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Category: Trade

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

    Source: United Nations secretary general

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

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

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

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

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

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

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

    This injustice must be urgently resolved.

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

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

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

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

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

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

    First, fostering policy coherence.

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

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

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

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

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

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

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

    Excellencies,

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

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

    Second, mobilizing finance and support.

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

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

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

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

    Third, enhancing transparent international cooperation.  

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

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

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

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

    Excellencies,

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

    Thank you. 

    MIL OSI United Nations News –

  • MIL-OSI: Maris-Tech Announces First Customer Conference: Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation

    Source: GlobeNewswire (MIL-OSI)

    Join industry leaders and innovators on February 27, 2025 for a day of industry insights and networking opportunities

    Rehovot, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, is thrilled to announce its first annual customer conference, Edge of Tomorrow – Video & AI at the Frontier of Defense Innovation. This exclusive event will place on February 27, 2025, in Rishon LeZion, Israel, and will gather industry professionals, thought leaders and collaborators to explore cutting-edge developments in edge computing and its central role in defense operations.

    Attendees will gain valuable insights into the future of video and AI acceleration, with a sharp focus on how this innovation is reshaping defense operations, enabling faster decision-making and independent functionality in challenging environments.

    The conference agenda features keynote presentations by renowned guest speakers, in-depth technical sessions, and live product demonstrations during session breaks. Attendees will also have the chance to network with peers, engage with Maris-Tech’s expert team, and gain hands-on experience with the Company’s innovative solutions.

    “We are very excited to present our first customer conference,” said Israel Bar, Chief Executive Officer of Maris-Tech. “It’s an honor to host some of the most influential guest speakers in our field and to welcome our valued customers and partners. This event will represent a unique opportunity to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation.”

    For more information, to view the agenda, and to register, visit the event’s official webpage: https://maris-tech.forms-wizard.co/users/new.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israel technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries worldwide. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is  using forward-looking statements when it is discussing the conference and the Company’s expectation for the benefits of the conference and anticipated opportunities to foster collaboration and share knowledge about the cutting-edge technologies driving the future of defense innovation; and the benefits and advantages of video and AI acceleration. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: ServiceTrade™ Announces Integration With The Compliance Engine™ by BRYCER to Automate AHJ Reporting

    Source: GlobeNewswire (MIL-OSI)

    DURHAM, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — ServiceTrade, an innovative software platform designed to enhance business value and optimize operations for commercial mechanical and fire contractors, today announced the integration of its popular platform with The Compliance Engine by BRYCER, the market-leading platform for Authority Having Jurisdiction (AHJ) fire system inspection compliance. BRYCER partners with hundreds of AHJs, including states, counties, cities, municipalities, and fire departments across the U.S., to enable timely digital compliance reporting.

    ServiceTrade Chief Product Officer Brook Bock summarized the importance of the integration: “All commercial buildings are required to comply with National Fire Protection Agency (NFPA) and local regulations for equipment inspections and safety. BRYCER leads the market with its extensive network of hundreds of AHJs nationwide, helping fire protection contractors meet the specific requirements of each jurisdiction. ServiceTrade helps contractors track inspection requirements, streamline workflows, and now simplify reporting via direct integration with The Compliance Engine. It’s a win for contractors and their clients by enabling more inspections to be scheduled, completed, and submitted to the AHJ on time. The integration makes it easier for contractors to maximize inspection revenue while eliminating manual compliance data entry to AHJs.”  

    Sheri Marler, Billing Supervisor at Marmic Fire & Safety, shared, “ServiceTrade and The Compliance Engine integration will transform our workflow by creating a seamless, automated system that eliminates manual uploads. This integration will not only save our team significant time, it will also enhance accuracy.” Marler continued, “The ability to track and clear deficiencies automatically is particularly important, and it will deliver both time savings and improved precision for our operations.”

    The ServiceTrade platform is specifically designed for the recurring nature of inspection, testing, and maintenance (ITM) work and for reducing the inherent liability risk of the fire protection services industry. Automating inspection scheduling, generating NFPA compliance reports, and submitting them digitally to AHJs save contractors time and reduce errors. ServiceTrade’s NFPA-compliant inspection forms, inspection deficiency management workflows, recurring ITM scheduling, and reporting capabilities dramatically improve fire service contractors’ efficiency. ServiceTrade’s integration with The Compliance Engine automates interactions with AHJs and eliminates manual data entry and reporting. The results are increases in efficiency, more repair revenue through inspection deficiency management, and stronger client relationships.   

    “We’re proud to partner with BRYCER, the leader in the business,” continued Ms. Bock. The Compliance Engine is widely recognized as the platform with the most connections to AHJs in the U.S. It helps them track and manage inspections, testing, and maintenance for commercial fire protection systems in their jurisdiction.  

    Bryan Schultz, co-founder of BRYCER said, “Automating inspection reporting has been proven to increase the number of fire protection systems tested and repaired by as much as 72%. BRYCER integration with ServiceTrade will enable commercial service contractors to efficiently increase compliance through on-time safety inspections, which benefits their business, the building owner, and the AHJ.”

    TO LEARN MORE ABOUT SERVICETRADE:

    ABOUT SERVICETRADE:

    ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300+ customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

    All trademarks are the property of their respective companies.

    Contact: Media@KTCMarketingandPR.com

    The MIL Network –

  • MIL-OSI: Endeavor Bancorp Reports Net Income of $1.1 Million for the Fourth Quarter of 2024; Highlighted by Quarterly Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.08 million, or $0.25 per diluted share, for the fourth quarter of 2024, compared to net income of $924,000, or $0.22 per diluted share, for the third quarter of 2024, and $852,000, or $0.20 per diluted share, for the fourth quarter of 2023. Pretax net income was $1.55 million in the fourth quarter compared to $1.32 million in the preceding quarter and $1.24 million in the fourth quarter of 2023. All financial results are unaudited.

    Results for the fourth quarter of 2024 included a $374,000 provision for credit losses, compared to a $609,000 provision for credit losses in the third quarter of 2024, and a $181,000 provision for credit losses in the fourth quarter of 2023. Also noteworthy was the interest expense on borrowings in the past three quarters, with interest expense on borrowings of $493,000 for the third and fourth quarters of 2024, and $201,000 for the fourth quarter of 2023. The additional interest expense was associated with the recent subordinated debt issued late in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s pretax, pre-provision net income was $1.93 million in the fourth quarter of 2024, which was unchanged compared to the preceding quarter and an increase compared to $1.41 million in the fourth quarter of 2023.

    “Endeavor’s fourth quarter 2024 operating results were highlighted by strong net interest income generation and net interest margin expansion,” stated Julie Glance, CFO. “We had another year of double-digit loan and deposit growth, with net loans increasing 31.1% and deposits increasing 18.5%, compared to a year ago. In addition, our earning assets yield also increased, up 69 basis points in 2024 over 2023, which is contributing to net interest margin expansion. As we look to 2025, our primary focus is shifting to deposit gathering, with an emphasis on bringing in full client relationships to grow our core deposit base.”

    “Our thoughts and prayers are with the people and communities impacted by the Southern California wildfires and straight-line winds. Our team is actively reviewing our records to determine if any clients may be affected by these tragic events,” said Dan Yates, CEO.

    Income Statement
    Strong fourth quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $10.8 million, an increase of $568,000 compared to the preceding quarter, while total interest expenses decreased $30,000 during the same timeframe. Net interest income was $6.5 million in the fourth quarter of 2024, which was an increase of $598,000, or 10.1% compared to the preceding quarter and a 29.8% increase compared to the fourth quarter of 2023.

    “The 12 basis point increase in our net interest margin during the fourth quarter of 2024, compared to the prior quarter, was the result of strong loan growth and higher interest earning assets, in addition to improving funding costs,” said Yates.

    Net interest margin (NIM) increased 12 basis points to 3.97% in the fourth quarter of 2024 compared to 3.85% in the third quarter of 2024 and increased 40 basis points compared to 3.57% in the fourth quarter of 2023. The yield on total earning assets remained strong, decreasing only seven basis points during the fourth quarter of 2024 to 6.54%, compared to 6.61% in the preceding quarter, and up from 6.00% in the fourth quarter of 2023. The cost of deposits decreased significantly to 2.76% in the fourth quarter, compared to 2.98% in the third quarter, and up from 2.62% in the fourth quarter of 2023

    Non-Interest income decreased to $160,000 in the fourth quarter, compared to $217,000 in the third quarter of 2024, and increased compared to $138,000 in the fourth quarter 2023.

    Non-Interest expenses increased $547,000, an increase of 13.0%, in the fourth quarter compared to the third quarter of 2024, and increased $1.0 million compared to the fourth quarter of 2023. “The increase in expenses during the fourth quarter of 2024 was primarily driven by growth-related investment in infrastructure, as well as some non-recurring expenses specific to the quarter. Also worth noting, non-interest expenses for the year were well within our budgeted operating plan,” said Glance.

    The Company’s annualized return on average equity for the fourth quarter of 2024 was 9.35%, compared to 8.17% in the third quarter of 2024 and 7.99% in the fourth quarter of 2023. The annualized return on average assets for the fourth quarter of 2024 was 0.65% compared to 0.59% in the third quarter of 2024 and 0.60% in the fourth quarter of 2023.

    Balance Sheet
    Total assets increased $23.0 million, or 3.5%, during the fourth quarter of 2024 to $678.3 million at December 31, 2024, compared to $655.3 million at September 30, 2024, and increased $108.2 million, or 19.0%, compared to December 31, 2023. Balance sheet liquidity remains strong with cash balances of $80.5 million, which represents 11.9% of total assets as of December 31, 2024. The Company’s bond portfolio increased $5.7 million during the fourth quarter to $25.8 million as of December 31, 2024, representing only 3.8% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window exceeded $140.1 million as of quarter end.

    “At a time where other banks are shrinking their balance sheet, we have remained focused on expanding. Loan growth and new loan originations remained strong during the fourth quarter of 2024, as we continue to seek out high quality lending opportunities in our markets,” said Steve Sefton, President. “In early 2024, we expanded our team and moved into the greater Los Angeles Metro and Inland Empire markets. While this expansion north is still in its early stages, we are already seeing positive momentum and is already contributing to operating results.”

    Total loans outstanding increased $33.4 million, or 6.2%, during the fourth quarter of 2024 to $571.8 million at December 31, 2024, compared to $538.4 million three months earlier, and increased $135.6 million, or 31.1%, when compared to $436.3 million a year earlier. Total non-performing loans decreased to 0.46% of the total loan portfolio as of December 31, 2024, compared to 1.22% in the prior quarter. The decrease compared to the prior quarter was due to one borrower who had been in the renewal process whose loans were successfully renewed during the fourth quarter of 2024 and are now current. The Company had no net charge offs during the fourth quarter of 2024, or in the prior quarter.

    Total deposits increased $23.4 million, or 4.1%, during the quarter to $601.2 million at December 31, 2024, compared to $577.8 million three months earlier, and increased $93.4 million, up 18.5% when compared to $577.8 million a year earlier. The loan to deposit ratio was 95.1% at December 31, 2024, compared to 93.2% at September 30, 2024, and 86.0% as of December 31, 2023.

    As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposit accounts maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $113.7 million at December 31, 2024, and $127.0 million as of September 30, 2024. To support the strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of December 31, 2024, total wholesale deposits, excluding the reciprocal deposits, was $60.7 million, representing 10.1% of total deposits compared to $40.7 million as of September 30, 2024, or 7.0% of total deposits.

    Shareholders’ equity was $46.0 million at December 31, 2024, compared to $45.3 million at September 30, 2024, and $42.5 million at December 31, 2023. Tangible book value per share increased to $13.17 at December 31, 2024, compared to $12.97 three months earlier and $12.48 a year earlier.

    Capital
    The Bank’s Tier 1 leverage ratio was 10.90% as of December 31, 2024, compared to 11.38% at September 30, 2024. The Tier 1 risk-based capital ratio was 10.71% as of December 31, 2024, compared to 10.95% on September 30, 2024, and the Total risk-based capital ratio was 11.92% compared to 12.13% three months earlier, all of which were well above regulatory minimums.

    On March 5, the Company completed the issuance of $12.5 million in fixed-to-floating rate subordinated notes. The subordinated debt was structured such that it qualified as Tier 2 capital at the holding company with most of the new capital down streamed to the Bank as Tier 1 capital.

    About Endeavor Bancorp
    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    EDVR Shareholders
    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements
    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

    SELECTED FINANCIAL DATA
    (In thousands of dollars, except for ratios and per share amounts)

    Unaudited
     
       Three Months Ended  
         
      December 31, 2024
    		   September 30, 2024
    		   December 31, 2023
    		  
      (Consolidated)
    		   (Consolidated)
    		   (Consolidated)
    		  
    SUMMARY OF OPERATIONS                        
    Interest income $ 10,754     $ 10,186     $ 8,444    
    Interest expense   4,236       4,266       3,423    
    Net interest income   6,518       5,920       5,021    
    Provision for credit losses   374       609       181    
    Net interest income after loss provision   6,144       5,311       4,841    
    Non-interest income   160       217       138    
    Non-interest expense   4,752       4,205       3,738    
    Income before tax   1,552       1,323       1,241    
    Federal income tax expense   296       255       245    
    State income tax expense   171       143       143    
    Net income $ 1,084     $ 924     $ 852    
                             
    Core pretax earnings* $ 1,926     $ 1,932     $ 1,413    
    *excludes taxes and provision for loan losses                        
                             
    PER COMMON SHARE DATA                        
    Number of shares outstanding (000s)*   3,494       3,494       3,394    
    *Adjusted for May 2024 Stock Dividend                        
    Earnings per share, basic $ 0.31     $ 0.26     $ 0.25    
    Earnings per share, diluted $ 0.25     $ 0.22     $ 0.20    
    Book Value per share $ 13.17     $ 12.97     $ 12.53    
                             
    BALANCE SHEET DATA                        
    Assets $ 678,332     $ 655,305     $ 570,176    
    Investments securities   25,777       20,107       7,877    
    Total loans, net of unearned income   571,817       538,439       436,263    
    Total deposits   601,219       577,781       507,557    
    Borrowings   26,697       26,672       16,121    
    Shareholders’ equity   46,009       45,308       42,526    
    Loan to Deposit ratio   95.11 %     93.19 %     85.95 %  
    Wholesale Deposits to Total Deposits   10.10 %     7.04 %          
                             
    AVERAGE BALANCE SHEET DATA                        
    Average assets $ 660,748     $ 619,122       563,973    
    Average total loans, net of unearned income   549,340       506,469       424,435    
    Average total deposits   582,583       541,858     $ 501,079    
    Average shareholders’ equity   46,117       44,990       42,344    
                             
    ASSET QUALITY RATIOS                        
    Net (charge-offs) recoveries $ –     $ –       (800 )  
    Net (charge-offs) recoveries to average loans   0.00 %     0.00 %     0.20 %  
    Non-performing loans as a % of loans   0.46 %     1.22 %     0.07 %  
    Non-performing assets as a % of assets   0.38 %     1.00 %     0.05 %  
    Allowance for loan losses as a % of total loans   0.46 %     1.39 %     1.37 %  
    Allowance for loan losses as a % of non-performing loans   300.54 %     113.61 %     6.94 %  
                             
    FINANCIAL RATIOSSTATISTICS                        
    Annualized return on average equity   9.35 %     8.17 %     7.99 %  
    Annualized return on average assets   0.65 %     0.59 %     0.60 %  
    Net interest margin   3.97 %     3.85 %     3.57 %  
    Efficiency ratio   71.17 %     69.26 %     72.44 %  
                             
    CAPITAL RATIOS                        
    Tier 1 leverage ratio — Bank   10.90 %     11.38 %     10.14 %  
    Common equity tier 1 ratio — Bank   10.71 %     10.95 %     10.92 %  
    Tier 1 risk-based capital ratio — Bank   10.71 %     10.95 %     10.92 %  
    Total risk-based capital ratio –Bank   11.90 %     12.13 %     12.09 %  
                             
    TCE/TA *   6.78 %     6.91 %     7.46 %  
    Tangible Book Value per Share $ 13.17     $ 12.97       12.48 %  
                             
    *Non-GAAP financial measure.                        
    Unaudited financials 2024                        
     

    Endeavor Bancorp Contact Information:
    (858) 230.5185
    Dan Yates, CEO
    dyates@bankendeavor.com

    (858) 230.4243
    Steve Sefton, President
    ssefton@bankendeavor.com

    The MIL Network –

  • MIL-OSI: QXO Comments on Beacon Roofing Supply’s Adoption of Shareholder-Unfriendly Poison Pill

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    About QXO

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

    Forward-Looking Statements

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

    Important Additional Information and Where to Find It

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

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

    Certain Information Concerning the Participants

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

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

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

    Investor Contacts ‍

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

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

    The MIL Network –

  • MIL-OSI United Kingdom: Ivory Act protections come into force for four more species

    Source: United Kingdom – Government Statements

    Act will ban the importing, exporting and dealing in items containing ivory from Hippopotamus, narwhal, killer and sperm whale

    Hippopotamus, narwhal, killer whale and sperm whale will have greater legal protection from today (28 January) under the UK’s world leading Ivory Act.

