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Category: Transport

  • MIL-OSI United Kingdom: NDA group celebrates progress and innovation in parliament

    Source: United Kingdom – Executive Government & Departments

    NDA utilises innovative technology to bring to life progress in delivering its nationally important mission at ‘Nuclear Week in Parliament’.

    NDA group graduates and apprentices in Westminster

    The Nuclear Decommissioning Authority (NDA) group utilised innovative technology to bring to life progress in delivering its nationally important mission at the Nuclear Industry Association’s ‘Nuclear Week in Parliament’ (NWIP).

    Parliamentarians were able to use a VR headset to see what a Geological Disposal Facility will look like and get hands on experience in manoeuvring state of the art robots, including drones with laser imaging technology, which are used to decommission the legacy nuclear sites.

    This year marks 20 years since the NDA was established to decommission the UK’s oldest nuclear sites, one of the most important environmental programmes in the world, protecting people and the planet.

    David Peattie, NDA group CEO said:

    We’re transforming the legacy of UK’s nuclear power into a sustainable future. And, as we celebrate our anniversary, we can proudly say the UK is now a significantly safer place, thanks to our collective efforts.

    At a series of events for Parliamentarians, MPs and industry stakeholders, the NDA group shared its successes and tangible examples of the progress being made across the group including:

    • First simultaneous retrievals from Sellafield’s legacy ponds and silos, the NDA estate’s high hazard facilities.
    • Bringing all Magnox reactors, the first type of commercial nuclear power station in the UK, to a safe end of generation and defueling.
    • Removing highly radioactive coolant, from Dounreay’s Fast Reactor.
    • Launching the process to identify a site for a Geological Disposal Facility – the only community consent-led national significant infrastructure project.
    • Transporting over 2000 casks of nuclear material by sea, and conducting over 5 million miles of UK nuclear rail transports, with a 100% nuclear safety record.
    • Investing £277m of socio-economic funding to support significant projects that enable permanent and sustainable change in site communities.
    • Reprocessing 9,000 tonnes of spent nuclear fuel, generating £9bn.
    • 274 buildings demolished or reused and 9% of land released for reuse or redesignated.

    The value the NDA group provides for the nation far surpasses just its decommissioning progress.

    The NDA group invested around £100 million last year in research and development to stay at the forefront of innovation; pioneering and deploying solutions to tackle first of a kind technical and engineering challenges which have applications across the nuclear and defence sector.

    The group is also critical in developing and maintaining a strong nuclear supply chain spending around £2billion last year, across 82% of UK Parliamentary Constituencies with 5,000 supply chain companies supporting delivery of its mission.

    In addition, through its socio-economic strategy it’s leveraged over £200m of additional funding, with each £1 of NDA group support helping to attract £3.79 of further investment from other organisations for projects making a tangible difference in its communities.

    NDA Group CEO David Peattie, Lord Hunt and David Mundell MP

    The NDA also sponsored the NWiP Skills and Apprenticeship Fair, hosted by Liz Saville Roberts MP, where 12 NDA group apprentices and graduates were able to meet their local MPs and representatives across the sector and explain first-hand how their organisations are developing the next generation of the nuclear decommissioning workforce.

    Rachel Gleaves, a Control Systems Degree Apprentice who attended the event, said:

    The group are leading the most complex decommissioning challenges faced by the UK to make sure we leave our environment clean and safe for future generations, and this is a challenge I was really passionate to support.

    In my role at Sellafield Ltd, I have been able to learn from industry leading engineers to help support high hazard retrievals considered key to safely decommissioning the nation’s nuclear legacy.

    There are currently more than 1,500 apprentices and graduates across NDA group early careers schemes and hundreds of PhD students and post-doctoral researchers have been sponsored, focusing on developing advanced skills.

    Liz Saville Roberts MP, said:

    Nuclear sector jobs have long been a significant provider of well-paid high-quality employment in my constituency of Dwyfor Meirionnydd and I believe Wales should play a leading role to support the invaluable work of the NDA group in decommissioning sites to free up land for reuse, delivering benefit to local communities, the environment and the wider economy.

    The development of 19 apprentices at Trawsfynydd since 2012, highlights how decommissioning can provide a range of job options for young people, as well as appropriate skills and training opportunities.

    The NDA group’s programme of work will last for well over a hundred years so developing a pipeline of future talent is an essential part of delivering this nationally important mission long into the future.

    To find out more about a career within the NDA group, including graduate and apprenticeships opportunities, visit: NDA group Careers – The NDA group.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: “Miracles are Nearby” in the Central City Youth Library named after M.A. Svetlov

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The Central City Youth Library named after M.A. Svetlov invites you to the event “Miracles are Nearby”. A production based on the tale of Pavel Bazhov “Silver Hoof” has been prepared for the guests. The audience will see a performance performed in the format of shadow theater.

    Afterwards, everyone will be able to take part in a master class on creating a postcard called “Fairytale Deer”.

    Entrance by ticket, which is issued only for the child. No more than two accompanying persons may accompany him/her.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/afisha/event/330041257/

    MIL OSI Russia News –

  • MIL-OSI Russia: In 2024, 34 non-residential buildings were erected in the west of the capital using extra-budgetary funds

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 2024, 34 non-residential real estate objects were built in the west of the capital using extra-budgetary funds. They appeared in seven districts of the city. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Last year, 34 non-residential real estate objects with a total area of 416 thousand square meters were built in the districts of Kuntsevo, Dorogomilovo, Ramenki, Krylatskoye, Ochakovo-Matveyevskoye, Troparevo-Nikulino and Mozhaysky. Among them are student dormitory buildings, a church, a hotel complex, business and sports infrastructure facilities, as well as five educational institutions with more than 1.4 thousand places. About 3.3 thousand jobs were created in the new objects,” Vladimir Efimov noted.

    In ZAO, the territory near the Skolkovo Institute of Science and Technology is actively developing, where a student campus with dormitories is being created. Social, business, commercial and sports facilities are also appearing in other areas of the district.

    “Over the past year, four kindergartens for a total of 640 children were built in the west of the capital. One of them appeared on the territory of the residential area “Michurinsky Park” in the Ochakovo-Matveyevskoye district. It is designed for 250 places. The three-story building with an area of 5.8 thousand square meters provides a swimming pool, 10 group cells, a medical and a full-cycle food unit, sports and music halls. The construction of the kindergarten was carried out by a capital developer, upon completion of the work, the facility was transferred to the capital’s education system,” said the Minister of the Moscow Government, Head of the Department of Urban Development Policy of the capital

    Vladislav Ovchinsky.

    On the instructions of the Mayor of Moscow, the city is paying special attention to the quality of construction.

    As the Chairman of the Moscow State Construction Supervision Authority said Anton Slobodchikov, the department’s specialists carried out 174 control and supervisory activities at the sites with the participation of employees of the Center for Expertise, Research and Testing in Construction. The inspectors took samples of the materials used and checked the samples’ compliance with the approved design solutions in laboratory conditions.

    The past January holidays in Moscow once again emphasized the importance of developing the hospitality industry and creating additional places for city guests to relax. The tourist turnover during this period is estimated at 136.8 billion rubles, and the volume of revenues to the city budget is 18.7 billion rubles.

    First Deputy Head of the Office of the Mayor and the Government of Moscow, Chairman of the Moscow Tourism Committee Evgeniy Kozlovnoted that the tourist flow is growing every year. Travelers expect Moscow to provide them with opportunities for comfortable accommodation, so it is important for the city to regularly open new three-star, four-star and five-star hotels. Thanks to high-quality hotel infrastructure, the image of the capital is enhanced and revenues to its budget increase.

    Earlier Sergei Sobyanin toldthat by 2024, 81 new educational, healthcare, cultural and sports facilities will appear in Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149438073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Sobyanin: Construction of a school on the territory of the Tushino airfield has been completed

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    A school has been completed on the territory of the former Tushino airfield. The building on Volokolamsk Highway has created a comfortable and safe space for 825 children to study. This was reported in his telegram channel written by Sergei Sobyanin.

    “Universal and specialized classrooms were created for teachers and students, as well as a creative space similar to a university campus with laboratory and research complexes. The central element of the school is the atrium, which can be used as an assembly hall or an event venue. The building’s design is the winner of the 2023 Moscow Architecture and Urban Development Award in the educational facilities category,” said Sergei Sobyanin.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    The construction of a new school building at 75v Volokolamskoe Shosse began in May 2022 and was completed in January 2025. It was built at the expense of the investor, Asterus, the developer of the Ália residential complex, which is implementing a project to create a modern residential area with an educational hub on the territory of the former Tushino airfield.

    In addition to the school building, it will include children’s educational routes and a Coastal Park, organized according to the concept of a forest school, where adults and young city residents will be able to gain a variety of experiences interacting with living nature.

    The investor will donate the new educational building to the capital’s education system free of charge; it will become part of the complex of School No. 58.

    School with atrium

    The building was constructed according to the design of an architectural bureau that won the 2023 Moscow City Prize in architecture and urban planning in the nomination “Best Architectural and Urban Planning Solution for a School”.

    The building has four floors and one underground floor. Its area is more than 12 thousand square meters. It has created a comfortable and safe space for studying for 825 schoolchildren of grades 1-11, including a barrier-free environment for children with disabilities.

    The school building fits harmoniously into the surrounding landscape. Visually, it consists of two blocks – for primary and secondary schools. The facades with panoramic windows were made in yellow, white and gray colors to emphasize the features of the complex volumetric composition and highlight large elements in the structure of the building, assembled like a construction set.

    The design of the classrooms differs depending on the age of the students: a more formal design was created for older students and a brighter one for younger students. The walls of the school are decorated with images of function graphs, chains of molecules and diagrams of sound waves. Cryptograms were used in the design of the corridors, which facilitate navigation around the building.

    The central element of the building is the atrium — a multifunctional and multi-light space with increased ceiling height. It can be used as a lecture hall, an assembly hall or a venue for events. In addition, the atrium can serve as a comfortable space for relaxation. In fact, it will become a kind of heart of the school. At the same time, special acoustic panels will absorb possible noise, so neither loud music nor children’s laughter in the atrium will interfere with classes in the classrooms.

    In addition to 33 universal and specialized classrooms, students and teachers will have access to a creative space similar to a university campus, including laboratory and research complexes. The building also houses a media library, creative workshops, gyms, and much more.

    A sports core was set up on the school grounds: circular and straight running tracks, playgrounds for playing sports (basketball, football, volleyball), as well as recreation areas with a playground for students in grades 5-11, where a shade canopy and small play equipment were installed. In addition, an educational and experimental unit with greenhouses was located next to the school.

