdrawal of the US from the World Health Organization (WHO) and from the Paris climate accords.

And because his tariffs programme will challenge World Trade Organization (WTO) rules, Trump is likely to continue the US policy of stymieing the WTO’s appellate body, which adjudicates on trade disputes between states. US withdrawals from other international regulatory bodies are also possible.

Each of the bodies from which Trump withdrew last time around survived. However, threats to global regulatory bodies today could be greater than they were during Trump’s first term.

In the US and beyond, deglobalisation has so far been evident only in state policies, and not in trade flows. China, for example, has set up and now dominates several regional investment and trade organisations to provide alternatives to the International Monetary Fund and World Bank.

However, tariff retaliation and bloc-based regulatory standards could soon turn “slowbalisation” – a trend whereby political support for open trade has gradually weakened and the rate of growth in world trade has slowed – into trade deglobalisation.

We have been here before. The 1930s were characterised by high tariffs, breakup of trade into blocs, and withdrawals and expulsions of major powers from global bodies. In the 1940s, which saw the breakout of the second world war, trade was conducted almost exclusively among allies.

Yet almost all international regulatory bodies survived during this period, albeit they were bruised and were able to achieve less as a result.

Our study, which was published in 2021, distinguished pathways through which three distinct groups of global regulatory bodies either survived or else handed over their archives, networks and organisational capacity to their UN-era successors.

Preserving rule sets

One inter-war group of industry-specific global regulators oversaw capital-intensive and infrastructure-heavy international industries such as telecommunications and railways. This group included the International Telecommunications Union and a modest alphabet soup of closely cooperating railway bodies.

In these fields, interconnection depended on common but frequently updated and adjusted rule sets for technology, accounting and routing management. They also required continuous statistical collections by international bureaus.

Unable to agree major regulatory innovation after the global economic crisis began in 1931, these bodies reduced their focus to managing and maintaining their existing rule sets and information services.

On the outbreak of war in Europe, their bureaus went into a phase of severely reduced activity, with many of their activities suspended. However, they continued to collect and publish statistics, maintained their networks within member states, and developed ambitious plans for peacetime.

The International Telecommunications Union and the railway authorities resumed operations shortly after the end of hostilities with their rule sets intact.

Individual brokering work

A second cluster were generic bodies, responsible for the oversight of labour relations and aspects of capital flows. These are faster-moving fields than infrastructure-heavy industries. These bodies included the International Labour Organization (ILO) and the Economic and Financial Organisation of the League of Nations (EFO).

They provided expertise for negotiating agreements on particular problems. In the case of the ILO, this included conventions on working time, women’s working conditions, and forced labour. The EFO brokered financial support with strict conditions for Austria and Hungary, then new and struggling states which faced acute financial crises in the early 1920s.

These organisations faced increasing difficulties during the deglobalisation of the 1930s. But they continued to provide bilaterally negotiated support for many countries. The ILO, for example, provided technical assistance to some south American governments on the design of social insurance schemes, while the EFO’s financial committee worked with central banks.

Survival or bequest was secured by the brokering work of key individual leaders who were able to exploit fluid networks among states, firms and unions in global labour and capital debates.

The EFO secured the transfer of key staff, networks and traditions to post-war bodies including the UN Economic and Social Council and the UN Food and Agriculture Organization. And the ILO’s director-general, Edward Phelan, was crucial in negotiating with the US to relaunch the organisation with a new programme for the post-war era.

New international clubs

A third group of regulatory bodies was created precisely in response to the 1930s global economic crisis. These were international commodity unions for goods such as tin, rubber, tea and sugar.

Most were publicly run cartels, often backed by the imperial blocs that dominated the fragmenting world trade system. Like many cartels, their cohesion was fragile. But many of those that were successfully established managed to survive the 1930s and the war that followed.

Their survival depended less on the formal administrative organisation of the infrastructure bodies or the individual brokering work that sustained the capital and labour bodies. It was dependent more on their ability to draw upon club-like collective bonds both among major producing and exporting firms and among officials across key producer states and imperial authorities.

Within the tightly bonded International Tin Committee, for example, a succession of agreements on prices, quotas and voting rights were settled. Despite initial US reluctance to see these international commodity unions continue into peacetime, President Harry Truman was persuaded of their temporary value for economic order during reconstruction.

Some even continued until the 1970s, when they collapsed in that decade’s global economic turmoil. Freer markets then superseded intergovernmental cartels.

Trump’s policies, as well as those of China, Russia and other major powers, may again endanger the roles of global regulatory bodies. But some will survive by focusing on the routine maintenance services provided by their bureaus, and some will empower individual leaders to negotiate their way to reinvention and survival.

