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  • MIL-OSI Russia: A large-scale national (all-Russian) conference with international participation dedicated to the 90th anniversary of the Department of Geotechnics is being held at SPbGASU

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Leading Engineer, Assistant Professor of the Department of Geotechnics, Scientific Secretary of the Conference Philipp Kalach, Anatoly Osokin, Rashid Mangushev, Evgeny Rybnov, Askar Zhusupbekov, Alexander Vikhrov

    On October 23, the National (All-Russian) Scientific and Technical Conference with international participation “Modern Methods of Design, Underground Construction and Reconstruction of Foundations and Bases” opened at SPbGASU.

    Welcoming the participants, Rector of SPbGASU Evgeny Rybnov emphasized that since 2003, holding conferences on geotechnics at our university has become a tradition. During this period, 17 all-Russian and international conferences have been held, which invariably arouse the interest of specialists in the field of mechanics and soils, foundations, foundations and engineering geology.

    “The large number of participants confirms the importance of geotechnics as the most important area of ​​construction science and serves as a tribute to the scientific traditions and achievements of the Department of Geotechnics of St. Petersburg State University of Civil Engineering, founded in 1934. Over the years, famous scientists in our country and abroad, honored scientists of the RSFSR, professors Tsytovich, Vasiliev, Maslov, Dalmatov, Sotnikov, Mangushev, worked on it. In the last two years, the department has been headed by Honored Builder of Russia, laureate of awards from the Government of Russia and St. Petersburg, Candidate of Technical Sciences Anatoly Ivanovich Osokin. Since its formation, the department has been one of the leading departments of our university, which has trained many engineers, candidates and doctors of technical sciences. The department has created and is successfully developing a scientific school for the development of current issues in construction geotechnics. First of all, this is research on improving foundation construction on weak and highly compressible soils, including pile foundations and foundations for high-rise buildings, research on the development of deformations of structures and their prediction, research on frozen and thawing soils and their use as foundations for structures. The department is also conducting research on improving methods for constructing underground structures, consolidating foundation soils and strengthening the foundations of buildings during their reconstruction, and developing numerical methods for calculating the foundations of underground structures. Over the past 15 years, employees of the department have published numerous textbooks and teaching aids, monographs, reference books on geotechnics, which have become reference books for engineers and teachers of universities in Russia, the CIS countries and the Far Abroad,” said Evgeniy Rybnov.

    He specified that the conference will provide an opportunity for geotechnical specialists to exchange the latest scientific achievements, establish new useful contacts, and also get acquainted with historical and recently built unique objects of St. Petersburg.

    As reported by the corresponding member of RAASN, the head of the scientific school, the director of the Scientific and Production-Consulting Center of Geotechnology of SPbGASU, professor Rashid Mangushev, over the past 20 years the university and the department of geotechnics have regularly held such conferences. This year the conference is dedicated to the 90th anniversary of the department. It is attended by specialists from 23 cities and 13 countries, including the Republic of Belarus, Kazakhstan, Uzbekistan, Azerbaijan, South Korea, Malaysia, Mongolia. More than 110 reports will be heard.

    The President of the Russian Society for Soil Mechanics, Geotechnics and Foundation Engineering, Vyacheslav Ilyichev, called St. Petersburg a monument to geotechnics.

    “To build such a city now, we would need surveys, soil research methods, and computer programs. That didn’t exist back then, but the city was built: for centuries and beautifully. Geotechnics has been developing for many years, and the leading universities of St. Petersburg, where outstanding scientific schools have been created and highly qualified specialists are trained, play a major role in this. Domestic science has always been the basis of our country’s technological independence. And we continue to serve as this basis,” noted Vyacheslav Ilyichev.

    A member of the Council of the National Association of Surveyors and Designers (NOPRIZ), President of the Association of SRO “Baltic Association of Designers”, a graduate of LISI (now SPbGASU), who previously held the positions of dean, vice-rector of our university, Alexander Vikhrov confirmed that decades ago, young specialists really did not have any tools except a slide rule. But science developed, and before his eyes such tools appeared and improved

    “90 years – is it a lot or a little? For history – a particle. Despite the solid anniversary, the department is only at the beginning of its development, it keeps up with the times and continues to make a great contribution to solving modern problems of the industry, city, country, world,” says Alexander Vikhrov.

    SPbGASU and, in particular, the Department of Geotechnics have been interacting with the Committee for State Control, Use and Protection of Historical and Cultural Monuments (KGIOP) of St. Petersburg for many years, the acting chairman of the committee, Alexey Mikhailov, emphasized in his welcoming address. He noted the high level of involvement of students and postgraduates in current urban issues in the field of urban development and adaptation of cultural heritage sites to modern use.

    “Our city is quite young, but it contains almost 10% of all historical and cultural monuments of the country. Along with preserving the cultural heritage and historical environment, we must develop the infrastructure of the metropolis for the comfortable life of citizens and tourists. To successfully solve this problem, we need to be guided by modern scientific research in the field of soil mechanics and geotechnics, exchange experience in the design, construction and reconstruction of complex geotechnical objects in various engineering and geological conditions,” said Alexey Mikhailov.

    The President of the Kazakhstan Geotechnical Association, Honorary Doctor of St. Petersburg State University of Architecture and Civil Engineering, and graduate of the department, Askar Zhusupbekov, confirmed that the Department of Geotechnics has always been famous for its outstanding world-class scientists and talented students.

    “Continuing the traditions, the department is developing. Last year, the Kazakhstan Geotechnical Association held a large-scale international scientific and technical conference, which was attended by 982 people from 88 countries. And I would like to proudly note that the most representative and largest delegation was from your university. SPbGASU demonstrates high scientific achievements and knows how to organize effective scientific and practical platforms within its walls, which include the current conference,” concluded Askar Zhusupbekov.

    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 –

  • MIL-OSI Economics: Alwyn Jordan: Monitoring and assessing risks to financial stability in the Caribbean

    Source: Bank for International Settlements

    On behalf of the Central Bank of Barbados, it is my great pleasure to welcome you to this peer-to-peer exchange seminar. I’d like to extend a special welcome to Dr. Petr Jakubik from CARTAC, whose initiative has brought us together for this important event.

    This is not just another training seminar – it is a dynamic platform for the exchange of ideas, the sharing of expertise and the building of frameworks for future collaboration. In today’s rapidly evolving global landscape, where financial stability and economic resilience are increasingly intertwined with central bank regulation, peer exchanges like this are vital. They help us remain agile, informed and equip us with the latest knowledge and best practices to meet the challenges we face as central bankers and regulators.

    It is therefore a pleasure to be here today to discuss this issue with you, which is at the heart of economic development in the Caribbean. We all know that at first glance, financial stability may seem like a dry, technical topic, but for us in the Caribbean, it is central to safeguarding our economic well-being. As the global financial system becomes more interconnected, our economies are exposed to a variety of risks – both natural and man-made. Today, I want to highlight why financial stability is crucial for our region, with particular emphasis on challenges such as climate change, external shocks, and the evolving financial landscape. I will also shed some light on the difficulties faced by Caribbean central banks and other regulators in preparing comprehensive Financial Stability Reports.

    We all know that financial stability is about ensuring that various entities such as banks, insurance companies, financial markets, and payment systems operate smoothly without triggering major disruptions. When financial stability is maintained, businesses can secure credit, households can borrow and save, and governments can finance development. It is therefore the backbone of economic resilience.

    For the Caribbean, the stakes are particularly high. We are a region of small, open economies that are highly dependent on external trade, tourism, and foreign investment. Our economic structure makes us extremely vulnerable to external shocks, whether they are related to global financial conditions, natural disasters, or geopolitical events. Any significant disruption to the financial system, whether from internal weaknesses or external shocks can therefore quickly lead to a financial crisis. The resulting economic hardship can take years, or even decades, from which to recover. A very good example of this phenomenon was seen during and after the Global Financial Crisis. 

    Vulnerability to Climate Change

    But let me start by addressing one of the major external risks to Caribbean economies, namely the climate crisis. Our region is one of the most vulnerable to the impact of climate change. Indeed, when we refer to climate vulnerable economies, Caribbean countries are always the highest ranked by any measure. Rising sea levels, more intense storms such as hurricane Beryl, which caused significant damage to a number of Caribbean islands in late June, prolonged droughts, and flooding have become our unfortunate reality. These climate-related risks have a direct bearing on financial stability, as these systems don’t just devastate homes and infrastructure, they can also have adverse effects on the financial system.

    For example, the destruction of infrastructure can lead to loans becoming non-performing, as businesses and households may default on their debt. Banks and other large financial entities in turn, may face liquidity problems, which can trigger a systemic crisis. Furthermore, as governments attempt to rebuild after the event, this often leads to an increase in public debt, which puts further strain on their ability to finance essential services and infrastructure. Imagine the strain on our resources that would have occurred had any of our islands been hit by the back-to-back hurricanes that recently devastated Florida and other states along the US South coast. 

    Climate-related risks are particularly challenging to manage because of their unpredictable nature and the difficulty in quantifying their economic impact. Caribbean regulators must therefore continuously monitor these risks and implement forward-looking policies to mitigate their effects on the financial system.

    The Impact of Global Economic Shocks

    In addition to climate change, external economic shocks pose another serious risk to financial stability in the Caribbean. Our economies are heavily reliant on global trade, tourism, and remittances. Any disturbance in the global economy such as a recessions in our major trading partners or sudden changes in commodity prices can ripple through our financial systems. Take, for instance, the fallout from the COVID-19 pandemic, which brought the world to a standstill in 2020. It was an economic shock of unprecedented proportions for the Caribbean. Indeed, our tourism sector, a lifeline for many economies, came to a grinding halt, leaving governments and businesses scrambling to stay afloat.

    Central banks in the region had to take swift action to ensure liquidity in the financial system, lower interest rates, and support government stimulus efforts. But the pandemic highlighted an ongoing challenge: our financial systems are vulnerable to global crises, and the lack of diversified economies in the region makes recovery more difficult. Regulators must therefore constantly balance the need to maintain stability, while responding to these shocks in an agile and effective manner.

    Navigating the New Financial Landscape

    But this is not the only challenge facing us as regulators, as the financial landscape is also evolving rapidly. The rise of fintech, digital currencies, and shadow banking, has created new opportunities for financial inclusion and innovation. However, it also presents new risks. Digital currencies, while offering the potential for greater financial inclusion, bring concerns about regulatory oversight, cybersecurity, and monetary policy transmission. Caribbean countries have been the pioneers in developing digital currency frameworks, but it still requires careful consideration of the impact on financial stability.

    Shadow banks – non-bank financial intermediaries that provide similar services as traditional banks – such as payday lenders or firms offering “buy now, pay later” options for buyers, are another concern. Given that these entities generally operate outside the regular regulatory framework, they are often opaque, and central banks may lack the tools to properly oversee their activities. They can, therefore, pose systemic risks without the safeguards that apply to the formal financial sector. If these institutions fail, the resulting financial contagion could spread quickly throughout the economy. Developing effective regulatory frameworks for shadow banks is therefore critical to ensuring financial stability in our region. 

    The Value of Financial Stability Reports

    It is against this backdrop that Caribbean central banks face the herculean task of monitoring, assessing, and mitigating these risks. One of the key tools at their disposal is macroprudential policy, which is still in its initial stage of implementation in most Caribbean economies. However, central banks have made significant improvements in communicating the risks to the public via their Financial Stability Reports (FSR). These FSRs, as you all know, provide a comprehensive assessment of the financial system’s health and highlight any emerging vulnerabilities. However, preparing a comprehensive FSR is a very challenging exercise, especially in the Caribbean context.

    One of the most significant challenges is the lack of comprehensive and timely data. Many countries in the region struggle with collecting and analysing the necessary data to fully assess financial risks. Without high-quality data, it is difficult for central banks to make accurate forecasts or take pre-emptive action. Improving data collection and our analytical capabilities must therefore be a priority for the region, if we are to produce meaningful and effective reports.

    Moreover, we know that preparing a high-quality FSR requires specialised knowledge in areas such as macroprudential policy, risk modelling, and scenario analysis. Given the complexity of financial systems and the fast-paced evolution of risks, Caribbean regulators must therefore invest in training and development, to ensure that they have the expertise required to produce comprehensive reports. 

    In our context, the Financial Stability Report of Barbados has evolved over the years, reflecting the growing complexity of the financial landscape in the country. I’d like to highlight some of the key milestones that have shaped this journey, all of which have been implemented as a result of our partnership with our sister regulator, the Financial Services Commission (FSC) and our collaboration with CARTAC (Caribbean Regional Technical Assistance Centre).

    A major accomplishment was the introduction of stress testing in 2016, as this allowed us to simulate how our banking sector would perform under adverse shocks. This tool gave the Bank, as a policymaker and regulator, a clearer understanding of the vulnerabilities that might emerge during a financial crisis, helping us better prepare for potential disruptions. This was a crucial step in ensuring that our banks and financial institutions remain resilient, even in the face of global uncertainties.

    As our financial system grew more diverse, it became essential to extend our focus beyond traditional banks. In 2018, the FSR began to include a detailed analysis of non-bank financial institutions (NBFIs) such as insurance companies, pension funds, and credit unions, though our collaboration with the FSC. This was a key milestone because non-bank financial institutions are integral to our economy, and their health is equally as important as that of the banking sector. By broadening the scope of the FSR, we now have a more comprehensive picture of the overall financial system.

    The next significant development occurred four years later in 2020, when we made an important breakthrough in acknowledging the significant risk that climate change poses to our financial system. With the inclusion of climate-related financial risk analysis, the Central Bank aligned Barbados with the global efforts to manage climate-related financial risks, underscoring our commitment to resilience.

    The results of this work, led by Dr. Saida Teleu and her team, were incorporated in Barbados’ 2023 FSR. With the invaluable assistance of the Coastal Zone Management Unit, we’ve implemented a climate stress test, focusing on projecting damage to the accommodation sector, which is deeply intertwined with our tourism industry. This collaboration has allowed us to assess the potential impacts of climate-related risks on financial stability in a more data-driven and precise manner.

    In the most recent FSR, the Bank has also successfully undertaken a significant revamp of its publication, with improvements that underscore our commitment to both innovation and comprehensive risk management. One of the key upgrades has been the introduction of a dynamic balance sheet approach to stress testing. Unlike traditional methods, this approach allows us to incorporate explicit macroeconomic scenarios and extend our stress testing over a longer horizon. This dynamic perspective offers us deeper insights into how our financial system would respond to shocks in a changing economic environment. Additionally, we’ve developed a non-performing loan satellite model, giving us a more accurate assessment of credit risk in our financial system. 

    We also recognised the growing importance of the real estate sector, and so we’ve enhanced our analysis of this sector. Real estate is not only a critical component of household wealth, but also a significant driver of lending and investment activity, making it essential to the stability of our financial system. 

    As the financial landscape changes, so too must our approach to assessing risks. In this regard, the 2023 FSR also incorporated the risks posed by digital financial services, fintech, and cybersecurity and issued a survey to the industry to gather vital data. This addition was particularly important given the rapid rise of cyber-crime and the increasing use of online financial services, and the recent publicised cyber-related breaches at the Barbados Revenue Authority and one of our credit unions give testament to this fact. As a country, we are keen to embrace innovation, but it is equally important that we understand and manage the risks that come with these technological advancements.

    These most recent advancements significantly upgraded our report. Indeed, the Bank’s FSR has now become, in our humble opinion, the regional benchmark for integrating climate change into financial stability assessments. However, we are keen to share our insights with our regional colleagues and we thank CARTAC for sponsoring two peer-to-peer missions, including this one, which serve to further strengthen financial stability efforts throughout the Caribbean. 

    Each of these milestones reflects our Bank’s commitment to ensuring a resilient financial system. From stress testing and climate risk analysis to the inclusion of cyber risks and more robust data analytics, we are continuously improving the tools and strategies we use to safeguard financial stability.

    But our work doesn’t end here. The financial system is always evolving, and we must stay ahead of the curve. By building on these achievements and addressing new challenges, we will continue to protect the financial well-being of Barbados, ensuring that we are resilient in the face of both local and global uncertainties.

    I am honoured to also explore some of the significant milestones achieved by two of our regional counterparts – the Financial Services Commission of Turks and Caicos and the Central Bank of Aruba – in their efforts to enhance their financial stability reporting. 

    Let me begin with Turks and Caicos. Your financial system plays a vital role in your country’s economy, particularly in your banking and offshore sectors. In collaboration with CARTAC, the FSC made great strides in developing its stress testing framework, which is very similar to the one we recently implemented, as a multi-factor and multi-period macroeconomic-stress test that can account for both domestic economic shocks such as a downturn in tourism and external shocks like global financial market volatility. By extending the horizon and refining the scenarios, the FSC is now better equipped to gauge the potential vulnerabilities within its financial system.

    We know that the Central Bank of Aruba does not currently publish a Financial Stability Report. However, the Bank does perform stress tests on its banking sector, the results of which are usually discussed with the banks individually via bilateral meetings. In 2023, the Bank conducted a stress test on the banking sector, with a key focus on concentration risk. This scenario analysis was driven by the developments in the US banking system that took place that year. 

    We will hear directly from these two institutions about their journey to enhance and assess financial stability in their respective jurisdictions. Over the next few days, you will participate in a diverse and robust line-up of sessions that promise to deepen our understanding and sharpen our capabilities. 

    I encourage all of you to actively participate in these discussions, as the true power of peer-to-peer learning lies in the collective wisdom and shared experiences of those in this room. Each of us brings a wealth of knowledge and experience, and together, we have the opportunity to generate innovative solutions that can strengthen the financial stability of our institutions and economies.

    I commend CARTAC, and Petr specifically, for hosting these peer-to-peer exchanges, which provide unique value to our professional growth. While we are all experts in our respective areas, there is tremendous strength in collaboration. This seminar is therefore a perfect opportunity to foster connections, engage in thought-provoking discussions, and together, to drive the innovation and progress that our institutions and economies need to thrive.

    I would like to take a moment to recognise and thank the organising team, especially the Financial Stability Unit led by Saida, who have worked tirelessly to put together this exceptional event, as well as Karen, who has done an excellent job in coordinating this event. Your dedication and efforts are deeply appreciated.

    I would also like to extend a special thank you to our speakers, including those from our sister regulator, the FSC, and our colleagues from the Turks & Caicos and Aruba, who have prepared valuable content for us. We look forward to the knowledge and insights you will bring to the table.

    In closing, I urge each of you to take full advantage of the opportunities this seminar provides. Whether through the formal sessions or during informal conversations during the coffee breaks, I encourage you to use this time to build stronger networks, exchange ideas, and learn from one another. Once again, thank you all for being here. I look forward to the meaningful discussions and practical takeaways that will undoubtedly emerge over the next few days and I wish everyone a productive and successful seminar.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: RYANAIR EXTENDS BIRMINGHAM ROUTE FOR WINTER 2024 & CELEBRATES OVER 5 MILLION PASSENGERS THROUGH CIT

    Source: Northern Ireland – City of Derry

    RYANAIR EXTENDS BIRMINGHAM ROUTE FOR WINTER 2024 & CELEBRATES OVER 5 MILLION PASSENGERS THROUGH CIT

    24 October 2024

    Ryanair, Europe’s No.1 airline, today (23 Oct) launched its Winter 2024 schedule for City of Derry Airport with 2 exciting routes – Birmingham & Manchester – giving Northern Irish citizens/visitors more choice and regular connections at the lowest fares in Europe this Winter.

    Ryanair relaunched its Birmingham route from City of Derry Airport in Summer 2024, which the airline will now extend it into the Winter season. Ryanair has also added an extra return service on its popular Manchester route, which will now operate 6 weekly flights to/from City of Derry Airport for Winter 2024 (Mon, Fri, Sun).

    Today’s launch comes as Ryanair carries 5 million passengers through City of Derry Airport. Ryanair has operated to/from City of Derry Airport for the past 24 years, supporting important regional development and growth, including the airline’s support of over 65 local jobs, and driving of year-round connectivity and tourism.

    To celebrate the launch of Ryanair’s Winter 2024 schedule for City of Derry Airport, the airline has launched a limited-time seat sale with fares available from just £19.99 available only at www.ryanair.com.

     

    Ryanair’s Head of Communications, Jade Kirwan, said:

    “As Europe’s No.1 airline, Ryanair is pleased to announce our Winter 2024 schedule for City of Derry Airport with 2 routes – Birmingham & Manchester. As well as extending our new Birmingham route for the Winter season, we’re also adding extra flights on our popular Manchester route, providing Northern Ireland citizens/visitors with even more choice at the lowest fares in Europe.