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

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

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

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

    Mary Creagh, International Nature Minister, said:

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

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

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

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

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

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: The African Research and Innovation Hub @ Intra-African Trade Fair (IATF) launched to utilise academia in advancing understanding of intra-African trade

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

    CAIRO, Egypt, January 28, 2025/APO Group/ —

    • University lecturers, students, and researchers affiliated with National Research Institutions invited to participate and showcase their publications and prototypes at IATF2025.  

    Afreximbank (www.Afreximbank.com), in collaboration with African Union Commission and AfCFTA Secretariat, is excited to launch its new initiative the “African Research and Innovation Hub @IATF”, during the 4th Intra-African Trade Fair (IATF2025). The key objective is to boost academic research output and increase collaboration between academia, industry, and policy makers across Africa in the bid to drive forward intra-African trade and industrialisation. 

    The platform aims to provide an opportunity for African, Caribbean and Diaspora lecturers, students, and researchers to showcase innovative research and prototypes that contribute towards intra-African trade and industrialisation. It also seeks to develop industry collaborations and exchange knowledge with leading professionals in the field during IATF2025 in Algiers, Algeria from September 4-10, 2025. 

    The African Research and Innovation Hub @IATF aims to promote and commercialise African research and innovation. It also acknowledges that there are many talented and creative Africans across Africa, the Caribbean and the Diaspora, who have brilliant ideas, concepts, publications and prototypes but lack the relevant support required to help them nurture their ideas and commercialise them. 

    The platform provides access to more comprehensive information, relevant data, and literature whilst exposing national researchers to potential investors or venture capitalists who could assist with commercialising their research output and prototypes.  

    A key objective of the Hub is to encourage innovation and entrepreneurship among lecturers and students by connecting them to trade exhibitions, start-up pitches, and networking opportunities with business leaders, potentially leading to new start-ups and increased academic-industry collaborations. It also provides opportunities for networking and potential collaboration with others in academia and practitioners across the continent, research institutions, industry, and policymakers.  

    Researchers, academics and university students are provided with access to information on emerging issues in the field of intra-African trade and can incorporate these into their research programs and academic curricula. Lastly, it enhances the capacity of lecturers and students in understanding and teaching the complexities of trade policies, trade standards, regional economic communities, the African Continental Free Trade Area (AfCFTA) and industrialisation. 

    The hub aims to support the broader objectives of enhancing intra-African trade, fostering economic development, and building a connected, informed, and empowered next generation of African trade and investment leaders across all fields.  This hub will allow students to exhibit their prototype inventions and published research papers on select topics, which are expected to adhere to world-class standards.  

    Mrs. Kanayo Awani, Executive Vice President Intra-African Trade and Export Development at Afreximbank said: “IATF2025 is an important moment for African research and innovation, bringing together the brightest minds from universities and research institutions to contribute towards promoting intra-African trade and industrialisation. The African Research and Innovation Hub @IATF will serve as a groundbreaking platform for African, Caribbean and Diaspora lecturers, students, and researchers to demonstrate their capabilities, and connect with industry leaders, investors, and policymakers. This is more than an opportunity to display research; it’s a unique moment to shape the future of intra-African trade and industrialisation to drive economic growth across the continent.” 

    Entries will be judged by a panel consisting of distinguished trade experts, scholars, and industry leaders from across Africa. The panel will evaluate submissions based on innovation, relevance to African trade and industrialisation, and the potential for practical application.  

    Candidates should demonstrate a number of key criteria – including academic excellence and a passion for advancing research on intra-African trade, industrialisation, leadership and initiative in projects related to trade, industrialisation and innovation, and regional economic integration; high-quality research outputs or innovative prototypes aligned with IATF’s themes and a commitment to furthering knowledge and collaboration by sharing insights from the event with their academic institutions. 

    University Lecturers, University Students, and Researchers Affiliated with National Research Institutions from Africa, the Diaspora including the Caribbean are invited to submit their applications directly through this email: ARIH@intrafricantradefair.com by 28 March 2025, 23:59 GMT. 

    You can find out the eligibility criteria, application requirements and other details on the IATF2025 website: https://apo-opa.co/3EeHRvj

    MIL OSI Africa –

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

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

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

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

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

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

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

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

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

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

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

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

    Preserving rule sets

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

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

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

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

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

    Individual brokering work

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

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

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

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

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

    New international clubs

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

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

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

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

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

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

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

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

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

    Eva Heims has received funding from the ESRC.

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

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

    MIL OSI – Global Reports –

  • MIL-OSI: Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024 compared to $13.1 million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023.

    For the full year of 2024, net income attributable to common shareowners totaled $52.9 million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for the same period of 2023.

    QUARTER HIGHLIGHTS (4thQuarter 2024 versus 3rdQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $41.2 million compared to $40.3 million for the prior quarter
      • Net interest margin increased 5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a 1 basis point decrease in earning asset yield).
    • Stable credit quality metrics and credit loss provision – net loan charge-offs were 25 basis points (annualized) of average loans – allowance coverage ratio was 1.10% at December 31, 2024
    • Noninterest income decreased $0.8 million, or 3.9%, driven by lower mortgage banking revenues
    • Noninterest expense decreased $1.1 million, or 2.7%, primarily due to lower other expense which included a gain from the sale of a banking office

    Balance Sheet

    • Loan balances decreased $16.1 million, or 0.6% (average), and $31.5 million, or 1.2% (end of period)
    • Deposit balances increased $28.4 million, or 0.8% (average), and increased $92.9 million, or 2.6% (end of period), reflective of the seasonal increase in public fund balances
    • Tangible book value per share increased $1.05, or 4.6%, due in part to a favorable year-end re-measurement adjustment for the pension plan ($0.60 per diluted share)

    FULL YEAR 2024 HIGHLIGHTS

    Income Statement

    • Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year – net interest margin was 4.08% for 2024 compared to 4.05% for 2023
    • Credit quality metrics remained strong throughout the year – allowance coverage ratio remained stable at 1.10% – net loan charge-offs were 21 basis points of average loans for 2024 versus 18 basis points for 2023
    • Noninterest income increased $4.4 million, or 6.1%, driven by higher mortgage banking revenues and wealth management fees
    • Noninterest expense increased $8.3 million, or 5.3%, primarily due to higher compensation expense reflective of higher incentive compensation, merit raises, and higher health insurance costs

    Balance Sheet

    • Loan balances increased $50.1 million, or 1.9% (average), and decreased $82.4 million, or 3.0% (end of period)
    • Deposit balances decreased $72.2 million, or 2.0% (average), and decreased $29.8 million, or 0.8% (end of period)
    • Tangible book value per share increased $3.20, or 15.6%, driven by strong earnings and favorable investment security and pension plan accumulated other comprehensive loss adjustments

    “In 2024, we delivered record earnings and advanced our commitment to creating shareholder value, which is demonstrated by a 15.6% increase in tangible book value per share, a 15.8% increase in the dividend, and the repurchase of 83,000 shares,” said William G. Smith, Jr., President, Chairman and CEO of Capital City Bank Group. “Our associates also earned us recognition for the 12th consecutive year as one of the best banks to work for—an achievement that underscores the strength of our organization and the core values we embrace. We remain focused on soundness, profitability, growth, and making strategic investments that add long-term value. Our fortress balance sheet, diversified revenues, and growth markets together position us well for 2025 and beyond.”

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the fourth quarter of 2024 totaled $41.2 million, compared to $40.3 million for the third quarter of 2024, and $39.3 million for the fourth quarter of 2023. For 2024, tax-equivalent net interest income totaled $159.2 million compared to $159.4 million for 2023. Compared to the third quarter of 2024, the increase reflected higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower balances. Compared to 2023, the slight decrease reflected an increase in deposit interest expense and a decrease in investment securities interest that was offset by increases in loan interest and overnight funds interest.

    Our net interest margin for the fourth quarter of 2024 was 4.17%, an increase of five basis points over the third quarter of 2024 and an increase of 10 basis points over the fourth quarter of 2023. For the month of December 2024, our net interest margin was 4.18%. For 2024, our net interest margin was 4.08%, an increase of three basis points over 2023. Compared to the third quarter of 2024, the increase reflected higher yield in the investment portfolio driven by new purchases during the quarter, in addition to lower deposit interest expense. The increase over 2023 reflected a combination of earning assets re-pricing at higher interest rates and higher average loan balances, partially offset by a higher cost of deposits. For the fourth quarter of 2024, our cost of funds was 88 basis points, a decrease of five basis points from the third quarter of 2024 and an increase of 15 basis points over the fourth quarter of 2023. Our total cost of deposits (including noninterest bearing accounts) was 86 basis points, 92 basis points, and 66 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.7 million for the fourth quarter of 2024 compared to $1.2 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the provision expense reflected a $0.8 million decrease in the provision for loans held for investment (“HFI”) and a $0.3 million decrease in the provision benefit for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower loan balances and slightly lower loss rates.

    For 2024, we recorded a provision expense for credit losses of $4.0 million compared to $9.7 million for 2023. The decrease reflected a $4.5 million decrease in the provision for loans HFI and a $1.2 million decrease in the provision for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower new loan volume and loan balances in 2024 and favorable loan grade migration. The decrease in the provision for unfunded loan commitments reflected a lower level of loan commitments. We discuss the allowance for credit losses further below.

    Noninterest Income and Noninterest Expense

    Noninterest income for the fourth quarter of 2024 totaled $18.8 million compared to $19.5 million for the third quarter of 2024 and $17.2 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the $0.7 million decrease from the third quarter of 2024 reflected a $0.8 million decrease in mortgage banking revenues attributable to lower production volume and a $0.3 million decrease in deposit fees that was partially offset by a $0.4 million increase in wealth management fees, primarily from retail brokerage. The $1.6 million increase over the fourth quarter of 2023 was driven by higher mortgage banking revenues of $0.8 million driven by a higher gain on sale margin and wealth management fees of $0.9 million, primarily from retail brokerage and to a lesser extent trust.

    For 2024, noninterest income totaled $76.0 million compared to $71.6 million for 2023, primarily attributable to a $3.9 million increase in mortgage banking revenues and a $2.8 million increase in wealth management fees, partially offset by a $2.2 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

    Noninterest expense for the fourth quarter of 2024 totaled $41.8 million compared to $42.9 million for the third quarter of 2024 and $40.0 million for the fourth quarter of 2023. The $1.1 million decrease from the third quarter of 2024 was primarily attributable to lower other expense of $1.2 million and occupancy expense of $0.2 million that was partially offset by a $0.3 million increase in compensation expense. The decrease in other expense was primarily attributable to a $1.0 million decrease in other real estate expense driven by the sale of a banking office and lower miscellaneous expense of $0.5 million which reflected a non-routine VISA Class B swap payment in the third quarter of 2024. The decrease in occupancy expense reflected lower property tax and software license expense. The increase in compensation was driven by higher incentive plan compensation. Compared to the fourth quarter of 2023, the $1.8 million increase was driven by a $2.3 million increase in compensation expense that was partially offset by a $0.2 million decrease in occupancy expense and a $0.3 million decrease in other expense. The unfavorable variance in compensation expense reflected a $1.4 million increase in salary expense and a $0.9 million increase in other benefit expense with the salary expense driven by higher incentive compensation and merit adjustments and the associate benefit expense reflective of higher health insurance cost.

    For 2024, noninterest expense totaled $165.3 million compared to $157.0 million for 2023, primarily attributable to increases in compensation expense of $6.9 million, occupancy expense of $0.3 million, and other expense of $1.1 million. The increase in compensation reflected a $5.4 million increase in salary expense and a $1.6 million increase in other associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $3.1 million (lower new loan volume), higher base salary expense of $2.2 million (primarily annual merit raises), and a $1.2 million increase in cash incentive compensation that was partially offset by lower commission expense of $1.4 million (lower residential mortgage volume). The unfavorable variance in other associate benefit expense was due to a $0.9 million increase in associate insurance cost and a $0.6 million increase in stock compensation expense. The increase in occupancy expense was attributable to increases in software license and maintenance agreement expenses. The increase in other expense was driven by a $1.1 million increase in other real estate expense and a $1.4 million increase in processing expense that was partially offset by a $1.4 million decrease in miscellaneous expense. The increase in other real estate expense reflected a lower level of gains from the sale of banking offices in 2024. The increase in processing expense reflected both inflationary increases on contract renewals and the outsourcing of our core processing system. The decrease in miscellaneous expense was attributable to lower pension plan expense for the non-service related component of the plan.

    Income Taxes

    We realized income tax expense of $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 compared to $3.0 million (effective rate of 19.1%) for the third quarter of 2024 and $2.9 million (effective rate of 20.3%) for the fourth quarter of 2023. Compared to the third quarter of 2024, the increase in our effective tax rate was attributable to a lower than projected level of pre-tax income from Capital City Home Loans (“CCHL”) in relation to our consolidated income as the non-controlling interest adjustment for CCHL is accounted for as a permanent tax adjustment. Further, we realized a higher than projected Internal Revenue Code (“IRC”) Section 162(m) limitation related to current and future compensation. For 2024, we realized income tax expense of $13.9 million (effective rate of 21.2%) compared to $13.0 million (effective rate of 20.4%) for 2023 with the increase in the effective tax rate primarily attributable to a higher IRC Section 162(m) limitation and lower tax-exempt interest income. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.922 billion for the fourth quarter of 2024, an increase of $38.5 million, or 1.0 %, over the third quarter of 2024, and an increase of $97.9 million, or 2.6%, over the fourth quarter of 2023. The increase over both prior periods was primarily driven by higher deposit balances (see below – Deposits). Compared to the third quarter of 2024, the change in earning asset mix was primarily attributable to a $41.4 million increase in short term investments (overnight funds sold), a $6.7 million increase in investment securities, and $6.5 million increase in loans held for sale, partially offset by a $16.1 million decrease in loans HFI. Compared to the fourth quarter of 2023, the change in earning asset mix reflected a $198.4 million increase in short term investments (overnight funds sold) that was partially offset by a $48.0 million decrease in investment securities, a $33.8 million decrease in loans HFI, and a $18.7 million decrease in loans held for sale.

    Average loans HFI for the fourth quarter of 2024 decreased $16.1 million, or 0.6%, from the third quarter of 2024 and decreased $33.8 million, or 1.3%, from the fourth quarter of 2023. Compared to the third quarter of 2024, the decline was primarily attributable to decreases in consumer loans (primarily indirect auto) of $18.3 million and commercial mortgage real estate loans of $24.1 million, partially offset by increases in construction real estate loans of $13.1 million, and residential real estate loans of $11.6 million. Compared to the fourth quarter of 2023, the decrease was driven by decreases in consumer loans (primarily indirect auto) of $72.8 million, commercial loans of $30.2 million, and commercial mortgage real estate loans of $25.3 million, partially offset by increases in residential real estate loans of $70.8 million, construction real estate loans of $16.6 million, and home equity loans of $10.2 million.

    Loans HFI at December 31, 2024 decreased $31.5 million, or 1.2%, from September 30, 2024 and decreased $82.4 million, or 3.0%, from December 31, 2023. Compared to September 30, 2024, the decrease was driven by decreases in commercial mortgage real estate loans of $40.9 million, consumer loans (primarily indirect auto) of $13.8 million, and commercial loans of $5.4 million, partially offset by increases in home equity loans of $9.1 million, other loans of $13.5 million, and residential real estate loans of $5.0 million. Compared to December 31, 2023, the decrease was primarily attributable to decreases in consumer loans (primarily indirect auto) of $71.5 million, commercial mortgage real estate loans of $46.4 million, and commercial loans of $36.0 million, partially offset by increases in residential real estate loans of $27.2 million, construction real estate loans of $23.9 million, and home equity loans of $9.1 million.

