Category: Tourism

MIL-OSI Asia-Pac: Bazaar carnival opens in Sha Tin

Source: Hong Kong Information Services

Chief Secretary Chan Kwok-ki today officiated at the opening ceremony of the Bazaar Carnival in Celebration of the 75th Anniversary of the Founding of the People’s Republic of China at Sha Tin Park.

The Bazaar Carnival, which is being held from today until October 29, features 75 market stalls that offer specialty foods and hometown products from across the country. Citizens and tourists can also enjoy diverse cultural performances.

Speaking at the ceremony, Mr Chan said the event is jointly organised by the Home Affairs Department and 28 provincial-level clansmen associations, showcasing each province’s unique food, culture and customs.

Additionally, he noted that the clansmen associations have been playing an important role in Hong Kong’s development, facilitating exchanges and co-operation between Hong Kong and the motherland in various areas and deepening the friendship between the people of both places.

Mr Chan said he hopes that the clansmen associations will continue to make good use of their extensive connections to promote exchanges and collaboration between Hong Kong and Mainland provinces.

He also expressed that he looks forward to the associations advancing their work with the Hong Kong Special Administrative Region Government to build Hong Kong into a place for top talent, enabling the city to play its unique role as a super connector and super value-adder, as well as creating opportunities for the country’s opening up to the world and realising high-quality development.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide (with photos)

Source: Hong Kong Government special administrative region

New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide (with photos)
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide (with photos)
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Illuminated across the River Torrens of Adelaide, Australia, the spectacular 40-metre-long new Hong Kong Dragon Lantern is taking centre stage at the Moon Lantern Trail of the OzAsia Festival from October 24 to 27, showcasing Hong Kong’s vibrant role as an East-meets-West centre for international cultural exchange as well as celebrating the artistic synergy between Hong Kong and Australia. The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) is again supporting the OzAsia Festival with a view to promoting the unique arts and cultural scene in Hong Kong. This year, in collaboration with the organiser of the Festival, the Adelaide Festival Centre (AFC), Sydney ETO presented the new Hong Kong Dragon Lantern with a concept from a Hong Kong artist to foster arts and cultural exchanges between Hong Kong and Adelaide. Addressing more than 200 guests at the OzAsia Festival Opening Night, the Director of the Sydney ETO, Mr Ricky Chong, said that 2024 marks the 15th year of partnership between Sydney ETO and the AFC. He is delighted to witness this milestone and celebrate the debut of the new Hong Kong Dragon Lantern. “Sydney ETO treasures the opportunity for cultural exchanges between Hong Kong and Australia. Over the years, we have supported numerous initiatives to help Hong Kong fulfil its role as an East-meets-West centre for international cultural exchange under the National 14th Five-Year Plan, which includes supporting arts groups and delegations travelling between Hong Kong and Australia to bring our art communities closer together,” Mr Chong said. He also introduced the key measures announced in “The Chief Executive’s 2024 Policy Address” for bolstering the cultural and creative industries. “The West Kowloon Cultural District (WKCD), one of the largest arts and cultural projects in the world, provides over 20 professional venues capable of hosting a wide range of events. With a view to branding the WKCD as a must-visit landmark for cultural and creative tourism, the Government will roll out more special-experience activities and step up worldwide promotions in collaboration with the Hong Kong Tourism Board to bring in more tourists,” Mr Chong added. Mr Chong also shared with the participants the latest initiatives in the Policy Address to attract top-notch talent to Hong Kong, including updating the Talent List, expanding the list of universities under the Top Talent Pass Scheme and extending the validity period of the first visa of high-income talent under the scheme to three years. Held annually over three weeks (October 24 to November 10) in spring in the southern hemisphere, the OzAsia Festival is Australia’s leading contemporary arts festival that engages with Asia. This year’s festival showcases various forms of arts and culture, including theatre, dance, music, visual arts, literature, cuisine and cultural events from across Asia. The vibrant line-up features over 300 artists from Australia and abroad including Hong Kong, with seven world premieres to be staged.

Ends/Friday, October 25, 2024Issued at HKT 16:30

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Union Minister Shri Manohar Lal appreciates the progress under AMRUT, Smart Cities Mission and Swachh Bharat Mission in Andaman & Nicobar Islands

Source: Government of India (2)

Posted On: 25 OCT 2024 2:14PM by PIB Delhi

Union Minister, Housing and Urban Affairs, Government of India Shri Manohar Lal along with Lt. Governor Shri D.K Joshi reviewed Urban Developments schemes in the Andaman & Nicobar Islands at Raj Niwas, Sri Vijaya Puram.

At the onset, Chief Secretary informed that UT is operating 07 schemes of Ministry of Housing and Urban Affairs (MoHUA). During his first visit to A&N Islands, Minister has appreciated the progress in the Mission especially, projects under AMRUT, Smart Cities Mission and Swachh Bharat Mission, which as significantly contributed for ease of living for the citizens.

Union Minister encouraged for improvement in Swachhata ranking in coming years. Shri Manohar Lal also encouraged to improve the performance in Pradhan Mantri Awas Yojana (Urban) and DAY-NULM. A&N administration informed that PM SVANidhi has already achieved its target.

The Union Minister has also requested to clear-up entire legacy waste and Cleanliness Target Units (CTUs) identified during Swachhata Hi Seva campaign. The UT Administration has informed that they have achieved significant progress in remediation of legacy waste.

Union Minister asked the administration to explore the possibility of increasing the urban area by notifying new ULBs.

Shri Manohar Lal lso requested to identify innovative ways to attract more people for tourism, services & education.

***

JN/ SK

(Release ID: 2068042) Visitor Counter : 53

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Russia: Rosneft supports research into endangered birds in the Samara Region

Translation. Region: Russian Federation –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Samara group of Rosneft enterprises, Samaraneftegaz, Novokuibyshevsk Oil Refinery, Kuibyshev Oil Refinery, Syzran Oil Refinery, Novokuibyshevsk Petrochemical Company, Novokuibyshevsk Oil and Additives Plant summed up the results of the next grant competition to support research initiatives.

The winner of the competition was the project of the national park “Samara Luka”, which is aimed at protecting and preserving the largest and rarest bird in the Volga region – the white-tailed eagle. This species is listed in the Red Book of Russia and the International Red Book.

With the support of oil workers, scientists will continue to search for nesting sites of the white-tailed eagle, organize field work and determine the population size, and develop measures to protect nesting sites. In addition, large-scale educational work is planned: placing information stands on tourist routes and ecological trails about the white-tailed eagle and measures to protect it, creating a bank of photo and video materials, developing information booklets and photo albums dedicated to the rare bird, and preparing scientific articles.

The study of the habitat conditions of a rare bird species has high conservation and scientific significance. In 2024, video surveillance made it possible to record 15 pairs of white-tailed eagles. In total, 6 nesting sites of eagles were identified on the territory of the national park. Scientists have found that five nests have two chicks, and one nest has three. According to preliminary estimates, there are no more than 200 white-tailed eagles in the region during the nesting period; the data obtained during the observations make it possible to predict population growth in the park.

Ornithologists noted the successful flight of young birds from the discovered nests and their adaptation to independent life. In areas where nesting of eagles was reliably established, a special nature conservation regime has already been introduced, which implies restrictions on human visits to these places. Scientists emphasize that under such conditions, other rare birds listed in the Red Book of the Samara Region will be able to reproduce in these places.

The activities implemented within the framework of the Rosneft grant program will help make the Samarskaya Luka National Park a territory favorable for the habitation of the white-tailed eagle, and preserve and increase the population throughout the Middle Volga region.

Rosneft pays great attention to the issues of preserving ecosystems in the regions of Russia, and implements comprehensive programs to restore natural resources. Thanks to the Company’s support, research and programs have been organized to care for many species of rare animals. These include the polar bear, the Atlantic walrus, the ivory gull, the geese and marals of Evenkia, the wild reindeer, and others.

Reference:

For Rosneft enterprises operating in the region, the project to study and protect the white-tailed eagle is a continuation of long-term cooperation with the Samarskaya Luka National Park. Thanks to the support of oil workers, the LukAmorye environmental education complex was opened in Zhigulevsk, a visitor center was opened in the village of Sosnovy Solonets, and an aviary was built for birds that have lost the ability to live in the wild. Within the framework of another grant project, the Ecotrail 63 mobile application for virtual travel around the national park was developed and launched.

Department of Information and Advertising of PJSC NK Rosneft October 25, 2024

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

MIL OSI Russia News –

January 25, 2025

MIL-OSI Canada: Backgrounder: Federal investments to boost tourism in rural New Brunswick

Source: Government of Canada News

Backgrounder

October 25, 2024 · Salisbury, New Brunswick · Atlantic Canada Opportunities Agency (ACOA)

The Government of Canada is investing $782,907 in six projects to help four organizations and two municipalities in rural New Brunswick seize opportunities to boost tourism and ensure the industry is well positioned for long-term, sustainable growth.

Client Name	Project	ACOA Support
Town of Salisbury	To connect a trail to the outdoor amphitheatre in support of rural tourism.	$244,480 Innovative Communities Fund (ICF) (Non-repayable)
Fundy – St. Martins	To engage expertise to coordinate the implementation of a variety of infrastructure projects to enhance the overall tourism experience in the Fundy – St. Martins area.	$91,903 Innovative Communities Fund (ICF) (Non-repayable)
Poley Mountain Resorts	To develop additional biking trails and purchase related equipment to enhance its multi-seasonal tourism product offerings.	$60,000 Regional Economic Growth Initiative (REGI) (Repayable)
Stoke Resorts	To construct two, multi-story luxury cabins for tourists participating in activities offered on Poley Mountain and the Fundy Trail Parkway.	$232,200 Tourism Growth Program (TGP) (Repayable)
Maritime Motorsports Hall of Fame	To expand their display area highlighting antique motors, tools and vehicles.	$78,099 Tourism Growth Program (TGP) (Non-repayable)
Firefly Forest Ltd.	To purchase equipment to upgrade and expand its wastewater infrastructure to support a growing camping and RV attraction.	$76,225 Tourism Growth Program (TGP) (Repayable)

Contacts

MIL OSI Canada News –

January 25, 2025

MIL-OSI Canada: Federal investments to boost tourism in rural New Brunswick
Source: Government of Canada News

News release

Municipalities and operators will enhance their tourism offerings

October 25, 2024 · Salisbury, New Brunswick · Atlantic Canada Opportunities Agency (ACOA)

Tourism plays a vital role in Atlantic Canada, driving local economies, creating jobs and strengthening communities. Tourism also helps preserve, promote and celebrate the region’s diverse cultural heritage – building awareness and understanding of the many people who call this place home. The Government of Canada is investing to help four organizations and two municipalities in rural New Brunswick seize opportunities to boost tourism and ensure the industry is well positioned for long-term, sustainable growth.

Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, was in Salisbury to announce a total investment of $782,907 for six projects to support the advancement of tourism in the region.

The funding will support the Town of Salisbury, Fundy – St. Martins, the Maritime Motorsport Hall of Fame, Firefly Forest Ltd., Poley Mountain Resorts Ltd., and Stoke Resort with projects to help expand and upgrade tourism infrastructure.

For more information on the projects, please see the backgrounder.

Today’s announcement further demonstrates the Government of Canada’s commitment to strengthen Atlantic Canada’s tourism sector and grow the region’s potential as a world-class destination of choice.

Quotes

“With its stunning natural attractions and authentic tourism experiences, rural New Brunswick offers unique opportunities for you to explore all year long. Today’s investment will help tourism operators in the region around Salisbury reach their full potential and bring in even more visitors to this great part of the province.”

– The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA

“From naturalists and birders visiting our community to residents getting outdoors, this trail investment will be a 365-day amenity for residents and visitors alike. The Town of Salisbury is thrilled to be completing this trail extension and appreciates the essential support of funders such as ACOA to make the project come to fruition.”

– Robert Campbell, Mayor, Town of Salisbury

Quick facts
- Over 7,500 businesses are part of the tourism sector in Atlantic Canada, working in food and beverage, accommodations, recreation, transportation, and travel services. Together, these companies employ over 111,000 full and part-time workers.
- Tourism is a major employer for Atlantic Canadians living outside major cities, representing 9.5% of all local jobs in rural communities.
- The funding announced today is provided through ACOA’s Innovative Communities Fund, the Tourism Growth Program and the Regional Economic Growth through Innovation program.
Related products

Associated links

Contacts

Connor Burton
Press Secretary
Office of the Minister of Rural Economic Development and of the
Atlantic Canada Opportunities Agency
Connor.Burton@acoa-apeca.gc.ca

Ann Kenney
Senior Communications Officer
Atlantic Canada Opportunities Agency
ann.kenney@acoa-apeca.gc.ca

Austin Henderson
Chief Administrative Officer
Town of Salisbury
Austinhenderson@salisburynb.ca

Jim Bedford
Mayor of Fundy – St. Martins
JamesBedford@FundyStMartins.ca

James Hare
General Manager
Poley Mountain Resorts Ltd.
Jamie@poleymountain.com

Marcel Leblanc
Vice President
Stoke Resorts (Ten Thirty-Four Holdings & Investments Ltd.)
Marcel.leblanc.cfp@gmail.com

Angela Nicholson
President
Maritime Motorsports Hall of Fame
maritimemotorsports@gmail.com

Bruce Fowler
Secretary
Firefly Forest Ltd.
fireflyforestrecreation@hotmail.com

Stay connected

Follow ACOA on Facebook, X, LinkedIn and Instagram.

MIL OSI Canada News –
January 25, 2025
MIL-OSI Russia: Dmitry Patrushev: Implementation of the “road map” will allow Krasnodar Krai to radically change the situation in the field of waste management for the better

Translation. Region: Russian Federation –

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

Dmitry Patrushev made a working trip to Krasnodar Krai

October 25, 2024

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the MSW management complex under construction. With Krasnodar Krai Governor Veniamin Kondratyev

October 25, 2024

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the waste management complex under construction

October 25, 2024

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the waste management complex under construction

October 25, 2024

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the waste management complex under construction

October 25, 2024

Dmitry Patrushev held a meeting dedicated to the implementation of reforms in the field of solid municipal waste management

October 25, 2024

Dmitry Patrushev held a meeting dedicated to the implementation of the reform in the field of solid municipal waste management. Minister of Natural Resources and Environment Alexander Kozlov, Deputy Minister Dmitry Tetenkin

October 25, 2024

Governor of Krasnodar Krai Veniamin Kondratyev

October 25, 2024

Previous news Next news

Dmitry Patrushev made a working trip to Krasnodar Krai

During a working visit to Krasnodar Krai, Deputy Prime Minister Dmitry Patrushev held a meeting dedicated to the implementation of reforms in the field of solid municipal waste management. The meeting was attended by Minister of Natural Resources and Environment Alexander Kozlov, Governor of Krasnodar Krai Veniamin Kondratyev, heads of Rosprirodnadzor and the Russian Ecological Operator.

Krasnodar Krai is the most important tourist center of the country, so a significant amount of waste is generated here. Deputy Prime Minister Dmitry Patrushev spoke about the importance of waste recycling.

“In May 2024, the President set the region and the Russian Ecological Operator the task of providing a sufficient number of facilities for handling solid municipal waste. And in the country as a whole, the head of state set the goal of creating the necessary volume of capacity for processing, recycling and landfill disposal of waste over the next six years. Accordingly, the region needs to significantly increase the pace in this area,” Dmitry Patrushev noted.

Before the meeting, the Deputy Prime Minister got acquainted with the construction of the waste management complex, which will serve the city of Anapa, Slavyansky, Krasnoarmeysky, Temryuksky and Krymsky districts. After commissioning, waste will be sorted here using two lines with a total capacity of 300 thousand tons per year, and a composting section with a capacity of at least 110 thousand tons per year is envisaged.

In addition, during the flight over Krasnodar Krai, the Deputy Prime Minister inspected the Novorossiysk solid municipal waste landfill. Today, it is overflowing, but continues to accept waste. In accordance with the new “road map”, its reconstruction is planned.

Concluding the meeting, Dmitry Patrushev drew attention to the need for strict adherence to all established deadlines.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI USA: Burgum highlights impact of Destination Development program with ribbon cutting for Good Bear Bay Lodge

Source: US State of North Dakota

Gov. Doug Burgum along with North Dakota Department of Commerce Tourism and Marketing Director Sara Otte Coleman and others celebrated the opening today of the Good Bear Bay Lodge at Indian Hills Resort, a unique new lodging option on the shores of Lake Sakakawea.

The Good Bear Bay Lodge fills a gap in the area’s lodging options, offering a spacious 4-bedroom, 2.5-bath lodge ideal for families or larger groups. It boasts a full kitchen, a comfortable living area and, as a highlight, an extended covered outdoor patio that provides an additional gathering space.

“North Dakota’s tourism industry continues to thrive, and the Good Bear Bay Lodge is a shining example of how expanding services at one of our state’s key destinations, Lake Sakakawea, can help us attract more visitors from across the country and address our workforce challenges,” Burgum said. “This new lodge provides a unique accommodation option for families and groups seeking a memorable escape on Lake Sakakawea.”

The lodge was made possible with the help of the Commerce’s Destination Development Grant program, which was approved by the state Legislature in 2023 and signed into law by Burgum. The program awarded $25 million in matching grants to 14 projects last November.

“There was tremendous interest in the program, with 81 projects requesting more than $151.5 million in funding,” Otte Coleman said. “The Good Bear Bay Lodge stood out for its ability to fill a gap in family lodging and extend the time visitors spend in our state’s most scenic areas.”

The Good Bear Bay Lodge is built on a slab foundation, ensuring easy accessibility for guests of all abilities. The lodge is open year-round, allowing visitors to enjoy everything Lake Sakakawea has to offer, from ice fishing in the winter to summer water sports and fall hunting.

“We are thrilled to open the Good Bear Bay Lodge and provide families and groups with a comfortable and convenient place to stay,” said Kelly Sorge, co-owner of Indian Hills Resort. “We’ve received a lot of interest already, and we’re excited to welcome guests and share the beauty of Lake Sakakawea.”

Indian Hills Resort offers a variety of experiences for guests, including kayak and paddleboard rentals, a pontoon for rent, and guide services. The resort is also pet-friendly and caters to the needs of hunters, fishermen and families with children.

Today’s ribbon cutting marks the second opening of a project completed with Destination Development grant support in as many months. On Sept. 11, Lt. Gov. Tammy Miller attended the unveiling of Citizens Alley, a public space in downtown Minot for recreation and community engagement. Miller also attended the groundbreaking in August for a new events center at Woodland Resort on the shores of Devils Lake, another Destination Development project.

MIL OSI USA News –

January 25, 2025
MIL-OSI Economics: Transcript of Press Briefing: Middle East and Central Asia Department Regional Economic Outlook October 2024

Source: International Monetary Fund

October 24, 2024

PARTICIPANTS:

JIHAD AZOUR, Director of Middle East and Central Asia Department, International Monetary Fund

ANGHAM AL SHAMI, Communications Officer, International Monetary Fund

* * * * *

MS. AL SHAMI: Good morning. Good afternoon to those of you in the region. Thank you for joining us to this press briefing on the Regional Economic Outlook for the Middle east and Central Asia. I’m Angham Al Shami from the Communications Department here at the IMF. If you’re joining us online, we do have Arabic and French interpretations on the IMF Regional Economic Outlook page and IMF Press Center. So please join us there and we have interpretations also in the room. I’m joined here today by Jihad Azour, the Director of the Middle East and Central Asia Department here at the IMF and he’s going to give us an overview of the outlook for the region. Jihad over to you.

MR. AZOUR: Angham, thank you very much. Good morning everyone and welcome to the 2024 Annual Meetings. Before taking your questions, I will make few brief remarks to highlight three key messages regarding the economic outlook for the Middle East and North Africa (MENA), as well as the Caucasus and Central Asia (CCA). First, regarding the outlook, growth is set to strengthen in the near term in both MENA and the CCA regions. However, exposure to broader geoeconomic developments is adding to uncertainty. Hence, our 2025 forecasts come with important caveats.

          Let me start with the Middle East and North Africa. This year has been challenging, with conflicts causing devastating human suffering and economic damage. Oil production cuts are contributing to sluggish growth in many economies, too. The recent escalation in Lebanon has increased uncertainty in the MENA region. The second important issue is on growth. For 2024, growth is projected at 2.1 percent, a downgrade revision of 0.6 percent from the April WEO forecast, and this is largely due to the impact of the conflict and the prolonged OPEC+ production cuts. To the extent that these gradually abate, we anticipate stronger growth of 4 percent in 2025. However, uncertainty about when these factors will ease is still very high.

          MENA oil exporters are expected to see growth rise from 2.3 percent this year to 4 percent in 2025, contingent on the expiration of the voluntary oil production cuts. Growth in oil importers is projected to recover from 1.5 percent in 2024 to 3.9 percent in 2025, assuming conflicts ease. Let me now turn to the outlook for Caucasus and Central Asia. The CCA regions continue to show robust growth, which was revised up to 4.3 percent in 2024, with growth of 4.5 percent expected for next year. However, some economies are seeing tentative signs of slower trade and other inflows, especially on the remittance side. Subdued oil production is weighing on the medium-term growth prospect for CCA oil exporters. And for oil importers, growth projects depend on the reform implementation. The disinflation process is continuing and is continuing across both MENA and CCA region with headline inflation coming down significantly compared to the peak levels over the past two years. However, inflation remains elevated in few cases due to country specific challenges.

          My second point is on the medium-term growth prospects. Medium-term growth prospects have faded over the past two decades and are now relatively weak in many economies. Changing these dynamics requires steady reform implementation. Priorities are for the MENA and CCA regions include governance improvement, job creation, especially for women and youth, investment promotion and financial development. Achieving stronger and more resilient growth will not only foster job creation and greater inclusion, but will also help reduce elevated debt levels and enable progress toward the development of social spending goals.

          My third point is on the uncertainty. High uncertainty means that the economic outlook is fraught with risks. The recent intensification of conflict in Lebanon has increased uncertainty and risks to a further level, and the risk of further escalation in the MENA region is the main issue here in terms of increase in risks. This fluid situation is not yet factored in our analysis, and downside risks could be material depending on the extent of the escalation. We are closely monitoring the situation and assessing the potential economic impacts. Overall, the impact will depend on the severity of any potential escalation. The conflict could impact the region through multiple channels. Beyond the impact on output, other key channels of transmissions could include tourism, trade, potential refugee and migration flows, oil and gas market volatility, financial markets and social unrest.