    Today’s announcement comes as Ryanair carries our 5 millionth passenger through City of Derry Airport – a significant milestone and reflection of our 24 years of operating to/from City of Derry Airport. This year, Ryanair’s City of Derry Airport traffic will grow +66%, demonstrating Ryanair’s long-term commitment to boost Northern Ireland’s air traffic, tourism, jobs, and economy.”

     

    City of Derry Airport’s Managing Director, Steve Frazer said:

    “We are thrilled to have Ryanair providing much needed air connectivity from the ‘Gateway of the Northwest’ and Birmingham and Manchester for travellers across the region this Winter.

    Passengers will benefit from a new Ryanair Birmingham service on a Monday, in addition to the existing Saturday service. This will be ideal for business travellers departing at the start of the week and returning at the weekend, as well as students who regularly commute, whilst offering leisure passengers a convenient weekend break.

    Ryanair’s Manchester will continue to operate on a Monday, Friday and Sunday, again ideal for both business and leisure travel, with additional services available across the Christmas holiday period to meet the needs of our local catchment area.

    We are extremely proud to have reached the momentous milestone of 5 million Ryanair passengers at City of Derry Airport, and we look forward to growing the airline’s presence in the Northwest for years to come.”

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Discovering Rome’s hidden treasures with an AI virtual assistant

    Source: Microsoft

    Headline: Discovering Rome’s hidden treasures with an AI virtual assistant

    On a sunny Monday morning in late September, a river of travelers flowed slowly through the Piazza della Rotonda. The focal point of the piazza is the Pantheon, the nearly 2,000- year-old temple to all the Roman gods, and is one of the city’s most popular landmarks.

    Fronted by imposing rows of Corinthian columns, it merits the attention it draws. Nearly every visitor slowed down for a photo or selfie, vainly attempting to capture its perfect proportion in pixels.

    Antonio Preiti, himself a citizen of Rome, was also using his smartphone in front of the Pantheon. He opened a conversation with a simple question: Is there a quiet, historic place nearby where we can have lunch?

    A virtual tour guide named Julia, commissioned by the city of Rome and powered by Microsoft Azure OpenAI Service using GPT-4o, responded that the Piazza Mattei, also known as the Turtle Square, was just 15 minutes away on foot. There we would find another place typical of Rome, with layers that traverse thousands of years. Preiti and two companions set off, following Julia’s directions.

    The AI virtual assistant is the brainchild of Preiti and the government of Rome, which is preparing to greet as many as 35 million extra visitors in 2025 for the celebration of the Catholic Jubilee. The name Julia was chosen, Preiti says, “because it is short, fairly common across many languages and it has a deep connection to Rome and its history. Julia is a typically Roman name: Julius Caesar’s daughter was named Giulia, Augustus’s daughter was named Giulia, and one of the oldest families in Rome had the Latin name ‘gens Julia’.”

    Working with Microsoft and NTT DATA, a global provider of business and technology services, and Intellera, a consulting company in the Accenture Group, the city hopes that Julia will create a quiet revolution in how visitors experience the city. By equipping travelers with a trusted guide, the city wants to enrich their experiences beyond the typical tourist circuit, all while easing congestion around the most popular sites.

    MIL OSI Economics –

  • MIL-OSI Russia: Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    Translation. Region: Russian Federation –

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

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    October 23, 2024

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    October 23, 2024

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    October 23, 2024

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    October 23, 2024

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    October 23, 2024

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    October 23, 2024

    Previous news Next news

    Dmitry Patrushev held a meeting of the Government Commission on the protection of Lake Baikal

    Deputy Prime Minister Dmitry Patrushev held a meeting of the Government Commission on Lake Baikal Protection. The event was attended by the heads of three regions belonging to the Baikal Natural Territory, State Duma deputies, and representatives of relevant departments.

    “This water body is a unique natural resource of our country and plays a major socio-economic role in the development of nearby regions. Therefore, of course, preserving Lake Baikal is an important state task that requires a comprehensive approach and close cooperation of all interested parties,” said Dmitry Patrushev.

    In particular, it was noted that the reconstruction of the Bolsherechensky fish hatchery in Buryatia will almost double the artificial reproduction of the Baikal omul, one of the main symbols of the lake. Work on the facility should be completed by the end of this year.

    The government commission meeting also discussed the issue of construction and modernization of treatment facilities in the Baikal natural territory. Within the framework of the national project “Ecology”, activities are being implemented in three regions – Zabaikalsky Krai, Irkutsk Region and the Republic of Buryatia – a total of six facilities.

    In addition, the participants considered the issue of developing tourism infrastructure on Baikal. The Ministry of Economic Development has developed a corresponding draft “road map”, which provides for the creation of conditions for increasing visitor numbers to the Baikal natural territory. “It is important to understand how these activities are linked to the need to reduce the load on the lake’s ecosystem,” said Dmitry Patrushev.

    The draft road map for the development of tourism infrastructure on Lake Baikal must be submitted to the Government for approval by December 20.

    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 –

  • MIL-OSI USA: Congressman Horsford Moderates Roundtable with Local Small Businesses

    Source: United States House of Representatives – Congressmen Steven Horsford (NV-04)

    Nevada small business owners and creators gathered to discuss TikTok’s economic impact

    LAS VEGAS – Congressman Steven Horsford (NV-04) yesterday joined local TikTok small business owners and creators at a roundtable event in Nevada’s Fourth Congressional District. The event highlighted TikTok’s economic impact in the state and featured a panel of local small businesses discussing how they use TikTok to expand their business and reach new customers. 

    “You all are helping to drive job creation; you’re helping to drive wealth generation for families, not just here in Nevada, but all across the country,” said Congressman Steven Horsford (NV-04) to the business owners. “If you are an entrepreneur, creator, small business owner, I encourage you to take advantage of the opportunities and all the unique tools that TikTok provides.”

    The panel included a diverse mix of women-owned, Hispanic-owned, and Black-owned small business owners and creators sharing their experience on the platform and success stories, featuring: 

    • Alexandra Lourdes, creator and owner of several Las Vegas businesses – Café Lola, Saint Honoré, and 3LC
    • Jen Gay, tourism creator behind Vegas Starfish, the go-to source for food, entertainment, gaming, resort and attraction recommendations
    • Kari Garcia, owner of Tsp Baking Company, a bakery serving fresh mini cupcakes, cakes, and cookies
    • Marsean Nelson, owner of Taste Budz Creole Kitchen, a food truck turned viral brick and mortar restaurant serving gumbo, alfredo, famous crab boils, shrimp and grits
    • Vanessa Barreat, owner of La Vecindad, a Mexican restaurant where each dish is a celebration of flavor, tradition, and the artistry of Mexican cuisine.

    “TikTok gives you all the resources for you to have so you don’t have an excuse,” said Marsean Nelson, owner of Taste Budz Creole Kitchen. “When I first started my business, we didn’t have money, but if you go to TikTok, TikTok is your billboard; TikTok is your delivery vehicle; TikTok is your staff; TikTok is your customer base; TikTok is your high school, your college, your honors courses. So everything that you need is right there for you to begin and flourish.” 

    “I never expected the success that we have right now,” said Vanessa Barreat, owner of La Vecindad. “COVID closed our doors, but at the same time, TikTok opened the door to success for us. And thanks to TikTok, I’m proud to say that I can pay for college for my son.” 

    TikTok has been a powerful economic engine across Nevada — driving growth, creating wealth-building opportunities, and strengthening community connections for the 1.1 million Nevadans and 70,000 businesses on TikTok. According to a report from Oxford Economics, Nevada small and midsize businesses (SMBs) use of TikTok contributed $200 million to the state’s gross domestic product (GDP), generated nearly $46 million in federal, state, and local tax revenue, and supported 1,900 Nevada jobs. The report says for small businesses, the impact of the platform is significant — 50% of SMBs in Nevada say that their business needs to continue to use and improve upon TikTok marketing content in order to stay competitive.

    MIL OSI USA News –

  • MIL-OSI Global: Cuba’s power grid collapse reveals the depth of the country’s economic crisis

    Source: The Conversation – UK – By Nicolas Forsans, Professor of Management and Co-director of the Centre for Latin American & Caribbean Studies, University of Essex

    Cuba’s national grid collapsed four times in as many days last week, after the island’s largest power plant, Antonio Guiteras, failed. Millions of Cubans are still without power, with food rotting in powerless fridges and many lacking access to clean water.

    The Communist government closed schools on October 18 and ordered non-essential public sector activities to stop as work began on restoring the grid. But this was hindered by the arrival of Hurricane Oscar on Sunday night, which unleashed heavy rain and strong winds across eastern Cuba.

    Antonio Guiteras is now back online, and Cuban energy officials say electricity has been restored in most of the capital city, Havana, and some outlying areas. But they have warned against too much optimism.

    Cuba’s five thermoelectric power plants are obsolete and crumbling. And with oil products accounting for over 80% of power generation, the island depends on Venezuela for fuel shipments. But shipments have been cut in half this year as Venezuela struggles to ensure its own supply, forcing the Cuban government to seek far more expensive fuel on the spot market.

    The problem is that the Cuban government is running out of money as it grapples with the island’s worst economic crisis in 30 years, so power cuts of up to 20 hours a day are now common. Indeed, Lazaro Guerra, Cuba’s top electricity official, has said that Cubans “should not expect that when the system comes back online the blackouts will end”.

    How did Cuba get here?

    The roots of this crisis can be traced back to the cold war when Fidel Castro overthrew the US-backed government of Fulgencio Batista in January 1959. Convinced that the Cuban revolution was the most advanced among all far-left movements in Latin America, the former Soviet Union sided with the island and provided it with industrial goods and technical assistance.

    Cuba’s relations with the US worsened dramatically, and by July 1960 it had announced the expropriation of US industrial, banking and commercial operations on the island. Within a few months, the Cuban state had taken over all sugar mills, most industry and trade, half of the land, and every bank and communication network in the country.

    Retaliation swiftly followed. The US introduced its first embargo on all exports to Cuba in 1960, with exceptions for food and medicine. And this was followed in 1962 by a ban on all trade and financial transactions with the island. In 1964, the then US president, Lyndon B. Johnson, ordered a multilateral policy of “economic denial”, severely inhibited Cuba’s efforts to foster economic relations with other countries.

    The island would receive considerable amounts of aid from the Soviet bloc over the next 30 years. But this only deepened Havana’s dependence on a single export product: sugar, which was purchased at an inflated price as part of the aid programme. In return, Cuba purchased the crude oil it needed to operate its electricity plants.

    But, by the time the Soviet Union disintegrated in 1991, Cuba had failed to diversify its industrial structure and move away from its low productivity, monocultural economy. The country enjoyed limited self-sufficiency even in the production of food, with all means of production in the state’s hands.

    With the disappearance of its main oil supplier, Cuba was also forced to increase its domestic oil production and turn to Venezuela to meet its energy needs. The US embargo, which has been in place for 62 years, has cost Cuba an estimated US$130 billion (£100 billion), and has limited its access to basic goods and services.

    During Barack Obama’s second term as US president, there was a step change in relations between the two countries. Diplomatic relations resumed from 2014 and the embargo was eased, including restrictions on the ability of Cuban-Americans to travel back to the island and send remittances.

    In March 2016, Barack Obama became the first US president to visit Cuba since Calvin Coolidge in 1928.
    Kimberly Shavender / Shutterstock

    This kicked off a boom in private sector activities in Cuba and prompted reforms by the Cuban government aimed at restructuring the economy. However, the government was unwilling to reduce its grip on the centrally planned economy, and the reforms moved too slowly to produce any meaningful improvement.

    Then, in his final week in office in 2021, Donald Trump reimposed trade restrictions targeting tourism, remittances, and energy supplies, as well as adding Cuba to the list of “state sponsors of terrorism”. The move led to severe shortages and inflation, both of which were worsened by the pandemic.

    Logistical bottlenecks disrupted supplies and inflated shipping costs further. Heavily dependent on tourism, Cuba suffered a severe depletion of its foreign currency reserves.

    Patience is running out

    The economic situation has continued to decline. Export earnings in 2023 were still US$3 billion short of their pre-pandemic level, and Cuba’s economic output is not expected to return to its level before the pandemic until after 2025.

    Half a million people – most of whom were young – left the country for the US between 2021 and 2022. And thousands more have made their way to Brazil, Russia, Uruguay and elsewhere in an exodus that is unprecedented in the history of the island.

    The future outlook looks bleak, yet the government is keen to quash dissent. Speaking during the latest blackouts, Cuba’s current president, Miguel Díaz-Canel, said: “We will not accept or allow anyone to act by provoking acts of vandalism, and much less disturbing the civil tranquillity of our people … And that is a principle of our revolution.”

    Díaz-Canel was reelected by lawmakers in April 2023 for a second and final term. But the weak state of Cuba’s economy will pose significant challenges for his government, testing its strength and the legitimacy of its hold on power.

    Cuba’s relations with the US are also likely to remain strained. In an attempt to curb Cuba’s outreach to Russia and China for predominantly economic assistance, the US president, Joe Biden, has loosened some sanctions. But this could all change with a Republican victory in the upcoming US election.

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

    – ref. Cuba’s power grid collapse reveals the depth of the country’s economic crisis – https://theconversation.com/cubas-power-grid-collapse-reveals-the-depth-of-the-countrys-economic-crisis-241819

    MIL OSI – Global Reports –

  • MIL-OSI China: Ancient capital Xi’an ready for Spring Festival

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

    Ancient capital Xi’an ready for Spring Festival

    Updated: January 25, 2025 11:44 Xinhua
    An aerial drone photo shows people visiting the Datang Everbright City scenic area in Xi’an, northwest China’s Shaanxi Province, Jan. 22, 2025. As the Spring Festival approaches, Xi’an, one of the ancient capitals in Chinese history, is brimming with bright lights and splendid festive atmosphere. [Photo/Xinhua]
    An aerial drone photo shows tourists enjoying the view of lanterns at the Tang Paradise in Xi’an, northwest China’s Shaanxi Province, Jan. 22, 2025. [Photo/Xinhua]
    An aerial drone photo shows a giant lantern decoration at the Tang Paradise in Xi’an, northwest China’s Shaanxi Province, Jan. 22, 2025. [Photo/Xinhua]
    An aerial drone photo shows a view of lanterns at the Tang Paradise in Xi’an, northwest China’s Shaanxi Province, Jan. 22, 2025. [Photo/Xinhua]
    An aerial drone photo shows the night view of the Datang Everbright City scenic area, in Xi’an, northwest China’s Shaanxi Province, Jan. 22, 2025. [Photo/Xinhua]
    A drone photo shows visitors watching a performance at the Datang Everbright City scenic area in Xi’an, northwest China’s Shaanxi Province, Jan. 22, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-Evening Report: Unemployment’s up, house prices are stagnating. But is the Victorian economy doing as badly as it seems?

    Source: The Conversation (Au and NZ) – By David Hayward, Emeritus Professor of Public Policy, RMIT University

    The early 1990s in Victoria were tough. The economy was contracting severely, the population was shrinking, employment was collapsing and the unemployment rate skyrocketed to the highest in the land.

    A long-term Labor government got the blame for allowing state debt to spiral out of control. Victoria, reckoned a popular joke at the time, was “Australia’s Mexico without the sunshine”.

    Is it happening all over again?

    Some reporting in national media would suggest it is.

    The Australian Financial Review has recently run a series on the state, including a piece last week quoting business leaders saying the Victorian economy was in trouble.

    Reference was made to the latest unemployment figures as supporting evidence. Victoria’s unemployment rate has risen over the last year, and at 4.4% is now the highest in the country. Rising numbers of company failures and stagnant house prices were also cited.

    Earlier in the month, data showing a falling rate of Victorian business start-ups was highlighted, while another Financial Review article examined the decline in the number of conferences. All this was referred to as evidence of a state struggling under the weight of

    $8.6 billion in levies [imposed] in [Labor’s] 2023 budget to curb a mountain of state debt that is forecast to reach $188 billion by 2028.

    The Australian also ran a feature on Victoria echoing the same themes.

    Readers were asked, “What the hell has gone wrong with Victoria?”. Public debt and taxation figured as prominent causes of an economic catastrophe in the making. The Australian deemed the state to be

    at best, trapped in stagnation, forcing it to cover falling private investment and expenditure with ever greater public largesse. And at worst […] as the spending and debt build-up sets off the alarms, a vicious spiral is triggered […] until the whole Ponzi scheme collapses.

    But are things that bad? What does the economic data actually show?

    Some positive signs

    It is true that unemployment in Victoria is rising, and is also high compared to the rest of the country. But it has been stable for the last four months, reflecting the impact of interest rate increases over the previous couple of years.

    Also, looking back over the last 40 years, the increase has been from a very low base, and remains at an historically low level – and a long way off the highs of the 1990s.

    The number of people in the labour force is continuing to grow at a healthy clip. The participation rate is now the highest on record.

    Last month, the labour force increased in seasonally adjusted terms by 20,000, and almost all of these additional people ended up in employment.

    The growth in employment since the end of the pandemic is notable.

    Since January 2023, employment has increased by 268,000, or 8% in seasonally adjusted terms. That’s 37% of the jobs added in the whole of Australia during that time.

    Yes, the share of job growth is falling, but it is still higher than the state’s population share, and it is from an unbelievably high base (55% of all jobs created nationally in July were in Victoria).

    The Australian Financial Review acknowledged that the latest jobs data were indeed “unexpectedly strong”.

    What about business insolvencies?

    Victorian insolvencies are on the rise (up 61% in September compared to the same month last year). But so too are they across Australia, with the national number rising at a higher clip (up 70%).

    What about the number of conferences in Victoria? We simply cannot be sure whether they are up or down, because there is no consistent data base to settle the matter.

    And while Victoria may have fallen behind other states in the number of new startups per 1,000 businesses, the actual number of businesses has increased by more than 31,000, or 3%, since the beginning of the year.

    How are house prices and rents holding up?

    Yes, house prices are tumbling. In real terms, they are around 20% below their pandemic peak, at least partly caused by a bundle of new property taxes introduced in the 2023/24 state budget to help pay for pandemic-related debt.

    But with housing affordability at an all-time low courtesy of high interest rates, that is no bad thing, especially for those keen to buy their first home.

    That fall in house prices stands in contrast to a boom in rents over the same time period.

    Over the last 12 months, median rents in Victoria have increased by 13.3%, and by 4.3% over the last quarter. In the March quarter, the rental stock fell for the first time on record, perhaps supporting those who see an economy in trouble.

    But that fall amounted to barely 10,000 dwellings, or only 2.7% of the stock. Those properties had to be sold to someone, and it is likely many were sold to first time buyers who, in changing tenure, had no net effect on the rental market. A redistribution of wealth like that may be no bad thing.

    Debt is high – but so is infrastructure spending

    There is no doubt the Victorian economy has been slowing, as has the rest of the country. That is exactly the outcome sought by the Reserve Bank when it pushed up interest rates last year.

    But there is little evidence to show Victoria is following the disastrous path of the early 1990s.

    Back then, state debt grew alarmingly because of a savage recession. This time round, state debt has grown strongly, but largely to fund a construction pipeline on a scale the state has not seen before.

    Infrastructure spending is now running close to $25 billion a year, almost five times what it was a decade ago. There’s a lot of jobs in those numbers, and shortly a lot of that infrastructure will come on line, boosting the state’s economic potential.

    There is one other factor driving Victoria’s surprisingly resilient economy. Net international migration increased by 152,000 in the year to March 2024 – almost 30% of the Australian total – driven partly by the return of international students.

    Very fast, migration-driven population growth is not being matched by increased output, and the state’s household income per person is continuing its long-term decline, leading some to argue it has become a “poor state”.

    Treasurer Tim Pallas will hope that the increase stock of debt-funded infrastructure provides the productivity boost sorely needed to turn that around.

    While on several indicators Victoria’s economy is slowing, this largely reflects a national trend. Drilling down into the data shows there are signs of growth, which suggest alarm at this stage is not justified.

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

    – ref. Unemployment’s up, house prices are stagnating. But is the Victorian economy doing as badly as it seems? – https://theconversation.com/unemployments-up-house-prices-are-stagnating-but-is-the-victorian-economy-doing-as-badly-as-it-seems-241762

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Administrator Samantha Power at a Press Conference in Phnom Penh

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Thank you all. It is great to see everyone this evening. 

    It has been a great pleasure for me to be back in Cambodia for my fourth visit. In previous visits, of course, I have been awed by the majesty and rich culture of Angkor Wat, the incredible power and importance of the Tulsa Lang Genocide Museum, and, of course, the beauty of the Mekong River.