Others will pass their capacity to new agencies when deglobalisation eventually abates. And some new international bodies may emerge in response to conditions in industries most adversely affected by the changing terms of trade.

Our work has led us to conclude that which strategy is chosen depends on two things. First, on the features of the field being regulated. And second on the informal social organisation within the international bodies and member states, which shapes how people can act and the skills they can sustain.

It remains to be seen how informal social organisation in the WHO and climate treaty system will now evolve after US withdrawal.

Eva Heims has received funding from the ESRC.

Martha Prevezer and Perri 6 do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Trump pulls out of WHO and Paris – how did international bodies get through deglobalisation last time around? – https://theconversation.com/trump-pulls-out-of-who-and-paris-how-did-international-bodies-get-through-deglobalisation-last-time-around-247919

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI United Kingdom: expert reaction to new AI Chatbot DeepSeek

Source: United Kingdom – Executive Government & Departments

January 28, 2025

Scientists comment on DeepSeek, a new AI Chatbot.

Prof Neil Lawrence, DeepMind Professor of Machine Learning at Department of Computer Science and Technology, University of Cambridge, said:

“I think the progress is unsurprising, and I think it’s just the tip of the iceberg in terms of the type of innovation we can expect in these models. History shows that big firms struggle to innovate as they scale, and what we’ve seen from many of these big firms is a substitution of compute investment for the intellectual hard work. I’ve been suggesting that this has made the conditions ideal for a “Dreadnaught moment” where current technology is rapidly rendered redundant by new thinking. I don’t think DeepSeek is it, because the innovations deployed are relatively incremental, but it shows that we’re still in the age of the Newcomen engine, there’s plenty of space for budding James Watts to emerge, and that they are less likely to come from established players.”

Comment provided by the SMC pilot for Ireland:

Dr Deepak Padmanabhan, Senior Lecturer, School of Electronics, Electrical Engineering and Computer Science, Queen’s University Belfast, said:

“DeepSeek is causing massive disruption in financial markets. Mainstream narratives contrast the technology with ChatGPT and illustrate the differences in technological aspects. The far more long-reaching effect it would have would not be technological, it would be political, for it could disrupt the paradigms entrenched in the tech industry in substantive ways. There could be several aspects:

“Open-Source Software: DeepSeek’s code to train AI models is open source. This means that anybody can download the code and use it to develop their own AI. This is a significant step towards democratisation of AI. The open-source availability of code for an AI that competes well with contemporary commercial models is a significant change. Yet, if one is to download and run the code to develop their own AI, they would still need to have access to large datasets and tremendous computational power – but this is nevertheless a massive step forward.

“Computational Power: AI has been noted to pose massive computational requirements over the past decade leading to corporate dominance in AI research [ https://www.science.org/doi/10.1126/science.ade2420 ]. With massive compute requirements yielding well to monopolisation of the space, big tech, and the government funding landscape (that are in turn influenced by big tech) have shown limited interests in prioritising AI research towards reducing computational requirements. DeepSeek’s models have been noted to require far lesser computational requirements than today’s commercial models. This could potentially ignite new interest in reducing computational requirements for future AI, with positive effects towards environment.

“No plans for Commercialisation: It has been highlighted that DeepSeek has no plans for commercialisation [ https://www.chinatalk.media/p/deepseek-ceo-interview-with-chinas ]. This makes it a very interesting development in that this marks a moment when a player with qualitatively different ideas enters a commercially-dominated space. This is a change against the prevailing trends – OpenAI was noted as moving to a full commercial model (from a partly non-profit model) in recent times. It may be interesting how commercial players respond to this challenge.

“In other words, the entry of DeepSeek could potentially hasten a paradigm shift in AI and pose a real challenge to commercial dominance in the sector. It may be a little too far to see this as a pathway towards taking AI into public hands, but that’s the direction of travel that DeepSeek brings to the table.

“Cheaper AI, Pervasive AI: One of the potential first effects would be cheaper consumer AI, and a fall in the profit margins within the tech sector. But it could also accelerate disruption by making AI pervasive, bringing more sectors and more jobs under threat.

“Cautious Optimism: It may be tempting to hope that open-source AI would lead to effects similar to what was seen in the 1990s when the dominance of Microsoft’s windows was challenged very well by open-source Linux. Yet, AI is not just software and computational resources – there is data too. So, there are further hurdles to overcome. We could view this development with optimism, but we must be cautious. For example, the ethos of the open-source movement was diluted with corporate players substantively entering the system leading to what has been called a ‘Corporate dominance in Open Source Ecosystems’ [ https://dl.acm.org/doi/10.1145/3540250.3549117 ]. To develop, sustain and strengthen open-source ethos within AI would require many more developments in the same direction as DeepSeek.”

