Category: Trade

MIL-OSI China: Arab health exhibition showcases Chinese innovations in medical technology

Source: China State Council Information Office

People visit the booth of a Chinese company during the 50th Arab Health Exhibition in Dubai, the United Arab Emirates, on Jan. 27, 2025. The 50th Arab Health Exhibition opened on Monday at the Dubai World Trade Center, featuring over 4,000 exhibitors from various countries, including more than 800 Chinese companies. (Xinhua/Wen Xinnian)

The 50th Arab Health Exhibition opened on Monday at the Dubai World Trade Center, featuring over 4,000 exhibitors from various countries, including more than 800 Chinese companies.

The four-day event showcases medical devices, equipment, home healthcare products, and portable health solutions. Chinese companies have garnered considerable attention from attendees due to their innovative technologies, including blood purification, respiratory therapy, smart health management systems, and comprehensive healthcare solutions.

Gao Guangyong, chairman of Chongqing SWS Medical Co., a Chinese medical equipment manufacturer, said Chinese companies are emerging as key players in the global health industry, citing their strengths in technological innovation, full-chain solutions, and cost efficiency.

Ahead of the exhibition, Yuwell Group, a Chinese household healthcare manufacturer, signed a strategic investment and cooperation agreement with U.S. oxygen concentrator manufacturer Inogen in Dubai.

“This partnership will drive the global adoption of high-quality respiratory products and contribute to advancing the healthcare sector worldwide,” said Wu Qun, chairman of Yuwell Group.

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MIL OSI China News –

January 28, 2025
MIL-OSI China: Tesla, BMW join Chinese EV makers in challenging EU tariffs

Source: China State Council Information Office

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 –

January 28, 2025
MIL-OSI Australia: 20-2025: Services Restored: Tuesday 28 January 2025 – BICON external website

Source: Australia Government Statements – Agriculture

28 January 2025

Who does this notice affect?

All clients required to use the department’s Biosecurity Import Conditions System (BICON) – external website.

Information

Between 10:06 and 10:53 on Tuesday 28 January 2025 (AEDT) the BICON external website was experiencing an unplanned outage.

This issue has since been resolved, and BICON external website users can now access these services as normal.

Action

No action required. The department…

MIL OSI News –

January 28, 2025
MIL-OSI New Zealand: Tax Issues – Overwhelming support for Capital Gains Tax welcomed – TJA

Source: Tax Justice Aotearoa (TJA)

28 January 2025 – A new survey showing strong support for a capital gains tax among workers has been welcomed by Tax Justice Aotearoa (TJA).

TJA chair Glenn Barclay said the latest Council of Trade Unions (CTU) Te Kauae Kaimahi Mood of the Workforce survey showed almost 90 per cent of respondents were in favour of a capital gains tax.

“We welcome this result, which shows almost universal support for a capital gains tax among workers,” Mr Barclay said.

The CTU survey asked “Should a greater share of public services such as health and education be paid for by taxing non-income profit via a capital gains tax?” – with 87.7% answering in favour.

“It supports what we know from public surveys held last year – and shows support is growing, with our own survey in 2023 finding 62 per cent of respondents thought all income should be taxed the same way, regardless of how it is earned.

“A capital gains tax is now widely accepted as the tax we need to have, because we are so far out of step with the rest of the developed world when it comes to taxing capital gains.

“Aotearoa is an outlier internationally, in that we do not tax capital gains in a comprehensive way – and this latest survey shows it’s no longer a political taboo.

“However, a capital gains tax is not the silver bullet for our unfair and unjust tax system.

“There are other options – such as wealth tax and excess profits taxes – that Aotearoa needs to consider in order to adequately fund public services, including health and education – and to help address inequality and challenges arising from climate change.”

MIL OSI New Zealand News –

January 28, 2025
MIL-OSI New Zealand: Awards and Recognition – Site Safe Announces 2025 Health and Safety Award Finalists
Source: Site Safe

Site Safe today announced the finalists for its 2025 Health and Safety Awards, celebrating excellence in workplace safety across Aotearoa New Zealand.

The finalists, representing a diverse range of industries, will now compete at the largest health and safety event of the year, the Evening of Celebration, for top honours at a gala evening held at the Due Drop Event Centre in Auckland on 5 March 2025, attended by hundreds of industry leaders and safety professionals.

“We are incredibly proud to announce these outstanding finalists,” said Brett Murray, Chief Executive of Site Safe.

“The record number of entries received this year underscores the importance industry places on effectively managing health and safety risks in their workplaces. It’s inspiring to see the dedication and innovation showcased by these individuals, teams, and organisations.”

The judging panel, comprised of respected industry representatives and safety professionals, were highly impressed by the calibre of entries.

The judges commented, “Selecting the finalists was a challenging task, as the level of innovation, dedication, and positive impact demonstrated by all applicants was truly exceptional.”

Here are the 2025 Site Safe Award Finalists:

The  Safety Innovation Award:

Beon  Energy Solutions: Beon’s new Pile Extractor revolutionises solar farm construction by safely and efficiently removing piles. Unlike traditional methods, which are dangerous and inefficient, the Pile Extractor is operated by one person, applies controlled forces, and eliminates the need for heavy machinery. This innovation enhances worker safety, increases productivity, and promotes a safer work culture within the renewable energy sector.

Fulton  Hogan: The SH1 Brynderwyns Recovery Project faced challenges due to the terrain, environmental concerns, and a major slip. Despite these obstacles, the team innovated, employing remote-controlled machinery to safely clear unstable slopes. This approach ultimately ensured a safer and more efficient recovery effort.

Traffic  Safe NZ: Traffic Safe developed a robotic system to eliminate the dangerous manual placement of road cones. This system uses cameras, sensors, and a robotic arm mounted on a truck to automatically deploy and retrieve cones, significantly reducing worker risk.

The  Safety Leadership Award:

The  DEI team, New Zealand Defence Force: Defence Estate and Infrastructure (DEI) manages health and safety for numerous contractors across NZ. DEI developed the CHESS framework, outlining minimum H&S requirements for all contractors, with a focus on high-risk work. This framework is successfully implemented and fully supported by NZDF leadership. DEI prioritises H&S in all projects, striving to ensure all personnel return home safely each day.

Yolanda  Oosthuizen – Horizon Energy Group: As the Horizon Energy Group GM for HSEQ, Yolanda has led safety, wellness, quality, and sustainability. She champions their ESG agenda, fostering a Switched-ON safety culture. Her focus is on visionary leadership, aligning safety with organisational goals. Effective communication and measurable impact drive initiatives like the implementation of the ecoPortal Safety System. She also mentors’ future leaders, positioning Horizon as an industry leader in safety and sustainability.

Jamie  Greentree – Kinetic Electrical Wellington: Jaime started an electrical business with minimal health and safety focus initially. However, post-COVID, Jaimie prioritised compliance, investing in staff training and achieving a NZ Certificate in Workplace Health and Safety Practice (Level 3). As the sole director, Jaimie led this change, influencing other franchisees. As a small business, he adapted to the economic climate by diversifying.

The  Safety Contribution Award (Team):

Canterbury  Aluminium Ltd: Chris and Nicky Averill acquired Canterbury Aluminium in 2022, prioritising staff health and safety. They believe a strong health and safety culture leads to happy staff and satisfied clients. The company’s Health & Safety Committee fosters a collaborative environment where all employees are encouraged to prioritise safety in their work. This award nomination recognises the committee’s efforts to improve health and safety outcomes for all staff.

Mason  Clinic Project – Southbase: Southbase Construction implemented numerous safety initiatives on the Mason Clinic project, fostering a strong safety culture. These measures included Wellbeing and Suicide Prevention, Health15 Program, Collaboration with Safety Brands and Organisations, Working at Height/Dropped Objects, Emergency Scenario Drills, and Health and Safety Recognition.

Tradestaff  Group Ltd: Tradestaff’s Safety Team has successfully fostered a safety-first culture within the construction sector. They’ve addressed challenges specific to on-hire labour, including short-term placements and diverse demographics. By focusing on candidates, clients, and consultants, they’ve implemented initiatives that promote safer onsite outcomes and drive cultural change in health and safety.

The  Safety Contribution Award (Individual):

Glen  Sturgess, Naylor Love: Glen is a dedicated Health & Safety Champion. He consistently goes above and beyond to ensure site safety. Glen excels in logistics, effectively communicating safe movement of vehicles and personnel.

Shelley  Compston – Apprentice Training Trust: Shelley is a Health & Safety Co-ordinator and excels in improving workplace safety. She fosters a strong safety culture, inspires colleagues, and drives continuous improvement. Through effective collaboration and communication, she encourages best practices among hosts, staff, and apprentices. Shelley’s leadership, innovation, and dedication to protecting workers are exemplary.

Mark  Nicholas – Accent Construction: Mark utilises weekly toolbox meetings to upskill his construction team beyond basic safety. He develops workshops and bulletins on diverse topics like site access, hot works, and mental wellbeing. These initiatives enhance worker awareness and knowledge, leading to a stronger safety culture within the company and among subcontractors. Workers are better equipped to identify and manage hazards onsite.

The  Mental Health and Wellbeing Award:

Workforce  Central Dunedin: Dunedin Hospital Outpatients workers enjoy exceptional onsite care. Services include free haircuts, health screenings, physio, GP consultations, and mental health support. Recreational activities like cornhole and billiards are provided. The site promotes a positive work-life balance and worker well-being through initiatives like Maori Language Week and Suicide Awareness Day. Workers consistently praise the unique and supportive environment.

Anita  Teo-Tavita – Programmed: Anita leads the Programmed Mental Health First Aid training, both internally and in the community. She’s a key figure in promoting worker wellbeing, taking a holistic approach. Anita not only facilitates training but also supports workers with initiatives outside of work hours, demonstrating her commitment to their overall wellbeing.

Tūpore: At Tūpore, prioritising mental wellbeing is core. They have created a supportive whanau culture, with initiatives like the “Raranga Oranga” role and the Big Buds programme. These efforts, combined with tikanga Māori practices and community partnerships, foster a thriving and connected workforce. This focus on mental health has significantly improved employee wellbeing and reduced the impact of high suicide rates in Hawke’s Bay.

The  Future Safety Leader Award:

Aimee  Daw – Programmed: Aimee, initially a HSEQ Administrator at AIMs, quickly advanced to HSEQ Coordinator at Programmed, providing key HSEQ support. Despite her short tenure and lack of HSEQ background, her contributions have been significant, particularly in improving safety systems and processes. She is recognized for her dedication, resilience, and impactful safety leadership.

Fern  Harper – Naylor Love: Fern’s outstanding contributions to health & safety and her dedication, leadership, and commitment to safety excellence have inspired others. Fern’s inclusive approach and proactive nature make her an exceptional Emerging Practitioner in the field of health and safety.

Fiona  Brabant – Cook Brothers Construction: Fiona, or Fi, is a passionate Health & Safety leader at Cook Brothers Construction in Queenstown and Wanaka. Joining recently, she prioritises team wellbeing, viewing colleagues as people, not just workers. Her background in health drives innovation and motivation. From onsite care to wellness initiatives, Fi strives to ensure everyone returns home safely, despite the challenges.

The Site Safe Awards recognise and celebrate individuals, teams, and organisations that have made significant contributions to improving workplace safety in New Zealand. These awards provide valuable recognition and inspire others to prioritise safety in their workplaces. About Site Safe Site Safe is a leading provider of health and safety training and consultancy services in New Zealand. We are committed to empowering New Zealanders to work safely and return home safely every day. For more information about Site Safe’s Evening of Celebration, click HERE: https://www.sitesafe.org.nz/about/news-and-events/events/2025-auckland-evening-of-celebration/
MIL OSI New Zealand News –
January 28, 2025
MIL-OSI: Purpose Investments Files Preliminary Prospectus for the World’s First Solana ETF

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the pioneer behind the world’s first Bitcoin ETF and Ether ETF, is pleased to announce that it has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of Purpose Solana ETF.

The Purpose Solana ETF seeks to invest substantially all of its assets in long-term holdings of Solana and to provide holders of ETF Units with the opportunity for long-term capital appreciation.

“At Purpose, we are committed to pioneering innovation and bridging the gap between traditional and decentralized finance to unlock new opportunities for investors,” said Som Seif, founder and CEO of Purpose Investments. “We have long believed in the transformative potential of crypto and decentralized finance and have taken a thoughtful, measured approach to making these innovations accessible to investors. In 2021, we led the way with the world’s first spot Bitcoin ETF, followed shortly by the first Ether ETF. With the continued evolution of the Solana blockchain network, we believe now is the time to provide investors with direct exposure to Solana, further expanding access to this emerging digital asset ecosystem.”

“We are committed to providing investors with access to this exciting opportunity in a simple, secure, and efficient manner through the ETF structure,” added Vlad Tasevski, Chief Innovation Officer of Purpose.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

A preliminary simplified prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy shares of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose or at www.purposeinvest.com.

Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.

The MIL Network –

January 28, 2025

MIL-OSI: Five Star Bancorp Announces Quarterly and Annual Results

Source: GlobeNewswire (MIL-OSI)

RANCHO CORDOVA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024 and $10.8 million for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 was $45.7 million, as compared to $47.7 million for the year ended December 31, 2023.

Financial and Other Highlights

Performance highlights and other developments for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	December 31, 2024			September 30, 2024			December 31, 2023
Return on average assets (“ROAA”)		1.31	%		1.18	%		1.26	%
Return on average equity (“ROAE”)		13.48	%		11.31	%		15.45	%
Pre-tax income	$	19,367		$	15,241		$	15,151
Pre-tax, pre-provision income⁽¹⁾	$	20,667		$	17,991		$	15,951
Net income	$	13,317		$	10,941		$	10,799
Basic earnings per common share	$	0.63		$	0.52		$	0.63
Diluted earnings per common share	$	0.63		$	0.52		$	0.63
Weighted average basic common shares outstanding		21,182,143			21,182,143			17,175,445
Weighted average diluted common shares outstanding		21,235,318			21,232,758			17,193,114
Shares outstanding at end of period		21,319,083			21,319,583			17,256,989

	Year ended
(in thousands, except per share and share data)	December 31, 2024			December 31, 2023
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Pre-tax income	$	64,721		$	66,616
Pre-tax, pre-provision income⁽¹⁾	$	71,671		$	70,616
Net income	$	45,671		$	47,734
Basic earnings per common share	$	2.26		$	2.78
Diluted earnings per common share	$	2.26		$	2.78
Weighted average basic common shares outstanding		20,154,385			17,166,592
Weighted average diluted common shares outstanding		20,205,440			17,187,969
Shares outstanding at end of period		21,319,083			17,256,989

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“While we focus on the future and maintaining a position of distinction and respect in the markets we serve, we proudly look back at 2024 as another outstanding year of achievement. We experienced consistent, strong financial performance with year-over-year growth in loans and deposits, a consistent shareholder dividend, and stable net interest margin. We also continued our successful execution of our San Francisco market expansion and now have 27 employees in the San Francisco Bay Area who contributed $229.5 million in deposits from June 5, 2023 to December 31, 2024. We have managed expenses and executed on conservative underwriting practices, which are foundational to our success.

Five Star Bank consistently executes on client and community-focused initiatives, and in 2024, we received a Super Premier rating from Findley Reports, an IDC Superior rating, and a Bauer Financial rating of 5 stars (out of five). We were also awarded the prestigious 2023 Raymond James Community Bankers Cup, were among S&P Global Market Intelligence’s 2023 Top 20 Best-Performing Community banks in the nation (with assets between $3 billion and $10 billion), and were ranked fifth on the 2024 Bank Director Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion. We also received the Greater Sacramento Economic Council’s Sustainability Award recognizing a company that has supported industry growth in the Greater Sacramento region.

In 2024, our senior leadership was recognized by the Sacramento Business Journal with a C-Suite Award, a Women Who Mean Business honor, a 40 Under 40 recognition, and placement on the Power 100 list. Our senior leadership was also recognized on the San Francisco Business Times’ Newsmaker 100 list, as part of the Independent Community Bankers of America’s 40 Under 40: Emerging Community Bank Leaders, among the Association of Latino Professionals for America’s 50 Most Powerful Latinas, and with a National Association of Women Business Owners’ Sacramento Valley Outstanding Women Leaders’ Executive Woman award.

Being recognized as community leaders ensures Five Star Bank remains top of mind in the markets we serve as we continue to build-out our market presence. I am humbled and proud of our team’s accomplishments and look forward to the future.”