    Being back here and discussing the deepening engagement between our two countries has been very enlightening for me. The partnership of today builds on several decades of investment by USAID in support of the dignity and prosperity of the Cambodian people. 

    I feel, personally, very fortunate to be the first USAID Administrator to visit Cambodia while in this role, and I have taken many notes about the priorities of the Government officials, students, and civil society leaders that I’ve had the chance to engage with.

    Over the past few decades, the Cambodian people have made really remarkable strides to improve health, education, and economic growth. We, in the United States, again, have been able to support these efforts, including with a total of $3 billion in assistance over the past more-than-30 years. 

    We, in these years, supported the efforts of public health heroes like Mr. Yang Chiang, this country’s first entomologist, who I had the honor of meeting today. A man who has dedicated his life to trying to eliminate malaria here in Cambodia, and an individual who has been able to see with so many of you that Cambodia now has marked six straight years without a single death from malaria, and thus, again, is on the cusp of meeting this goal of eliminating malaria in this country.

    We also have supported Cambodia’s education system to get more kids into school. Since 2007, the number of children enrolled in preschool programs has more than doubled, and Cambodia is close, in fact, to achieving universal access to primary education. USAID programs have doubled reading scores among the children that we have worked with, and we are now seeing the Cambodian Government using these same approaches to help even more young people. 

    We worked as well to increase trade between our two countries, and today, the United States is Cambodia’s largest export market. Over the past five years, indeed, Cambodia’s exports to the United States have more than doubled. There is meaningful progress like this to celebrate, and on this trip, I am glad to announce over $50 million in new funding from across the U.S. government to try to build on some of this progress.

    With these funds, we will invest in helping Cambodian farmers connect with markets and adopt new technologies to keep producing plentiful and safe food, even as the climate changes. We will invest in keeping the Cambodian people safe by clearing landmines and other unexploded ordinances, building on decades of efforts to address the dangerous legacies of war. And importantly, we will invest in supporting civil society, labor, and independent media, investments that will not only support Cambodia’s democratic future but its economic future, as well. 

    On this visit, I have met with Cambodians from all walks of life – families fostering kids with disabilities, students and environmentalists, workers who care for some of this country’s most sacred sites, doctors, nurses and community health workers, labor activists, and brave individuals who seek to hold those with power accountable to the principles enshrined in this country’s constitution: democracy, human rights, transparency. 

    There is great potential for the relationship between the United States and Cambodia to grow stronger, and, as is the case in all of our important relationships, there are also concerns, including about unjustified arrests and threats to basic rights. We are following the case of journalist Mech Dara very closely, including some potential developments today. I had a chance to both meet with Dara’s family, and to raise this issue, along with other concerning cases, in my meeting with the Prime Minister today. 

    All of these cases are sensitive, but I will just underscore that we have emphasized our support for finding positive resolutions. More broadly, as I discussed with Prime Minister Hen Mannet earlier today, American and international companies see real opportunity here in Cambodia. But, in order to invest here, they want to see meaningful improvements in the business enabling environment, to tackle corruption, to improve respect for labor rights, and to address the cyber scam operations plaguing Cambodia’s international reputation. 

    Working toward greater transparency, accountability and protection of human rights can unlock extraordinary prosperity for the Cambodian people. That can be the promise of a new generation, and we, in the United States, will be eager partners in working together to achieve it. 

    Thank you so much, and I look forward to taking your questions.

    QUESTION: Thank you. Hi, I’m Prak Chan Thul from Kiripost. So, you said you announced $50 new million for Cambodia. What? What have you heard from the authorities of the Cambodian government that in return of this new aid and what have you – what will you promise in the case of Mech Dara, will he be released? Thank you.

    ADMINISTRATOR POWER: Thank you. I’m not going to comment further on Mech Dara’s case beyond to stress the importance of independent media, of checks and balances, and of the rule of law. 

    With regard to the new investments that have been announced. They range from an additional investment in the prevention of tuberculosis. I was able, yesterday in Siem Reap, to witness a very energetic effort to reach at least some of the Cambodians who have tuberculosis, but often do not know they have TB until it is not only too late for them, but too late for others, given how the disease spreads. So, USAID is partnering with community-based organizations that will reach citizens where they are, not expecting citizens to experience a symptom and then travel a long way to get a diagnosis, but an effort really to make the diagnostic technology more mobile and more readily available. And, this is with an eye to helping Cambodia and Cambodians reach the goal that the government has set to eliminate TB by 2030. So, this is a $4 million investment in a local organization that is driving some of this community based work to get rid of TB. 

    In addition, just to stay in the area of public health, we have announced an additional $1 million to invest in doing a survey for the Cambodian people of blood lead levels. There is significant lead poisoning among children in many developing countries, including Cambodia, but understanding exactly where those elevated levels of lead in the blood are clustered, understanding the sources of lead poisoning is absolutely critical to eliminating lead poisoning going forward. 

    And, this was something – both this and TB and, of course, all of the work we have done together on malaria, were each topics that I had a chance to discuss with the Prime Minister, and sensed a lot of enthusiasm to go forward again with the efforts to eliminate TB, and the effort now to get a handle on precisely what the sources of lead poisoning are so as to embark on a multi-faceted effort to regulate lead and to ensure that Cambodia’s children are no longer exposed to something that can be very harmful to educational attainment, and can ultimately even cause premature death. 

    We also are announcing an investment of an additional $5 million to support workers, civil society, and independent media. And here, let me just note, obviously these are investments in non-governmental actors. But, one of the topics that we discussed at length with the Prime Minister was his broad ambition to attract more foreign investment, to take steps that will ensure that the economy continues to grow and even grows more, and creates jobs for all of the young people who are looking for jobs every year. But, it is really, really important for investors to have confidence in the rule of law, for corruption to be tackled, so that, for example, American companies can feel confident that they can invest here without having to pay bribes or engage in kickbacks, which are illegal in the United States. 

    And so, these investments in civil society, in media, in the dignity of work and workers – all of these are investments as well in Cambodia’s economic development and that broad ambition that so many Cambodians have for their children to enjoy a more prosperous future than they themselves.

    QUESTION: Hi, my name is Danielle Keaton Olson. I’m a freelance journalist based in Phnom Penh, and I was wondering so, Cambodian-based labor rights organization called Central has gotten under fire for receiving foreign funding. The Cambodian government has criticized it for receiving foreign funding. And, of course, there’s been the arrest of our colleague and the U.S. recognized Trafficking-In-Persons report hero, Mech Dera. Are these raising alarms or concerns within USAID at this moment?

    ADMINISTRATOR POWER: Well, I have had the chance on this visit to sit down with individuals from Central and to hear firsthand about the experiences that they have been having, the level of the scrutiny of their operations, and the concerns that they have about being able to continue doing the work that has proven so important for workers rights here in Cambodia. I also had a chance in Siem Reap to meet with individuals who have helped organize, those who actually maintain these cherished tourist sites, and who themselves have organized in order to secure better wages, better working conditions, better hours, et cetera. 

    President Biden is laser-focused on labor rights at home and indeed has shown tremendous initiative and leadership on promoting global labor rights. And so, it was very important in having this visit for us to sit down and dig into just those issues. And, one of the arguments that I made today with the government, and it’s an argument again that U.S. officials are making all around the world, is that labor rights and workers abilities – a worker’s ability and workers’ abilities to advocate for themselves without fear of persecution, is absolutely critical to growing the economy in a manner that expands livelihoods and prosperity for all Cambodians. 

    So, this is not simply an issue of human rights, which it is, it is also absolutely critical that the freedom to organize, the freedom to associate, the freedom to express one’s concerns, be protected. And, I think that is the foundation to an economy that will not only grow but grow in an inclusive manner that benefits ordinary Cambodians and not merely those who have benefited from growth in prior generations.

    QUESTION: Sorry. Has it – just to clarify – Has it raised some concerns about USAID ability to support these values that, in terms of labor rights and independent media, that the U.S. government values?

    ADMINISTRATOR POWER: Well, as I indicated in announcing additional support, you know, when these rights are challenged, it becomes all the more important for USAID to be working in partnership with those who are bravely defending those rights. And so, I actually think it underscores the importance of these investments, and I think that is certainly the message that I heard from the labor organizers that I’ve spoken with over the last few days – is both the resources to support those who are organizing, but also what we call the development diplomacy, you know, raising these – raising with senior government officials, the importance of these rights being protected and respected. And, the United States is not alone in raising these concerns. Obviously, other democracies are intent as well in raising concerns about, again, some of what appear to be the growing pressures on workers and on unions and on labor organizers. 

    QUESTION: Good evening, madam. My name is Hul Reaksmey. I am reporter from Voice of America. My question is, what is your observation about Chinese growing in Cambodia, when you talk about Cambodia effort to improve democracy?

    ADMINISTRATOR POWER: Sorry, just a little bit hard to hear. Maybe just slow down, and I heard the first part, but just the last part of your question?

    QUESTION: Does the Chinese growing influence undermine efforts of Cambodia to improve democracy?

    ADMINISTRATOR POWER: Thank you. Well, one of the things that the United States stresses in the countries where it works around the world is the importance of transparency, a spirit of partnership, the importance of natural resources being protected and preserved. As we just discussed, the importance of civil society and non-governmental actors, holding government accountable, and maybe this is a point I would stress even the most strongly, the importance of the investments we make, strengthening a country’s path to independence, rather than any kind of dependence. And so, one of the things that really stands out for me in terms of the U.S. development model is that we provide our support by-and-large through grants. 

    It’s extremely important to us that when we invest in health programming or education programming or food security efforts, like the USDA program that I’ve announced on this visit; or demining, like the additional $12 million that I announced on this visit, that the Cambodian people understand that these resources are invested in a spirit of partnership. 

    We are listening to our Cambodian partners and trying to mobilize resources in support of their objectives. What we do not want is for Cambodia or the Cambodian people to be somehow indebted to us in a manner that actually impedes this country’s economic development. 

    So, just to give you one statistical example of this. The United States invests about nine dollars in grants for every dollar of loan that the United States provides. The PRC invests about nine dollars in loans for every dollar in grants. And, one of the challenges – and these numbers are lower, I think, than the actual number, but at least that is the ratio, at least – one of the challenges that can saddle future generations with the obligation to repay debt, often at high interest, debt that was incurred long before.

    Again, our goal is for Cambodia to move, once and for all, from aid to trade. We know the capability of the Cambodian people. We see it in the incredible economic growth that this country has enjoyed. We see it in the resilience of the people who have gone through so much over the generations. And, what we seek to do is to be catalytic and responsive to our partners objectives, but the ultimate objective is for a sovereign and independent Cambodia to make its own choices about how to deploy its own resources, including its tremendous human capital.

    QUESTION: Hello, good evening ma’am. And my name is Ko Ratha from the Cambodia-China Times, and we call in Khmer the CC-Times. And, I have some questions for you. I just would like to say, this is very busy trip to Cambodia. And my first question is, how do you think about the development in Cambodia? As you mentioned that this is your fourth trip to Cambodia. And the second one is, why Americans decided to support more aid to Cambodia? And the last one, what is your encouragement in order to use aid in the right way and now the U.S. purpose?

    ADMINISTRATOR POWER: Well, I have only been USAID Administrator now for more than three and a half years, let’s say, but one of the things that is wonderful about visiting Cambodia is to see the way in which previous investments by USAID and really from the American people, have produced such significant results here. 

    I gave the example of the elimination of malaria. The work done to eliminate malaria was done by Cambodians. It’s Cambodia that achieved, is on the verge, I should say, of achieving that very, very significant accomplishment. But USAID has been present over the last several decades in supporting that work. I mentioned in education that USAID has made investments in looking to see what forms of education are having the greatest impact with students. That’s a, you know, relatively small program, but that produced really valuable information, and now the Ministry of Education is using that information to inform its decisions about curriculum. 

    I think these are two really important examples of how this assistance can flow. It starts with respecting the judgment and the priorities of the Cambodian people. One of the things about USAID that is not well known, and even that I was not aware of before I came to USAID, is that three quarters of our staff in the countries in which we work are nationals of the countries in which we work. So, here, of course, that means that the vast majority of our staff here in Cambodia are Cambodians who live in their communities – who listen to their neighbors, who understand the importance of making health progress, and also understand the importance of fighting corruption, and ensuring that political reform and economic development go hand in hand. 

    So, I think that is our posture going forward – as we have been present in the country in some form since just after the Paris Peace Agreements, since 1993-1994 – we have learned a lot, and the people from whom we have learned the most are the Cambodian people. So, I think our presence here is not about, you know, geopolitical competition, it is about advancing the dignity, prosperity, and peace for Cambodians. 

    QUESTION: I wanted to follow up on the aid that was rescinded and then reinstated last year after the election, which the State Department called the Cambodian election last year, neither free nor fair, and then $18 million U.S. aid was withheld. Then that decision was reversed two months later. The U.S. Embassy told Cambodian news at the time that the aid was reinstated to, “encourage the new government to live up to its stated intentions to be more open and democratic.” So, a year later, I just wanted to follow up and ask, do you think it worked?

    ADMINISTRATOR POWER: Well, first, I think it’s important to discuss the aid itself, and I don’t need to repeat what we’ve already discussed here today, but when we invest $12 million in demining, that means fewer kids are going to run into unexploded ordinances. When we invest in moving diagnostic equipment that does X-rays of the lungs, that means fewer people are going to carry TB without knowing it. And, when we invest after COVID-19 and the horrible toll that that took here, not only on human health, but on the economy. When we invest in lab equipment and surveillance to prevent future global health security threats, that’s a really important investment in Cambodia’s health and stability, but also in America’s health. Every investment in global health security that we make internationally ultimately benefits us all, since we are connected. 

    So, I think that there absolutely is an effort to engage the government that has been now in office for 14 months, and to raise concerns about individuals who have, in some cases, exposed challenges in Cambodia that the Cambodian people benefit from seeing exposed like the scamming centers, like corruption, like human rights abuse by police or others. 

    We over this last or really over these last decades, but including with the new government, have made investments in labor organizing, in independent media, in these civil society organizations. At the same time, we have pressed these issues through our development diplomacy. 

    I don’t think that the United States, anywhere in the world, gives up on its efforts to promote human rights, to stress the linkage between economic progress and checks and balances, and again, the protection and promotion of human rights. And, of course, there are issues of concern, just as there were when the pause was put in place. 

    But, our programming resources do not go to the government. They go to non-governmental organizations. They go to the very organizations that, in many cases, are holding government accountable. In health, of course, goes to community based organizations that, yes, work alongside the Ministry of Health, but it is really important to take note that our assistance is to the people of this country, and that assistance, as we examine it, if it is advancing dignity, advancing checks and balances, it’s important to sustain those investments over time. 

    MIL OSI USA News –

  • MIL-OSI China: China embraces world’s largest annual human migration

    Source: China State Council Information Office 2

    This year’s Spring Festival travel rush is poised to set new records for travel numbers, marked by several notable changes, according to China’s transport authorities.
    The world’s busiest travel season, driven by the Chinese ritual of family reunions, kicked off on Jan. 14 this year. China is anticipating a record-breaking 9 billion inter-regional trips during this year’s Spring Festival travel rush, with significant shifts, noted Wang Xiuchun, an official with the Ministry of Transport, who joined the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.
    Participants in the 40-day travel season not only include those traveling for family visits, but also a growing number of leisure tourists, Wang said. Additionally, the rise of self drive trips and the expansion of travel modes have changed the transportation mix, Wang added.
    Air travel has become an increasingly popular choice during the Spring Festival season, driven by rising demand for higher living standards, according to Shang Kejia, an official with the Civil Aviation Administration of China.
    The number of flights and passengers are expected to reach new highs this year, Shang said. Daily flights are projected to exceed 18,500, an 8.4 percent increase compared to last year, with passenger trips surpassing 90 million.
    Additionally, the diversity of air travel routes has expanded, spurred by new demands, including the rise of “reverse Spring Festival travel,” in which people travel against the flow of typical holiday movement, and the growing tourism boom, Shang explained.
    Shang noted that more international tourists are flocking to China, marking a new highlight in this year’s Spring Festival travel rush.
    The vast railway network, the backbone of China’s transport system in handling with Spring Festival travel rush, has further improved its coverage and capacity, according to Zhu Wenzhong with the China State Railway Group.
    This year, more than 14,000 trains will be on the move each day, with over 10 million seats offered, representing an almost one-third increase in capacity compared to five years ago, Zhu said.
    When highlighting new trends for this year’s travel season, Zhu noted that passenger flow toward the northeastern region is increasing, partly driven by the thriving ice and snow economy and the upcoming Asian Winter Games, which will be held in northeast China’s Heilongjiang Province. 

    MIL OSI China News –

  • MIL-OSI China: Mainland confirms Taiwan inspection tour applications by tourism operators in Fujian, Shanghai

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

    Mainland confirms Taiwan inspection tour applications by tourism operators in Fujian, Shanghai

    BEIJING, Jan. 24 — A Chinese mainland spokesperson on Friday confirmed that tourism operators in eastern Fujian Province and Shanghai Municipality had submitted applications to Taiwan authorities for inspection tours of the island.

    Chen Binhua, spokesperson for the Taiwan Affairs Office of the State Council, said in response to a media query that tourism industries on both sides of the Taiwan Strait had shown high enthusiasm for restoring cross-Strait tourist trips, adding that tourism operators of the two sides have been actively coordinating with each other.

    On Jan. 17, the Ministry of Culture and Tourism announced that the Chinese mainland would soon resume group tour services to Taiwan for residents of Fujian and Shanghai.

    “We hope that the tourism operators’ inspection trips to Taiwan will be successful, thereby laying a good foundation for the upcoming resumption of group tours by Fujian and Shanghai residents to the island,” the spokesperson said.

    MIL OSI China News –

  • MIL-OSI China: Cross-border trips to see uptick in Spring Festival

    Source: China State Council Information Office 2

    Foreign tourists enter China at an immigration inspection station at Beijing Daxing International Airport in Beijing on Jan 2. [Photo by Li Xin/Xinhua)

    China will see an average of 1.85 million cross-border trips every day during the upcoming Spring Festival holiday, a 9.5 percent year-on-year increase, the National Immigration Administration has estimated.
    A slight increase will likely occur in cross-border trips through large international airports in China during the holiday, the administration said at a statement issued on Friday.
    These airports are expected to see a peak in the number of passengers making outbound trips for three days from Tuesday, the first day of the holiday, to Thursday, the administration said.
    They will also likely see an influx of passengers on Feb 3 and Feb 4, the last two days of the Spring Festival holiday.
    Forecasts for the average daily number of passengers making cross-border trips during the holiday from four major airports in Beijing, Shanghai, Guangzhou in Guangdong province and Chengdu in Sichuan province were revealed by the administration. Shanghai Pudong International Airport will likely see as many as 95,000 such passengers on average every day, it said in the statement.
    The administration added that it has required ports across the country to strengthen monitoring of cross-border travel flows during the holiday and issue related information promptly to help people arrange their trips properly.
    It has also asked ports to deploy a sufficient number of staff and open enough passages to improve the efficiency of exit-entry procedures, saying that the ports should ensure Chinese travelers have to wait no more than 30 minutes in line before passing through.
    LY.com, a travel agency based in Suzhou, Jiangsu province, said the eight-day Spring Festival holiday and the slight drop in the prices of international flight tickets compared with the same period last year have encouraged outbound travel.
    Trip.com Group, another travel agency, said in a report released earlier this month that Japan, Thailand and Malaysia were among the popular countries for outbound travel during the Spring Festival.
    Su Menghui, an intern at an internet company in Shanghai, said she will make an 11-day trip to Japan starting during the Spring Festival holiday. She will visit Wakayama and Hokkaido.
    The 23-year-old said she had planned the trip about three months in advance, as longer holidays — such as National Day and Spring Festival — are her first choice for traveling abroad, though flight tickets tend to be much more expensive than usual.
    She said she will also consider traveling to nearby countries, such as Japan and South Korea, during weekends. For example, a weekend is “totally sufficient” for a trip from Shanghai to Jeju Island in South Korea, she added.