    The new school is scheduled to accept its first students on September 1, 2025.

    “Mathematical vertical” and pre-professional classes

    The new educational space will feature a combination of classical programs of in-depth training in the academic model of specialized education with practice-oriented engineering and technical classes, which the school implements jointly with partners (STEM approach) in the context of integrated support from a strong psychological service. Close attention will be paid to the involvement of children in sports, the use of available sports infrastructure, and the development of a school sports club.

    The school’s partners in developing the engineering and technical direction will be the state corporation Rostec and leading technical universities: Bauman Moscow State Technical University, MIREA – Russian Technological University and Moscow Aviation Institute (National Research University).

    The school plans to open classes with a mathematical and natural science focus as part of the city project “Mathematical Vertical” for students in grades seven through nine, as well as pre-professional classes (10th and 11th) as part of the city projects “Engineering Class in a Moscow School” and “IT Class in a Moscow School”.

    The focus on practical tasks and project work will be a special feature of the profile training of schoolchildren. The educational process provides for an individual approach to the children.

    Thus, the plans include introducing students to advanced professions in the field of engineering and motivating them to master professions that are in demand in the metropolis labor market. It is also planned to implement practice-oriented training based on additional pre-professional training courses, partnerships with universities and employers as part of the Rostec state corporation. In addition, it is planned to involve children in project and research activities in the field of modern engineering. Excursions, guest classes, master classes and the like will be held for schoolchildren, for example, off-site classes at the enterprises of the Rostec state corporation, as well as scientific events.

    Graduates of the school who have completed pre-profile engineering classes are planned to be considered as a priority for further training within the framework of targeted programs of the Rostec state corporation, such as Wings of Rostec, Code of Rostec, Rostec. Biotechmed.

    Medalists and winners of the Olympics

    School No. 58, created in 2019, currently includes two educational buildings on Tvardovskogo and Letnaya streets — a school building and a preschool building. It has 741 students, including 598 schoolchildren and 143 preschoolers. The workforce consists of 82 employees, including 60 teaching staff.

    The system of additional education includes programs of various focus areas: natural science, technical, physical education and sports, and social and humanitarian. The coverage of students by additional education is 95 percent.

    In the 2023/2024 academic year, 71 eleventh-graders graduated. Of these, 23 people (32 percent) were awarded the federal medal “For Special Achievements in Studies” (gold and silver), 11 people (15 percent) – the Moscow medal “For Special Achievements in Studies”. Based on the results of the Unified State Exam, 31 graduates (44 percent) received 250 points or higher in three subjects. Two graduates scored 100 points in English and mathematics.

    Last academic year, 60 children were also awarded diplomas of winners and prize winners of the municipal stage of the All-Russian School Olympiad. 34 students took part in the regional stage, of which 10 people became prize winners. Eight children received the title of prize winners of the Moscow School Olympiad. Teams of 10th and 11th grades became winners and prize winners of programming Olympiads (for example, PROD) and various hackathons.

    New schools and kindergartens

    Since 2011, 648 educational facilities have been built in Moscow, including 450 kindergartens and 198 schools. Of these, 327 were financed from the city budget and 321 from extra-budgetary funds. Plans call for the construction of about 200 new educational facilities by 2027.

    Sergei Sobyanin spoke about the development of the territory of the former Tushino airfield

    Program “My District”. Pokrovskoe-Streshnevo

    Program “My area”, developed on the initiative of Sergei Sobyanin, is the largest project for the comprehensive improvement and development of urban areas. Its goal is to create comfortable living conditions for Muscovites, regardless of their place of residence.

    More than 67 thousand people live in Pokrovskoe-Streshnevo, located in the North-West Administrative District. In recent years, much has been done here to improve the quality of life of the townspeople.

    The ground metro has arrived here — the second Moscow Central Diameter with the stations Trikotazhnaya, Tushinskaya and the city stations Shchukinskaya and Streshnevo. Convenient approaches and approaches from residential buildings have been arranged to them. At Shchukinskaya and Tushinskaya, you can transfer to the Tagansko-Krasnopresnenskaya metro line, and from Streshnevo — transfer to the station of the same name on the Moscow Central Circle.

    The reconstruction of Volokolamskoe Shosse with a radical upgrade of the interchange on the Moscow Ring Road has been completed. As a result, traffic has accelerated on one of the busiest outbound highways, and it has also improved on the northwestern section of the Moscow Ring Road. And thanks to the new U-turn overpass on Volokolamskoe Shosse towards Shchukino, it has been possible to significantly reduce the excess mileage of vehicles. In addition, Volokolamskoe Shosse has been improved – it has turned into a highway with comfortable transfers with convenient stops and pedestrian crossings.

    Seven new ground transportation routes were organized in the district. More than 50 modern bus stops were installed.

    Three charging stations of the Energy of Moscow project have been equipped for electric vehicles. Fans of cycling can use 44 bicycle parking areas and three city bike rental stations.

    The Skhodnya River Bank Park was improved, where water obstacles for rowers to train were installed on the territory of the rowing base. The Khimki River Valley Park, the embankment along the Skhodnensky Canal (left bank) from the Western Bridge to the Moscow Canal, as well as the squares near the Gzhel Moscow State Academic Dance Theater and in front of the S.G. Stroganov Russian State University of Art and Industry were put in order. In addition, 43 courtyards were improved.

    Water obstacles for slalom have been installed at the rowing base in the Skhodnya River Bank ParkMajor improvement works on Volokolamsk highway completed

    A large and significant project was the development of the natural and historical park “Pokrovskoye-Streshnevo”. During the work, the idea of its conditional division into several functional zones was implemented. Thus, a natural, ecological and educational, leisure and recreational, sports and historical and cultural parks appeared. The main and central part of “Pokrovskoye-Streshnevo” remained a natural reserve zone, and the places of active recreation were moved closer to residential areas and transport highways. In the park, the outdated infrastructure was updated and new infrastructure was created for a comfortable and safe stay of city residents, including the arrangement of 16 playgrounds, 23 sports areas, 16 gazebos for picnics.

    In the historical and cultural part of the park, the restoration of the estate ensemble is currently underway. The regular garden has been recreated, the facade work on the main house, the greenhouse and the fence with turrets has been completed, and the interiors are being restored. All elements of the architectural ensemble will be carefully restored using archival photos and drawings and adapted for modern use.

    Parquet flooring to be recreated in Pokrovskoe-Streshnevo estate

    An important event for the development of healthcare was the opening of a new treatment and diagnostic complex of the Infectious Diseases Clinical Hospital No. 1. These are three buildings with Meltzer boxes, which have no analogues in the country in terms of equipment and level of comfort.

    Sergei Sobyanin announced the imminent opening of a new complex of infectious diseases hospital No. 1The new complex of the Infectious Diseases Hospital No. 1 will become the best specialized hospital in Russia – Sergei Sobyanin

    As part of the modernization of the outpatient sector, a comprehensive reconstruction of the main building of Children’s Clinic No. 94 (Vishnevaya Street, Building 20, Building 2) has been completed and work is underway in Branch No. 3 of Clinic No. 115 (Dolgov Street, Building 1, Building 4).

    The multifunctional sports complex “Chkalov Arena” is popular with the city residents. It houses an ice arena, a universal sports hall, choreography halls and other areas where professionals and amateurs train. The new physical culture and health complex on Tushinskaya Street (house 16a) is also in demand among the residents of the district.

    Completed a comprehensive renovation of the sports and fitness complex on Gabrichevsky Street with modern sports equipment. They plan to build a multifunctional Sports Palace with an ice arena, a swimming pool, a multi-purpose hall and a gym at the address: Volokolamskoe Shosse, Building 71/10.

    For communication, leisure and creativity of the older generation, the Moscow Longevity Center of the Pokrovskoe-Streshnevo district was opened at the address: Svobody Street, Building 8/4, Building 1. Routine repairs were carried out at Children’s Libraries No. 232 (1st Tushinsky Proezd, Building 4), No. 236 (Bolshaya Naberezhnaya Street, Building 15) and Library No. 234 (Gabrichevsky Street, Building 8).

    Renovation in Pokrovskoe-Streshnevo

    In Pokrovskoe-Streshnevo, 48 buildings are included in the renovation program; about 8.3 thousand Muscovites will move into new modern apartments. The stages of resettlement have been determined:

    — first stage (2020–2024) — three houses have been resettled and demolished (the task has been fully completed);

    — the second stage (2025–2028) — resettlement of another 25 houses (eight of them are in the process of resettlement);

    — the third stage (2029–2032) — resettlement of 20 houses.

    Eight territories have been selected for resettlement of residents. Residential complexes have already been built on two of them. Design and urban planning documentation is being prepared for another six sites.

    Sergei Sobyanin included nine new sites in the renovation programA house will appear in Pokrovskoe-Streshnevo under the renovation program

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/mayor/tkhemes/12326050/

    MIL OSI Russia News –

  • MIL-OSI: Bitget Lists Foresight Ventures-backed Analog (ANLOG) on Launchpool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of ANLOG token. Eligible users will have the opportunity to lock Bitcoin (BTC) and Ethereum (ETH) to participate in a reward pool of 23,333,431 ANLOG tokens. The locking period will run from February 6, 2025, at 11:00 UTC to February 11, 2025, at 11:00 UTC.

    Analog operates as a suite of omni-chain interoperability protocols designed to simplify access to Web3 data and facilitate seamless cross-chain communication. With a total token supply of 9,057,971,000 ANLOG, the project aims to address critical challenges in blockchain interoperability, enabling more efficient data sharing and communication across decentralized networks.

    The Launchpool campaign is structured into two locking pools: one for BTC and another for ETH. Each pool offers 11,666,715 and 11,666,716 ANLOG tokens, respectively. Rewards will be distributed hourly based on the proportion of assets locked by each participant relative to the total locked in the pool. Bitget will take hourly snapshots of locked volumes, with airdrops calculated and distributed accordingly. Participants can unlock their tokens at any time, and all locked assets will be automatically returned to their spot accounts once the locking period concludes.

    This initiative marks a pivotal step for Analog as it prepares to expand its ecosystem and enhance cross-chain functionality. The integration with Bitget Launchpool provides users with an early opportunity to engage with the project while contributing to its growing community.

    Analog has secured $5 million in a recent funding round, bringing its total funding to $21 million and valuing the company at $300 million. This investment precedes the launch of its native token, ANLOG, scheduled for February 6, 2025. The round attracted backing from top VCs such as Foresight Ventures, Gate Ventures, BackerDAO, and Black Label Ventures. Previously, Bitget listed ANLOG for pre-market trading allowing users to engage in ANLOG transactions ahead of its official spot market debut.