    Allowance for Credit Losses

    At December 31, 2024, the allowance for credit losses for loans HFI totaled $29.3 million compared to $29.8 million at September 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The decreases in the allowance from September 30, 2024 and December 31, 2023 were primarily attributable to lower loan balances and favorable loan migration. Net loan charge-offs were 25 basis points of average loans for the fourth quarter of 2024 versus 19 basis points for the third quarter of 2024. For 2024, net loan charge-offs were 21 basis points of average loans compared to 18 basis points in 2023. At December 31, 2024, the allowance represented 1.10% of loans HFI compared to 1.11% at September 30, 2024, and 1.10% at December 31, 2023.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $6.7 million at December 31, 2024 compared to $7.2 million at September 30, 2024 and $6.2 million at December 31, 2023. At December 31, 2024, nonperforming assets as a percent of total assets equaled 0.15%, compared to 0.17% at September 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.3 million at December 31, 2024, a $0.3 million decrease from September 30, 2024 and a $0.1 million increase over December 31, 2023. Further, classified loans totaled $19.9 million at December 31, 2024, a $5.6 million decrease from September 30, 2024 and a $2.3 million decrease from December 31, 2023.

    Deposits

    Average total deposits were $3.600 billion for the fourth quarter of 2024, an increase of $28.4 million, or 0.8%, over the third quarter of 2024 and an increase of $51.9 million, or 1.5%, over the fourth quarter of 2023. Compared to the third quarter of 2024, the increase was primarily attributable to higher NOW account balances which reflected the seasonal inflow of public funds from municipal clients as they receive their tax receipts beginning in late November. The increase over the fourth quarter of 2023 reflected higher NOW, MMA, and certificates of deposit (“CD”) balances that were partially offset by decreases in noninterest bearing and savings balances. During 2024, we realized a re-mix in deposits as rate sensitive clients sought higher yield deposit products. Average core deposit balances (total deposits less public funds) increased $20.3 million over the third quarter of 2024 and $28.4 million over the fourth quarter of 2023.

    At December 31, 2024, total deposits were $3.672 billion, an increase of $92.9 million, or 2.6%, over September 30, 2024 and a decrease of $29.8 million, or 0.8%, from December 31, 2023. Compared to the third quarter of 2024, the increase was primarily due to a $110.7 million increase in NOW account balances which reflected the aforementioned seasonal inflow of public funds balances. The decrease from the fourth quarter of 2023 was driven by lower noninterest bearing, NOW, and savings account balances that were partially offset by higher MMA and CD balances which reflected the aforementioned re-mix in balances during 2024. Core deposit balances (total deposits less public funds) decreased $50.3 million from the third quarter of 2024 and increased $21.9 million over the fourth quarter of 2023.

    Liquidity

    The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $298.3 million in the fourth quarter of 2024 compared to $256.9 million in the third quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to both prior periods, the increases reflected growth in average core and public fund deposit balances.

    At December 31, 2024, we had the ability to generate approximately $1.535 billion (excludes overnight funds position of $321 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

    We also view our investment portfolio as a liquidity source and have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At December 31, 2024, the weighted-average maturity and duration of our portfolio were 2.54 years and 2.19 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $19.2 million.

    Capital

    Shareowners’ equity was $495.3 million at December 31, 2024 compared to $476.5 million at September 30, 2024 and $440.6 million at December 31, 2023. For the fourth quarter of 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $13.1 million, a net $7.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $0.9 million, stock compensation accretion of $0.7 million, and a $0.4 million reclassification from temporary equity (concurrent with the agreement to assign the minority membership interest (49%) in Capital City Home Loans, LLC, temporary equity was reclassified to other liabilities and included a $0.4 million net credit to retained earnings to account for the difference between the fair value and the book value of the minority interest). The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $0.7 million increase in the fair value of the interest rate swap related to subordinated debt, that was partially offset by a $3.2 million increase in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $3.9 million ($0.23 per share).

    For the full year 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $52.9 million, a net $15.7 million decrease in the accumulated other comprehensive loss, the issuance of stock of $3.1 million, and stock compensation accretion of $1.9 million. The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $5.6 million decrease in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $14.9 million ($0.88 per share), the repurchase of stock of $2.3 million (82,540 shares), net adjustments totaling $1.4 million related to transactions under our stock compensation plans, and a $0.3 million reclassification from temporary equity.

    At December 31, 2024, our total risk-based capital ratio was 18.77% compared to 17.97% at September 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 15.64%, 14.88%, and 13.52%, respectively, on these dates. Our leverage ratio was 11.05%, 10.89%, and 10.30%, respectively, on these dates. At December 31, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio was 9.55% at December 31, 2024 compared to 9.28% and 8.26% at September 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $16.0 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.17%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; legislative or regulatory changes; adverse developments in the financial services industry generally; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows and any deficiencies in the processes undertaken to effect such restatements; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
    Shareowners’ Equity (GAAP)   $ 495,317   $ 476,499   $ 460,999   $ 448,314   $ 440,625  
    Less: Goodwill and Other Intangibles (GAAP)     92,773     92,813     92,853     92,893     92,933  
    Tangible Shareowners’ Equity (non-GAAP) A   402,544     383,686     368,146     355,421     347,692  
    Total Assets (GAAP)     4,307,142     4,225,316     4,225,695     4,259,922     4,304,477  
    Less: Goodwill and Other Intangibles (GAAP)     92,773     92,813     92,853     92,893     92,933  
    Tangible Assets (non-GAAP) B $ 4,214,369   $ 4,132,503   $ 4,132,842   $ 4,167,029   $ 4,211,544  
    Tangible Common Equity Ratio (non-GAAP) A/B   9.55 %   9.28 %   8.91 %   8.53 %   8.26 %
    Actual Diluted Shares Outstanding (GAAP) C   17,018,122     16,980,686     16,970,228     16,947,204     17,000,758  
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 23.65   $ 22.60   $ 21.69   $ 20.97   $ 20.45  
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Twelve Months Ended  
    (Dollars in thousands, except per share data)   Dec 31, 2024   Sep 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 13,090 $ 13,118 $ 11,720   52,915 $ 52,258  
    Diluted Net Income Per Share $ 0.77 $ 0.77 $ 0.70   3.12 $ 3.07  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.22 % 1.24 % 1.12 % 1.25 % 1.22 %
    Return on Average Equity (annualized)   10.60   10.87   10.69   11.18   12.40  
    Net Interest Margin   4.17   4.12   4.07   4.08   4.05  
    Noninterest Income as % of Operating Revenue   31.34   32.67   30.46   32.34   31.05  
    Efficiency Ratio   69.74 % 71.81 % 70.82 % 70.30 % 67.99 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   17.58 % 16.77 % 15.37 % 17.58 % 15.37 %
    Total Capital   18.77   17.97   16.57   18.77   16.57  
    Leverage   11.05   10.89   10.30   11.05   10.30  
    Common Equity Tier 1   15.64   14.88   13.52   15.64   13.52  
    Tangible Common Equity (1)   9.55   9.28   8.26   9.55   8.26  
    Equity to Assets   11.50 % 11.28 % 10.24 % 11.50 % 10.24 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   464.14 % 452.64 % 479.70 % 464.14 % 479.70 %
    Allowance as a % of Loans HFI   1.10   1.11   1.10   1.10   1.10  
    Net Charge-Offs as % of Average Loans HFI   0.25   0.19   0.23   0.21   0.18  
    Nonperforming Assets as % of Loans HFI and OREO   0.25   0.27   0.23   0.25   0.23  
    Nonperforming Assets as % of Total Assets   0.15 % 0.17 % 0.15 % 0.15 % 0.15 %
    STOCK PERFORMANCE                      
    High $ 40.86 $ 36.67 $ 32.56   40.86 $ 36.86  
    Low   33.00   26.72   26.12   25.45   26.12  
    Close $ 36.65 $ 35.29 $ 29.43   36.65 $ 29.43  
    Average Daily Trading Volume   27,484   37,151   33,297   31,390   33,775  
                           
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.        
                           
    CAPITAL CITY BANK GROUP, INC.                    
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION            
    Unaudited                    
                         
      2024
    		 2023
    (Dollars in thousands) Fourth Quarter   Third Quarter   Second Quarter   First Quarter   Fourth Quarter
    ASSETS                    
    Cash and Due From Banks $ 70,543   $ 83,431   $ 75,304   $ 73,642   $ 83,118  
    Funds Sold and Interest Bearing Deposits   321,311     261,779     272,675     231,047     228,949  
    Total Cash and Cash Equivalents   391,854     345,210     347,979     304,689     312,067  
                         
    Investment Securities Available for Sale   403,345     336,187     310,941     327,338     337,902  
    Investment Securities Held to Maturity   567,155     561,480     582,984     603,386     625,022  
    Other Equity Securities   2,399     6,976     2,537     3,445     3,450  
    Total Investment Securities   972,899     904,643     896,462     934,169     966,374  
                         
    Loans Held for Sale   28,672     31,251     24,022     24,705     28,211  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   189,208     194,625     204,990     218,298     225,190  
    Real Estate – Construction   219,994     218,899     200,754     202,692     196,091  
    Real Estate – Commercial   779,095     819,955     823,122     823,690     825,456  
    Real Estate – Residential   1,028,498     1,023,485     1,012,541     1,012,791     1,001,257  
    Real Estate – Home Equity   220,064     210,988     211,126     214,617     210,920  
    Consumer   199,479     213,305     234,212     254,168     270,994  
    Other Loans   14,006     461     2,286     3,789     2,962  
    Overdrafts   1,206     1,378     1,192     1,127     1,048  
    Total Loans Held for Investment   2,651,550     2,683,096     2,690,223     2,731,172     2,733,918  
    Allowance for Credit Losses   (29,251 )   (29,836 )   (29,219 )   (29,329 )   (29,941 )
    Loans Held for Investment, Net   2,622,299     2,653,260     2,661,004     2,701,843     2,703,977  
                         
    Premises and Equipment, Net   81,952     81,876     81,414     81,452     81,266  
    Goodwill and Other Intangibles   92,773     92,813     92,853     92,893     92,933  
    Other Real Estate Owned   367     650     650     1     1  
    Other Assets   116,326     115,613     121,311     120,170     119,648  
    Total Other Assets   291,418     290,952     296,228     294,516     293,848  
    Total Assets $ 4,307,142   $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,306,254   $ 1,330,715   $ 1,343,606   $ 1,361,939   $ 1,377,934  
    NOW Accounts   1,285,281     1,174,585     1,177,180     1,212,452     1,327,420  
    Money Market Accounts   404,396     401,272     413,594     398,308     319,319  
    Savings Accounts   506,766     507,604     514,560     530,782     547,634  
    Certificates of Deposit   169,280     164,901     159,624     151,320     129,515  
    Total Deposits   3,671,977     3,579,077     3,608,564     3,654,801     3,701,822  
                         
    Repurchase Agreements   26,240     29,339     22,463     23,477     26,957  
    Other Short-Term Borrowings   2,064     7,929     3,307     8,409     8,384  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     794     1,009     265     315  
    Other Liabilities   57,863     71,974     69,987     65,181     66,080  
    Total Liabilities   3,811,825     3,742,000     3,758,217     3,805,020     3,856,445  
                         
    Temporary Equity   –     6,817     6,479     6,588     7,407  
    SHAREOWNERS’ EQUITY                    
    Common Stock   170     169     169     169     170  
    Additional Paid-In Capital   37,684     36,070     35,547     34,861     36,326  
    Retained Earnings   463,949     454,342     445,959     435,364     426,275  
    Accumulated Other Comprehensive Loss, Net of Tax   (6,486 )   (14,082 )   (20,676 )   (22,080 )   (22,146 )
    Total Shareowners’ Equity   495,317     476,499     460,999     448,314     440,625  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,307,142   $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 3,974,431   $ 3,880,769   $ 3,883,382   $ 3,921,093   $ 3,957,452  
    Interest Bearing Liabilities   2,447,708     2,339,311     2,344,624     2,377,900     2,412,431  
    Book Value Per Diluted Share $ 29.11   $ 28.06   $ 27.17   $ 26.45   $ 25.92  
    Tangible Book Value Per Diluted Share(1)   23.65     22.60     21.69     20.97     20.45  
    Actual Basic Shares Outstanding   16,975     16,944     16,942     16,929     16,950  
    Actual Diluted Shares Outstanding   17,018     16,981     16,970     16,947     17,001  
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.
                                 
    CAPITAL CITY BANK GROUP, INC.                            
    CONSOLIDATED STATEMENT OF OPERATIONS                      
    Unaudited                            
                                 
        2024   2023   Twelve Months Ended December 31,
    (Dollars in thousands, except per share data)   Fourth Quarter   Third Quarter   Second Quarter   First Quarter   Fourth Quarter   2024   2023
    INTEREST INCOME                            
    Loans, including Fees $ 41,453   $ 41,659 $ 41,138 $ 40,683 $ 40,407 $ 164,933 $ 152,250
    Investment Securities   4,694     4,155   4,004   4,244   4,392   17,097   18,692
    Federal Funds Sold and Interest Bearing Deposits   3,596     3,514   3,624   1,893   1,385   12,627   10,126
    Total Interest Income   49,743     49,328   48,766   46,820   46,184   194,657   181,068
    INTEREST EXPENSE                            
    Deposits   7,766     8,223   8,579   7,594   5,872   32,162   17,582
    Repurchase Agreements   199     221   217   201   199   838   513
    Other Short-Term Borrowings   83     52   68   39   310   242   1,538
    Subordinated Notes Payable   581     610   630   628   627   2,449   2,427
    Other Long-Term Borrowings   11     11   3   3   5   28   20
    Total Interest Expense   8,640     9,117   9,497   8,465   7,013   35,719   22,080
    Net Interest Income   41,103     40,211   39,269   38,355   39,171   158,938   158,988
    Provision for Credit Losses   701     1,206   1,204   920   2,025   4,031   9,714
    Net Interest Income after Provision for Credit Losses   40,402     39,005   38,065   37,435   37,146   154,907   149,274
    NONINTEREST INCOME                            
    Deposit Fees   5,207     5,512   5,377   5,250   5,304   21,346   21,325
    Bank Card Fees   3,697     3,624   3,766   3,620   3,713   14,707   14,918
    Wealth Management Fees   5,222     4,770   4,439   4,682   4,276   19,113   16,337
    Mortgage Banking Revenues   3,118     3,966   4,381   2,878   2,327   14,343   10,400
    Other   1,516     1,641   1,643   1,667   1,537   6,467   8,630
    Total Noninterest Income   18,760     19,513   19,606   18,097   17,157   75,976   71,610
    NONINTEREST EXPENSE                            
    Compensation   26,108     25,800   24,406   24,407   23,822   100,721   93,787
    Occupancy, Net   6,893     7,098   6,997   6,994   7,098   27,982   27,660
    Other   8,781     10,023   9,038   8,770   9,038   36,612   35,576
    Total Noninterest Expense   41,782     42,921   40,441   40,171   39,958   165,315   157,023
    OPERATING PROFIT   17,380     15,597   17,230   15,361   14,345   65,568   63,861
    Income Tax Expense   4,219     2,980   3,189   3,536   2,909   13,924   13,040
    Net Income   13,161     12,617   14,041   11,825   11,436   51,644   50,821
    Pre-Tax Loss (Income) Attributable to Noncontrolling Interest   (71 )   501   109   732   284   1,271   1,437
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 13,090   $ 13,118 $ 14,150 $ 12,557 $ 11,720 $ 52,915 $ 52,258
    PER COMMON SHARE                            
    Basic Net Income $ 0.77   $ 0.77 $ 0.84 $ 0.74 $ 0.69 $ 3.12 $ 3.08
    Diluted Net Income   0.77     0.77   0.83   0.74   0.70   3.12   3.07
    Cash Dividend $ 0.23   $ 0.23 $ 0.21 $ 0.21 $ 0.20 $ 0.88 $ 0.76
    AVERAGE SHARES                            
    Basic   16,946     16,943   16,931   16,951   16,947   16,943   16,987
    Diluted   16,990     16,979   16,960   16,969   16,997   16,969   17,023
    CAPITAL CITY BANK GROUP, INC.                            
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)                        
    AND CREDIT QUALITY                            
    Unaudited                            
                                 