Financial highlights included the following:

The San Francisco Bay Area team, which increased from 24 to 27 employees during the three months ended December 31, 2024, generated deposit balances totaling $229.5 million at December 31, 2024, an increase of $40.4 million from September 30, 2024.
Cash and cash equivalents were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 7.38% at September 30, 2024.
Total deposits increased by $158.0 million, or 4.65%, during the three months ended December 31, 2024, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and public time deposits. During the three months ended December 31, 2024, non-wholesale deposits increased by $8.0 million, or 0.27%, and wholesale deposits increased by $150.0 million, or 36.59%.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.21% for the three months ended December 31, 2024, as compared to 43.37% for the three months ended September 30, 2024.
For the three months ended December 31, 2024, net interest margin was 3.36%, as compared to 3.37% for the three months ended September 30, 2024 and 3.19% for the three months ended December 31, 2023. For the year ended December 31, 2024, net interest margin was 3.32%, as compared to 3.42% for the year ended December 31, 2023. The effective Federal Funds rate fell to 4.33% as of December 31, 2024 from 4.83% as of September 30, 2024 and 5.33% as of December 31, 2023.
Other comprehensive loss was $2.6 million during the three months ended December 31, 2024. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of December 31, 2024. Total carrying value of held-to-maturity and available-for-sale securities represented 0.07% and 2.48% of total interest-earning assets, respectively, as of December 31, 2024.
The Company’s common equity Tier 1 capital ratio was 11.02% and 10.93% as of December 31, 2024 and September 30, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Loan and deposit growth in the three and twelve months ended December 31, 2024 was as follows:

(in thousands)	December 31, 2024		September 30, 2024		$ Change		% Change
Loans held for investment	$	3,532,686	$	3,460,565	$	72,121	2.08	%
Non-interest-bearing deposits		922,629		906,939		15,690	1.73	%
Interest-bearing deposits		2,635,365		2,493,040		142,325	5.71	%

(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Loans held for investment	$	3,532,686	$	3,081,719	$	450,967	14.63	%
Non-interest-bearing deposits		922,629		831,101		91,528	11.01	%
Interest-bearing deposits		2,635,365		2,195,795		439,570	20.02	%

The ratio of nonperforming loans to loans held for investment at period end decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024.
The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended December 31, 2024. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on January 16, 2025, which the Company expects to pay on February 10, 2025 to shareholders of record as of February 3, 2025.

Summary Results

Three months ended December 31, 2024, as compared to three months ended September 30, 2024

The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024. Net interest income increased by $3.1 million, primarily due to an increase in interest income driven by a larger average balance of interest-earning assets, partially offset by an increase in interest expense due to a larger average balance of deposits, as compared to September 30, 2024. The provision for credit losses decreased by $1.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Non-interest income increased by $0.3 million, primarily due to income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a loss from equity investments in venture-backed funds during the three months ended September 30, 2024. Non-interest expense increased by $0.7 million, primarily due to: (i) increased salaries and employee benefits mainly resulting from increased loan production driving higher commissions expense period-over-period; and (ii) increased advertising and promotional expenses due to a larger number of events sponsored and attended period-over-period.

Three months ended December 31, 2024, as compared to three months ended December 31, 2023

The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.8 million for the three months ended December 31, 2023. Net interest income increased by $6.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $0.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Non-interest income decreased by $0.3 million, primarily due to lower swap referral and rate lock fees during the three months ended December 31, 2024 compared to the same quarter of the prior year. Non-interest expense increased by $1.8 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

Year ended December 31, 2024, as compared to year ended December 31, 2023

The Company’s net income was $45.7 million for the year ended December 31, 2024, as compared to $47.7 million for the year ended December 31, 2023. Net interest income increased by $8.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $3.0 million, or 73.75%, as loan originations in the year ended December 31, 2024 were almost double those for the year ended December 31, 2023. Non-interest income decreased by $1.1 million, primarily due to lower income received on equity investments in venture-backed funds during the year ended December 31, 2024 than during the year ended December 31, 2023. Non-interest expense increased by $6.7 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	December 31, 2024			September 30, 2024			$ Change			% Change
Selected operating data:
Net interest income	$	33,489		$	30,386		$	3,103		10.21	%
Provision for credit losses		1,300			2,750			(1,450	)	(52.73)	%
Non-interest income		1,666			1,381			285		20.64	%
Non-interest expense		14,488			13,776			712		5.17	%
Pre-tax income		19,367			15,241			4,126		27.07	%
Provision for income taxes		6,050			4,300			1,750		40.70	%
Net income	$	13,317		$	10,941		$	2,376		21.72	%
Earnings per common share:
Basic	$	0.63		$	0.52		$	0.11		21.15	%
Diluted	$	0.63		$	0.52		$	0.11		21.15	%
Performance and other financial ratios:
ROAA		1.31	%		1.18	%
ROAE		13.48	%		11.31	%
Net interest margin		3.36	%		3.37	%
Cost of funds		2.65	%		2.72	%
Efficiency ratio		41.21	%		43.37	%

	Three months ended
(in thousands, except per share data)	December 31, 2024			December 31, 2023			$ Change			% Change
Selected operating data:
Net interest income	$	33,489		$	26,678		$	6,811		25.53	%
Provision for credit losses		1,300			800			500		62.50	%
Non-interest income		1,666			1,936			(270	)	(13.95)	%
Non-interest expense		14,488			12,663			1,825		14.41	%
Pre-tax income		19,367			15,151			4,216		27.83	%
Provision for income taxes		6,050			4,352			1,698		39.02	%
Net income	$	13,317		$	10,799		$	2,518		23.32	%
Earnings per common share:
Basic	$	0.63		$	0.63		$	—		—	%
Diluted	$	0.63		$	0.63		$	—		—	%
Performance and other financial ratios:
ROAA		1.31	%		1.26	%
ROAE		13.48	%		15.45	%
Net interest margin		3.36	%		3.19	%
Cost of funds		2.65	%		2.50	%
Efficiency ratio		41.21	%		44.25	%

	Year ended
(in thousands, except per share data)	December 31, 2024			December 31, 2023			$ Change			% Change
Selected operating data:
Net interest income	$	119,711		$	110,880		$	8,831		7.96	%
Provision for credit losses		6,950			4,000			2,950		73.75	%
Non-interest income		6,453			7,511			(1,058	)	(14.09)	%
Non-interest expense		54,493			47,775			6,718		14.06	%
Pre-tax income		64,721			66,616			(1,895	)	(2.84)	%
Provision for income taxes		19,050			18,882			168		0.89	%
Net income	$	45,671		$	47,734		$	(2,063	)	(4.32)	%
Earnings per common share:
Basic	$	2.26		$	2.78		$	(0.52	)	(18.71)	%
Diluted	$	2.26		$	2.78		$	(0.52	)	(18.71)	%
Performance and other financial ratios:
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Net interest margin		3.32	%		3.42	%
Cost of funds		2.64	%		2.10	%
Efficiency ratio		43.19	%		40.35	%

Balance Sheet Summary

(in thousands)	December 31, 2024		December 31, 2023		$ Change			% Change
Selected financial condition data:
Total assets	$	4,053,278	$	3,593,125	$	460,153		12.81	%
Cash and cash equivalents		352,343		321,576		30,767		9.57	%
Total loans held for investment		3,532,686		3,081,719		450,967		14.63	%
Total investments		100,914		111,160		(10,246	)	(9.22)	%
Total liabilities		3,656,654		3,307,351		349,303		10.56	%
Total deposits		3,557,994		3,026,896		531,098		17.55	%
Subordinated notes, net		73,895		73,749		146		0.20	%
Total shareholders’ equity		396,624		285,774		110,850		38.79	%

Insured and collateralized deposits were approximately $2.4 billion, representing 66.92% of total deposits as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of December 31, 2024.
Commercial and consumer deposit accounts constituted 77.00% of total deposits. Deposit relationships of greater than $5 million represented 61.13% of total deposits and had an average age of approximately 9.28 years as of December 31, 2024.
Cash and cash equivalents as of December 31, 2024 were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 10.62% as of December 31, 2023.
Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $1.9 billion as of December 31, 2024.

	December 31, 2024
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,212,209	$	701,500	$	—	$	510,709
Federal Reserve Discount Window		862,136		—		—		862,136
Correspondent bank lines of credit		175,000		—		—		175,000
Cash and cash equivalents		—		—		—		352,343
Total	$	2,249,345	$	701,500	$	—	$	1,900,188

The increase in total assets from December 31, 2023 to December 31, 2024 was primarily due to a $451.0 million increase in total loans held for investment and a $30.8 million increase in cash and cash equivalents, partially offset by a $10.2 million decrease in investments. The $451.0 million increase in total loans held for investment between December 31, 2023 and December 31, 2024 was the result of $1.1 billion in loan originations, partially offset by $263.0 million and $423.0 million in loan payoffs and paydowns, respectively. The $451.0 million increase in total loans held for investment included $281.4 million in purchased loans within the consumer concentration of the loan portfolio. The $30.8 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $425.7 million and $52.3 million, respectively, partially offset by net cash outflows related to investing activities of $447.3 million.

The increase in total liabilities from December 31, 2023 to December 31, 2024 was primarily attributable to an increase in deposits of $531.1 million, partially offset by a decrease in other borrowings of $170.0 million. The $531.1 million increase in deposits was largely due to increases in money market, time, and non-interest-bearing demand deposits of $242.9 million, $203.6 million, and $91.5 million, respectively, partially offset by decreases in interest-bearing demand and savings deposits of $5.1 million and $1.8 million, respectively.

The increase in total shareholders’ equity from December 31, 2023 to December 31, 2024 was primarily a result of $80.9 million of additional common stock issued during the year and net income recognized of $45.7 million, partially offset by $16.2 million in cash dividends paid during the period.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024			September 30, 2024			$ Change		% Change
Interest and fee income	$	57,745		$	52,667		$	5,078	9.64	%
Interest expense		24,256			22,281			1,975	8.86	%
Net interest income	$	33,489		$	30,386		$	3,103	10.21	%
Net interest margin		3.36	%		3.37	%

	Three months ended
(in thousands)	December 31, 2024			December 31, 2023			$ Change		% Change
Interest and fee income	$	57,745		$	46,180		$	11,565	25.04	%
Interest expense		24,256			19,502			4,754	24.38	%
Net interest income	$	33,489		$	26,678		$	6,811	25.53	%
Net interest margin		3.36	%		3.19	%

	Year ended
(in thousands)	December 31, 2024			December 31, 2023			$ Change		% Change
Interest and fee income	$	206,951		$	174,382		$	32,569	18.68	%
Interest expense		87,240			63,502			23,738	37.38	%
Net interest income	$	119,711		$	110,880		$	8,831	7.96	%
Net interest margin		3.32	%		3.42	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	December 31, 2024						September 30, 2024						December 31, 2023
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	363,828	$	4,335	4.74	%	$	126,266	$	1,657	5.22	%	$	157,775	$	2,100	5.28	%
Investment securities		103,930		607	2.33	%		106,256		620	2.32	%		106,483		651	2.43	%
Loans held for investment and sale		3,498,109		52,803	6.01	%		3,354,050		50,390	5.98	%		3,055,042		43,429	5.64	%
Total interest-earning assets		3,965,867		57,745	5.79	%		3,586,572		52,667	5.84	%		3,319,300		46,180	5.52	%
Interest receivable and other assets, net		91,736						91,965						80,360
Total assets	$	4,057,603					$	3,678,537					$	3,399,660

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	298,518	$	1,249	1.66	%	$	302,188	$	1,237	1.63	%	$	291,967	$	1,091	1.48	%
Savings accounts		127,298		887	2.77	%		124,851		979	3.12	%		130,915		891	2.70	%
Money market accounts		1,596,116		13,520	3.37	%		1,578,244		14,688	3.70	%		1,347,111		10,824	3.19	%
Time accounts		617,596		7,438	4.79	%		326,640		4,172	5.08	%		417,434		5,322	5.06	%
Subordinated notes and other borrowings		73,872		1,162	6.25	%		76,988		1,205	6.23	%		88,401		1,374	6.16	%
Total interest-bearing liabilities		2,713,400		24,256	3.56	%		2,408,911		22,281	3.68	%		2,275,828		19,502	3.40	%
Demand accounts		921,881						852,872						821,651
Interest payable and other liabilities		29,234						32,062						24,886
Shareholders’ equity		393,088						384,692						277,295
Total liabilities & shareholders’ equity	$	4,057,603					$	3,678,537					$	3,399,660

Net interest spread					2.23	%					2.16	%					2.12	%
Net interest income/margin			$	33,489	3.36	%			$	30,386	3.37	%			$	26,678	3.19	%

Net interest income during the three months ended December 31, 2024 increased $3.1 million, or 10.21%, to $33.5 million compared to $30.4 million during the three months ended September 30, 2024. Net interest margin totaled 3.36% for the three months ended December 31, 2024, a decrease of one basis point compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $5.1 million in interest income due to a $379.3 million, or 10.58%, increase in the average balance of interest-earning assets during the three months ended December 31, 2024 compared to the prior quarter. The increase in interest income was partially offset by a $2.0 million increase in deposit interest expense due to a $376.6 million, or 11.83%, increase in the average balance of deposits during the three months ended December 31, 2024 compared to the prior quarter.

As compared to the three months ended December 31, 2023, net interest income increased $6.8 million, or 25.53%, to $33.5 million compared to $26.7 million. Net interest margin totaled 3.36% for the three months ended December 31, 2024, an increase of 17 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.4 million in loan interest income due to a $443.1 million, or 14.50%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans during the three months ended December 31, 2024 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $5.0 million increase in deposit interest expense due to a $552.3 million, or 18.36%, increase in the average balance of deposits and a 19 basis point increase in the average cost of deposits during the three months ended December 31, 2024 compared to the same quarter of the prior year.

The following table shows the components of net interest income and net interest margin for the annual periods indicated:

	Year ended
	December 31, 2024						December 31, 2023
(in thousands)	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Assets
Interest-earning deposits in banks	$	218,156	$	11,080	5.08	%	$	184,103	$	9,069	4.93	%
Investment securities		106,289		2,530	2.38	%		113,515		2,600	2.29	%
Loans held for investment and sale		3,283,874		193,341	5.89	%		2,947,603		162,713	5.52	%
Total interest-earning assets		3,608,319		206,951	5.74	%		3,245,221		174,382	5.37	%
Interest receivable and other assets, net		90,061						75,741
Total assets	$	3,698,380					$	3,320,962

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	298,137	$	4,716	1.58	%	$	312,944	$	3,321	1.06	%
Savings accounts		124,208		3,584	2.89	%		140,060		3,073	2.19	%
Money market accounts		1,533,405		53,750	3.51	%		1,263,539		33,932	2.69	%
Time accounts		412,007		20,348	4.94	%		372,557		17,535	4.71	%
Subordinated notes and other borrowings		77,335		4,842	6.26	%		93,279		5,641	6.05	%
Total interest-bearing liabilities		2,445,092		87,240	3.57	%		2,182,379		63,502	2.91	%
Demand accounts		858,789						844,057
Interest payable and other liabilities		35,331						27,127
Shareholders’ equity		359,168						267,399
Total liabilities & shareholders’ equity	$	3,698,380					$	3,320,962

Net interest spread					2.17	%					2.46	%
Net interest income/margin			$	119,711	3.32	%			$	110,880	3.42	%

Net interest income during the year ended December 31, 2024 increased $8.8 million, or 7.96%, to $119.7 million compared to $110.9 million during the year ended December 31, 2023. Net interest margin totaled 3.32% for the year ended December 31, 2024, a decrease of 10 basis points compared to the prior year. The increase in net interest income is primarily attributable to an additional $30.6 million in loan interest income due to a $336.3 million, or 11.41%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans as compared to the prior year. The increase in interest income was partially offset by an additional $24.5 million in deposit interest expense due to a $293.4 million, or 10.00%, increase in the average balance of deposits and a 58 basis point increase in the average cost of deposits compared to the prior year.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of December 31, 2024:

(in thousands)
Real estate:
Commercial	$	2,857,173
Commercial land and development		3,849
Commercial construction		111,318
Residential construction		4,561
Residential		32,774
Farmland		47,241
Commercial:
Secured		170,548
Unsecured		27,558
Consumer and other		279,584
Net deferred loan fees		(1,920	)
Total loans held for investment	$	3,532,686

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of December 31, 2024:

(in thousands)
Interest-bearing demand accounts	$	315,217
Money market accounts		1,525,293
Savings accounts		124,702
Time accounts		670,153
Total interest-bearing deposits	$	2,635,365

Asset Quality

Allowance for Credit Losses

At December 31, 2024, the Company’s allowance for credit losses was $37.8 million, as compared to $34.4 million at December 31, 2023. The $3.4 million increase in the allowance is due to a $7.5 million provision for credit losses recorded during the twelve months ended December 31, 2024, partially offset by net charge-offs of $4.1 million, mainly attributable to commercial and industrial loans, during the same period.

The Company’s ratio of nonperforming loans to loans held for investment decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024. Loans designated as watch increased from $39.6 million to $123.4 million between December 31, 2023 and December 31, 2024. Loans designated as substandard increased from $2.0 million to $2.6 million between December 31, 2023 and December 31, 2024. There were no loans with doubtful risk grades at December 31, 2024 or December 31, 2023.