    For more information about ANALOG tokens on Launchpool, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5058f6ab-1940-4b1b-b389-12436d7d813d

    The MIL Network –

  • MIL-OSI United Kingdom: Government publishes research report into e-bike battery safety

    Source: United Kingdom – Executive Government & Departments

    The Government has published new independent research into the safety of e-bike and e-scooter lithium-ion batteries, chargers and e-bike conversion kits.

    A lithium-ion battery with a battery management system.

    The Government has published new independent research into the safety of e-bike and e-scooter lithium-ion batteries, chargers and e-bike conversion kits.

    The Office for Product Safety and Standards (OPSS) commissioned Warwick Manufacturing Group (WMG) to produce the research to improve Government’s evidence base on the risks associated with unsafe e-bike and e-scooter batteries and chargers, following a rise in the number of fires in the UK related to these products, some of which have sadly led to fatalities.

    The research gives new insight into:

    • how battery failures occur during real-world use and environments, including scenarios of foreseeable misuse or modification
    • the types of processes and materials used in product manufacture that achieve safer design and safer use of lithium-ion batteries
    • potential shortcomings in technical requirements in product standards that have not kept pace with technological innovation

    The research brings together evidence and data from the UK and overseas with input from stakeholders and businesses across the supply chain. This evidence gathering has been supported by detailed technical product inspections and product testing in laboratory settings.

    Read the research on battery safety.

    OPSS is carefully assessing the evidence to inform our future activity and is working to support wider Government and interested stakeholders on future actions that could be taken to improve the safety of these products. 

    A WMG spokesperson said: “We are delighted to have had the opportunity to assist OPSS to achieve a deeper understanding of the root causes of these battery fires.”

    OPSS is already undertaking a programme of enforcement and market surveillance activity. In December 2024, the Government published new statutory guidelines for businesses producing and distributing lithium-ion batteries for e-bikes. The guidelines set out that such batteries must contain mechanisms capable of preventing thermal runaway to be considered safe products.

    Read the statutory guidelines on lithium-ion battery safety for e-bikes.

    OPSS is also assessing products and conducting checks on businesses selling e-bikes, e-scooters and kits used to convert standard bikes to e-bikes, both online and on the High Street. Since 2022, there have been 21 product recalls, and 29 Product Safety Reports published for unsafe or non-compliant e-bikes or e-scooters subject to corrective action.

    This activity follows the launch of Government’s Buy Safe, Be Safe consumer information campaign which launched in October 2024 to raise awareness of these risks, and provided safety advice for consumers purchasing e-bikes, e-scooters and lithium-ion batteries.

    Find out more about the Buy Safe, Be Safe campaign.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Investing in community energy

    Source: Scottish Government

    £9 million for community energy generation and energy efficiency improvements.

    Communities across the country will benefit from £9 million Scottish Government funding for measures to help cut energy costs and support the development of locally-owned renewable energy projects.

    The funding – which builds on the successful Community Energy Generation Growth Fund pilot – will be used to scale up community energy projects across Scotland as part of a drive to cut carbon emissions, create local jobs, reduce energy costs and stimulate local investment.

    It includes:

    • £3.5 million for a new Community Energy Generation Growth Fund to support communities to develop their own renewable energy projects – such as installing wind turbines and solar panels
    • £4.5 million to help local groups decarbonise their buildings through the installation of renewable measures such as heat pumps and solar PV panels, alongside energy efficiency measures, that reduce energy costs and emissions
    • £1 million for capacity building and development support to help develop and progress early ideas for new community energy projects

    Announcing the funding at the annual Community and Renewable Energy Scheme (CARES) conference in Glasgow, Acting Climate Action Minister Alasdair Allan said:

    “Communities must be at the heart of our transition to net zero and must see the benefits of this just transition. This transition is about both the outcome – a fairer, greener future – and the way we get there in partnership with those most likely to be impacted by these changes.

    “That is why I am pleased to announce this £9 million investment from the Scottish Government will be available to communities through CARES over the next year.  

    “Scotland has diverse communities – from those in our cities, to those in rural areas and on our islands. I am committed to supporting all these communities to take part in and benefit from the growth of Scotland’s energy sector.” 

    Chief Executive Officer of Community Energy Scotland Zoë Holliday said:

    “The Scottish Government’s continued commitment to community energy is welcome news for groups across Scotland. The reintroduction of funding for stand-alone generation projects has the potential to lever in significant funds locally and play a key role in the just transition.

    “We are also delighted to see a new fund focussing on capacity building for communities; we have been calling for such support to ensure that when it comes to the energy transition, no community is left behind.”

    Background 

    More information about Community Energy Generation Growth Fund. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Children’s services need some improvements, says Ofsted

    Source: City of Leicester

    A NEW report from Ofsted says that children’s services in Leicester require some improvements to be consistently good, despite identifying some very strong areas.

    Inspectors visited Leicester City Council in September last year to review all aspects of children’s social care, including adoption and fostering, early help services, staff development and out-of-hours responses.

    They noted the ‘supportive environment’ leaders have maintained for staff, ensuring that caseloads remain at manageable levels. They found that handovers happened clearly and swiftly; staff knew how to escalate children’s cases appropriately and that social workers ‘know their children well and speak about them with knowledge and sensitivity.’ The use of child protection plans and processes to bring children into the care of the local authority were appropriate.

    The council’s fostering service was also highlighted as an area of significant strength, with carers receiving ‘very good’ support.

    Their report says that in order to achieve a judgement of ‘good’, leaders in children’s services need to improve the information they have to evaluate performance, and that care plans and responses to some referrals also need to be more consistent if all children are to have the best possible outcomes. An improvement plan has been produced to address the points raised by Ofsted.

    Inspectors also said that arrangements to support the very small group of most vulnerable children in care and care leavers could be improved, as well as support for young adult care leavers in prison or facing homelessness – areas which have been swiftly addressed by the authority since the inspection.

    Deputy city mayor with responsibility for social care, Cllr Sarah Russell, said: “This report was conducted back in September, which means we’ve already completed, or are working on, many of the actions and helpful points that were raised.

    “I’m very proud that inspectors identified that our staff are well-supported, our workforce is stable and our social workers know their children well. It shows that we have a good baseline for improvement and the foundations of our social work practice are good.

    “However, we also felt we couldn’t engage with Ofsted inspectors in the way we wanted to. We are experienced at undergoing inspections, but felt that the process this time was extremely difficult, with a lack of recognition of areas of good practice. Where things need to be improved, it is usually the case that very small numbers of children experience less than good support from us. This was not reflected in the final report.

    “We are taking up these issues with Ofsted, but in the meantime our focus is firmly on ensuring that our staff are supported, children in Leicester are kept safe, and that we continue to work really hard to provide the best possible service for every child and family that needs our help.”

    Laurence Jones, the city council’s strategic director of social care and education, added: “We are disappointed in this report, which we feel does not accurately reflect our service due to issues in the inspection process. However, it has confirmed some areas of focused improvement which were already known to the leadership team.  Having stabilised our workforce and created a supportive environment for staff, we are now absolutely determined to offer a consistently good service to every child and family we work with. This commitment is demonstrated by the actions we have already put in place, and we will continue to work to achieve this.”  

    More information about support for children and young people can be found at https://www.leicester.gov.uk/health-and-social-care/support-for-children-and-young-people/

    The full report can be found on the Ofsted website.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter net income of $21.8 million;
    • Fourth quarter earnings per diluted common share of $0.71;
    • Annualized return on fourth quarter average assets of 1.03%;
    • Annualized return on fourth quarter average tangible common equity of 14.12%(1); and
    • Nonperforming assets decreased to 0.04% of total assets.

    TYLER, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter and year ended December 31, 2024.  Southside reported net income of $21.8 million for the three months ended December 31, 2024, an increase of $4.5 million, or 25.8%, compared to $17.3 million for the same period in 2023.  Earnings per diluted common share increased $0.14, or 24.6%, to $0.71 for the three months ended December 31, 2024, from $0.57 for the same period in 2023.  The annualized return on average shareholders’ equity for the three months ended December 31, 2024, was 10.54%, compared to 9.31% for the same period in 2023.  The annualized return on average assets was 1.03% for the three months ended December 31, 2024, compared to 0.85% for the same period in 2023.

    “For the year ended December 31, 2024, net income increased $1.8 million to $88.5 million when compared to 2023, earnings per share increased $0.09 to $2.91, and the return on average tangible common equity was 14.92%. For 2024, loan growth was 3.0% and linked quarter loans increased $83.5 million, or 7.3% annualized, most of which occurred in December,” stated Lee R. Gibson, Chief Executive Officer of Southside.  “We recorded losses of $540,000 associated with two branch closures during 2024. Linked quarter our net interest margin decreased 12 basis points. Asset quality metrics remain solid with the nonperforming assets to total assets ratio decreasing to 0.04%.  Late fourth quarter loan growth combined with anticipated mid-single digit 2025 loan growth should lead to an increasing net interest margin during 2025.”

    Operating Results for the Three Months Ended December 31, 2024

    Net income was $21.8 million for the three months ended December 31, 2024, compared to $17.3 million for the same period in 2023, an increase of $4.5 million, or 25.8%.  Earnings per diluted common share were $0.71 and $0.57 for the three months ended December 31, 2024 and 2023, respectively.  The increase in net income was a result of the increase in noninterest income and the decrease in the provision for credit losses, partially offset by increases in noninterest expense and income tax expense and a decrease in net interest income.  Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2024 were 1.03% and 10.54%, respectively, compared to 0.85% and 9.31%, respectively, for the three months ended December 31, 2023.  Our efficiency ratio and tax-equivalent efficiency ratio(1) were 56.08% and 54.00%, respectively, for the three months ended December 31, 2024, compared to 53.30% and 50.86%, respectively, for the three months ended December 31, 2023, and 53.94% and 51.90%, respectively, for the three months ended September 30, 2024. 

    Net interest income for the three months ended December 31, 2024 was $53.7 million, a decrease of $0.8 million, or 1.4%, from the same period in 2023.  The decrease in net interest income was due to the decrease in the average yield of interest earning assets and increases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by the increase in the average balance of interest earning assets.  Linked quarter, net interest income decreased $1.8 million, or 3.2%, compared to $55.5 million for the three months ended September 30, 2024, due to the decrease in the average yield of interest earning assets, partially offset by the decrease in the average rate paid on our interest bearing liabilities, the increase in the average balance of interest earning assets and the change in the mix of our interest bearing liabilities.