          Concern is also high about the possibility of prolonged conflict in Sudan, increased geoeconomic fragmentation, volatility in commodity prices, especially for the oil exporting countries, high debt and financing needs for emerging markets and recurrent climate shocks. In the CCA, risks are primarily associated with potential financial instability resulting from sudden shift in trade and financial flows, and for both regions, failure to implement sufficient reform could constrain already muted prospects for medium term growth.

          Before opening the floor to your questions, let me emphasize the Fund’s commitment to supporting economies across the region. Our engagement remains strong in terms of financing and presence. Since early 2020, the Fund has approved $47.7 billion in financing to countries across MENA and CCA and we have carried out capacity development projects for 31 countries only in the last fiscal years. Thank you very much for being here today and I’m now happy to take your questions.

MS. AL SHAMI: So, we’ll now turn to your questions. If you’re on Webex, please turn on your camera and raise your hand and we will call on you. And if you’re in the room, please raise your hand. So let’s start with maybe the middle right here, the gentleman.

QUESTIONER: Hello and good morning, Jihad.   I wanted to bring you back to your comments about the risks of an escalation in the region. Obviously, the human toll of this would be horrific, but in terms of the impact on the economies in the region, particularly Egypt, which is already suffering from an extreme loss of revenues from the Suez Canal, and then Lebanon, which you’ve had discussions with in the past, those really never went anywhere because of lack of commitment to do reforms. What are the prospects of having to either redo some of the programs or create new ones if there’s an escalation? Thank you.

MS. AL SHAMI: Thank you, Dave. Maybe we’ll take another question on the conflict. Kyle, second row here.

QUESTIONER: Hi, good morning. Thank you for taking my question. Earlier this morning, the Managing Director said the outlook for the MENA is significantly downgraded and she cited mostly the geopolitical conflict. So could you walk us through, like, where exactly the economic impact has been felt since the April release?

MS. AL SHAMI: Maybe we’ll take those two questions, Jihad, on the conflict.

AZOUR: Thank you very much. Well, first of all, the conflict is inflicting heavy human toll, and our hearts goes to all the victims and those who were, in their life and livelihoods were affected by the escalation of the conflict. Of course, the impact of the conflict is to be differentiated between countries who are at the epicenter. The group of countries who are severely affected by the conflict, Gaza, West Bank, the whole Palestinian economy has been severely affected. Lebanon also. And the Lebanese economy was severely affected, with more than 1.2 million people displaced, which represent almost 25 percent of the population, destruction of livelihoods in a broad region that is mainly agriculture, and the impact on some key sectors like tourism and trade. Therefore, the severely affected countries are seeing a large drop in their economic activity, and they will face contraction in their economies in the context of high inflation.

          The second group I would call the group of partially affected countries. And here we have countries like Jordan, Syria and Egypt. And you have mentioned Egypt. The main channel of impact on Egypt is trade. The reduction in trade volume going through the Suez Canal has affected revenues by more than 60 to 70 percent on average for the Suez Canal, which would represent between 4 and a half to , $5 billion of loss in revenues. For Jordan, the impact is mainly on tourism, which is not the case for Egypt. Those are the two main countries affected. Syria of course, is affected, but we have very little information on that. This second group of partially affected countries, authorities have already started to take actions to protect their economies against that. And we have the indirectly affected countries. And here we have to look at the channels of transmission. Trade is one. The other one is the impact on tourism. The impact on oil and gas has been relatively muted so far, except high volatility in the short term. We did not see a major impact on the oil and gas sector yet. I think one has to recognize that it’s a highly uncertain moment and therefore things are changing constantly and we are ourselves updating regularly our assessment of the situation. Our numbers, for example, for the outlook do not report the latest development in the last months or so and therefore we will be updating our numbers. This high level of uncertainty is affecting countries with vulnerabilities. And this is where the Fund is in fact acting in providing support to countries in order to help them go through these severe shocks.

MS. AL SHAMI: Thank you, Jihad. We’ll go for another round of questions. Maybe we’ll go to the first gentleman in the first row, please.

QUESTIONER: Many Arab countries have taken on significant debt to fund infrastructure and economic reforms. What the strategies does the IMF recommend for managing the tracing debt levels, particularly for non-oil economies and taking into consideration what’s happening in the region with all the conflicts.

MS. AL SHAMI: Thank you. We have another question that we received that’s also on debt. What are the projections of the Fund concerning the region’s debt levels amid the ongoing regional tensions?

MR. AZOUR: Thank you for your questions. Well, of course the high level of debt has been one of the main issues that several economies in the region, especially the middle income and the emerging economies of the region are facing. And here I would address the issue in three levels. The level of debt that constitute a major macroeconomic stability issue. And we recommend countries to address this by having an inclusive but sustained fiscal consolidations in order to reduce the risk level, in order to strengthen their capacity to raise revenues and reduce the overall macroeconomic risk. And when the Fund is asked, the Fund is providing support to many countries on that front.

          The second dimension is the financing dimension. The overall financing need for this year are going to be around $286 billion, almost $6 billion higher for the whole region in terms of financing need. Compared to last year, this include not only, I would say all importing middle income countries, but the whole region and therefore securing enough financing is another issue. And the third one that is becoming a challenging issue that requires a combination of measures is the cost of debt service. The cost of debt service because of the increase in interest rate has become one of the main, I would say, fiscal issue that countries are facing.

          The last point, I would add, is the fact that recently we were witnessing a greater reliance on local markets when it comes to financing the local debt. Therefore, the nexus between the governor, the government and the market and the local market has increased. And this is why it’s important to have a clear medium term reform agenda in order to reduce the weight of the debt, to improve fiscal space, but also to provide more comfort to investors to broaden the finance space.

MS. AL SHAMI: Thank you, Jihad. We’ll turn now to the online questions, and we have Fatima Ibrahim. Fatima, if you’re online, you can come in. Okay. Otherwise we’ll take some questions from the floor. We’ll start maybe with the gentleman in the middle. Yeah.

QUESTIONER: Good morning, this is Adil from Daily Business Recorder, Pakistan. Thank you for taking my question. So the World Economic Outlook projects Pakistan’s growth rate at a higher rate compared to last year, 3.2 percent. The modest growth of 2.4 percent last year was predominantly driven by the agriculture sector, which had its best performance in the last two decades, right. The services sector also benefited from agriculture success while the manufacturing was negative. The agriculture sector faces significant downside risks this time. While manufacturing is also highly constrained by high energy tariffs and weak demand locally. Do you think a higher growth rate can be achieved without fiscal expansion the way Pakistan has primed the pump in the past after securing an IMF program? Or do you think it can happen sustainably? Thank you.

MS. AL SHAMI: Thank you. Any other questions on Pakistan before we — any other questions on Pakistan? Okay.

MR. AZOUR: Thank you very much. Yes, the projections are showing that the Pakistani economy will grow at 2.4 percent this year compared to minus 0.2 percent last year and expected for next year to grow at 3.2 percent. This constitutes an improvement at a time where we are seeing also inflation going down from 29 percent last year to 12.6 percent this year and we expect inflation to go down to 10.6 percent next year.

          Of course, the reform package that the government of Pakistan has put together has several objectives. One is to achieve fiscal sustainability by addressing some of the long awaited fiscal issues, especially on increasing the share of revenues in order to reduce the deficit, but also to improve the quality of the revenues by addressing some of the issues that existed in terms of tax collection and also in terms of special regimes. Reforming the SOEs is also an important priority that will increase the capacity of Pakistan to provide a greater space for the private sector, level the playing field and increase FDIs by doing so. This will allow the Pakistani economy to be more export driven and also to be ready to attract additional investment.

          The monetary policy is also helping by tackling the issue of inflation and also by reducing any construction constraints on capital flows as well as also on the exchange transfers which also with the broad context of reforms will allow additional predictability and will reduce the risks or the constraints on the current account. Therefore, the package of reform that has been set has not only the ambition to strengthen stability in terms of macroeconomic stability and reduced financing risks, but also has the ambition to reform some of the key sectors including the energy and the SOEs, improve the business environment, attract more FDRs and allow the economy to be more export driven which will unleash the potential of the Pakistani economy without having an impact on the current account.

MS. AL SHAMI: Thank you Jihad. We’ll turn now online. I’m going to read your questions because I have them here. Two questions on Egypt. Question is regarding negotiations that Egypt will start with the IMF regarding the timing of implementing the economic reforms. Does the IMF see that any of these can be delayed? And the second point how does the IMF see the situation of the Egyptian economy in light of the recent developments? And have you tested that during your projections regarding growth and energy prices?

          If those that want to ask on Egypt we’ll start here — many hands. Yes, the gentleman here.

QUESTIONER: I will speak in Arabic.   It’s a technical point, Mr. Jihad. I wanted to ask you about the policies of the Fund that they aim at improving the living standards of the citizens and to reach the most vulnerable population. And during the negotiations, some of those negotiations they contradict with these principles I mean increasing the price of energy. I mean again for floating the price of the pound and adjustment of some prices of the commodities such as power. And this is part of the reform program. Does this apply to the current situation in Egypt in general? Whether I speak about improving the standards of living especially as these put more pressures on the vulnerable population.

MS. AL SHAMI: Please any other questions? We’ll take the gentleman please be brief so we can take other questions.

QUESTIONER: My question like Mrs. Georgieva said today that she’s going to visit Egypt in like within 10 days for like discussing the maybe reassessment in the program and that came in context with President he said that the economic situation it might lead Egypt to like rethinking about the reform program with the IMF. Can you highlight in which points might like Mrs. Georgieva is going to discuss? Are you going to change the program? Are you going to change your condition for reforming program or it’s just going to be trying to convince Egyptian regime that the reform program that you have already agreed is going as usual and as you see like this came in contact with my colleague from Egypt about suffering of increasing price for gas and many other goods and stuff in Egypt. So like what’s going on exactly in this meeting between Ms. Georgieva and President Sisi Thank you.

MS. AL SHAMI: Thank you. We’ll take one last question on Egypt and then we’ll move on the second, third row please.

QUESTIONER:   My question is, is there any possibility of increasing the size of Egypt’s long given the widening of the conflict in the Middle east in recent weeks? Thank you.

MS. AL SHAMI: We’ll turn to you Jihad.

MR. AZOUR: Okay. In fact there are three levels of the different questions. One is on the economic situation in Egypt. The second is on the program and the relationship between the Fund and Egypt and also on some of the specific measures. Well, first of all, and I will answer part in Arabic and part in English for the question that came from the online audience. Like other countries in the region, Egypt has been subjected to the impact of the increase in tension due to the conflict. I mentioned earlier, Egypt is a country that is partially affected and mainly the impact was on the revenues from the Suez Canal. Luckily, the impact on tourism was almost muted. We did not see any drop for a sector that employs a large part of the population. Therefore, there are two levels of impact. The direct impact of the conflict and the high level of uncertainty that affects Egypt as much as affect other countries in the region, especially in terms of attracting direct investment and attracting inflows.

          On the other side, there are certain number of internal issues that the authorities are dealing with. The high level of inflation is one. Inflation has reached last year35 percent and it’s important if we want to preserve the purchasing power of the people, especially the low- and middle-income people, is to address inflation. The best way to protect the livelihood of people is by reducing the level of price increase. Therefore, the first pillar of the program was to strengthen stability and also protect the economy from external shocks. This economy has been subjected to external shocks over the last four years Covid and then the war in Ukraine and then the recent conflict in the region. And this is where the importance, for example of the flexibility of the exchange rate. The flexibility of the exchange rate will reduce the impact of external shocks that could destabilize the local economy, would give more predictability in terms of capital flows and will reduce the risk of using other type of measures that would have an impact on economic activity.

          Therefore, it’s very important to preserve it because it’s the best way to reduce the impact of external shocks on the local economy. Of course, it has to go hand in hand with monetary policy that works on addressing inflation. Inflation is going down and I think this is a positive news. We expect it next year to reach 16 percent. Of course, there are some short term hikes when some of the measures are introduced, but those are usually short lived impact. Therefore, monetary policy is also a priority in order to reduce the macro instability, but also reduce the pressure on the low middle income people. Three is we need to create growth. Also, we’re happy to see that the growth prospects for next year are improving 4 percent for the fiscal year 2025. But I think we can do more. How to do more is by allowing the private sector to be investing, creating jobs. And the best way to do it is for the state to give more space to the private sector and also for the state to be, I would say allowing them the competition to take place. And this requires to accelerate some of the reforms of the SOEs, including increasing the private sector share in those investments.

          The program has been built based on those objectives and when shocks occurred, the Fund responded very quickly. We have increased the size of the program from $3 billion to $8 billion in the last review that took place in April. Taking into consideration that Egypt has been subjected to the shock of the conflict. The other also positive element that FDIs have increased with 35, 34 billion dollars of investment from UAE. I think this provided additional needed investment and also needed inflow. And we hope that this investment will be one of the elements that will bring growth to Egypt. Therefore, in terms of inflows Egypt has been receiving, in addition to what the Fund has provided, what the UAE has provided also additional financing from bilateral and multilateral institutions. The World Bank, the EU have increased their financing to Egypt and therefore, going back to the question, should we revisit the size of the program? I think the macroeconomic conditions today are showing that the program as it’s designed and its finance is still appropriate.

          On the question of some of the specific. The impact of some of the specific measures here, I think we have to differentiate between two dimensions. There are certain measures who have impact and those need to be countered by some other measures, especially on the social front. And we are happy to see that the various programs that exist, Takaful and Karama and other programs are activated in order to address some of these issues. Whenever you introduce those kind of fiscal measures, you need to protect the most vulnerable. You need to allow the mostly affected and those who have limited capacity to be protected. And therefore, when you do so, it allows you to create fiscal buffers, especially on the revenue side, to make it fairer and more effective i.e.not to have all the tax burden on the low income or middle-income people through consumption tax to increase the progressivity in the tax system, but also on the other hand, to provide more on the social protection level the program has in it.And the Fund team is working with authorities on the way to make sure that what is in the program is sufficient enough and what needs to be done to improve the outreach of the social program. And during the visit of the MD, this will be one of the priority issues that the MD will raise and will discuss is how effective the social protection programs are. Therefore, I think whenever you have to address imbalances that have been there for some time, there are some consolidation. But you want to make sure that this consolidation is growth friendly, is inclusive and also it provides sustainable economic transformation.

          This is how the program has been designed. It has been designed to live in a shock prone world. It has been designed in order to allow the economy to be more geared toward growth that is driven by export and create more opportunities. Of course the uncertainty in the region is high. We take this into consideration and earlier I mentioned that we are constantly looking at the impact. We’re looking also at the potential escalations and what does it mean for our countries.

          But again, I think it’s important in the case of Egypt as well as also in Jordan. Those programs provide an anchor of stability at a time of uncertainty. I think there is a great value of those programs. We saw it in Jordan with the upgrade of Jordan in terms of rating. Those programs provide an anchor of stability, and I think what the region needs today is stability. And this is on that premise that we are engaging with countries in the region, and we are in fact we’re ready to engage and to provide more support.

MS. AL SHAMI: Thank you, Jihad. Let’s turn to the room. Maybe we’ll go to the gentleman in the back. Yes, right here. Thank you.

QUESTIONER: He will ask the question in Arabic. In light of the environment in the GCC region, what are your projections for growth and specifically the Kingdom of Saudi Arabia, your projections for growth?

MR. AZOUR: No doubt, no doubt that the GCC countries have managed over the past years to adapt to a large number of shocks and challenges that are being witnessed in the region and the whole world. Starting from COVID pandemic and oil shocks. And oil countries and GCC countries have maintained a certain level of growth despite the fact that there was the OPEC+ and its agreements.

          For 2024, our projections are better than 2023. The growth is about 1.2 percent in 2024 and will improve in 2025 to reach 4.2 percent in 25. And this is very important if we put this in the framework of the fact that the main driving force behind the growth in the GCC countries is the development of non-oil economy. And this is a very important element. The development of non-oil economy was a main leverage for growth and the Gulf countries maintained a good level of growth ranging between 3 to 4 percent for non-oil growth under our investments that are aimed to develop other economic sectors in the future such as renewable energy as well as technology which contribute to increasing the capacity of these countries to increase the revenue, to diversify the sources of revenue for the economy and to adapt to the economic changes all over the world.

          With regard to economy of Saudi Arabia, we expect that this year the growth will be 1.5 percent which is an improvement as compared to growth last year which was minus 0.2 percent. And for next year it will be 4.6 percent for Saudi Arabia. What has contributed to this in the first place? The economic development, non-oil economy in the Kingdom of Saudi Arabia and also the production which has been improving and also the unwinding of the OPEC agreement. And again the question.

MS. AL SHAMI: If not, we’ll turn to the room. Maybe the — yes. . Yes, we can hear you now.

QUESTIONER: Good evening. Thank you and good evening. Mr. Jihad, I would like to ask in Arabic my question. What made the IMF expect that the growth will be 2.9 percent for Jordan next year compared to 2.5 percent this year. In light of the continuing war in the Middle East. This is first. Second question. The IMF in its last review has said that the revenue of Jordan have decreased, whereas other estimates would say that the revenue have increased. How would you interpret these different estimates or different numbers? And what can Jordan do to increase its revenues? Thank you,Also a few questions.

MS. AL SHAMI: Please be brief. Thank you.

QUESTIONER: Hello, can you hear me well?

MS. AL SHAMI: Yes, we can hear you.

QUESTIONER: Thank you for this opportunity. First of all, to ask my questions. I would like to ask you about the upcoming COP 29 conference which is scheduled to be held in Azerbaijan very soon. And what are specific initiatives that the IMF plans to support during the conference to promote sustainable development?

MS. AL SHAMI: We lost — okay, I think we can’t hear you, but we’ll come back. Maybe we’ll take one in the room. Yes, please.

QUESTIONER: I’m from Kazakhstan. So my question is, how do you evaluate the effect of the war in Ukraine on the economies of Central Asian region, specifically my country, Kazakhstan? Because we’re located too close to Russia and my country has the same border with it, and we are tied economically.

MS. AL SHAMI: Thank you. So that was a question on Kazakhstan and we had an earlier question, Azerbaijan. You want to have one final question before we turn to you, Jihad.

QUESTIONER: I have a question about the main obstacles to foreign investment in Saudi Arabia and what the authorities can do in order to improve that. Thank you.

MR. AZOUR: Thank you. The first question I think is about the economic impact in Jordan of the war. Of course, the Jordanian economy is close to the hot area. Jordan was affected in tourism, as I said before. And this impact on tourism also affected the economy in Jordan. Also trade and the Aqaba port. The impact continues, but no doubt the uncertainty and the fluidity is very high. However, last year and this year Jordan managed to maintain economic stability and to achieve an acceptable growth rate, 2.3. This year we expect it to improve to 2.5 percent if the situation continues as it is and there was no more escalation in the region. We attribute this to the measures taken by the government in the previous years in order to improve the performance of the economy and to achieve stabilization.

          The Jordanian economy proved to be resilient despite the tensions. The additional good factor is that inflation is low. And the Central bank of Jordan managed to keep low inflation at 1.8 percent this year, which contributes to the easing of monetary policy. With regard to the point about the revenues, the amount of revenues, I’ll go back to you when I talk with the team. But what I want to say is that in the past few years Jordan achieved successes in raising revenues which contributed to lower deficits and better stability, which enabled Jordan to secure the main financial needs and to keep stability and to increase investments and financial flows. And we’ve seen this improvement at the beginning of this year in the form of the higher rating agencies rating for Jordan.

          The COP 29 the COP 29 the Fund has been an important partner to Azerbaijan for the preparation of the COP 29. As you know, last year and before, the Fund has been extremely involved and the Fund has scaled up its support to members on the climate side by providing programs to help countries accelerate their transformation and finance long term climate priorities. The Fund is also mainstreaming the climate issues in the surveillance and is providing a wealth of knowledge on the priorities, including for the Caucasus and Central Asia region where the Fund has recently produced a series of analytical pieces about the importance of adaptation for the region as well as also how to tackle the issue of mitigation and climate finance. And I would encourage you and others to look at those. Those are important pieces that will be featured during the COP 29. Of course, we had recently during this week meetings with the authorities and the Fund is looking forward to maintain its active partnership with the authorities and play an important role in COP 29.

          The last question was impact of the conflict between Russia and Ukraine on CCA countries and in particular on Kazakhstan. Of course, let me say a few words on that. Countries in the CCA in general have been able over the last four years and specifically over the last two years to protect their economies from the negative impact of the war in Ukraine and at the same time they were able to address the other risk that was coming from the increase in inflation or inflationary pressure. When it comes to Kazakhstan, we project growth this year to be at 3.5 percent and we expect it to improve next year and reach 4.6 percent. Of course, part of it is also due to the new investments in energy and in the new the new oil and gas fields, but also to the good performance of the non-oil sector.

          Clearly here also the level of uncertainty is high, and we recommend countries to maintain on one hand their reform drive to preserve macroeconomic stability and on the other hand to accelerate structural reforms to regain levels of growth that would be needed in order to allow economic convergence between Central Asia and Caucasus countries with their peers to this gap to widen. And this afternoon we will. Sorry. Tomorrow we will have a special session on the medium-term growth priorities, including the structural reforms. And we will tackle some of the priorities for Kazakhstan as well as also other Central Asian countries.

          The last question is obstacles to investment in Saudi Arabia. This is the last question. You want it in Arabic or English? In Arabic. If we look at the past few years under Vision 2030, you will see that there are some reforms that have contributed primarily to the improvement of the investment climate and to increase the growth rate outside of the government scope. There was lower unemployment, especially among the youth, and also an increase in the participation of women. And this has improved things despite all the volatilities and all the oil production cuts. These reforms and investment projects that were adopted improve the size of the economy and make it more able to attract investments in the oil sector and also other like entertainment and technology.

          In the past year there was a revisiting of the priorities, and the priority was more priority was given to technology, AI, climate. All of this opens the door for more direct investment from abroad as in Saudi Arabia, also in the region. Direct investment in the past 10 years was not as aspired. There are internal reasons and also regional reasons because of the volatility and also because the global economic development reduced direct investments in the region.

MS. AL SHAMI: Today’s briefing. Thank you very much all for joining us today. Jihad, any final words on the launch?

MR. AZOUR: One, I would like to thank you very much again, I would like to ask you to remain tuned. I mentioned in my opening that the volatility of the situation requires from us and the high level of uncertainty to keep ourselves updated and to keep updating you. This afternoon we will. Sorry. Tomorrow afternoon we will have an interesting session that looks into not the short-term where the level of uncertainty is extremely high, but the medium-term. What are the priorities in terms of growth? What are the priorities also in terms of investment? We will launch officially with the details with the tables the outlook in Dubai next week. It will be on October 31st and then immediately also we will launch the outlook for Caucuses and Central Asia.