A summary of the allowance for credit losses by loan class is as follows:

	December 31, 2024				December 31, 2023
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	25,864	68.44	%	$	29,015	84.27	%
Commercial land and development		78	0.21	%		178	0.52	%
Commercial construction		2,268	6.00	%		718	2.08	%
Residential construction		64	0.17	%		89	0.26	%
Residential		270	0.71	%		151	0.44	%
Farmland		607	1.61	%		399	1.16	%
		29,151	77.14	%		30,550	88.73	%
Commercial:
Secured		5,866	15.52	%		3,314	9.62	%
Unsecured		278	0.74	%		189	0.55	%
		6,144	16.26	%		3,503	10.17	%
Consumer and other		2,496	6.60	%		378	1.10	%
Total allowance for credit losses	$	37,791	100.00	%	$	34,431	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.07% at December 31, 2024, as compared to 1.12% at December 31, 2023.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		$ Change			% Change
Service charges on deposit accounts	$	179	$	165	$	14		8.48	%
Gain on sale of loans		150		306		(156	)	(50.98)	%
Loan-related fees		400		406		(6	)	(1.48)	%
FHLB stock dividends		332		327		5		1.53	%
Earnings on bank-owned life insurance		182		162		20		12.35	%
Other income		423		15		408		2,720.00	%
Total non-interest income	$	1,666	$	1,381	$	285		20.64	%

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $4.4 million of loans sold with an effective yield of 7.03% during the three months ended September 30, 2024.

Other income. The increase resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a $0.1 million loss from equity investments in venture-backed funds during the three months ended September 30, 2024.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		December 31, 2023			$ Change			% Change
Service charges on deposit accounts	$	179	$	165		$	14		8.48	%
Net gain (loss) on sale of securities		—		(167	)		167		(100.00)	%
Gain on sale of loans		150		317			(167	)	(52.68)	%
Loan-related fees		400		667			(267	)	(40.03)	%
FHLB stock dividends		332		314			18		5.73	%
Earnings on bank-owned life insurance		182		155			27		17.42	%
Other income		423		485			(62	)	(12.78)	%
Total non-interest income	$	1,666	$	1,936		$	(270	)	(13.95)	%

Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities related to the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the three months ended December 31, 2023, with no sales occurring during the three months ended December 31, 2024.

Gain on sale of loans. The decrease resulted from an overall decline in the volume of loans sold during the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $5.9 million of loans sold with an effective yield of 5.41% during the three months ended December 31, 2023.

Loan-related fees. The decrease resulted from the recognition of $0.2 million lower rate lock fees and $0.1 million lower swap referral fees during the three months ended December 31, 2024 than the three months ended December 31, 2023.

Non-interest income for the periods indicated:

	Year ended
(in thousands)	December 31, 2024		December 31, 2023			$ Change			% Change
Service charges on deposit accounts	$	721	$	575		$	146		25.39	%
Net gain (loss) on sale of securities		—		(167	)		167		(100.00)	%
Gain on sale of loans		1,274		1,952			(678	)	(34.73)	%
Loan-related fees		1,605		1,719			(114	)	(6.63)	%
FHLB stock dividends		1,320		970			350		36.08	%
Earnings on bank-owned life insurance		644		510			134		26.27	%
Other income		889		1,952			(1,063	)	(54.46)	%
Total non-interest income	$	6,453	$	7,511		$	(1,058	)	(14.09)	%

Service charges on deposit accounts. The increase resulted primarily from a $0.2 million increase in wire transfer fees recognized, partially offset by a small decrease in other fees recognized during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities resulted from the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the year ended December 31, 2023, with no sales occurring during the year ended December 31, 2024.

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the year ended December 31, 2024 compared to the year ended December 31, 2023. During the year ended December 31, 2024, approximately $18.3 million of loans were sold with an effective yield of 6.96%, as compared to approximately $36.5 million of loans sold with an effective yield of 5.35% during the year ended December 31, 2023.

Loan-related fees. The decrease was primarily a result of a $0.2 million net decrease in income earned from the credit card program, partially offset by a small increase in loan fee income earned on various loan types and services.

FHLB stock dividends. The increase primarily relates to a 50 basis point increase in the annualized dividend rate earned year-over-year, while the average shares outstanding remained consistent.

Earnings on bank-owned life insurance. The increase was primarily due to additional policies purchased between December 31, 2024 and December 31, 2023.

Other income. The decrease resulted primarily from $0.5 million in income received on equity investments in venture-backed funds during the year ended December 31, 2024, as compared to $1.7 million in income received on equity investments in venture-back funds during the year ended December 31, 2023.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		$ Change			% Change
Salaries and employee benefits	$	8,360	$	7,969	$	391		4.91	%
Occupancy and equipment		649		626		23		3.67	%
Data processing and software		1,369		1,327		42		3.17	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		440		405		35		8.64	%
Professional services		774		830		(56	)	(6.75)	%
Advertising and promotional		752		584		168		28.77	%
Loan-related expenses		321		292		29		9.93	%
Other operating expenses		1,823		1,743		80		4.59	%
Total non-interest expense	$	14,488	$	13,776	$	712		5.17	%

Salaries and employee benefits. The increase was primarily a result of: (i) a $0.1 million increase in salaries, benefits, and bonus expense; and (ii) a $0.5 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.2 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Advertising and promotional. The increase was primarily due to the timing of events sponsored and attended during the three months ended December 31, 2024 compared to the three months ended September 30, 2024.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Salaries and employee benefits	$	8,360	$	7,182	$	1,178	16.40	%
Occupancy and equipment		649		583		66	11.32	%
Data processing and software		1,369		1,110		259	23.33	%
FDIC insurance		440		370		70	18.92	%
Professional services		774		658		116	17.63	%
Advertising and promotional		752		717		35	4.88	%
Loan-related expenses		321		268		53	19.78	%
Other operating expenses		1,823		1,775		48	2.70	%
Total non-interest expense	$	14,488	$	12,663	$	1,825	14.41	%

Salaries and employee benefits. The increase was primarily a result of: (i) a $1.0 million increase in salaries, benefits, and bonus expense, of which approximately $0.8 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $0.7 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.5 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was primarily due to increased audit and examination fees for services provided for the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

The following table presents the key components of non-interest expense for the periods indicated:

	Year ended
(in thousands)	December 31, 2024		December 31, 2023		$ Change		% Change
Salaries and employee benefits	$	31,709	$	27,097	$	4,612	17.02	%
Occupancy and equipment		2,547		2,218		329	14.83	%
Data processing and software		5,088		4,015		1,073	26.72	%
FDIC insurance		1,635		1,557		78	5.01	%
Professional services		3,078		2,575		503	19.53	%
Advertising and promotional		2,411		2,403		8	0.33	%
Loan-related expenses		1,207		1,192		15	1.26	%
Other operating expenses		6,818		6,718		100	1.49	%
Total non-interest expense	$	54,493	$	47,775	$	6,718	14.06	%

Salaries and employee benefits. The increase was the result of: (i) a $3.5 million increase in salaries, benefits, and bonus, of which approximately $3.3 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $1.4 million increase in commissions paid, primarily to employees in the San Francisco Bay Area. The increase was partially offset by a $0.3 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

Occupancy and equipment. The increase related to rent expense for the San Francisco branch office and a new office lease to support back office staff during the year ended December 31, 2024, which did not exist for the full year ended December 31, 2023.

Data processing and software. The increase related to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was due to an increase in audit, IT support, and other consulting fees for services provided for the year ended December 31, 2024 compared to the year ended December 31, 2023.

Other operating expenses. The increase is primarily related to a $0.2 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network, partially offset by a $0.1 million decrease in conference and training expenses.

Provision for Income Taxes

Three months ended December 31, 2024, as compared to the three months ended September 30, 2024

Provision for income taxes for the quarter ended December 31, 2024 increased by $1.8 million, or 40.70%, to $6.1 million, as compared to $4.3 million for the quarter ended September 30, 2024, which was primarily due to: (i) the increase in taxable income recognized during the three months ended December 31, 2024; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended September 30, 2024. The effective tax rate was 31.24% and 28.21% for the three months ended December 31, 2024 and September 30, 2024, respectively.

Three months ended December 31, 2024, as compared to the three months ended December 31, 2023

Provision for income taxes increased by $1.7 million, or 39.02%, to $6.1 million for the three months ended December 31, 2024, as compared to $4.4 million for the three months ended December 31, 2023. This increase is due to: (i) the increase in taxable income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended December 31, 2023. The effective tax rate was 31.24% and 28.72% for the three months ended December 31, 2024 and December 31, 2023, respectively.

Year ended December 31, 2024, as compared to the year ended December 31, 2023

Provision for income taxes increased by $0.2 million, or 0.89%, to $19.1 million for the year ended December 31, 2024, as compared to $18.9 million for the year ended December 31, 2023. This increase is due to a $0.6 million provision to return true-up recorded during the year ended December 31, 2024, partially offset by a decline in taxable income year-over-year. The effective tax rate was 29.43% and 28.34% for the years ended December 31, 2024 and December 31, 2023, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, January 28, 2025, at 1:00 pm ET (10:00 am PT), to discuss its fourth quarter and annual financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	December 31, 2024			September 30, 2024			December 31, 2023
Revenue and Expense Data
Interest and fee income	$	57,745		$	52,667		$	46,180
Interest expense		24,256			22,281			19,502
Net interest income		33,489			30,386			26,678
Provision for credit losses		1,300			2,750			800
Net interest income after provision		32,189			27,636			25,878
Non-interest income:
Service charges on deposit accounts		179			165			165
Net gain (loss) on sale of securities		—			—			(167	)
Gain on sale of loans		150			306			317
Loan-related fees		400			406			667
FHLB stock dividends		332			327			314
Earnings on bank-owned life insurance		182			162			155
Other income		423			15			485
Total non-interest income		1,666			1,381			1,936
Non-interest expense:
Salaries and employee benefits		8,360			7,969			7,182
Occupancy and equipment		649			626			583
Data processing and software		1,369			1,327			1,110
FDIC insurance		440			405			370
Professional services		774			830			658
Advertising and promotional		752			584			717
Loan-related expenses		321			292			268
Other operating expenses		1,823			1,743			1,775
Total non-interest expense		14,488			13,776			12,663
Income before provision for income taxes		19,367			15,241			15,151
Provision for income taxes		6,050			4,300			4,352
Net income	$	13,317		$	10,941		$	10,799

Comprehensive Income
Net income	$	13,317		$	10,941		$	10,799
Net unrealized holding (loss) gain on securities available-for-sale during the period		(3,747	)		3,549			5,744
Reclassification for net loss on sale of securities included in net income		—			—			167
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(1,108	)		1,049			1,747
Other comprehensive (loss) income		(2,639	)		2,500			4,164
Total comprehensive income	$	10,678		$	13,441		$	14,963

Share and Per Share Data
Earnings per common share:
Basic	$	0.63		$	0.52		$	0.63
Diluted	$	0.63		$	0.52		$	0.63
Book value per share	$	18.60		$	18.29		$	16.56
Tangible book value per share⁽¹⁾	$	18.60		$	18.29		$	16.56
Weighted average basic common shares outstanding		21,182,143			21,182,143			17,175,445
Weighted average diluted common shares outstanding		21,235,318			21,232,758			17,193,114
Shares outstanding at end of period		21,319,083			21,319,583			17,256,989

Credit Quality
Allowance for credit losses to period end nonperforming loans		2,101.78	%		2,041.44	%		1,752.70	%
Nonperforming loans to loans held for investment		0.05	%		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.05	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.05	%		0.06	%

Selected Financial Ratios
ROAA		1.31	%		1.18	%		1.26	%
ROAE		13.48	%		11.31	%		15.45	%
Net interest margin		3.36	%		3.37	%		3.19	%
Loan to deposit		99.38	%		101.87	%		102.19	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

	Year ended
(in thousands, except per share and share data)	December 31, 2024			December 31, 2023
Revenue and Expense Data
Interest and fee income	$	206,951		$	174,382
Interest expense		87,240			63,502
Net interest income		119,711			110,880
Provision for credit losses		6,950			4,000
Net interest income after provision		112,761			106,880
Non-interest income:
Service charges on deposit accounts		721			575
Net gain (loss) on sale of securities		—			(167	)
Gain on sale of loans		1,274			1,952
Loan-related fees		1,605			1,719
FHLB stock dividends		1,320			970
Earnings on bank-owned life insurance		644			510
Other income		889			1,952
Total non-interest income		6,453			7,511
Non-interest expense:
Salaries and employee benefits		31,709			27,097
Occupancy and equipment		2,547			2,218
Data processing and software		5,088			4,015
FDIC insurance		1,635			1,557
Professional services		3,078			2,575
Advertising and promotional		2,411			2,403
Loan-related expenses		1,207			1,192
Other operating expenses		6,818			6,718
Total non-interest expense		54,493			47,775
Income before provision for income taxes		64,721			66,616
Provision for income taxes		19,050			18,882
Net income	$	45,671		$	47,734

Comprehensive Income
Net income	$	45,671		$	47,734
Net unrealized holding (loss) gain on securities available-for-sale during the period		(858	)		2,228
Reclassification for net loss on sale of securities included in net income		—			167
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(254	)		708
Other comprehensive (loss) income		(604	)		1,687
Total comprehensive income	$	45,067		$	49,421

Share and Per Share Data
Earnings per common share:
Basic	$	2.26		$	2.78
Diluted	$	2.26		$	2.78
Book value per share	$	18.60		$	16.56
Tangible book value per share⁽¹⁾	$	18.60		$	16.56
Weighted average basic common shares outstanding		20,154,385			17,166,592
Weighted average diluted common shares outstanding		20,205,440			17,187,969
Shares outstanding at end of period		21,319,083			17,256,989

Credit Quality
Allowance for credit losses to period end nonperforming loans		2,101.78	%		1,752.70	%
Nonperforming loans to loans held for investment		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.06	%

Selected Financial Ratios
ROAA		1.23	%		1.44	%
ROAE		12.72	%		17.85	%
Net interest margin		3.32	%		3.42	%
Loan to deposit		99.38	%		102.19	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

(in thousands)	December 31, 2024			September 30, 2024			December 31, 2023
Balance Sheet Data
Cash and due from financial institutions	$	33,882		$	44,531		$	26,986
Interest-bearing deposits in banks		318,461			206,321			294,590
Time deposits in banks		4,121			4,118			5,858
Securities – available-for-sale, at fair value		98,194			104,238			108,083
Securities – held-to-maturity, at amortized cost		2,720			2,720			3,077
Loans held for sale		3,247			2,910			11,464
Loans held for investment		3,532,686			3,460,565			3,081,719
Allowance for credit losses		(37,791	)		(37,583	)		(34,431	)
Loans held for investment, net of allowance for credit losses		3,494,895			3,422,982			3,047,288
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		6,245			6,590			5,284
Premises and equipment, net		1,584			1,657			1,623
Bank-owned life insurance		19,375			19,192			17,180
Interest receivable and other assets		55,554			56,745			56,692
Total assets	$	4,053,278		$	3,887,004		$	3,593,125

Non-interest-bearing deposits	$	922,629		$	906,939		$	831,101
Interest-bearing deposits		2,635,365			2,493,040			2,195,795
Total deposits		3,557,994			3,399,979			3,026,896
Subordinated notes, net		73,895			73,859			73,749
Other borrowings		—			—			170,000
Operating lease liability		6,857			7,101			5,603
Interest payable and other liabilities		17,908			16,135			31,103
Total liabilities		3,656,654			3,497,074			3,307,351

Common stock		302,531			302,251			220,505
Retained earnings		106,464			97,411			77,036
Accumulated other comprehensive loss, net of taxes		(12,371	)		(9,732	)		(11,767	)
Total shareholders’ equity		396,624			389,930			285,774
Total liabilities and shareholders’ equity	$	4,053,278		$	3,887,004		$	3,593,125

Quarterly Average Balance Data
Average loans held for investment and sale	$	3,498,109		$	3,354,050		$	3,055,042
Average interest-earning assets		3,965,867			3,586,572			3,319,300
Average total assets		4,057,603			3,678,537			3,399,660
Average deposits		3,561,409			3,184,795			3,009,078
Average total equity		393,088			384,692			277,295

Capital Ratios
Total shareholders’ equity to total assets		9.79	%		10.03	%		7.95	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		9.79	%		10.03	%		7.95	%
Total capital (to risk-weighted assets)		13.99	%		13.94	%		12.30	%
Tier 1 capital (to risk-weighted assets)		11.02	%		10.93	%		9.07	%
Common equity Tier 1 capital (to risk-weighted assets)		11.02	%		10.93	%		9.07	%
Tier 1 leverage ratio		10.05	%		10.83	%		8.73	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income.