Declared interests

Prof Neil Lawrence: No conflicts.

Dr Padmanabhan: None

MIL OSI United Kingdom –

January 29, 2025
MIL-OSI United Kingdom: Budget agreements secured

Source: Scottish Government

New funding for bus fares, drug services and free school meals.

Agreements have been reached separately with the Scottish Liberal Democrats and Scottish Green Party to support the 2025-26 Budget.

Finance Secretary Shona Robison has announced she will table amendments to the 2025-26 Budget Bill to allocate £16.7 million funding to:
• Bolster drug and alcohol services, including £1 million for specialist support for babies born addicted to drugs
• Begin a £2 bus fare cap pilot in one regional transport area
• Further strengthen support for hospices from £4 million to £5 million
• Increase Nature Restoration by £3 million to its highest ever level
• Invest in targeted support for the College sector and protect Corseford College
• Extend free school meal eligibility in S1-S3 in eight local authority areas for pupils in receipt of Scottish Child Payment
• Offer flexibility for Orkney Island Council in terms of capital and resource funding

Ms Robison said:

“We are determined to deliver on the issues that matter most to the people of Scotland – and that is why this Budget invests in public services and in eradicating child poverty, acts in the face of the climate emergency, and supports jobs.

“The First Minister was clear that we would bring forward a budget by Scotland for Scotland, and the negotiations we have taken forward have been in that spirit. These additional initiatives demonstrate the value of a progressive approach and dialogue.

“During every stage of this process the Liberal Democrats and the Greens have engaged in our discussions in a positive and constructive manner.

“Through seeking compromise I believe we are delivering a budget that will strengthen services and support our communities. With the agreements with these two parties now in place this will secure a majority in parliament in support of the Budget Bill.”

Background

Finance Secretary letter to Finance and Public Administration Committee

Budget (Scotland) Bill

The new initiatives will be funded through reallocation of funding for debt servicing in 2025-26, given that debt servicing costs will be lower than expected when the draft Budget was published; and an additional drawdown of £3 million from revenues raised from Scotwind, to support nature restoration.

MIL OSI United Kingdom –

January 29, 2025
MIL-OSI Europe: Government proposes measures to ensure that more people with removal orders leave the country
Source: Government of Sweden

Government proposes measures to ensure that more people with removal orders leave the country – Government.se
Press release from Ministry of Justice

Published 28 January 2025

The Government has adopted a bill that aims to ensure that more people who have been issued with removal orders return to their country of origin.

The Government wants to streamline returns and reduce incentives for aliens issued with removal orders to remain in Sweden. The bill therefore includes the following proposals:

that a removal order should apply for five years from the date an alien leaves the country, or longer if a re-entry ban is in force;

the option of issuing longer re-entry bans than is currently possible if an alien has not left the country when the deadline for voluntary departure has expired.

In the bill, the Government also proposes that the possibility of applying for a residence permit for work from within the country following a failed asylum application – sometimes referred to as ‘changing track’ – be eliminated.

“Today, around one in four asylum seekers have already had their cases examined. Ensuring that people who receive expulsion orders also leave the country is fundamental to maintaining confidence in our migration system. These proposals reduce incentives to stay in Sweden once an expulsion order has been issued,” says Minister for Migration Johan Forssell.

“Sweden has had lax rules on returns for decades and this is an important step towards changing that. ‘Changing track’, which has undermined regulated immigration, will be abolished. The regulation whereby expulsion orders become statute-barred after just four years will be removed and replaced with a regulation that will force more people to return home,” says Ludvig Aspling, migration policy spokesperson for the Sweden Democrats.

It is proposed that the legislative amendments enter into force on 1 April 2025.

Press contact
MIL OSI Europe News –
January 29, 2025

Category: Politics

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A strategic shift

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Why tracking the wildlife trade is important

What’s next

Early voices

Thomas Becket and St. Catherine

Leaders speak up across denominations

Desmond Tutu and other leaders

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Updates to this page

Shifting the focus

1. Henry V (1989)

2. Brave (2012)

3. Sense and Sensibility (1995)

4. Carlito’s Way (1993)

5. Doyle’s choice – Indochine (1993)

Preserving rule sets

Individual brokering work

New international clubs

January 28, 2025

Press contact