          Tomorrow at 3pm I would like to invite you all for an interesting session where we are going to discuss one of our key analytical chapters that has to focus on medium term growth. With that, thank you very much. I’m sure there are follow up questions. Myself and the team who is here will be ready to provide you with additional answers to your questions.

MS. AL SHAMI: Thank you all. Thank you very much.

* * * * *

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Angham Al Shami

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

@IMFSpokesperson

MIL OSI Economics –

January 25, 2025
MIL-OSI USA: RI Delegation Lands $10M for Concourse Upgrades at Rhode Island T.F. Green Airport

US Senate News:

Source: United States Senator for Rhode Island Jack Reed
PROVIDENCE, RI – Attention passengers in the terminal, Rhode Island T.F. Green International Airport (PVD) is getting some new interior upgrades and gates.
In an effort to improve operational efficiency, deliver a unified and modern design, and enhance passenger flow and comfort for the traveling public, U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo today announced that the Rhode Island Airport Corporation (RIAC) has been awarded $10 million in federal funding from the Federal Aviation Administration (FAA) to advance renovations and technology upgrades at T.F. Green International Airport.
This federal grant funding was awarded through the U.S. Department of Transportation (DOT) FAA’s Airport Terminals Program. Established by the Infrastructure Investment and Jobs Act of 2021 (Public Law 117–58), the Airport Terminals Program provides competitive grants for airport terminal development projects to address aging infrastructure at airports nationwide.
The federal funding will help modernize PVD’s aging airport terminal infrastructure to sustain current and future air traffic and passenger demands, drive competition, and enhance environmental sustainability and energy efficiency. Terminal improvement projects will include backup power and water upgrades to maintain public safety and minimize travel disruptions. Additional improvements include upgrades to common interior areas, the expansion of seating capacity, traveler experience enhancements, and renovating the interior space in the concourse to introduce a “sense of place” by bringing elements of local architecture inside the terminal.
This funding will also improve ADA accessibility across all areas of the terminal, and upgrade mechanical systems to meet energy efficiency and smart building goals. Terminal improvements will also accommodate additional increased passenger traffic, to allow for continued growth and competition.
“Rhode Island T.F. Green International Airport is an economic engine and the gateway to the Ocean State for many visitors. Upgrading the concourse will ensure the airport continues to offer a world-class experience for all and can continue to support a high-volume of traffic,” said Senator Reed, a senior member of the Appropriations Committee. “This is a forward-looking investment in a crucial piece of public infrastructure. It will strengthen not just the airport, but local businesses, tourism, and our economy as well and help accommodate future growth.”
“Thanks to our Bipartisan Infrastructure Law, more investments are on the way to keep improving one of the best, most user-friendly airports in the country,” said Whitehouse. “This federal funding will make the terminal more comfortable so that residents and visitors flying out of T.F. Green can enjoy a better overall experience.”
“T.F. Green Airport is a vital hub for travel, commerce and tourism,” said Rep. Seth Magaziner. “This federal funding will help modernize the airport, enhance the traveler experience and boost the local economy.”
“T.F. Green International Airport is key part of how Rhode Islanders and our visitors experience memorable moments in our state. It’s where we welcome loved ones when they return from a trip and where we send off our community’s heroes when they travel to D.C. for their Honor Flight,” said Congressman Gabe Amo. “Today’s $10 million investment in our public infrastructure will help modernize our airport experience.”
“Rhode Island T. F. Green International Airport conveys the first, best impression for business and leisure travelers visiting our state and plays a vital role in helping maintain and expand Rhode Island’s hospitality and travel economy,” said Iftikhar Ahmad, President and CEO of the Rhode Island Airport Corporation. “Thanks to the support of Senator Reed and all in our Congressional delegation, we can continue to put our state’s best face forward, improving airport access and efficiency while also elevating the passenger experience.”
“In the more than thirty years since the construction of the Bruce Sundlun Terminal, Rhode Island T. F. Green International Airport has truly helped transform and maintain our local economy,” said Jonathan N. Savage, Rhode Island Airport Corporation Board Chair. “This federal investment will provide critical funding for our efforts to modernize our airport terminal to be ready for the next three decades. We are truly grateful for our Congressional delegation’s continued support for Rhode Island’s aviation economy.”
PVD’s original terminal was constructed in 1993 to support 2.4 million annual enplanements. Now the airport is on track to exceed that by 1 million passengers over the next five years. Recently announced agreements with several airlines are slated to bring hundreds of new jobs to the airport and connect PVD to even more domestic and international destinations.
As PVD operations continue to expand and passenger numbers increase, RIAC seeks funding to reconfigure its terminal to meet this demand.
In addition to advocacy from the state’s federal delegation, Governor Dan McKee and the Providence and Warwick Convention and Visitors Bureau also supported federal funding to renovate the 30-year-old terminal and allow Rhode Island T. F. Green International Airport to serve the community’s growing needs.
For the past several years, RIAC has been preparing for this new era of growth for PVD through the planning and design of the Terminal Reconfiguration project, which aims to ensure the over 30-year-old terminal presents the first and best impression of its state to incoming visitors.

MIL OSI USA News –

January 25, 2025
MIL-OSI Global: South Africa amended its research guidelines to allow for heritable human genome editing

Source: The Conversation – Canada – By Françoise Baylis, Distinguished Research Professor, Emerita, Dalhousie University

New genome editing technologies mean that the genetic modification of embryos is a scientific possibility, and laws governing its practice require extensive public consultation. (Shutterstock)

A little-noticed change to South Africa’s national health research guidelines, published in May of this year, has put the country on an ethical precipice. The newly added language appears to position the country as the first to explicitly permit the use of genome editing to create genetically modified children.

Heritable human genome editing has long been hotly contested, in large part because of its societal and eugenic implications. As experts on the global policy landscape who have observed the high stakes and ongoing controversies over this technology — one from an academic standpoint (Françoise Baylis) and one from public interest advocacy (Katie Hasson) — we find it surprising that South Africa plans to facilitate this type of research.

In November 2018, the media reported on a Chinese scientist who had created the world’s first gene-edited babies using CRISPR technology. He said his goal was to provide children with resistance to HIV, the virus that causes AIDS. When his experiment became public knowledge, twin girls had already been born and a third child was born the following year.

The fate of these three children, and whether they have experienced any negative long-term consequences from the embryonic genome editing, remains a closely guarded secret.

Controversial research

Considerable criticism followed the original birth announcement. Some argued that genetically modifying embryos to alter the traits of future children and generations should never be done.

Genetically modifying embryos to alter the traits of future children and generations has immense societal impacts.
(Shutterstock)

Many pointed out that the rationale in this case was medically unconvincing – and indeed that safe reproductive procedures to avoid transmitting genetic diseases are already in widespread use, belying the justification typically given for heritable human genome editing. Others condemned his secretive approach, as well as the absence of any robust public consultation, considered a prerequisite for embarking on such a socially consequential path.

In the immediate aftermath of the 2018 revelation, the organizing committee of the Second International Summit on Human Genome Editing joined the global uproar with a statement condemning this research.

At the same time, however, the committee called for a “responsible translational pathway” toward clinical research. Safety thresholds and “additional criteria” would have to be met, including: “independent oversight, a compelling medical need, an absence of reasonable alternatives, a plan for long-term follow-up, and attention to societal effects.”

Notably, the additional criteria no longer included the earlier standard of “broad societal consensus.”

Nobel laureate David Baltimore, chair of the organizing committee for the Second International Summit on Human Genome Editing, talks about the importance of public global dialogue on gene editing.

New criteria

Now, it appears that South Africa has amended its Ethics in Health Research Guidelines to explicitly envisage research that would result in the birth of gene-edited babies.

Section 4.3.2 of the guidelines on “Heritable Human Genome Editing” includes a few brief and rather vague paragraphs enumerating the following criteria: (a) scientific and medical justification; (b) transparency and informed consent; (c) stringent ethical oversight; (d) ongoing ethical evaluation and adaptation; (e) safety and efficacy; (f) long-term monitoring; and (g) legal compliance.

While these criteria seem to be in line with those laid out in the 2018 summit statement, they are far less stringent than the frameworks put forth in subsequent reports. This includes, for example, the World Health Organization’s report Human Genome Editing: Framework for Governance (co-authored by Françoise Baylis).

Alignment with the law

Further, there is a significant problem with the seemingly permissive stance on heritable human genome editing entrenched in these research guidelines. The guidelines clearly require the research to comply with all laws governing heritable human genome research. Yet, the law and the research guidelines in South Africa are not aligned, which entails a significant inhibition on any possible research.

This is because of a stipulation in section 57(1) of the South African National Health Act 2004 on the “Prohibition of reproductive cloning of human beings.” This stipulates that a “person may not manipulate any genetic material, including genetic material of human gametes, zygotes, or embryos… for the purpose of the reproductive cloning of a human being.”

When this act came into force in 2004, it was not yet possible to genetically modify human embryos and so it’s not surprising there’s no specific reference to this technology. Yet the statutory language is clearly wide enough to encompass it. The objection to the manipulation of human genetic material is therefore clear, and imports a prohibition on heritable human genome editing.

Ethical concerns

The question that concerns us is: why are South Africa’s ethical guidelines on research apparently pushing the envelope with heritable human genome editing?

In 2020, we published alongside our colleagues a global review of policies on research involving heritable human genome editing. At the time, we identified policy documents — legislation, regulations, guidelines, codes and international treaties — prohibiting heritable genome editing in more than 70 countries. We found no policy documents that explicitly permitted heritable human genome editing.

It’s easy to understand why some of South Africa’s ethicists might be disposed to clear the way for somatic human genome editing research. Recently, an effective treatment for sickle cell disease has been developed using genome editing technology. Many children die of this disease before the age of five and somatic genome editing — which does not involve the genetic modification of embryos — promises a cure.

Somatic genome editing may provide a cure for sickle cell disease.
(Shutterstock)

Implications on future research

But that’s not what this is about. So, what is the interest in forging a path for research on heritable human genome editing, which involves the genetic modification of embryos and has implications for subsequent generations? And why the seemingly quiet modification of the guidelines?

How many people in South Africa are aware that they’ve just become the only country in the world with research guidelines that envisage accommodating a highly contested technology? Has careful attention been given to the myriad potential harms associated with this use of CRISPR technology, including harms to women, prospective parents, children, society and the gene pool?

Is it plausible that scientists from other countries, who are interested in this area of research, are patiently waiting in the wings to see whether the law in South Africa prohibiting the manipulation of human genetic material will be an insufficient impediment to creating genetically modified children? Should the research guidelines be amended to accord with the 2004 statutory prohibition?

Or if, instead, the law is brought into line with the guidelines, would the result be a wave of scientific tourism with labs moving to South Africa to take advantage of permissive research guidelines and laws?

We hope the questions we ask are alarmist, as now is the time to ask and answer these questions.

Katie Hasson, Associate Director at the Center for Genetics and Society, co-authored this article.

Françoise Baylis is affiliated with the International Science Council, the UNESCO World Commission on the Ethics of Scientific Knowledge and Technology (COMEST) and the Royal Society of Canada.

– ref. South Africa amended its research guidelines to allow for heritable human genome editing – https://theconversation.com/south-africa-amended-its-research-guidelines-to-allow-for-heritable-human-genome-editing-241136

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Banking: Transcript of European Economic Outlook October 2024 Press Briefing

Source: International Monetary Fund

October 24, 2024

Speakers:
Alfred Kammer, Director, European Department, IMF
Helge Berger, Deputy Director, European Department, IMF
Oya Celasun, Deputy Director, European Department, IMF
Moderator:
Camila Perez, Senior Communications Officer, IMF

MS. PEREZ: Hi everyone, thanks so much for joining today’s press conference on the release of the European Economic Outlook. My name is Camila Perez. I’m a Communications Officer here at the IMF. And we’re here with Alfred Kammer, Director of the European Department. We’re also here with two of his Deputies, Oya Celasun and Helge Berger. We’re going to get started with some opening remarks from Mr. Kammer, and then we’re going to go to the floor and online to take your questions. Alfred?

MR: KAMMER: Welcome to this press conference on the Economic Outlook for Europe.

Headline inflation has come within reach in targets in advanced European economies, but progress remains uneven in Central, Eastern and Southeastern European countries. CESEE as we call it. A moderate recovery is underway. This reflects that financial conditions are still tight, as the easing cycle will take time to take effect. Importantly, the rebound also reflects a high level of uncertainty that keeps consumers and investors cautious.

Our main message today is that Europe’s recovery is falling short of its full potential. And more importantly, the medium-term outlook is no better. Europe has fallen behind, and I will come to this theme back later, but let’s briefly look at our near-term outlook first.

Our baseline foresees a modest increase in growth for 2024 and 2025. On inflation, we expect the ECB to sustainably reach its target by mid-‘25. For most CESEE countries, it will take a year longer until 2026. So for this to materialize, Europe needs a safe pair of hands. Central banks should pursue a smooth loosening path in advanced economies, and they need to be more careful and ease more cautiously in several CESEE countries, as real wages may outpace productivity growth there. We also recommend tightening the fiscal stance across most of Europe. We are expecting a recovery, but deficits are too large to stabilize public debt.

The good news is that the EU has agreed on a fiscal rules framework addressing sustainability concerns while allowing for investment in green transitions and infrastructure. And now we need to follow through. But the urgency for policy action is even more acute when it comes to the medium-term, and that’s really what our report is focusing on. Europe has an underwhelming potential growth rate, and when we are looking at the medium-term, that is not changing.

Compared to the U.S., income per capita is a stunning 30 percent lower and the gap has remained unchanged for two decades. And I should say at the turn of the century that gap did not exist. Low productivity in CESEE and a low capital stock, are the main reasons.

Our report identifies three factors holding Europe back. First, Europe markets are too fragmented to provide the needed scale for firms to grow. Second, Europe has no shortage of savings, but its capital markets fail to provide to boost young and productive firms. In addition, Europe is missing skilled labor where it is needed. A deeper, more integrated Single Market can resolve most of these issues. This means removing the barriers that still prevent goods, services, capital, and labor to flow freely between countries.

We estimate existing barriers in Europe’s Single Market to be equivalent to an ad-valorem tariff of 44 percent for manufacturing, between U.S. states it is 15 percent, and that tariff equivalent is 110 percent for services between EU countries. These are staggering numbers that illustrate how much income Europe leaves on the table.

While private investment is key, there is also a need for public investment. For example, on infrastructure, connectivity, nd in addition, deepening and broadening, the Single Market could support a faster growing and more resilient Europe.

New Member states joining the EU in 2004 saw that GDP per capita increase by more than 30 percent in the 15 years after EU accession, helped by strong reforms and market access. And the larger Single Market also helped old member countries. So Europe can close the gap with the global frontier if it builds on its most important asset. And I have been emphasizing that in the past and I continue to emphasize that. And that is the EU’s Single Market.

So, what are some of the immediate steps which we are outlining? Open energy, telecommunications, and financial services sectors. This will bring more private sector investment, dynamism, and innovation. Advance the capital markets union. This will funnel savings to the most productive firms and startups, make a real effort to ease administrative barriers to firms entering markets, especially in the service sector, and improve infrastructure, institutions and governance in CESEE countries.

So, in conclusion, Europe has the means to lift growth to its full potential. This is completely under Europe’s control, and it needs to be done. Thank you.

MS. PEREZ: Thanks so much, Alfred. We’re going to get started with some questions in the room. I see there are some colleagues online. We will get to you. But we’re going to take the first question. The gentleman in the second row. Thank you.

Question: Thank you so much. In the recent World Economic Outlook, the IMF predicted a slightly better growth for Europe in this year and worse dynamics in 2025, especially for emerging and developing economies. You already described some factors which are driving this process.

But I have a question regarding the particular issue. This is Russia’s war in Ukraine. How does this factor affect the dynamics in Europe now? And secondly, the IMF significantly marked down the projection for Ukraine, at the same time saying Ukraine’s economy remains resilient despite the war. Could you elaborate, please, on the exact reasons for these negative expectations? What could be done more to improve the situation in Ukraine? Thank you.

MR: KAMMER: So let me start first with the general impact of Russia’s war in Ukraine on the European outlook. When you’re seeing the growth trajectory, it hasn’t changed very much over the last year. And the main reason why Europe is doing poorly is really the large Russian induced energy price shock Europe is going through. So we are seeing this year, coming out of this crisis, moderate recovery. It’s driven mostly by consumption, as real wages are strengthening. And we are expecting then next year that we will have a handoff to investment demand when policy rates, interest rates, are going to come down.

So very much when you’re looking at some of the more detailed pictures, Germany very much affected because of the energy price shock, still because of its energy intensive manufacturing. That’s a direct impact of the Russian war. If you’re looking at the tightening cycle of the ECB, that had to be harsher simply because inflation was higher. That’s a result of Russia’s war in Ukraine.

So that is the general trajectory we are on. But we also have revised down growth for 2025. And what we’re seeing is a bit of moderation in the recovery we have been projecting. And again, it’s a result of the uncertainty created as part of the environment and Russia’s war in Ukraine. That’s an uncertainty for consumers, which are wondering what is going to happen with energy prices and with the future. That is an uncertainty on the investor side, on wondering what is happening in the medium-term. And these headwinds are going to stay with Europe for the time being. So that is the direct impact we are seeing that Russia’s war on Ukraine has still implications for Europe’s economic developments.

On your second point, with regard to the growth in Ukraine. Growth numbers this year have been brutally affected by the bombing of the energy infrastructure in Ukraine, and that dampens growth and also the outlook. And in addition, of course, like for all of Europe, this creates uncertainty in Ukraine, and it has a dampening effect on aggregate demand. And when you’re looking at our projections for 2025, we also have downgraded those for Ukraine. And that is a reflection that Russia’s war in Ukraine is going to continue. We had assumed that it would stop earlier. It doesn’t. And those are, again, additional costs for the Ukrainian economy.

On Ukraine. The economic team has been doing and is still doing a marvelous job in terms of, one, maintaining macrostability. Two, supporting the economy to get growth going and supporting enterprises to operate this environment, protect vulnerable people suffering from the war. And three, preparing the fundamentals for hopefully a reconstruction that will come soon and the medium-term path to EU accession.

MS. PEREZ: Thanks so much, Alfred. We’re going to go with the lady on the third road, please.

Question: Thank you. My question is related with — Spain has one of the best growth prospects in Europe. What recommendations do you have to ensure that this good momentum continues when the European funds end? And I would also like to know if you have any advice for the housing problem that the country is facing, which has provoked numerous protests by citizens who cannot buy a house due to speculation and high prices. Thank you.

MR: KAMMER: Spain had indeed a very strong growth performance. That was a result of what we saw on the tourism front, very much still, to some extent, a Pandemic implication. Spain, finally, we saw also, because of lower interest rates and more confidence, a pickup in investment that has been supporting growth. And when we are looking at the supply side, we see the large employment increases have been supported also by immigration. So those were growth drivers we saw in Spain. They will moderate a bit in 2025, but they still will carry on. And of course, implementation of the Next Generation EU will not only have short-term positive impacts but also impacts on the medium-term growth projections for Spain.

I think when it comes to our policy recommendation for Spain, when you’re looking at the growth performance right now, it was labor intensive, so it was driven by an increase in employment. In future, what we need to see is a growth performance, which is driven by an increase in productivity. And when I mentioned the word productivity and you asked me a question on any country in Europe, that’s the key word. Productivity is an issue in every single member country in Europe. And that needs to be the focus of strong policy reforms. Those are reforms domestically and the structural reforms we have been talking about in our Article IVs.

But importantly, these are reforms which need to be carried out EU-wide in order to get the productivity increases we need from the Single Market, from companies and firms to be able to grow to scale, go to the global technology frontier and produce and to see a very dynamic business sector. That’s an issue for Spain, but this is an issue for all other countries, and Europe can help there. This is not a national action per se, but this is an action at the European level. But it requires will at the national level to go for European reforms.

MS. PEREZ: Thank you so much. We’re going to go to the middle of the room. The lady in the third row, please.

QUESTION: Hello, two questions, if I may, on different topics. You mentioned the importance of integrating Europe’s capital markets. In this context, how important is it for Europe to have bigger banks? Would you welcome the potential merger of UniCredit and Commerzbank? And if capital markets are very important, should the German government drop its objection to this potential bank tie-up? Have you also communicated a message to the German government? And on a completely different topic, you’ve warned about the need for advanced economies to carry out fiscal consolidation and to reduce their borrowing after many years of emergency spending. The UK Chancellor, Rachel Reeves, today has said that she will change her measure of her debt target to one which promotes investment. Would you welcome this kind of step, given your worries about the fiscal overhangs from the Pandemic?

MR: KAMMER: Thank you. Yeah, maybe I’ll start with your first question on the capital markets union and the banking union. Critically important for Europe. When we see drilling down why we have that productivity gap. One is companies cannot grow to scale. The second problem is lack of business dynamism. And lack of business dynamism stands for we have startups in Europe as we have in the U.S., but they are not getting the same kind of chance in terms of funding. Because as a startup you need equity financing, especially when you’re in the tech sector and you produce intangibles, you cannot provide that as collateral to banks. You need venture capital. And when you’re looking at venture capital, Europe versus the U.S., it’s four times as high in the U.S. than it’s in Europe. So startups in Europe start with a big handicap. And therefore, banking union and the capital markets union are essentially for those startups to grow and be productive, create employment, and push up GDP per capita.

And yes, as part of the operating to scale for European economies, that they’re not just national players in 27 national countries, but Pan-European players as the U.S. companies are. You need also larger Pan-European banks. And that means we see that one way of doing this is through merger and consolidations. So this is part of helping creating scale in the banking system. And therefore, these mergers and these mergers are welcome. And yes, that has been our recommendation that these mergers should take place now.n individual merger transactions we are not commenting, but our advice is very clear: that the general direction is clear – mergers are needed.

MS. PEREZ: Thanks.

MR: KAMMER: On the UK?

MR. BERGER: Sure, thanks. I would have been disappointed if there had been no question on the UK. Always popular.

Let’s start with some good news. You have seen that our growth numbers for this year went up 1.1 percent instead of 0.7. Next year at 1.5. So that’s the trajectory, upward looking, against which we discuss fiscal policy.