The following reconciliation tables provide a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	December 31, 2024		September 30, 2024		December 31, 2023
Pre-tax, pre-provision income
Pre-tax income	$	19,367	$	15,241	$	15,151
Add: provision for credit losses		1,300		2,750		800
Pre-tax, pre-provision income	$	20,667	$	17,991	$	15,951

	Year ended
(in thousands)	December 31, 2024		December 31, 2023
Pre-tax, pre-provision income
Pre-tax income	$	64,721	$	66,616
Add: provision for credit losses		6,950		4,000
Pre-tax, pre-provision income	$	71,671	$	70,616

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

The MIL Network –

January 28, 2025

MIL-OSI: Hola Prime Announces Exclusive Prime Bowl 5-Day Trading Competition Challenge

Source: GlobeNewswire (MIL-OSI)

NEW YORK, NY, Jan. 27, 2025 (GLOBE NEWSWIRE) — Hola Prime, a leading prop trading firm, is set to launch its Prime Bowl 5-Day Trading Challenge, an innovative competition designed to challenge traders in an intense, high-stakes environment. This unique event, the first of its kind in the trading community, combines the fast-paced world of trading with the global excitement surrounding the 59th NFL Super Bowl. Unlike traditional long-duration trading contests, the Prime Bowl focuses on a short five-day timeframe, providing an opportunity for traders to show their skills under the thrill of rapid decision-making and expected market volatility.

The decision to create a 5-day competitive trading format is rooted in the belief that it simulates real-world trading conditions where traders need to act quickly and efficiently. With $50,000 as the initial balance and leverage up to 50:1, participants will be required to adjust their strategies in real-time and capitalize on market fluctuations. The five-day period is designed to bring out the best in traders, pushing them to make calculated moves and manage risk while responding to any sudden shifts in the market. This short, high-intensity format offers a rare opportunity for traders to experience the fast-paced nature of real trading, where timing and precision are essential for success.

In addition to the competitive aspect, the Prime Bowl 5-Day Trading Challenge is strategically aligned with the globally recognized NFL Super Bowl, which has a significant economic impact across industries, particularly in the Forex market. The increased consumer spending power, advertising revenues, and global viewership during the Super Bowl potentially influence currency values, particularly the US dollar. By running the competition alongside this event, Hola Prime offers traders a unique opportunity to test their skills while crossing market conditions influenced by one of the world’s most-watched sporting events. This added layer of expected volatility provides a real-time backdrop for traders to engage with currency pairs and make decisions based on live economic shifts.

“We believe the 5-day trading competition format is an ideal time period for traders to trade. It creates a high-stakes trading environment” said Mr Somesh Kapuria, CEO of Hola Prime. “By limiting the competition to five days, we are encouraging participants to focus on their strategies, sharpen their decision-making skills, and see immediate results from their trades. The alignment with the Super Bowl allows traders to tap into the economic activity surrounding the event, giving them a chance to apply their strategies to global market movements”, he added.

Participants in the competition will not only compete for exciting prizes but will also have the chance to engage with a vibrant community of traders, exchanging tips, strategies, and insights through online forums and social media. The competition is open to traders of all experience levels, and with no KYC required to enter, anyone can sign up but the competition is thoroughly monitored to ensure no notorious activity.

The competition will take place on the Match Trader platform, where traders can track their progress, adjust their strategies, and climb the leaderboard.

Registration for the Prime Bowl 5-Day Trading Challenge opens on January 26th, 2025, at 00:00 UTC and closes on February 2nd, 2025, at 21:00 UTC. The competition begins on February 2nd, 2025, at 22:00 UTC and ends on February 7th, 2025, at 22:00 UTC. To participate, traders simply need to log in or sign up at Hola Prime, visit the competition tab, and click to register. With the chance to win exciting prizes and gain valuable experience in a competitive setting, the Prime Bowl 5-Day Trading Challenge promises to be a must-experience event for traders.

Social Links

Facebook: https://www.facebook.com/profile.php?id=61565158992654&sk=about_contact_and_basic_info

Instagram: https://www.instagram.com/holaprime_global/

YouTube: https://www.youtube.com/channel/UCtVEJa1Ml132Be7tnk-DjeQ

LinkedIn: https://www.linkedin.com/company/hola-prime/?viewAsMember=true

Twitter: https://x.com/HolaPrimeGlobal

Discord: https://discord.gg/TJ7TcHPXBf

Quora: https://www.quora.com/profile/HolaPrime/

Reddit: https://www.reddit.com/user/HolaPrime/

Medium: https://medium.com/@social_46267

Media Contact

Brand: Hola Prime

Contact: Media Team

Email: marketing@holaprime.com

Website: https://holaprime.com/

The MIL Network –

January 28, 2025
MIL-OSI Submissions: Asia Pacific – Second Asia-Pacific Regional Review of the Global Compact for Safe, Orderly and Regular Migration

Source: United Nations – ESCAP

Policymakers, members of civil society organizations (CSOs), researchers and experts will gather to identify challenges and share good practices to harness migration as a driver of sustainable development at the Second Asia-Pacific Regional Review of Implementation of the Global Compact for Safe, Orderly and Regular Migration from 4 to 6 February 2025.

Convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Regional United Nations Network on Migration for Asia and the Pacific, the meeting serves as the key regional platform to review progress and promote coherent and effective migration policies under the framework of the Global Compact for Safe, Orderly and Regular Migration (GSM).

The meeting will feature a series of side events for CSOs and government officials to engage in in-depth discussions on migration and development issues across the region.

Why attend?

Gain insight on key challenges, opportunities, gaps and emerging issues, as well as promising practices and lessons learned on the implementation of the GCM in Asia and the Pacific, which embraced 67 million international migrants in 2020.
Hear about data-gathering efforts, capacity-building needs, policy advice, technology and partnerships that are required for the full implementation of the GCM at the national and regional level.
Learn about regional priorities and potential areas for regional cooperation on international migration.

NOTES

What: Second Asia-Pacific Regional Review of Implementation of the Global Compact for Safe, Orderly and Regular Migration

When: 4 – 6 February 2025

Where: United Nations Conference Centre, Ratchadamnern Nok Avenue, Bangkok.

Livestream for online attendees: https://www.youtube.com/unescap and https://webtv.un.org/

For more information and the full timetable of events: https://www.unescap.org/events/2025/second-asia-pacific-regional-review-implementation-global-compact-safe-orderly-and

Key speakers:

Armida Salsiah Alisjahbana
Under-Secretary-General of the United Nations and
Executive Secretary of the Economic and Social Commission
for Asia and the Pacific

Amy Pope
Coordinator of the United Nations Network on Migration and
Director General of International Organization for Migration

H.E. Maris Sangiampongsa
Minister of Foreign Affairs
Thailand

Hon. Peter Shanel Agovaka
Minister for Foreign Affairs and External Trade
Solomon Islands

*Note: Key speakers listed may be subject to change.

MIL OSI – Submitted News –

January 28, 2025

MIL-OSI: Brown & Brown, Inc. announces fourth quarter 2024 results, including total revenues of $1.2 billion, an increase of 15.4%; Organic Revenue growth of 13.8%; diluted net income per share of $0.73; and Diluted Net Income Per Share – Adjusted of $0.86

Source: GlobeNewswire (MIL-OSI)

DAYTONA BEACH, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) (the “Company”) announced its unaudited financial results for the fourth quarter and full year of 2024.

Revenues for the fourth quarter of 2024 under U.S. generally accepted accounting principles (“GAAP”) were $1.2 billion, increasing $158 million, or 15.4%, compared to the fourth quarter of the prior year, with commissions and fees increasing by 15.4% and Organic Revenue increasing by 13.8%. Income before income taxes was $275 million, decreasing 22.8% from the fourth quarter of the prior year with Income Before Income Taxes Margin decreasing to 23.2% from 34.7% as a result of a gain on disposal of certain third-party claims administration and adjusting services businesses sold in the fourth quarter of 2023. EBITDAC – Adjusted was $390 million, increasing 22.6% from the fourth quarter of the prior year with EBITDAC Margin – Adjusted increasing to 32.9% from 31.0%. Net income attributable to the Company was $210 million, decreasing $59 million, or 21.9%, and diluted net income per share decreased to $0.73, or 22.3%, with Diluted Net Income Per Share – Adjusted increasing to $0.86, or 24.6%, each as compared to the fourth quarter of the prior year.

Revenues for the twelve months ended December 31, 2024 under GAAP were $4.8 billion, increasing $548 million, or 12.9%, as compared to 2023, with commissions and fees increasing by 12.1%, and Organic Revenue increasing by 10.4%. Income before income taxes was $1.3 billion, increasing 13.7% with Income Before Income Taxes Margin increasing to 27.1% from 26.9% as compared to 2023. EBITDAC – Adjusted was $1.7 billion, which was an increase of 17.0% and EBITDAC Margin – Adjusted increased to 35.2% from 33.9% as compared to 2023. Net income attributable to the Company was $1.0 billion, increasing $122 million, or 14.0%, with diluted net income per share increasing to $3.46, or 13.4%, and Diluted Net Income Per Share – Adjusted increasing to $3.84, or 18.2%, each as compared to 2023.

J. Powell Brown, president and chief executive officer of the Company, noted, “The fourth quarter was outstanding. We are extremely pleased with our 10.4% Organic Revenue growth for 2024. These results were only possible through the incredible efforts of our 17,000+ teammates.”

Reconciliation of Commissions and Fees
to Organic Revenue
(in millions, unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Commissions and fees	$	1,161		$	1,006		$	4,705		$	4,199
Profit-sharing contingent commissions		(57	)		(42	)		(166	)		(130	)
Core commissions and fees	$	1,104		$	964		$	4,539		$	4,069
Acquisitions		(26	)					(146	)
Dispositions					(20	)					(101	)
Foreign Currency Translation					3						10
Organic Revenue	$	1,078		$	947		$	4,393		$	3,978
Organic Revenue growth	$	131					$	415
Organic Revenue growth %		13.8	%					10.4	%

See information regarding non-GAAP measures presented later in this press release.

Reconciliation of Diluted Net Income Per Share to
Diluted Net Income Per Share – Adjusted
(unaudited)

	Three Months Ended December 31,						Change						Twelve Months Ended December 31,						Change
	2024			2023			$			%			2024			2023			$			%
Diluted net income per share	$	0.73		$	0.94		$	(0.21	)		(22.3	%)	$	3.46		$	3.05		$	0.41			13.4	%
Change in estimated acquisition earn-out payables		0.02			(0.02	)		0.04						—			0.06			(0.06	)
(Gain)/loss on disposal ⁽¹⁾		(0.02	)		(0.35	)		0.33						(0.09	)		(0.37	)		0.28
Acquisition/Integration Costs		—			0.01			(0.01	)					—			0.04			(0.04	)
Amortization		0.13			0.11			0.02						0.47			0.44			0.03
1Q23 Nonrecurring Cost		—			—			—						—			0.03			(0.03	)
Diluted Net Income Per Share – Adjusted	$	0.86		$	0.69		$	0.17			24.6	%	$	3.84		$	3.25		$	0.59			18.2	%

(1) Includes the gain on disposal of $0.35 associated with the sale of certain third-party claims administration and adjusting services businesses sold in the fourth quarter of 2023.

See information regarding non-GAAP measures presented later in this press release.

Reconciliation of Income Before Income Taxes to EBITDAC and
EBITDAC – Adjusted and Income Before Income Taxes Margin⁽¹⁾ to
EBITDAC Margin and EBITDAC Margin – Adjusted
(in millions, unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Total revenues	$	1,184		$	1,026		$	4,805		$	4,257
Income before income taxes	$	275		$	356		$	1,303		$	1,146
Income Before Income Taxes Margin ⁽¹⁾		23.2	%		34.7	%		27.1	%		26.9	%
Amortization		48			43			178			166
Depreciation		11			10			44			40
Interest		46			47			193			190
Change in estimated acquisition earn-out payables		11			(9	)		2			21
EBITDAC	$	391		$	447		$	1,720		$	1,563
EBITDAC Margin		33.0	%		43.6	%		35.8	%		36.7	%
(Gain)/loss on disposal ⁽²⁾		(1	)		(134	)		(31	)		(143	)
Acquisition/Integration Costs		—			5			—			13
1Q23 Nonrecurring Cost					—						11
EBITDAC – Adjusted	$	390		$	318		$	1,689		$	1,444
EBITDAC Margin – Adjusted		32.9	%		31.0	%		35.2	%		33.9	%

(1) “Income Before Income Taxes Margin” is defined as income before income taxes divided by total revenues.

(2) Includes the gain on disposal of $134.6 million associated with the sale of certain third-party claims administration and adjusting services businesses sold in the fourth quarter of 2023.

See information regarding non-GAAP measures presented later in this press release.

Brown & Brown, Inc.
Consolidated Statements of Income
(in millions, except per share data; unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
REVENUES
Commissions and fees	$	1,161		$	1,006		$	4,705		$	4,199
Investment income		22			18			93			52
Other income, net		1			2			7			6
Total revenues		1,184			1,026			4,805			4,257
EXPENSES
Employee compensation and benefits		582			554			2,406			2,187
Other operating expenses		212			159			710			650
Gain on disposal		(1	)		(134	)		(31	)		(143	)
Amortization		48			43			178			166
Depreciation		11			10			44			40
Interest		46			47			193			190
Change in estimated acquisition earn-out payables		11			(9	)		2			21
Total expenses		909			670			3,502			3,111
Income before income taxes		275			356			1,303			1,146
Income taxes		63			87			301			275
Net income before non-controlling interests		212			269			1,002			871
Less: Net income attributable to non-controlling interests		2			—			9			—
Net income attributable to the Company	$	210		$	269		$	993		$	871
Net income per share:
Basic	$	0.73		$	0.94		$	3.48		$	3.07
Diluted	$	0.73		$	0.94		$	3.46		$	3.05
Weighted average number of shares outstanding:
Basic		283			280			282			280
Diluted		284			282			284			281

Brown & Brown, Inc.
Consolidated Balance Sheets
(in millions, except per share data, unaudited)

	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	675		$	700
Fiduciary cash		1,827			1,603
Short-term investments		10			11
Commission, fees, and other receivables		895			790
Fiduciary receivables		1,116			1,125
Reinsurance recoverable		1,527			125
Prepaid reinsurance premiums		520			462
Other current assets		354			314
Total current assets		6,924			5,130
Fixed assets, net		319			270
Operating lease assets		200			199
Goodwill		7,970			7,341
Amortizable intangible assets, net		1,814			1,621
Investments		19			21
Other assets		366			301
Total assets	$	17,612		$	14,883
LIABILITIES AND EQUITY
Current liabilities:
Fiduciary liabilities	$	2,943		$	2,727
Losses and loss adjustment reserve		1,543			131
Unearned premiums		577			462
Accounts payable		373			459
Accrued expenses and other liabilities		653			608
Current portion of long-term debt		225			569
Total current liabilities		6,314			4,956
Long-term debt less unamortized discount and debt issuance costs		3,599			3,227
Operating lease liabilities		189			179
Deferred income taxes, net		711			616
Other liabilities		362			326
Equity:
Common stock, par value $0.10 per share; authorized 560 shares; issued 306 shares and outstanding 286 shares at 2024, issued 304 shares and outstanding 285 shares at 2023, respectively		31			30
Additional paid-in capital		1,118			1,027
Treasury stock, at cost 20 shares at 2024 and 2023		(748	)		(748	)
Accumulated other comprehensive loss		(109	)		(19	)
Non-controlling interests		17			–
Retained earnings		6,128			5,289
Total equity		6,437			5,579
Total liabilities and equity	$	17,612		$	14,883

Brown & Brown, Inc.
Consolidated Statements of Cash Flows
(in millions, unaudited)

	Twelve Months Ended December 31,
	2024			2023
Cash flows from operating activities:
Net income before non-controlling interests	$	1,002		$	871
Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:
Amortization		178			166
Depreciation		44			40
Non-cash stock-based compensation		101			89
Change in estimated acquisition earn-out payables		2			22
Deferred income taxes		13			12
Net gain on sales/disposals of investments, businesses, fixed assets and customer accounts		(29	)		(140	)
Payments on acquisition earn-outs in excess of original estimated payables		(37	)		(29	)
Other		5			5
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase)/decrease		(94	)		(106	)
Reinsurance recoverable (increase)/decrease		(1,402	)		706
Prepaid reinsurance premiums (increase)/decrease		(58	)		(68	)
Other assets (increase)/decrease		(98	)		(118	)
Losses and loss adjustment reserve increase/(decrease)		1,411			(710	)
Unearned premiums increase/(decrease)		115			50
Accounts payable increase/(decrease)		(47	)		260
Accrued expenses and other liabilities increase/(decrease)		35			43
Other liabilities increase/(decrease)		33			(83	)
Net cash provided by operating activities		1,174			1,010
Cash flows from investing activities:
Additions to fixed assets		(82	)		(69	)
Payments for businesses acquired, net of cash acquired		(890	)		(631	)
Proceeds from sales of businesses, fixed assets and customer accounts		70			107
Purchases of investments		(7	)		(7	)
Proceeds from sales of investments		11			13
Net cash used in investing activities		(898	)		(587	)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net		191			189
Payments on acquisition earn-outs		(117	)		(90	)
Proceeds from long-term debt		599			—
Payments on long-term debt		(719	)		(251	)
Deferred debt issuance costs		(5	)		—
Borrowings on revolving credit facility		500			420
Payments on revolving credit facility		(350	)		(320	)
Issuances of common stock for employee stock benefit plans		44			40
Repurchase shares to fund tax withholdings for non-cash stock-based compensation		(55	)		(40	)
Cash dividends paid		(154	)		(135	)
Other financing activities		2			—
Net cash used in financing activities		(64	)		(187	)
Effect of foreign exchange rate changes in cash and cash equivalents inclusive of fiduciary cash		(13	)		34
Net increase in cash and cash equivalents inclusive of fiduciary cash		199			270
Cash and cash equivalents inclusive of fiduciary cash at beginning of period		2,303			2,033
Cash and cash equivalents inclusive of fiduciary cash at end of period	$	2,502		$	2,303

Conference call, webcast and slide presentation

A conference call to discuss the results of the fourth quarter and full year of 2024 will be held on Tuesday, January 28, 2025, at 8:00 AM (EST). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the “Investor Relations” section of the Company’s website at bbinsurance.com.