    Our net interest margin and tax-equivalent net interest margin(1) decreased to 2.70% and 2.83%, respectively, for the three months ended December 31, 2024, compared to 2.83% and 2.99%, respectively, for the same period in 2023.  Linked quarter, net interest margin and tax-equivalent net interest margin(1) decreased from 2.82% and 2.95%, respectively, for the three months ended September 30, 2024.

    Noninterest income was $12.3 million for the three months ended December 31, 2024, an increase of $9.8 million, or 391.0%, compared to $2.5 million for the same period in 2023. The increase was due to a decrease in net loss on sale of securities available for sale (“AFS”) and an increase in other noninterest income, partially offset by a decrease in bank owned life insurance (“BOLI”) income. The decrease in net loss on sale of securities AFS was due to a net loss of $10.4 million for the three months ended December 31, 2023, related to the strategic repositioning of the securities portfolio. On a linked quarter basis, noninterest income increased $4.1 million, or 50.3%, compared to the three months ended September 30, 2024.  The increase was primarily due to an increase in other noninterest income and a decrease in net loss on sale of securities AFS.  The increase in other noninterest income was primarily due to an increase in swap fee income for the three months ended December 31, 2024, and an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps realized during the three months ended September 30, 2024.

    Noninterest expense increased $3.0 million, or 8.5%, to $38.2 million for the three months ended December 31, 2024, compared to $35.2 million for the same period in 2023, due to increases in salaries and employee benefits, other noninterest expense, professional fees and software and data processing expense, partially offset by decreases in advertising, travel and entertainment expense.  On a linked quarter basis, noninterest expense increased by $1.8 million, or 5.0%, compared to the three months ended September 30, 2024, due to increases in salaries and employee benefits expense, other noninterest expense and professional fees.

    Income tax expense increased $2.5 million, or 111.2%, for the three months ended December 31, 2024, compared to the same period in 2023.  On a linked quarter basis, income tax expense increased $0.3 million, or 6.1%.  Our effective tax rate (“ETR”) increased to 17.6% for the three months ended December 31, 2024, compared to 11.3% for the three months ended December 31, 2023.  On a linked quarter basis, the ETR was 17.6% for both the three months ended September 30, 2024 and December 31, 2024.  The higher ETR for the three months ended December 31, 2024 compared to the same period in 2023, was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income.

    Operating Results for the Year Ended December 31, 2024

    Net income was $88.5 million for the year ended December 31, 2024, compared to $86.7 million for the same period in 2023, an increase of $1.8 million, or 2.1%.  Earnings per diluted common share were $2.91 for the year ended December 31, 2024, compared to $2.82 for the same period in 2023, an increase of 3.2%.  The increase in net income was primarily a result of the increase in noninterest income, decrease in provision for credit losses and the increase in net interest income, partially offset by the increases in noninterest expense and income tax expense.  Returns on average assets and average shareholders’ equity for the year ended December 31, 2024 were 1.06% and 11.03%, respectively, compared to 1.11% and 11.50%, respectively, for the year ended December 31, 2023.  Our efficiency ratio and tax-equivalent efficiency ratio(1) were 55.69% and 53.52%, respectively, for the year ended December 31, 2024, compared to 53.81% and 51.30%, respectively, for the year ended December 31, 2023. 

    Net interest income was $216.1 million for the year ended December 31, 2024, compared to $215.0 million for the same period in 2023, an increase of $1.1 million, or 0.5%, due to increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on and average balance of our interest bearing liabilities.

    Our net interest margin and tax-equivalent net interest margin(1) were 2.74% and 2.88%, respectively, for the year ended December 31, 2024, compared to 2.92% and 3.09%, respectively, for the same period in 2023.

    Noninterest income was $41.7 million for the year ended December 31, 2024, an increase of $5.9 million, or 16.5%, compared to $35.8 million for the same period in 2023.  The increase was primarily due to a decrease in net loss on sale of securities AFS and an increase in brokerage services income, partially offset by decreases in the net gain on sale of equity securities, BOLI income and deposit services income.

    Noninterest expense was $147.1 million for the year ended December 31, 2024, compared to $140.6 million for the same period in 2023, an increase of $6.6 million, or 4.7%.  The increase was primarily due to increases in salaries and employee benefits, software and data processing expense and other noninterest expense, partially offset by decreases in advertising, travel and entertainment expense and amortization of intangibles.

    Income tax expense increased $4.4 million, or 30.8%, for the year ended December 31, 2024, compared to the same period in 2023.  Our ETR was approximately 17.6% and 14.3% for the year ended December 31, 2024 and 2023, respectively.  The higher ETR for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income.

    Balance Sheet Data

    At December 31, 2024, Southside had $8.52 billion in total assets, compared to $8.28 billion at December 31, 2023 and $8.36 billion at September 30, 2024.

    Loans at December 31, 2024 were $4.66 billion, an increase of $137.1 million, or 3.0%, compared to $4.52 billion at December 31, 2023.  Linked quarter, loans increased $83.5 million, or 1.8%, due to increases of $157.1 million in commercial real estate loans and $4.3 million in commercial loans. These increases were partially offset by decreases of $48.0 million in construction loans, $15.0 million in 1-4 family residential loans, $11.1 million in municipal loans and $3.8 million in loans to individuals.

    Securities at December 31, 2024 were $2.81 billion, an increase of $209.8 million, or 8.1%, compared to $2.60 billion at December 31, 2023.  Linked quarter, securities increased $116.3 million, or 4.3%, from $2.70 billion at September 30, 2024. 

    Deposits at December 31, 2024 were $6.65 billion, an increase of $104.6 million, or 1.6%, compared to $6.55 billion at December 31, 2023.  Linked quarter, deposits increased $218.5 million, or 3.4%, from $6.44 billion at September 30, 2024.  During the three months ended December 31, 2024, public fund deposits increased $156.8 million, or 14.6%, compared to September 30, 2024.

    At December 31, 2024, we had 178,662 total deposit accounts with an average balance of $33,000.  Our estimated uninsured deposits were 38.1% of total deposits as of December 31, 2024.  When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 19.5% as of December 31, 2024.  Our noninterest bearing deposits represent approximately 20.4% of total deposits. Linked quarter, our cost of interest bearing deposits decreased nine basis points from 3.01% in the prior quarter to 2.92%.  Linked quarter, our cost of total deposits decreased seven basis points from 2.38% in the prior quarter to 2.31%.

    Our cost of interest bearing deposits increased 64 basis points, from 2.34% for the year ended December 31, 2023, to 2.98% for the year ended December 31, 2024. Our cost of total deposits increased 59 basis points, from 1.77% for the year ended December 31, 2023, to 2.36% for the year ended December 31, 2024.

    Capital Resources and Liquidity

    Our capital ratios and contingent liquidity sources remain solid.  During the fourth quarter ended December 31, 2024, we did not purchase any common stock pursuant to our Stock Repurchase Plan.  Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended.  The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time.  We have not purchased any common stock pursuant to the Stock Repurchase Plan subsequent to December 31, 2024. 

    As of December 31, 2024, our total available contingent liquidity, net of current outstanding borrowings, was $2.23 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

    Asset Quality

    Nonperforming assets at December 31, 2024 were $3.6 million, or 0.04% of total assets, a decrease of $0.4 million, or 10.3%, compared to $4.0 million, or 0.05% of total assets, at December 31, 2023.  Linked quarter, nonperforming assets decreased $4.1 million, or 53.1%, from $7.7 million at September 30, 2024 due to a $4.1 million decrease in nonaccrual loans primarily from the payoff of one commercial real estate loan. Classified loans totaled $48.0 million on December 31, 2024, compared to $42.0 million at September 30, 2024 and $19.2 million at December 31, 2023.

    The allowance for loan losses totaled $44.9 million, or 0.96% of total loans, at December 31, 2024, compared to $44.3 million, or 0.97% of total loans, at September 30, 2024.  The allowance for loan losses was $42.7 million, or 0.94% of total loans, at December 31, 2023.

    For the three months ended December 31, 2024, we recorded a provision for credit losses for loans of $1.6 million, compared to a provision of $2.2 million and $2.3 million for the three months ended December 31, 2023 and September 30, 2024, respectively. Net charge-offs were $1.0 million for the three months ended December 31, 2024, compared to net charge-offs of $1.3 million and $0.4 million for the three months ended December 31, 2023 and September 30, 2024, respectively. Net charge-offs were $1.9 million for the year ended December 31, 2024, compared to net charge-offs of $2.8 million for the year ended December 31, 2023.

    We recorded a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the three months ended December 31, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures $0.1 million for both of the three-month periods ended December 31, 2023 and September 30, 2024.  We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.8 million for the year ended December 31, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the year ended December 31, 2023.  The balance of the allowance for off-balance-sheet credit exposures was $3.1 million and $3.9 million at December 31, 2024 and 2023, respectively, and is included in other liabilities.

    Dividend

    Southside Bancshares, Inc. declared a fourth quarter cash dividend of $0.36 per share on November 7, 2024, which was paid on December 6, 2024, to all shareholders of record as of November 21, 2024.

    _______________

    (1)  Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

    Conference Call

    Southside’s management team will host a conference call to discuss its fourth quarter and year ended December 31, 2024 financial results on Wednesday, January 29, 2025 at 11:00 a.m. CST.  The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register.vevent.com/register/BI54b435198f6143e589b32994aed51233 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

    For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

    Non-GAAP Financial Measures

    Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry.  However, certain non-GAAP measures are used by management to supplement the evaluation of our performance.  These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis.  Interest income earned on certain assets is completely or partially exempt from federal income tax.  As such, these tax-exempt instruments typically yield lower returns than taxable investments.

    Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE).  Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income.  We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources.  The most directly comparable financial measure calculated in accordance with GAAP is our net interest income.  Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets.  The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin.  Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities.  The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

    Efficiency ratio (FTE).  The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry.  This ratio is calculated to measure the cost of generating one dollar of revenue.  The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue.  We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments.  The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

    These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.  Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

    Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons.  Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

    A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company with approximately $8.52 billion in assets as of December 31, 2024, that owns 100% of Southside Bank.  Southside Bank currently has 53 branches in Texas and operates a network of 72 ATMs/ITMs.  

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com.  Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data.  To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts.  Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

    Forward-Looking Statements

    Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date.  These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions.  Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements.  For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate increases, tax reform, inflation, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations.  By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future.  Accordingly, our results could materially differ from those that have been estimated.  The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations and general economic concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, labor shortages and changes in interest rates by the Federal Reserve.

    Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission.  The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

    Southside Bancshares, Inc.
    Consolidated Financial Summary (Unaudited)
    (Dollars in thousands)
       
      As of
        2024       2023  
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    ASSETS                  
    Cash and due from banks $        91,409     $      130,147     $      114,283     $        96,744     $      122,021  
    Interest earning deposits          281,945              333,825              272,469              307,257              391,719  
    Federal funds sold            52,807                22,325                65,244                65,372                46,770  
    Securities available for sale, at estimated fair value       1,533,894           1,408,437           1,405,944           1,405,221           1,296,294  
    Securities held to maturity, at net carrying value       1,279,234           1,288,403           1,305,975           1,306,898           1,307,053  
    Total securities       2,813,128           2,696,840           2,711,919           2,712,119           2,603,347  
    Federal Home Loan Bank stock, at cost            33,818                40,291                32,991                27,958                11,936  
    Loans held for sale              1,946                     768                  1,352                     756                10,894  
    Loans       4,661,597           4,578,048           4,589,365           4,577,368           4,524,510  
    Less: Allowance for loan losses          (44,884 )            (44,276 )            (42,407 )            (43,557 )            (42,674 )
    Net loans       4,616,713           4,533,772           4,546,958           4,533,811           4,481,836  
    Premises & equipment, net          141,648              138,811              138,489              139,491              138,950  
    Goodwill          201,116              201,116              201,116              201,116              201,116  
    Other intangible assets, net              1,754                  2,003                  2,281                  2,588                  2,925  
    Bank owned life insurance          138,313              137,489              136,903              136,604              136,330  
    Other assets          142,851              124,876              133,697              130,047              137,070  
    Total assets $   8,517,448     $   8,362,263     $   8,357,702     $   8,353,863     $   8,284,914  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Noninterest bearing deposits $   1,357,152     $   1,377,022     $   1,366,924     $   1,358,827     $   1,390,407  
    Interest bearing deposits       5,297,096           5,058,680           5,129,008           5,186,933           5,159,274  
    Total deposits       6,654,248           6,435,702           6,495,932           6,545,760           6,549,681  
    Other borrowings and Federal Home Loan Bank borrowings          808,352              865,856              763,700              770,151              722,468  
    Subordinated notes, net of unamortized debt
    issuance costs    		            92,042                92,006                91,970                93,913                93,877  
    Trust preferred subordinated debentures, net of unamortized debt issuance costs            60,274                60,273                60,272                60,271                60,270  
    Other liabilities            90,590              103,172              144,858                95,846                85,330  
              Total liabilities       7,705,506           7,557,009           7,556,732           7,565,941           7,511,626  
    Shareholders’ equity          811,942              805,254              800,970              787,922              773,288  
    Total liabilities and shareholders’ equity $   8,517,448     $   8,362,263     $   8,357,702     $   8,353,863     $   8,284,914  
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars and shares in thousands, except per share data)
       
      Three Months Ended
        2024       2023  
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    Income Statement:                  
    Total interest and dividend income $    101,689     $ 105,703     $ 104,186     $ 102,758     $    98,939  
    Total interest expense          47,982          50,239          50,578           49,410            44,454  
    Net interest income          53,707          55,464          53,608           53,348            54,485  
    Provision for (reversal of) credit losses            1,384            2,389             (485 )                58              2,281  
    Net interest income after provision for (reversal of) credit losses          52,323          53,075          54,093           53,290            52,204  
    Noninterest income                  
    Deposit services            6,084            6,199            6,157             5,985              6,305  
    Net gain (loss) on sale of securities available for sale                 —          (1,929  )           (563 )              (18 )        (10,386 )
    Gain (loss) on sale of loans               138               115               220              (436 )               178  
    Trust fees            1,773            1,628            1,456             1,336              1,431  
    Bank owned life insurance               848               857            1,767                784              2,602  
    Brokerage services            1,054            1,068            1,081             1,014                 944  
    Other            2,384               233            1,439             1,059              1,427  
    Total noninterest income          12,281            8,171          11,557             9,724              2,501  
    Noninterest expense                  
    Salaries and employee benefits          22,960          22,233          21,984           23,113            21,152  
    Net occupancy            3,629            3,613            3,750             3,362              3,474  
    Advertising, travel & entertainment               884               734               795                950              1,127  
    ATM expense               378               412               368                325                 318  
    Professional fees            1,645            1,206            1,075             1,154              1,315  
    Software and data processing            2,931            2,951            2,860             2,856              2,644  
    Communications               320               423               410                449                 435  
    FDIC insurance               931               939               977                943                 892  
    Amortization of intangibles               249               278               307                337                 370  
    Other            4,232            3,543            3,239             3,392              3,456  
    Total noninterest expense          38,159          36,332          35,765           36,881            35,183  
    Income before income tax expense          26,445          24,914          29,885           26,133            19,522  
    Income tax expense            4,659            4,390            5,212             4,622              2,206  
    Net income $      21,786     $ 20,524     $ 24,673     $   21,511     $    17,316  
                       
    Common Share Data:      
    Weighted-average basic shares outstanding          30,343          30,286          30,280           30,262            30,235  
    Weighted-average diluted shares outstanding          30,459          30,370          30,312           30,305            30,276  
    Common shares outstanding end of period          30,379          30,308          30,261           30,284            30,249  
    Earnings per common share                  
    Basic $          0.72     $      0.68     $      0.81     $       0.71     $        0.57  
    Diluted              0.71              0.68              0.81               0.71                 0.57  
    Book value per common share            26.73            26.57            26.47             26.02              25.56  
    Tangible book value per common share            20.05            19.87            19.75             19.29              18.82  
    Cash dividends paid per common share              0.36              0.36              0.36               0.36                0.37  
                       
    Selected Performance Ratios:                  
    Return on average assets   1.03 %     0.98 %     1.19 %     1.03 %     0.85 %
    Return on average shareholders’ equity   10.54       10.13       12.46       11.02       9.31  
    Return on average tangible common equity (1)   14.12       13.69       16.90       15.07       13.10  
    Average yield on earning assets (FTE) (1)   5.24       5.51       5.45       5.38       5.30  
    Average rate on interest bearing liabilities   3.12       3.28       3.32       3.22       3.04  
    Net interest margin (FTE) (1)   2.83       2.95       2.87       2.86       2.99  
    Net interest spread (FTE) (1)   2.12       2.23       2.13       2.16       2.26  
    Average earning assets to average interest bearing liabilities   129.55       128.51       128.62       127.71       131.65  
    Noninterest expense to average total assets   1.80       1.73       1.72       1.77       1.73  
    Efficiency ratio (FTE) (1)   54.00       51.90       52.71       55.54       50.86  
    (1) Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
       
      Three Months Ended
        2024       2023  
      Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    Nonperforming Assets: $      3,589     $         7,656     $         6,918     $         7,979     $         4,001  
    Nonaccrual loans          3,185                 7,254                 6,110                 7,709                 3,889  
    Accruing loans past due more than 90 days               —                      —                      —                      —                      —  
    Restructured loans                 2                      —                    145                    151                      13  
    Other real estate owned             388                    388                    648                    119                      99  
    Repossessed assets               14                      14                      15                      —                      —  
                       
    Asset Quality Ratios:                  
    Ratio of nonaccruing loans to:                  
    Total loans   0.07 %     0.16 %     0.13 %     0.17 %     0.09 %
    Ratio of nonperforming assets to:                  
    Total assets   0.04       0.09       0.08       0.10       0.05  
    Total loans   0.08       0.17       0.15       0.17       0.09  
    Total loans and OREO   0.08       0.17       0.15       0.17       0.09  
    Ratio of allowance for loan losses to:                  
    Nonaccruing loans   1,409.23       610.37       694.06       565.01       1,097.30  
    Nonperforming assets   1,250.60       578.32       613.00       545.90       1,066.58  
    Total loans   0.96       0.97       0.92       0.95       0.94  
    Net charge-offs (recoveries) to average loans outstanding   0.08       0.04       0.02       0.03       0.11  
                       
    Capital Ratios:                  
    Shareholders’ equity to total assets   9.53       9.63       9.58       9.43       9.33  
    Common equity tier 1 capital   13.04       13.07       12.72       12.43       12.28  
    Tier 1 risk-based capital   14.07       14.12       13.76       13.47       13.32  
    Total risk-based capital   16.49       16.59       16.16       15.92       15.73  
    Tier 1 leverage capital   9.67       9.61       9.40       9.22       9.39  
    Period end tangible equity to period end tangible assets (1)   7.33       7.38       7.33       7.17       7.04  
    Average shareholders’ equity to average total assets   9.76       9.67       9.52       9.35       9.13  
    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
       
      Three Months Ended
        2024       2023  
    Loan Portfolio Composition Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    Real Estate Loans:                  
    Construction $         537,827     $         585,817     $         546,040     $         599,464     $        789,744  
    1-4 Family Residential             740,396                 755,406                 738,037                 720,508                696,738  
    Commercial          2,579,735              2,422,612              2,472,771              2,413,345             2,168,451  
    Commercial Loans             363,167                 358,854                 359,807                 358,053                366,893  
    Municipal Loans             390,968                 402,041                 416,986                 427,225                441,168  
    Loans to Individuals               49,504                   53,318                   55,724                   58,773                  61,516  
    Total Loans $      4,661,597     $      4,578,048     $      4,589,365     $      4,577,368     $     4,524,510  
                       
    Summary of Changes in Allowances:                  
    Allowance for Loan Losses                  
    Balance at beginning of period $           44,276     $           42,407     $           43,557     $           42,674     $          41,760  
    Loans charged-off               (1,232 )                    (773 )                    (721 )                    (634 )                (1,572 )
    Recoveries of loans charged-off                    277                        365                        444                        347                       284  
      Net loans (charged-off) recovered                  (955 )                    (408 )                    (277 )                    (287 )                (1,288 )
    Provision for (reversal of) loan losses                 1,563                     2,277                      (873 )                   1,170                    2,202  
    Balance at end of period $           44,884     $           44,276     $           42,407     $           43,557     $          42,674  
                       
    Allowance for Off-Balance-Sheet Credit Exposures                  
    Balance at beginning of period $             3,320     $             3,208     $             2,820     $             3,932     $            3,853  
    Provision for (reversal of) off-balance-sheet credit exposures                  (179 )                      112                        388                   (1,112 )                       79  
    Balance at end of period $             3,141     $             3,320     $             3,208     $             2,820     $            3,932  
    Total Allowance for Credit Losses $           48,025     $           47,596     $           45,615     $           46,377     $          46,606  
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
       