    MIL OSI China News –

  • MIL-OSI China: Sichuan attracts numerous tourists, snow sports enthusiasts each snow season

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

    Sichuan attracts numerous tourists, snow sports enthusiasts each snow season

    Updated: January 25, 2025 08:58 Xinhua
    An aerial drone photo taken on Jan. 11, 2025 shows tourists skiing at Wanggangping scenic spot in Shimian County, southwest China’s Sichuan Province. According to the Sichuan Provincial Department of Culture and Tourism, Sichuan has nearly 50 snow and ice tourism areas and 16 key ski resorts, attracting numerous tourists and snow sports enthusiasts each snow season. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 14, 2025 shows a view of Xiling Mountain snow resort in Dayi County, Chengdu, southwest China’s Sichuan Province. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 11, 2025 shows a view of Xiling Mountain snow resort in Dayi County, Chengdu, southwest China’s Sichuan Province. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 12, 2025 shows a view of Mount Emei scenic spot in southwest China’s Sichuan Province. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 18, 2025 shows tourists skiing at Taiziling Ski Resort in Maoxian County, southwest China’s Sichuan Province. [Photo/Xinhua]
    A drone photo taken on Jan. 12, 2025 shows a view of Leidongping scenic spot in Mount Emei, southwest China’s Sichuan Province. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 19, 2025 shows a view of Taiziling Ski Resort in Maoxian County, southwest China’s Sichuan Province. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Winter tourism boosts ‘ice and snow economy’ in China’s Hubei

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

    Winter tourism boosts ‘ice and snow economy’ in China’s Hubei

    Updated: January 25, 2025 09:14 Xinhua
    Tourists dine at a restaurant at a ski resort in Shennongjia Forestry District, central China’s Hubei Province, Jan. 23, 2025. In recent years, with rich ski resorts and ecotourism resources, Shennongjia Forestry District has witnessed a large number of tourists in winter. The booming tourism has also advanced the development of local “ice and snow economy.” [Photo/Xinhua]
    Ski enthusiasts take ski lift at a ski resort in Shennongjia Forestry District, central China’s Hubei Province, Jan. 22, 2025. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 23, 2025 shows a ski resort in Shennongjia Forestry District, central China’s Hubei Province. [Photo/Xinhua]
    A coach (front) instructs learners at a ski resort in Shennongjia Forestry District, central China’s Hubei Province, Jan. 23, 2025. [Photo/Xinhua]
    Tourists ski at a ski resort in Shennongjia Forestry District, central China’s Hubei Province, Jan. 22, 2025. [Photo/Xinhua]
    A tourist skis at a ski resort in Shennongjia Forestry District, central China’s Hubei Province, Jan. 23, 2025. [Photo/Xinhua]
    Tourists buy ski equipment at a shop in Shennongjia Forestry District, central China’s Hubei Province, Jan. 23, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI United Kingdom: Visitor levy will be big boost for Edinburgh

    Source: Scottish Greens

    24 Jan 2025 Culture

    A visitor levy will raise vital funds for services.

    More in Culture

    The Scottish Greens have welcomed Edinburgh City Council’s vote to support a 5% visitor levy on hotels and overnight accommodation. It is similar to schemes already in place in popular tourist destinations across the world including Paris, Barcelona and New York.

    The power to apply a levy was secured by Scottish Green MSPs during previous budget negotiations. Edinburgh’s Green Councillors have led calls for such a levy since 2011, and presented proposals for an 8% rate.

    Edinburgh Green Cllr Alys Mumford said:

    “The idea of a visitor levy was first raised by Edinburgh’s Greens councillors more than a decade ago, and today the Council has approved an ambitious plan with green values at its heart – raising investment for public services and affordable housing.

    “While we’re disappointed that the Labour administration didn’t take the opportunity to set a more ambitious rate for the levy, as well as caving in to the demands of corporate lobbyists around the implementation timeline, it shouldn’t detract from the major step forward it represents.

    “Green Councillors across Scotland are working to implement visitor levies for their areas, and the decision Edinburgh has made will set the model for that. We look forward to visitor levies being standard practice around the country, as they are in many European countries.”

    Scottish Green MSP Lorna Slater welcomed the news, saying:

    “This will be a big boost for Edinburgh.

    “We’re incredibly fortunate that so many people want to visit our city. Tourism brings a lot of money into local economies, but our councils see very little benefit from it.

    “I’m delighted that Scottish Green Cllrs have led the call for the levy and that Green MSPs were able to deliver the powers to apply it.

    “It is a simple step that will ensure that tourists are able to contribute to the services that they are using, while providing vital funding for our local authorities.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Edinburgh declares Scotland’s first visitor levy

    Source: Scotland – City of Edinburgh

    Councillors have formally agreed to introduce Edinburgh’s Visitor Levy scheme.

    Hailed as a ‘historic moment for Edinburgh’, the decision was taken during a special meeting of the Council held online today (Friday 24 January) .

    From 24 July 2026, a 5% fee will be applied to the cost of overnight accommodation in Edinburgh, capped at five nights in a row. Businesses will need to apply the levy to any advance bookings made as of 1 October 2025 for stays on or after 24 July 2026.

    The levy is projected to raise up to £50 million a year once established, for the city to invest in protecting, supporting and enhancing Edinburgh’s worldwide appeal as a place to live and visit.

    The final proposals for the scheme have been updated to provide accommodation providers and booking agencies with extra time to prepare systems for advance bookings ahead of next summer’s launch.

    Responding to today’s decision, Council Leader Jane Meagher said:

    What an historic moment for Edinburgh. Introducing this ground-breaking visitor levy means realising a once in a lifetime opportunity to invest tens of millions of pounds towards enhancing and sustaining the things that make our city such a great place to visit – and live in – all year round.

    The scheme has been many years in the making and I’m grateful to Council officers, businesses and residents who have helped shape it, every step of the way. Its introduction is declared today with a huge amount of backing, not least from local residents.

    At all stages we’ve listened to and taken account of the views of industry and other stakeholders. It’s in this spirit that we’ve also extended the amount of time hoteliers and small businesses will have to prepare for the changes that are coming in.

    It’s vital that we continue to work closely as we get ready to launch this scheme and deliver the many benefits it is going to bring. We’ve always said this is a city fund and spending decisions need to be taken with a whole city mindset, and we’ll soon be establishing a Visitor Levy Forum with an independent Chair. We’ll also be reporting next steps to executive Council committees.”

    Neil Ellis, Chair of the Edinburgh Hotels Association, said:

    Edinburgh Hotels Association welcomes the introduction of the visitor levy for its intended use of improving the experience of all visitors – local, national or international – through additional spending. This is a fantastic opportunity to further enhance Edinburgh’s reputation on the World stage as a must visit destination.”

    Donald Emslie, a representative of Edinburgh’s tourism industry, said:

    This new income stream presents a unique opportunity to generate significant funds for the city’s long-term development. The levy’s potential to generate transformative funds for the benefit of all who live, work, and visit Edinburgh is well recognised and I’m pleased to see a decision made to declare a scheme which will not only support spending on city operations and infrastructure, but sustain Edinburgh’s cultural offering and destination and visitor management.”

    The agreed Visitor Levy for Edinburgh scheme:

    Scheme Objectives

    The overarching aim of the Scheme is to sustain Edinburgh’s status as one of the world’s greatest cultural and heritage cities and to ensure that the impacts of a successful visitor economy are managed effectively and in support of the priorities as set out in the Council’s Business Plan (or equivalent).

    The objectives of the Scheme are therefore to Sustain, Support and Develop:

    1. Public services, programmes and infrastructure that provide an enjoyable and safe visitor and resident experience.
    2. Edinburgh’s culture, heritage and events provision to ensure it remains world-leading and competitively attractive to visitors as well as residents.
    3. The city’s visitor economy, by fostering innovation in response to environmental and societal challenges, enhancing Edinburgh’s global reputation while promoting responsible and sustainable tourism.

    Scheme area, start date and duration

    The Scheme covers the entirety of the City of Edinburgh Council boundaries and will apply to overnight stays from 24 July 2026, booked and paid for (in part or full) on or after 1 October 2025. It will apply indefinitely, or until the Council decides to end or amend it, and at all times of the year.

    The levy rate

    The levy rate will be 5%, payable for a maximum of five consecutive nights and will apply at the same level, year-round, across the entire City of Edinburgh Council boundary area.

    Accommodation liable for the levy

    The levy will apply to all overnight accommodation, including those with an annual turnover below the applicable VAT threshold, based within the City of Edinburgh Council boundary.

    This includes:

    • Hotels;
    • Hostels;
    • Guest houses;
    • Bed and breakfast accommodation;
    • Self-catering accommodation, including short-term lets;
    • All paid accommodation on caravan sites and campsites, including temporary tent and campervan pitches;
    • Accommodation in a vehicle, or on board a vessel, which is permanently or predominantly situated in one place; and
    • Any other place at which a room or area is offered by the occupier for residential purposes otherwise than as a visitor’s only or usual place of residence.

    Certain accommodation providers may apply to the Council for a discretionary site exemption if they meet both of the following criteria:

    • The property is occupied by a charity or trustee of a charity; and
    • Overnight stays must be wholly or mainly for charitable purposes.

    This discretionary exemption is aligned with the cases where charities may receive mandatory relief from paying Non-Domestic Rates and may be cross-checked with that register.

    Accommodation providers who do not charge for overnight accommodation, or who cater fully for individuals who are exempted from paying the levy are not liable for the levy.

    Individuals exempted or excluded from paying the levy

    The Visitor Levy is payable by anyone staying in accommodation which is not their only or usual place of residence (temporary or otherwise). Individuals who do not have an only or usual place of residence are therefore not required to pay the levy. This includes people who are homeless, refugees and asylum seekers and people whose homes are unfit or unsafe for habitation. In addition, individuals defined in s. 14 (1) of the Act are exempt from paying the levy.

    Individuals who are exempt or excluded will need to pay the levy to the accommodation provider and request reimbursement from the Council, unless their accommodation has been arranged and paid for directly via the Council. Reimbursement can be applied for online, submitting relevant evidence (as detailed below and on the Council’s website) and bank details (to enable payment via BACS). Alternative provision can be made for those who do not have internet access.

    Evidence which will be required to be submitted includes:

    • The name of person exempted/excluded;
    • If exclusion applies, verification of such status from relevant official body (this can include the Council’s Homelessness service, Social services, relevant third sector provider, Police Scotland etc);
    • If exemption applies, a copy (scan/photo) of the relevant benefit award letter or similar document;
    • Booking confirmation/accommodation invoice – the name of the person exempted/excluded should be included on this document; and
    • Proof of payment for overnight accommodation.

    The Council will assess the evidence received and pay the reimbursement via bank transfer within 5 working days if the applicant is found to be eligible.

    Collecting and enforcing the levy

    Accommodation providers within the local authority area will be liable for the levy. They will be required to submit quarterly reports, detailing the total accommodation charges and the total levy collected to a national online visitor levy portal. The levy will be payable at the same time as submitting returns.

    Accommodation providers are required to keep accurate records of all transactions that are subject to the levy. The Council will conduct inspections, as required, to ensure compliance with the scheme and remittance requirements.

    Accommodation providers who fail to comply may be subject to penalties.

    Appeals relating to decisions made by the Council on the operation and/or enforcement of the scheme can be registered following the Visitor Levy appeal process detailed on the Council’s website. The Council will aim to review and process such appeals within 28 calendar days.

    Use of net proceeds

    The Act stipulates that the net proceeds of a visitor levy must be spent on facilitating the achievement of the scheme’s objectives and on “developing, supporting and sustaining facilities and services which are substantially for or used by persons visiting [overnight] for leisure or business purposes (or both)”.

    After administration costs, which includes the establishing and maintenance of a contingency fund, a fixed amount will be assigned to:

    • Housing and tourism mitigation (£5m p.a.);
    • Participatory budgeting (£2m over 3 years) with appropriate audit checks in place to ensure that these funds are spent on facilitating the achievement of the scheme’s objectives; and
    • Reimbursement of 2% of remitted funds to Accommodation Providers, to off-set the administrative cost incurred from operating in accordance with the Scheme and collecting visitor data

    The remaining funds will then be split into the following investment streams:

    • City Operations and Infrastructure (55%);
    • Culture, Heritage and Events (35%); and
    • Destination and Visitor Management (10%).

    The Council will make decisions on the use of funds after consultation with the Visitor Levy Forum (see details below), with these decisions delegated to the relevant executive Committees.

    Reviewing and changing the scheme

    The Council will review the scheme every three years to assess whether it is successfully achieving its objectives and to measure the impact of the scheme on businesses, visitors and communities. The review will be published along with a report detailing how the income has been spent and the benefits which the VL-funded projects have brought.

    If the Council wishes to make changes to the scheme following the review, it will publicly consult on the change and publish a report detailing the decision and its justification. Significant changes to the scheme will require an 18-month implementation period.

    Significant changes to the scheme include:

    • Increasing the scheme area;
    • Increasing the percentage rate; and/or
    • Removing any exemptions

    Visitor Levy Forum

    A Visitor Levy Forum will be established to discuss and advise on the VL scheme, including the review of the scheme and any modifications to the scheme. The Forum will also be consulted on how the VL funds will be spent.

    The Forum will be made up of an equal number of representatives from the community and from businesses in the city’s visitor economy and at least 40% of the representatives must be women. Council officers responsible for the investment streams and officers from the Council’s Programme Management Office will be in attendance at Forum meetings and may make recommendations to the Forum but will not be members of the Forum itself.

    The Council will report publicly and to the Scottish Government on

    • the amount we collect
    • how we use the net proceeds, (the amount collected minus costs or expenses of operating the scheme)
    • how we demonstrate that we are delivering the objectives of the Scheme.

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Alberta tourism shines on the national stage

    The eyes of the nation are once again on Alberta as the province’s tourism sector garners recognition for its industry-leading innovation and dedication to excellence. Several Albertans and Albertan businesses were nominated and won Canadian Tourism Awards for outstanding success, innovation and leadership in Canada’s tourism industry.

    The accolades highlight Alberta as a top-tier tourism destination and recognize the outstanding Albertans that elevate the province’s reputation nationally and internationally. As an advocate for Canada’s tourism sector, the Tourism Industry Association of Canada presents the Canadian Tourism Awards annually.

    “We are incredibly proud of the achievements of Alberta’s tourism operators, whose passion and innovation continue to set new standards of excellence. The individuals and businesses nominated reflect the rich variety of experiences that make Alberta unique. Their dedication and innovation are at the heart of our thriving tourism sector, and their recognition on the national stage reflects the world-class experiences Alberta offers visitors each day.”

    Joseph Schow, Minister of Tourism and Sport

    The following Alberta-based organizations and individuals received Canadian Tourism Awards:

    • Business of the Year Award: CanaDream RV, Rocky View County
    • Business Event of the Year Award: National Gathering of Elders, Edmonton
    • Culinary Tourism Experience Award: Bar OA Farms, Strathcona County
    • Lifetime Achievement Award: Cindy Ady, former CEO of Tourism Calgary and former Minister of Tourism, Parks and Recreation
    • Under-30 Tourism Trailblazer Award: Sierra Murray, Leduc County

    Notably, former Tourism Calgary CEO and former Alberta Minister of Tourism, Parks and Recreation, Cindy Ady received a lifetime achievement award for her commitment to Alberta’s tourism sector. As CEO of Tourism Calgary, Cindy positioned Calgary as a year-round, globally competitive destination, and as Alberta’s Minister of Tourism, Parks and Recreation, Cindy sponsored the Travel Alberta Act, establishing Travel Alberta as a provincial agency in 2009.

    “Alberta’s tourism community is remarkable, and I am grateful to have had the opportunity to contribute to its success. I am truly humbled to have received this Lifetime Achievement Award, but it’s not just about me – it’s a testament to the hard work and vision of an entire community, one that has come together to position this province as a leader in the global tourism landscape.”

    Cindy Ady, former CEO of Tourism Calgary and former Minister of Tourism, Parks and Recreation

    In addition, Travel Alberta received recognition for its film Sky Painter, which won gold in Brand Building at the 2024 Canadian Marketing Awards and second place in the Tourism Products category at the World Tourism Film Awards. The Travel Alberta film To be Albertan won first place in the Region Promotion category at the World Tourism Film Awards. 

    In the past year, Alberta has received global recognition with a nomination for the Most Desirable Region (Rest of the World) category in the Wanderlust Reader Travel Awards 2024, and Skift IDEA awards in industry innovation and travel technology. In addition, Travel Alberta films won awards at the Japan’s World Tourism Festival and in the Cannes Corporate Media and TV Awards.

    These achievements build on Alberta’s rich tradition of tourism excellence and highlight the significant contributions of the industry to the province’s economy. Alberta’s government remains committed to supporting its tourism operators as they continue to shape the future of Canadian tourism.

    Quick facts

    • The following Alberta organizations, events and individuals received nominations for the Canadian Tourism Awards:
      • Culinary Tourism Experience Award: Bar OA Farms, Strathcona County
      • Indigenous Tourism Award: Dragonfly Spirit CreeAtions Ltd, Spruce Grove
      • Indigenous Tourism Award: Métis Crossing, Smoky Lake
      • Innovator of the Year Award: Rural Rivers, Sturgeon County
      • Tourism Employer of the Year Award: Indigenous Box, Leduc County

    Related information

    • The Canadian Tourism Awards 2024
    • World Tourism Film Awards 2024
    • Canadian Marketing Association Awards 2024

    Multimedia

    • “To Be Albertan” video entry by Travel Alberta
    • “Sky Painter” video entry by Travel Alberta

    Related news

    • Global recognition for Alberta’s tourism sector (Sept. 27, 2024)
    • Alberta’s tourism soars to new heights (Sept. 25, 2024)
    • Alberta films captivate the world (March 18, 2024)
    • Growing Alberta’s visitor economy (Feb. 14, 2024)

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: An open letter to the Minister for Public Finance

    Source: Scotland – City of Edinburgh

    The Council Leader has formally written to the Scottish Government to declare Edinburgh’s intention to launch a Visitor Levy.

    Writing today (24 January) following the Council’s decision to introduce a Visitor Levy scheme, Council Leader Jane Meagher addresses the Minister for Public Finance, Ivan McKee.

    The letter states:

    Dear Minister for Public Finance,

    I am writing to formally declare Edinburgh’s intention to introduce a Visitor Levy scheme.

    A full public consultation period was carried out from 23 September 2024 – 15 December 2024, with the results published in a report with the final recommended scheme.

    During a Council meeting today, the details of our Scheme were agreed and will see a levy in place from 24 July 2026, applying to all bookings made on and after 1 October 2025. The full final scheme is available on our website.

    The overarching aim of the scheme and the reason for us to agree to proceed with it is to sustain Edinburgh’s status as one of the world’s greatest cultural and heritage cities and to ensure that the impacts of a successful visitor economy are managed effectively and in support of the priorities as set out in the Council’s Business Plan.

    I would like to thank you and the work of the Visitor Levy (Scotland) Bill team. In advancing the legislation, the Scottish Government is giving Councils greater financial responsibility and strengthening local democracy.

    I am immensely proud that Edinburgh becomes the first city in Scotland to declare a levy. We were named Europe’s leading sustainable destination 2023 by the World Travel Awards and Edinburgh continues to be a world class destination with around 4 million visitors a year and a growing economy.

    The visitor levy will help boost the tourism industry with funds re-invested back into local facilities and services that will support the sustainable growth of the visitor economy. This new source of funding is urgently needed to sustain local services and spaces used by visitors and locals alike.

    I look forward to continued working between the City of Edinburgh Council and the Scottish Government as we enter the implementation period.

    Yours sincerely

    Jane Meagher

    Leader of the City of Edinburgh Council

    Published: January 24th 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Answer to a written question – The legality of the law which lays down registration obligations for Spanish hotels hotels, tourist facilities and motor vehicle rental companies – E-002297/2024(ASW)

    Source: European Parliament

    1. The Commission is aware of the Royal Decree 933/2021. It is currently assessing the Decree in the light of EU data protection law.

    2. For travel agencies and tourism companies, the processing of certain personal data is usually necessary also for the performance of the contract itself. At the EU level, the Commission aims to overall reduce administrative burden and bring simplification in particular for small and medium-sized enterprises, including tourism businesses. The Commission Communication sets a target of reducing burdens associated with reporting requirements by 25%, without undermining the policy objectives of the initiatives concerned.

    Last updated: 24 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Greece gets EIB policy support for regions affected by lignite phase-out

    Source: European Investment Bank

    • EIB Advisory supports five Greek regions in social and green transformation projects following the gradual phase-out of lignite in Greece’s energy production
    • The goal is to improve living standards through investments in renewable energy, reskilling and urban development
    • The EIB Advisory service is supported by the InvestEU Advisory Hub

    The European Investment Bank (EIB) will advise five regions in Greece for investment programmes aimed at mitigating the social and economic impacts of lignite phase-out and facilitating the country’s transition to climate neutrality.

    Through the InvestEU Advisory Hub, the EIB will assist Western Macedonia, Megalopolis in the Peloponnese, Crete, and the North and South Aegean Islands, address economic and social aspects of the green transition.