About Brown & Brown

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 17,000 teammates and 500+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.

Forward-looking statements

This press release may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this press release are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this press release include but are not limited to the following items: the Company’s determination as it finalizes its financial results for the fourth quarter and full year 2024 that its financial results differ from the current preliminary unaudited numbers set forth herein; the inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; a cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets; risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability; the requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change; the loss of or significant change to any of our insurance company relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions; the effect of natural disasters on our profit-sharing contingent commissions, insurer capacity or claims expenses within our capitalized captive insurance facilities; adverse economic conditions, political conditions, outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business; the inability to maintain our culture or a significant change in management, management philosophy or our business strategy; fluctuations in our commission revenue as a result of factors outside of our control; the effects of sustained inflation or higher interest rates; claims expense resulting from the limited underwriting risk associated with our participation in capitalized captive insurance facilities; risks associated with our automobile and recreational vehicle dealer services (“F&I”) businesses; changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues; the limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner; the significant control certain shareholders have over the Company; changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations; improper disclosure of confidential information; our ability to comply with non-U.S. laws, regulations and policies; the potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity; uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations; regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third-parties; increasing scrutiny and changing laws and expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure; a decrease in demand for liability insurance as a result of tort reform legislation; our failure to comply with any covenants contained in our debt agreements; the possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities; changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition; changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate; disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets; conditions that result in reduced insurer capacity; quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production; intangible asset risk, including the possibility that our goodwill may become impaired in the future; future pandemics, epidemics or outbreaks of infectious diseases, and the resulting governmental and societal responses; other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and other factors that the Company may not have currently identified or quantified. Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

Non-GAAP supplemental financial information
This press release contains references to “non-GAAP financial measures” as defined in SEC Regulation G, consisting of Organic Revenue, EBITDAC, EBITDAC Margin, EBITDAC – Adjusted, EBITDAC Margin – Adjusted and Diluted Net Income Per Share – Adjusted. We present these measures because we believe such information is of interest to the investment community and because we believe it provides additional meaningful methods to evaluate the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items that have a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAP financial information should be considered in addition to, not in lieu of, the Company’s consolidated income statements and balance sheets as of the relevant date. Consistent with Regulation G, a description of such information is provided below and a reconciliation of such items to GAAP information can be found within this press release as well as in our periodic filings with the SEC.

We view Organic Revenue and Organic Revenue growth as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our three segments, because it allows us to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expected to continue in the future. In addition, we believe Diluted Net Income Per Share – Adjusted provides a meaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change in estimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also view EBITDAC, EBITDAC – Adjusted, EBITDAC Margin and EBITDAC Margin – Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in a meaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share – Adjusted and EBITDAC Margin – Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other key employees.

Beginning January 1, 2024, we no longer exclude Foreign Currency Translation from the calculation of EBITDAC – Adjusted, EBITDAC Margin – Adjusted and Diluted Net Income Per Share – Adjusted. Prior periods are presented accordingly on the same basis so that the calculations of EBITDAC – Adjusted, EBITDAC Margin – Adjusted and Diluted Net Income Per Share – Adjusted are comparable for both periods. We no longer exclude Foreign Currency Translation from the calculation of these earnings measures because fluctuations in Foreign Currency Translation affect both our revenues and expenses, largely offsetting each other. Therefore, excluding Foreign Currency Translation from these earnings measures provides no meaningful incremental value in evaluating our financial performance.

Beginning January 1, 2024, amortization of intangible assets is excluded from the calculation of Diluted Net Income Per Share – Adjusted. Prior periods are presented accordingly on the same basis so that the calculation of Diluted Net Income Per Share – Adjusted is comparable for both periods. We exclude the impact of amortization of intangible assets from the calculation of Diluted Net Income Per Share – Adjusted because amortization of intangible assets is a non-cash expense that is not indicative of the performance of our business and provides no meaningful incremental value in evaluating our financial performance.

Non-GAAP Revenue Measures

Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first 12 months by newly acquired operations; (ii) divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); and (iii) Foreign Currency Translation (as defined below). The term “core commissions and fees” excludes profit-sharing contingent commissions and therefore represents the revenues earned directly from specific insurance policies sold and specific fee-based services rendered. Organic Revenue can be expressed as a dollar amount or a percentage rate when describing Organic Revenue growth.

Non-GAAP Earnings Measures

EBITDAC is defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.
EBITDAC Margin is defined as EBITDAC divided by total revenues.
EBITDAC – Adjusted is defined as EBITDAC, excluding (i) (gain)/loss on disposal, (ii) for 2023, Acquisition/Integration Costs (as defined below) and (iii) for 2023, the 1Q23 Nonrecurring Cost (as defined below).
EBITDAC Margin – Adjusted is defined as EBITDAC – Adjusted divided by total revenues.
Diluted Net Income Per Share – Adjusted is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (iii) for 2023, Acquisition/Integration Costs (as defined below), (iv) for 2023, the 1Q23 Nonrecurring Cost (as defined below) and (v) amortization.

Definitions Related to Certain Components of Non-GAAP Measures

“Acquisition/Integration Costs” means the acquisition and integration costs (e.g., costs associated with regulatory filings, legal/accounting services, due diligence and the costs of integrating our information technology systems) arising out of our acquisitions of GRP (Jersey) Holdco Limited and its business, Orchid Underwriters Agency and CrossCover Insurance Services, and BdB Limited companies, which are not considered to be normal, recurring or part of the ongoing operations.
“Foreign Currency Translation” means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreign exchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.
“1Q23 Nonrecurring Cost” means approximately $11.0 million expensed and substantially paid in the first quarter of 2023 to resolve a business matter, which is not considered to be normal, recurring or part of the ongoing operations.
“(Gain)/loss on disposal,” a caption on our consolidated statements of income which reflects net proceeds received as compared to net book value related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.

Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments and, therefore comparability may be limited. This supplemental non-GAAP financial information should be considered in addition to, and not in lieu of, the Company’s condensed consolidated financial statements.

For more information:

R. Andrew Watts
Chief Financial Officer
(386) 239-5770

The MIL Network –

January 28, 2025

MIL-OSI Australia: New life-saving defibrillators awarded for NSW sports facilities

Source: New South Wales Premiere

Published: 28 January 2025

Released by: The Premier, Minister for Sport

The Minns Labor Government is today announcing the delivery of almost 200 life-saving defibrillators to sporting and recreation organisations across the state.

This announcement brings the total number of devices awarded under this program to more than 2,500 defibrillators.

Every year, more than 9,000 people experience cardiac arrests outside of hospitals and these defibrillators play a key role in helping save the lives of a number of these people.

These portable defibrillators detect and analyse a person’s heart activity and, if needed, deliver an electric shock through the chest to the heart.

The NSW Government’s Local Sport Defibrillator Grant Program provides up to $3,000 for the purchase, installation and training in new automated external defibrillators.

A total of $500,000 has been made available each year to NSW sporting organisations to pay for these devices.

Importantly, approximately 80 per cent of defibrillators awarded under this round of funding went to regional and remote communities, where emergency medical services naturally are further apart.

This follows a decision made by the Minns Labor Government to ensure funding was directed to grassroots sporting organisations in some of NSW’s most disadvantaged areas for new life-saving defibrillators at local sports facilities.

The NSW Labor Government is committed to rebuilding our grassroots sporting communities and ensuring local facilities are fit-for-purpose.

To view the full list of recipients, visit: https://www.sport.nsw.gov.au/grants/local-sport-defibrillator-grant-program

Premier of NSW Chris Minns said:

“Access to one of these defibrillators can be the difference between life and death for thousands of people across NSW who suffer cardiac arrests each year – which is what makes this so important.”

“Delivering hundreds of new defibrillators to sporting organisations across our state will give even more people the confidence to exercise and play sport safely.”

“We’re making sure that areas that have been neglected for far too long, also have access to these life saving devices.”

Minister for Sport Steve Kamper said:

“The Local Sport Defibrillator Grant Program equips sports clubs to be able to respond to potentially life-threatening emergencies at their sports facilities.”

“The first few minutes following out-of-hospital cardiac arrest are critical, that is why the NSW Government is ensuring people participating in sport activities have access to potentially life-saving equipment.

“This investment by the NSW Government has the potential to mean the difference between life and death.”

Founder, Heartbeat of Football Andy Paschalidis said:

“I applaud the NSW Government for the ongoing defibrillator rollout programme which is saving lives.”

“Last year, at least six footballers in Sydney alone were saved because of defibrillator access at their grounds and the rapid response by individuals trained in CPR.

“It’s wonderful to see 200 sporting clubs will now be able to purchase and install these life saving devices.”

Co-deputy Director of the Victor Chang Cardiac Research Institute Professor Jamie Vandenberg said:

“Around 10,000 people in NSW suffer a cardiac arrest outside of hospital each year, and currently the vast majority will die.

“Being able to access a defibrillator in those crucial first minutes can make all the difference, so it’s incredibly heartening to see that almost 200 sporting clubs will now be able to purchase and install these lifesaving devices. This will help keep families together

“This is a sobering statistic but it’s one we can change for the better by installing more of these lifesaving devices in sports clubs across the State.”

MIL OSI News –

January 28, 2025
MIL-OSI: Awilco Drilling PLC: Cancellation of Share Premium Account Completed

Source: GlobeNewswire (MIL-OSI)

Reference is made to the resolution passed at the extraordinary general meeting of Awilco Drilling PLC on 25 October 2024 regarding the cancellation of the Company’s share premium account. The process has now been completed and the court order has been registered at Companies House. The amount arising from the Reduction is credited to reserves and the Company now has greater flexibility to make dividend payments to shareholders. The Board is evaluating the Company’s strategic options and will notify the market as soon as a conclusion is reached.

Aberdeen, 27 January 2025

For further information please contact:

Eric Jacobs, CEO of Awilco Drilling PLC
Phone: +47 9529 2271

Cathrine Haavind, Investor Relations of Awilco Drilling PLC
Phone: +47 9342 8464
Email: ch@awilcodrilling.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

The MIL Network –

January 28, 2025
MIL-OSI: Sale of Shareholding in Avenir LNG Limited

Source: GlobeNewswire (MIL-OSI)

Golar LNG Limited (“Golar”) has entered into a share purchase agreement for the sale of all its shares in Avenir LNG Limited (“Avenir LNG” or “Avenir”) to Stolt-Nielsen Gas Ltd. for a total consideration of approximately USD 40 million (the “Transaction”). The Transaction is expected to be completed during the first quarter of 2025, subject to fulfilment of the conditions under the share purchase agreement.

Golar will remain a 25% shareholder and debt provider to Higas Srl, the HIGAS LNG storage terminal in Sardinia, (“HIGAS”) that was spun off from Avenir LNG in October 2024. As of end October 2024, the book value of HIGAS was USD 40.5 million (on a 100% basis), of which $24.7m was shareholder loans and $15.8m shareholders equity.

Golar CEO Karl-Fredrik Staubo commented: “The sale of Golar’s shareholding in Avenir LNG is in line with our strategy to focus on expanding our market leading FLNG position. Golar is proud to have founded Avenir LNG into one of the largest small-scale LNG shipping companies globally alongside our partners Stolt Nielsen and Höegh. Following the sale of Hygo Energy Transition Ltd. in 2021, our Avenir LNG investment was no longer deemed a core asset of Golar’s portfolio. We wish the Avenir LNG team and Stolt-Nielsen all the best for the future development of Avenir.”

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.

Hamilton, Bermuda
January 27, 2025

Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO
Stuart Buchanan – Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

The MIL Network –

January 28, 2025
MIL-OSI: Stolt-Nielsen to Purchase Shareholding in Avenir LNG Limited

Source: GlobeNewswire (MIL-OSI)

London, 27 January 2025 – Stolt-Nielsen Limited (Oslo Børs: SNI), through its subsidiary Stolt-Nielsen Gas Ltd., has today announced that it has entered into a share purchase agreement to acquire all the shares of Avenir LNG Limited (‘Avenir LNG’) owned by Golar LNG Limited and Aequitas Limited (the ’Transaction’).

The Transaction is expected to be completed during the first quarter of 2025 (subject to fulfilment of the conditions to closing under the share purchase agreement). Upon completion, Stolt-Nielsen Gas Ltd. will control approximately 94.37% of the outstanding shares and votes in Avenir LNG.

Avenir LNG is an industry leader in small-scale liquefied natural gas (LNG) supply and is focused on supporting the marine energy transition through one of the largest fleets of small-scale LNG vessels. Avenir LNG owns and operates a fleet of five modern small-scale LNG bunkering vessels, with two newbuildings under construction.

Commenting on the transaction, Udo Lange, CEO, Stolt-Nielsen Limited said: “I am very pleased to announce this increased investment in Avenir LNG. This strategic move not only strengthens our position in the LNG sector but also underscores our commitment to pursuing more sustainable energy solutions for the maritime, industrial, and power generation markets. I am excited about the possibilities ahead and confident that this partnership will propel us into new avenues of growth and impact.”

Jonathan Quinn, Managing Director Avenir LNG, added: “Today marks an exciting new chapter for Avenir LNG as we continue to execute our strategy to become the leading small-scale LNG shipping and trading company. On behalf of the entire team at Avenir LNG, I wish to extend my thanks to the founding shareholders whose support and guidance has been instrumental in positioning Avenir LNG at the forefront of the marine energy transition since we launched in October 2018. With the increased support from Stolt-Nielsen Limited, Avenir LNG is well positioned to act dynamically as we pursue our growth strategy in this burgeoning market.”

Subject to completion of the Transaction, Stolt-Nielsen Gas Ltd. intends to offer to buy the shares of all remaining shareholders in Avenir LNG. Further information about the offer (if launched) will be published on Avenir LNG’s ticker ‘AVENIR’ on Euronext NOTC.

DNB Markets, a part of DNB Bank ASA, is acting as financial advisor to Stolt-Nielsen Limited.

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 the Norwegian Securities Trading Act. This stock exchange announcement was published by Avenir LNG Limited, at the date and time as set out above.

The MIL Network –

January 28, 2025
MIL-OSI USA: NCDIT Emphasizes the Importance of Protecting Personal Information During Data Privacy Week
Source: US State of North Carolina

Headline: NCDIT Emphasizes the Importance of Protecting Personal Information During Data Privacy Week

NCDIT Emphasizes the Importance of Protecting Personal Information During Data Privacy Week
jrchonillo
Mon, 01/27/2025 – 14:54
The N.C. Department of Information Technology is joining others from around the world Jan. 27-31 to recognize Data Privacy Week. This annual initiative focuses on building privacy awareness and empowering individuals and organizations to respect privacy, protect data and strengthen public trust.

“Because we lead much of our lives online, we leave a detailed digital trail. To protect ourselves, we must protect our data,” said Governor Josh Stein. “Reviewing privacy settings, disabling unnecessary location services, and paying close attention to what and where we reveal our personal information online are all good ways to limit who has access to our data.”

Identifying information collected online may be stored indefinitely and used to customize your experience or track your activity. Some companies may match it with other data to create a profile for you or sell your information. These profiles may contain information about your habits, interests, buying patterns and health.

“With increasing connectivity and the rise of artificial intelligence and generative AI, protecting our personal information is more critical than ever,” said NCDIT Secretary and State Chief Information Officer Teena Piccione. “Remember a few key steps to safeguard your personal information like strong, unique passwords, two-factor authentication and careful review of each suspicious email, text or link prior to clicking that might try to trick you into revealing personal information.”