So if you allow me to step back before coming to the fiscal framework on the debt question, we recognize that the government very helpfully is committed to reduce the debt level in percent of GDP over the next five years, or at least to stabilize it. So that’s very welcome. It’s in line with longstanding recommendations from our UK team. Now, this is going to require a notable fiscal effort. As you know, the deficit levels are high. There are spending pressures waiting to be tackled in the healthcare system and social care. We also have very high public investment needs. There’s transport. There’s housing. There’s climate. So all of this needs to be put within one umbrella going forward.

The team has always maintained that this can be done in different ways, including prioritizing spending or increasing fiscal revenues. It’s deliberate, or in the middle, and not an end. You know, your governments will have to see what is best suited to the situation at hand. We’re looking forward to the autumn budget, which will give us clarity on how all of this will hang together.

Now, in this context, of course, it’s very important to operate within a fiscal framework that’s well understood. We have told many countries, not just the UK, in the past that we like well-organized and explained fiscal frameworks. They help to anchor the policy of the budget over the medium-term. Can help ensure that public debt indeed goes in a direction we wanted to go. Now, in order to facilitate growth, which is part of any such endeavor of reducing public debt, public investment is important. So you need to find a way to protect this as you define your fiscal framework. Now, in this context, we’ll have to see how this new proposal is, you know, really laid out in detail. Again, we will learn more when we have the budget, and it’s good to look all of this together in one go.

MS. PEREZ: Thanks so much. We’re going to go online. I see Anton has raised his hand. Go ahead, Anton, please.

QUESTION: Thank you for doing this. As the IMF recently raised its 2024 growth forecast for Russia from 3.2% to 3.6%, what factors contributed to this upward revision despite the ongoing geopolitical tensions and economic sanctions? How are the existing and potential future sanctions on Russia affecting its long-term economic stability? Are there areas of the Russian economy showing resilience despite these sanctions? Thank you very much.

MS. PEREZ: I believe we have other questions on Russia. online. Please go ahead.

QUESTION: Good day, everyone. I have a question about the 2025 outlook for Russian’s economy. Since compared to the April outlook, the outlook was downgraded from 1.8 to 1.3 of GDP. And I want to ask, can you elaborate what impacted this forecast and including the fact that Russian Central Bank is close to increasing the key rate to 20-21 percent from 19 percent. How critical the risks for the Russian economy are now? And can you elaborate on its future from this perspective?

MS. PEREZ: Thank you. I think in the room, gentlemen in the first row, please.

QUESTION: Hello. Good afternoon. I wanted to follow up on a monetary policy question. So to what extent does this tightening monetary policy by Russian Central Bank will impact Russian economy and will it be effective for fighting inflation from your point of view? And the second question from my side, why did the IMF adjust the projections for Russian debt level for 2024 and 2025 downwards in comparison with April’s economic outlook? Thank you.

MS. PEREZ: Thanks so much.

MR. KAMMER: Okay, so quite a number of questions. To the 2024 upgrade that was mostly mechanical, reflecting data outturns for the first half, and they have been reflected in our forecast. What we are seeing right now in the Russian economy, that it is pushing against capacity constraint. So we have a positive output gap, or you could put it differently – the Russian economy is overheating. What we are expecting for next year is simply also the impact that going over your supply capacity, you cannot maintain for very long. So we see an impact on moving into more normal territory there. And of course, that is supported by a tight monetary policy by the Central Bank of Russia. A tight monetary policy, in order to bring down inflation, slows down aggregate demand, and in 2025 will have these effects on GDP. That’s why we are seeing the slowdown in 2025.

Now, with regard to the longer-term outlook for Russia, as we have been saying before, the medium term looks dim, potential growth has been reduced. That is a result of less technology transfers, less ability to finance. That will impact the productive capacity of the Russian economy in the medium-term, and that will stop the convergence towards Western European per capita GDP levels, which Russia was on more than ten years ago. And this is an effect of the sanctioned regime, which is in place. With regard to the debt levels. I think that is a simple reflection of that the nominal GDP has been revised up, and therefore, debt to GDP ratios are coming down.

MS. PEREZ: Thanks so much. We’re going to go with the gentleman in the fourth row, gray shirt, please. Thank you.

QUESTION: Thank you. Once again, we are talking about tariffs. And in your report you highlight the risks of EU tariffs on Chinese EV cars. But is it so much more important for Europe to keep its trade free than to protect strategic sector of its industry? Thank you very much.

MS. CELASUN: Thank you very much. On that question. You’re right. Europe is very open to trade, has benefited greatly over the decades from trading with other nations. So as it responds to growing tensions around the world and fragmentation, it has to keep in mind the fact that it is benefiting. So we would indeed urge all countries, including Europe, to look for cooperative solutions, which are always the first best. When approaching, for example, the issue of subsidies in other countries for countries to come together, come out clean on what they are subsidizing and how much, and then find cooperative ways of reducing them.

Tariffs rarely help to solve the problem. They essentially make countries imposing tariffs less competitive, they raise costs, and they trigger retaliation, which would be something to take very seriously for any country that benefits greatly from trade.

MS. PEREZ: Thanks so much. We’re going to stay in this side of the room. The gentleman on the third row, white shirt, please.

QUESTION: Thank you. Hello. I had a question on the German economy outlook, which is still, which growth prospects are still very low. I was wondering if the IMF is fearing an effect of this low growth on a shift to political. I mean, on the political side, which would be a rise up the far right, for example, ahead of the next election, federal election next year. Thank you.

MS. CELASUN: Thank you. As you know, we don’t comment on elections. What we do is to engage with governments, to give them policy advice to strengthen growth and to make growth resilient over time. And on that, our advice hasn’t changed for quite some time. Germany is facing a sharp downturn in its working age population. Quite a sharp decline coming in the next five years. Productivity trends have been very weak. The remedies are to boost labor supply, help women have full time jobs with better childcare, elder care, reducing the marginal tax rates of second earners, and take a host of productivity enhancing reforms. Public investment should be higher in Germany. It’s among the countries with the lowest public investment rates among advanced economies. The other areas we have highlighted are the high level of red tape. Administrative burdens need to be reduced, which would help productivity as well. And Germany should be a champion of the single market, including for the capital markets union, to help its promising companies have better prospects for reaching scale and growing. Thank you.

MS. PEREZ: We’re going to take the lady in the middle of the room in the fourth row with the light jacket, please.

QUESTION: Thank you. My question is about the Turkish economy. Türkiye has significantly tightened its policy stance over the past year. How do you see the country’s current state of economy? And also what is the IMF’s approach to the potential timing of easing these policies?

MR. KAMMER: We, as you know, have been very favorably impressed by the policy pivot since last year in Türkiye. And what we see are two main results. One is the vulnerability to a crisis. Risk has been greatly reduced over this time. And second, inflation is now on a downward trajectory. And those are two huge achievements in this policy pivot that took place. When it comes to our policy advice, what is important now is the fight against inflation has not been won yet. That means that a tight monetary policy will need to be maintained, and it would be premature to reduce the restrictiveness on the monetary policy side. What we also continue to advise is a focus on incomes policies.

One of the problems in Türkiye and nexus to inflation was minimum wage increases which were based on backward looking inflation developments. We need to have these minimum wage agreements which are now, once a year, done in a forward-looking way in order to avoid the second round effect of these measures.

And finally, we could use more fiscal adjustment. Fiscal adjustment would help on the inflationary side and of course it always enhances the credibility of the adjustment effort. But overall, I should say to the economic team working in Türkiye, a job well done, that a job needs to continue, and these policies need to be sustained. This is a painful period to go through for the population of Türkiye and is a tough period for our policymakers, but it’s necessary toward crisis risk and bring inflation down.

MS. PEREZ: We’re running out of time. We’re going to try to get in a few more questions. Let’s go with the lady in the first row. Yellow jacket, please.

QUESTION: I was wondering, since the IMF is once again flagging Italy for its high debt, if it’s a fair conclusion that you do not agree with Fitch, who is saying that Italy’s fiscal credibility has recently increased, does the promotion of its outlook? And therefore, what is your suggestion for the debt reduction?

MS. PEREZ: Let’s see if there are any other questions on Italy. The gentleman on the third row. On this side. Over here. Yeah, third row here. Thank you.

QUESTION: Thank you. The outlook quotes the recent proposal by Mario Draghi to reform the EU. What are the most urgent reforms that you encourage Europe to undertake, based on that report?

MR. BERGER: So, on Italy, that’s indeed good news. If you look at the debt ratio and percent of GDP, it has come down notably since its peak in 2020. So, and I, everybody, including financial markets, will do well to recognize this, but it’s also true that the same debt ratio is still very high. And we think it’s going to end up this year around 130 — sorry, end of last year it was 134 percent. And you know, if you follow our baseline for the forecast going forward, we see it increasing slightly over the next five years or so. There’s still a fiscal task ahead for the government and we understand the government is ready to approach this. We think deficits are still higher than they should be.

We welcome, therefore, the expected adjustment that the European Commission and the Italian government have agreed on over time. I think the key for countries like Italy and others that have relatively high debt levels still is to be a bit more ambitious than just gradually reducing deficits. So we would encourage the government to look for ways of achieving this in a growth friendly way and at the same time. And that will help both credit rating agencies and the country itself. There are a lot of structural reforms the country can conduct that would help us sort of raise growth overall, which makes the fiscal situation also more promising.

MS. PEREZ: Thank you. We’re going to —

MR. KAMMER: Sorry, on the Draghi report quickly. Pretty much the same focus that we have in our REO on productivity and innovation. And the solution to that problem on enhancing productivity is the single market. So we need to get rid of the barriers in the single market. That’s Draghi, that’s us. That’s uniformly accepted policy recommendation. That’s where we need to make progress. Second point to make is Draghi identified an investment gap of 4.5 percent of GDP in order to move Europe up. That is mostly private investment. That private investment needs to come because of good investment opportunities, because capital is allocated efficiently. That needs capital market and banking union. So all of these reforms to be undertaken are enabler for the private sector then to make these investments in order to fill that investment gap. Mostly private sector, some part public investment.

MS. PEREZ: Thanks so much. We’re going to go with the lady on the second room in. Sorry, second row here in the middle of the room.

QUESTION: Hi, another one for the UK because of course we are your greatest fans. Just a clarification on the debt rule. On principle, is it right that the UK should be borrowing to invest given the debt trajectory that you yourselves outline in the fiscal monitor? And if I may, your colleague Era Dabla-Norris was sitting where you are, Alfred, yesterday and she said when it comes to tax rises, it’s important to build trust among populations that taxes collected are well spent. Our finance minister has indicated she does want to raise taxes in her budget next week and concentrate those tax rises on wealthy people and businesses. Is that fair? And can any economy tax its way to prosperity?

MS. PEREZ: Shall we see if there are any other questions on the UK? The gentleman.

QUESTION: Thank you. Just again, following up on UK sort of debt rules, do you have any particular view about what an appropriate measure is to target for a debt rule? Whether something like public sector net financial liabilities is a good measure, or whether sort of government should be focusing more on, say, general government debt, which is to know what the IMF mostly forecasts.

MR. BERGER: Thank you for this quick lightning round at the very end. I think it’s good public finance principles to accept the fact that it can at times be helpful for governments to borrow when it comes to financing investment. hat is a general principle that applies to many countries. The question is, what kind of public investment is being done? The question is, what do we expect, reasonably, credibly, this investment to do for growth going forward? And then, of course, any forward looking government will take into account these longer term effects of such investment. So this is something we would expect any fiscal framework for any country to consider as it is designed and implemented and or adjusted.

Taxation is highly relevant on the same high level of fiscal principles to finance ongoing spending in any country. If the government is supplying service to its citizens, you know, there are many governments do supply, then this needs to be financed and then, you know, taxes are part of fiscal revenues that will facilitate this. And that is what in the end supports and increases welfare of a country’s citizens. As to the treatment of assets, you know, these differ across countries. They come in different form, from railways to intangibles. And this is something that needs to be looked at very carefully in any of these circumstances, specifically in general, since assets come with revenue streams that can be uncertain. A certain degree of conservatism when looking at this is helpful. How all of these general principles apply to the UK, or any other country, is a matter of detail. In the case of the UK, let’s all stay tuned. Wait for the budget, wait for the details of the new fiscal rule, and we analyze this and we’ll take it from there.

MS. PEREZ: I’m afraid we’re going to have to wrap up, but please, your questions, send them to me and my colleagues in the media team, we’ll make sure we will get back to you. Just a reminder that the report has been released and it is available on IMF.org. Thanks very much everybody for joining. Apologies we couldn’t get to all of your questions. Please do reach out to us and thanks for colleagues joining online.

MR. KAMMER: Thank you.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

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

@IMFSpokesperson

MIL OSI Global Banks –

January 25, 2025
MIL-OSI China: Wetland park in Hangzhou attracts tourists with beautiful autumn scenery

Source: People’s Republic of China – State Council News

Wetland park in Hangzhou attracts tourists with beautiful autumn scenery

Updated: October 25, 2024 09:28 Xinhua

An aerial drone photo shows a sightseeing boat at the Xixi National Wetland Park in Hangzhou, east China’s Zhejiang Province, Oct. 24, 2024. The wetland park attracts many tourists with its beautiful autumn scenery. [Photo/Xinhua]

Tourists take a sightseeing boat at the Xixi National Wetland Park in Hangzhou, east China’s Zhejiang Province, Oct. 24, 2024. [Photo/Xinhua]

Tourists visit Xixi National Wetland Park in Hangzhou, east China’s Zhejiang Province, Oct. 24, 2024. [Photo/Xinhua]

Tourists visit Xixi National Wetland Park in Hangzhou, east China’s Zhejiang Province, Oct. 24, 2024. [Photo/Xinhua]

A girl poses for photos at the Xixi National Wetland Park in Hangzhou, east China’s Zhejiang Province, Oct. 24, 2024. [Photo/Xinhua]

Tourists take photos at the Xixi National Wetland Park in Hangzhou, east China’s Zhejiang Province, Oct. 24, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025
MIL-OSI China: Shanghai opens annual Lujiazui Coffee Festival

Source: China State Council Information Office 3

Shanghai continues to lead China’s coffee market with 9,553 coffee shops, officials announced during a news conference on Wednesday at the opening of the Lujiazui Coffee Festival in Pudong New Area.

Jin Wencheng, director of the Ministry of Agriculture and Rural Affairs’ rural economy research center, released the Global Coffee Industry Development Trends Insight Report and related index at the event, highlighting that China’s annual coffee consumption reached 280,000 metric tons last year, with customers patronizing approximately 157,000 coffee shops nationwide.

Jointly launched by the China Media Group Shanghai Bureau — the financial program center of CMG — and the research center, the report further pointed out that the value of the coffee industry in China reached 265.4 billion yuan ($37.3 billion) in 2023, an increase of over 30 percent year-on-year. The number of coffee consumers in the country is close to 400 million.

“The Chinese coffee market has seen significant expansion, emerging as a standout in the global coffee industry,” Jin said, adding that the report and index are constructed based on three key dimensions: industry scale, development quality and industry resilience.

China’s coffee production increased from 114,000 tons in 2020 to 146,000 tons last year, the report noted. Yunnan province accounts for 98 percent of the national output, making it the primary coffee-producing region in China.

“Refinement and branding are leading the high-quality development of the domestic coffee industry in China,” said Jin, noting that the proportion of premium domestic coffee products has significantly increased, reaching 22.7 percent this year.

“Domestic coffee brands are rapidly emerging, and the fusion of coffee culture with tourism has become a new business model,” Jin added.

On a global scale, coffee production has shown a growth recovery, according to the report.

Last year, global coffee consumption reached 10.62 million tons, marking a 2.2 percent increase from the previous year, with a total daily consumption of 3 billion cups of coffee.

Apart from the emerging market in China, countries and regions such as Brazil, the Philippines and South Korea are also experiencing rapid growth in coffee consumption.

The bustling crowd of coffee enthusiasts at the Lujiazui Coffee Festival — the news conference venue — attests to the fervor of the coffee market.

Shanghai, which has more coffee shops than any city in China, launched the ninth edition of the coffee festival on Wednesday, which will run until Oct 27.

Taking place at Shanghai’s Lujiazui Central Greenland, the festival brings together over 260 selected brands, more than 100 boutique coffee shops and over 20 influencers from the industry hailing from over 70 cities worldwide. It serves as a platform for the exchange of creative ideas and the exhibition of the latest coffee-related products.

Manhattan Coffee Roasters from Rotterdam, Netherlands; Ghostbird Coffee Roastery from Kuala Lumpur, Malaysia; and Proud Mary Coffee Roasters from Melbourne, Australia, are among the 12 international specialty coffee brands that are making their domestic debut at the festival.

Since its inception in 2016, the festival has become a benchmark cultural experience in the coffee industry in China, drawing the cumulative participation of over 850,000 people.

“As the brand influence of the Lujiazui Coffee Festival continues to grow, it will not only bring more global coffee flavors to Pudong, but also explore new pathways for Chinese domestic coffee to enter the international market,” said Chen Bai, director of the festival.

MIL OSI China News –

January 25, 2025
MIL-OSI China: Wine-tourism destinations thrive in Ningxia’s Helan Mountain

Source: People’s Republic of China – State Council News

Wine-tourism destinations thrive in Ningxia’s Helan Mountain

Updated: October 25, 2024 10:31 Xinhua

Tourists taste wine at a winery in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 23, 2024. The eastern foothill of Helan Mountain, with its dry climate and abundant sunshine, is acclaimed as a “golden zone” for grape cultivation and premium wine production. A collection of diverse wineries has created a “wine corridor” at the mountain’s base, which is also home to several renowned scenic spots. [Photo/Xinhua]

Tourists taste wine at a winery in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 23, 2024. [Photo/Xinhua]

This photo shows a view of the Dulaan Holiday Wine Stroll, a wine-themed complex, in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 4, 2024. [Photo/Xinhua]

A staff member packs bottles of wine at a winery in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 23, 2024. [Photo/Xinhua]

Staff members work at a vineyard in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 23, 2024. [Photo/Xinhua]

Tourists visit a winery in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 24, 2024. [Photo/Xinhua]

Tourists walk at a park in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 23, 2024. [Photo/Xinhua]

Tourists have fun at the Dulaan Holiday Wine Stroll, a wine-themed complex, in Yinchuan, northwest China’s Ningxia Hui Autonomous Region, Oct. 4, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025
MIL-OSI China: Beijing unveils tourism action plan

Source: People’s Republic of China – State Council News

Beijing unveiled an action plan to drive high-quality growth in the tourism industry on Thursday during a conference, aiming at building the capital into a world-class tourism city and a global tourist destination by 2029.

It was the first conference the Beijing government has ever held focusing on the industry.

According to the plan, the added value of Beijing’s tourism industry is projected to account for over 5 percent of the city’s GDP by 2029.

The number of tourists is expected to grow by more than 2 percent annually by 2029 in Beijing, while overall tourism revenue is expected to increase by around 4 percent per year. Additionally, inbound tourist numbers are predicted to rise by approximately 5 percent annually, according to the plan.

Yang Shuo, director of the Beijing Municipal Bureau of Culture and Tourism, said during the conference that the city is committed to promoting high-quality tourism development in various aspects to achieve its goal of becoming a top international tourism city.

“We will establish a balanced and orderly tourism spatial layout across the entire city and develop vibrant tourism characteristic regions in alignment with the resources of each district,” he said.

Furthermore, the bureau has signed a strategic cooperation agreement with four major banks — the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and China Construction Bank — and the Bank of Beijing to provide a total of 150 billion yuan ($21 billion) in financing and credit support to tourism enterprises over the next five years.

According to the bureau, in the first three quarters of this year, Beijing welcomed 280 million tourists, generating a record tourism revenue of 504 billion yuan.

In addition, Beijing will gradually eliminate reservation requirements at all tourist attractions throughout the city, and several popular museums will extend their opening hours to provide better services for tourists.

During the conference, several districts in Beijing showcased their unique development features. Among them, Chaoyang district topped the city in total tourism revenue in the first half of this year, while Yanqing district has already surpassed its annual visitor reception target.

The Liangma River Economic Belt in Chaoyang has become a hub for innovative cultural and commercial experiences and has brought increasing consumption to the surrounding area.

Zhang Guanbin, deputy head of Chaoyang, said the mix of commerce, tourism, culture and sports has created a dynamic, open and fashionable district.

The 2024 Beijing Chaoyang International Light Festival, which kicked off on Oct 18 and runs until Nov 10, has illuminated the city, including places such as the Olympic central area and the Liangma River Zone, merging modern technology with artistic brilliance to provide a visual feast for the public.

Yanqing, which has positioned the cultural and tourism industry as its strategic pillar industry, has welcomed over 20 million visitors since the beginning of the year, surpassing its annual target ahead of schedule, said Ren Jianghao, deputy head of Yanqing.

“Yanqing will further enrich its offerings of ice and snow tourism products, catering to the diverse needs of residents and tourists through a series of activities such as ice lantern festivals and flower lantern exhibitions,” he added.