      Year ended
      December 31,
        2024       2023  
    Income Statement:      
    Total interest and dividend income $        414,336     $        359,741  
    Total interest expense            198,209                144,714  
    Net interest income            216,127                215,027  
    Provision for (reversal of) credit losses                3,346                    9,154  
    Net interest income after provision for (reversal of) credit losses            212,781                205,873  
    Noninterest income      
    Deposit services              24,425                  25,497  
    Net gain (loss) on sale of securities available for sale              (2,510 )              (15,976 )
    Net gain on sale of equity securities                     —                    5,058  
    Gain (loss) on sale of loans                     37                       563  
    Trust fees                6,193                    5,910  
    Bank owned life insurance                4,256                    5,823  
    Brokerage services                4,217                    3,305  
    Other                5,115                    5,654  
    Total noninterest income              41,733                  35,834  
    Noninterest expense      
    Salaries and employee benefits              90,290                  85,625  
    Net occupancy              14,354                  14,694  
    Advertising, travel & entertainment                3,363                    4,093  
    ATM expense                1,483                    1,351  
    Professional fees                5,080                    5,351  
    Software and data processing              11,598                    9,395  
    Communications                1,602                    1,469  
    FDIC insurance                3,790                    3,558  
    Amortization of intangibles                1,171                    1,697  
    Other              14,406                  13,345  
    Total noninterest expense            147,137                140,578  
    Income before income tax expense            107,377                101,129  
    Income tax expense              18,883                  14,437  
    Net income $          88,494     $          86,692  
    Common Share Data:      
    Weighted-average basic shares outstanding              30,293                  30,704  
    Weighted-average diluted shares outstanding              30,369                  30,759  
    Common shares outstanding end of period              30,379                  30,249  
    Earnings per common share      
    Basic $              2.92     $              2.82  
    Diluted                  2.91                      2.82  
    Book value per common share                26.73                    25.56  
    Tangible book value per common share                20.05                    18.82  
    Cash dividends paid per common share                  1.44                      1.42  
           
    Selected Performance Ratios:      
    Return on average assets   1.06 %     1.11 %
    Return on average shareholders’ equity   11.03       11.50  
    Return on average tangible common equity (1)   14.92       16.03  
    Average yield on earning assets (FTE) (1)   5.40       5.06  
    Average rate on interest bearing liabilities   3.24       2.64  
    Net interest margin (FTE) (1)   2.88       3.09  
    Net interest spread (FTE) (1)   2.16       2.42  
    Average earning assets to average interest bearing liabilities   128.60       134.07  
    Noninterest expense to average total assets   1.76       1.80  
    Efficiency ratio (FTE) (1)   53.52       51.30  
    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
       
      Year ended
      December 31,
        2024       2023  
    Nonperforming Assets: $           3,589     $           4,001  
    Nonaccrual loans               3,185                   3,889  
    Accruing loans past due more than 90 days                    —                        —  
    Restructured loans                      2                        13  
    Other real estate owned                  388                        99  
    Repossessed assets                    14                        —     
           
    Asset Quality Ratios:      
    Ratio of nonaccruing loans to:      
    Total loans   0.07 %     0.09 %
    Ratio of nonperforming assets to:      
    Total assets   0.04       0.05  
    Total loans   0.08       0.09  
    Total loans and OREO   0.08       0.09  
    Ratio of allowance for loan losses to:      
    Nonaccruing loans   1,409.23       1,097.30  
    Nonperforming assets   1,250.60       1,066.58  
    Total loans   0.96       0.94  
    Net charge-offs (recoveries) to average loans outstanding   0.04       0.06  
           
    Capital Ratios:      
    Shareholders’ equity to total assets   9.53       9.33  
    Common equity tier 1 capital   13.04       12.28  
    Tier 1 risk-based capital   14.07       13.32  
    Total risk-based capital   16.49       15.73  
    Tier 1 leverage capital   9.67       9.39  
    Period end tangible equity to period end tangible assets (1)   7.33       7.04  
    Average shareholders’ equity to average total assets   9.58       9.63  
    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.
      Year ended
      December 31,
    Loan Portfolio Composition   2024       2023  
    Real Estate Loans:      
    Construction $        537,827     $        789,744  
    1-4 Family Residential            740,396                696,738  
    Commercial         2,579,735             2,168,451  
    Commercial Loans            363,167                366,893  
    Municipal Loans            390,968                441,168  
    Loans to Individuals              49,504                  61,516  
    Total Loans $     4,661,597     $     4,524,510  
           
    Summary of Changes in Allowances:      
    Allowance for Loan Losses      
    Balance at beginning of period $          42,674     $          36,515  
    Loans charged-off               (3,360 )                (4,204 )
    Recoveries of loans charged-off                1,433                    1,454  
      Net loans (charged-off) recovered               (1,927 )                (2,750 )
    Provision for (reversal of) loan losses                4,137                    8,909  
    Balance at end of period $          44,884     $          42,674  
           
    Allowance for Off-Balance-Sheet Credit Exposures      
    Balance at beginning of period $            3,932     $            3,687  
    Provision for (reversal of) off-balance-sheet credit exposures                  (791 )                     245  
    Balance at end of period $            3,141     $            3,932  
    Total Allowance for Credit Losses $          48,025     $          46,606  

    The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented.  The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures.  See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      December 31, 2024   September 30, 2024
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $   4,604,175     $        70,155   6.06 %   $   4,613,028     $        72,493   6.25 %
    Loans held for sale             1,562                       23   5.86 %                   871                      11   5.02 %
    Securities:                      
    Taxable investment securities (2)          784,321                  6,949   3.52 %            791,914                 7,150   3.59 %
    Tax-exempt investment securities (2)       1,138,271                10,793   3.77 %         1,174,445                11,825   4.01 %
    Mortgage-backed and related securities (2)       1,031,187                12,043   4.65 %            886,325                11,976   5.38 %
    Total securities       2,953,779                29,785   4.01 %         2,852,684                30,951   4.32 %
    Federal Home Loan Bank stock, at cost, and equity investments            37,078                     591   6.34 %              41,159                    582   5.63 %
    Interest earning deposits          273,656                  3,160   4.59 %            281,313                 3,798   5.37 %
    Federal funds sold            43,121                     508   4.69 %              33,971                    488   5.71 %
    Total earning assets       7,913,371              104,222   5.24 %         7,823,026              108,323   5.51 %
    Cash and due from banks          102,914                      100,578          
    Accrued interest and other assets          454,387                      455,091          
    Less:  Allowance for loan losses          (44,418 )                     (42,581 )        
    Total assets $   8,426,254             $   8,336,114          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $      594,196                  1,456   0.97 %   $      598,116                 1,490   0.99 %
    Certificates of deposit       1,187,800                13,537   4.53 %         1,087,613                12,647   4.63 %
    Interest bearing demand accounts       3,459,122                23,468   2.70 %         3,409,911                24,395   2.85 %
    Total interest bearing deposits       5,241,118                38,461   2.92 %         5,095,640                38,532   3.01 %
    Federal Home Loan Bank borrowings          572,993                  5,557   3.86 %            618,708                 6,488   4.17 %
    Subordinated notes, net of unamortized debt issuance costs            92,024                     945   4.09 %              91,988                    937   4.05 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs            60,274                  1,095   7.23 %              60,273                 1,180   7.79 %
    Repurchase agreements            80,891                     782   3.85 %              83,297                    899   4.29 %
    Other borrowings            61,196                  1,142   7.42 %            137,482                 2,203   6.37 %
    Total interest bearing liabilities       6,108,496                47,982   3.12 %         6,087,388                50,239   3.28 %
    Noninterest bearing deposits       1,383,204                   1,344,165          
    Accrued expenses and other liabilities          112,320                        98,331          
    Total liabilities       7,604,020                   7,529,884          
    Shareholders’ equity          822,234                      806,230          
    Total liabilities and shareholders’ equity $   8,426,254             $   8,336,114          
    Net interest income (FTE)     $        56,240           $        58,084    
    Net interest margin (FTE)         2.83 %           2.95 %
    Net interest spread (FTE)         2.12 %           2.23 %
    1. Interest on loans includes net fees on loans that are not material in amount.
    2. For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

    Note:  As of December 31, 2024 and September 30, 2024, loans totaling $3.2 million and $7.3 million, respectively, were on nonaccrual status.  Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      June 30, 2024   March 31, 2024
      Average
    Balance    		   Interest   Average Yield/
    Rate    		   Average
    Balance    		   Interest   Average Yield/
    Rate
    ASSETS                      
    Loans (1) $   4,595,980     $        70,293   6.15 %   $   4,559,602     $        68,849   6.07 %
    Loans held for sale             1,489                       24   6.48 %                8,834                      18   0.82 %
    Securities:                      
    Taxable investment securities (2)          783,856                  7,009   3.60 %            780,423                 6,967   3.59 %
    Tax-exempt investment securities (2)       1,254,097                12,761   4.09 %         1,285,922                13,168   4.12 %
    Mortgage-backed and related securities (2)          830,504                11,084   5.37 %            764,713                10,119   5.32 %
    Total securities       2,868,457                30,854   4.33 %         2,831,058                30,254   4.30 %
    Federal Home Loan Bank stock, at cost, and equity investments            40,467                     573   5.69 %              40,063                    333   3.34 %
    Interest earning deposits          300,047                  4,105   5.50 %            380,181                 5,202   5.50 %
    Federal funds sold            75,479                  1,021   5.44 %              62,599                    838   5.38 %
    Total earning assets       7,881,919              106,870   5.45 %         7,882,337              105,494   5.38 %
    Cash and due from banks          110,102                      114,379          
    Accrued interest and other assets          424,323                      441,783          
    Less:  Allowance for loan losses          (43,738 )                     (42,973 )        
    Total assets $   8,372,606             $   8,395,526          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $      604,753                  1,454   0.97 %   $      604,529                 1,424   0.95 %
    Certificates of deposit       1,020,099                11,630   4.59 %            941,947                10,341   4.42 %
    Interest bearing demand accounts       3,513,068                25,382   2.91 %         3,634,936                26,433   2.92 %
    Total interest bearing deposits       5,137,920                38,466   3.01 %         5,181,412                38,198   2.97 %
    Federal Home Loan Bank borrowings          606,851                  6,455   4.28 %            607,033                 5,950   3.94 %
    Subordinated notes, net of unamortized debt issuance costs            92,017                     936   4.09 %              93,895                    956   4.10 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs            60,271                  1,171   7.81 %              60,270                 1,175   7.84 %
    Repurchase agreements            88,007                     955   4.36 %              92,177                    967   4.22 %
    Other borrowings          143,169                  2,595   7.29 %            137,287                 2,164   6.34 %
    Total interest bearing liabilities       6,128,235                50,578   3.32 %         6,172,074                49,410   3.22 %
    Noninterest bearing deposits       1,346,274                   1,338,384          
    Accrued expenses and other liabilities          101,399                      100,014          
    Total liabilities       7,575,908                   7,610,472          
    Shareholders’ equity          796,698                      785,054          
    Total liabilities and shareholders’ equity $   8,372,606             $   8,395,526          
    Net interest income (FTE)     $        56,292           $        56,084    
    Net interest margin (FTE)         2.87 %           2.86 %
    Net interest spread (FTE)         2.13 %           2.16 %
    1. Interest on loans includes net fees on loans that are not material in amount.
    2. For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