    The EIB’s technical assistance, which is valued initially at €2.75 million, will be offered to the five regions. Greece plans to end, by 2026, the use of lignite which generates about a third of the country’s electricity, as it has been proven to be more harmful than other fossil fuels, causing climate change. The EIB have already previously provided similar support to help Germany, Poland and the Czech Republic cope with the permanent closure of lignite mines.

    “The European Investment Bank remains focused in its commitment to support Greece in addressing the complex challenges of the green transition, ensuring no region is left behind,” said EIB Vice-President Yannis Tsakiris. “Through the Advisory Hub, we are equipping the five regions with the technical expertise necessary to design and implement long-term investment plans, that will drive social and economic cohesion, foster renewable energy projects, and create sustainable job opportunities. This collaboration is a vital step toward mitigating the socio-economic impacts of the lignite phase-out while laying the groundwork for a climate-neutral future.”

    The EIB’s advisory services aim to:

    • Support and develop investment programmes that aim to revitalize and strengthen local economies.
    • Enhance institutional frameworks by providing training and sharing best practices from other EU Member States.
    • Ensure effective project management and compliance with EU standards.
    • Assist the regions in preparing grant applications, with a submission deadline of 11 September 2025, to secure the necessary funding.

    The accord, which comes under the InvestEU programme, builds on the Greek government’s commitment to social and economic cohesion efforts across the country and to align with European Union goals. It is also part of the European Green Deal and the Just Transition Mechanism (JTM), which aim to transform the European Union into the world’s first climate-neutral region by 2050 through mobilizing €100 billion in investments to assist areas most affected by the transition to low-carbon and climate-resilient economies.

    The regions receiving this support are covered by Greece’s “Just Transition Plan”. Following, are more details about the five areas:

    • Western Macedonia: Historically Greece’s energy powerhouse, it is heavily impacted by coal plant decommissioning. The main goal for the next day is to transform it into an “alternative clean energy hub” and to attract investment in new and dynamic sectors of national importance.
    • Megalopolis, Peloponnese: Renowned for lignite mining and power generation, requiring a transition to sustainable energy sources. The main goal is to promote the area as an “entrepreneurship hub” with an emphasis on new and innovative productive activities around the bioeconomy value chain (agriculture, circular and digital economy)
    • Crete: Focuses on integrating renewable energy sources and phasing out autonomous power plants. Additionally, the goal is to achieve “greener” development for the island and transform its business activities into more sustainable models.
    • North Aegean Islands: Relies on agriculture and tourism, with necessary investments in sustainable practices, including the blue economy, as well as the phasing out of autonomous power plants.
    • South Aegean Islands: The transformation of the tourism-driven economy is anticipated, while promoting green development initiatives and supporting the growth of business activities related to the clean energy value chain

    EIB’s role in supporting a climate-neutral Europe

    As the EU’s climate bank, the EIB plays a critical role in financing and advising projects under the Sustainable Europe Investment Plan (SEIP). The SEIP’s objective is to mobilise €1trillion in sustainable investments by 2030, with the JTM serving as a cornerstone for ensuring a just and inclusive transition across Europe.

    About InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. Through advisory support offered to project developers, the InvestEU Advisory Hub mproves the quality of investment projects and their alignment with the EU long term policy goals.

    Background information

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where the per capita income is lower. This underscores the Bank’s commitment to foster inclusive growth and  converge the living standards.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: National Tourism Day 2025

    Source: Government of India (2)

    National Tourism Day 2025

    Celebrating India’s Timeless Beauty

    Posted On: 24 JAN 2025 5:04PM by PIB Delhi

    Tourism has the potential to bring prosperity to the lives of many. Our Government will keep focusing on enhancing India’s tourism infrastructure to ensure more people can experience the wonders of Incredible India.

    ~ Prime Minister Shri Narendra Modi[1]

    From the snow-capped peaks of the Himalayas to the sun-kissed shores of its pristine beaches, India offers an extraordinary sensory experience. The nation enchants the senses of sight, sound, taste, touch and smell creating an immersive journey that leaves a lasting impression. When these senses converge in the bustling streets and historic cities of India the experience becomes a powerful fusion of history, culture and tradition—making it an unparalleled destination for travelers from across the globe.

    The Future of Tourism in India

    The Future of Tourism in India

     

    To celebrate the true essence of vibrant India National Tourism Day is observed on 25th January each year. This day aligns with the timeless philosophy of “Atithi Devo Bhava” and emphasizes the transformative power of travel. It highlights how tourism not only drives economic growth, creates employment and fosters infrastructure development but also positions India as a thriving  global tourism destination, captivating the world with its unparalleled beauty and culture.

    Reflecting this growing potential India has risen to 39th place out of 119 countries in the Travel and Tourism Development Index (TTDI) 2024. The future looks even brighter with India’s tourism industry projected to contribute a staggering $512 billion to the nation’s GDP by 2028. By 2030, India is expected to emerge as the fourth-largest global spender on tourism with an estimated expenditure of $410 billion.[2]

    In recognition of this growing potential the government is placing significant emphasis on the sector. The Union Budget 2023, the tourism ministry was allocated Rs 2,400 crore, while an additional Rs 2479.62 crore has been earmarked for the sector in the financial year 2024-25, reflecting a 3.3 percent increase in capital expenditure. However, the revised budget outlay for tourism stood at Rs 1692.10 crore. These strategic investments highlight the government’s commitment to strengthening the tourism industry and ensuring its sustainable growth in the coming years. [3] [4]

    Encouraging Travel Within India

    Domestic tourism plays a vital role in the growth and development of India’s tourism sector. The Ministry of Tourism actively promotes domestic tourism through various initiatives aimed at raising awareness about the country’s diverse destinations and products. Domestic tourism remains a significant driver of the industry. According to data from State/UT Governments and other sources within the Ministry of Tourism, India saw 1,731.01 million domestic tourist visits in 2022. This number increased to 2,509 million in 2023, highlighting the growing trend of domestic travel.[5]

    Schemes for promoting Domestic Tourism

    To encourage domestic tourism the government has introduced several schemes including the following:

    • Special Assistance to States/Union Territories for Capital Investment (SASCI): [6] In a huge boost for Bharat’s tourism sector, 40 projects across 23 states have been approved under SASCI to develop iconic tourist centers to global standards. These projects, worth ₹3,295.76 crore will foster local economies and create employment through sustainable tourism.
    • Paryatan Mitra and Paryatan Didi: On 27th September 2024, the Ministry of Tourism launched the national responsible tourism initiative, ‘Paryatan Mitra & Paryatan Didi.’ The initiative aims to harness tourism as a means of social inclusion, employment, and economic growth, while enhancing the overall tourist experience. It connects visitors with ‘tourist-friendly’ individuals who serve as proud ambassadors and storytellers for their destinations.
    • Dekho Apna Desh People’s Choice Award: ‘Dekho Apna Desh People’s Choice 2024’ – a Nationwide poll to identify the most preferred tourist attractions under 5 categories. It is also an effort to identify attractions and destinations for development in mission mode.
    • National Mission on Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive (PRASHAD):[7] Launched in 2014-2015 scheme aims to integrate pilgrimage destinations in a prioritised, planned and sustainable manner to provide a complete religious tourism experience. The growth of domestic tourism hugely depends on pilgrimage tourism. Since the launch of the PRASHAD scheme, the Ministry has sanctioned a total of 48 projects at a cost of Rs.1646.99 crore across the country.
    • Swadesh Darshan 2.0: [8] Swadesh Darshan Scheme launched in 2014-15 to complement the efforts of respective State Governments/UT Administrations for developing tourism facilities across the country and has sanctioned ₹5287.90 Crore for undertaking 76 projects. The Ministry has revamped the Swadesh Darshan scheme as Swadesh Darshan 2.0 (SD2.0) with the objective to develop sustainable and responsible tourism destinations and has sanctioned 34 projects for Rs.793.20 Crore including projects in border area.
    • Domestic Promotion & Publicity including Hospitality (DPPH) Scheme:[9] Launched in 2019, scheme’s main objective is to create a general awareness among the domestic population about the potential tourist destinations in the country. The Ministry through its 20 domestic India Tourism Offices located across the country, undertakes the promotional activities to promote India in a holistic manner.
    • Vibrant Village Programme:[10] On 15th February 2023, approval was granted to Vibrant Village Programme for the comprehensive development of select villages in 46 border blocks across 19 districts in the states of Arunachal Pradesh, Himachal Pradesh, Sikkim, Uttarakhand, and the UT of Ladakh. The total financial outlay approved for this program is Rs. 4,800 crore.
    • UTSAV portal: The Utsav Portal showcases events, festivals and live darshans across India to promote the country as a global tourism destination. The platform highlights event details and offers digital experiences through stunning visuals, while also providing live views of major religious shrines. The Mahakumbh, in particular has become a focal point attracting global celebrities for the holy snan.
    • RCS–UDAN (Regional Connectivity Scheme- Ude Desh Ka Aam Nagrik):[11] Launched in 2016 under the RCS UDAN scheme, the Ministry of Tourism has partnered with the Ministry of Civil Aviation. As a result, around 609 routes have become operational, including 53 tourism routes and 62 helicopter routes.
    • UNESCO Heritage Sites:[12] The 46th meeting of the World Heritage Committee took place in New Delhi from 21st to 31st July. During this meeting, “Moidams – the Mound Burial System of the Ahom Dynasty, Charaideo, Assam” was inscribed as India’s 43rd World Heritage Property.

     

    Conclusion

    These government initiatives and schemes are vital in driving the growth of domestic tourism, promoting sustainable development, and preserving India’s rich cultural and historical heritage. As the nation continues to invest in tourism infrastructure and innovative programs, India is well-positioned to strengthen its status as a leading global tourism destination.

    Reference

    Kindly find the pdf file 

    ***

    Santosh Kumar/ Sarla Meena/ Kamna Lakaria

    (Release ID: 2095845) Visitor Counter : 11

    MIL OSI Asia Pacific News –

  • MIL-OSI: Northrim BanCorp Earns $10.9 Million, or $1.95 Per Diluted Share, in Fourth Quarter 2024, and $37.0 Million, or $6.62 Per Diluted Share, for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Jan. 24, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth quarter a year ago. The increase in the fourth quarter of 2024 compared to the third quarter of 2024 is primarily due to an increase in purchased receivable income due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to factoring and asset-based lending in the United States, Canada, and the United Kingdom. Additionally, in the fourth quarter of 2024 the Company had an increase in mortgage banking income, primarily as a result of an increase in the fair value of a mortgage servicing portfolio that the Company purchased from another financial institution in the fourth quarter. The increase profitability in the fourth quarter of 2024 as compared to the same quarter of the prior year was largely driven by an increase in mortgage banking income and higher net interest income, as well as an increase in purchased receivable income as noted above, which was only partially offset by higher other operating expenses and an increase in the provision for credit losses.

    Net income for the full year of 2024 increased 46% to $37.0 million, or $6.62 per diluted share, compared to $25.4 million, or $4.49 per diluted share, for the full year of 2023. Increased net interest income resulting from loan and deposit growth supported 2024 earnings in the Community Banking segment but were offset by increases in other operating expenses, primarily in salaries and other personnel expense as the Company continued to expand its branch network into new markets in Alaska. An increase in mortgage originations and an increase in the fair value of mortgage servicing rights resulted in net income of $4.4 million in the Home Mortgage Lending segment in 2024 compared to a $2.5 million loss in 2023.

    Dividends per share in the fourth quarter of 2024 remained consistent with the third quarter of 2024 at $0.62 per share and increased from $0.60 per share in the fourth quarter of 2023.

    “Northrim reported record core earnings in 2024 and record earnings per share in the fourth quarter,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We are pleased with our results as we continue to focus on profitable growth. In the last five years Northrim’s deposit market share in Alaska has increased from 11% to 16%, loans and deposits have increased by almost 100%, and net interest income has increased by 60%.”

    “2024 results were also supported by an improvement in mortgage banking income,” continued Mr. Huston. “We believe the acquisition of Sallyport in the fourth quarter will further diversify fee income and provide attractive risk-adjusted returns to Northrim shareholders.”

    Fourth Quarter 2024 Highlights:

    • Net interest income in the fourth quarter of 2024 increased 7% to $30.8 million compared to $28.8 million in the third quarter of 2024 and increased 15% compared to $26.7 million in the fourth quarter of 2023.
    • Net interest margin on a tax equivalent basis (“NIMTE”)* was 4.47% for the fourth quarter of 2024, a 12-basis point increase from the third quarter of 2024 and a 35-basis point increase compared to the fourth quarter of 2023.
    • Return on average assets (“ROAA”) was 1.43% and return on average equity (“ROAE”) was 16.32% for the fourth quarter of 2024.
    • Portfolio loans were $2.13 billion at December 31, 2024, up 6% from the preceding quarter and up 19% from a year ago, primarily due to new customer relationships, expanding market share, and to retaining certain mortgage loans originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”), in the loan portfolio.
    • Total deposits were $2.68 billion at December 31, 2024, up 2% from the preceding quarter, and up 8% from $2.49 billion a year ago. Noninterest bearing demand deposits represented 27% of total deposits at December 31, 2024, down from 29% at September 30, 2024 and 31% at December 31, 2023.
    • Total assets at December 31, 2024 exceeded $3 billion for the first time.
    • The average cost of interest-bearing deposits was 2.15% in the fourth quarter of 2024, down from 2.24% in the third quarter of 2024 and up from 2.00% in the fourth quarter a year ago.
    • Acquired Sallyport for approximately $53.9 million (approximately $47.9 million in cash and $6 million in an earn-out payable over 3 years) on October 31, 2024.
       
    Financial Highlights Three Months Ended
    (Dollars in thousands, except per share data) December 31,
    2024    		 September 30,
    2024    		 June 30, 2024 March 31, 2024 December 31,
    2023
    Total assets $3,041,869   $2,963,392   $2,821,668   $2,759,560   $2,807,497  
    Total portfolio loans $2,129,263   $2,007,565   $1,875,907   $1,811,135   $1,789,497  
    Total deposits $2,680,189   $2,625,567   $2,463,806   $2,434,083   $2,485,055  
    Total shareholders’ equity $267,116   $260,050   $247,200   $239,327   $234,718  
    Net income $10,927   $8,825   $9,020   $8,199   $6,613  
    Diluted earnings per share $1.95   $1.57   $1.62   $1.48   $1.19  
    Return on average assets 1.43 % 1.22 % 1.31 % 1.19 % 0.93 %
    Return on average shareholders’ equity 16.32 % 13.69 % 14.84 % 13.84 % 11.36 %
    NIM 4.41 % 4.29 % 4.24 % 4.16 % 4.06 %
    NIMTE* 4.47 % 4.35 % 4.30 % 4.22 % 4.12 %
    Efficiency ratio 66.96 % 66.11 % 68.78 % 68.93 % 72.21 %
    Total shareholders’ equity/total assets 8.78 % 8.78 % 8.76 % 8.67 % 8.36 %
    Tangible common equity/tangible assets* 7.23 % 8.28 % 8.24 % 8.14 % 7.84 %
    Book value per share $48.41   $47.27   $44.93   $43.52   $42.57  
    Tangible book value per share* $39.17   $44.36   $42.03   $40.61   $39.68  
    Dividends per share $0.62   $0.62   $0.61   $0.61   $0.60  
    Common shares outstanding 5,518,210   5,501,943   5,501,562   5,499,578   5,513,459  
                         

    * 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. Please refer to the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

    Alaska Economic Update
    (Note: sources for information in this section are listed on page 13.)

    The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in November 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 2.4% or 7,700 jobs between November 2023 and November 2024.

    According to the DOL, Construction had the largest growth in new jobs in Alaska through November compared to the prior year. The Construction sector added 2,100 positions for a year over year growth rate of 12.7% in November 2024. The larger Health Care sector grew by 1,500 jobs for an annual growth rate of 3.7%. The Oil & Gas sector increased by 9.2% or 700 new direct jobs. Transportation, Warehousing and Utilities added 1,000 jobs for a 4.5% growth rate. Professional and Business Services increased 700 jobs year over year through November 2024, up 2.5%.

    The Government sector grew by 1,200 jobs for 1.5% growth, adding 100 Federal jobs, 800 State and 300 Local government positions in Alaska over the same period. Declining sectors between November 2023 and November 2024 were Manufacturing (primarily seafood processing) shrinking 500 jobs (-6.6%), Information, down 100 jobs (-2.2%), and Retail lost 100 jobs (-0.3%).

    Alaska’s Gross State Product (“GSP”) in the third quarter of 2024, exceeded $70 billion for the first time, and is estimated to be $70.1 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. In the third quarter of 2024 Alaska GSP increased at an annualized rate of 2.2%, compared to the average U.S. growth rate of 3.1%. Alaska’s real GSP improvement in the third quarter of 2024 was primarily caused by growth in the Health Care, Trade, Transportation and Warehousing sectors.

    The BEA also calculated Alaska’s seasonally adjusted personal income at $55.7 billion in the third quarter of 2024. This was an annualized improvement in the third quarter of 3.3% for Alaska, compared to the national average of 3.2%. Alaska enjoyed an annual personal income improvement of 3.8% in 2023. The $445 million increase in personal income in the third quarter in Alaska came from a $310 million increase in net earnings from wages, $145 million growth in government transfer receipts (which grew in all 50 states), and a $10 million decrease in investment income.

    The monthly average price of Alaska North Slope (“ANS”) crude oil was at an annual high of $89.05 in April 2024 and most recently averaged $72.50 in November 2024. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024 and is projected to increase to 467 thousand bpd in Alaska’s fiscal year 2025. The DOR expects production to continue to grow rapidly to 657 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is reportedly developing the large new Willow field. There are also a number of smaller new fields in Alaska’s North Slope that are contributing to the State of Alaska’s production growth estimates.

    According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $509,994, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases.

    The average sales price for single family homes in the Matanuska Susitna Borough rose 3.9% in 2024 to $412,907, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

    The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or 0.2%.

    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: http://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 fourth quarter of 2024, Northrim generated a ROAA of 1.43% and a ROAE of 16.32%, compared to 1.22% and 13.69%, respectively, in the third quarter of 2024 and 0.93% and 11.36%, respectively, in the fourth quarter a year ago. For the year 2024, Northrim generated a ROAA of 1.29% and a ROAE of 14.70%, compared to 0.94% and 11.17% for 2023.

    Net Interest Income/Net Interest Margin

    Net interest income increased 7% to $30.8 million in the fourth quarter of 2024 compared to $28.8 million in the third quarter of 2024 and increased 15% compared to $26.7 million in the fourth quarter of 2023. Interest expense on deposits increased to $10.6 million in the fourth quarter compared to $10.1 million in the third quarter of 2024 and $8.7 million in the fourth quarter of 2023.

    NIMTE* was 4.47% in the fourth quarter of 2024 compared to 4.35% in the preceding quarter and 4.12% in the fourth quarter a year ago. NIMTE* increased 12 basis points in the fourth quarter of 2024 compared to the prior quarter and 35 basis points compared to the fourth 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 fourth quarter of 2024 was 7.23% compared to 7.24% in the third quarter of 2024 and 7.74% in the fourth quarter a year ago. The yield on the investment portfolio increased to 2.84% from 2.80% in the third quarter of 2024 and increased from 2.48% in the fourth quarter of 2023. “We are beginning to see improvements in our net interest margin as a result of lower deposit costs from the recent Fed interest rate cuts, in addition to the benefit of new loan volume and loan repricing driving our net interest margin to 4.47% for the fourth quarter,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE* continues to remain above the peer average of 3.16% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of September 30, 2024.

    Provision for Credit Losses

    Northrim recorded a provision for credit losses of $1.2 million in the fourth quarter of 2024, which includes a $125,000 provision for credit losses on purchased receivables, $107,000 benefit to the provision for credit losses on unfunded commitments, and a provision for credit losses on loans of $1.2 million. This compares to a provision for credit losses of $2.1 million in the third quarter of 2024, and a provision for credit losses of $885,000 in the fourth quarter a year ago. The $1.2 million provision for credit losses in the fourth quarter of 2024 is largely attributable to increases in loan and purchased receivable balances.

    Nonperforming loans, net of government guarantees, increased during the quarter to $7.5 million at December 31, 2024, compared to $5.0 million at both September 30, 2024 and December 31, 2023.