Here are some additional tips to help protect data privacy:
- Review and manage privacy settings. Each device, application or browser has different features to limit how and with whom data is shared. It is important to check these regularly and adjust them as needed. You can use these direct links to update settings on popular devices and online services.
- Streamline your online presence. Delete inactive accounts and apps you do not use. They may still be collecting and sending data. Disable tracking and turn off location services when you are not using them. Keep all software, operating systems and apps that you do use up to date.
- Read the fine print. Read the privacy policy and terms of use for any application you plan to use. Be thoughtful about who is allowed access to your personal information. Make sure you understand and agree with how your information will be used.
- Share with care. Think before posting information about yourself or others. Consider what the post reveals, who might see it and how it could be perceived now and in the future. Remember that information you post online may never fully be removed, and social media privacy settings may not stop your posts from being shared by others. Never share personal information that you use for security purposes, such as your date of birth or the name of your first pet or teacher, in online quizzes.
- Be intelligent about artificial intelligence. While AI can be a helpful tool, it is important to remember that AI systems learn from user inputs. You should not share any personal or financial information, sensitive personal data from your workplace or intellectual property with publicly available AI.
“It’s important to understand how to protect our own data, respect the privacy of others and minimize the amount of sensitive data we share because it may be used for unintended purposes,” said Cherie Givens, the state’s chief privacy officer.

The Office of Privacy and Data Protection leads North Carolina’s privacy program and provides privacy guidance, services, resources and training to state agencies. The office works to embed a culture of privacy, data protection and transparency across state government and ensure that sensitive information entrusted to the state by residents, businesses and visitors is used for its intended purposes and remains protected.

NCDIT will be sharing privacy tips and resources throughout the week on social media using the hashtag #DataPrivacyWeek. For more information and other helpful links, visit it.nc.gov/privacy.
Jan 27, 2025

MIL OSI USA News –
January 28, 2025
MIL-OSI USA: State of Colorado and United Kingdom Sign Agreement to Foster Trade and Investment

Source: US State of Colorado

DENVER – Today, Colorado Governor Jared Polis and British Consul General Richard Hyde signed a Memorandum of Understanding (MOU) between Colorado and the United Kingdom (U.K.) to foster cooperation on economic relations, trade, and investment. This exciting new partnership will develop and promote shared opportunities between Colorado and the U.K. in clean energy, climate smart agriculture, quantum technologies, space technology, tourism, and artificial intelligence – all important economic drivers for both economies.

“In Colorado we are focused on saving people money and increasing affordability. Solidifying and strengthening our long-standing relationship with the United Kingdom helps create more pathways for investments into Colorado businesses, expands good jobs in Colorado’s key economic sectors, and establishes a strong and lasting trade partnership with our friends in the U.K.,” said Governor Polis.

“This agreement marks a great step forward in our trade relationship with Colorado. We’re unlocking investment for businesses, creating new job opportunities and strengthening the bonds of friendship and cooperation between the U.K. and Colorado,” said Consul General Hyde.

The Governor welcomed Consul General Hyde at the Colorado State Capitol in Denver for a bilateral meeting and MoU signing ceremony. Following the signing, the State of Colorado and the U.K. will form a steering committee to oversee the implementation of the partnership, which will highlight opportunities to reduce barriers to trade and investment between the two regions and elevate new business development opportunities.

The MoU builds on a strong economic partnership between the two regions. In 2023, Colorado exported $214 million in goods to the U.K., while importing $260 million. The U.K. is also Colorado’s number one source of foreign investment. Over the last five years, British companies invested $1.5 billion in capital expenditures and provided an estimated 19,400 jobs in Colorado. Also over the last five years, Colorado companies invested an estimated $1.3 billion in capital expenditure and created an estimated 3,765 jobs in the U.K.

The state also routinely welcomes British business delegations interested in Colorado’s business ecosystem in areas such as aerospace, agriculture, quantum technology, and renewable energy. Additionally, the British Government keeps an office in Denver to facilitate trade and investment. The Colorado Department of Agriculture, the Colorado Department of Health and Environment, the Colorado Energy Office (CEO) and the Colorado Office of Economic Development and International Trade (OEDIT) supported the development of the MoU.

“The U.K is a top economic partner for Colorado. We are thrilled to strengthen this relationship and work together to identify new trade and investment opportunities that benefit Colorado businesses and create jobs in some of our state’s leading industries, including clean energy, quantum, space technology and tourism,” said Eve Lieberman, OEDIT Executive Director.

“Colorado and agricultural organizations in the UK have many shared goals and areas of common interest. From research opportunities to climate smart initiatives, and from helping small businesses to co-manufacturing collaboration, we look forward to continuing our close relationship that this signing has memorialized,” said Colorado Commissioner of Agriculture Kate Greenberg.

“International partnerships such as this are essential to ensure the quick and affordable adoption of clean energy technologies to achieve global climate goals. As Colorado moves closer to achieving our own state goals of 100% clean energy by 2040 and net-zero emissions by 2050, we are pleased to collaborate with our U.K. partners to share lessons learned and help advance the market for clean energy around the world,” said CEO Executive Director Will Toor.

“This agreement underscores the critical importance of international collaboration in addressing shared challenges like climate change and advancing public health initiatives. By partnering with the U.K., Colorado is poised to leverage innovative solutions in clean energy, climate-smart agriculture, and technology to create healthier communities and a more sustainable future. We are excited to support this partnership and look forward to the opportunities it will bring for both our state and global progress,” said Jill Hunsaker Ryan, Executive Director of CDPHE:

About OEDIT’s Global Business Development Division

Global Business Development (GBD) is a division of the Colorado Office of Economic Development and International Trade. GBD supports Colorado businesses and communities by using a data-driven approach to recruit, support, and retain businesses that contribute to a robust and diversified economy. We align our portfolio of programs, services, and incentives with industries that benefit Colorado companies and elevate the state’s national and international competitiveness. GBD also hosts foreign delegations and participates in trade and investment missions around the world to strengthen global awareness of Colorado. With a highly educated and motivated workforce, a thriving innovation economy, and nation-leading entrepreneurial spirit, Colorado is a top market for business development.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

###

MIL OSI USA News –

January 28, 2025
MIL-OSI: HZJL Cayman Limited Announces Entering into a Merger Agreement with Rising Dragon Acquisition Corporation

Source: GlobeNewswire (MIL-OSI)

HANGZHOU, CHINA, Jan. 27, 2025 (GLOBE NEWSWIRE) — HZJL Cayman Limited (“HZJL”), a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”) for a business combination with Rising Dragon Acquisition Corporation (Nasdaq: RDACU, RDAC, RDACR) (“RDAC”), a publicly traded special purpose acquisition company.

Upon consummation of the transaction contemplated by the Merger Agreement, (i) RDAC will reincorporate by merging with and into Xpand Boom Technology Inc., a Cayman Islands exempted company and wholly owned subsidiary of RDAC (“Xpand Boom Technology”), and (ii) concurrently with the reincorporation merger, Xpand Boom Solution Inc., a Cayman Islands exempted company and wholly owned subsidiary of Xpand Boom Technology, will be merged with and into HZJL, resulting in HZJL being a wholly owned subsidiary of Xpand Boom Technology (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). Upon the closing of the Transaction, the parties plan to remain Nasdaq-listed under a new ticker symbol.

HZJL Overview

HZJL is a dynamic solution provider dedicated to empowering local lifestyle businesses such as restaurants, coffee shops, beauty salons, convenience stores, and massage centers, through innovative online social branding, software application, and supply chain services.

HZJL’s core service offering is its online branding service, which leverages the power of social media to promote compelling success stories for both businesses and their founders. This service helps businesses build strong, authentic identities that resonate with their target audience, and enhance brand visibility and customer loyalty. In addition, HZJL offers a sophisticated online application designed to streamline operations and optimize customer relationship management. HZJL also provides comprehensive supply chain solutions, with a special focus on supporting local restaurants.

With a mission to fuel scalable growth for business owners, HZJL combines these three key service areas that work together to drive operational excellence, customer engagement, and efficient growth strategies.

Key Transaction Terms

Under the terms of the Merger Agreement, RDAC’s wholly owned subsidiary, Xpand Boom Technology, will acquire HZJL, resulting in Xpand Boom Technology being a listed company on the Nasdaq Capital Market. At the effective time of the Transaction, HZJL’s shareholders and management will receive 35 million ordinary shares of Xpand Boom Technology. In addition, certain HZJL shareholders will be entitled to receive earn-out consideration of up to an additional 20 million ordinary shares of Xpand Boom Technology, subject to HZJL meeting certain revenue targets in the two subsequent years as set forth in the Merger Agreement. The shares held by certain HZJL’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the Transaction, subject to certain exceptions.

The Transaction, which has been unanimously approved by the boards of directors of both RDAC and HZJL, is subject to regulatory approvals, the approvals by the shareholders of RDAC and HZJL, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company.

The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by RDAC with the SEC and will be available on the SEC’s website at www.sec.gov.

Comments on HZJL

“We are excited for the proposed Business Combination with HZJL and admire the company that Mr. Xiong Bin and the HZJL management team have built,” said Xing Lulu, Chief Executive Officer of RDAC. “I look forward to working with HZJL’s first-class management team to help them thrive as a public company while they continue to grow.”

Xiong Bin, founder of HZJL, stated: “For several years, HZJL has been evolving with the local lifestyle business services market. Our motto, ‘Scalable Growth-Engine Empowering Local Business,’ underlines our ongoing commitment to delivering innovative solutions that foster substantial local business growth and scalability. We have garnered valuable industrial experience and know-how from assisting our customers from various industries in achieving their goals, including with respect to brand building, business operations and supply chain optimization. Our solutions specifically address the challenges faced by small and medium-sized enterprises, providing them critical assistance in overcoming marketing and management hurdles. We are excited to collaborate with RDAC, with which we share similar market visions and business strategies. We are confident that the RDAC team will play a key role in helping us achieve our aspirations and long-term success.”

Advisors

Loeb & Loeb LLP, Joint-Win Partners, and Maples and Calder (Hong Kong) LLP serve as legal counsel to RDAC. Han Kun Law Offices, Han Kun Law Offices LLP, and Harney Westwood & Riegels serve as legal counsel to HZJL. Chain Stone Capital Limited (CTM) serves as the financial advisor to HZJL.

About Rising Dragon Acquisition Corporation

Rising Dragon Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

About HZJL Cayman Limited

HZJL is a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services. The company is dedicated to fuel the scalable growth of business owners by combining technology, customer service, and operational excellence to unlock new levels of success. The company’s innovative solutions can help small and medium-sized enterprises better leverage social platforms to build their own stories in the rapidly changing Internet era, use online applications to improve efficiency and engage new customers, and use optimized supply chain services to produce better products and services, helping these companies grow bigger and faster.

Participants in the Solicitation

Xpand Boom Technology Inc., Rising Dragon Acquisition Corp., and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of RDAC ordinary shares in respect of the proposed Transaction. Information about RDAC’s directors and executive officers and their ownership of RDAC’s ordinary shares is currently set forth in RDAC’s prospectus related to its initial public offering dated October 11, 2024, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of RDAC or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Important Information about the Proposed Business Combination and Where to Find It

In connection with the Transaction, Xpand Boom Technology will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all RDAC shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of RDAC are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through RDAC through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

Wenyi Shen
Chief Financial Officer
Rising Dragon Acquisition Corp.
Email: woody.shen@hywincapital.cn

Zhiguo Sun
HZJL Cayman Limited
Investor Relations Officer
Email: ir@xpandboom.com

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RDAC’s and HZJL’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RDAC’s and HZJL’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of RDAC or HZJL and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against RDAC or HZJL following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of RDAC or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that HZJL or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by RDAC and Xpand Boom Technology (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by RDAC and HZJL. RDAC and HZJL caution that the foregoing list of factors is not exclusive. RDAC and HZJL caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither RDAC or HZJL undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

The MIL Network –

January 28, 2025
MIL-OSI: SPS Commerce Announces Date of Fourth Quarter and Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Minn., Jan. 27, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced that it will issue its financial results for the fourth quarter and year ended December 31, 2024, after the market close on Monday, February 10, 2025. SPS Commerce will host a call to discuss the results at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on the same day.

To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to be joined into the SPS Commerce conference call. A live webcast of the call will be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

About SPS Commerce

SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service and accessible experts so our customers can focus on what they do best. To date, more than 120,000 companies in retail, grocery, distribution, supply, and logistics have chosen SPS as their retail network. SPS has achieved 95 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

Contact:

Investor Relations
The Blueshirt Group
Irmina Blaszczyk
Lisa Laukkanen
SPSC@blueshirtgroup.com
415-217-4962

SPS-F

The MIL Network –

January 28, 2025
MIL-OSI Europe: Answer to a written question – Adverse consequences of imposing import duties on titanium dioxide – E-002612/2024(ASW)
Source: European Parliament
On 10 July 2024, the Commission adopted Implementing Regulation (EU) 2024/1923[1] imposing a provisional anti-dumping duty on imports of titanium dioxide from China.

On 15 November 2024, the Commission submitted for a vote the draft implementing act concluding the investigation to the Trade Defence Instruments Committee. At the same time, the draft implementing act was sent to the European Parliament.

Under the ‘Union interest’ section of the draft implementing act, the Commission assessed the impact on companies across value chains, on the basis of all the information collected during the investigation.

The Commission acknowledged the impact the duties might have on companies in different value chains. The definitive draft implementing act thus sets the duties as a fixed amount per kilogram instead of a percentage of the value of the imported product to soften that impact.

The prices of titanium dioxide are expected to increase, which will result in lower share of the duty in the final price of titanium dioxide. The Commission also allowed for titanium dioxide used in production of white inks for printing to be exempted from duties.

The draft implementing act[2] was published on 9 January 2025 and will be applicable for five years. T he downstream industry also has the possibility to request the initiation of an anti-dumping investigation.

In fact, the Commission has initiated an anti-dumping investigation into imports of decor paper from China following a complaint from EU producers which also use titanium-dioxide as a raw material.

[1] Commission Implementing Regulation (EU) 2024/1923 of 10 July 2024 imposing a provisional anti-dumping duty on imports of titanium dioxide originating in the People’s Republic of China, https://eur-lex.europa.eu/eli/reg_impl/2024/1923

[2] Commission Implementing Regulation (EU) 2025/4 of 17 December 2024 imposing a definitive anti-dumping duty and definitively collecting the provisional duty imposed on imports of titanium dioxide originating in the People’s Republic of China, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202500004
Last updated: 27 January 2025
MIL OSI Europe News –
January 28, 2025
MIL-OSI Europe: Answer to a written question – Public consultation and request for input – citizens overwhelmingly in favour of retaining the ban on the sale of seal products – E-002010/2024(ASW)
Source: European Parliament
The fitness check[1] of the EU legislation on trade in seal products is ongoing. The public consultation and call for evidence are only two elements of the fitness check to collect evidence, and they do not determine the final results. Additional evidence is collected through targeted consultations of stakeholders, a literature review and desk research.

The questions in the public consultation were drafted to obtain a precise and holistic overview of the perception of the EU seal regime nowadays without prejudging the outcome of the consultation.

The stakeholders identified for consultation throughout the fitness check include the Member States’ competent authorities, the recognised bodies in Canada and Greenland, public authorities in Norway, individual companies or trade federations, associations and unions, individual fishermen and seal hunters, environmental, conservation and animal welfare non-governmental organisations, academia/research institutions, and concerned members of the public from the EU and outside.

For the analysis of the results of the call for evidence, a dedicated software detected responses that contained full sentences with identical wording.

The 11 842 replies which were identified as campaigns or coordinated replies were not rejected but analysed separately from the 2 162 unique contributions.

The fitness check findings will inform the Commission as to whether a modification to the current legal framework would be needed.

[1] https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/14031-Trade-in-seal-products-fitness-check-of-EU-rules_en
Last updated: 27 January 2025
MIL OSI Europe News –
January 28, 2025
MIL-OSI Europe: Answer to a written question – Enlargement without any concessions – E-002188/2024(ASW)
Source: European Parliament
The enlargement process is merit-based and depends on the objective progress made by each of the partners. The speed of the accession process depends on the speed and implementation of reforms.

Credible reforms and irreversible progress especially on the fundamentals of enlargement are essential. This is at the core of the revised Enlargement Methodology[1] adopted in 2020 and continues to guide the process.

The inclusion of some enlargement countries in the Rule of Law Report as of 2024[2] (Albania, Montenegro, North Macedonia and Serbia) supports the implementation of the related recommendations under the enlargement package[3]. Other accession countries will be included in the Rule of Law Report as and when they are ready.

Reaping the benefits of EU membership requires thorough preparation and the putting in place of appropriate safeguards against backsliding on reforms.

The experience of the 2004 EU enlargement demonstrates the positive impact that membership of the EU single market and structural funds has on economic convergence.

Accelerating socioeconomic convergence already prior to accession is being pursued through dedicated instruments such as the Growth Plan for the Western Balkans[4], as well as the association agreements, including the Deep and Comprehensive Free Trade Areas (DCFTAs) with Ukraine, Moldova, and Georgia.

[1] COM(2020) 57 final.

[2] https://commission.europa.eu/strategy-and-policy/policies/justice-and-fundamental-rights/upholding-rule-law/rule-law/annual-rule-law-cycle/2024-rule-law-report_en

[3] COM (2024) 690 final.