    Note:  As of June 30, 2024 and March 31, 2024, loans totaling $6.1 million and $7.7 million, respectively, were on nonaccrual status.  Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      December 31, 2023
      Average
    Balance    		   Interest   Average Yield/
    Rate
    ASSETS          
    Loans (1) $   4,473,618     $        67,886   6.02 %
    Loans held for sale             1,858                       27   5.77 %
    Securities:          
    Taxable investment securities (2)          852,023                  7,970   3.71 %
    Tax-exempt investment securities (2)       1,456,187                15,688   4.27 %
    Mortgage-backed and related securities (2)          581,548                  6,865   4.68 %
    Total securities       2,889,758                30,523   4.19 %
    Federal Home Loan Bank stock, at cost, and equity investments            24,674                     296   4.76 %
    Interest earning deposits          150,763                  2,054   5.41 %
    Federal funds sold            93,149                  1,286   5.48 %
    Total earning assets       7,633,820              102,072   5.30 %
    Cash and due from banks          110,380          
    Accrued interest and other assets          374,120          
    Less:  Allowance for loan losses          (41,822 )        
    Total assets $   8,076,498          
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Savings accounts $      610,453                  1,432   0.93 %
    Certificates of deposit          910,759                  9,691   4.22 %
    Interest bearing demand accounts       3,469,120                24,498   2.80 %
    Total interest bearing deposits       4,990,332                35,621   2.83 %
    Federal Home Loan Bank borrowings          262,709                  1,430   2.16 %
    Subordinated notes, net of unamortized debt issuance costs            93,859                     965   4.08 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs            60,269                  1,195   7.87 %
    Repurchase agreements            96,622                  1,008   4.14 %
    Other borrowings          294,683                  4,235   5.70 %
    Total interest bearing liabilities       5,798,474                44,454   3.04 %
    Noninterest bearing deposits       1,424,961          
    Accrued expenses and other liabilities          115,388          
    Total liabilities       7,338,823          
    Shareholders’ equity          737,675          
    Total liabilities and shareholders’ equity $   8,076,498          
    Net interest income (FTE)     $        57,618    
    Net interest margin (FTE)         2.99 %
    Net interest spread (FTE)         2.26 %
    1. Interest on loans includes net fees on loans that are not material in amount.
    2. For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

    Note:  As of December 31, 2023, loans totaling $3.9 million were on nonaccrual status.  Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Unaudited)
    (Dollars in thousands)
     
      Year ended
      December 31, 2024   December 31, 2023
      Average
    Balance    		   Interest   Average Yield/
    Rate    		   Average
    Balance    		   Interest   Average Yield/
    Rate
    ASSETS                      
    Loans (1) $ 4,593,280     $    281,790   6.13 %   $ 4,300,138     $    247,431   5.75 %
    Loans held for sale            3,179                     76   2.39 %              1,681                     96   5.71 %
    Securities:                      
    Taxable investment securities (2)        785,145              28,075   3.58 %          845,907              31,186   3.69 %
    Tax-exempt investment securities (2)     1,212,844              48,547   4.00 %       1,554,519              64,568   4.15 %
    Mortgage-backed and related securities (2)        878,623              45,222   5.15 %          470,692              19,450   4.13 %
    Total securities     2,876,612            121,844   4.24 %       2,871,118            115,204   4.01 %
    Federal Home Loan Bank stock, at cost, and equity investments          39,688                2,079   5.24 %            24,971                1,185   4.75 %
    Interest earning deposits        308,628              16,265   5.27 %            83,343                4,364   5.24 %
    Federal funds sold          53,709                2,855   5.32 %            79,948                4,124   5.16 %
    Total earning assets     7,875,096            424,909   5.40 %       7,361,199            372,404   5.06 %
    Cash and due from banks        106,965                    107,018          
    Accrued interest and other assets        443,733                    397,860          
    Less:  Allowance for loan losses         (43,428 )                   (37,890 )        
    Total assets $ 8,382,366             $ 7,828,187          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $    600,375                5,824   0.97 %   $    636,603                5,633   0.88 %
    Certificates of deposit     1,059,793              48,155   4.54 %          862,211              30,906   3.58 %
    Interest bearing demand accounts     3,503,878              99,678   2.84 %       3,122,319              71,618   2.29 %
    Total interest bearing deposits     5,164,046            153,657   2.98 %       4,621,133            108,157   2.34 %
    Federal Home Loan Bank borrowings        601,366              24,450   4.07 %          276,584                6,777   2.45 %
    Subordinated notes, net of unamortized debt issuance costs          92,478                3,774   4.08 %            96,024                3,920   4.08 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs          60,272                4,621   7.67 %            60,267                4,504   7.47 %
    Repurchase agreements          86,071                3,603   4.19 %            91,132                3,431   3.76 %
    Other borrowings        119,672                8,104   6.77 %          345,544              17,925   5.19 %
    Total interest bearing liabilities     6,123,905            198,209   3.24 %       5,490,684            144,714   2.64 %
    Noninterest bearing deposits     1,353,065                 1,485,896          
    Accrued expenses and other liabilities        102,778                      97,509          
    Total liabilities     7,579,748                 7,074,089          
    Shareholders’ equity        802,618                    754,098          
    Total liabilities and shareholders’ equity $ 8,382,366             $ 7,828,187          
    Net interest income (FTE)     $    226,700           $    227,690    
    Net interest margin (FTE)         2.88 %           3.09 %
    Net interest spread (FTE)         2.16 %           2.42 %
    1. Interest on loans includes net fees on loans that are not material in amount.
    2. For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

    Note:  As of December 31, 2024 and 2023, loans totaling $3.2 million and $3.9 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

    The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.

    Southside Bancshares, Inc.
    Non-GAAP Reconciliation (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
        Three Months Ended   Year ended
          2024       2023       2024       2023  
        Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,   Dec 31,   Dec 31,
    Reconciliation of return on average common
    equity to return on average tangible common
    equity:    		                            
    Net income   $     21,786     $     20,524     $     24,673     $     21,511     $     17,316     $     88,494     $     86,692  
    After-tax amortization expense               196                 220                 243                 266                 292                 925              1,341  
    Adjusted net income available to common shareholders   $     21,982     $     20,744     $     24,916     $     21,777     $     17,608     $     89,419     $     88,033  
                                 
    Average shareholders’ equity   $   822,234     $   806,230     $   796,698     $   785,054     $   737,675     $   802,618     $   754,098  
    Less: Average intangibles for the period       (203,020 )       (203,288 )       (203,581 )       (203,910 )       (204,267 )       (203,448 )       (204,887 )
       Average tangible shareholders’ equity   $   619,214     $   602,942     $   593,117     $   581,144     $   533,408     $   599,170     $   549,211  
                                 
    Return on average tangible common equity     14.12 %     13.69 %     16.90 %     15.07 %     13.10 %     14.92 %     16.03 %
                                 
    Reconciliation of book value per share to tangible book value per share:                            
    Common equity at end of period   $   811,942     $   805,254     $   800,970     $   787,922     $   773,288     $   811,942     $   773,288  
    Less: Intangible assets at end of period       (202,870 )       (203,119 )       (203,397 )       (203,704 )       (204,041 )       (202,870 )       (204,041 )
    Tangible common shareholders’ equity at end of period   $   609,072     $   602,135     $   597,573     $   584,218     $   569,247     $   609,072     $   569,247  
                                 
    Total assets at end of period   $ 8,517,448     $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 8,517,448     $ 8,284,914  
    Less: Intangible assets at end of period       (202,870 )       (203,119 )       (203,397 )       (203,704 )       (204,041 )       (202,870 )       (204,041 )
    Tangible assets at end of period   $ 8,314,578     $ 8,159,144     $ 8,154,305     $ 8,150,159     $ 8,080,873     $ 8,314,578     $ 8,080,873  
                                 
    Period end tangible equity to period end tangible assets     7.33 %     7.38 %     7.33 %     7.17 %     7.04 %     7.33 %     7.04 %
                                 
    Common shares outstanding end of period           30,379            30,308             30,261            30,284             30,249             30,379             30,249  
    Tangible book value per common share   $      20.05     $      19.87     $      19.75     $      19.29     $      18.82     $      20.05     $      18.82  
                                 
    Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):                            
    Net interest income (GAAP)   $     53,707     $     55,464     $     53,608     $     53,348     $     54,485     $   216,127     $   215,027  
    Tax-equivalent adjustments:                            
    Loans               598                 608                 633                 656                 680              2,495              2,724  
    Tax-exempt investment securities            1,935              2,012              2,051              2,080              2,453              8,078              9,939  
    Net interest income (FTE) (1)           56,240             58,084             56,292             56,084             57,618           226,700           227,690  
    Noninterest income           12,281              8,171             11,557              9,724              2,501             41,733             35,834  
    Nonrecurring income (2)               (25 )            2,797                (576 )                 18              8,376              2,214              7,370  
    Total revenue   $     68,496     $     69,052     $     67,273     $     65,826     $     68,495     $   270,647     $   270,894  
                                 
    Noninterest expense   $     38,159     $     36,332     $     35,765     $     36,881     $     35,183     $   147,137     $   140,578  
    Pre-tax amortization expense              (249 )              (278 )              (307 )              (337  )              (370 )           (1,171 )           (1,697 )
    Nonrecurring expense (3)              (919 )              (219 )                   2                   17                   22             (1,119 )                 78  
    Adjusted noninterest expense   $     36,991     $     35,835     $     35,460     $     36,561     $     34,835     $   144,847     $   138,959  
                                 