        2024
    		   2023   Twelve Months Ended December 31,
    (Dollars in thousands, except per share data)   Fourth Quarter   Third Quarter   Second Quarter   First Quarter   Fourth Quarter   2024   2023
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,836   $ 29,219   $ 29,329   $ 29,941   $ 29,083   $ 29,941   $ 25,068  
    Transfer from Other Liabilities   –     –     –     (50 )   66     (50 )   66  
    Provision for Credit Losses   1,085     1,879     1,129     932     2,354     5,025     9,529  
    Net Charge-Offs (Recoveries)   1,670     1,262     1,239     1,494     1,562     5,665     4,722  
    Balance at End of Period $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,941   $ 29,251   $ 29,941  
    As a % of Loans HFI   1.10 %   1.11 %   1.09 %   1.07 %   1.10 %   1.10 %   1.10 %
    As a % of Nonperforming Loans   464.14 %   452.64 %   529.79 %   431.46 %   479.70 %   464.14 %   479.70 %
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   2,522   $ 3,139   $ 3,121   $ 3,191   $ 3,502   $ 3,191   $ 2,989  
    Provision for Credit Losses   (367 )   (617 )   18     (70 )   (311 )   (1,036 )   202  
    Balance at End of Period(1)   2,155     2,522     3,139     3,121     3,191     2,155     3,191  
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (17 ) $ (56 ) $ 57   $ 58   $ (18 ) $ 42   $ (17 )
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 499   $ 331   $ 400   $ 282   $ 217   $ 1,512   $ 511  
    Real Estate – Construction   47     –     –     –     –     47     –  
    Real Estate – Commercial   –     3     –     –     –     3     120  
    Real Estate – Residential   44     –     –     17     79     61     79  
    Real Estate – Home Equity   33     23     –     76     –     132     39  
    Consumer   1,307     1,315     1,061     1,550     1,689     5,233     5,754  
    Overdrafts   574     611     571     638     602     2,394     2,789  
    Total Charge-Offs $ 2,504   $ 2,283   $ 2,032   $ 2,563   $ 2,587   $ 9,382   $ 9,292  
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 103   $ 176   $ 59   $ 41   $ 83   $ 379   $ 277  
    Real Estate – Construction   3     –     –     –     –     3     2  
    Real Estate – Commercial   33     5     19     204     16     261     52  
    Real Estate – Residential   28     88     23     37     34     176     253  
    Real Estate – Home Equity   17     59     37     24     17     137     226  
    Consumer   352     405     313     410     433     1,480     1,936  
    Overdrafts   298     288     342     353     442     1,281     1,824  
    Total Recoveries $ 834   $ 1,021   $ 793   $ 1,069   $ 1,025   $ 3,717   $ 4,570  
    NET CHARGE-OFFS (RECOVERIES) $ 1,670   $ 1,262   $ 1,239   $ 1,494   $ 1,562   $ 5,665   $ 4,722  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.25 %   0.19 %   0.18 %   0.22 %   0.23 %   0.21 %   0.18 %
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,302   $ 6,592   $ 5,515   $ 6,798   $ 6,242          
    Other Real Estate Owned   367     650     650     1     1          
    Total Nonperforming Assets (“NPAs”) $ 6,669   $ 7,242   $ 6,165   $ 6,799   $ 6,243          
                                 
    Past Due Loans 30-89 Days $ 4,311   $ 9,388   $ 5,672   $ 5,392   $ 6,855          
    Classified Loans   19,896     25,501     25,566     22,305     22,203          
                                 
    Nonperforming Loans as a % of Loans HFI   0.24 %   0.25 %   0.21 %   0.25 %   0.23 %        
    NPAs as a % of Loans HFI and Other Real Estate   0.25 %   0.27 %   0.23 %   0.25 %   0.23 %        
    NPAs as a % of Total Assets   0.15 %   0.17 %   0.15 %   0.16 %   0.15 %        
                                 
    (1)Recorded in other liabilities                            
    (2)Annualized                            
    CAPITAL CITY BANK GROUP, INC.                                                                                        
    AVERAGE BALANCE AND INTEREST RATES                                                                                        
    Unaudited                                                                                                    
                                                                                                         
        Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024     First Quarter 2024     Fourth Quarter 2023       Full Year 2024     Full Year 2023  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		       Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                                                    
    Loans Held for Sale $ 31,047   $ 976   7.89 % $ 24,570   $ 720   7.49 % $ 26,281   $ 517   5.26 % $ 27,314     563   5.99 % $ 49,790   $ 817   6.50 %   $ 27,306   $ 2,776   6.72 % $ 55,510   $ 3,232   5.82 %
    Loans Held for Investment(1)   2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95     2,711,243     39,679   5.81       2,706,461     162,385   6.03     2,656,394     149,366   5.62  
                                                                                                         
    Investment Securities                                                                                                    
    Taxable Investment Securities   914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,239   1.78     962,322     4,389   1.81       923,253     17,073   1.85     1,016,550     18,652   1.83  
    Tax-Exempt Investment Securities(1)   849     9   4.31     846     10   4.33     843     9   4.36     856     9   4.34     862     7   4.32       848     37   4.34     2,199     59   2.68  
                                                                                                         
    Total Investment Securities   915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78     963,184     4,396   1.82       924,101     17,110   1.85     1,018,749     18,711   1.83  
                                                                                                         
    Federal Funds Sold and Interest Bearing Deposits   298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42     99,763     1,385   5.51       239,712     12,627   5.27     203,147     10,126   4.98  
                                                                                                         
    Total Earning Assets   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %   3,823,980   $ 46,277   4.80 %     3,897,580   $ 194,898   5.00 %   3,933,800   $ 181,435   4.61 %
                                                                                                         
    Cash and Due From Banks   73,992               70,994               74,803               75,763               76,681                 73,881               75,786            
    Allowance for Credit Losses   (30,107 )             (29,905 )             (29,564 )             (30,030 )             (29,998 )               (29,902 )             (28,190 )          
    Other Assets   293,884               291,359               291,669               295,275               296,114                 293,044               297,290            
                                                                                                         
    Total Assets $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777               $ 4,234,603             $ 4,278,686            
                                                                                                         
    LIABILITIES:                                                                                                    
    Noninterest Bearing Deposits $ 1,323,556             $ 1,332,305             $ 1,346,546             $ 1,344,188             $ 1,416,825               $ 1,336,601             $ 1,507,657            
    NOW Accounts   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %   1,138,461   $ 3,696   1.29 %     1,183,962   $ 16,835   1.42 %   1,172,861   $ 12,375   1.06 %
    Money Market Accounts   422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26     318,844     1,421   1.77       400,664     9,957   2.49     299,581     3,670   1.22  
    Savings Accounts   504,859     179   0.14     512,098     180   0.14     519,374     176   0.14     539,374     188   0.14     557,579     202   0.14       518,869     723   0.14     592,033     598   0.10  
    Time Deposits   167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69     116,797     553   1.88       157,342     4,647   2.95     97,480     939   0.96  
    Total Interest Bearing Deposits   2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37     2,131,681     5,872   1.09       2,260,837     32,162   1.42     2,161,955     17,582   0.81  
    Total Deposits   3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85     3,548,506     5,872   0.66       3,597,438     32,162   0.89     3,669,612     17,582   0.48  
    Repurchase Agreements   28,018     199   2.82     27,126     221   3.24     26,999     217   3.24     25,725     201   3.14     26,831     199   2.94       26,970     838   3.11     19,917     513   2.57  
    Other Short-Term Borrowings   6,510     83   5.06     2,673     52   7.63     6,592     68   4.16     3,758     39   4.16     16,906     310   7.29       4,882     242   4.94     24,146     1,538   6.37  
    Subordinated Notes Payable   52,887     581   4.30     52,887     610   4.52     52,887     630   4.71     52,887     628   4.70     52,887     627   4.64       52,887     2,449   4.56     52,887     2,427   4.53  
    Other Long-Term Borrowings   794     11   5.57     795     11   5.55     258     3   4.31     281     3   4.80     336     5   4.72       534     28   5.31     408     20   4.77  
    Total Interest Bearing Liabilities   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %   2,228,641   $ 7,013   1.25 %     2,346,110   $ 35,719   1.52 %   2,259,313   $ 22,080   0.98 %
                                                                                                         
    Other Liabilities   73,130               73,767               72,634               68,295               78,772                 71,964               81,842            
                                                                                                         
    Total Liabilities   3,761,763               3,729,282               3,800,398               3,727,459               3,724,238                 3,754,675               3,848,812            
    Temporary Equity   6,763               6,443               6,493               7,150               7,423                 6,712               8,392            
                                                                                                         
    SHAREOWNERS’ EQUITY:   491,143               480,137               465,297               456,014               435,116                 473,216               421,482            
                                                                                                         
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777               $ 4,234,603             $ 4,278,686            
                                                                                                         
    Interest Rate Spread     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %     $ 39,264   3.55 %       $ 159,179   3.47 %     $ 159,355   3.63 %
                                                                                                         
    Interest Income and Rate Earned(1)       49,790   5.05         49,377   5.06         48,831   4.99         46,900   4.90         46,277   4.80           194,898   5.00         181,435   4.61  
    Interest Expense and Rate Paid(2)       8,640   0.88         9,117   0.93         9,497   0.97         8,465   0.88         7,013   0.73           35,719   0.92         22,080   0.56  
                                                                                                         
    Net Interest Margin     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %     $ 39,264   4.07 %       $ 159,179   4.08 %     $ 159,355   4.05 %
                                                                                                         
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                                                  
    (2)Rate calculated based on average earning assets.                                                                                            

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    The MIL Network –

  • MIL-OSI: OTC Markets Group Reports $478.7 Billion in Total Dollar Volume Traded for 2024, Marking Significant Year-Over-Year Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated financial markets for over 12,000 U.S. and global securities, today announced a substantial increase in total dollar volume traded across its markets for the year 2024, reaching $478 billion. This represents a notable rise of approximately $95 billion compared to the previous year’s total of $383 billion.1

    The significant growth was evident across all key security types on the market throughout 2024, particularly highlighted by a surge in trading of international securities which reached $415 billion – an increase of about $92 billion over last year. Trading activity ramped up notably in Q4 versus Q3 2024 as well, reflecting consistent upward momentum within OTC Markets Group’s offerings driven by robust cross-trading opportunities that attract global investors seeking streamlined entry points into the U.S. capital markets.

    “These numbers are a result of the increasingly global nature of equity trading along with the prominence and efficiency of the U.S. capital markets,” said Matt Fuchs, Executive Vice President of Market Data at OTC Markets Group. “Our market structure provides issuers and investors with a unique, data-driven, and cost-effective way to reach the largest pool of liquidity in the world.”

    Significant increases were noted across all key security types year-over-year:

    • $415.57 billion traded in international securities – $92.55 billion increase vs. 2023
    • $348.3 billion traded in ADRs – $65.94 billion increase vs. 2023
    • $386.33 billion traded in billion+ market caps – $61.94 billion increase vs. 2023
    • $439.89 billion traded in non-penny stocks – $87.37 billion increase vs. 2023
    • $78.61 billion traded in SEC reporting securities – $3.46 billion increase vs. 2023

    These numbers underscore how pivotal market data ecosystems are becoming for issuers worldwide looking towards public liquidity without entrenched costs associated with traditional exchanges. OTC Markets Group continues to work towards effectively engaging modern-day market participant needs wherever they may reside, thereby improving overall experience beyond the usual market standards.

    1Based on securities traded on the OTC Markets on the last day of each quarter.

    For more information, visit https://blog.otcmarkets.com/category/market-data/.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    EDGAR® and SEC® are trademarks of the U.S. Securities and Exchange Commission. OTC Markets Group Inc.’s products and services are not affiliated with or approved by the U.S. Securities and Exchange Commission.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    OTC Markets Group Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Alchemy Markets Recognized as “Best Emerging Broker MEA 2025”

    Source: GlobeNewswire (MIL-OSI)

    LIMASSOL, Cyprus, Jan. 28, 2025 (GLOBE NEWSWIRE) — Alchemy Markets has been recognized with the “Best Emerging Broker MEA 2025” award at the UF Awards MEA. This accolade, regarded as a significant benchmark within the financial industry, reflects the company’s focus on innovation, client-oriented services, and trading solutions tailored to the Middle East and Africa (MEA) region.

    The recognition highlights Alchemy Markets’ continued growth in the global Forex and CFD trading landscape, as well as its emphasis on utilizing advanced technology, promoting operational transparency, and supporting its clients effectively.

    A Recognition of Innovation and Client Focus
    The “Best Emerging Broker MEA 2025” award reflects Alchemy Markets’ role as a transformative force in the trading industry. This recognition highlights the company’s focus on enhancing the trading experience for a wide range of investors by offering advanced trading tools, a broad selection of financial instruments, and an intuitive, user-friendly platform.

    “Our mission has always been to empower traders by providing them with the resources, tools, and market access they need to succeed,” said Bobby Winters, COO of Alchemy Markets. “This award is not just a milestone for us; it is a celebration of the trust and loyalty of our clients and the dedication of our team. We are honored to be recognized as a driving force in the MEA region’s financial ecosystem.”

    Driving Growth Across the MEA Region
    The Middle East and Africa have emerged as pivotal markets for global financial services, and Alchemy Markets has established itself as a reliable partner for traders in this region. By integrating local market insights with a global perspective, the company offers clients a strategic edge in navigating the complexities of today’s financial markets.

    Key highlights that contributed to this recognition include:

    • Advanced Trading Technology: Alchemy Markets offers a next-generation trading platform designed for speed, reliability, and accessibility, enabling traders to execute strategies with precision.
    • High Yield Accounts: Providing interest-bearing, flexible, instant-access solutions to keep uninvested funds working alongside our innovative trading accounts and technology.
    • Tailored Services for MEA Traders: By focusing on localized solutions, multilingual support, and market-relevant products, the company aims to resonate with the diverse needs of the region.
    • TIER-ONE Liquidity: Access to competitive prices and superior trading conditions sourced from over 20 leading banks and non-bank liquidity providers.

    Future Growth Plans
    Following this recognition, Alchemy Markets aims to further expand its presence across the MEA region and beyond. Plans include the introduction of new financial products, advanced trading tools, and innovative features that align with its mission to empower traders globally.

    The team at Alchemy Markets attributes this achievement to their unwavering commitment to excellence. “This award inspires us to aim even higher,” said Achilleas Achilleos, CMO. “We remain dedicated to setting new standards in the industry and ensuring our clients are at the center of everything we do.”

    Acknowledgment to the Community
    Alchemy Markets expresses its gratitude to its clients, partners, and employees, whose support and collaboration have been instrumental in the company’s achievements. The contributions of its community continue to play a key role in driving the company’s growth and shaping its journey forward.

    About Alchemy Markets
    Alchemy Markets is a leading forex and CFD broker providing clients with access to a wide range of financial instruments, including currencies, commodities, indices, and cryptocurrencies. With a focus on transparency, advanced technology, and exceptional customer support, the company has rapidly established itself as a trusted name in the trading industry.

    For more information about Alchemy Markets and its award-winning services, users can visit www.alchemymarkets.com.

    Contact

    CMO
    Achilleas Achilleos
    Alchemy Markets
    achilleas.achilleos@alchemymarkets.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a61455d0-4e11-4685-9609-3319f76e5c38

    The MIL Network –

  • MIL-OSI United Kingdom: New ‘global growth team’ appointed by Trade Secretary

    Source: United Kingdom – Executive Government & Departments

    A new ‘global growth team’ of UK Trade Envoys has today been appointed by the Trade Secretary to drive UK exports and investment.

    A new ‘global growth team’ of UK Trade Envoys has today [28 January] been appointed by the Trade Secretary to drive UK exports and investment as the Government pulls every lever available to drive economic growth under its Plan for Change. 

    The 32 parliamentarians, drawn from across the political spectrum, have been assigned target markets across six continents and tasked with identifying trade and investment opportunities for businesses and championing the UK as a destination of choice for investment in those markets.  