MIL OSI China News –

January 25, 2025
MIL-OSI Europe: Audience with the Community of the College of Vatican Penitentiaries

Source: The Holy See

This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the Community of Vatican Penitentiaries on the occasion of the 250th anniversary of the entrustment of the Ministry of Confessions in Saint Peter’s Basilica to the Friars Minor Conventual.
The following is the address delivered by the Pope to those present at the audience:

Address of the Holy Father
Dear brothers and sisters, Your Eminence, good morning!
I greet Fr. Vincenzo Cosatti and all of you. I am happy to meet you on the occasion of the 250th anniversary of the entrustment to the Friars Minor Conventual of the ministry of Confessions in Saint Peter’s Basilica (cf. Clement XIV, Motu proprio Miserator Dominus, 10 August 1774). Clement XIV did this, perhaps one of the good things he did. But, poor man, the other things he did were inspired by that friar of yours, Bontempi, whom I believe is still in hell [laughter], but I am not sure. When Clement XVI died, Bontempi sought refuge in the Spanish Embassy, because he was afraid. After a few months had passed, when there was peace, he went to the General and said: “Father General, I am bringing three Bulls here. [In exchange I ask] first, that I may have money – a Franciscan! -; second, that I may live outside the community; and third, that I may travel where I please”. And the General, a wise Conventual, took the Bulls: “But, dear man, one is missing”. “Which one, Father?”. “The one that will guarantee the salvation of your soul!”. This is historic, because he had deceived Pope Ganganelli with all these things. Bontempi was wily!
Every day Saint Peter’s Basilica is visited by more than forty thousand people, every day! Many come from far away and face journeys, expenses and long queues to be able to arrive; others come for tourism, the majority. But among them, very many come to pray at the tomb of the First of the Apostles, to confirm their faith and their communion with the Church, to entrust dear intentions to the Lord, or to take vows. Others, even of different faiths, enter it as “tourists”, attracted by the beauty, the history, the charm of the art. But in everyone there is one great quest, conscious or unconscious: the quest for God, Beauty and eternal Goodness, whose desire lives and pulsates in every heart of man and woman living in this world. The desire for God.
And your presence in this context is important. For the faithful and pilgrims, because it enables them to encounter the Lord of mercy in the Sacrament of Reconciliation. Dear friends, forgive everything, everything, everything. Do it always: forgive everything! We are here to forgive, there will be someone else to quarrel! And for all the others, because it bears witness before them that the Church welcomes them first of all as a community of the saved, forgiven, who believe, hope and love in the light and with the strength of God’s tenderness. Let us therefore pause a moment to reflect on the ministry you carry out, emphasizing three particular aspects: humility, listening and mercy.
First: humility. This is taught to us by the Apostle Peter, the forgiven disciples, who goes so far as to shed his blood in martyrdom only after having wept humbly for his own sins (Lk 22:56-62). He reminds us that every Apostle – and every Penitentiary – bears the treasure of grace that is dispensed in an earthen vessel, “to show that the transcendent power belongs to God and not to us” (2 Cor 4:7). Therefore, dear brothers, to be good confessors, let us be the first to “allow ourselves to be penitents in search of his mercy” (Bull Misericordiae Vultus, 17), diffusing beneath the imposing vaults of the Vatican Basilica the perfume of a humble prayer, that implores and begs for mercy.
Second, listening, for everyone and especially for the young and the small. It is the witness of Peter the shepherd, who walks among his flock and who grows in listening to the Spirit through the voice of his brethren (Acts, 10:34-48). Indeed, listening is not merely hearing what people say, but first of all welcoming their words as a gift of God for their conversion, docilely, like clay in the potter’s hands (cf. Is 64:7). It will be good for us, in this regard, never to forget that “By truly listening to a brother or sister in the sacramental dialogue, we listen to Jesus himself, poor and humble … we become hearers of the Word” (Address to participants in the Course on the Internal Forum organized by the Apostolic Penitentiary, 9 March 2018), and that only in this way can we hope to offer them the greatest service: that of putting them “in contact with Jesus” (ivi). Listen, without asking too many questions; do not be a psychiatrist, please: listen, always listen, meekly. And when you see that a penitent starts to get into difficulty, because he or she is ashamed, say “I understand”; I haven’t understood anything, but I understand; God understands and that is the important thing. This was taught to me by a great Cardinal penitentiary: “I understand”, the Lord has understood. But please do not be a psychiatrist: the less you speak, the better. Listen, console and forgive. You are there to forgive!
Finally, the third: mercy. As dispensers of God’s forgiveness, it is important to be “men of mercy”, cheerful men, generous, ready to understand and to console, in words and in attitudes. Here too Peter is an example to us, with his discourses full of forgiveness (cf. Acts, 3:12-20). The confessor – an earthen vessel, as we have said – has a sole medicine to pour on the wounds of his brethren: God’s mercy. These three aspects of God: closeness, mercy and compassion. The confessor must be close, merciful and compassionate. When a confessor starts to ask… no, you are acting like a psychiatrist, stop, please. This was taught by Saint Leopold Mandić, who liked to repeat: “Why should we humiliate the most the souls who come to prostrate themselves at our feet? Are they not already humiliated enough? Did Jesus perhaps humiliate the publican, the adulteress, the Magdalene?” and he added, “And if the Lord were to reproach me for being too lenient, I would be able to say, ‘Blessed Father, you set a bad example to me, dying on the cross for our souls, moved by your divine charity” (cf. Lorenzo da Fara, Leopold Mandić. L’umanità la santità, Velar, 1989). May the Lord give us the grace to be able to repeat the same words!
Several times I have told the story of that Capuchin who was a confessor in Buenos Aires – I don’t know if I have told you this – I made him Cardinal, not this time, the other. He is 96 years old and continues to confess; I went to him, he forgives everything! Once he came to tell me that he was afraid he had forgiven too much. “And what will you do?”, I asked him. “I will go before the Lord: Lord, will you forgive me? I am sorry, I have forgiven too much! But, mind, it was you who gave me the bad example!”. Always forgive, everything and without asking too much. And if I do not understand? God understands, keep going! Let them feel mercy.
Dear brothers, thank you for your service, for your assiduity and patience, for your fidelity! My confessor died a few months ago, I go to confess to you, at Saint Peter’s. You do well! Thank you for being, in the heart of the Church, ministers of the sacramental presence of God-Love. Continue your ministry in this way: in humility – I am worse than you; in listening, and not so much in asking questions; and in mercy.
Please, do not forget to pray for me. And every time I come to you, forgive me, you understand.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Canada: Supporting Tourism in New Brunswick

Source: Government of Canada News

Salisbury, New Brunswick · October 24, 2024 · Atlantic Canada Opportunities Agency (ACOA)

The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, will make an announcement regarding support for tourism in New Brunswick.

Date: October 25, 2024

Time: 10:00 a.m.

Location:
Salisbury Amphitheatre
29 Highland Drive
Salisbury, New Brunswick
E4J 2G7

Connor Burton
Press Secretary
Office of the Minister of Rural Economic Development and of the
Atlantic Canada Opportunities Agency
Connor.Burton@acoa-apeca.gc.ca

MIL OSI Canada News –

January 25, 2025
MIL-OSI Russia: “Language is the key to understanding the soul of a country”

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

Photo: freepic.com

21 countries and 52 universities open their doors every semester to HSE students participating in the international academic mobility program. In the fall semester of this year, Sofia Malyukova, a third-year student of the bachelor’s program, went to study at the Ca’Foscari State University (Venice, Italy) under the academic mobility program.Foreign languages and intercultural communication» Foreign language schools National Research University Higher School of Economics.

Her training in Ca’Foscari, whose rich history spans over 150 years, will last for two modules: from September 2024 to February 2025.

Why Italy and the University of Venice

— I have dreamed of studying in Italy since the 10th grade, and today, thanks to the HSE School of Foreign Languages, my dream has come true. I chose the Ca’Foscari University of Venice thanks to the positive feedback from students of our educational program who had already studied in Venice and were absolutely delighted with this university. In addition, the process of creating a curriculum turned out to be quite easy, since Ca’Foscari offers an extensive list of subjects for international students.

Studying at the HSE School of Foreign Languages

— I studied Italian from the age of 14 with a teacher, outside the school curriculum, because I was always attracted by the culture and history of Italy, and language is the key to understanding the soul of the country. Now my level of Italian is C1-C2, which allows me not only to communicate freely at the university, but also to feel confident outside of it.

Having entered the first year of the bachelor’s degree program at the School of Foreign Languages (SFL) of the National Research University Higher School of Economics, I decided to choose French as my second foreign language because I wanted to learn another language from scratch. And I continue to intensively develop my Italian skills thanks to the variety of extracurricular activities of the HSE School of Foreign Languages related to Italian: I take part in annual International scientific and practical conference for students and postgraduates “Lingua e cultura italiana: soft power in the XXI century”, and also help with the preparation of events for the Italian Club of the HSE University School of Economics.

Educational program at the University of Venice

— The program for this semester is intense. I will study English and French, the theory of the first foreign language, the theory of teaching a foreign language, intercultural communication. Mobility at Ca’Foscari University will certainly bring me new unique experience for my future career. This university is one of the strongest in the field of linguistics. Here I will be able to expand my knowledge in a unique intercultural academic environment and learn how cultural differences affect corporate interaction, which is especially important for my specialization “Intercultural Corporate Communication”, which I will begin studying this academic year.

Life in a city of contrasts

— Venice certainly made a strong impression on me right away. It is a city that seems like a fairy tale and almost unreal, especially when you see it for the first time. Walking along narrow streets, crossing numerous bridges, you understand that every corner here breathes history. Venice is a city of contrasts. On the one hand, it is a tourist center, which is felt most strongly in the city center. But once you turn aside, go deeper into lesser-known neighborhoods, you find yourself in quiet, almost deserted places, where it seems that time has stopped.

Of course, at first we had to get used to the absence of familiar streets, avenues and cars. Instead, locals travel by water trams (vaporetto), which is very convenient and fast.

As for the climate, there is very high humidity, which is especially noticeable during the rainy season (usually late October and February). On rainy days, the streets can be slightly flooded, a phenomenon called “high water” (aqua alta), and then you have to go around the streets next to the canals. So living on the water is not only romantic, but also difficult. On the other hand, it has its charm: Venice is surrounded by water, and you always feel it.

When I was choosing a place to live, I wanted to live not in Venice itself, but on the mainland, where there are more amenities for living. That’s why I found an apartment in the small town of Mestre, 15 minutes from Venice. These cities are connected by regular buses and trains, so there are no problems with transportation.

And for students in Venice, there is a special transport card that allows you to move around Venice and the nearby cities (Mestre and Marghera) by bus, tram and vaporetto. Some campuses of Ca’Foscari University are located near vaporetto stops, so students also actively use this transport. However, in Italy there are often strikes during which employees of the transport industry do not work, so you have to plan your routes in advance.

Ca’Foscari is like home

— Studying at the University of Venice is an unforgettable experience due to the intercultural exchange, as students from all over the world study here. Among my friends there are not only Italians, but also guys from Japan, Korea, Turkey, America, Great Britain, Russia.

All foreign students are treated very kindly, including by teachers who value foreign students very much and are always ready to help. All Italians are very hospitable and open, so I immediately felt at home among them.

At the university, classes usually start early in the morning, but some subjects can be held in the evening, depending on the course. The class lasts for an hour and a half, which is universal for all Italian universities. In addition to classes at the Italian university, I take some compulsory subjects of my educational program at the National Research University Higher School of Economics online.

Overall, my workload here is distributed very conveniently, thanks to which I have time to devote to additional education, my hobbies and travel around Italy. For example, I have already managed to visit seven cities: Rome, Milan, Florence, Verona, Peschiera del Garda, Padua and Treviso.

As for the canteen, the university has one, but not all campuses. For example, some campuses are just classrooms in historical buildings, where there is no canteen. Moreover, breaks between classes last only 15 minutes, so it is best to take a snack from home to avoid standing in line at the canteen. I cook at home most often, but I also like to try different dishes of Italian cuisine. Sometimes we get together with foreign friends at Italians, cook pasta together and chat, exchanging impressions and telling each other about our cultures.

Studying here is a unique cultural experience that I will definitely not forget. Venice teaches you not to rush, to enjoy the moment and the beauty around you. There is a special magic in Venice that cannot be explained in words, but can only be felt by seeing the city with your own eyes.

Advice for those who want to take part in academic mobility

— First of all, it was necessary to draw up an individual curriculum and coordinate it with the educational office. I chose the subjects that I would study in Italy and transfer upon my return. Therefore, it is very important that the content of the curriculum corresponds to the subjects studied at that time in our educational program at the School of Foreign Languages of the National Research University Higher School of Economics.

The motivation letter was also an important document, as it was where I could explain how the opportunity to participate in the mobility program was connected with my academic and career goals and why my candidacy should be selected. The motivation letter is the only opportunity to “talk” to the admission committee, so it is very important to talk about your experience, personal qualities and plans for the future. Do not be afraid to fully disclose your achievements and show your desire for new heights!

In addition to the motivation letter, letters of recommendation from teachers play a significant role. In my experience, it is important that they reflect various aspects of your activities. For example, I attached recommendations that covered not only my academic successes, but also extracurricular achievements (active participation in the life of the HSE School of Foreign Languages and the HSE School of Foreign Languages Italian Club, experience of volunteering at Olympiads and working as a teaching assistant).

My main advice is to start preparing for the competition in advance and carefully work through each document. Approach this process as responsibly as possible and keep in mind that the commission pays attention not only to your academic achievements, but also to how you show yourself outside of your studies. Show your activity and interests, tell how the academic mobility program is connected with your plans for the future, and then your chances of successfully passing the selection will increase significantly.

And of course, don’t be afraid of anything. Follow your dream, dare and be sure that getting the coveted letter that you have passed the competitive selection for the academic mobility program is quite possible. Good luck!

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Marat Khusnullin: Since the beginning of the year, 46 objects have been completed in 19 regions under the IBC program

Translation. Region: Russian Federation –

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

In 2024, construction and modernization of 46 facilities was completed in Russia thanks to the implementation of infrastructure budget loans (IBL) programs, which are part of the Government’s socio-economic initiative “Infrastructure Menu”. This was reported by Deputy Prime Minister Marat Khusnullin.

“The tool of infrastructure budget loans is designed to improve the quality of life in the regions of our country. With the involvement of IBC funds, which were distributed between 83 regions, we are conducting large-scale comprehensive work on the construction and modernization of facilities necessary for citizens. In total, since the beginning of the year, 46 engineering, road, tourist, social infrastructure facilities and infrastructure of special economic zones have already been completed in 19 regions of the country. Thanks to them, residents will receive higher-quality utilities, modern social facilities, renovated roads, which serves as an additional incentive for housing construction, an increase in the number of jobs, an improvement in the quality of life of citizens and the popularization of tourist routes,” said Marat Khusnullin.

As reported by the First Deputy Minister of Construction and Housing and Public Utilities Alexander Lomakin, IBCs have established themselves as one of the most popular instruments of state support for the construction of infrastructure facilities in the regions.

“In the third quarter alone, 13 infrastructure facilities, including educational facilities, were built and commissioned in 7 regions using IBC funds. Soon, more than 4,000 children will be able to receive education in new modern schools and kindergartens equipped with everything necessary,” noted Alexander Lomakin.

Thus, among the Russian regions where new infrastructure was built thanks to IBC are Vladimir, Voronezh, Moscow, Rostov, Penza, Novosibirsk regions, and the Chuvash Republic.

“The IBC tool facilitates the implementation of significant projects that have a positive impact on the appearance of populated areas. Today, about 540 objects are being worked on in Russian regions with the involvement of IBC funds. We see that the mechanism is in high demand for updating infrastructure in all areas,” said Ilshat Shagiakhmetov, CEO of the Territorial Development Fund.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI USA: Senator Baldwin Leads Senate Resolution Designating October 23 National Marine Sanctuary Day

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) introduced a Senate Resolution designating October 23, 2024 as “National Marine Sanctuary Day.” The resolution highlights the role of national marine sanctuaries in increasing access to nature, protecting biodiversity, and boosting economic activity for coastal communities.

“Wisconsin Shipwreck Coast National Marine Sanctuary is an engine for tourism and world-class research along Lake Michigan, stimulating our local economies and pioneering breakthroughs for our Great Lakes,” said Senator Baldwin. “I’m proud to have fought for and delivered a national marine sanctuary for Wisconsin, and will continue to fight to protect our nation’s natural resources and ensure generations to come can enjoy our coastlines.”

Senator Baldwin has fought to support national marine sanctuaries, successfully leading the charge to bring a National Marine Sanctuary to Wisconsin in 2021. In October 2013, Senator Baldwin urged the National Oceanic and Atmospheric Administration (NOAA) to re-open the public nomination process for marine sanctuaries for the first time in 20 years. After the Administration announced in June 2014 that Americans would be given the opportunity to nominate nationally significant marine and Great Lakes areas as national marine sanctuaries, Wisconsin’s Lake Michigan proposal was submitted and Senator Baldwin called on NOAA to support their efforts. The Wisconsin Shipwreck Coast National Marine Sanctuary was officially designated in 2021.

As a member of the Senate Appropriations Committee, Senator Baldwin has continued to advocate for Wisconsin’s Great Lakes by supporting robust funding for the National Marine Sanctuaries Program and by requesting federal funding for the Wisconsin Shipwreck Coast National Marine Sanctuary Foundation.

The resolution is co-sponsored by Senators Richard Blumenthal (D-CT), Maria Cantwell (D-WA), Ben Cardin (D-MD), Martin Heinrich (D-NM), Mazie Hirono (D-HI), Patty Murray (D-WA), Alex Padilla (D-CA), Brian Schatz (D-HI), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), Peter Welch (D-VT), Cory Booker (D-NJ), and Gary Peters (D-MI).

The resolution is supported by Alabama Coastal Foundation, Azul, California Academy of Sciences, Carolina Ocean Alliance, Creation Justice Ministries, EarthEcho International, The Florida Aquarium, Friends of the Mariana Trench, Global Rewilding Alliance, Greater Farallones Association, GreenLatinos, Guy Harvey Foundation, Healthy Ocean Coalition, Inland Ocean Coalition, Minorities in Shark Sciences, Monterey Bay Aquarium, National Aquarium, National Ocean Protection Coalition, National Wildlife Federation, Next 100 Coalition, Ocean Defense Initiative, Point Defiance Zoo & Aquarium + Northwest Trek Wildlife Park, Shark Stewards, Shedd Aquarium, South Carolina Aquarium, Surfrider Foundation, Sustainable Ocean Alliance, The Ocean Project, WILDCOAST, Wildlife Conservation Society, and World Ocean Day.

“National marine sanctuaries are special places in America’s waters where people show up as part of the solution to steward our blue planet,” said Joel R. Johnson, President and CEO of the National Marine Sanctuary Foundation. “From the Great Lakes to the Gulf of Mexico, the Chesapeake Bay to Pacific Islands, national marine sanctuaries connect us with wildlife and our shared history making us feel like we are part of something much greater than ourselves. Our continued support for these treasured waters is more essential than ever and makes a positive impact for present and future generations.”

“The conservation of our special ocean and Great Lakes places is vital for the species that depend on them, the communities that rely on them, and the future generations that dream about them,” said Ayana Melvan, Director of Conservation Action of the Aquarium Conservation Partnership.

“The ACP and its members strive to celebrate the science and stories of our National Marine Sanctuary System at every opportunity. We’re proud to stand behind the Senator’s resolution to recognize the 600,000 sq. miles and growing of marine and Great Lake waters that truly make America beautiful,” said Kim McIntyre, Executive Director of the Aquarium Conservation Partnership.

A full version of this resolution is available here and below.

Designating October 23, 2024, as “National Marine Sanctuary Day”.

Whereas, on October 23, 1972, the Marine Protection, Research, and Sanctuaries Act of 1972 (33 U.S.C. 1401 et seq.) became law and ushered in a new era of ocean conservation;

Whereas the National Marine Sanctuary System is a nationwide network that conserves spectacular oceans, coasts, and Great Lakes;

Whereas communities across the United States can nominate their most treasured marine and Great Lakes waters for consideration as national marine sanctuaries;

Whereas national marine sanctuaries protect biodiversity, safeguard extraordinary seascapes, historic shipwrecks, and sacred cultural places, and provide abundant recreational opportunities;

Whereas national marine sanctuaries seek opportunities to partner with indigenous governments and communities to achieve shared conservation goals and to support the care-taking of ecological resources and cultural sites of indigenous peoples;

Whereas national marine sanctuaries protect vital habitats for countless species of fish and wildlife, including many species that are listed as threatened or endangered;

Whereas the conservation of marine ecosystems is vital for healthy oceans, coasts, and Great Lakes, for addressing climate change, and for sustaining productive coastal economies;

Whereas the National Marine Sanctuary Foundation and its partners work to protect and nurture the growth of the National Marine Sanctuary System;

Whereas national marine sanctuaries increase access to nature for all, support coastal communities, and generate billions of dollars annually in local communities by providing jobs in the United States, supporting commercial, Tribal, and recreational fisheries, bolstering tourism and recreation, engaging businesses in stewardship, and driving the growth of the blue economy;

Whereas national marine sanctuaries connect people and communities through science, education, United States history, recreation, and stewardship and inspire community-based solutions that help individuals understand and protect the spectacular underwater habitats, wildlife, archaeological resources, and cultural seascapes of the United States;

Whereas national marine sanctuaries are living laboratories that enable cooperative science and research that improves resource management and advances innovative public-private partnerships;

Whereas national marine sanctuaries can help make oceans, coasts, and Great Lakes more resilient by protecting ecosystems that sequester carbon, by safeguarding coastal communities from flooding and storms, and by protecting biodiversity;

Whereas the United States is a historic maritime Nation, and oceans, coasts, and Great Lakes are central to the way of life of the people of the United States;

Whereas engaging communities as stewards of these protected waters makes national marine sanctuaries unique and provides a comprehensive, ecosystem-based, highly participatory approach to managing and conserving marine and Great Lakes environments for current and future generations; and

Whereas October 23, 2024, is recognized as “National Marine Sanctuary Day” to increase awareness about the importance of the National Marine Sanctuary System and healthy oceans, coasts, and Great Lakes and to celebrate the many recreational opportunities available for the enjoyment of this network of protected waters: Now, therefore, be it

Resolved, That the Senate—

(1) designates October 23, 2024, as “National Marine Sanctuary Day”;

(2) encourages the people of the United States and the world to responsibly visit, experience, recreate in, and support the treasured national marine sanctuaries of the United States;

(3) acknowledges the importance of national marine sanctuaries in supporting community resilience, protecting biodiversity, and increasing access to nature;

(4) recognizes the importance of national marine sanctuaries for their recreational opportunities and contributions to local and national economies across the United States;

(5) celebrates the ability of the National Marine Sanctuary System to protect nationally significant places in oceans, coasts, and Great Lakes;

(6) calls on the National Oceanic and Atmospheric Administration to partner with communities and to complete designations of new national marine sanctuaries; and

(7) encourages Federal agencies to balance priorities and work together to support the priorities of the Marine Protection, Research, and Sanctuaries Act of 1972 (33 U.S.C. 1401 et seq.).

MIL OSI USA News –

January 25, 2025
MIL-OSI New Zealand: Leave Denniston relics where they lie

Source: Department of Conservation

Date: 24 October 2024

The call comes amid reports of people illegally digging and moving material at the historic site.

Senior Heritage Advisor Tom Barker says that people travel to Denniston to learn about the history there, and the historic artifacts and relics are all part of the experience. For many decades, Denniston was the largest producing coal mining area in New Zealand, staffed by pioneering people who braved the hilltop and windswept location.

“The mining history of Denniston is among the premier attractions in our district. It’s an incredible piece of West Coast history that we should be proud to share and must preserve for all visitors to observe and learn about.

“Denniston is a legally protected Category 1 Historic Place under the Heritage New Zealand Pouhere Taonga Act 2014. Anyone found taking or disturbing material there risks a fine of up to $300,000.