    The allowance for credit losses was 292% of nonperforming loans, net of government guarantees, at the end of the fourth quarter of 2024, compared to 394% three months earlier and 345% 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 $13.0 million, or 30% of total fourth quarter 2024 revenues, as compared to $11.6 million, or 29% of revenues in the third quarter of 2024, and $6.5 million, or 20% of revenues in the fourth quarter of 2023. The increase in other operating income in the fourth quarter of 2024 as compared to the preceding quarter and the fourth quarter of 2023 is largely the result of higher purchased receivable income due to the acquisition of Sallyport. Additionally, other operating income in the fourth quarter of 2024 as compared to the fourth quarter a year ago increased due to an increase in mortgage banking income arising from higher volume of mortgage activity and an increase in the value of mortgage servicing rights. The changes in mortgage banking are discussed further in the Home Mortgage Lending section below.

    Other Operating Expenses

    Operating expenses were $29.4 million in the fourth quarter of 2024, compared to $26.7 million in the third quarter of 2024, and $24.0 million in the fourth quarter of 2023. The increase in other operating expenses in the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter a year ago is primarily due to an increase in salaries and other personnel expense, as well as increases in professional fees from one-time deal costs associated with the acquisition of Sallyport and insurance expense due to higher FDIC insurance costs due to the Company’s asset and net income growth.

    Income Tax Provision

    In the fourth quarter of 2024, Northrim recorded $2.4 million in state and federal income tax expense for an effective tax rate of 17.8%, compared to $2.8 million, or 24.2% in the third quarter of 2024 and $1.7 million, or 20.7% in the fourth quarter a year ago. For the year, Northrim recorded $10.0 million in state and federal income tax expense in 2024 for an effective tax rate of 21.3%, compared to $6.2 million, or 19.7% in 2023. The decrease in the tax rate in the fourth quarter of 2024 as compared to the third quarter of 2024 and the fourth quarter a year ago is primarily the result of increased tax benefits related to the Company’s investment in low income housing tax credits and the purchase of renewable energy tax credits.

    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 $27.6 million in the fourth quarter of 2024, compared to $25.9 million in the third quarter of 2024 and $24.2 million in the fourth quarter of 2023. Net interest income increased in the fourth quarter of 2024 as compared to the third quarter of 2024 and the fourth quarter a year ago mostly due to increased interest income on loans that was only partially offset by higher interest expense on deposits.

    The following table provides highlights of the Community Banking segment of Northrim:

       
      Three Months Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 September 30,
    2024    		 June 30, 2024 March 31,
    2024    		 December
    31, 2023
    Net interest income $27,643   $25,928   $24,318   $24,215   $24,221  
    Provision (benefit) for credit losses 771   1,492   (184 ) 197   885  
    Other operating income 2,535   3,507   2,450   2,468   2,741  
    Other operating expense 19,116   18,723   18,068   17,177   18,158  
    Income before provision for income taxes 10,291   9,220   8,884   9,309   7,919  
    Provision for income taxes 1,474   2,133   1,786   1,966   1,604  
    Net income Community Banking segment $8,817   $7,087   $7,098   $7,343   $6,315  
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,558,580   5,554,930   5,578,491  
    Diluted earnings per share $1.58   $1.26   $1.27   $1.32   $1.14  
                         
      Year Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 December
    31, 2023
    Net interest income $102,104   $95,555  
    Provision for credit losses 2,276   3,842  
    Other operating income 10,960   9,130  
    Other operating expense 73,085   69,253  
    Income before provision for income taxes 37,703   31,590  
    Provision for income taxes 7,359   6,175  
    Net income Community Banking segment $30,344   $25,415  
    Weighted average shares outstanding, diluted 5,583,983   5,661,460  
    Diluted earnings per share $5.43   $4.49  
             

    Home Mortgage Lending

    During the fourth quarter of 2024, mortgage loans funded for sale decreased to $162.5 million, of which 89% was for home purchases, compared to $210.0 million and 94% of loans funded for home purchases in the third quarter of 2024, and increased as compared to $79.7 million, of which 96% was for home purchases in the fourth quarter of 2023.

    During the fourth quarter of 2024, the Bank purchased Residential Mortgage-originated mortgage loans to hold on the Bank’s balance sheet of $23.4 million of which roughly two-thirds were jumbos and one-third were mortgages for second homes, with a weighted average interest rate of 6.30%, down from $38.1 million and 6.59% in the third quarter of 2024, and down from $27.1 million and 7.05% in the fourth quarter of 2023. Mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $3.3 million to total revenue in the fourth quarter of 2024, up from $2.9 million in the prior quarter, and up from $2.3 million in the fourth quarter a year ago.

    The Arizona, Colorado, and the Pacific Northwest mortgage expansion markets were responsible for 19% of Residential Mortgage’s $186 million total production in the fourth quarter of 2024, 20% of the $248 million total production in the third quarter of 2024, and 11% of the $107 million in total production in the fourth quarter of 2023.

    The net change in fair value of mortgage servicing rights increased mortgage banking income by $873,000 during the fourth quarter of 2024 compared to a decrease of $968,000 for the third quarter of 2024 and a decrease of $1.0 million for the fourth quarter of 2023. In the fourth quarter of 2024, the Bank purchased an Alaska Housing Finance Corporation (AHFC) servicing portfolio from another financial institution for $2.3 million. At December 31, 2024, this servicing portfolio was valued at $3.1 million resulting in a $750,000 increase in fair value. Mortgage servicing revenue increased to $2.8 million in the fourth quarter of 2024 from $2.6 million in the prior quarter and increased from $2.2 million in the fourth quarter of 2023 due to an increase in production of AHFC mortgages, which contribute to servicing revenues at origination. In the fourth quarter of 2024, the Company’s mortgage servicing portfolio increased to $294.1 million, which includes the purchase of the AHFC servicing portfolio of $235.6 million, $86.3 million in new mortgage loans, net of amortization and payoffs of $27.8 million as compared to a net increase of $64.8 million in the third quarter of 2024 and $62.4 million in the fourth quarter of 2023.

    As of December 31, 2024, Northrim serviced 6,378 loans in its $1.46 billion home mortgage servicing portfolio, a 25% increase compared to the $1.17 billion serviced as of the end of the third quarter of 2024, and a 40% increase from the $1.04 billion serviced a year ago.

    The following table provides highlights of the Home Mortgage Lending segment of Northrim:

       
      Three Months Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 September 30,
    2024    		 June 30, 2024 March 31,
    2024    		 December
    31, 2023
    Mortgage loan commitments $32,299   $77,591   $88,006   $56,208   $22,926  
               
    Mortgage loans funded for sale $162,530   $209,960   $152,339   $84,324   $79,742  
    Mortgage loans funded for investment 23,380   38,087   29,175   17,403   27,114  
    Total mortgage loans funded $185,910   $248,047   $181,514   $101,727   $106,856  
    Mortgage loan refinances to total fundings 11 % 6 % 6 % 4 % 4 %
    Mortgage loans serviced for others $1,460,720   $1,166,585   $1,101,800   $1,060,007   $1,044,516  
               
    Net realized gains on mortgage loans sold $3,747   $5,079   $3,188   $1,980   $1,462  
    Change in fair value of mortgage loan commitments, net (665 ) 60   391   386   (296 )
    Total production revenue 3,082   5,139   3,579   2,366   1,166  
    Mortgage servicing revenue 2,847   2,583   2,164   1,561   2,180  
    Change in fair value of mortgage servicing rights:          
    Due to changes in model inputs of assumptions1 1,372   (566 ) 239   289   (707 )
    Other2 (499 ) (402 ) (320 ) (314 ) (301 )
    Total mortgage servicing revenue, net 3,720   1,615   2,083   1,536   1,172  
    Other mortgage banking revenue 238   293   222   129   99  
    Total mortgage banking income $7,040   $7,047   $5,884   $4,031   $2,437  
               
    Net interest income $3,280   $2,941   $2,775   $2,232   $2,276  
    Provision (benefit) for credit losses 305   571   64   (48 ) —  
    Mortgage banking income 7,040   7,047   5,884   4,031   2,437  
    Other operating expense 7,198   7,643   6,697   6,086   5,477  
    Income before provision for income taxes 2,817   1,774   1,898   225   (764 )
    Provision for income taxes 842   497   532   63   (215 )
    Net (loss) income Home Mortgage Lending segment $1,975   $1,277   $1,366   $162   ($549 )
               
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,558,580   5,554,930   5,769,415  
    Diluted (loss) earnings per share $0.35   $0.23   $0.25   $0.03   ($0.10 )
    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 Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 December
    31, 2023
    Mortgage loans funded for sale $609,153   $376,154  
    Mortgage loans funded for investment 108,045   146,258  
    Total mortgage loans funded $717,198   $522,412  
    Mortgage loan refinances to total fundings 7 % 4 %
         
    Net realized gains on mortgage loans sold $13,994   $7,828  
    Change in fair value of mortgage loan commitments, net 172   (102 )
    Total production revenue 14,166   7,726  
    Mortgage servicing revenue 9,155   7,368  
    Change in fair value of mortgage servicing rights:    
    Due to changes in model inputs of assumptions1 1,334   (922 )
    Other2 (1,535 ) (1,765 )
    Total mortgage servicing revenue, net 8,954   4,681  
    Other mortgage banking revenue 882   356  
    Total mortgage banking income $24,002   $12,763  
         
    Net interest income $11,228   $7,298  
    Provision for credit losses 892   —  
    Mortgage banking income 24,002   12,763  
    Other operating expense 27,624   23,497  
    Income before provision for income taxes 6,714   (3,436 )
    Provision for income taxes 1,934   (943 )
    Net (loss) income Home Mortgage Lending segment $4,780   ($2,493 )
         
    Weighted average shares outstanding, diluted 5,583,983   5,661,460  
    Diluted (loss) earnings per share $0.86   ($0.44 )
    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.
     

    Specialty Finance

    On October 31, 2024, the Company completed the acquisition of Sallyport Commercial Finance, LLC in an all cash transaction valued at approximately $53.9 million. Sallyport Commercial Finance, LLC is a leading provider of factoring, asset based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom. The Company determined that a new Specialty Finance segment was appropriate for the Company upon the completion of the acquisition. The Specialty Finance segment also includes Northrim Funding Services, a division of Northrim Bank that has offered factoring solutions to small businesses since 2004. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also include interest income and other fee income.

    The acquisition of Sallyport included $1.13 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter and full year of 2024 in the tables below. Total pre-tax income for Sallyport for two months of operations, excluding transaction costs was $945,000.

    The following table provides highlights of the Specialty Finance segment of Northrim:

       
      Three Months Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 September 30,
    2024    		 June 30, 2024 March 31,
    2024    		 December
    31, 2023
    Purchased receivable income $3,526   $1,033   $1,243   $1,345   $1,307  
    Other operating income (68 ) —   —   —   —  
    Interest income 407   158   170   212   235  
    Total revenue 3,865   1,191   1,413   1,557   1,542  
    Provision for credit losses 125   —   —   —   —  
    Other operating expense 3,063   362   429   374   358  
    Interest expense 489   185   210   212   —  
    Total expense 3,677   547   639   586   358  
    Income before provision for income taxes 188   644   774   971   1,184  
    Provision for income taxes 53   183   218   276   337  
    Net income Specialty Finance segment $135   $461   $556   $695   $847  
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,558,580   5,554,930   5,578,491  
    Diluted earnings per share $0.02   $0.08   $0.10   $0.13   $0.15  
                         
      Year Ended
    (Dollars in thousands, except per share data) December
    31, 2024    		 December
    31, 2023
    Purchased receivable income $7,147   $4,482  
    Other operating income (68 ) —  
    Interest income 947   403  
    Total revenue 8,026   4,885  
    Provision for credit losses 125   —  
    Other operating expense 4,228   1,431  
    Interest expense 1,096   —  
    Total expense 5,449   1,431  
    Income before provision for income taxes 2,577   3,454  
    Provision for income taxes 730   982  
    Net income Specialty Finance segment $1,847   $2,472  
    Weighted average shares outstanding, diluted 5,583,983   5,661,460  
    Diluted earnings per share $0.33   $0.44  
             

    Balance Sheet Review

    Northrim’s total assets were $3.04 billion at December 31, 2024, up 3% from the preceding quarter and up 8% from a year ago. Northrim’s loan-to-deposit ratio was 79% at December 31, 2024, up from 76% at September 30, 2024, and 72% at December 31, 2023.

    At December 31, 2024, our liquid assets and investments and loans maturing within one year were $1.01 billion and our funds available for borrowing under our existing lines of credit were $566.8 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 $2.79 billion in the fourth quarter of 2024, up 4% from $2.67 billion in the third quarter of 2024 and up 7% from $2.61 billion in the fourth quarter a year ago. The average yield on interest-earning assets was 6.02% in the fourth quarter of 2024, up from 5.92% in the preceding quarter and 5.51% in the fourth quarter a year ago.

    Average investment securities decreased to $565.8 million in the fourth quarter of 2024, compared to $619.0 million in the third quarter of 2024 and $690.7 million in the fourth quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.84% for the fourth quarter of 2024, up from 2.80% in the preceding quarter and up from 2.48% in the year ago quarter. The average estimated duration of the investment portfolio at December 31, 2024, was approximately 2.4 years down from approximately 2.8 years a year ago. As of December 31, 2024, $79.0 million of available for sale securities are scheduled to mature in the next six months, $55.8 million are scheduled to mature in six months to one year, and $189.3 million are scheduled to mature in the following year, representing a total of $324.0 million or 12% of earning assets that are scheduled to mature in the next 24 months.

    Total unrealized losses, net of tax, on available for sale securities increased by $678,000 in the fourth quarter of 2024 as compared to the prior quarter, and decreased by $9.1 million compared to the fourth quarter of 2023, resulting in a total unrealized loss of $8.3 million at December 31, 2024 compared to $7.6 million at September 30, 2024 and $17.4 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.5 years at the end of 2024. Total unrealized losses on held to maturity securities were $1.0 million at December 31, 2024, compared to $2.1 million at September 30, 2024, and $3.3 million a year ago.

    Average interest bearing deposits in other banks increased to $72.2 million in the fourth quarter from $28.4 million in the third quarter of 2024 due to higher deposit balances and maturing portfolio investments. Average interest bearing deposits in other banks decreased in the fourth quarter of this year compared to $126.2 million in the fourth quarter of 2023 as cash was used to fund the growing loan portfolio.

    Portfolio loans were $2.13 billion at December 31, 2024, up 6% from the preceding quarter and up 19% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.86 million at December 31, 2024, up 6% or $99.9 million from $1.76 billion in 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 $35.1 million, construction loans increasing by $28.7 million, commercial loans increasing $24.9 million, and commercial real estate owner-occupied loans increasing $7.2 million from the preceding quarter. Average portfolio loans in the fourth quarter of 2024 were $2.07 billion, which was up 7% from the preceding quarter and up 18% from a year ago. Yields on average portfolio loans in the fourth quarter of 2024 increased slightly to 6.93% from 6.91% in the third quarter of 2024 and increased from 6.55% in the fourth quarter of 2023. The increase in the yield on portfolio loans in the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth 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 7.40% in the fourth quarter of 2024 as compared to 7.43% in the third quarter of 2024 and 8.07% in the fourth quarter of 2023.

    Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.68 billion at December 31, 2024, up 2% from $2.63 billion at September 30, 2024, and up 8% from $2.49 billion a year ago. “Our bankers are working hard to continue to bring over new relationships to the Bank, which is helping to magnify normal increases in deposit balances from our customers’ business cycles,” said Ballard. At December 31, 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 $61,000 as of December 31, 2024. Northrim had 26 customers with balances over $10 million as of December 31, 2024, which accounted for $612.9 million, or 24%, of total deposits. Demand deposits decreased by 8% from the prior quarter and decreased 6% year-over-year to $706.2 million at December 31, 2024. Demand deposits decreased to 27% of total deposits at December 31, 2024 compared to 29% at September 30, 2024 and 31% of total deposits at December 31, 2023. Average interest-bearing deposits were up 9% to $1.95 billion with an average cost of 2.15% in the fourth quarter of 2024, compared to $1.80 billion and an average cost of 2.24% in the third quarter of 2024, and up 13% compared to $1.72 billion and an average cost of 2.00% in the fourth quarter of 2023. Uninsured deposits totaled $1.08 billion or 40% of total deposits as of December 31, 2024 compared to $1.1 billion or 46% of total deposits as of December 31, 2022. As interest rates continued to increase in 2022, Northrim has taken a proactive, targeted approach to increase deposit rates.

    Shareholders’ equity was $267.1 million, or $48.41 book value per share, at December 31, 2024, compared to $260.1 million, or $47.27 book value per share, at September 30, 2024 and $234.7 million, or $42.57 book value per share, a year ago. Tangible book value per share* was $39.17 at December 31, 2024, compared to $44.36 at September 30, 2024, and $39.68 per share a year ago. The increase in shareholders’ equity in the fourth quarter of 2024 as compared to the third quarter of 2024 was largely the result of earnings of $10.9 million which was partially offset by dividends paid of $3.4 million and a decrease in the fair value of the available for sale securities portfolio, which decreased $678,000, net of tax. The Company did not purchase any shares of common stock in the fourth quarter of 2024 and had 110,000 shares remaining under the current share repurchase program as of December 31, 2024. Tangible common equity to tangible assets* was 7.23% as of December 31, 2024, compared to 8.28% as of September 30, 2024 and 7.84% as of December 31, 2023. The decrease in tangible common equity to tangible assets* was primarily due to $35.0 million of Goodwill booked as part of the acquisition of Sallyport. 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 9.76% at December 31, 2024, compared to 11.53% at September 30, 2024, and 11.43% at December 31, 2023.

    Asset Quality

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

    Nonperforming assets (“NPAs”) net of government guarantees were $11.6 million at December 31, 2024, up from $5.3 million at September 30, 2024 and from $5.8 million a year ago. Of the NPAs at December 31, 2024, $3.0 million, or 26% are nonaccrual loans related to three commercial relationships, $2.8 million, or 24% is related to a Sallyport nonaccrual loan, and $3.3 million, or 28% is related to one purchased receivable relationship.

    Net adversely classified loans were $9.6 million at December 31, 2024, as compared to $6.5 million at September 30, 2024, and $7.1 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 $51,000 in the fourth quarter of 2024, compared to net loan recoveries of $96,000 in the third quarter of 2024, and net loan charge-offs of $96,000 in the fourth quarter of 2023.

    Northrim had $138.0 million, or 6% of total portfolio loans, in the Healthcare sector; $117.0 million, or 5% of portfolio loans, in the Tourism sector; $104.3 million, or 5% in the Accommodations sector; $87.4 million, or 4% in Retail loans; $84.6 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector; $76.5 million, or 4% in the Fishing sector; and $55.1 million, or 3% in the Restaurants and Breweries sector as of December 31, 2024.