    Each market has been identified as presenting significant potential for growing UK trade and Trade Envoys are appointed on their ability, relevant skills and experience. This can be based on their respective markets or UK sector knowledge, including previous government-to-government experience, as well as their commitment to the UK’s growth mission. 

    Business and Trade Secretary Jonathan Reynolds said:

    Trade and investment are key to delivering economic growth, the number one mission of this Government and a key part of our Plan for Change.

    That’s why I’ve launched a new team of Trade Envoys, who will use their experience, expertise and knowledge to unlock new markets around the world for British businesses, drumming up investment into the UK and ultimately driving economic growth.

    They will work closely with the Department for Business and Trade. The announcement comes ahead of the new Trade Strategy in Spring, which will prioritise rebuilding our relationship with the EU and seizing opportunities to access new markets further afield.  

    Alongside bolstering exports, attracting investments, and removing trade barriers, the government is also resuming trade talks with FTA partners, including – so far – the GCC, Switzerland and South Korea.  

    The news comes as Trade Minister Douglas Alexander is in South Africa today as part of a multi-leg visit to the region to strengthen trade links and create opportunities for UK businesses.  

    The new appointments are:

    • Afzal Khan MP appointed to Türkiye  

    • Alex Sobel MP appointed to Ukraine  

    • Bell Ribeiro-Addy MP appointed to Ghana  

    • Ben Coleman MP appointed to Morocco & Francophone West Africa  

    • Calvin Bailey MP appointed to Southern Africa  

    • Carolyn Harris MP appointed to New Zealand  

    • Dan Carden MP appointed to Mexico  

    • David Pinto-Duschinsky MP appointed to Switzerland & Lichtenstein  

    • Fabian Hamilton MP appointed to Southern Cone  

    • Flo Eshalomi MP appointed to Nigeria  

    • George Freeman MP appointed to Malaysia, Philippines, Singapore & Brunei  

    • Lord Iain McNicol of West Kilbride appointed to Jordan, Kuwait & the Palestine Territories  

    • Lord Ian Austin of Dudley appointed to Israel  

    • Baroness Jane Ramsey of Wall Heath appointed to Ethiopia  

    • Jess Morden MP appointed to Central America  

    • Lord John Alderdice appointed to Azerbaijan & Central Asia  

    • Lord John Hannett of Everton appointed to Sri Lanka  

    • Lord John Speller of Smethwick appointed to Australia  

    • Josh MacAlister MP appointed to Brazil  

    • Kate Osamor MP appointed to East Africa  

    • Matt Western MP appointed to Thailand, Vietnam, Cambodia & Laos  

    • Mohammad Yasin MP appointed to Pakistan  

    • Naz Shah MP appointed to Indonesia & ASEAN  

    • Paulette Hamilton MP appointed to Commonwealth Caribbean  

    • Lord Richard Faulkner of Worcester appointed to Taiwan  

    • Lord Roger Liddle appointed to Andean   

    • Dr Rosena Allin-Khan appointed to South Africa   

    • Baroness Rosie Winterton of Doncaster appointed to Bangladesh  

    • Sarah Olney MP appointed to North Africa  

    • Sharon Hodgson MP appointed to Japan  

    • Lord Tom Watson of Wyre Forest appointed to Republic of Korea  

    • Yasmin Qureshi MP appointment to Egypt

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Chernyshenko: It is important to integrate VOIR activities into educational programs of schools, colleges and universities

    Translartion. Region: Russians Fedetion –

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

    Dmitry Chernyshenko held a meeting of the Board of Trustees of the public organization “All-Russian Society of Inventors and Innovators”

    January 27, 2025

    Dmitry Chernyshenko held a meeting of the Board of Trustees of the public organization “All-Russian Society of Inventors and Innovators”. With the Minister of Education Sergei Kravtsov

    January 27, 2025

    Dmitry Chernyshenko held a meeting of the Board of Trustees of the public organization “All-Russian Society of Inventors and Innovators”. With Deputy Chairman of the State Duma Committee on Science and Higher Education Vladimir Kononov

    January 27, 2025

    Previous news Next news

    Dmitry Chernyshenko held a meeting of the Board of Trustees of the public organization “All-Russian Society of Inventors and Innovators”

    A meeting of the board of trustees of the public organization “All-Russian Society of Inventors and Rationalizers” (VOIR) was held under the chairmanship of Deputy Prime Minister Dmitry Chernyshenko.

    The Deputy Prime Minister noted that VOIR, as one of the oldest public organizations with more than 90 years of history, should make a significant contribution to achieving the national goal of technological leadership.

    “In order for VOIR to continue to be a platform for exchanging experience, generating new ideas and supporting inventors, it is necessary to build systemic work in all regions of the country. But the creation of new regional organizations is only the first step. It is necessary to cover all regions and establish close interaction between them so that the best solutions can be scaled up and used everywhere. It is also important to integrate VOIR events into the educational programs of schools, colleges and universities,” emphasized Dmitry Chernyshenko, Chairman of the VOIR Board of Trustees.

    In addition, it is necessary to create a mentoring system where experienced inventors and engineers can pass on their knowledge and skills to the younger generation. This will help maintain continuity and create conditions for the formation of new professional communities within the VOIR structure.

    Chairman of the Central Council of VOIR, Deputy Chairman of the State Duma Committee on Science and Higher Education Vladimir Kononov spoke about the results of the society’s work, projects being implemented and plans for the coming years.

    Today, VOIR is represented in 77 regions, and over 100 thousand inventors and innovators are members of the organization. The VOIR festival “Science and Inventions for Life” is held annually. Over two years, its events were held in 35 regions, with over 650 thousand people taking part. In 2025, the focus will be on thematic events dedicated to the Year of the Defender of the Fatherland and the 80th anniversary of Victory, as well as on expanding international cooperation with friendly countries. The All-Russian competition “Inventor of the Year” is held annually. Together with Rospatent, VOIR holds the competition “Capital of Invention”: in 2025, this status was awarded to the Novgorod Region.

    The meeting also discussed the objectives of VOIR for 2025. These include the popularization of technical creativity and inventive activity and the involvement of young people in it, in particular through promoting the development of student design bureaus at universities and cooperation with schools. In addition, the objectives include the creation of a center for the development of invention methods and the implementation of educational programs for inventors, the development and implementation of new digital services, the launch of a comprehensive program to support inventors, and the rating of the activities of regional organizations.

    “Ultimately, all of our proposals are aimed at increasing the number of citizens involved in the inventive and rationalization movement, and therefore increasing the number of new developments and technologies that will be implemented at our enterprises and ensure the technological leadership of our country,” said Vladimir Kononov.

    Minister of Education Sergei Kravtsov noted that the Ministry of Education is open to cooperation with the All-Russian Society of Inventors and Innovators in implementing joint projects for the younger generation.

    “As part of our cooperation, we are ready to offer, firstly, to hold a class called “Conversations about the Important”, where schoolchildren will be told about the All-Russian Society of Inventors and Innovators and the opportunities it creates for young people. Secondly, we can include the topic of inventions in the career guidance course “Russia – My Horizons”. In addition, we are holding new Olympiads for schoolchildren – on unmanned aerial systems and robotics. And we can make the society our partner in holding them. These are relevant areas that are in great demand today,” added Sergey Kravtsov.

    The head of the Ministry of Education emphasized that the participation of society in the activities of the centers “Kvantorium”, “Tochka Rosta” and “IT-Kube” could become an opportunity for cooperation. Sergey Kravtsov also proposed considering cooperation in the area of secondary vocational education, in the system of which there are a large number of technical specialties.

    Deputy Minister of Science and Higher Education Konstantin Mogilevsky outlined possible areas of cooperation between VOIR and universities, including the work of student design bureaus, youth laboratories, student scientific societies, and student technological entrepreneurship.

    “All schools in Mordovia have “Growth Points”, quantum centers are open – the technical base is huge, our talented youth have something to work with. I am sure that the public and state status of VOIR will help us solve the most serious problems of technological sovereignty,” said the head of the Republic of Mordovia, Artem Zdunov.

    The meeting of the board of trustees was also attended by representatives of the Presidential Administration of Russia for Public Projects, the Ministry of Industry and Trade, the Ministry of Economic Development, the Ministry of Finance, the State Duma, Rospatent, the Russian Academy of Sciences, the Russian Presidential Academy of National Economy and Public Administration, other government agencies, companies, educational institutions, and regions.

    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: Euro area economic and financial developments by institutional sector: third quarter of 2024

    Source: European Central Bank

    28 January 2025

    • Euro area net saving increased to €820 billion in four quarters up to third quarter of 2024, compared with €804 billion one quarter earlier
    • Household debt-to-income ratio decreased to 82.5% in third quarter of 2024 from 86.2% one year earlier
    • NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in third quarter of 2024 from 69.1% one year earlier

    Total euro area economy

    Euro area net saving increased to €820 billion (6.8% of euro area net disposable income) in the four quarters up to the third quarter of 2024 compared with €804 billion in the four quarters up to the previous quarter. Euro area net non-financial investment was broadly unchanged at €440 billion (3.7% of net disposable income), due to broadly unchanged net investment in all sectors (see Chart 1 and Table 1 in the Annex).

    Euro area net lending to the rest of the world increased to €418 billion (from €405 billion previously) reflecting the increased net saving and broadly unchanged net non-financial investment. Household net lending increased to €581 billion (4.8% of net disposable income) from €561 billion. Net lending of NFCs decreased to €192 billion (1.6% of net disposable income) from €231 billion while that of financial corporations was broadly unchanged at €132 billion (1.1% of net disposable income). General government net borrowing decreased, contributing less negatively (-4.0% of net disposable income, after -4.3% previously) to euro area net lending.

    Chart 1

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.
    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

    Households

    Household financial investment increased at a broadly unchanged annual rate of 2.4% in the third quarter of 2024. Among its components, investment in currency and deposits (2.6%, after 2.3%) and investment in shares and other equity (1.3%, after 0.8%) grew at higher rates – the latter due to investment fund shares – while investment in debt securities increased at a lower rate (15.4%, after 28.4%).

    Households continued to purchase, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area investment fund shares, including those issued by MFIs (money market funds) and by non-money market investment funds, and continued to purchase investment fund shares issued by the rest of the world (see Table 1 below and Table 2.2. in the Annex).

    The household debt-to-income ratio[1] decreased to 82.5% in the third quarter of 2024 from 86.2% in the third quarter of 2023. The household debt-to-GDP ratio declined to 51.8% in the third quarter of 2024 from 53.5% in the third quarter of 2023 (see Chart 2).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    2024 Q3

    Financial investment*

    1.8

    1.9

    2.0

    2.3

    2.4

    Currency and deposits

    0.3

    0.7

    1.6

    2.3

    2.6

    Debt securities

    58.7

    55.9

    39.4

    28.4

    15.4

    Shares and other equity**

    1.1

    0.3

    0.4

    0.8

    1.3

    Life insurance

    -0.7

    -0.7

    -0.2

    0.0

    0.8

    Pension schemes

    2.3

    2.1

    2.2

    2.2

    2.3

    Financing***

    1.5

    0.8

    1.0

    1.3

    1.3

    Loans

    1.0

    0.5

    0.5

    0.5

    0.9

    Source: ECB.
    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.
    ** Includes investment fund shares.
    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 2

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.
    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and NFCs (Chart 2)

    Non-financial corporations

    Financing of NFCs increased at an unchanged annual rate of 1.0% in the third quarter of 2024. Issuance of debt securities grew at a lower rate (2.4% after 2.9%) and financing via trade credits increased at a higher rate (2.4% after 1.8%) while financing via shares and other equity (0.7%) and loans (1.3%) increased at unchanged rates. Loans granted by MFIs to NFCs increased at a broadly unchanged rate (1.2%), and loans granted by other NFCs grew at a lower rate (2.6% after 3.1%). Loans granted by other financial institutions declined at a less negative rate (‑0.2% after -0.6%), as did loans granted by the rest of the world (-1.1% after -2.1) (see Table 2 below and Table 3.2 in the Annex).

    NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in the third quarter of 2024, from 69.1% in the third quarter of 2023; the non-consolidated, wider debt measure decreased to 138.4% from 141.3% (see Chart 2).

    Table 2

    Financing and financial investment of NFCs, main items

    (annual growth rates)

    Financial transactions

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    2024 Q3

    Financing*

    1.2

    0.8

    0.8

    1.0

    1.0

    Debt securities

    1.5

    1.3

    1.9

    2.9

    2.4

    Loans

    1.8

    1.6

    1.4

    1.3

    1.3

    Shares and other equity

    0.4

    0.3

    0.4

    0.7

    0.7

    Trade credits and advances

    2.1

    1.1

    0.9

    1.8

    2.4

    Financial investment**

    2.3

    1.7

    1.8

    2.0

    2.0

    Currency and deposits

    -1.2

    -1.2

    0.5

    2.8

    1.8

    Debt securities

    24.9

    20.2

    8.5

    5.8

    1.9

    Loans

    4.7

    4.5

    3.9

    3.9

    3.4

    Shares and other equity

    1.2

    1.0

    1.4

    1.4

    1.6

    Source: ECB.
    * Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.
    ** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

    Data for financing and financial investment of NFCs (Table 2)

    For queries, please use the statistical information request form.

    Notes

    • These data come from a second release of quarterly euro area sector accounts for the third quarter of 2024 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 13 January 2025. Moreover, it incorporates revisions to the data since the first quarter of 1999, reflecting, amongst others, the impact of the benchmark revision 2024 implemented in the EU. For further information see the related Eurostat webpage.
    • The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
    • The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The ECB publishes experimental Distributional Wealth Accounts (DWA) for the household sector. The release of results for the third quarter of 2024 is planned for 28 February 2025 (tentative date).

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: To reimagine, reinvent, and reposition ISI as a globally recognized institution: Indian Statistical Institute poised to embrace the transformative vision as it approaches its centenary in 2031

    Source: Government of India (2)

    Posted On: 28 JAN 2025 1:19PM by PIB Delhi

    The Indian Statistical Institute, established in 1931 by the visionary statistician Prof. Prasanta Chandra Mahalanobis, has played a pivotal role in statistical research, education, training and its application. Having been declared as an institution of national importance through the Indian Statistical Institute Act of 1959, the Institute has been a leader in advancing statistical methods and their application across various disciplines. The ISI Council is the governing body of the Institute. In terms of the provision of the ISI Act and ISI Regulations, a newly constituted Council has been set up for the term 2024-26. During the 1stMeeting of the Council held on 26 October 2024, the members of the Council elected Dr. Koppillil Radhakrishnan, as the Chairman of the ISI, Council. Dr. Radhakrishnan is a Padma Bhushan awardee and an Indian Space Scientist, who headed the Indian Space Research Organisation (ISRO) as Chairman of the Space Commission and Secretary of the Department of Space, Government of India.

    As per the provisions of the ISI Act, 1959, the Central Government (MoSPI) constitutes Committees at regularintervals for reviewing the performance of the ISI and for making recommendations about its future course. Under this provision, the 4thReview Committee of the Indian Statistical Institutewas constituted in 2020. The Committee submitted its comprehensive report to the Government of India, charting a transformative roadmap for this esteemed Institution of National Importance. Headed by the distinguished scientist and former Director-General of the Council of Scientific and Industrial Research (CSIR), Dr. R.A. Mashelkar, the Committee, through interactions with multiple stakeholders, conducted an extensive review of ISI’s functioning, achievements and challenges, and arrived at the report culminating in a series of actionable recommendations aimed at rejuvenating the Institute’s role in advancing statistical sciences and its applications in India and globally.

    Based on the theme ‘Reimagine, Reinvent and Reposition’, the Committee proposed 61 recommendations addressing governance, academic programs, research priorities, infrastructure, and financial sustainability of the Institute. The Committeehad extensive Stakeholder Consultations in the online mode due to the raging pandemic, engagingvirtually with faculty, students, alumni, and administrative staff to gather insights into ISI’s functioning, challenges, and aspirations.They also consulted industry experts, government representatives, and other academic institutions to understand and assess the external expectations from ISI. The Committee held virtual meetings to deliberate on findings and draft recommendations and undertook an evidence-basedevaluation of ISI’s performance over the past decade, including its research output, academic programs, infrastructure, and outreach efforts andbenchmarked ISI against leading global institutions to identify gaps and opportunities.