“Around 20,000 people visit Denniston each year to marvel at the breathtaking brakehead, ponder on the harsh reality for the inhabitants of the once bustling coal mining township, and take in spectacular coastal views”

Tom says in the past it was common for local people to remove building material from Denniston and other abandoned sites in the district.

“A lot of those materials and whole houses were moved to Westport and other Buller settlements off the hill. However, we are in a different time now. Taking items from Denniston is stealing from our West Coast heritage and tourism offering.”

Contact

For media enquiries contact:

Email: media@doc.govt.nz

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI New Zealand: Playing a key role in managing cruise ship activity
Source: Environment Canterbury Regional Council

Date: 24 Oct 2024
Our Harbourmaster’s Office plays a key role in managing cruise ship activity across Waitaha/Canterbury.

There are four places in Canterbury that get visits from cruise ship ships during the summer months – they are Kaikōura, Lyttelton, Akaroa and Timaru.

Our team in the Harbourmaster’s Office are responsible for several functions including:
- granting permissions to enter the Kaikōura and Akaroa anchorage sites
- enforcing speed and wake requirements
- maintaining communications with the ship as necessary.
We also work closely alongside other agencies to ensure cruise ship operations are completed in a safe and coordinated manner. 

“This season, we have reduced the number of designated anchorages down to three in Akaroa harbour due to concerns about the environment and seabed,” said Guy Harris, Harbourmaster.

“We have also further limited the maximum size of a cruise ships that may enter Akaroa without requiring a resource consent.”

Working together to reduce cruise ship impact 

In partnership with the Department of Conservation, Christchurch City Council, and ChristchurchNZ, we continue to closely monitor cruise ship activity in Akaroa.

Cruise ship visits in Akaroa have been a matter of community interest and discussion in recent years, with concerns raised over the number of ships visiting, potential damage to the seabed and safety. 

The reduction in cruise ship visits to Akaroa is consistent with the intent of the Parliamentary Commissioner for the Environment 2021 report, which focuses on reducing the environmental footprint of the tourism industry.  

Limiting ship length and thruster use

Information from a risk assessment in 2019 led us to limit thruster use by ships at anchor, to reduce the potential for seabed disturbance. A survey of the Akaroa Harbour in 2021 led us to close some anchorages and limit the size of ships coming into the Harbour from 260 lengths between perpendiculars (LBP) to 200m LBP. For a larger ship to enter it would need to get resource consent first.

“A repeat survey of the open and closed anchorages in Akaroa was undertaken by Southern Hydrographic in 2023 with an additional survey planned for 2025.

“This will help us determine the rate of physical recovery of the closed anchorages and inform future operational decisions,” said Guy.
A total of 17 cruise ships are scheduled to visit Akaroa this season.

Construction of a new Akaroa Wharf

Christchurch City Council will soon begin work to rebuild the Akaroa Wharf. Construction is expected to get underway in late 2025 and be completed in 2027.

Drummonds Jetty is currently being extended in preparation as a temporary replacement while the main wharf is constructed. The Harbourmaster’s Office team will be installing some channel marker buoys for vessels approaching Drummonds Jetty and have been working with Christchurch City Council on shifting some swing moorings to ensure there is a clear channel.
MIL OSI New Zealand News –
January 25, 2025

MIL-OSI: Northrim BanCorp Earns $8.8 Million, or $1.57 Per Diluted Share, in Third Quarter 2024

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago. The increase in third quarter 2024 profitability as compared to the third quarter a year ago was primarily the result of an increase in mortgage banking income and higher net interest income, which was only partially offset by higher other operating expenses and a higher provision for credit losses.

Dividends per share in the third quarter of 2024 increased to $0.62 per share as compared to $0.61 per share in the second quarter of 2024 and $0.60 per share in the third quarter of 2023.

“We had strong deposit-funded loan growth in the third quarter,” said Mike Huston, Northrim’s President and Chief Executive Officer. “Deposits and loans both increased 7% from the end of the second quarter. Our deposit market share increased by 4% in the past year and by 42% in the past five years as our investments in people, expanded branch network, and differentiated service continue to attract new customers and strengthen existing relationships.”

Third Quarter 2024 Highlights:

Net interest income in the third quarter of 2024 increased 7% to $28.8 million compared to $27.1 million in the second quarter of 2024 and increased 9% compared to $26.4 million in the third quarter of 2023.

Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.35% for the third quarter of 2024, up 5-basis points from the second quarter of 2024 and up 14-basis points from the third quarter a year ago.

Return on average assets (“ROAA”) was 1.22% and return on average equity (“ROAE”) was 13.69% for the third quarter of 2024.

Portfolio loans were $2.01 billion at September 30, 2024, up 7% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships, expanding market share, and to retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”), in the loan portfolio.

Total deposits were $2.63 billion at September 30, 2024, up 7% from the preceding quarter, and up 8% from $2.43 billion a year ago. Non-interest bearing demand deposits increased 8% from the preceding quarter and decreased slightly year-over-year to $763.6 million at September 30, 2024 and represent 29% of total deposits.

The average cost of interest-bearing deposits was 2.24% at September 30, 2024, up from 2.21% at June 30, 2024 and 1.75% at September 30, 2023.

Mortgage loan originations increased to $248.0 million in the third quarter of 2024, up from $181.5 million in the second quarter of 2024 and $153.4 million in the third quarter a year ago. Mortgage loans funded for sale were $210.0 million in the third quarter of 2024, compared to $152.3 million in the second quarter of 2024 and $131.9 million in the third quarter of 2023.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024		March 31, 2024					December 31, 2023			September 30, 2023
Total assets	$2,963,392			$2,821,668		$2,759,560					$2,807,497			$2,790,189
Total portfolio loans	$2,007,565			$1,875,907		$1,811,135					$1,789,497			$1,720,091
Total deposits	$2,625,567			$2,463,806		$2,434,083					$2,485,055			$2,427,930
Total shareholders’ equity	$260,050			$247,200		$239,327					$234,718			$225,259
Net income	$8,825			$9,020		$8,199					$6,613			$8,374
Diluted earnings per share	$1.57			$1.62		$1.48					$1.19			$1.48
Return on average assets		1.22	%		1.31		%		1.19	%		0.93	%		1.22	%
Return on average shareholders’ equity		13.69	%		14.84		%		13.84	%		11.36	%		14.67	%
NIM		4.29	%		4.24		%		4.16	%		4.06	%		4.15	%
NIMTE^*		4.35	%		4.30		%		4.22	%		4.12	%		4.21	%
Efficiency ratio		66.11	%		68.78		%		68.93	%		72.21	%		66.64	%
Total shareholders’ equity/total assets		8.78	%		8.76		%		8.67	%		8.36	%		8.07	%
Tangible common equity/tangible assets^*		8.28	%		8.24		%		8.14	%		7.84	%		7.54	%
Book value per share	$47.27			$44.93				$43.52			$42.57			$40.60
Tangible book value per share^*	$44.36			$42.03				$40.61			$39.68			$37.72
Dividends per share	$0.62			$0.61				$0.61			$0.60			$0.60
Common stock outstanding		5,501,943			5,501,562				5,499,578			5,513,459			5,548,436

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (all of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 12.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in August of 2024 was 4.6% compared to the U.S. rate of 4.2%. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.8% or 6,400 jobs between August of 2023 and August of 2024.

According to the DOL, the Construction sector had the largest growth in new jobs through August compared to the prior year. The Construction sector added 2,600 positions for a year over year growth rate of 12.9% between August of 2023 and 2024. The larger Health Care sector grew by 2,000 jobs for an annual growth rate of 4.9% over the same period. The Oil & Gas sector increased by 6.5% or 500 new direct jobs. Professional and Business Services added 1,000 jobs year over year through August of 2024, up 3.4%. The Government sector grew by 700 jobs for 0.9% growth, adding 500 Federal jobs and 200 Local government positions in Alaska. The only sectors to decline between August 2023 and August 2024 were Manufacturing (primarily seafood processing) shrinking 1,300 positions and Information, down 200 jobs.

Alaska’s Gross State Product (“GSP”) in the second quarter of 2024, was estimated to be $69.8 billion in current dollars, according to the Federal Bureau of Economic Analysis (“BEA”). Alaska’s inflation adjusted “real” GSP increased 6.5% in 2023, placing Alaska fifth best of all 50 states. However, in the second quarter of 2024 Alaska decreased at an annualized rate of 1.1%, compared to the average U.S. growth rate of 3%. Alaska’s real GSP decline in the second quarter of 2024 was primarily caused by a slowdown in the Mining, Oil & Gas; and Transportation and Warehousing sectors.

The BEA also calculated Alaska’s seasonally adjusted personal income at $55.4 billion in the second quarter of 2024. This was an annualized improvement of 4% for Alaska, compared to the national average of 5.3%.

The monthly average price of Alaska North Slope (“ANS”) crude oil was at an annual high of $89.05 in April of 2024 and averaged $74.06 in September of this year. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 479 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2023 and declined to 461 thousand bpd in Alaska’s fiscal year 2024. Starting in fiscal year 2025 it is projected to grow to 477 thousand bpd. The DOR projects the number to grow rapidly and reach 640 thousand bpd by fiscal year 2033. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 5.2% in 2023 to $480,207, following a 7.6% increase in 2022. This was the sixth consecutive year of price increases. In the first nine months of 2024 the average price continues to increase 6.8% to an average sale of
$512,815.

The average sales price for single family homes in the Matanuska Susitna Borough rose 4% in 2023 to $397,589, after increasing 9.9% in 2022. This continues a trend of average price increases for more than a decade in the region. In the first nine months of 2024 the average sales price increased 4.6% in the Matanuska Susitna Borough to $415,709. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 1.2% decrease in the number of units sold in Anchorage when comparing January to September of 2023 and 2024. There were 5.4% less homes sold in the Matanuska Susitna Borough for the same nine month time period in 2024 compared to the prior year.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the third quarter of 2024, Northrim generated a ROAA of 1.22% and a ROAE of 13.69%, compared to 1.31% and 14.84%, respectively, in the second quarter of 2024 and 1.22% and 14.67%, respectively, in the third quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $28.8 million in the third quarter of 2024 compared to $27.1 million in the second quarter of 2024 and increased 9% compared to $26.4 million in the third quarter of 2023. Interest expense on deposits increased to $10.1 million in the third quarter of 2024 compared to $9.5 million in the second quarter and $7.1 million in the third quarter of 2023.

NIMTE^* was 4.35% in the third quarter of 2024 up from 4.30% in the preceding quarter and 4.21% in the third quarter a year ago. NIMTE^* increased 14 basis points in the third quarter of 2024 compared to the third quarter of 2023 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher earning-assets, and higher yields on those assets which were only partially offset by an increase in costs on interest-bearing deposits. The weighted average interest rate for new loans booked in the third quarter of 2024 was 7.24% compared to 7.90% in the second quarter of 2024 and 7.44% in the third quarter a year ago. The yield on the investment portfolio in the third quarter of 2024 decreased slightly to 2.80% from 2.82% in the second quarter of 2024 and increased from 2.43% in the third quarter of 2023. “We continue to see the benefit of new loan volume and repricing outweigh the modest increase in deposit costs in the third quarter of 2024,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.13% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of June 30, 2024.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.1 million in the third quarter of 2024, which was comprised of of a $325,000 provision for credit losses on unfunded commitments and a provision for credit losses on loans of $1.7 million. The provision for unfunded commitments was primarily due to an increase in unfunded commitments, as well as an increase in estimated loss rates due to changes in mix and management’s assessment of economic conditions. The increase to the provision for credit losses on loans was primarily a result of loan growth, as well as an increase in the provision for loans individually evaluated and an increase in estimated loss rates. This compares to a benefit to the provision for credit losses of $120,000 in the second quarter of 2024, and provision for credit losses of $1.2 million in the third quarter a year ago.

Nonperforming loans, net of government guarantees, increased slightly during the quarter to $5.0 million at September 30, 2024, compared to $4.8 million at June 30, 2024, and decreased from $5.1 million at September 30, 2023.

The allowance for credit losses on loans was 394% of nonperforming loans, net of government guarantees, at the end of the third quarter of 2024, compared to 365% three months earlier and 326% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $11.6 million, or 29% of total third quarter 2024 revenues, as compared to $9.6 million, or 26% of revenues in the second quarter of 2024, and $8.0 million, or 23% of revenues in the third quarter of 2023. The increase in other operating income in the third quarter of 2024 as compared to the preceding quarter and the third quarter of 2023 was primarily the result of an increase in mortgage banking income due to a higher volume of mortgage activity. See further discussion regarding mortgage activity during the second quarter contained under “Home Mortgage Lending” below. The fair market value of marketable equity securities increased $576,000 in the third quarter of 2024 compared to a decrease of $60,000 in the prior quarter and an increase of $12,000 in the third quarter of 2023. The increase in other operating income in the third quarter of 2024 as compared to the third quarter a year ago was due primarily to an increase in mortgage banking income as a result of higher volume of mortgage activity due to our expansion in Arizona, Colorado, and the Pacific Northwest markets, as well as an increase in fair value of marketable equity securities.

Other Operating Expenses

Operating expenses were $26.7 million in the third quarter of 2024, compared to $25.2 million in the second quarter of 2024, and $22.9 million in the third quarter of 2023. The increase in other operating expenses in the third quarter of 2024 compared to the second quarter of 2024 was primarily due to an increase in salaries and other personnel expense, including $653,000 in mortgage commissions expense due to higher mortgage volume and a $979,000 increase in profit share expense, which was partially offset by a $836,000 decrease in medical claims expense. The increase in other operating expenses in the third quarter of 2024 compared to a year ago was primarily due to an increase in salaries and other personnel expense, as well as an increase in OREO expense due to a gain on sale recorded in the third quarter of 2023 for proceeds received related to a government guarantee on an OREO property sold in December 2022.

Income Tax Provision

In the third quarter of 2024, Northrim recorded $2.8 million in state and federal income tax expense for an effective tax rate of 24.2%, compared to $2.5 million, or 21.9% in the second quarter of 2024 and $1.9 million, or 18.4% in the third quarter a year ago. The increase in the tax rate in the third quarter of 2024 as compared to the third quarter of 2023 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2024 as compared to 2023.

Community Banking

In the most recent deposit market share data from the FDIC, Northrim’s deposit market share in Alaska increased to 15.66% of Alaska’s total deposits as of June 30, 2024 compared to 15.04% of Alaska’s total deposits as of June 30, 2023. This represents 62 basis points of growth in market share percentage for Northrim during that period while, according to the FDIC, the total deposits in Alaska were up 2.3% during the same period. Northrim opened a branch in Kodiak in the first quarter of 2023, a loan production office in Homer in the second quarter of 2023, a permanent branch in Nome in the third quarter of 2023, and a branch in Homer in the first quarter of 2024. See below for further discussion regarding the Company’s deposit movement for the quarter.

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $25.9 million in the third quarter of 2024, compared to $24.3 million in the second quarter of 2024 and $24.1 million in the third quarter of 2023. Net interest income increased 7% in the third quarter of 2024 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by higher interest expense on deposits and borrowings and lower interest income on portfolio investments.

Other operating expenses in the Community Banking segment totaled $19.1 million in the third quarter of 2024, up $588,000 or 3% from $18.5 million in the second quarter of 2024, and up $2.1 million or 13% from $16.9 million in the third quarter a year ago. The increase in the third quarter of 2024 as compared to the prior quarter was mostly due to an increases in salaries and other personnel expense, marketing expense, and professional fees. The increase in the third quarter of 2024 as compared to the third quarter a year ago was primarily due to an increase in OREO expense due to a gain on sale recorded in the third quarter of 2023 for proceeds received related to a government guarantee on an OREO property sold in December 2022, as well as increases in salaries and other personnel expense and marketing expense.

The following tables provide highlights of the Community Banking segment of Northrim:

	Three Months Ended
	September		March 31,		December		September
(Dollars in thousands, except per share data)	30, 2024	June 30, 2024		2024		31, 2023		30, 2023
Net interest income	$25,901	$24,278	$24,215		$24,456		$24,050
(Benefit) provision for credit losses	1,492	(184)		197		885		1,190
Other operating income	4,540	3,693		3,813		4,048		3,597
Other operating expense	19,085	18,497		17,552		18,516		16,946
Income before provision for income taxes	9,864	9,658		10,279		9,103		9,511
Provision for income taxes	2,316	2,004		2,242		1,941		1,709
Net income	$7,548	$7,654	$8,037		$7,162		$7,802
Weighted average shares outstanding, diluted	5,583,055	5,558,580		5,554,930		5,578,491		5,624,906
Diluted earnings per share	$1.34	$1.37	$1.45		$1.29		$1.39

	Year-to-date
(Dollars in thousands, except per share data)	September 30, 2024		September 30, 2023
Net interest income	$	74,394	$	71,502
Provision for credit losses		1,505		2,957
Other operating income		12,046		9,564
Other operating expense		55,134		52,168
Income before provision for income taxes		29,801		25,941
Provision for income taxes		6,562		5,216
Net income Community Banking segment	$	23,239	$	20,725
Weighted average shares outstanding, diluted		5,574,135		5,688,687
Diluted earnings per share	$	4.16	$	3.64

Home Mortgage Lending

During the third quarter of 2024, mortgage loans funded for sale increased to $210.0 million, compared to $152.3 million in the second quarter of 2024, and $131.9 million in the third quarter of 2023.

During the third quarter of 2024, the Bank purchased Residential Mortgage-originated loans of $38.1 million of which roughly two-thirds were jumbos and one-third were mortgages for second homes, with a weighted average interest rate of 6.59%, up from $29.2 million and 6.82% in the second quarter of 2024, and up from $21.6 million and 6.60% in the third quarter of 2023. The increase in mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $2.9 million to total revenue in the third quarter of 2024, up from $2.8 million in the prior quarter, and up from $2.3 million in the third quarter a year ago.

The Arizona, Colorado, and the Pacific Northwest mortgage expansion markets were responsible for 20% of Residential Mortgage’s $248 million total production in the third quarter of 2024, 22% of $182 million total production in the second quarter of 2024, and 8% of $153 million total production in the third quarter of 2023.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $968,000 during the third quarter of 2024 compared to a decrease of $81,000 for the second quarter of 2024 and a decrease of $310,000 for the third quarter of 2023. Mortgage servicing revenue increased to $2.6 million in the third quarter of 2024 from $2.2 million in the prior quarter and from $2.4 million in the third quarter of 2023 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the third quarter of 2024, the Company’s servicing portfolio increased $64.8 million, which included $87.3 million in new mortgage loans, net of amortization and payoffs of $22.5 million as compared to a net increase of $41.8 million in the second quarter of 2024 and $58.2 million in the third quarter of 2023.

As of September 30, 2024, Northrim serviced 4,187 loans in its $1.17 billion home-mortgage-servicing portfolio, a 6% increase compared to the $1.10 billion serviced as of the end of the second quarter of 2024, and a 19% increase from the $982.1 million serviced a year ago.

The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
		September						March 31,			December			September
(Dollars in thousands, except per share data)		30, 2024		June 30, 2024				2024			31, 2023			30, 2023
Mortgage commitments	$77,591			$88,006			$56,208			$22,926			$50,128
Mortgage loans funded for sale	$209,960			$152,339			$84,324			$79,742			$131,863
Mortgage loans funded for investment		38,087			29,175			17,403			27,114			21,585
Total mortgage loans funded	$248,047			$181,514			$101,727			$106,856			$153,448
Mortgage loan refinances to total fundings		6	%		6	%		4	%		4	%		5	%
Mortgage loans serviced for others	$1,166,585			$1,101,800			$1,060,007			$1,044,516			$982,098
Net realized gains on mortgage loans sold	$5,079			$3,188			$1,980			$1,462			$2,491
Change in fair value of mortgage loan commitments, net		60			391			386			(296	)		(289	)
Total production revenue		5,139			3,579			2,366			1,166			2,202
Mortgage servicing revenue		2,583			2,164			1,561			2,180			2,396
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(566	)		239			289			(707	)		—
Other²		(402	)		(320	)		(314	)		(301	)		(310	)
Total mortgage servicing revenue, net		1,615			2,083			1,536			1,172			2,086
Other mortgage banking revenue		293			222			129			99			117
Total mortgage banking income	$7,047			$5,884			$4,031			$2,437			$4,405

Net interest income	$2,941			$2,775			$2,232			$2,276			$2,300
Provision (benefit) for credit losses		571			64			(48	)		—			—
Mortgage banking income		7,047			5,884			4,031			2,437			4,405
Other operating expense		7,643			6,697			6,086			5,477			5,951
Income (loss) before provision for income taxes		1,774			1,898			225			(764	)		754
Provision (benefit) for income taxes		497			532			63			(215	)		182
Net income (loss)	$1,277			$1,366			$162				($549	)	$572
Weighted average shares outstanding, diluted		5,583,055			5,558,580			5,554,930			5,578,491			5,624,906
Diluted earnings per share	$0.23			$0.25			$0.03				($0.10	)	$0.09

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

	Year-to-date
(Dollars in thousands, except per share data)	September 30, 2024			September 30, 2023
Mortgage loans funded for sale	$446,623			$296,412
Mortgage loans funded for investment		84,665			119,144
Total mortgage loans funded	$531,288			$415,556
Mortgage loan refinances to total fundings		6	%		5	%

Net realized gains on mortgage loans sold	$10,247			$6,366
Change in fair value of mortgage loan commitments, net		837			194
Total production revenue		11,084			6,560
Mortgage servicing revenue		6,308			5,188
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(38	)		(215	)
Other²		(1,036	)		(1,464	)
Total mortgage servicing revenue, net		5,234			3,509
Other mortgage banking revenue		644			257
Total mortgage banking income	$16,962			$10,326
Net interest income	$7,948			$5,022
Provision for credit losses		587			—
Mortgage banking income		16,962			10,326
Other operating expense		20,426			18,020
Income before provision for income taxes		3,897			(2,672	)
Provision for income taxes		1,092			(728	)
Net (loss) income Home Mortgage Lending segment	$2,805				($1,944	)
Weighted average shares outstanding, diluted		5,574,135			5,688,687
Diluted (loss) earnings per share	$0.51				($0.34	)

Balance Sheet Review

Northrim’s total assets were $2.96 billion at September 30, 2024, up 5% from the preceding quarter and up 6% from a year ago. Northrim’s loan-to-deposit ratio was 76% at September 30, 2024, consistent with 76% at June 30, 2024,
and up from 71% at September 30, 2023.