[4] COM(2023) 691 final.
Last updated: 27 January 2025
MIL OSI Europe News –
January 28, 2025
MIL-OSI: Nokia Corporation: Repurchase of own shares on 27.01.2025
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
27 January 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 27.01.2025

Espoo, Finland – On 27 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*

XHEL 872,093 4.34

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 872,093 4.34

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 27 January 2025 was EUR 3,786,889. After the disclosed transactions, Nokia Corporation holds 232,542,619 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment
- Daily Report 2025-01-27
The MIL Network –
January 28, 2025
MIL-OSI Economics: Panama appeals WTO dispute panel report regarding measures on imports from Costa Rica

Source: World Trade Organization

Given the ongoing lack of agreement among WTO members regarding the filling of Appellate Body vacancies, there is no Appellate Body Division available at the current time to deal with the appeals.

Further information will be available within the next few days in document WT/DS599/9

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MIL OSI Economics –

January 28, 2025
MIL-OSI Economics: Members consider China’s request for panel to examine electric vehicle measures in Türkiye

Source: World Trade Organization

DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

China submitted a request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. Consultations took place on 20-21 November in an effort to resolve the dispute but failed to produce a mutually agreed solution, prompting China to submit its request for the panel.

China said Türkiye’s measures are protectionist and discriminatory, and violate Türkiye’s core obligations under the WTO agreements, including most favoured nation treatment, tariff bindings, and general elimination of quantitative restrictions. China expressed grave concerns that some members, including Türkiye, have introduced restrictive measures on Chinese new energy products, including EVs, which are inconsistent with WTO rules. Increased tech protectionism is not a solution, China said, adding that the panel request is one of the responses to such unlawful measures.

Türkiye said the two sides had constructive consultations in November 2024 and that it shared information and clarifications with its Chinese colleagues in a cooperative manner. Türkiye said its measures are completely justified against the backdrop of the strong challenges its automotive industry has been facing for many years due to anti-competitive practices, subsidization, and excess capacity. These problems should be addressed in the relevant WTO bodies for a level playing field in industrial sectors. Against that background, Türkiye said it cannot at this time agree to the establishment of a panel.

The DSB took note of the statements and agreed to revert to this matter should the requesting member wish to do so.

DS597: United States – Origin Marking Requirement (Hong Kong, China)

The United States once again raised the matter of the panel ruling in DS597 at the DSB meeting. The US said it was raising the matter as a result of recent developments in Hong Kong, China regarding free speech and human rights. The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

Hong Kong, China said the US again raising this matter and questioning its inherent rights under international law was an abuse of WTO rules. The panel ruling clearly confirms that the US action lacks legal justification, Hong Kong, China said, adding that it stands ready to proceed through the due process of appeal should the US lift its blockage on the appointment of Appellate Body members.

China reiterated its objections to the item being on the DSB agenda and said any member, regardless of its power and size, should refrain from taking unilateral and protectionism measures in the name of national security or using it as a vehicle to disregard the core principles of the WTO and interfere in other members’ internal affairs.

Appellate Body appointments

Colombia, speaking on behalf of 130 members, introduced for the 83rd time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

The United States noted that a new US President was inaugurated on 20 January, and the US is currently transitioning to a new Administration. Members are aware of the longstanding US concerns with WTO dispute settlement that have persisted across US administrations; those concerns remain unaddressed and it does not support the proposed decision, the United States said.

Twenty members then took the floor to comment. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system as soon as possible. Many welcomed the progress made in the dispute settlement reform discussions to date and the proposal by the General Council Chair to initiate consultations with interested delegations to hear views on how to build on progress made in a manner that would further advance dispute settlement reform work.

Several members said they looked forward to hearing from the Chair on how those consultations would be organized. Ten members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body.

Colombia said on behalf of the 130 members it regretted that for the 83rd occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

Surveillance of implementation

Australia presented a status report regarding its implementation of the panel ruling in the case brought by China in DS603, “Australia — Anti-Dumping and Countervailing Duty Measures on Certain Products from China.” Australia said it provided a written status report in this dispute on 16 January noting that Australia has fully implemented the ruling and that the matter is now resolved.

China thanked Australia for its statement and said this case demonstrates the effectiveness of the WTO dispute settlement system. At a time when the multilateral trading system faces unprecedented challenges, cooperation among members is vital to maintaining the effective operation of the dispute settlement mechanism, China said. China added that it is ready to work with Australia and other members to continue to resolve trade frictions under the WTO framework.

The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”, DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.”

Next meeting

The next regular DSB meeting will take place on 24 February 2025.

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MIL OSI Economics –

January 28, 2025
MIL-OSI Video: New Year, New You, New Cyber Resolutions (CSOC, VA Privacy, VBA Privacy, and FTC)

Source: United States of America – Federal Government Departments (video statements)

VA and Federal Trade Commission (FTC) privacy and cybersecurity experts provide insights into data privacy, cybersecurity, and identity theft awareness. This video highlights the shared mission between VA and FTC of protecting personal information for Veterans, their families, and employees. #Veterans #onlinesafety #cybersecurity #vaprivacy

Chapters:

Scams:

00:00 – 01:08 – Introduction
01:08 – 05:01 – Imposter and brushing scams
05:02 – 07:30 – Predatory claims processors
07:34 – 12:03 – Phishing attacks, spoofing, scanners, and deepfakes
12:11 – 14:28 – Reporting scams
14:28 – 15:59 – Working with VA Privacy Officers

Data Breaches:

16:00 – 18:13 – Tips from the FTC when your data is exposed
18:15 – 21:08 – Protecting your family, data breach timelines
21:08 – 23:15 – Protection of VA data, education, and vigilance

Conclusion:

23:15 – 25:40 – Understanding how scammers work, reporting to FTC
25:41 – 26:39 – Being ready to react, communicating with friends and family
26:40 – 27:37 – Using accredited claims representatives and other resources
27:38 – 31:06 – Important websites, phone numbers, and resources

https://www.youtube.com/watch?v=hba6N0DTad0

MIL OSI Video –

January 28, 2025

MIL-OSI Asia-Pac: India’s Petroleum Industry

Source: Government of India

India’s Petroleum Industry

Fueling Growth and Innovation

Posted On: 27 JAN 2025 8:22PM by PIB Delhi

Introduction

India’s petroleum industry is a comprehensive sector encompassing exploration, production, refining, distribution, and marketing of petroleum and its by-products. This includes upstream activities like extraction of crude oil and natural gas, midstream activities such as transportation and storage, and downstream processes including refining and distribution of fuels like petrol, diesel, LPG, and kerosene. A critical contributor to India’s energy basket, the petroleum industry ensures energy security and underpins various economic activities.

At present, India has nineteen Public-Sector Undertaking (PSU) refineries, three Private-Sector refineries, and one Joint Venture refinery. The country’s refining capacity increased from 215.066 Million Metric Tons per annum (MMTPA) in April 2014 to 256.816 MMTPA in April 2024.

Origin and Brief History

The roots of India’s petroleum industry trace back to 1867 when the first oil well was drilled in Digboi, Assam. This discovery marked the inception of the country’s exploration and production activities. The establishment of the Indian Oil Corporation in 1959 heralded a structured approach to refining and distribution. Over the decades, the sector witnessed significant expansion, from small-scale refineries to a robust network capable of meeting domestic and export demands. Today, India’s petroleum industry stands as a symbol of resilience and innovation, evolving in response to global and domestic energy challenges.

Industry Development and Evolution

The Indian petroleum industry has evolved significantly, driven by technological advancements and policy reforms. The 1990s marked a pivotal era with economic liberalization, leading to increased private and foreign investment. Public sector undertakings (PSUs) like ONGC and Indian Oil Corporation have played a crucial role in exploration and refining. Establishing state-of-the-art refineries, such as Jamnagar Refinery in Gujarat, has bolstered refining capacities, making India a refining hub in Asia. Furthermore, government initiatives like the National Exploration Licensing Policy (NELP) have incentivized exploration activities.

India’s energy landscape is rapidly evolving. The country boasts 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.

Here are some recent updates in India’s petroleum industry:

India is on track to increase its exploration acreage to 1million square kilometers by 2030, with a 16% increase expected in 2025.
The price of a domestic LPG cylinder in India is among the lowest worldwide, with costs as low as Rs. 803 per 14.2 Kg cylinder. For PMUY households, after a targeted subsidy of Rs 300 per cylinder, the effective price is Rs 503/ cylinder.
The approval process for exploration and production activities in the petroleum industry has now been simplified, reducing 37 approval processes to just 18, of which nine are now available for self-certification.
Introducing the Oilfields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, and enables single license for all hydrocarbons. This bill was recently passed by the Rajya Sabha on December 3, 2024.

Foreign trade of Petroleum

India has witnessed a remarkable surge in petroleum product exports over the last decade. The country’s refining capacity, now exceeding 250 million metric tonnes per annum (MMTPA), has enabled it to cater to global markets.

Key export destinations include South Asian, African, and European countries. The government’s emphasis on export-oriented growth and establishing Special Economic Zones (SEZs) for refineries have further boosted this trend. Exports not only contribute to foreign exchange reserves but also enhance India’s stature as a global energy supplier.

Source: https://ppac.gov.in/

Share in GDP

As per the information provided by the Ministry of Statistics and Programme Implementation, Gross Value Addition (GVA) of manufacture of Coke and Refined Petroleum Products has increased from Rs.1.56 lakh Crore in 2012-13 to Rs. 2.12 lakh Crore in 2022-23 (as per first revised estimates) which has also contributed in increase of All India GDP from Rs.99.44 lakh Crore to Rs. 269.49 lakh Crore in the corresponding period, at current prices. This industry also provides direct and indirect employment to millions, spanning exploration, refining, distribution, and retail sectors. The industry’s value chain supports ancillary industries such as petrochemicals, logistics, and manufacturing. The sector enhances socio-economic stability by fostering skill development and offering diverse career opportunities.

Global Ranking in Refining and Supply

India ranks among the top five refining nations globally, thanks to its robust infrastructure and strategic geographic location. The country is the seventh-largest exporter of refined petroleum products. Facilities like the Jamnagar refinery, one of the world’s largest, underscore India’s dominance in the refining sector. This global standing enhances India’s energy security and positions it as a key player in international energy markets. International Energy Agency (IEA) in February 2024 assessed that India will become the largest source of global oil demand growth between now and 2030. India is the second-largest economy in biofuel blending, following Brazil.

Metric	India’s Global Rank
Exporter of Refined Products	7th
Ethanol Blending in Petrol	2nd
BioFuel Producer	3rd
LNG Terminal Capacity	4th
Refining Capacity (MMTPA)	4th

Technological Advancements in Petroleum Industry

Adopting cutting-edge technologies has been pivotal to the petroleum industry’s growth. Enhanced Oil Recovery (EOR) techniques, digitalization, and the use of artificial intelligence (AI) have optimized exploration and production processes. Refineries are increasingly adopting green technologies to minimize environmental impact. Projects such as bio-refineries and the development of alternative fuels like compressed bio-gas (CBG) showcase the industry’s commitment to sustainability and innovation.

Government Initiatives

The Indian government has launched several initiatives to bolster the petroleum sector. Here are some key schemes:

Pradhan Mantri JI-VAN Yojana: Supporting bio-ethanol projects such as second generation and third generation plants for sustainable fuel production.
Strategic Petroleum Reserves: Enhancing energy security through storage facilities. In India, the SPR is primarily located at three underground storage facilities in Visakhapatnam, Mangalore, and Padur (Karnataka), with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil managed by the Indian Strategic Petroleum Reserve Limited (ISPRL).
Ethanol Blending Program: Promoting biofuels to reduce dependence on fossil fuels and curb emissions. The government has a target of achieving 20% ethanol blending in petrol by 2025-26. Since the inception of the EBP Programme, ethanol blending has increased from 38 crore litres in the Ethanol Supply Year (ESY) 2013-14 to over 707.4 crore litres in ESY 2023-24.
City Gas Distribution Network Expansion: Expanding piped natural gas (PNG) and compressed natural gas (CNG) infrastructure by covering 733 districts in 34 states/UTs covering almost 100% of the mainland area and almost 100% of total geographical area of the country.
Energy Security Initiatives: Investing in overseas exploration and acquisition of oil blocks.

Moving towards Greener Fuels

SATAT Initiative (Sustainable Alternative Towards Affordable Transportation): The SATAT initiative invites potential investors to set up Compressed Biogas (CBG) production plants. The aim is to make better use of agricultural residue, cattle dung, and municipal solid waste, and provide farmers with an additional source of revenue.
Mission Green Hydrogen: Promoting green hydrogen production to reduce carbon footprint. According to the Ministry of New and Renewable Energy, a global demand of over 100 MMT of Green Hydrogen and its derivatives like Green Ammonia is expected to emerge by 2030. Aiming at about 10% of the global market, India can potentially export about 10 MMT Green Hydrogen/Green Ammonia per annum. The production capacity targeted by 2030 is likely to leverage over ₹8 lakh crore in total investments and create over 6 lakh jobs. Nearly 50 MMT per annum of CO2 emissions are expected to be averted as a result of the various Green Hydrogen initiatives under the Mission. Achievement of Mission targets is expected to contribute to India’s energy security and reduce a cumulative ₹1 lakh crore worth of fossil fuel imports by 2030 .
National Bio-Energy Programme: Focused on bio-energy production and reducing waste.
Hydrocarbon Exploration and Licensing Policy (HELP): Encouraging private investment in exploration and production.

Implications for India’s Growth and Development

The petroleum industry’s expansion has multifaceted implications. Economically, it boosts GDP, foreign exchange earnings, and industrial growth. Politically, energy independence strengthens India’s global standing and reduces strategic vulnerabilities. Socially, the industry’s growth promotes rural development through improved energy access and employment.

Future Prospects

India’s petroleum industry faces a dynamic future, shaped by global energy transitions and domestic demand. Increasing investments in exploration, expanding refining capacities, and embracing renewable energy sources will define its trajectory. Initiatives like green hydrogen production and carbon capture technologies highlight the sector’s adaptability. With a focus on sustainability and energy efficiency, India is poised to maintain its leadership in the global energy landscape while aligning with its climate commitments.

Key Area	Future Target
Refining Capacity	309.5 MMTPA by 2030
Ethanol Blending	20% by 2025-26
Green Hydrogen Production	5 MMTPA by 2030
Exploration Acreage	1 million sq. kms. by 2030

References

https://www.isprlindia.com/aboutus.asp

https://mopng.gov.in/

https://nghm.mnre.gov.in/overviews.php

https://ongcindia.com/web/eng/about-ongc/ongc-at-a-glance/oil-and-gas-industry

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043042

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2038435

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1940265

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946408

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2003519

https://pib.gov.in/PressNoteDetails.aspx?NoteId=152007&ModuleId=3&reg=3&lang=1

https://pib.gov.in/newsite/pmreleases.aspx?mincode=20

https://ppac.gov.in/import-export

https://ppac.gov.in/infrastructure/installed-refinery-capacity

https://pmuy.gov.in/

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jan/doc202413295811.pdf

Click here to see PDF.

******

Santosh Kumar/ Ritu Kataria/ Rishita Aggarwal

Annexure 1

Refineries in India:

Refinery Location	Name of the Company	Name Plate Capacity (MMTPA)
	PSU Refineries
Digboi – 1901	Indian Oil Corporation Ltd.	0.650
Guwahati – 1962	Indian Oil Corporation Ltd.	1.200
Barauni – 1964	Indian Oil Corporation Ltd.	6.000
Koyali – 1965	Indian Oil Corporation Ltd.	13.700
Bongaigaon – 1974	Indian Oil Corporation Ltd.	2.700
Haldia – 1975	Indian Oil Corporation Ltd.	8.000
Mathura – 1982	Indian Oil Corporation Ltd.	8.000
Panipat – 1998	Indian Oil Corporation Ltd.	15.000
Paradip – 2016	Indian Oil Corporation Ltd.	15.000
Manali – 1965	Chennai Petroleum Corporation Ltd.	10.500
Cauvery Basin* – 1993	Chennai Petroleum Corporation Ltd.	0.000
Mumbai – 1954	Hindustan Petroleum Corporation Ltd.	9.500
Vizag – 1957	Hindustan Petroleum Corporation Ltd.	13.700
Mumbai – 1955	Bharat Petroleum Corporation Ltd.	12.000
Bina^ – 2011	Bharat Petroleum Corporation Ltd.	7.800
Kochi – 1963	Bharat Petroleum Corporation Ltd.	15.500
Numaligarh – 2000	Numaligarh Refinery Ltd.	3.000
Mangalore – 1996	Mangalore Refinery and Petrochemicals Ltd.	15.000
Tatipaka, AP – 2001	Oil and Natural Gas Corporation Ltd.	0.066
Total PSU Refineries		157.316

	JV Refineries
Bathinda – 2012	HPCL Mittal Energy Ltd.	11.300
Total JV Refineries		11.300

	Private Sector Refineries
DTA-Jamnagar – 1999	Reliance Industries Ltd.	33.000
SEZ-Jamnagar – 2008	Reliance Industries Ltd.	35.200
Vadinar – 2006	Nayara Energy (Formerly Essar Oil Ltd.)	20.000
Total Private Sector		88.200
Grand Total		256.816

* The Cauvery Basin refinery is under capacity augmentation.