    The Committee proposed a comprehensive set of recommendations to reimagine, reinvent, and reposition ISI as a globally recognized institution. It emphasized the need for governance reforms and strengthening accountability through performance-based evaluations and establishing clear work norms for faculty and staff. The committee recommended expanding academic programs to include cutting-edge fields like data science and machine learning, increasing student intake and faculty numbers to scale the institute’s impact, and promoting interdisciplinary and large-scale research projects with national and international relevance. It called for modernizing administrative processes and research methodologies using advanced digital tools and building world-class computing and laboratory infrastructure to support innovative research.

    The recommendations also included establishing robust partnerships with industry and government to address real-world challenges and generate revenue, establishing more enabling structures like the technology innovation hub, enhancing visibility through targeted outreach and brand-building initiatives, and encouraging resource generation through research grants, industry collaborations, and alumni contributions. The committee stressed the importance of increasing autonomy in managing internal revenue and recruitment processes. Infrastructure development was also a priority, with a focus on upgrading physical facilities, including campuses, laboratories, and student housing, and establishing new centers focused on emerging disciplines and regional outreach.

    The Committee’s recommendations are aimed at reimagining, reinventing, and repositioning ISI as a globally recognized institution and included recommendations in the area of Governance Reforms, Academic and Research Enhancements, Digital Transformation, Industry and Government Engagement, Financial Sustainability and Infrastructure Development.

    ISI has commenced implementation of these recommendations, demonstrating their commitment towards strengthening the Institute’s excellence in addressing the nation’s socio-economic development needs. During the2ndMeeting of the Council held on 23 January 2025, the Council of the Institute under the Chairmanship of Dr. Koppillil Radhakrishnan reviewed the status of implementation of the recommendations of the 4thReview Committee.The Institute’sCouncil is committed to implement the Committee’s recommendations in a phased manner with focus on:

    1. Short-Term Initiatives: Immediate steps to address critical issues, such as faculty recruitment, infrastructure upgradation, and governance reforms.
    2. Medium-Term Goals: Enhancing academic and research programs, scaling outreach efforts, and improving financial sustainability.
    3. Long-Term Vision: Transforming ISI into a global leader by its centenary year in 2031, with a focus on impactful research, innovative education, and strong industry connections.

    ISI has commenced work on improving its structure, strengthening research and ensuring robust academic and administrative frameworks. Significant restructuring has been undertaken to align the Institute’s various Divisions with contemporary requirements. The Centre for AI and ML (CAIML) has aligned its initiatives with the National AI Policy, emphasizing strategic relevance. Efforts are also underway to operationalize the Interdisciplinary Centre for Applied Statistics and Biostatistics. The Research Centre for Economics and Data Analysis has been invigorated with dedicated leadership assignments, ensuring forward momentum. Faculty recruitment and promotions have been prioritized, with streamlined processes nearing finalization. Formalization of teaching benchmarks highlight ISI’s to academic excellence.

    While certain actions remain under discussion, the groundwork has been laid for transformative changes. ISI has also adopted advanced digital teaching methods, introducing online and hybrid courses as part of a broader academic enhancement strategy. These initiatives are complemented by expedited decision-making processes within the Academic Council, fostering agility in program development and revision. Infrastructure and governance improvements remain a focal point, with e-governance initiatives progressing in alignment with MoSPI. Revenue generation efforts, including consultancy rules and facility usage charges, have been implemented to strengthen financial sustainability.

    While many recommendations have been fully implemented, others are actively in progress. These actions, signal a forward-looking approach and underline the Government’s dedication to strengthen ISI as a global leader in statistical science and related disciplines.The Government recognizes ISI’s rich legacy of excellence and its critical role in supporting India’s economic and social development and is committed to providing the necessary support to realize the 4th Review Committee’s vision and roadmap.

    The Government of India’s support for implementing these recommendations reflects its commitment to empower the ISI as a cornerstone of the nation’s knowledge ecosystem. As the Institute approaches its centenary in 2031, the Institute is poised to embrace this transformative vision and emerge as a beacon of excellence on the global stage.

    *****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: JOINT PRESS RELEASE- Agreement between the Government of Samoa and the Government of the People’s Republic of China on Mutual Visa Exemption

    Source: Government of Western Samoa

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    [PRESS RELEASE]- The Government of the Independent State of Samoa and the Government of the People’s Republic of China has reaffirmed its joint commitment and partnership to strengthen relations and cooperation between both countries and to facilitate exchange of visits between citizens of both countries including promotion of people to people linkages and sub-national cooperation.

    An Agreement on Mutual Visa Exemption was signed today (23rd January 2025) between the Chief Executive Officer of the Ministry of the Prime Minister and Cabinet, Mr Agafili Shem Leo and the Chinese Ambassador to Samoa His Excellency Mr Fei Mingxing during the celebration of the Chinese Spring Festival. On conclusion of the signing, the Prime Minister of Samoa, Honourable Fiame Naomi Mataafa delivered a few remarks followed by an Address by His Excellency Ambassador Fei . Both the Hon Prime Minister and Ambassador acknowledged that the visa exemption arrangement would benefit both countries substantially through ease of international travel. It was further recognized that this important development would also align with this year’s 50th Anniversary since the establishment of diplomatic relations between the two countries in 1975.

    The Agreement on Mutual Visa Exemption was one of the discussion issues at the bilateral meeting between the Honorable Prime Minister of Samoa and the President of the People’s Republic of China His Excellency Xi Jinping during the Prime Minister’s official visit to China from 20-28 November last year.

    Aside from the Mutual Visa Exemption, the culmination of the Bilateral Meetings between the Hon Prime Minister and the Chinese Leaders included the signing of the:

    • Economic and Technical Cooperation Agreement

    • MOU on Exchange and Cooperation in the field of Economic Development

    • MOU on Establishing a Working Group on Promoting Unimpeded Trade

    • MOU on the Global Development Initiative

    • MOU on Education Collaboration and Exchanges

    • Handover Certificate for the Fingerprint Testing Laboratory

    The collaborative efforts and cooperation between the Governments of Samoa and China illustrate a shared commitment and mutual trust to strengthen mutually beneficial cooperation.

    The Government of Samoa and the Government of the People’s Republic of China will continue to pursue greater collaboration that will deliver on joint interests and agreed commitments to address key national development priorities that are in line with the Pathway for the Development of Samoa, and for the benefit of our two Peoples.

    CAPTION- An Agreement on Mutual Visa Exemption was signed today (23rd January 2025) between the Chief Executive Officer of the Ministry of the Prime Minister and Cabinet, Mr Agafili Shem Leo and the Chinese Ambassador to Samoa His Excellency Mr Fei Mingxing during the celebration of the Chinese Spring Festival.

    Ministry of Foreign Affairs and Trade.

    Government of Samoa.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Euro area economic and financial developments by institutional sector: third quarter of 2024

    Source: European Central Bank

    28 January 2025

    • Euro area net saving increased to €820 billion in four quarters up to third quarter of 2024, compared with €804 billion one quarter earlier
    • Household debt-to-income ratio decreased to 82.5% in third quarter of 2024 from 86.2% one year earlier
    • NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in third quarter of 2024 from 69.1% one year earlier

    Total euro area economy

    Euro area net saving increased to €820 billion (6.8% of euro area net disposable income) in the four quarters up to the third quarter of 2024 compared with €804 billion in the four quarters up to the previous quarter. Euro area net non-financial investment was broadly unchanged at €440 billion (3.7% of net disposable income), due to broadly unchanged net investment in all sectors (see Chart 1 and Table 1 in the Annex).

    Euro area net lending to the rest of the world increased to €418 billion (from €405 billion previously) reflecting the increased net saving and broadly unchanged net non-financial investment. Household net lending increased to €581 billion (4.8% of net disposable income) from €561 billion. Net lending of NFCs decreased to €192 billion (1.6% of net disposable income) from €231 billion while that of financial corporations was broadly unchanged at €132 billion (1.1% of net disposable income). General government net borrowing decreased, contributing less negatively (-4.0% of net disposable income, after -4.3% previously) to euro area net lending.

    Chart 1

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.
    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

    Households

    Household financial investment increased at a broadly unchanged annual rate of 2.4% in the third quarter of 2024. Among its components, investment in currency and deposits (2.6%, after 2.3%) and investment in shares and other equity (1.3%, after 0.8%) grew at higher rates – the latter due to investment fund shares – while investment in debt securities increased at a lower rate (15.4%, after 28.4%).

    Households continued to purchase, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area investment fund shares, including those issued by MFIs (money market funds) and by non-money market investment funds, and continued to purchase investment fund shares issued by the rest of the world (see Table 1 below and Table 2.2. in the Annex).

    The household debt-to-income ratio[1] decreased to 82.5% in the third quarter of 2024 from 86.2% in the third quarter of 2023. The household debt-to-GDP ratio declined to 51.8% in the third quarter of 2024 from 53.5% in the third quarter of 2023 (see Chart 2).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    2024 Q3

    Financial investment*

    1.8

    1.9

    2.0

    2.3

    2.4

    Currency and deposits

    0.3

    0.7

    1.6

    2.3

    2.6

    Debt securities

    58.7

    55.9

    39.4

    28.4

    15.4

    Shares and other equity**

    1.1

    0.3

    0.4

    0.8

    1.3

    Life insurance

    -0.7

    -0.7

    -0.2

    0.0

    0.8

    Pension schemes

    2.3

    2.1

    2.2

    2.2

    2.3

    Financing***

    1.5

    0.8

    1.0

    1.3

    1.3

    Loans

    1.0

    0.5

    0.5

    0.5

    0.9

    Source: ECB.
    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.
    ** Includes investment fund shares.
    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 2

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.
    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and NFCs (Chart 2)

    Non-financial corporations

    Financing of NFCs increased at an unchanged annual rate of 1.0% in the third quarter of 2024. Issuance of debt securities grew at a lower rate (2.4% after 2.9%) and financing via trade credits increased at a higher rate (2.4% after 1.8%) while financing via shares and other equity (0.7%) and loans (1.3%) increased at unchanged rates. Loans granted by MFIs to NFCs increased at a broadly unchanged rate (1.2%), and loans granted by other NFCs grew at a lower rate (2.6% after 3.1%). Loans granted by other financial institutions declined at a less negative rate (‑0.2% after -0.6%), as did loans granted by the rest of the world (-1.1% after -2.1) (see Table 2 below and Table 3.2 in the Annex).

    NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in the third quarter of 2024, from 69.1% in the third quarter of 2023; the non-consolidated, wider debt measure decreased to 138.4% from 141.3% (see Chart 2).

    Table 2

    Financing and financial investment of NFCs, main items

    (annual growth rates)

    Financial transactions

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    2024 Q3

    Financing*

    1.2

    0.8

    0.8

    1.0

    1.0

    Debt securities

    1.5

    1.3

    1.9

    2.9

    2.4

    Loans

    1.8

    1.6

    1.4

    1.3

    1.3

    Shares and other equity

    0.4

    0.3

    0.4

    0.7

    0.7

    Trade credits and advances

    2.1

    1.1

    0.9

    1.8

    2.4

    Financial investment**

    2.3

    1.7

    1.8

    2.0

    2.0

    Currency and deposits

    -1.2

    -1.2

    0.5

    2.8

    1.8

    Debt securities

    24.9

    20.2

    8.5

    5.8

    1.9

    Loans

    4.7

    4.5

    3.9

    3.9

    3.4

    Shares and other equity

    1.2

    1.0

    1.4

    1.4

    1.6

    Source: ECB.
    * Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.
    ** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

    Data for financing and financial investment of NFCs (Table 2)

    For queries, please use the statistical information request form.

    Notes

    • These data come from a second release of quarterly euro area sector accounts for the third quarter of 2024 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 13 January 2025. Moreover, it incorporates revisions to the data since the first quarter of 1999, reflecting, amongst others, the impact of the benchmark revision 2024 implemented in the EU. For further information see the related Eurostat webpage.
    • The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
    • The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The ECB publishes experimental Distributional Wealth Accounts (DWA) for the household sector. The release of results for the third quarter of 2024 is planned for 28 February 2025 (tentative date).

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Workers must be protected from extreme weather

    Source: Scottish Greens

    28 Jan 2025 Climate Economy

    Scottish Greens echo calls from the Scottish Trade Union Council to stop endangering the lives of workers.

    More in Climate

    Storm Éowyn caused mass chaos across Scotland on Friday, with schools, public transport, and football all being cancelled due to high winds.

    However, many hospitality and retail businesses remained open despite a red weather warning from the Met Office. Now, Scottish Greens Co-Leader Lorna Slater MSP is calling on the UK Government to protect workers from extreme weather events.

    Extreme weather events such as Storm Éowyn will only become more frequent with the looming climate breakdown. The Met Office’s red weather warning is a rare precaution but one that many Scots could become more used to in coming years.

    Despite advice to remain at home, many businesses forced their employees to travel to work during the storm. Many bartenders, shop workers, and waiters all had to brave 100mph winds to attend work.

    We need your support to put people and planet before profit. Take action today to help.

    Scottish Greens Co-Leader Lorna Slater said:

    “Red weather warnings are rare, but the damage that they do is severe. It’s appalling that any business forced workers to ignore government advice and come into work during one of the worst storms for a long time.

    “We’ve seen the devastating impact of Storm Eowyn on communities across Scotland, with hundreds of thousands of homes losing power, railways brought to a standstill, and, tragically, the loss of life.

    “As the climate crisis worsens, we will face increasing climate chaos, so we must be prepared to protect communities and workers against these extreme weather events.

    “The best thing the UK government can do is take real action to tackle the climate crisis and reduce emissions, but they must also adapt to the damage already done.

    “Governments must face the reality of climate breakdown and adapt legislation to protect workers; we need to see robust rights in place for workers to stay safe during red weather warnings by rejecting shifts or avoiding unnecessary travel.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Import of poultry meat and products from areas in Poland and UK suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from areas in Poland and UK suspended
    Import of poultry meat and products from areas in Poland and UK suspended
    *************************************************************************

         The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (January 28) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highly pathogenic H5N1 avian influenza in Kutno District of ??ódzkie Region in Poland, and in Hambleton District of North Yorkshire County and East Lindsey District of Lincolnshire County in the United Kingdom (UK), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the above-mentioned areas with immediate effect to protect public health in Hong Kong.     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 6 600 tonnes of frozen poultry meat from Poland, and about 910 tonnes of chilled and frozen poultry meat and about 1 340 000 poultry eggs from the UK last year.     “The CFS has contacted the Polish and British authorities over the issues and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Tuesday, January 28, 2025Issued at HKT 17:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Arbitration decision in favour of IDEX Biometrics

    Source: GlobeNewswire (MIL-OSI)

    In the Prospectus published by IDEX Biometrics ASA (“IDEX” or the “Company”) on 13 November 2024, IDEX informed that the Company had requested arbitration at the Oslo Chamber of Commerce concerning a receivable from a customer who had not yet paid. Zwipe AS (“Zwipe”), the customer in question, disclosed in its prospectus dated 4 December 2024 that it was in arbitration regarding a warranty dispute with IDEX related to the delivery of parts communicated in its annual report 2023 and that the total dispute amount was around NOK 7.1 million.

    The Oslo Chamber of Commerce has on 27 January 2025, rendered its decision on the matter, which is a final resolution of the dispute. Zwipe has been ordered to pay USD 702,000 excl. VAT to lDEX plus late payment interest. The warranty counterclaim from Zwipe was dismissed in its entirety. Zwipe was further ordered to compensate IDEX for its legal costs, and pay for the full arbitration costs.

    Zwipe shall pay IDEX the receivable and the award of legal fees within 14 days from the date of the decision.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act. This stock exchange release was published by Marianne Bøe, Head of Investor Relations on 28 January 2025 at 10:05 (CET).