At September 30, 2024, our liquid assets, investments, and loans maturing within one year were $1.07 billion and our funds available for borrowing under our existing lines of credit were $641.7 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.67 billion in the third quarter of 2024, up 4% from $2.57 billion in the second quarter of 2024 and up 6% from $2.52 billion in the third quarter a year ago. The average yield on interest- earning assets was 5.92% in the third quarter of 2024, up from 5.83% in the preceding quarter and 5.48% in the third quarter a year ago.

Average investment securities decreased to $619.0 million in the third quarter of 2024, compared to $640.0 million in the second quarter of 2024 and $715.8 million in the third quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.80% for the third quarter of 2024, down from 2.82% in the preceding quarter

and up from 2.43% in the year ago quarter. The average estimated duration of the investment portfolio at September 30, 2024, was approximately 2.3 years compared to approximately 2.8 years at September 30, 2023. As of September 30, 2024, $105.1 million of available for sale securities with a weighted average yield of 0.61% are scheduled to mature in the next six months, $73.0 million with a weighted average yield of 2.48% are scheduled to mature in six months to one year, and $177.8 million with a weighted average yield of 1.31% are scheduled to mature in the following year, representing a total of $355.9 million or 13% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $7.6 million in the third quarter of 2024 resulting in total unrealized loss, net of tax, of $7.6 million compared to $15.2 million at June 30, 2024, and $26.5 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $2.1 million at September 30, 2024, compared to $3.0 million at June 30, 2024, and $4.5 million a year ago.

Average interest bearing deposits in other banks increased to $28.4 million in the third quarter of 2024 from $17.4 million in the second quarter of 2024 and decreased from $42.3 million in the third quarter of 2023, as deposit balances increased and cash was used to fund the loan growth and provide liquidity.

Portfolio loans were $2.01 billion at September 30, 2024, up 7% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.76 billion at September 30, 2024, up $105.2 million or 6% from the preceding quarter and up 14% from a year ago. This increase was diversified throughout the loan portfolio including commercial real estate nonowner-occupied and multi-family loans increasing by $33.2 million, construction loans increasing by $31.4 million, and commercial real estate owner-occupied loans increasing $29.0 million from the preceding quarter. Average portfolio loans in the third quarter of 2024 were $1.93 billion, which was up 5% from the preceding quarter and up 14% from a year ago. Yields on average portfolio loans in the third quarter of 2024 increased to 6.91% from 6.87% in the second quarter and from 6.61% in the third quarter of 2023. The increase in the yield on portfolio loans in the third quarter of 2024 compared to the second quarter of 2024 and the third quarter a year ago is primarily due to loan repricing due to the increases in interest rates and new loans booked at higher rates due to changes in the interest rate environment. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.43% in the third quarter of 2024 as compared to 8.26% in the second quarter of 2024 and 7.75% in the third quarter of 2023. The drop in yields on new loan production was largely related to the large volume of new commercial real estate versus commercial loans, as noted above, as well as slightly better credit quality of the loans originated in the third quarter of 2024.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.63 billion at September 30, 2024, up 7% from $2.46 billion at June 30, 2024, and up 8% from $2.43 billion a year ago. “The increase in deposits in the third quarter of 2024 were consistent with our customers’ business cycles and a result of continued acquisition of new relationships,” said Ballard. At September 30, 2024, 73% of total deposits were held in business accounts and 27% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $48,000 as of September 30, 2024. Northrim had 22 customers with balances over $10 million as of September 30, 2024, which accounted for $978.4 million, or 38%, of total deposits. Demand deposits increased by 8% from the prior quarter and decreased slightly year-over-year to
$763.6 million at September 30, 2024. Demand deposits remained consistent at 29% of total deposits at both September 30, 2024 and June 30, 2024 down from 31% of total deposits at September 30, 2023. Average interest- bearing deposits were up 4% to $1.80 billion with an average cost of 2.24% in the third quarter of 2024, compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024, and up 11% compared to $1.62 billion and an average cost of 1.75% in the third quarter of 2023. Uninsured deposits totaled $1.12 billion or 43% of total deposits as of September 30, 2024 compared to $1.1 billion or 46% of total deposits as of December 31, 2022. Since interest rates began increasing in 2022, Northrim has taken a proactive, targeted approach to increase deposit rates.

Shareholders’ equity was $260.1 million, or $47.27 book value per share, at September 30, 2024, compared to $247.2 million, or $44.93 book value per share, at June 30, 2024 and $225.3 million, or $40.60 book value per share, a year ago. Tangible book value per share^* was $44.36 at September 30, 2024, compared to $42.03 at June

30, 2024, and $37.72 per share a year ago. The increase in shareholders’ equity in the third quarter of 2024 as compared to the second quarter of 2024 was largely the result of earnings of $8.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $7.6 million, net of tax, which were only partially offset by dividends paid of $3.4 million. The Company did not repurchase any shares of common stock in the third quarter of 2024 and has 110,000 shares remaining under the current share repurchase program as of September 30, 2024. Tangible common equity to tangible assets^* was 8.28% as of September 30, 2024, compared to 8.24% as of June 30, 2024 and 7.54% as of September 30, 2023. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 11.53% at September 30, 2024, compared to 11.68% at June 30, 2024, and 11.67% at September 30, 2023.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $5.3 million at September 30, 2024, up from $5.1 million at June 30, 2024 and $5.2 million a year ago. Of the NPAs at September 30, 2024, $3.0 million, or 61%, are nonaccrual loans related to three commercial relationships.

Net adversely classified loans were $6.5 million at September 30, 2024, as compared to $7.1 million at June 30, 2024, and $7.3 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. Net loan recoveries were $96,000 in the third quarter of 2024, compared to net loan recoveries of $26,000 in the second quarter of 2024, and net loan recoveries of $96,000 in the third quarter of 2023. Additionally, Northrim had 11 loan modifications to borrowers experiencing financial difficulty totaling $3.1 million, net of government guarantees in the third quarter of 2024.

Northrim had $127.4 million, or 6% of portfolio loans, in the Healthcare sector, $110.4 million, or 5% of portfolio loans, in the Tourism sector, $96.6 million, or 5% of portfolio loans, in the Accommodations sector, $83.6 million, or 4% of portfolio loans, in the Fishing sector, $70.6 million, or 3% of portfolio loans, in the Aviation (non-tourism) sector, $67.7 million, or 3% of portfolio loans, in the Retail sector, and $53.1 million, or 3% in the Restaurants and Breweries sector as of September 30, 2024.

Northrim estimates that $82.0 million, or approximately 4% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of September 30, 2024, and $1.6 million of these loans are adversely classified. As of September 30, 2024, Northrim has an additional $29.7 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches in Anchorage, Eagle River, the Matanuska Valley, the Kenai Peninsula, Juneau, Fairbanks, Nome, Kodiak, Ketchikan, and Sitka, serving 90% of Alaska’s population; and an asset-based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company of Northrim BanCorp.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our provision for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward- looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

www.mba.org

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended								Year-t			o-date
(Unaudited)	September 30,		June 30,			September 30,			September 30,			September 30,
		2024		2024			2023			2024			2023
Interest Income:
Interest and fees on loans	$34,863		$32,367			$29,097			$97,680			$79,104
Interest on portfolio investments		4,164		4,310			4,727			12,994			14,018
Interest on deposits in banks		389		232			584			1,459			2,901
Total interest income		39,416		36,909			34,408			112,133			96,023
Interest Expense:
Interest expense on deposits		10,123		9,476			7,138			28,779			17,835
Interest expense on borrowings		451		380			920			1,012			1,664
Total interest expense		10,574		9,856			8,058			29,791			19,499
Net interest income		28,842		27,053			26,350			82,342			76,524
(Benefit) provision for credit losses		2,063		(120	)		1,190			2,092			2,957
Net interest income after provision for credit losses		26,779		27,173			25,160			80,250			73,567
Other Operating Income:
Mortgage banking income		7,047		5,884			4,405			16,962			10,326
Bankcard fees		1,196		1,105			1,022			3,218			2,916
Purchased receivable income		1,033		1,242			1,180			3,620			3,175
Service charges on deposit accounts		605		572			550			1,726			1,512
Unrealized gain (loss) on marketable equity securities		576		(60	)		12			830			(445	)
Other income		1,130		834			833			2,652			2,406
Total other operating income		11,587		9,577			8,002			29,008			19,890
Other Operating Expense:
Salaries and other personnel expense		17,549		16,627			15,657			49,593			46,324
Data processing expense		2,618		2,601			2,589			7,878			7,321
Occupancy expense		1,911		1,843			1,857			5,716			5,611
Professional and outside services		903		726			803			2,384			2,326
Marketing expense		860		690			499			2,063			1,996
Insurance expense		596		692			640			2,067			1,844
OREO expense, net rental income and gains on sale		2		2			(784	)		(387	)		(766	)
Intangible asset amortization expense		—		—			4			—			11
Other operating expense		2,289		2,013			1,631			6,246			5,521
Total other operating expense		26,728		25,194			22,896			75,560			70,188

Income before provision for income taxes		11,638		11,556			10,266			33,698			23,269
Provision for income taxes		2,813		2,536			1,892			7,654			4,488
Net income	$8,825		$9,020			$8,374			$26,044			$18,781
Basic EPS	$1.60		$1.64			$1.50			$4.73			$3.34
Diluted EPS	$1.57		$1.62			$1.48			$4.67			$3.30
Weighted average shares outstanding, basic		5,501,943		5,500,588			5,569,238			5,500,703			5,630,948
Weighted average shares outstanding, diluted		5,583,055		5,558,580			5,624,906			5,574,135			5,688,687

Balance Sheet (Dollars in thousands) (Unaudited)	September 30,			June 30,			September 30,
		2024			2024			2023
Assets:
Cash and due from banks	$42,805			$33,364			$31,276
Interest bearing deposits in other banks		60,071			21,058			79,952
Investment securities available for sale, at fair value		545,210			584,964			652,150
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		12,957			12,381			10,615
Investment in Federal Home Loan Bank stock		4,318			4,929			6,334
Loans held for sale		97,937			85,926			63,151

Portfolio loans		2,007,565			1,875,907			1,720,091
Allowance for credit losses, loans		(19,528	)		(17,694	)		(16,491	)
Net portfolio loans		1,988,037			1,858,213			1,703,600
Purchased receivables, net		23,564			25,722			34,578
Mortgage servicing rights, at fair value		21,570			21,077			19,396
Other real estate owned, net		—			—			150
Premises and equipment, net		39,625			40,393			40,920
Lease right of use asset		7,616			8,244			9,673
Goodwill and intangible assets		15,967			15,967			15,973
Other assets		66,965			72,680			85,671
Total assets	$2,963,392			$2,821,668			$2,790,189
Liabilities:
Demand deposits	$763,595			$704,471			$764,647
Interest-bearing demand		979,238			906,010			875,814
Savings deposits		245,043			238,156			265,799
Money market deposits		201,821			195,159			230,814
Time deposits		435,870			420,010			290,856
Total deposits		2,625,567			2,463,806			2,427,930
Other borrowings		13,354			43,961			63,781
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,635			8,269			9,673
Other liabilities		46,476			48,122			53,236
Total liabilities		2,703,342			2,574,468			2,564,930
Shareholders’ Equity:
Total shareholders’ equity		260,050			247,200			225,259
Total liabilities and shareholders’ equity	$2,963,392			$2,821,668			$2,790,189

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans

		September 30, 2024				June 30, 2024					March 31, 2024					December 31, 2023					September 30, 2023
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$492,414			24	%	$495,781			26	%	$475,220			26	%	$486,057			27	%	$492,145			28	%
Commercial real estate:
Owner occupied properties		412,827		20	%		383,832		20	%		372,507		20	%		368,357		20	%		359,019		21	%
Nonowner occupied and
multifamily properties		584,302		31	%		551,130		30	%		529,904		30	%		519,115		30	%		509,939		30	%
Residential real estate:
1-4 family properties
secured by first liens		248,514		12	%		222,026		12	%		218,552		12	%		203,534		11	%		180,719		10	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		45,262		2	%		41,258		2	%		35,460		2	%		33,783		2	%		27,342		2	%
1-4 family construction		39,794		2	%		29,510		2	%		27,751		2	%		31,239		2	%		32,374		2	%
Construction loans		185,362		9	%		154,009		8	%		153,537		8	%		149,788		8	%		120,909		7	%
Consumer loans		7,836		—	%		6,679		—	%		6,444		—	%		6,180		—	%		5,930		—	%
Subtotal		2,016,311					1,884,225					1,819,375					1,798,053					1,728,377
Unearned loan fees, net		(8,746	)				(8,318	)				(8,240	)				(8,556	)				(8,286	)
Total portfolio loans	$2,007,565					$1,875,907					$1,811,135					$1,789,497					$1,720,091

Composition of Deposits

	September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$763,595		29	%	$704,471		29	%	$714,244		29	%	$749,683		31	%	$764,647		31	%
Interest-bearing demand		979,238	37	%		906,010	36	%		889,581	37	%		927,291	37	%		875,814	36	%
Savings deposits		245,043	9	%		238,156	10	%		246,902	10	%		255,338	10	%		265,799	11	%
Money market deposits		201,821	8	%		195,159	8	%		209,785	9	%		221,492	9	%		230,814	10	%
Time deposits		435,870	17	%		420,010	17	%		373,571	15	%		331,251	13	%		290,856	12	%
Total deposits	$2,625,567				$2,463,806				$2,434,083				$2,485,055				$2,427,930

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality

		September 30, 2024		June 30, 2024		September 30, 2023
Nonaccrual loans	$4,944			$4,830		$6,492
Loans 90 days past due and accruing		17		17		28
Total nonperforming loans		4,961		4,847		6,520
Nonperforming loans guaranteed by government		—		—		(1,455)
Net nonperforming loans		4,961		4,847		5,065
Other real estate owned	—			—		150
Repossessed assets	297			297		—
Net nonperforming assets	$5,258			$5,144		$5,215
Nonperforming loans, net of government guarantees / portfolio loans		0.25	%	0.26	%	0.29	%
Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees		0.26	%	0.28	%	0.31	%
Nonperforming assets, net of government guarantees / total assets		0.18	%	0.18	%	0.19	%
Nonperforming assets, net of government guarantees / total assets net of government guarantees		0.19	%	0.19	%	0.19	%
Adversely classified loans, net of government guarantees	$6,503			$7,068		$7,250
Special mention loans, net of government guarantees	$9,641			$8,902		$5,457
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans		0.08	%	0.03	%	—	%
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees		0.09	%	0.04	%	—	%
Allowance for credit losses / portfolio loans		0.97	%	0.94	%	0.96	%
Allowance for credit losses / portfolio loans, net of government guarantees		1.04	%	1.01	%	1.02	%
Allowance for credit losses / nonperforming loans, net of government guarantees		394	%	365	%	326	%
Gross loan charge-offs for the quarter	$15			$—		$91
Gross loan recoveries for the quarter		($111)		($26)		($187)
Net loan (recoveries) charge-offs for the quarter		($96)		($26)		($96)
Net loan charge-offs (recoveries) year-to-date		($164)		($68)		($134)
Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		—	%	—	%	(0.01)	%
Net loan charge-offs (recoveries) year-to-date / average loans, year-to-date annualized		(0.01)	%	(0.01)	%	(0.01)	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates

	Three Months Ended
	September 30, 2024					June 30, 2024					September 30, 2023
	Average Balance			Average Tax Equivalent Yield/Rate		Average Balance			Average Tax Equivalent Yield/Rate		Average Balance			Average Tax Equivalent Yield/Rate
Assets
Interest bearing deposits in other banks	$	28,409		5.28	%	$	17,352		5.27	%	$	42,273		5.39	%
Portfolio investments		619,012		2.80	%		639,980		2.82	%		715,767		2.43	%
Loans held for sale		93,689		6.20	%		65,102		6.08	%		62,350		6.34	%
Portfolio loans		1,933,181		6.91	%		1,845,832		6.87	%		1,695,736		6.61	%
Total interest-earning assets		2,674,291		5.92	%		2,568,266		5.83	%		2,516,126		5.48	%
Nonearning assets		196,266					204,509					205,770
Total assets	$	2,870,557				$	2,772,775				$	2,721,896
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	1,796,107		2.24	%	$	1,725,013		2.21	%	$	1,619,478		1.75	%
Borrowings		43,555		4.07	%		38,390		3.92	%		76,681		4.73	%
Total interest-bearing liabilities		1,839,662		2.29	%		1,763,403		2.25	%		1,696,159		1.88	%
Noninterest-bearing demand deposits		722,000					706,339					747,147
Other liabilities		52,387					58,549					52,078
Shareholders’ equity		256,508					244,484					226,512
Total liabilities and shareholders’ equity	$	2,870,557				$	2,772,775				$	2,721,896
Net spread				3.63	%				3.58	%				3.60	%
NIM				4.29	%				4.24	%				4.15	%
NIMTE^*				4.35	%				4.30	%				4.21	%
Cost of funds				1.64	%				1.60	%				1.31	%
Average portfolio loans to average
interest-earning assets		72.29	%				71.87	%				67.39	%
Average portfolio loans to average total deposits		76.77	%				75.92	%				71.65	%
Average non-interest deposits to average
total deposits		28.67	%				29.05	%				31.57	%
Average interest-earning assets to average
interest-bearing liabilities		145.37	%				145.64	%				148.34	%

Additional Financial Information
(Dollars in thousands) (Unaudited)

Average Balances, Yields, and Rates

	Year-to-date
	September 30, 2024					September 30, 2023
	Average			Average Tax Equivalent		Average			Average Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$35,747			5.34	%	$79,362			4.82	%
Portfolio investments		643,221		2.82	%		723,693		2.41	%
Loans held for sale		63,917		6.14	%		40,433		6.06	%
Portfolio loans		1,857,756		6.85	%		1,608,293		6.46	%
Total interest-earning assets		2,600,641		5.81	%		2,451,781		5.30	%
Nonearning assets		200,619					192,430
Total assets	$2,801,260					$2,644,211
Liabilities and Shareholders’ Equity
Interest-bearing deposits	$1,751,179			2.20	%	$1,577,308			1.51	%
Borrowings		35,327		3.76	%		52,075		4.23	%
Total interest-bearing liabilities		1,786,506		2.23	%		1,629,383		1.60	%
Noninterest-bearing demand deposits		711,197					746,251
Other liabilities		57,097					42,596
Shareholders’ equity		246,460					225,981
Total liabilities and shareholders’ equity	$2,801,260					$2,644,211
Net spread				3.58	%				3.70	%
NIM				4.23	%				4.17	%
NIMTE^*				4.29	%				4.24	%
Cost of funds				1.59	%				1.10	%
Average portfolio loans to average interest-earning assets		71.43	%				65.60	%
Average portfolio loans to average total deposits		75.45	%				69.22	%
Average non-interest deposits to average total deposits		28.88	%				32.12	%
Average interest-earning assets to average interest-bearing liabilities		145.57	%				150.47	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)


			September 30, 2024		June 30, 2024		September 30, 2023
Book value per share			$47.27		$44.93		$40.60
Tangible book value per share^*			$44.36		$42.03		$37.72
Total shareholders’ equity/total assets			8.78	%	8.76	%		8.07		%
Tangible Common Equity/Tangible Assets^*			8.28	%	8.24	%		7.54		%
Tier 1 Capital / Risk Adjusted Assets			11.53	%	11.68	%		11.67		%
Total Capital / Risk Adjusted Assets			12.50	%	12.58	%		12.58		%
Tier 1 Capital / Average Assets			9.08	%	9.17	%		9.02		%
Shares outstanding			5,501,943		5,501,562			5,548,436
Total unrealized loss on AFS debt securities, net of income taxes			($7,617)		($15,197)			($26,526		)
Total unrealized gain on derivatives and hedging activities, net of income taxes			$863		$1,212		$1,485

Profitability Ratios
	September 30, 2024	June 30, 2024	March 31, 2024		December 31, 2023		September 30, 2023
For the quarter:
NIM	4.29%	4.24%	4.16%		4.06%				4.15%
NIMTE^*	4.35%	4.30%	4.22%		4.12%				4.21%
Efficiency ratio	66.11%	68.78%	68.93%		72.21%				66.64%
Return on average assets	1.22%	1.31%	1.19%		0.93%				1.22%
Return on average equity	13.69%	14.84%	13.84%		11.36%				14.67%

	September 30,		September 30,
	2024		2023
Year-to-date:
NIM	4.23	%	4.17	%
NIMTE^*	4.29	%	4.24	%
Efficiency ratio	67.86	%	72.79	%
Return on average assets	1.24	%	0.95	%
Return on average equity	14.12	%	11.11	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data) (Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2024 and 2023. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
		September 30,						March 31,			December			September 30,
		2024		June 30, 2024				2024			31, 2023			2023
Net interest income	$28,842			$27,053			$26,447			$26,732			$26,350
Divided by average interest-bearing assets		2,674,291			2,568,266			2,558,558			2,612,297			2,516,126
Net interest margin (“NIM”)²		4.29	%		4.24	%		4.16	%		4.06	%		4.15	%

Net interest income	$28,842			$27,053			$26,447			$26,732			$26,350
Plus: reduction in tax expense related to tax-exempt interest income		385			378			379			374			373
		$29,227			$27,431			$26,826			$27,106			$26,723
Divided by average interest-bearing assets NIMTE²		2,674,291			2,568,266			2,558,558			2,612,297			2,516,126
		4.35	%		4.30	%		4.22	%		4.12	%		4.21	%

	Year-to-date
	September 30,			September 30,
		2024			2023
Net interest income	$82,342			$76,524
Divided by average interest-bearing assets		2,600,641			2,451,781
Net interest margin (“NIM”)³		4.23	%		4.17	%
Net interest income Plus: reduction in tax expense related to	$82,342			$76,524
tax-exempt interest income		1,142			1,202
	$83,484			$77,726
Divided by average interest-bearing assets		2,600,641			2,451,781
NIMTE³		4.29	%		4.24	%

²Calculated using actual days in the quarter divided by 366 for the quarters ended in 2024 and 365 for the quarters ended in 2023, respectively.