    Northrim estimates that $99.7 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of December 31, 2024, and $1.6 million of these loans are adversely classified. As of December 31, 2024, Northrim has an additional $45.8 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and none of these unfunded commitments are considered to be 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 throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

    http://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: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; 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/

    http://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-to-date
    (Unaudited) December 31, September 30, December 31,   December 31, December 31,
      2024 2024 2023   2024 2023
    Interest Income:            
    Interest and fees on loans $37,059   $34,863   $29,508     $134,739   $108,612  
    Interest on investments 3,844   4,164   4,677     16,838   18,695  
    Interest on deposits in banks 883   389   1,743     2,342   4,644  
    Total interest income 41,786   39,416   35,928     153,919   131,951  
    Interest Expense:            
    Interest expense on deposits 10,568   10,123   8,676     39,347   26,511  
    Interest expense on borrowings 377   451   520     1,389   2,184  
    Total interest expense 10,945   10,574   9,196     40,736   28,695  
    Net interest income 30,841   28,842   26,732     113,183   103,256  
                 
    Provision for credit losses 1,201   2,063   885     3,293   3,842  
    Net interest income after provision for            
    loan losses 29,640   26,779   25,847     109,890   99,414  
                 
    Other Operating Income:            
    Mortgage banking income 7,040   7,047   2,437     24,002   12,763  
    Purchased receivable income 3,526   1,033   1,307     7,146   4,482  
    Bankcard fees 1,148   1,196   946     4,366   3,862  
    Service charges on deposit accounts 622   605   532     2,348   2,044  
    Gain on sale of securities 112   —   —     112   —  
    Unrealized gain (loss) on marketable equity securities (364 ) 576   565     465   120  
    Other income 949   1,130   698     3,602   3,104  
    Total other operating income 13,033   11,587   6,485     42,041   26,375  
                 
    Other Operating Expense:            
    Salaries and other personnel expense 18,254   17,549   15,417     67,847   61,741  
    Data processing expense 3,108   2,618   2,500     10,986   9,821  
    Occupancy expense 1,893   1,911   1,783     7,609   7,394  
    Professional and outside services 1,967   903   802     4,351   3,128  
    Marketing expense 965   860   933     3,028   2,929  
    Insurance expense 894   596   675     2,961   2,519  
    OREO expense, net rental income and gains on sale 2   2   (28 )   (385 ) (794 )
    Intangible asset amortization expense —   —   6     —   17  
    Other operating expense 2,294   2,289   1,905     8,540   7,426  
    Total other operating expense 29,377   26,728   23,993     104,937   94,181  
                 
    Income before provision for income taxes 13,296   11,638   8,339     46,994   31,608  
    Provision for income taxes 2,369   2,813   1,726     10,023   6,214  
    Net income $10,927   $8,825   $6,613     $36,971   $25,394  
                 
    Basic EPS $1.99   $1.60   $1.19     $6.72   $4.53  
    Diluted EPS $1.95   $1.57   $1.19     $6.62   $4.49  
    Weighted average common shares outstanding, basic 5,509,078   5,501,943   5,513,041     5,502,797   5,601,471  
    Weighted average shares outstanding, diluted 5,597,889   5,583,055   5,578,491     5,583,983   5,661,460  
                           
    Balance Sheet      
    (Dollars in thousands)      
    (Unaudited) December 31, September 30, December 31,
      2024 2024 2023
           
    Assets:      
    Cash and due from banks $42,101   $42,805   $27,457  
    Interest bearing deposits in other banks 20,635   60,071   91,073  
    Investment securities available for sale, at fair value 478,617   545,210   637,936  
    Investment securities held to maturity 36,750   36,750   36,750  
    Marketable equity securities, at fair value 8,719   12,957   13,153  
    Investment in Federal Home Loan Bank stock 5,331   4,318   2,980  
    Loans held for sale 59,957   97,937   31,974  
    Portfolio loans 2,129,263   2,007,565   1,789,497  
    Allowance for credit losses, loans (22,020 ) (19,528 ) (17,270 )
    Net portfolio loans 2,107,243   1,988,037   1,772,227  
    Purchased receivables, net 74,078   23,564   36,842  
    Mortgage servicing rights, at fair value 26,439   21,570   19,564  
    Premises and equipment, net 37,757   39,625   40,693  
    Operating lease right-of-use assets 7,455   7,616   9,092  
    Goodwill and intangible assets 50,968   15,967   15,967  
    Other assets 85,819   66,965   71,789  
    Total assets $3,041,869   $2,963,392   $2,807,497  
           
    Liabilities:      
    Demand deposits $706,225   $763,595   $749,683  
    Interest-bearing demand 1,108,404   979,238   927,291  
    Savings deposits 250,900   245,043   255,338  
    Money market deposits 196,290   201,821   221,492  
    Time deposits 418,370   435,870   331,251  
    Total deposits 2,680,189   2,625,567   2,485,055  
    Other borrowings 23,045   13,354   13,675  
    Junior subordinated debentures 10,310   10,310   10,310  
    Operating lease liabilities 7,487   7,635   9,092  
    Other liabilities 53,722   46,476   54,647  
    Total liabilities 2,774,753   2,703,342   2,572,779  
           
    Shareholders’ Equity:      
    Total shareholders’ equity 267,116   260,050   234,718  
    Total liabilities and shareholders’ equity $3,041,869   $2,963,392   $2,807,497  
           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Composition of Portfolio Loans                        
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31, 2024   December 31,
    2023
      Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total
    Commercial loans $518,148   24 %   $492,414   24 %   $495,781   26 %   $475,220   26 %   $486,057   27 %
    Commercial real estate:                            
    Owner occupied properties 420,060   20 %   412,827   20 %   383,832   20 %   372,507   20 %   368,357   20 %
    Nonowner occupied and multifamily properties 619,431   29 %   584,302   31 %   551,130   30 %   529,904   30 %   519,115   30 %
    Residential real estate:                            
    1-4 family properties secured by first liens 270,535   13 %   248,514   12 %   222,026   12 %   218,552   12 %   203,534   11 %
    1-4 family properties secured by junior liens & revolving secured by first liens 48,857   2 %   45,262   2 %   41,258   2 %   35,460   2 %   33,783   2 %
    1-4 family construction 39,789   2 %   39,794   2 %   29,510   2 %   27,751   2 %   31,239   2 %
    Construction loans 214,068   10 %   185,362   9 %   154,009   8 %   153,537   8 %   149,788   8 %
    Consumer loans 7,562   — %   7,836   — %   6,679   — %   6,444   — %   6,180   — %
    Subtotal 2,138,450       2,016,311       1,884,225       1,819,375       1,798,053    
    Unearned loan fees, net (9,187 )     (8,746 )     (8,318 )     (8,240 )     (8,556 )  
    Total portfolio loans $2,129,263       $2,007,565       $1,875,907       $1,811,135       $1,789,497    
                                 
    Composition of Deposits                        
      December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
      Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total
    Demand deposits $706,225   27 %   $763,595   29 %   $704,471   29 %   $714,244   29 %   $749,683   31 %
    Interest-bearing demand 1,108,404   41 %   979,238   37 %   906,010   36 %   889,581   37 %   927,291   37 %
    Savings deposits 250,900   9 %   245,043   9 %   238,156   10 %   246,902   10 %   255,338   10 %
    Money market deposits 196,290   7 %   204,821   8 %   195,159   8 %   209,785   9 %   221,492   9 %
    Time deposits 418,370   16 %   435,870   17 %   420,010   17 %   373,571   15 %   331,251   13 %
    Total deposits $2,680,189       $2,628,567       $2,463,806       $2,434,083       $2,485,055    
                                           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Asset Quality
    		 December 31, September 30, December 31,
        2024 2024 2023
      Nonaccrual loans $7,516   $4,944   $6,069  
      Loans 90 days past due and accruing 17   17   —  
      Total nonperforming loans 7,533   4,961   6,069  
      Nonperforming loans guaranteed by government —   —   (1,067 )
      Net nonperforming loans 7,533   4,961   5,002  
      Repossessed assets 297   297   —  
      Nonperforming purchased receivables 3,768   —   808  
      Net nonperforming assets $11,598   $5,258   $5,810  
      Nonperforming loans, net of government guarantees / portfolio loans 0.35 % 0.25 % 0.28 %
      Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees 0.38 % 0.26 % 0.30 %
      Nonperforming assets, net of government guarantees / total assets 0.38 % 0.18 % 0.21 %
      Nonperforming assets, net of government guarantees / total assets net of government guarantees 0.40 % 0.19 % 0.21 %
                   
      Adversely classified loans, net of government guarantees $9,636   $6,503   $7,057  
      Special mention loans, net of government guarantees $19,769   $9,641   $6,580  
      Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans 0.03 % 0.08 % 0.03 %
      Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees 0.03 % 0.09 % 0.03 %
                   
      Allowance for credit losses – loans / portfolio loans 1.03 % 0.97 % 0.97 %
      Allowance for credit losses – loans / portfolio loans, net of government guarantees 1.10 % 1.04 % 1.02 %
      Allowance for credit losses – loans / nonperforming loans, net of government guarantees 292 % 394 % 345 %
                   
      Allowance for credit losses – purchased receivables / purchased receivables 4.69 % — % — %
      Allowance for credit losses – purchased receivables / nonperforming purchased receivables 97 % — % — %
                   
      Gross loan charge-offs for the quarter $149   $15   $281  
      Gross loan recoveries for the quarter ($200 ) ($111 ) ($185 )
      Net loan (recoveries) charge-offs for the quarter ($51 ) ($96 ) $96  
      Net loan (recoveries) charge-offs year-to-date ($215 ) ($164 ) ($38 )
      Net loan (recoveries) charge-offs for the quarter / average loans, for the quarter 0.00 % 0.00 % 0.01 %
      Net loan (recoveries) charge-offs year-to-date / average loans, year-to-date annualized (0.01 )% (0.01 )% 0.00 %
                   

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Average Balances, Yields, and Rates                            
      Three Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023
        Average     Average     Average
      Average Tax
    Equivalent    		   Average Tax
    Equivalent    		   Average Tax
    Equivalent
      Balance Yield/Rate   Balance Yield/Rate   Balance Yield/Rate
    Assets              
    Interest bearing deposits in other banks $72,212   4.72 %   $28,409   5.28 %   $126,174   5.40 %
    Portfolio investments 565,785   2.84 %   619,012   2.80 %   690,659   2.48 %
    Loans held for sale 83,304   5.97 %   93,689   6.20 %   45,732   6.55 %
    Portfolio loans 2,066,216   6.93 %   1,933,181   6.91 %   1,749,732   6.55 %
    Total interest-earning assets 2,787,517   6.02 %   2,674,291   5.92 %   2,612,297   5.51 %
    Nonearning assets 251,364       196,266       214,934    
    Total assets $3,038,881       $2,870,557       $2,827,231    
                   
    Liabilities and Shareholders’ Equity              
    Interest-bearing deposits $1,954,495   2.15 %   $1,796,107   2.24 %   $1,724,409   2.00 %
    Borrowings 29,251   3.95 %   43,555   4.07 %   47,964   4.25 %
    Total interest-bearing liabilities 1,983,746   2.18 %   1,839,662   2.29 %   1,772,373   2.06 %
                   
    Noninterest-bearing demand deposits 738,911       722,000       760,566    
    Other liabilities 49,815       52,387       63,321    
    Shareholders’ equity 266,409       256,508       230,971    
    Total liabilities and shareholders’ equity $3,038,881       $2,870,557       $2,827,231    
    Net spread   3.84 %   3.63 %     3.45 %
    NIM   4.41 %   4.29 %     4.06 %
    NIMTE*   4.47 %   4.35 %     4.12 %
    Cost of funds   1.59 %   1.64 %     1.44 %
    Average portfolio loans to average interest-earning assets 74.12 %     72.29 %     66.98 %  
    Average portfolio loans to average total deposits 76.71 %     76.77 %     70.41 %  
    Average non-interest deposits to average total deposits 27.43 %     28.67 %     30.61 %  
    Average interest-earning assets to average interest-bearing liabilities 140.52 %     145.37 %     147.39 %  
                           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Average Balances, Yields, and Rates          
      Year-to-date
      December 31, 2024   December 31, 2023
        Average     Average
      Average Tax Equivalent   Average Tax Equivalent
      Balance Yield/Rate   Balance Yield/Rate
    Assets          
    Interest bearing deposits in other banks $44,913   5.09 %   $91,161   5.02 %
    Portfolio investments 623,756   2.82 %   715,367   2.43 %
    Loans held for sale 68,790   6.08 %   41,769   6.19 %
    Portfolio loans 1,910,156   6.87 %   1,643,943   6.49 %
    Total interest-earning assets 2,647,615   5.86 %   2,492,240   5.36 %
    Nonearning assets 213,397       198,107    
    Total assets $2,861,012       $2,690,347    
               
    Liabilities and Shareholders’ Equity          
    Interest-bearing deposits $1,802,286   2.18 %   $1,614,386   1.64 %
    Borrowings 33,799   3.81 %   51,038   4.24 %
    Total interest-bearing liabilities 1,836,085   2.21 %   1,665,424   1.72 %
               
    Noninterest-bearing demand deposits 718,163       749,859    
    Other liabilities 55,265       47,820    
    Shareholders’ equity 251,499       227,244    
    Total liabilities and shareholders’ equity $2,861,012       $2,690,347    
    Net spread   3.65 %     3.64 %
    NIM   4.28 %     4.14 %
    NIMTE*   4.33 %     4.21 %
    Cost of funds   1.59 %     1.19 %
    Average portfolio loans to average interest-earning assets 72.15 %     65.96 %  
    Average portfolio loans to average total deposits 75.79 %     69.53 %  
    Average non-interest deposits to average total deposits 28.49 %     31.72 %  
    Average interest-earning assets to average interest-bearing liabilities 144.20 %     149.65 %  
                   

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

    Capital Data (At quarter end)          
      December 31,
    2024    		   September 30, 2024   December 31,
    2023
    Book value per share $48.41     $47.27     $42.57  
    Tangible book value per share* $39.17     $44.36     $39.68  
    Total shareholders’ equity/Total assets 8.78 %   8.78 %   8.36 %
    Tangible common equity/Tangible assets* 7.23 %   8.28 %   7.84 %
    Tier 1 capital / Risk adjusted assets 9.76 %   11.53 %   11.43 %
    Total capital / Risk adjusted assets 10.94 %   12.50 %   12.35 %
    Tier 1 capital / Average assets 7.68 %   9.08 %   8.72 %
    Common shares outstanding 5,518,210     5,501,943     5,513,459  
    Unrealized gain on AFS debt securities, net of income taxes ($8,295 )   ($7,617 )   ($17,415 )
    Unrealized (loss) on derivatives and hedging activities, net of income taxes $1,272     $863     $978  
                     
    Profitability Ratios                            
      December 31,
    2024    		   September
    30, 2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
    For the quarter:                            
    NIM 4.41 %   4.29 %   4.24 %   4.16 %   4.06 %
    NIMTE* 4.47 %   4.35 %   4.30 %   4.22 %   4.12 %
    Efficiency ratio 66.96 %   66.11 %   68.78 %   68.93 %   72.21 %
    Return on average assets 1.43 %   1.22 %   1.31 %   1.19 %   0.93 %
    Return on average equity 16.32 %   13.69 %   14.84 %   13.84 %   11.36 %
                                 
      December 31,
    2024    		   December 31,
    2023
    Year-to-date:          
    NIM 4.28 %   4.14 %
    NIMTE* 4.33 %   4.21 %
    Efficiency ratio 67.60 %   72.64 %
    Return on average assets 1.29 %   0.94 %
    Return on average equity 14.70 %   11.17 %
               

    *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 2023 and 2022. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin.

       
      Three Months Ended
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
    Net interest income $30,841     $28,842     $27,053     $26,447     $26,732  
    Divided by average interest-bearing assets 2,787,517     2,674,291     2,568,266     2,558,558     2,612,297  
    Net interest margin (“NIM”)2 4.41 %   4.29 %   4.24 %   4.16 %   4.06 %
                       
    Net interest income $30,841     $28,842     $27,053     $26,447     $26,732  
    Plus: reduction in tax expense related to tax-exempt interest income 379     385     378     379     374  
      $31,220     $29,227     $27,431     $26,826     $27,106  
    Divided by average interest-bearing assets 2,787,517     2,674,291     2,568,266     2,558,558     2,612,297  
    NIMTE2 4.47 %   4.35 %   4.30 %   4.22 %   4.12 %
                                 
      Year-to-date
      December 31,
    2024    		   December 31,
    2023
    Net interest income $113,183     $103,256  
    Divided by average interest-bearing assets 2,647,615     2,492,240  
    Net interest margin (“NIM”)3 4.28 %   4.14 %
           
    Net interest income $113,183     $103,256  
    Plus: reduction in tax expense related to tax-exempt interest income 1,521     1,576  
      $114,704     $104,832  
    Divided by average interest-bearing assets 2,647,615     2,492,240  
    NIMTE3 4.33 %   4.21 %
               
    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

    Tangible book value is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by common 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.

                       
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
                       
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Divided by common shares outstanding 5,518     5,502     5,502     5,500     5,513  
    Book value per share $48.41     $47.26     $44.93     $43.52     $42.57  
                                 
      December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
                       
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Less: goodwill and intangible assets 50,968     15,967     15,967     15,967     15,967  
      $216,148     $244,083     $231,233     $223,360     $218,751  
    Divided by common shares outstanding 5,518     5,502     5,502     5,500     5,513  
    Tangible book value per share $39.17     $44.36     $43.52     $40.61     $39.68  
                                 

    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. December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
                       
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Total assets 3,041,869     2,963,392     2,821,668     2,759,560     2,807,497  
    Total shareholders’ equity to total assets 8.78 %   8.78 %   8.76 %   8.67 %   8.36 %
                                 
    Northrim BanCorp, Inc. December 31,
    2024    		   September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023
    Total shareholders’ equity $267,116     $260,050     $247,200     $239,327     $234,718  
    Less: goodwill and other intangible assets, net 50,968     15,967     15,967     15,967     15,967  
    Tangible common shareholders’ equity $216,148     $244,083     $231,233     $223,360     $218,751  
                       
    Total assets $3,041,869     $2,963,392     $2,821,668     $2,759,560     $2,807,497  
    Less: goodwill and other intangible assets, net 50,968     15,967     15,967     15,967     15,967  
    Tangible assets $2,990,901     $2,947,425     $2,805,701     $2,743,593     $2,791,530  
    Tangible common equity ratio 7.23 %   8.28 %   8.24 %   8.14 %   7.84 %
                                 

    Note Transmitted on GlobeNewswire on January 24, 2025, at 12:15 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 –

  • MIL-OSI Canada: Alberta holds Ottawa accountable for its responsibilities: Ministers McIver and Nixon

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: IWAI sets up new Regional Office at Varanasi

    Source: Government of India (2)

    IWAI sets up new Regional Office at Varanasi

    Aims to streamline IWT activities in Uttar Pradesh

    Posted On: 24 JAN 2025 1:58PM by PIB Delhi

    For effective implementation of Inland Water Transport (IWT) activities in National Waterway-1 (NW-1), River Ganga, the Inland Waterways Authority of India (IWAI) under the Union Ministry of Ports, Shipping and Waterways has upgraded its existing sub-office at Varanasi to a full-fledged Regional Office on January 23, 2025. The decision is aimed at streamlining IWAI projects and related works in the state of Uttar Pradesh.

    IWAI, presently has five regional offices in Guwahati (Assam), Patna (Bihar), Kochi (Kerala), Bhubaneswar (Odisha) and Kolkata (West Bengal). It will now have its sixth regional office in Varanasi, Uttar Pradesh.

    The Varanasi regional office with its sub-office at Prayagraj will oversee works in 487-kilometre stretch from Majhua to Varanasi MMT (Multi-Modal Terminal) and further up to Prayagraj, apart from other NWs in Uttar Pradesh.

    Implementation of the World-Bank supported Jal Marg Vikas Project (JMVP) will be one of its key priorities. JMVP is aimed at the capacity augmentation of River Ganga, i.e., NW-1 through various river conservancy works like bandalling and maintenance dredging in addition to already constructed MMT at Varanasi to promote cruise tourism and smooth cargo movement along the waterway. Three Multi-Modal Terminals – one each at Varanasi, Sahibganj and Haldia along with an Inter-Modal Terminal at Kalughat and a new navigational lock at Farakka in West Bengal have been built under JMVP to facilitate easy navigation along River Ganga. Besides, 60 community jetties are being built along NW-1 in four states of Uttar Pradesh, Bihar, Jharkhand and West Bengal – to facilitate local commuters, small and marginal farmers, artisans and fishermen communities. With its new Regional Office in place, all these activities will be monitored and executed more efficiently.

    There are about 30 rivers in Uttar Pradesh, of which ten have been declared as National Waterways. The Varanasi Regional Office of IWAI shall look after development works not only on River Ganga but its various tributaries and other national waterways in Uttar Pradesh. These include rivers like Betwa, Chambal, Gomti, Tons, Varuna and parts of Gandak, Ghaghra, Karamnasa and Yamuna rivers.

    IWAI’s Varanasi Regional Office will also be coordinating with the State IWT Authority set up for development of waterways in Uttar Pradesh.  

    Under the dynamic leadership of Prime Minister Shri Narendra Modi and the able guidance of Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, IWAI has been making several infrastructural interventions to develop waterways as a robust engine of growth. With its concerted efforts, IWAI is expanding its footprint throughout the country – from Arunachal Pradesh in the East to Gujarat in the West and Jammu and Kashmir in the North to Kerala in the South. Other than NW-1, the Authority is presently working towards capacity augmentation of NW-2, NW-3 and NW-16, in the country – by means of developing IWT terminals, fairways through end-to-end dredging contracts, navigational aids like night navigation facility, navigational locks among others.

    *****

    G.D.Hallikeri/Henry

    (Release ID: 2095758) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: “Close Technologies”: HSE exhibition on digital sensorics at Tula Machine Tool Museum

    Translation. Region: Russian Federation –

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

    Today’s event industry, as a vector of the experience economy, combines design, theater, cinema, performance, music, food, health, tourism and other areas of human life. Professional design of art and lifestyle events is the main trend of the future, and an experience engineer is perhaps the main creative profession of our tomorrow, in which an event will be understood as designing and obtaining a new experience, and not a service, regardless of the scale and format of the event.

    The profile “Event. Theatre. Performance” trains professionals in the field of the experience industry at the intersection of directing, scenography, work with space, light, video, body, costume, make-up and performative practices in all their semantic, conceptual and artistic connections.