    For further information contact:
    Marianne Bøe, Head of Investor Relations, +47 91800186
    Kristian Flaten, CFO, +47 95092322
    E-mail:ir@idexbiometrics.com

    About IDEX Biometrics

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com

    Trademark Statement
    IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

    The MIL Network –

  • MIL-OSI Asia-Pac: Financial results for nine months ended December 31, 2024

    Source: Hong Kong Government special administrative region

    Financial results for nine months ended December 31, 2024
    Financial results for nine months ended December 31, 2024
    *********************************************************

         The Government announced today (January 28) its financial results for the nine months ended December 31, 2024.           Expenditure and revenue from April to December 2024 amounted to HK$524.2 billion and HK$349.7 billion respectively, resulting in a deficit of HK$70.5 billion after taking into account HK$114.6 billion received from issuance of Government Bonds and repayment of HK$10.6 billion principal on Government Bonds.     　     A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year. The revised estimates for the current financial year will be published along with the 2025-26 Budget.     　     The fiscal reserves stood at HK$664.1 billion as at December 31, 2024.     　     Detailed figures are shown in Tables 1 and 2. TABLE 1. CONSOLIDATED ACCOUNT (Note 1) 

     
    Month endedDecember 31, 2024HK$ million
    Nine months endedDecember 31, 2024HK$ million

    Revenue
    101,403.9
    349,677.1

    Expenditure
    (52,635.2)
    (524,217.4)

     
     
     

    Surplus / (Deficit) before issuance and repayment of Government Bonds
    48,768.7
    (174,540.3)

     
     
     

    Proceeds received from issuance of Government Bonds
    23,934.7
    114,588.2

     
     
     

    Repayment of Government Bonds*
    (38.0)
    (10,555.5)

     
     
     

    Surplus / (Deficit) after issuance and repayment of Government Bonds
    72,665.4
    (70,507.6)

     
     
     

    Financing
     
     

          Domestic
     
     

              Banking Sector (Note 2)
    (72,152.2)
    67,227.5

              Non-Banking Sector
    (513.2)
    3,280.1

          External
    –
    –

     
     
     

    Total
    (72,665.4)
    70,507.6

    * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

     Government Debts as at December 31, 2024 (Note 3)    HK$293,210 millionDebts Guaranteed by Government as at December 31, 2024 (Note 4)    HK$132,387 million TABLE 2. FISCAL RESERVES 

     
    Month endedDecember 31, 2024HK$ million
    Nine months endedDecember 31, 2024HK$ million

    Fiscal Reserves at start of period
    591,412.4
    734,585.4

    Consolidated Surplus / (Deficit) afterissuance and repayment of Government Bonds
    72,665.4
    (70,507.6)

     
     
     

    Fiscal Reserves at end of period(Note 5)
    664,077.8
    664,077.8

     Notes:     1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at December 31, 2024, was HK$229,943 million. 2. Includes transactions with the Exchange Fund and resident banks. 3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise: (i) the Green Bonds (equivalent to HK$203,686 million as at December 31, 2024) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (5,330 million euros with maturity from January 2025 to November 2041), Renminbi (RMB39,000 million with maturity from January 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026); (ii) the Infrastructure Bonds (equivalent to HK$34,597 million as at December 31, 2024) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB6,000 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$28,230 million with maturity from November 2025 to December 2039); and (iii) the Silver Bonds with nominal value of HK$54,927 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.       They do not include the outstanding bonds with nominal value of HK$178,169 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,764 million as at December 31, 2024) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,669 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,357 million will mature within the period from January 2025 to December 2025 and the rest within the period from January 2026 to May 2042. 4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023. 5. Includes HK$249,751 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

     
    Ends/Tuesday, January 28, 2025Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Polytechnic University student joins leadership of St. Petersburg Youth Parliament

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Varvara Bucherova, a Master’s student at the Institute of Industrial Management, Economics and Trade, a resident of the student association “Laboratory of Public Administration”, a member of the youth council of the Kalininsky district and an ambassador of Smolny in SPbPU, was elected Deputy Chairperson of the Youth Parliament of St. Petersburg.

    The Youth Parliament is an advisory and consultative body under the Legislative Assembly of St. Petersburg. The selection of candidates took place in three stages. 570 people submitted applications. A special commission, based on a number of criteria, determined 150 participants in the next stage – a business game, which helped to evaluate the skills and abilities of the candidates. Based on its results, a pool of 64 participants was formed for the third stage – voting for candidates. At this stage, the candidates were supported by more than 71 thousand people. 32 candidates entered the parliament.

    Varvara told us in an interview how she achieved such heights.

    — How did you prepare for the competition for this position? Did you have any doubts about whether you were ready to take on such responsibility?

    — I was worried until the very end about whether I would be able to become deputy chairman or not. For the most part, everything depended on who would be the chairman, because I hoped that I would work with Filipp Chufistov, whom I already knew. In terms of preparation, I was required to do one thing — a speech for nomination, which was not difficult for me.

    — Why did you choose the “State and Municipal Administration” program when you applied?

    — In the eleventh grade, I attended preparatory courses at SPbPU, I think that gave me a push. There were many people there who recommended the direction “State and Municipal Administration”.

    — How did the knowledge you gained at university help you adapt to your new responsibilities?

    — At the university, I gained my first management experience, which will undoubtedly be useful to me. Thanks to the Polytechnic, my colleagues and I were able to create a student association, the Public Administration Laboratory.

    — Have you had any moments of doubt or failure on your way to this position?

    — Of course, I had my doubts, since the election of deputy chairmen is conducted by secret ballot, where a candidate must gain a majority of votes from the total number of members. In other words, if there was a quorum, it was necessary to gain at least 26 votes, regardless of the number of members of parliament present. I managed to gain 37 votes.

    — What do you think is the most important quality of a successful leader?

    — I believe that the most important quality of a successful leader is the ability to listen and hear his team. Of course, there is a whole set of qualities that are necessary for a leader, for example, the ability to speak correctly, organize the work process and delegate tasks, but it is the skill of building high-quality communication with the team that allows you to lead it and be 100% confident in it.

    — What role do mentors play in your professional development?

    — A huge role in most of my achievements and projects is played by mentors, to whom I can always turn. First of all, these are IPMEiT teachers, associate professors of HSAU Maxim Ivanov and Tamara Selentyeva. They are always ready to help, answer any questions, support in difficult times. In addition, another mentor of mine is Nikita Golubov, Chairman of the Youth Council of the Kalininsky District of St. Petersburg. He has his own, no less effective, mentoring methods. He always provides an opportunity to reach a completely new level, even if you are not ready for it. This gives the skill to find a way out of any situation.

    — How do you plan to use this experience for further professional growth? Are there any specific goals you want to achieve in the near future?

    — In the near future, I plan to organize work in the Youth Parliament, defend my master’s thesis, and try to enroll in graduate school. The experience I will gain will definitely help me in building my future career.

    — What advice would you give to a young professional starting out in their career?

    — My advice is to participate everywhere, always and in everything: olympiads, competitions, case championships. Sooner or later you will succeed. The main thing to remember is that you are gaining experience, which gives you an impetus for further development.

    Vladimir Shchepinin, Director of IPMEiT, joined in the congratulations: I am proud that the students of our institute achieve such heights during their student years. Varvara Bucherova was elected to such a responsible position in the Youth Parliament under the Legislative Assembly of St. Petersburg. This achievement demonstrates her leadership qualities, active civic position and desire to contribute to the development of our society. I am confident that she will successfully cope with her new responsibilities and will continue to benefit the city and the country.

    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 China: Tesla, BMW challenge EU tariffs on Chinese EVs

    Source: China State Council Information Office 3

    Tesla and BMW have joined Chinese electric vehicle (EV) manufacturers in challenging the European Union’s (EU) tariffs on Chinese-made EVs, filing cases with the Court of Justice of the European Union (CJEU), according to the court’s website.

    The automakers’ lawsuits follow similar filings last week by Chinese EV manufacturers BYD, Geely, and SAIC, contesting the EU’s additional import tariffs of up to over 35 percent.

    European Commission spokesperson Olof Gill confirmed at a press conference on Monday that the EU is prepared to respond to the case in court.

    Despite strong opposition from industry stakeholders in EU member states, the Commission moved forward with its proposal to impose countervailing tariffs on Chinese EVs in October.

    Under the EU tariff scheme, U.S. automaker Tesla, which manufactures vehicles in China, faces a duty of 7.8 percent after requesting an individual review. BMW, which also produces certain models in China, is subject to a 20.7-percent duty. Tariffs for Chinese manufacturers vary: 17 percent for BYD, 18.8 percent for Geely, and 35.3 percent for SAIC.

    China appealed to the World Trade Organization (WTO) in November last year against the EU’s final ruling on countervailing measures targeting Chinese EVs.

    MIL OSI China News –

  • MIL-OSI: Euronext to acquire Nasdaq’s Nordic power futures business

    Source: GlobeNewswire (MIL-OSI)

    Euronext to acquire Nasdaq’s Nordic power futures business

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris / New York – 28 January 2025 – Euronext (Euronext: ENX), the leading European capital market infrastructure, and Nasdaq (Nasdaq: NDAQ), a leading transatlantic market operator and global technology company, today announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.

    The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearinghouse.

    The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

    Camille Beudin, Euronext Head of Diversified Services, said: “Euronext, with its strong presence in the Nordics and efficient integrated trading and clearing setup, is in an excellent position to deliver a long-standing and liquid power futures market for the Nordic and Baltic region. The acquisition of Nasdaq’s Nordic power futures is a major accelerator for our power futures ambition and positions Euronext as a leading player for trading and hedging of power in Europe.”

    Roland Chai, President of European Markets at Nasdaq, said: “Nasdaq’s European multi-asset class market infrastructure is an integral part of our business as an operator of transatlantic markets. This transaction will further sharpen our focus on strategic growth areas as we lead the European capital markets with strong client commitment, state of the art infrastructure for multi-asset class trading and clearing, and expertise in sustainability solutions. We are pleased that Euronext can offer a compatible power product structure and are confident that it will provide our members with the scale and expertise needed to further their power businesses.”

    In August 2024, Euronext and Nord Pool announced their plan to launch a Nordic and Baltic power futures market that addresses the need expressed by the market to have a long-standing, sustainable market infrastructure committed to developing secure power futures trading in the Nordic and Baltic regions. Client testing for the Euronext Nord Pool power futures offering will open in March 2025. The infrastructure created as part of this project is expected to go live in June 2025 and will be able to support the existing Nasdaq Nordic power futures business.

    Euronext and Nasdaq intend to work closely together to ensure a smooth migration of Nasdaq’s Nordic power futures in the first half of 2026. Until the migration is completed, Nasdaq will continue to operate its Nordic power futures business as usual. On receipt of the required approvals, Nasdaq will inform the market about the timing for the transfer of existing open positions to Euronext and Nasdaq will exit its commodities business post migration. No financial details of the transaction are disclosed.

    CONTACTS – EURONEXT  

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen         

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Nord Pool        Irene Zeier        +47 905 79 250

    Nord Pool        Stuart Disbrey         +44 7887 409 044

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Services        Coralie Patri         +33 7 88 34 27 44                                         

    CONTACTS – NASDAQ

    ANALYSTS & INVESTORS – Ato.Garrett@nasdaq.com

    Investor Relations        Ato Garrett        +1 212 401 8737

    MEDIA – Hampus.Stenberg@nasdaq.com 

    European Market Services        Hampus Stenberg         +46 73 449 64 31   

    About Euronext

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

    As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This communication contains forward-looking information related to Nasdaq and the proposed sale of the Nasdaq Nordic power futures business by an affiliate of Nasdaq to an affiliate of Euronext, which transaction involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “will”, “enable”, “intends”, “plans”, “expected” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction, including statements relating to expectations of future operating results and financial performance, the anticipated timing of closing of the proposed transaction, preparations for the transfers of open interest and the actions of Nasdaq after the closing. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; Nasdaq’s ability to secure regulatory approvals on the terms expected, in a timely manner or at all; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management’s attention from Nasdaq’s ongoing business operations; the negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; and the effect of the announcement or pendency of the transaction on Nasdaq’s business relationships, operating results, and business generally.

    Further information on these and other risks and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of Nasdaq’s website at http://ir.nasdaq.com/investor-relations. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: GRBA’s successful appeal for its House Bed & Bath mark: a warning for well-known brands

    Source: Allens Insights

    Proactive trade mark strategies are essential 12 min read

    In allowing the appeal by Global Retail Brands Australia Pty Ltd (GRBA), the Full Court of the Federal Court found that its use of the mark (the House B&B Mark) did not constitute misleading or deceptive conduct or passing off in relation to proceedings brought by Bed Bath ‘N’ Table Pty Ltd (BBNT) concerning its registered mark (the BBNT Mark).

    In this Insight, we examine GRBA’s successful appeal, including why the decision is a cautionary tale, particularly for well-known brands in relation to the importance of building up reputation in sub-brands or truncated versions of key marks, and provide valuable insights in relation to proactive trade mark strategy.

    Key takeaways

    • Whether or not conduct is likely to mislead or deceive is an objective question which the court must determine for itself. Conduct will be likely to mislead or deceive if there is a real or not remote chance or possibility that the relevant person or class of persons will be misled or deceived. It is not sufficient to merely demonstrate that the conduct may cause ordinary and reasonable consumers to wonder if there is an association.
    • A finding of subjective wilful blindness on the part of a respondent does not rise to the level of, and should not be confused with. an intention to mislead or deceive.
    • In borderline cases of misleading or deceptive conduct, evidence of an intention to deceive or cause confusion can be a relevant factor to take into account in the evaluation of whether there was objectively misleading or deceptive conduct.
    • Expert evidence may be of limited assistance in determining whether consumers are likely to be misled, and the question is ultimately a matter for the court’s impression.

    Overview

    BBNT brought trade mark infringement proceedings in relation to the BBNT Mark, as well as claims under the Australia Consumer Law (ACL) and for passing off. At first instance, Justice Rofe found that BBNT failed in its trade mark infringement claim, but somewhat surprisingly, succeeded in its ACL and passing off claims. This was despite findings by Justice Rofe that the marks were not deceptively similar and that BBNT did not have any independent reputation in BED BATH or in BED & BATH alone (only in the composite phrase BED BATH N TABLE).

    The Full Court allowed the appeal and found that the primary judge had erred in holding that the use by GRBA of its House B&B Mark constituted misleading or deceptive conduct and passing off. BBNT’s cross-appeal on infringement failed.

    The ACL appeal

    Background to the dispute

    BBNT has traded under and by reference to the name BED BATH ‘N’ TABLE since 1976. Since the 1990s, it has consistently used the branding. The appearance of BBNT stores is typically a Hampton’s style, with white walls, wooden floorboards, and no discount signage. It has a dominant position in the soft homewares sector. The evidence also established that no other retailer had used the words ‘bed’ or ‘bath’ in their store names or external signage since that time up to the present. Other retailers had used “bed” and “bath” inside their stores as category descriptors only (not as trade marks).

    GRBA has operated retail stores under the House brand since at least 1978 and is well-established in the hard homewares market. It has operated under the trade mark ‘House’ as well as under a series of sub-brands (‘House WAREHOUSE’, ‘House OUTLET’ etc). House stores typically feature discount marketing in crowded displays.

    In May 2021, GRBA began operating a new soft homewares business using the House B&B Mark. GRBA contended that the intention of adopting the House B&B Mark was to advertise that House had extended into bedroom and bathroom products. GRBA considered obtaining legal advice for the re-branding, but apparently ultimately adopted the new branding without legal consultation. There was also evidence that GRBA was aware of BBNT’s marketing of its brand, including an email in which an employee of GRBA stated ‘we will have Bed bath and table running scared’.

    The dispute

    BBNT brought a claim against GRBA in the Federal Court, alleging that GRBA, in using its House B&B Mark, had:

    1. infringed the BBNT Mark, contravening section 120 of the Trade Marks Act 1995 (Cth) (TMA);
    2. contravened ss 18(1) and 29(1)(a), (g) and (h) of the ACL; and
    3. engaged in the tort of passing off.

    BBNT also had a trade mark opposition on foot but deferred this to run the Federal Court proceedings.

    At first instance, Justice Rofe was not satisfied that GRBA had infringed BBNT’s trade marks because her Honour found that the House B&B Mark was not substantially identical or deceptively similar to the BBNT Mark. There were a number of key differences between the marks including the presence of ‘N’ TABLE’ in the BBNT mark, the presence of the visually significant ‘House’ in the House B&B mark, and differences in presentation and orientation.

    Her Honour did find, however, that, by using its House B&B Mark, GRBA had contravened the ACL, and engaged in the tort of passing off.

    GRBA appealed the finding with respect to the ACL and passing off claims, and BBNT challenged the finding of lack of trade mark infringement in a cross claim (which ultimately failed). This Insight focuses on the Full Court’s reasoning with respect to the ACL claim.

    Misleading or deceptive conduct?