³Calculated using actual days in the year divided by 366 for year-to-date period in 2024 and 365 for year-to-date period in 2023, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total shareholders’ equity	$260,050		$247,200		$239,327		$234,718		$225,259
Divided by shares outstanding		5,502		5,502		5,500		5,513		5,548
Book value per share	$47.27		$44.93		$43.52		$42.57		$40.60

		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Total shareholders’ equity	$260,050		$247,200		$239,327		$234,718		$225,259
Less: goodwill and intangible assets		15,967		15,967		15,967		15,967		15,973
	$244,083		$231,233		$223,360		$218,751		$209,286
Divided by shares outstanding		5,502		5,502		5,500		5,513		5,548
Tangible book value per share	$44.36		$42.03		$40.61		$39.68		$37.72

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets.

Northrim BanCorp, Inc.	September 30,			March 31,		December			September 30,
	2024	June 30, 2024		2024			31, 2023			2023
Total shareholders’ equity	$260,050	$247,200	$239,327			$234,718			$225,259
Total assets	2,963,392	2,821,668		2,759,560			2,807,497			2,790,189
Total shareholders’ equity to total assets	8.78 %	8.76 %		8.67	%		8.36	%		8.07	%
Northrim BanCorp, Inc.	September 30,		March 31,			December			September 30,
	2024	June 30, 2024		2024			31, 2023			2023
Total shareholders’ equity	$260,050	$247,200	$239,327			$234,718			$225,259
Less: goodwill and other intangible assets, net	15,967	15,967		15,967			15,967			15,973
Tangible common shareholders’ equity	$244,083	$231,233	$223,360			$218,751			$209,286
Total assets	$2,963,392	$2,821,668	$2,759,560			$2,807,497			$2,790,189
Less: goodwill and other intangible assets, net	15,967	15,967		15,967			15,967			15,973
Tangible assets	$2,947,425	$2,805,701	$2,743,593			$2,791,530			$2,774,216
Tangible common equity ratio	8.28 %	8.24 %		8.14	%		7.84	%		7.54	%

Note Transmitted on GlobeNewswire on October 23, 2024, at 2:30 pm Alaska Standard Time.


Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

The MIL Network –

January 25, 2025

MIL-OSI China: China to boost manufacturing industry’s green development

Source: China State Council Information Office

China’s Ministry of Industry and Information Technology (MIIT) will formulate an action plan for green and low-carbon development of the manufacturing industry, a spokesperson said Wednesday.

The move aims to promote comprehensive green transformation in economic and social development, Tao Qing, spokesperson of the MIIT, told a press conference held by the State Council Information Office.

The MIIT will also continue to promote research, development, innovation and industrialization of key technologies in the fields of integrated circuits, industrial software, artificial intelligence and satellite internet, and cultivate and develop emerging industries and future-oriented industries, said Tao.

The ministry will expedite the cultivation of leading enterprises in the industrial ecosystem and improve the whole-cycle cultivation system for small and medium-sized enterprises that feature specialization, refinement, uniqueness and innovation.

The spokesperson also highlighted establishing a national system for nurturing unicorn enterprises — and nurturing a group of quality enterprises specializing in digital economy.

Zhao Zhiguo, the MIIT’s chief engineer, said at the same press conference that the ministry will cultivate and promote the low-altitude economy, accelerating the development of low-altitude logistics, urban and intercity air transportation, and the low-altitude cultural and tourism industries.

MIL OSI China News –

January 25, 2025
MIL-OSI China: China to kick off consumption campaign in 5 big cities

Source: China State Council Information Office

China will launch a monthlong campaign to promote consumption in November as part of its efforts to bolster consumer spending, the Ministry of Commerce said Wednesday.

The consumption promotion month will kick off next month in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing.

It will feature a series of activities promoting consumption in shopping, catering, tourism, exhibitions and performances, among others, according to the ministry.

Relevant departments and localities have been asked to refine their plans to implement the promotion month and introduce practical measures to foster the continuous recovery of the country’s consumer market.

China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year to expand domestic demand and shore up the economy.

China’s retail sales of consumer goods went up 3.3 percent year on year in the first three quarters of this year, official data showed.

MIL OSI China News –

January 25, 2025
MIL-OSI Australia: Travel times and congestion to be slashed with opening date set for Wilman Wadandi Highway

Source: Australian Ministers 1

Bunbury locals and thousands of commuters heading to Western Australia’s South West will get an early Christmas present this year with the Australian and Western Australian Governments today announcing the Wilman Wadandi Highway, previously known as Bunbury Outer Ring Road, will officially open to traffic on Monday, December 16.

The new road will slash commute times to and from the South West by around 20 minutes depending on traffic conditions, while also diverting an average of around 15,000 vehicles from local Bunbury roads every day.

Commuters travelling to and from the South West currently have to use a number of local roads in the Bunbury area, which have become significantly constrained in recent years with growing traffic volumes and increased housing development.

The new road will separate freight and tourist traffic from local traffic, improving road safety, reducing congestion, and providing more efficient travel for motorists.

The four-lane highway stretches 27 kilometres, connecting Forrest Highway north of Bunbury to Bussell Highway south of Bunbury. It includes five new bridges and four grade-separated interchanges, while commuters heading to and from the South West will now avoid 13 sets of traffic lights.

The Wilman Wadandi Highway is the biggest road project ever delivered in the South West, becoming a major driver for economic stimulus and job creation in the region.

More than $530 million in funding flowed to about 370 local businesses, while the project created about 4,500 jobs.

Around $50 million has also been allocated to Aboriginal suppliers, and almost 200 local Aboriginal people received on-the-job training through the project’s award-winning Yaka Dandjoo program.

While the main alignment will be open, some minor works will still be underway across a range of areas including on some local roads, landscaping, artwork, and minor tie-in works.

In the lead up to the opening, Main Roads will host a number of community drop-in sessions across the South West region, where members of the community will be able to go and learn more about the new alignment and the different access routes that will be available upon opening.

A community event will also be hosted the day before opening, which will provide residents in the region an opportunity to learn more about the new road and how it will change the way locals commute.

Residents in the metro area that travel to and from the South West are encouraged to head to the Wilman Wadandi Highway project page on the Main Roads website to acquaint themselves with the new route before it opens.

The Wilman Wadandi Highway has been jointly funded by the Australian and Western Australian Governments, underscoring a commitment to the long-term regional growth of the area.

The Australian Government has committed $1.1 billion, while the WA Government has contributed $356.7 million to the $1.46 billion project.

To find out the latest information on the project and upcoming drop-in sessions, please visit the project page(link is external) on the Main Roads website.

Quotes attributed to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

“We’re thrilled that the Wilman Wadandi Highway will soon be open to traffic, marking a significant milestone for this massive $1.46 billion project.

“Our government is proud to be partnering with the Western Australian Government to deliver a project that not only reduces congestion and travel times but also boosts efficiency and network reliability, benefitting every road user across the region.

“Beyond the road efficiencies, the highway will enhance connectivity for the region, providing economic opportunity and long-term regional growth for generations to come.”

Quotes attributed to WA Transport Minister Rita Saffioti:

“This project has been a game changer in terms of its economic impact for the region, and it will continue to drive incredible outcomes from December when thousands of vehicles will be diverted from local Bunbury roads.

“Locals and anyone that drives to and from the South West know how congested the roads around Bunbury can get, but that will be a thing of the past when this highway opens.

“This project represents the biggest change we’ve ever seen for the commute to and from the South West – with drivers looking at time savings of around 20 minutes, while they’ll now avoid 13 sets of traffic lights.

“It’s a massive win for Bunbury locals, who for many years have had to compete with freight and tourist traffic and will now see thousands of vehicles removed from the local road network.”

Quotes attributed to Federal Member for Perth Patrick Gorman:

“The Wilman Wadandi Highway is a welcome investment connecting Perth to the South West. Delivering traffic improvement for motorists and a boost for local businesses, giving both groups a far more efficient transport link around Bunbury.

“Our government is working closely with the WA Government to deliver meaningful projects like the Wilman Wadandi Highway. Ensuring local values, planning and investment come together to provide the best results for communities well into the future.”

Quotes attributed to Senator for Western Australia Louise Pratt:

“The Australian Government is pleased to partner with the Western Australian Government to deliver a highway that takes the pressure off Bunbury’s roads and provides a safer and more efficient transport link.

“Apart from bringing the obvious improvements to traffic congestion, the Wilman Wadandi Highway will also smooth the way for economic stimulus and job creation in Western Australia’s South West region.”

Quotes attributed to State Member for Bunbury Don Punch:

“The Wilman Wadandi Highway is a critical piece of infrastructure that is and will continue to deliver enormous benefits to the local community, including more reliable, efficient and safer travel in the South West.

“As our region continues to grow, the Wilman Wadandi Highway is essential to support future development, local jobs and business growth.”

Quotes attributed to State Member for Collie-Preston Jodie Hanns:

“The Wilman Wadandi Highway will make a real difference to the community in the South West, reducing travel times and improving road safety for everyone who lives and works here.

“It has been great to see such an emphasis on local employment and Aboriginal engagement through the award-winning Yaka Dandjoo program, ensuring that the benefits of this project are widely felt across the community.”

Quotes attributed to State Member for Murray-Wellington Robyn Clarke:

“The Wilman Wadandi Highway will deliver a safer, more efficient transport route for the entire South West region, reducing the burden on our local roads, helping improve our road networks.

“As someone who lives and travels in the South West, I know how much of a difference the Wilman Wadandi Highway will make in the region, and with road safety being such a critical priority, creating safer travel in the South West is a great outcome for locals.”

MIL OSI News –

January 25, 2025
MIL-OSI New Zealand: Tourism – Crown Princess Kicks Off 2024/2025 Cruise Season in Picton

Source: Port Marlborough

The Crown Princess arrived at Port Marlborough in Picton this week as the first cruise ship of the 2024/2025 season, marking the beginning of what is expected to be another strong season for cruise tourism in Marlborough.

The ship’s arrival was celebrated with a formal ceremony, where Mayor Nadine Taylor and members of Port Marlborough’s Port & Marine team presented the ship’s captain with a locally made plaque and a gift of Marlborough wine. The plaque is specially designed and handcrafted in Picton from local timber with paua shell inlay, and the Marlborough wine was presented in a locally crafted box. Both gifts are specially chosen to represent the community’s involvement in creating a memorable visitor experience and to showcase the pride we take in sharing the best of Marlborough with our international guests.

Cruise tourism plays a significant role in Marlborough’s economy, contributing around $500,000 to the local economy per day during each cruise visit. This season, we are expecting a steady flow of visitors, with the total number of ships set to match pre-pandemic levels, supporting local businesses and the wider community.

Port Marlborough’s ongoing investment in infrastructure has ensured we can continue to provide exceptional service to cruise lines. Recent improvements include a $50,000 upgrade to the passenger marshalling area for improved safety and efficiency, and a $120,000 investment in an additional gangway setup to enhance the passenger experience during peak times.

Port Marlborough CEO Rhys Welbourn commented: “The Crown Princess’s maiden call visit is a wonderful way to open the season, and we are honoured to have welcomed the captain and crew to Picton for the first time. Our region is ready for another strong cruise season, with both local businesses and the wider community set to benefit. The economic impact of cruise tourism is undeniable, and it is great to see Marlborough once again thriving as a key destination.

Environmental sustainability remains a key focus for Port Marlborough, and we are working closely with the cruise industry to balance economic benefits with environmental and community outcomes. This includes working with necessary agencies to ensure that all visiting ships adhere to the highest international maritime environmental standards.”

Port Marlborough continues to invest in the region’s long-term infrastructure. Alongside cruise-specific improvements, the port has introduced a new $11.5m tugboat, Kaiana, to boost resilience and environmental efficiencies in the marine fleet. Other projects include sealing the remaining unsealed areas of the Shakespeare Bay log yard and installing a water truck for dust suppression, an investment aimed at improving environmental outcomes. Upgrades to the wharf fendering system on Waimahara Wharf, valued at $2 million, are also underway to enhance the port’s resilience and capacity.

With 48 total berth side calls, including nine maiden visits scheduled for the season, Port Marlborough expects that despite the slight global downturn in Cruise tourism, Picton will maintain its position as a preferred destination for international cruise tourism.

To enable this important regional trade, and its positive impact for local businesses and community, Port Marlborough is committed to delivering excellent customer service to cruise lines, supporting seamless logistics support, towage, pilotage through the Marlborough Sounds, berthing, and passenger disembarkation. The port also collaborates with shipping agents, tourism operators, New Zealand Customs Service, and MPI to ensure each visit runs smoothly, to support Marlborough’s reputation as a world-class cruise destination.

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI Australia: $44 million convention and performing arts centre nearing completion

Source: Australian Ministers 1

A world-class Convention and Performing Arts Centre in Busselton, Western Australia is a step closer to becoming a reality, with construction set to be complete in mid-2025.

Once completed, the centre, to be named ‘Saltwater’ will be a multi-purpose facility used for a variety of creative, cultural, community and business events.

Key features of the venue include a 640-seat tiered theatre that can be transformed into an open space with a 1000-person standing capacity, perfect for large trade shows and conventions.

Equipped with high performance light and sound equipment, the venue is also ideal for concerts and other musical performances.

Significant progress on construction has been made to the façade and interior spaces including the foyer, the Saltwater Gallery, the auditorium and back of house areas.

Window frames have been installed and glazing is almost complete. Ceilings, internal wall frames and doors are being progressively installed.

The $44.5 million project is jointly funded, with the Australian Government committing $12.2 million, the City of Busselton Council providing over $30.2 million, Lottery West providing $1.8 million and RIO Tinto contributing the remaining $250,000 toward the project.

Saltwater has been named after the Wadandi (Saltwater People), the Traditional Owners of the land (Undalup) on which this new venue is located.

The project supported 377 jobs during construction and will create another 15.1 ongoing jobs.

For more information visit: www.saltwaterbusselton.com.au

Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“Through our funding for the Saltwater precinct, the Australian Government is investing in new community facilities including a multi-purpose hall for large performances, convention centres and business events.

“This will result in a fantastic new space for world-class entertainment, national conferences and exhibitions, breathing new life into the Busselton’s cultural landscape.”

Quotes attributable to Senator for Western Australia Louise Pratt:

“Saltwater will allow an increase in the amount of live music performances and concerts held in the region, which will boost visitation during both the peak and off-peak tourism periods.

“It will bring more visitors to Busselton and will be the jewel in the crown of the Busselton Cultural Precinct.”

Quotes attributable to Mayor of Busselton Phill Cronin:

“Saltwater is nearing completion and the countdown to opening has well and truly commenced.

“Considerable progress has been made and construction is approximately 70 per cent complete.

“Looking at the construction site from Queen Street, you can see the venue is really starting to take shape now.

“Window frames have been installed and glazing is almost complete, which contributes to the sense of anticipation that the venue is rapidly moving into the final stage of construction.

“When I toured the site recently, I could see that significant progress has been made with internal fit out and finishing in key areas including the multi-functional auditorium.

“You can imagine yourself sitting in the spacious tiered-seat theatre for a show or visualise the area converted to a flat-floor space for a concert.

“The auditorium will diversify the range of events we can host in Busselton, as it will provide a large enough venue to attract some of Australia’s finest touring theatre productions and concerts to region for the first time in history.

“Not only has the City secured a diverse range of exciting shows for Saltwater’s first few years of operation, the venue has also been booked for some large national conferences during the off-peak tourism season.

“On the second floor, you can picture the conference suite set up for a range of different business events and delegates will enjoy beautiful views of the Foreshore Precinct from the alfresco balcony.”

MIL OSI News –

January 25, 2025
MIL-OSI United Kingdom: The Maldives WTO Trade Policy Review: UK Statement, October 2024
Source: United Kingdom – Executive Government & Departments

The UK’s Permanent Representative to the World Trade Organization (WTO) and UN in Geneva, Simon Manley, gave a statement during The Maldives Trade Policy Review.
Location:

Geneva

Delivered on:

23 October 2024 (Transcript of the speech, exactly as it was delivered)

Chair, let me offer a warm welcome to the delegation from the Maldives led by the Minister of State. Let me also express my gratitude, both to him and his team for their report and to the WTO Secretariat, for their report. I also thank you Chair, for your very good introduction and let me also pay tribute to our Discussant, my very good friend, Ambassador Murdoch, for an intervention. If I may say, for those of us that are of a cricketing bent, Ambassador, combined the elegance and power of your good friend Sir Viv Richards with the intellectual rigour of my own hero Mike Brearley.

Reports analysis

Chair, the Maldives experience exemplifies the benefits of open trade to sustainable development. You spoke of it as a shining example, I would agree with that. That openness has clearly been a factor in enabling significant infrastructure development, an increasingly diverse tourism sector (in which so many of us aspire to be customers) and a highly sustainable fishing industry – to which both the Minister and Ambassador Murdoch paid tribute.

While the COVID-19 pandemic had a severe impact on the Maldives’ economy, as it did on ours and so many around this organisation, the tourism industry clearly drove forward a strong recovery. A tourism industry which is deeply appreciated by Brits, who come in such droves that the UK consistently features in the top four nationalities visiting your country. You may detect a theme here, Minister.

The reports also demonstrate the continued strength in the Maldives’ trade in services sector, which increased by 47% from 2017 to 2022, driven by a 64% increase in travel service exports. If I may say, yet another example of how trade in services can drive sustainable development in developing countries, which I think is a wider point for this organisation.

Redistribution of that revenue from trade has allowed Maldives, as others have said, to transform from an LDC to an upper middle-income country, classed as a high human development country according to the Human Development Index. So congratulations Minister, congratulations to you, your government and your team here.

Bilateral trade

Chair, as a fellow Commonwealth member, indeed you, the Maldives, and Ambassador Murdoch, we are coming together in Samoa for the Commonwealth Heads of Government meeting (CHOGM), the UK – Maldives relationship is marked by rich, historical and contemporary ties that are woven into every facet of the enduring friendship between our Governments, our businesses and our people.

We collaborate closely on governance, security, counter terrorism, climate change, environmental protection. And if I may venture out of this building for a second, also on Human Rights, where if I may say, Maldives has played such an important role here in Geneva, punching well above its weight, particularly in its support to fellow SIDS and LDCs, through its role as the co-chair of the Contact Group on HRC membership. And, of course, trade are key areas of collaboration between our two nations. And they are areas of partnership which we will both be seeking to strengthen in Samoa this week.

Protecting the Maldives’ thriving marine biodiversity, is a key objective in our relationship – not just for the enjoyment of the British tourists but also for the future and preservation of our planet. We have a shared interest in the entry to force of Fish I and the early conclusion of Fish II.

Our ties extend to our businesses as well. Total trade in goods and services between the UK and Maldives was worth over half a billion pounds in the four quarters to the end of Q1 2024, and we are proud to be the third largest market for the Maldives’ merchandise exports, those fisheries that Ambassador Murdoch referred to.

A British Business Group was launched in May 2024, as an opportunity to promote trade, and foster business and commercial partnerships and other links between our two nations.

Business environment and women in trade

Chair, let me encourage Maldives to continue its work to promote a business-friendly environment that supports economic diversification. And if I may add, with two hats, both as UK PR and co-chair on the working group on trade and gender we value its efforts in advancing women’s economic empowerment and its engagement on trade and gender equality at the WTO.

Equally, let me highlight the SME Development Financing Corporation, established by the Maldives in 2019 to support financial inclusion for MSMEs, women and youth, again very admirable initiatives.

UK support programmes [the Maldives Development Partnership]

As I previously alluded to, a key area of partnership between our two nations is through our mutual environmental objectives. Under the Blue Planet Fund, the Ocean Country Partnership Programme focuses extensive work on Marine Pollution and Biodiversity. Meanwhile the Climate Action for a Resilient Asia programme is funding a Climate Finance Network programme on transforming the Blue Economy with Maldives MSME Empowerment and Blended Finance.

This year, in these few weeks ahead of us, when we have the three Rio Convention COPs meeting in quick succession, it is essential that we work together to deliver on our commitments across all issues of environmental sustainability, an issue of such critical importance to the Maldives, as the Minister reminded us at the start.

WTO and multilateral institutions

The continued commitment Maldives has shown to the Multilateral Trading System, as a founding member of the WTO, and, more recently, Maldives’ engagement with discussions on environmentally sustainable trade practices is welcome. Others have suggested other areas where we could increase that participation here.

We have also been pleased to see the progress that Maldives have made on the ratification of the Trade Facilitation Agreement, supported, I might add by the UK’s Accelerate Trade Facilitation programme. Just this month British colleagues were in Maldives for the validation of their National Trade Facilitation roadmap. We look forward to working with the Maldives to implement further measures.

Fisheries, as we’ve reflected, is a huge pillar of the Maldivian economy, and the practice of pole and line fishing is one of the most sustainable methods for fishing. We urge Maldives to ratify Fish I, which will help us to deliver on SDG mandate 14.6. The UK is fully behind Maldives, and others, not least our distinguished permanent representative from Iceland, in securing agreement on the second phase of negotiations on Fisheries Subsidies at the very earliest possible opportunity.

Conclusion

In conclusion, Chair, let me thank you, the Discussant, and the whole delegation from the Maldives for your work on this Review and the accompanying Reports.

Chair, Maldives is known as a beautiful holiday destination – many newlyweds travel from far and wide to see the rare white sands beaches and diverse sea life. The story these reports tell of the Maldives’ trade and its coupling with the WTO, show a match made in heaven – a true case study for the story of free, fair and open trade that the multilateral system allows us to see.

Thank you very much indeed.

Updates to this page

Published 24 October 2024
MIL OSI United Kingdom –
January 25, 2025

Category: Tourism

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Dmitry Patrushev made a working trip to Krasnodar Krai

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the MSW management complex under construction. With Krasnodar Krai Governor Veniamin Kondratyev

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the waste management complex under construction

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the waste management complex under construction

During a working visit to Krasnodar Krai, Dmitry Patrushev inspected the waste management complex under construction

Dmitry Patrushev held a meeting dedicated to the implementation of reforms in the field of solid municipal waste management

Dmitry Patrushev held a meeting dedicated to the implementation of the reform in the field of solid municipal waste management. Minister of Natural Resources and Environment Alexander Kozlov, Deputy Minister Dmitry Tetenkin

Governor of Krasnodar Krai Veniamin Kondratyev

IMF Communications Department

MEDIA RELATIONS

Controversial research

New criteria

Alignment with the law

Ethical concerns

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IMF Communications Department

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Why Italy and the University of Venice

Studying at the HSE School of Foreign Languages

Educational program at the University of Venice

Life in a city of contrasts

Ca’Foscari is like home

Advice for those who want to take part in academic mobility

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Working together to reduce cruise ship impact

Limiting ship length and thruster use

Construction of a new Akaroa Wharf

Source: Port Marlborough

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Bilateral trade

Business environment and women in trade

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Working together to reduce cruise ship impact 