    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 –

  • MIL-OSI Asia-Pac: London ETO supports Year of Snake screenings at British Film Institute (with photos)

    Source: Hong Kong Government special administrative region

    London ETO supports Year of Snake screenings at British Film Institute (with photos)
    London ETO supports Year of Snake screenings at British Film Institute (with photos)
    ************************************************************************************

         The Hong Kong Economic and Trade Office, London (London ETO) partnered with Focus Hong Kong to celebrate the Year of the Snake with a curated selection of Hong Kong films at the British Film Institute (BFI) Southbank in London from January 23 to 26 (London time).     The Director-General of the London ETO, Mr Gilford Law, remarked that the office is committed to supporting initiatives that showcase the vibrancy and creativity of Hong Kong’s film industry on the international stage. “The Government will continue to strengthen support to Hong Kong film industry through the Film Development Fund, increase the exposure of the Hong Kong film industry globally, and leverage the cultural influence of films to strengthen tourism promotion and attract more visitors to Hong Kong,” Mr Law added.      The Focus Hong Kong Chinese New Year programme showcases three films at the BFI, namely, the UK Premiere of “True Love, for Once in My Life”, “All Shall be Well” and “Shanghai Blues (4K Restoration)”. 

     
    Ends/Friday, January 24, 2025Issued at HKT 21:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Netflix’s La Palma’s ‘megatsunami’ has been debunked

    Source: The Conversation – UK – By Hannah Little, Lecturer in Communication and Media, University of Liverpool

    In the Netflix series La Palma, a Norwegian family goes on holiday to the Canary Islands when a young researcher discovers alarming signs of an imminent volcanic eruption. Cumbre Vieja is an active volcano on La Palma, which last erupted in 2021. The series culminates in a “megatsunami” capable of engulfing Europe and reaching as far as the west coast of the US.

    It’s a truly terrifying prospect.

    Disaster stories are hugely popular and La Palma is just the latest hit in the growing genre. In his book Disaster Mon Amour, the film critic David Thomson identifies the filmmakers’ goal of creating “a spectacle of devastation with cozy human interest”. But stories like La Palma can have real world impact.

    The series presents itself as being based on a real hypothesis, which is communicated by newscasters and a scientist in the title sequence of each episode. The tsunami expert Simon Day, whose research inspired the show, is also thanked in the closing credits. However, La Palma does nothing to capture the more up to date and reassuring science.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    While volcanic events can trigger tsunamis, as experts in volcanoes and the communication of disaster, we can assure you that the eruption and subsequent rapid collapse of the island depicted in the series isn’t a plausible scenario that scientists are concerned about.

    What should be taken more seriously are localised tsunamis. Such “megatsunami” scenarios have been debunked in recent years you’ll be happy to hear.

    There have been more than 17 eruptions in the Canary Islands since the 1400s, none resulting in a “megatsunami” across the Atlantic.

    Stories have the power to communicate information about environmental risk for audiences. Following the release of the film, some have dug up the megatsunami hypothesis, raising it back into the public awareness.

    The idea of a “megatsunami”, triggered in the way it is in La Palma, first arose in a 2001 paper by the academic the series thanks in its credits, Simon Day and the geophysicist Steven Ward based on one extreme hypothetical scenario. This theory has since been proven false by subsequent studies that show that a Canary Islands eruption and collapse might reach the US with a maximum wave height similar to a storm surge at one to two metres , not the 25-metre waves depicted in La Palma. Newer research has also called into question the scale of the landslide used in the original study which would cause such a tsunami.

    Since the initial work, we understand a lot more about how large landslides and tsunamis occur, and the computer models used to test tsunami scenarios have improved. Research on the underwater landslide deposits has shown that these collapses occur in multiple, smaller steps, not one massive slide into the ocean. Such a large tsunami would leave telltale deposits in North and South America – but they are nowhere to be found.

    The importance of understanding the risk relating to real volcanoes was encapsulated during the 2021 eruption of Cumbre Vieja. As the eruption progressed, volcanologists received messages from concerned and frightened people fearing a megatsunami, which prompted the US Geological Survey to respond outlining why the hypothesis doesn’t carry. This was even before a major Netflix drama had recounted such an imaginary event.

    Volcanogenic tsunamis of all sizes are a real threat around the world and hazards experts want to know what our risks are so we can prepare and protect our communities. This becomes difficult when facts are diluted or distorted by stories like La Palma’s. Volcanologists with limited resources during an eruption end up spending more time debunking information rather than talking to the press about the potential dangers.

    During the 2021 eruption, the people of La Palma suffered greatly and continue to struggle with claiming compensation and rebuilding their homes or accessing their properties. Tourist numbers dropped to a third of pre-pandemic levels after 2021’s volcanic eruption.

    Misinformation about eruptions and their risks can add to the stress of those inhabiting or visiting volcanic islands, not only concerned about their own safety, but the security of an economy that relies heavily on tourism. With the right information, we can empower communities to prepare themselves and to act fast when the time comes.

    A lot of people watch Netflix, but not many people read scientific papers on volcanology. Given this, it might be that the responsibility of getting the science right and accurately representing risk should lie with the people with a captive audience. There is an opportunity to work with scientists to help spread the right information alongside promotion for future stories about such disasters.

    Simon Day was approached for comment but hadn’t responded by the time this article was published.

    Katy Chamberlain received funding to work on the 2021 La Palma eruption from the Natural Environment Research Council (NERC) Urgency grant number: NE/ W007673/1

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

    – ref. Netflix’s La Palma’s ‘megatsunami’ has been debunked – https://theconversation.com/netflixs-la-palmas-megatsunami-has-been-debunked-246916

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Safety improvements, barriers coming to Highway 4 near Cathedral Grove

    Drivers are advised that concrete roadside barriers will be installed along the shoulders of Highway 4 through MacMillan Provincial Park over two nights, on Sunday, Jan. 26 and Monday, Jan. 27, 2025.

    Single-lane-alternating traffic will be in effect from 7 p.m. until 5 a.m. both nights. Drivers should expect minor delays.

    Approximately 200 metres of concrete barriers will be placed on each side of the highway shoulder through the existing no parking areas of Cathedral Grove to reduce ongoing safety challenges faced by drivers and pedestrians when vehicles are illegally parked along the highway during heavy tourist seasons. The roadside barricades will make it safer for pedestrians and help ensure that vehicles are parked in safe, designated parking areas.  

    Drivers travelling through the area overnight should allow extra time to account for possible delays. Drivers are reminded to observe all signs and traffic-management personnel in the area and drive with caution in active construction zones.

    With proper permits and advance notice, over-width vehicles will be able to move through this section of the corridor during construction.

    For up-to-date information about road conditions or any changes to the construction schedule, visit: https://www.drivebc.ca/

    MIL OSI Canada News –

  • MIL-OSI USA: Bennet, Neguse, Colorado Leaders Come Together to Oppose Hazardous Oil Trains Along the Colorado River

    US Senate News:

    Source: United States Senator for Colorado Michael Bennet

    Denver — Colorado U.S. Senator Michael Bennet and U.S. House Assistant Minority Leader Joe Neguse joined Colorado leaders to support Eagle County’s position before the U.S. Supreme Court in Seven County Infrastructure Coalition v. Eagle County, Colorado. Eagle County is urging the Court to uphold the August 2023 D.C. Circuit Court decision to overturn the Surface Transportation Board’s (STB) approval of the Uinta Basin Railway project based on flawed environmental review and violations of federal laws. Eagle County’s arguments are supported by amicus briefs filed by the Colorado Attorney General and a broad coalition of Colorado communities that would be affected by the proposed railway.

    “Anyone who has spent time along the Colorado River understands what the risks really are for our environment, our local economies, and our state. That’s why I’ve worked for years to urge federal agencies to adequately account for the full threat that the proposed Uinta Basin Railway poses to Colorado. This train has no business increasing the transport of hazardous oil from Utah through our state, and I’ll continue to stand with a broad coalition of local leaders and community members to oppose this dangerous project,” said Bennet. “I hope the Supreme Court seriously considers Eagle County’s arguments, the concerns raised by Colorado’s Attorney General and numerous local governments in their amicus briefs, and the implications for those most deeply affected by a potential derailment in the headwaters of the Colorado River.”

    “The Uinta Basin Railway Project poses a significant threat to our state’s water resources, wildlife habitats, outdoor recreation, and the broader interests of the Colorado River Basin. With these concerns and the well-being of our communities at the forefront, Senator Bennet and I have led an effort for years opposing this project,” said Neguse. “As the Supreme Court prepares to hear Seven County Infrastructure Coalition v. Eagle County, Colorado, we stand united with the community and local leaders in opposing this rail line and protecting our shared environment.” 

    In their brief, Eagle County argues that the National Environmental Policy Act (NEPA) has long required agencies to consider the “reasonably foreseeable” environmental consequences of their actions, which was codified in recent amendments to the Act. Eagle County further argues that the proposed railway project and the miles of oil trains traveling through Colorado each day will foreseeably affect Eagle County – namely, through increased wildfire risk and the potential for oil spills from train accidents.  

    If completed, the Uinta Basin Railway would enable the shipment of up to 4.6 billion gallons of waxy crude oil per year from Utah through Colorado to the Gulf Coast on as many as five trains per day. These trains would run over 100 miles directly alongside the headwaters of the Colorado River – a vital water supply for nearly 40 million Americans, 30 Tribal nations, and millions of acres of agricultural land. A train derailment that spills oil in the headwaters of the River would be catastrophic to Colorado’s water supplies, wildlife habitat, and outdoor recreation. In addition, an accident on the proposed railway would also increase wildfire risk as the West faces a 1,200-year drought.

    “The downline effects of the Uinta line within Eagle County, and our state as a whole, are potentially catastrophic. These potential impacts, including significant wildfire and safety risks, and pollution to the Colorado River, should be fully and thoughtfully considered. We are confident the Supreme Court will agree with the D.C. Circuit Court of Appeals decision to invalidate the Uinta approval for failing to consider those and other impacts,” said Matt Scherr, Commissioner, Eagle County.

    “The Colorado River is among the most critical natural resources in our state—and our most critical water source. The risk to our state and others from shipping hundreds of thousands of oil barrels along the river daily is significant—from wildfires caused by rail track sparks and oil car leaks contaminating the river to, at worst, derailments, and spills. The risk of harm to our state and mountain communities and others affected by this rail line are simply too great to ignore. The D.C. Circuit Court of Appeals was correct to throw out this project’s approval for not having fully grasped the magnitude of its impacts to the environment. The Supreme Court should apply the letter of our federal laws and uphold the appellate court’s decision,” said Colorado Attorney General Phil Weiser.

    “It is imperative that the Supreme Court recognize that communities along the Colorado River would be impacted by the proposed Uinta Basin Railway and the ensuing downline effects caused by additional miles-long trains filled with heavy waxy crude oil. As our amicus brief explains, the National Environmental Policy Act is a crucial tool giving voice to communities like Glenwood Springs that stand to bear the environmental and economic consequences that such a project can have on our rivers and public lands and the businesses that depend upon them. We hope that the justices will consider our communities’ unique perspectives in these vital economic matters,” said Ingrid Wussow, Mayor, City of Glenwood Springs.

    “Water is an important part of the Western Slope way of life. Protecting our waters is crucial for maintaining healthy ecosystems, supporting Colorado’s outdoor recreation industry, and ensuring the foundation for Colorado’s agricultural economy. The Uinta Basin Railway project will send hundreds of thousands of barrels of oil along the Colorado River, posing a major threat to this water source that over 40 million Americans rely on. A Supreme Court ruling will have significant implications for the future of the Colorado River, and I hope the justices consider the long-term impacts this project could have on Colorado’s environment and our communities,” said Julie McCluskie, Colorado State Representative and Speaker of the House.

    “I continue to stand in strong support of Eagle County’s demand for a robust environmental review of this proposed project and commend their efforts in bringing this need for accountability all the way to the U.S. Supreme Court,” said Dylan Roberts, Colorado State Senator. “My constituents in Eagle County and all along the Colorado River deserve the very highest protection of our water and I am proud to be amongst many national, state, and local leaders and governments in supporting Eagle County’s effort.”

    “The Colorado River is the heart of Garfield County. A train derailment from the Uinta Project would have catastrophic environmental consequences on our agricultural and recreational communities. Given the potential impacts to my constituents’ livelihoods, we need to alleviate people’s fear and provide a full environmental review before this project moves forward. I understand that energy security equals national security, however protecting the communities I represent is just as important,” said Perry Will, Colorado State Senator.

    “Water is the lifeblood of the Western Slope, supporting daily household needs, tourism, agriculture, local economies and everything in between. Keeping Colorado’s waterways clean is essential and the Uinta Basin Railway will jeopardize our freshwater supply. I stand alongside the people of Eagle County and the more than 40 million Americans who rely on the Colorado River for fresh, clean water – our way of life depends on it. I hope the Supreme Court recognizes the gravity of the situation and the impact their ruling will have on our community,” said Meghan Lukens, Colorado State Representative.

    “The people of my district would be hugely impacted, and they deserve better. The Uinta Basin Railway would double the amount of oil transported by rail in the U.S. and increase hazardous materials transport TENFOLD right through our communities. It puts our lives at risk: the potential for catastrophic wildfire, water contamination and accidents is too great. Our jobs, our wildlife, our ranches and our drinking water are threatened,” said Elizabeth Velasco, Colorado State Representative. “This project should never have been approved in the first place. I support Glenwood Springs filing an Amicus Brief to urge the Supreme Court to support our communities and the industries that rely on the Colorado River Basin and reject this dangerous effort to send significantly more shipments of oil through Glenwood Canyon, and through the heart of small towns in Garfield County.” 

    “Although we understand that oil needs to be transported from point A to point B, we are also the headwaters of the Colorado River. We have significant concerns about the impact a derailment and spill in Grand County would have on the ability to deliver clean, high-quality water to our own communities, and those throughout Colorado. Additionally, a waxy crude spill in Grand County would be catastrophic to our recreation- and ag-based economy,” said Merrit Linke, Chair of Board of County Commissioners, Grand County.

    “Routt County is proud to support Eagle County and their effort to ensure rail safety and the protection of the Colorado River Basin. As this case makes its way through the legal system, it is apparent that the approval process for the Uinta Basin Railway did not fully consider the significant risks to Colorado’s communities, our precious water resources, and the environment. Routt County continues to stand with so many of our local government colleagues in support of Eagle County,” said Sonja Macys, Commissioner, Routt County.

    “America doesn’t need Uinta’s low quality, dirty oil, and 40 million Americans who depend upon the Colorado River certainly do not need the catastrophic consequences of the inevitable oil train derailment in the Glenwood Canyon. Citizens of western Colorado and Utah deserve better. Pitkin County stands with Eagle County in defending our river and our livelihood from this train wreck of a plan,” said Greg Poschman, Chair of the Board of County Commissioners, Pitkin County. 

    “Boulder County is proud to stand with Eagle County and a bipartisan coalition of local governments and communities who oppose the construction of a railway that will bring railcars brimming with crude oil through pristine Colorado landscapes. The D.C. Circuit Court of Appeals correctly determined that the Surface Transportation Board violated the National Environmental Protection Act by failing to consider the environmental impacts of the proposed railway. Given the risks of train derailment for miles-long oil trains traveling through difficult mountainous terrain, Boulder County is justifiably concerned about accidents, wildfires, river contamination, and destruction of private property inevitably caused by the Surface Transportation Board’s decision. The briefing before the U.S. Supreme Court demonstrates that the D.C. Circuit court’s decision should be upheld and that federal law requires further evaluation and analysis before the railway can be approved,” said Claire Levy, Marta Loachamin, and Ashley Stolzmann, Commissioners, Boulder County. 

    “Chaffee County Board of County Commissioners wishes to reiterate our strong opposition to the proposed activation and expansion of the Uinta Basin Railway (UBR) Project. Chaffee County leadership share the common opinion of others directly within the path and “downline” of the UBR corridor that the risks of transporting hundreds-of-thousands of barrels of toxic waxy crude oil through our mountain communities are simply too great for our residents and for the millions of visitors that journey to experience our region each year.” said P.T. Wood, Commissioner, Chaffee County.

    “As representatives of the City of Grand Junction and its residents, we know the importance of ensuring that our community’s interests are considered during the regulatory process for any project with the potential to have a significant impact on communities like ours. We urge the honorable United States Supreme Court to uphold the rulings of two lower courts, and simply ensure that down-line impacts of the proposed project are taken into account during the NEPA process,” said Abram Herman, Mayor, City of Grand Junction.

    “Minturn is thankful for the ongoing support from Senator Bennet in his effort to protect our environmental future. The outcome of this issue is collectively important to the communities of Eagle County and Senator’s Bennet’s commitment to our goals has been outstanding,” said Earle Bidez, Mayor, Town of Minturn.

    “Opening up the rail line along the Colorado River for oil transportation is a guaranteed water quality catastrophe that will impact millions who are dependent on the Colorado River,” said Eric Heil, Manager, Town of Avon. 

    “Red Cliff, Colorado, a town of 280 residents nestled between Beaver Creek and Vail along the Colorado Scenic Byway (Highway 24), is deeply concerned about the potential impact of a railroad coming through our town, particularly near the waterways and natural areas we rely on. As a community surrounded by pristine wilderness, we understand all too well the dangers that a single wildfire can pose, not only to our tourism-based economy but also to the health and safety of our residents. The risk of a train derailment or sparks from passing trains igniting a wildfire is especially alarming, given the dense fuel loads in and around Red Cliff. Even more concerning is the potential derailment of trains carrying crude oil, which could result in catastrophic damage to our environment—particularly to our water quality, a vital resource for both residents and wildlife. Any of these types of events could devastate our water supply, cause landslides, debris flows, and road closures, and cripple our town’s economy for years to come. We urge policymakers to take these concerns seriously and prioritize measures that mitigate both wildfire risks and environmental threats posed by rail transport,” said Duke Gerber, Mayor, Town of Red Cliff.

    “The Town of Crested Butte has joined the amicus brief in support of Eagle County’s work to ensure appropriate environmental review of federal actions through the National Environmental Protection Act, or NEPA. It is understandable why the residents of Eagle County want to have full disclosure of federal decision-making. Trains traveling through a complicated mountain terrain will be carrying oil that if spilled, could pollute streams, increase the risk of wildfire, and undercut private property values. More generally, while NEPA does not require a particular outcome to a decision-making process, it has been fundamental to laying bare the logic of federal decisions. Why would anyone think that it is in the best interests of our communities and private property values to let the government make decisions without disclosing the impacts of those decisions? Anybody who is worried about the heavy hand of government should take pause with how the Surface Transportation Board failed to go through the NEPA process,” said Ian Billick, Mayor, Town of Crested Butte.

    “What happens in one place in the Colorado watershed affects all communities that are located within the watershed. That is why the Town of Basalt is proud to sign onto the amicus brief in support of Eagle County’s position before the Supreme Court. Protecting the waters that support our communities is paramount to our economy and our way of life. The proposed Uinta Basin Railway would jeopardize all of that,” said David Knight, Mayor, Town of Basalt. 

    “The Colorado River is one of our state’s most vital resources, and the risk posed by transporting large quantities of oil along its banks is too great to ignore. From potential fires and oil spills to devastating derailments, the consequences for our water, wildlife, and local economies could be catastrophic. The D.C. Circuit Court’s decision to reject the project’s approval was necessary to protect these resources, and we urge the Supreme Court to uphold it,” said Alyssa Shenk, Council Chair, Northwest Colorado Council of Governments.

    An amicus brief submitted in support of Eagle County was signed by the municipalities of Glenwood Springs, Grand Junction, Minturn, Avon, Red Cliff, Crested Butte, and Basalt, and Grand, Routt, Boulder, and Pitkin Counties, as well as the Northwest Colorado Council of Governments. 

    Bennet and Neguse have consistently raised concerns about the proposed Uinta Basin Railway and its risks to Colorado’s communities, water, land, air, and climate. In January, Bennet and Neguse applauded the U.S. Forest Service’s withdrawal of their Record of Decision that would have authorized the issuance of a special use permit for the Uinta Basin Railway. In August 2023, the lawmakers also welcomed the D.C. Circuit Court’s decision to overrule STB approval of the project, vacating their environmental review, and ordered a new review. Leading up to these decisions, Bennet and Neguse led several letters to federal agencies urging additional environmental review of the risks to Colorado from the proposed project – including to the Council on Environmental Quality in July 2022, and to the U.S. Department of Agriculture, the U.S. Department of Transportation, and the Environmental Protection Agency in March 2023.

    MIL OSI USA News –