^The Bina oil refinery, in the year 2021, become wholly owned subsidiary of Bharat Petroleum Corporation Limited – a ‘Maharatna’ PSU of Government of India.

(Release ID: 2096817) Visitor Counter : 95

MIL OSI Asia Pacific News –

January 28, 2025

MIL-OSI Asia-Pac: DGFT Launches Enhanced eCoO 2.0 System with Provisions for Back-to-Back Certificates of Origin

Source: Government of India (2)

Posted On: 27 JAN 2025 6:59PM by PIB Delhi

The Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 System, a significant upgrade designed to simplify the certification process for exporters and enhance trade efficiency. This upgraded platform offers several user-friendly features, such as multi-user access, which enables exporters to authorize multiple users under a single Importer Exporter Code (IEC). Additionally, the system now supports Aadhaar-based e-signing alongside digital signature tokens, providing greater flexibility. An integrated dashboard offers exporters seamless access to eCoO services, Free Trade Agreement (FTA) information, trade events, and other resources. The platform also introduces an in-lieu Certificate of Origin feature, allowing exporters to request corrections to previously issued certificates through an easy online application process.

As of 1st January 2025, the electronic filing of Non-Preferential Certificates of Origin has become mandatory via the eCoO 2.0 platform, and is available to exporters at https:// trade.gov.in under the “Get Certificate of Origin” section. This trade facilitation initiative has been streamlining the certification process, and improving turnaround times for exporters, marking a significant advancement in enhancing the Ease of Doing Business. The platform processes over 7,000 eCoOs daily, including both preferential and non-preferential certificates, connecting 125 issuing agencies which includes 110 national and regional chambers of commerce & industry, over 650 issuing officers and all Indian exporters under one unified system.

Reference Public Notice 43/2024-25 dated 27.01.2025, DGFT has introduced the procedure for availing online Back-to-Back Certificates of Origin (Non-Preferential). These certificates cater to goods not of Indian origin, intended for re-export, trans-shipment, or merchanting trade. Issued based on documentary evidence from the foreign country of origin, the Back-to-Back CoO ensures transparency and accuracy by explicitly mentioning details of the origin and supporting documents. This initiative not only simplifies the certification process but also accelerates processing times, making it particularly beneficial for global supply chains involving intermediary trade through India. The enhanced eCoO 2.0 system underscores DGFT’s commitment to facilitating trade and improving the Ease of Doing Business for Indian exporters.

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Abhishek Dayal/Abhijith Narayanan

(Release ID: 2096786) Visitor Counter : 55

MIL OSI Asia Pacific News –

January 28, 2025
MIL-OSI Asia-Pac: Office of PSA, IISc and MEA organise Technology Dialogue 2025 to Explore New Frontiers in Technology Diplomacy on 24th and 25th January 2025

Source: Government of India

Posted On: 27 JAN 2025 6:21PM by PIB Delhi

Office of the Principal Scientific Adviser (PSA) to the Government of India, Indian Institute of Science (IISc) and the Ministry of External Affairs (MEA) jointly organised an international technology policy summit titled “Technology Dialogue 2025: Exploring New Frontiers in Technology Diplomacy” on 24 and 25 January 2025 in IISc, Bengaluru as a continuation to Dialogue 2023 held in November 2023.

Recognising the importance of technology in driving India’s global partnerships, the summit focused on India’s international technology engagement framework, and the need for leveraging strategic partnerships on critical and emerging technologies such as quantum, AI, semiconductors, space tech, and bioeconomy.

The summit was inaugurated with a keynote address on International Technology Engagement Framework (ITEF) by the Hon’ble Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, who highlighted various national initiatives and missions aimed at advancing India’s technological aspirations while emphasizing the importance of global partnerships and collaborations. Hon’ble Minister Dr Singh also emphasised the need for a structured framework and approach in elevating India’s International Technology Engagements. The inauguration ceremony was joined by Prof. Ajay Kumar Sood (Principal Scientific Adviser to the Government of India), H.E. Pavan Kapoor (Deputy National Security Adviser, Government of India), Shri S. Raghuram (Joint Secretary of Policy Planning & Research, Ministry of External Affairs), Prof. G. Rangarajan (Director of IISc), and Dr. Kiran Mazumdar-Shaw (Chairperson and Managing Director of Biocon), and was chaired by Prof. G.K. Ananthasuresh (Dean of the Division of Mechanical Sciences, IISc). PSA Prof. Ajay Kumar Sood delivered a special address on conceptualisation and building blocks of ITEF. Dr. Kiran Mazumdar-Shaw delivered a special address on industrial perspective that should shape India’s ITEF.

The summit featured a keynote address on leveraging strategic partnerships on critical and emerging technologies for India by H.E. Pavan Kapoor (Deputy National Security Adviser, Government of India). This was followed by a featured panel on expanding the contours of international engagements for technology partnerships featuring H.E. Chandru Iyer (His Majesty’s Deputy Trade Commissioner for Investment for Souh Asia, Deputy High Commissioner of the United Kingdom to Karnataka and Kerala), H.E. Carly Partridge (Minister Counsellor, Australian High Commission), H.E. Alfonso Tagliaferri (Consulate General of Italy in Bengaluru), Dr Soren Tranberg Hansen (Consulate General of Denmark) and Dr Rama Swami Bansal (Chief Scientist & Head, International S&T Affairs Directorate, Council for Scientific and Industrial Research (CSIR).

The second day began with a keynote address on Technology and Development Partnerships of India by Shri Periasamy Kumaran, Special Secretary (ER & DPA), Ministry of External Affairs where he highlighted the ongoing bilateral efforts of Government of India with multiple countries in emerging and critical technologies.

Thematic panel on ‘Fostering Collaboration for Quantum Revolution’ was organised on to deliberate on advancements in quantum technologies and policy imperatives globally. The panel began with a lead presentation by Prof. Ajay Kumar Sood highlighting features of India’s National Quantum Mission (NQM). The panel also featured Prof Andrew White (ARC Australian Laureate Fellow), Dr Amith Singhee (Director, IBM Research India) and Prof Urbasi Sinha (Professor at Raman Research Institute), moderated by Mr Luke Preskey (Chief Revenue Officer, Resonance).

The summit also featured a dialogue between Dr S Somanath (Former Secretary, Department of Space and former Chairman of ISRO), and Dr Koichi Wakata (Astronaut and CTO, Asia-Pacific at Axiom Space) on the theme, ‘Unlocking Potentials of Space Tech’ discussing space exploration boom, the entry of private entities, industry partners and foreign investment, as well the encouraging growth of space startups.

The panel on ‘Accelerating Artificial Intelligence (AI) Innovation’ featured Shri S Krishnan (Secretary, Ministry of Electronics and Information Technology), H.E. Arthur Barichard (Deputy Ambassador for Digital Affairs, Ministry for Europe and Foreign Affairs, Republic of France), Ms Laxmi Shenoy (Managing Director, Accenture), Shri Biswajit Das (Head – Data Analytics and AI, Amazon Web Services), and Dr Leah Junck (Global Center on AI Governance, South Africa), moderated by Prof Chiranjib Bhattacharyya (Chair, Department of Computer Science and Automation, IISc). The panel deliberated on building a trustworthy AI ecosystem, focusing on AI governance, the future of work, and AI for public interest.

The panel on ‘Advancing India’s Bio-Economy’ featured Dr Alka Sharma (Adviser, Department of Biotechnology), Shri Krishna Mohan Puvvada (Senior Vice President, MEIA Novonesis), Mr Peter Bains (Group CEO of Biocon Group), Prof Usha Vijayraghavan (Dean, Biological Science Division, IISc) and Dr Bhuvnesh Shrivastava (Director- Healthcare, US-India Strategic Partnership Forum (USISPF), moderated by Prof Gayatri Saberwal (Dean, Institute of Bioinformatics and Applied Biotechnology). The panel discussed the importance of international collaboration for India to achieve its bio-economy ambitions.

The valedictory session featured a keynote address on driving sectoral transformation through independent and synergistic technology advancements by Dr Parvinder Maini, Scientific Secretary, Office of the Principal Scientific Adviser to the Government of India. The session also featured a fireside chat on positioning India in the global semiconductor value chain between Shri Utpal Shah (Senior Vice President – Strategy and Business Development, Tata Electronics) and Prof Andrew White, chaired by Prof Navakanta Bhat (Dean, Division of Interdisciplinary Sciences, IISc).

The Technology Dialogue 2025 also featured the India-France AI Policy Roundtable: Roadmap for the AI Action Summit 2025. The roundtable was co-chaired by Shri Abhishek Singh, Additional Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India, and Chief Executive Officer of the IndiaAI Mission, representing India, and H.E. Mr. Marc Lamy, Consul General of France in Bengaluru, representing France. The discussion focused on key policy positions related to global AI development and governance, while also exploring opportunities for collaboration and synergy between India and France. The roundtable focused on the following key objectives:

●          Unified Global AI Governance

●          Understanding AI Technologies and Implications

●          Addressing Digital Divide and Market Concentration

●          Common and Open AI Infrastructure

●          Cultural and Linguistic Diversity in AI

●          Sustaining AI Innovation and Addressing Resource Needs

The India-France AI Policy Roundtable, during Technology Dialogue 2025, served as a platform for discussions leading up to the 2025 AI Action Summit to be co-chaired by Hon’ble Prime Minister Shri Narendra Modi.

The two day summit exploring technology policy and diplomacy efforts with key partner countries witnessed the participation from various foreign missions in India, global thought leaders on critical and emerging technologies, industry and academia thought leadership in various technologies, industries bodies, start-ups and scholars of public policy.

More details at: https://technologydialogue.in/

*****

Mattu J.P. Singh/Siddhant Tiwari

(Release ID: 2096762) Visitor Counter : 59

MIL OSI Asia Pacific News –

January 28, 2025
MIL-OSI Asia-Pac: India’s participation in International Travel Trade Exhibition at FITUR, Madrid from 22nd – 26th January 2025

Source: Government of India (2)

India’s participation in International Travel Trade Exhibition at FITUR, Madrid from 22nd – 26th January 2025

India Pavilion Showcased India’s Rich Cultural and Natural Heritage

FITUR is the Global Meeting Point for Tourism Professionals and Leading Fair for Inbound and Outbound Markets in Ibero-America

Posted On: 27 JAN 2025 5:56PM by PIB Delhi

The Ministry of Tourism, Government of India, participated in one of the leading travel fairs – IFEMA being held in Madrid, Spain for positioning India as a potential leading destination in the source market of Spain and Latin America. The exhibition at FITUR, considered to be a benchmark event in the tourism sector, was held from 22nd – 26th January 2025. FITUR is the global meeting point for tourism professionals and leading fair for inbound and outbound markets in Ibero-America.

The Incredible India pavilion at FITUR was inaugurated by H.E. Shri Dinesh K. Patnaik, Ambassador of India to Spain, in the presence of officials from the Ministry of Tourism, State governments and co-exhibitors on 22nd January 2025. The Indian delegation comprised of more than 23 co-exhibitors, including the State Governments of Karnataka, Sikkim, Chhattisgarh and Jharkhand amongst others showcased their unique tourism products and experiences under the Incredible India banner at FITUR. The international exhibition, provided a platform to the stakeholders to network and connect with potential clients and partners in the Spanish source market.

The India Pavilion showcased India’s rich cultural and natural heritage, including renowned museums, wildlife sanctuaries, spiritual destinations and dance forms, all of which together combine to make India a popular destination for travellers seeking unique and authentic experiences. The Pavilion also vividly highlighted the grandeur of the Maha Kumbh, one of the largest and most significant religious congregations in the world, while emphasizing the tourism potential of Prayagraj as a spiritual and cultural destination. Spain is also one of the 20 top tourist generating markets for inbound tourist flow to India with approximately 70,000 Spanish tourists visiting the country in 2023, almost double the numbers who had visited India in 2022. The year 2026 will be marked as the Dual Year of Culture, Tourism and Artificial Intelligence on the occasion of 70th year of diplomatic relations between India and Spain.

The Ministry of Tourism, Government of India, also, in order to encourage the Indian diaspora to become Incredible India ambassadors, has launched ‘Chalo India Initiative’. The Indian diaspora members can register themselves on the Chalo India portal – www.chaloindia.gov.in to receive a unique referral code and send 5 non-Indian friends to travel to India to explore the grandeur and diverse experiences that India offers.

***

Sunil Kumar Tiwari

(Release ID: 2096750) Visitor Counter : 75

MIL OSI Asia Pacific News –

January 28, 2025
MIL-OSI: Xpanse Launches First AI-Powered, Multi-Liquidity Perpetual Futures
Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, Jan. 27, 2025 (GLOBE NEWSWIRE) — Xpanse, a groundbreaking decentralized perpetual exchange created by Horizon Protocol, is thrilled to announce the launch of its AI-powered perpetual futures platform on the MODE Mainnet. This marks a significant leap forward in trading innovation, expanding into a unified liquidity system, pioneering AI-driven trading, and evolving into a multi-chain ecosystem.

What is Xpanse?

Xpanse is an AI-powered, multi-layered liquidity perpetual exchange designed to empower traders of all levels.

AI-Enabled Trading Signals and Indicators

As part of the Phase One launch, Xpanse introduces three cutting-edge AI-enabled trading signals and indicators: ViperAI, WaveML, and Minima/Maxima. These tools provide traders with actionable insights to enhance their strategies across various markets:
- ViperAI: The flagship full trading strategy designed to maximize profits by accurately predicting directional momentum. It delivers long/short market-neutral signals, real-time entry and exit notifications, and built-in stop-loss features, ensuring comprehensive trade management.
- WaveML: An indicator that identifies market inefficiencies by spotting opportunities when prices deviate from fully efficient conditions. WaveML highlights these “waves” in the market, enabling traders to capitalize on temporary price movements.
- Minima/Maxima: A scalping tool that identifies peaks (resistance) and valleys (support) in real-time, helping traders make informed decisions on temporary tops or bottoms in the market.
These AI-driven tools, available directly within Xpanse’s Perpetual Futures platform, empower traders to execute sophisticated strategies with precision and confidence.

Multi-Layered Liquidity Models

Xpanse integrates three distinct liquidity models to cater to diverse trading strategies and requirements:
- Intent-based Liquidity: Live now, offering seamless execution with gasless trading, instant open/close functionality, and exclusive AI-powered indicators.
- Oracle-based Liquidity: Enhancing pricing accuracy and execution precision.
- Order Book Liquidity: Coming soon to provide traditional order book trading dynamics.
This unique structure ensures traders have access to flexibility, precision, and advanced AI tools that maximize capital efficiency and optimize returns.

Xpanse on MODE Mainnet

The launch of Xpanse on MODE Mainnet begins with Intent-based liquidity, supported by SYMMIO’s cutting-edge infrastructure and Orbs’ liquidity solutions. Key features of this initial release include:
- Over 340 tradable markets.
- Up to 60x leverage with cross-margin capabilities.
- Ultra-competitive fees ranging from 3 to 4 basis points.
- Exclusive indicators like AI signals and the Fear & Greed indicator.
This first-of-its-kind integration on MODE leverages the platform’s AI-powered financial ecosystem, bringing advanced AI-driven trading to Layer 2 networks. The second phase of the integration will introduce enhanced AI signals and additional proprietary trading indicators.

Redefining Trading for the Next Generation

By combining AI technology with multi-layered liquidity models, Xpanse is setting a new standard for decentralized trading. Traders can look forward to an elevated experience that prioritizes speed, precision, and innovation while maintaining competitive costs.

What’s Next?

To celebrate this milestone, Xpanse will soon launch trading competitions and exciting campaigns. Stay tuned for updates and opportunities to explore the future of AI-powered, multi-liquidity perpetual trading.

For more information, visit https://xpanse.trade/.

Contact:
Wen Zhang
marketing@Horizonprotocol.com

Disclaimer: This content is provided by Xpanse. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/993693a8-ebf8-441f-8401-c13f57f53d77

The MIL Network –
January 28, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	872,093	4.34
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	872,093	4.34

Category: Trade

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India’s Petroleum IndustryFueling Growth and Innovation

India’s participation in International Travel Trade Exhibition at FITUR, Madrid from 22nd – 26th January 2025India Pavilion Showcased India’s Rich Cultural and Natural Heritage

India’s Petroleum Industry

Fueling Growth and Innovation

India’s participation in International Travel Trade Exhibition at FITUR, Madrid from 22nd – 26th January 2025

India Pavilion Showcased India’s Rich Cultural and Natural Heritage