    The primary judge had found that GRBA’s use of the House B&B Mark was likely to mislead or deceive the ordinary and reasonable consumer, even though the marks were not deceptively similar. The Full Court challenged a number of aspects of her Honour’s reasoning. We focus below on how the issues of reputation, the test for misleading or deceptive conduct, descriptiveness, and intention played into the decision:

    (a) Reputation

    Justice Rofe considered that the reputation of BBNT was ‘crucial’ to the different outcomes for the trade mark infringement claim and the misleading conduct claim. Her Honour noted that BBNT had acquired an extensive reputation in the BBNT Mark in the soft homewares market in Australia for over 40 years. Although Justice Rofe found that BBNT had a reputation in the BBNT Mark, her Honour did not find that it had an independent reputation in BED BATH or in BED & BATH alone. BBNT had provided some evidence of truncation of the BBNT Mark by consumers to ‘BED BATH’ or ‘BED & BATH’, however, Justice Rofe ultimately did not think the evidence provided of some truncation in informal settings (such as telephone calls and in-store conversations) justified a finding that ordinary consumers typically truncated the mark, or that BBNT had any reputation in ‘BED BATH’ or ‘BED & BATH’. Her Honour nevertheless went on to find that reasonable consumers coming across the House B&B Mark and store for the first time would question whether there was some association between this brand and BBNT (for instance, questioning whether they had merged or whether GRBA had taken over BBNT).

    The Full Court, however, considered that Justice Rofe’s finding that there was no independent reputation in ‘BED BATH’ or ‘BED & BATH’ demonstrated that it was the use of the composite phrase ‘BED BATH ‘N’ TABLE’ or ‘BED BATH AND TABLE’ only that would indicate the existence of a commercial association between the business operating under that name and another business using a different name which also included the words ‘BED & BATH.’ As a result, the Full Court found that Justice Rofe’s findings on reputation were inconsistent with her conclusion that the use by GRBA of the House B&B Mark was likely to lead ordinary and reasonable consumers to believe that the store was associated in some way with stores operated under the BBNT name.

    (b) Test for misleading or deceptive conduct

    Further, the Full Court found that Justice Rofe erred in applying the test for misleading or deceptive conduct. The court highlighted that even if use of the House B&B Mark by GRBA ‘may cause ordinary and reasonable consumers to wonder if there is any such association’ (which, as outlined above, the Full Court considered unlikely), that would not be sufficient to justify a finding that GRBA had engaged in conduct likely to mislead or deceive. Rather, conduct will be likely to mislead or deceive if there is a real or not remote chance or possibility that the relevant person or class of persons will be misled or deceived. This is an objective question which the court must determine for itself.

    (c) Descriptiveness

    The Full Court also emphasised that conduct that causes confusion is not necessarily co-extensive with misleading or deceptive conduct. It cited a passage from Hornsby Building Information Centre Pty Ltd v Sydney Building Information Centre Ltd which highlights that choosing descriptive words as a part of a trade name can enliven the possibility of blunders by members of the public, and that this small risk of confusion must be accepted:

    ‘So long as descriptive words are used by two traders as part of their respective trade names, it is possible that some members of the public will be confused whatever the differentiating words may be.” The risk of confusion must be accepted, to do otherwise is to give to one who appropriates to himself descriptive words an unfair monopoly in those words and might even deter others from pursuing the occupation which the words describe.’

    The Full Court accepted that the BBNT Mark is not purely descriptive (BBNT does not sell beds, baths or tables); rather it is partly descriptive.  Drawing a somewhat long bow, the Full Court considered that the BBNT Mark conveys that the products on sale in the stores trading under the BBNT mark are related in some way to beds baths and tables.

    The Full Court considered that there are two ways that consumers might be confused by use of the House B&B Mark:

    1. by confusing the two marks despite the differentiating element of HOUSE; or
    2. by drawing an inference from the presence of BED BATH or BED & BATH in the two marks that there was some association between the businesses using them.

    The Full Federal Court dismissed the first option, opining that the differences between the two marks were substantial and obvious to anyone but a careless observer. It dismissed the second option on the basis that their Honours considered that, even if consumers associated the words BED & BATH with BBNT, they were unlikely to be misled into thinking that the two businesses were associated, given the significant differences between the two names. In the Full Court’s opinion, consumers were likely to do no more than infer that both businesses were engaged in the supply of soft homewares for bedrooms and bathrooms.

    (d) Intention

    The case law indicates that an intention to deceive can be relevant to whether conduct is likely to mislead or deceive. At first instance, Justice Rofe found that GRBA’s failure to seek legal advice in relation to the re-branding, its knowledge of BBNT’s reputation and ‘fierce’ determination not to alter the House B&B Mark even after becoming aware of some evidence of confusion with BBNT’s brand, fell short of intention to deceive, but did amount to ‘wilful blindness’. Her Honour took this wilful blindness into account when she considered whether there was misleading or deceptive conduct. However, the Full Court noted that intention is only one factor among many in the assessment, and ultimately even if there is an intention to deceive, if the impugned mark does not sufficiently resemble the registered owner’s mark, there will be no likelihood of deception. The Full Court also highlighted that the case law (Verrocchi v Direct Chemist Outlet Pty Ltd [2016] FCAFC 104) indicates that an intention to deceive ought only to be taken into account in borderline cases of misleading or deceptive conduct, which their Honours considered this case was not. In any event, ‘wilful blindness’ was not equivalent to an ‘intention to deceive’. The Full Court found that the primary judge had misapplied the test, by relying on wilful blindness to the risk of confusion as ‘reliable and expert opinion on the question of whether GRBA’s conduct was likely to deceive, particularly in circumstances where her Honour declined to find that GRBA had any commercial dishonest intention to appropriate part of BBNT’s trade or reputation.’

    Ultimately, the Full Court found that the primary judge erred in concluding that, by using the House B&B mark, GRBA had engaged in misleading or deceptive conduct, and the appeal was allowed.  

    Actions you can take now

    • This decision indicates the importance of proactive trade mark strategies, even for longstanding brands with significant reputation. Reputation cannot be taken into account in trade mark infringement proceedings under sections 120(1) or 120(2) TMA, and generally only under s60 at the opposition stage, although in the context of registration it may still be possible to consider reputation under section 44 in arguments concerning imperfect recollection. So, even if a company’s brand is very well known in Australia, this does not matter for an assessment of infringement (whether the impugned mark is substantially identical or deceptively similar to the well-known mark).
    • Careful and proactive branding strategies should be considered, for instance: ensuring that any sub-brands, brand extensions, or truncated versions of the brand are protected alongside the core marks. It is advisable to monitor actual use of your company’s marks in the market and keep up to date with any changes in how the marks are used by consumers. If there are truncated versions being used, or quasi descriptive aspects of the marks that you would nevertheless not like a competitor to be able to capitalise on (such as BED & BATH or BED N BATH), it will be important to seek to register these versions with appropriate modifications.
    • Similarly, even if these sub-brands or truncated versions cannot be registered immediately, companies can nevertheless implement strategies to build up reputation in them (with a view to future registration). In this case, a failure to build up reputation in BED BATH or BED & BATH made it difficult for BBNT to make out an ACL claim in relation to GRBA’s use of the House B&B Mark. GRBA was able to argue its use was not misleading or deceptive as BBNT did not have reputation in BED BATH or BED & BATH alone.
    • When making strategic decisions between trade mark opposition proceedings and actions for infringement and under the ACL, it is important to consider which provisions best serve your interests and enforcement objectives. In this case, BBNT deferred its opposition proceeding to the House B&B Mark in order to bring proceedings in the Federal Court. With the benefit of hindsight, might BBNT have fared better by focusing on the opposition, which allows prior reputation in a mark that is not deceptively similar to the opposed mark to be taken into account? While a successful opposition would not have prevented use of the challenged mark, it may have encouraged the parties to review their respective positions.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Hong Kong Customs combats unfair trade practices at pre-sale game card company

    Source: Hong Kong Government special administrative region

         Hong Kong Customs yesterday (January 27) arrested a sole director and a person-in-charge of a trading company suspected of engaging in wrongly accepting payments when selling game cards, in contravention of the Trade Descriptions Ordinance (TDO).

         Customs earlier received a number of reports alleging that a trading company, when selling game cards, had failed to supply the ordered goods within the specified date or a reasonable period after accepting payments from customers.  Also, no refund was offered.  The total amount involved in the case is approximately $450,000, with the largest individual case amounting to around $65,000.

         After an investigation, Customs officers arrested a female sole director, aged 30, and a 31-year-old man-in-charge of the company. 

         The investigation is ongoing. The two arrestees are released on bail pending further investigation.

         Customs has long been concerned about illegal activities involving pre-sold products and strived to combat unfair trade practices to protect consumer interests.

         Under the TDO, it is an offence for a trader to accept payments for a product if at the time of accepting the payments, he does not intend to supply it or intends to supply another materially different product, or if there are no reasonable grounds for believing that he will be able to supply the product within a specified or reasonable time. The maximum penalty upon conviction is a fine of $500,000 and imprisonment of five years.

         Customs reminded traders to comply with the requirements of the TDO. Traders should not accept advance payments from consumers if they are uncertain whether the pertinent goods or services can be delivered to consumers within a specified or reasonable time. Before buying a popular product, consumers should pay attention to its supply quantity and supply period, including the announcement made by the brand owners for reference. Also, they should make orders through reputable traders. After purchasing the products, consumers should keep the transaction documents, such as records of communication, receipts of payment, etc., as the basis of a potential complaint in the future.

         â€‹Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

    MIL OSI Asia Pacific News –

  • MIL-OSI: ING to sell its business in Russia to Global Development JSC

    Source: GlobeNewswire (MIL-OSI)

    ING to sell its business in Russia to Global Development JSC

    ING announced today that it has reached an agreement on the sale of its business in Russia to Global Development JSC, a Russian company owned by a Moscow-based financial investor with a background in factoring services. This transaction will effectively end ING’s activities in the Russian market. Under the terms of the agreement, Global Development will acquire all shares of ING Bank (Eurasia) JSC, taking over all Russian onshore activities and staff. Global Development intends to continue to serve customers in Russia under a new brand. The transaction, which has been preceded by extensive due diligence, is subject to various regulatory approvals and is expected to be closed in the third quarter of 2025.

    Since February 2022, ING has taken on no new business with Russian companies, has scaled down operations and has taken actions to separate the business from ING’s networks and systems. At the same time ING’s total lending exposure to Russian clients has been reduced by more than 75%.

    ING expects a negative P&L impact of around €0.7 billion post tax. This includes an estimated book loss of around €0.4 billion, representing the difference between the sale price and the book value of the business, which would have a negative impact of around 5 basis points on ING’s CET1 ratio. It also includes an estimated negative impact of around €0.3 billion from recycling the currency translation adjustment through P&L, that is currently booked in equity for past changes of the value of ING Bank (Eurasia) JSC as a result of exchange rate movements. This currency translation adjustment recycling will not affect ING’s CET1 ratio and resilient net profit.

    After the transaction, ING will continue to further reduce its offshore exposure to Russian clients. This exposure, which is booked by other ING entities outside of Russia, amounted to €1.0 billion as of 30 September 2024, of which €0.5 billion is under ECA or CPRI cover.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI: Bitfarms Enters into a Binding LOI with HIVE Digital Technologies for the Sale of its Yguazu, Paraguay Site

    Source: GlobeNewswire (MIL-OSI)

    -Bitfarms to reinvest capital in US growth opportunities-

    -Accretive transaction values the completed site at ~$85 million and significantly reduces anticipated 2025 capital requirements-

    -Rebalances YE 2025 proforma energy portfolio to ~80% North American & 20% international-

    -Reduces expected average power costs by ~10%-

    This news release constitutes a “designated news release” for the purposes of Bitfarms’ second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin data center company, today announced that it has entered into a binding Letter of Intent (“LOI”) to sell its 200 MW site in Yguazu, Paraguay to HIVE Digital Technologies, Ltd (“HIVE”). The transaction is expected to close in the first quarter of 2025.

    Bitfarms CEO Ben Gagnon stated, “We are pleased to announce the sale of our Yguazu site to HIVE as we continue to streamline our operations and rebalance towards North America. Bitfarms will be reinvesting the capital from this sale towards its 1 GW growth pipeline in the U.S. for BTC and HPC/AI infrastructure which marks a significant milestone in our transition from an international Bitcoin miner to a North American energy and compute infrastructure company.”

    “We remain fully committed to our current operations in Latin America, with three sites totaling 144 MW that all benefit from long-term power contracts, competitive pricing and geographical diversification. This shift towards U.S.-based assets is in-line with our strategy to diversify beyond Bitcoin mining and capitalize on the significant growth opportunities in HPC/AI.”

    Terms
    Under the terms of the binding LOI, HIVE will purchase from Bitfarms its 100% ownership stake of its Yguazu, Paraguay Bitcoin mining site. The proposed transaction values the completed site at approximately $85 million, inclusive of approximately $19 million of power deposits with ANDE and the assumption of remaining capital obligations.

    Bitfarms to receive:

    • $25 million upon closing of this transaction
    • $31 million over 6 months following closing
    • $19 million as reimbursement for power deposits made to ANDE by Bitfarms
    • Approximately $10 million in remaining capital obligations

    Transaction Benefits

    • Significantly reduces Bitfarms’ anticipated 2025 capital requirements.
    • Rebalances portfolio to ~80% North American and 20% International by YE 2025, when coupled with our acquisition of Stronghold Digital Mining, which is expected to close in the next couple of months.
    • Reduces estimated average power costs by ~10%.
    • Does not impact miner deployment schedule. Reduces YE 2025 MW capacity from 955 MW to 755 MW.

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the sale of the Yguazu, Paraguay Site, the merits of the rebalancing operations to North America, the reinvestment of the proceeds of the sale for growth, the North American energy and compute infrastructure strategy, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: an inability to complete the sale of the Yguazu, Paraguay Site on the terms as announced or at all; the reinvestment of the proceeds of the sale may not occur on an economic basis; the anticipated benefits of the rebalancing of operations to North America and the North American energy and compute infrastructure strategy may not be realized; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine Bitcoin; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current Bitcoin inventory, or at all; a decline in Bitcoin prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of Bitcoin prices; the anticipated growth and sustainability of hydroelectricity for the purposes of Bitcoin mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate Bitcoin mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of Bitcoin and the ability to mine Bitcoin that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com

    The MIL Network –

  • MIL-OSI Asia-Pac: Detainee returns to HK

    Source: Hong Kong Information Services

    The Security Bureau today said that a Hong Kong resident who was recently rescued after being detained in Myanmar, where he was forced to work illegally, returned to Hong Kong from Thailand with the bureau’s dedicated task force last night.

    The task force travelled to Bangkok on confirmation of the Hong Kong resident concerned having arrived there from Myanmar. Its co-ordination and liaison with various other parties resulted in the man being reunited with his family in Hong Kong before the Lunar New Year.

    The task force expressed gratitude to the Thai authorities for their humane handling of the case, saying it had allowed him to return to Hong Kong as soon as possible.

    The bureau also thanked the Office of the Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region; the Chinese Embassy in the Republic of the Union of Myanmar; the Chinese Embassy in the Kingdom of Thailand; the Consulate General of the People’s Republic of China in Chiang Mai; the Consulate-General of Myanmar in Hong Kong; the Royal Thai Consulate-General, Hong Kong; and the Hong Kong Economic & Trade Office in Bangkok.

    The task force is following up on the cases of the remaining 10 cases of 10 individuals who have not yet returned to Hong Kong. It is exchanging intelligence with directors of special investigations and human trafficking in Thailand’s Ministry of Justice.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: 23-2025: Scheduled Outage: Saturday 01 February to Sunday 02 February 2025 – DAFF messaging, SeaPest

    Source: Australia Government Statements – Agriculture

    28 January 2025

    Who does this notice affect?

    All users of the Seasonal Pests (SeaPest) system.

    All clients submitting the below declarations:

    • Full Import Declaration (FID)
    • Long Form Self Assessed Clearance (LFSAC)
    • Short Form Self Assessed Clearance (SFSAC)
    • Cargo Report Self Assessed Clearance (CRSAC)
    • Cargo Report Personal Effects (PE)

    Information

    Due to scheduled infrastructure maintenance at the Department of…

    MIL OSI News –