    Efficiency ratio     56.08 %     53.94 %     54.90 %     57.95 %     53.30 %     55.69 %     53.81 %
    Efficiency ratio (FTE) (1)     54.00 %     51.90 %     52.71 %     55.54 %     50.86 %     53.52 %     51.30 %
                                 
    Average earning assets   $ 7,913,371     $ 7,823,026     $ 7,881,919     $ 7,882,337     $ 7,633,820     $ 7,875,096     $ 7,361,199  
                                 
    Net interest margin     2.70 %     2.82 %     2.74 %     2.72 %     2.83 %     2.74 %     2.92 %
    Net interest margin (FTE) (1)     2.83 %     2.95 %     2.87 %     2.86 %     2.99 %     2.88 %     3.09 %
                                 
    Net interest spread     1.99 %     2.10 %     2.00 %     2.02 %     2.10 %     2.02 %     2.25 %
    Net interest spread (FTE) (1)     2.12 %     2.23 %     2.13 %     2.16 %     2.26 %     2.16 %     2.42 %
    1. These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
    2. These adjustments may include net gain or loss on sale of securities available for sale, net gain on sale of equity securities, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
    3. These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

    The MIL Network –

  • MIL-OSI: 180 Degree Capital Corp. Responds to Non-Binding Proposal from Source Capital

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”) notes that its Board of Directors (the “Board”), including the Special Committee of the Board, has evaluated the non-binding proposal from Source Capital issued on January 24, 2025 (the “Source Proposal”), pursuant to the requirements of Section 7.10 of the Agreement and Plan of Merger by and among 180 Degree Capital Corp., Mount Logan Capital Inc. (“Mount Logan”), Yukon New Parent, Inc., Polar Merger Sub, Inc. and Moose Merger Sub, LLC, dated January 16, 2025 (the “Merger Agreement”). Based on this assessment, the Board has determined that the Source Proposal does not constitute a TURN Superior Proposal (as defined in the Merger Agreement) and does not, at this time, otherwise satisfy the criteria set forth in Section 7.10(a) of the Merger Agreement.

    The Board takes its fiduciary responsibilities seriously and is deeply committed to value creation for all of 180 Degree Capital shareholders. The Board unanimously reaffirms its support of the proposed strategic business combination with Mount Logan as contemplated by the Merger Agreement as being in the best interests of all 180 Degree Capital shareholders. The Board believes that the proposed merger with Mount Logan would provide unique and value-creating benefits as described in the joint investor presentation previously publicly filed by 180 Degree Capital on January 17, 2025, and available on its website at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger.

    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. 180 Degree Capital’s goal is that the result of its constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    About Mount Logan Capital Inc.

    Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed-end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

    Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is also no longer insuring or re-insuring new long-term care risk.

    Additional Information and Where to Find It

    In connection with the Business Combination, 180 Degree Capital intends to file with the Securities and Exchange Commission (“SEC”) and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”). In addition, New Mount Logan plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This press release is not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, 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 offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This press release, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    The MIL Network –

  • MIL-OSI United Kingdom: Street racing review hearing to be held next month

    Source: City of Wolverhampton

    The injunction, led by the City of Wolverhampton Council on behalf of Dudley Council, Sandwell Council and Walsall Council and supported by West Midlands Police, prohibits people from participating, as a driver, rider or passenger, in a gathering of 2 or more people where some of those present engage in car racing, vehicular stunts or other dangerous or obstructive driving.

    It also prohibits people from promoting, organising or publicising gatherings, or from participating in a gathering as a spectator with the intention or expectation that some of those present will engage in street racing.

    The injunction covers the whole of the boroughs of Wolverhampton, Dudley, Sandwell and Walsall and anyone found to be breaching it will be in contempt of court and may be imprisoned, fined or have their assets seized. They may also be ordered to pay the council’s legal costs of any hearing.

    The High Court ordered that the injunction and power of arrest should remain in force until at least 2027 subject to annual review, with the next hearing taking place on Wednesday 26 February, 2025, at 10.30am at the High Court of Justice, King’s Bench Division, Birmingham District Registry at Birmingham Civil and Family Justice Centre, The Priory Courts, 33 Bull Street, Birmingham B4 6DS.

    Any existing defendants who wish to file any evidence in respect of the review hearing must do so by next Friday (7 February, 2025). To contact the claimants, write to: FAO: Black Country Car Cruise, Legal Services, City of Wolverhampton Council, Civic Centre, St Peter’s Square, Wolverhampton WV1 1RG. Alternatively, email litigation@wolverhampton.gov.uk or call 01902 556556. Anyone wishing to be joined as a defendant to proceedings may apply to the High Court, as provided for by paragraph 11 of the injunction.

    For more information, including a copy of the injunction and the power of arrest, the notice of review hearing, and updated documents and evidence for the review hearing, please visit the street racing pages of the applicants – Wolverhampton, Walsall, Sandwell, or Dudley.

    Incidents of street racing should be reported via asbu@wolverhamptonhomes.org.uk or to West Midlands Police on 101. In an emergency, always dial 999.

    Police are also inviting members of the public to submit dash cam or mobile phone footage of street racing events or dangerous driving via its Op Snap website. 

    MIL OSI United Kingdom –

  • MIL-OSI USA: Wismettac Asian Foods Issues Allergy Alert on Undeclared Milk in Curvee Puffs Corn Puff Snack

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Snack Food Item
    Allergens
    Reason for Announcement:

    Recall Reason Description

    Undeclared milk.

    Company Name:
    Wismettac Asian Foods, Inc.
    Brand Name:

    Brand Name(s)

    Shirakiku

    Product Description:

    Product Description

    Snack foods-Corn Puffs

    Company Announcement

    Wismettac Asian Foods, Inc., Santa Fe Springs, CA is expanding its January 17, 2025 recall of 2.46 oz packages of Shirakiku brand Curvee Puffs Corn Puff Snack Curry Flavor. The expansion now includes two additional flavors; Sea Salt & Umami Flavor and Corn Potage Flavor. The product contains the undeclared milk. People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume those products.

    The product was distributed nationwide in AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, MS, NC, NE, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI through retail stores, restaurants, online business. The product was also exported to Mexico and Peru.

    The product is packaged in a 2.46 oz flexible bag. The UPC for the product is located on the back right side of the product package. This issue affected all lot codes or date codes.

    The contamination was discovered after samples were collected from a store in Baltimore, Maryland and subsequent analysis by State of Maryland Department of Health Laboratories Administration revealed the presence of Listeria Monocytogenes in some 200g packages of Daily Veggies Enoki Mushroom form Korea. Remaining products in the warehouse had been destroyed.

    Consumers who have purchased 200g packages of Daily Veggies Enoki Mushroom from October to November of 2024 are urged to destroy the products immediately or return them to the place of purchase for a full refund. Consumers with questions may contact the company at 718-808-1018.

    Consumers who have purchased Dynacare Baby Powder (see products/lots below) should discontinue use immediately and return it for a full refund.

    Item Number 

    Item Description 

    Packing Size 

    UPC Code 

    #78512

    SNACK CURVEE PUFF CURRY SK

    20/ 2.46 OZ

    074410785123

    #65155

    SNACK CURVEE PUFFS SEA SALT & UMAMI SK

    20/ 2.46 OZ

    074410651558

    #65156

    SNACK CURVEE PUFFS CORN POTAGE SK

    20/ 2.46 OZ

    074410651565

    No illnesses have been reported to date in connection with this issue.

    The recall was initiated after discovering that the product contained an undeclared allergen (milk). The last distribution of the product in the marketplace was on January 10, 2025.

    Consumers who have purchased the product are urged to return them to the place of purchase for a full refund.

    Consumers with questions may contact the company at recall@wismettacusa.com.

    Link to Initial Press Release

    Company Contact Information

    Product Photos

    MIL OSI USA News –

  • MIL-OSI Europe: Joint Statement: Colombia-Sweden Bilateral Partnership

    Source: Government of Sweden

    At the invitation of Colombian Minister of Foreign Affairs Luis Gilberto Murillo, Swedish Minister for Foreign Affairs Maria Malmer Stenergard is making an official visit to Colombia on 28–29 February 2025.

    “In a conversation I had with Ms Malmer Stenergard last November, we agreed to hold the first High-Level Dialogue between Colombia and Sweden during her visit to Colombia, thereby putting the Bilateral Partnership established by President of Colombia Gustavo Petro and the Prime Minister of Sweden in June 2024 into practice. During this meeting, we will identify this Partnership’s concrete benefits for our populations, and we will task our teams with implementing the lines of action to continue moving forward as partners,” said Mr Murillo. 

    In view of the above and in the framework of Ms Malmer Stenergard’s official visit, the first High-Level Dialogue between Colombia and Sweden is taking place at the San Carlos Palace, chaired by Colombia’s Acting Minister of Foreign Affairs Paola Vásquez and with more than 30 institutions from both countries present. 

    Sweden and Colombia are partners for peace. Colombia is grateful for Sweden’s invaluable support for its efforts for peace with a territorial emphasis. Both countries share the values of democracy and respect for human rights, and we reaffirm the importance of multilateralism, international cooperation, respect for international law and support for the UN Charter.

    For the implementation of the Colombia-Sweden Bilateral Partnership, a High-Level Dialogue was agreed between the two Governments, in accordance with the declaration signed during Colombian President Gustavo Petro’s visit to Sweden on 12–14 June 2024 and as part of the commemoration of the 150th anniversary of the establishment of diplomatic relations between the two countries. 

    This first High-Level Dialogue will result in a report on progress of the thematic working groups that form a part of the Agreement, namely: (i) cooperation for peace (with a territorial emphasis), human rights, human security and strengthening institutions; and (ii) economic opportunities, science, innovation and sustainable development. 

    The progress includes:   

    1. Sweden’s addition of USD 1 million to the agreement with UN Women to strengthen collaboration with the private sector for women’s economic empowerment and the implementation of the Action Plan on women, peace and security.
    2. The addition of SEK 2 million to the ongoing agreement with the UN Office of the High Commissioner for Human Rights to promote its work in Colombia. With this addition, Sweden’s contribution totals SEK 49 million. These efforts emphasise the protection of leaders in conflict-affected areas, the Ethnic Chapter’s accompaniment of the peace agreement with the FARC, reconnaissance activities and responsibilities in the framework of the conflict, etc.
    3. The addition of SEK 6 million to the regional agreement with the Nonprofit Enterprise and Self-Sustainability Team to identify, accompany and help accelerate the work of small businesses that can create green and sustainable jobs in the most vulnerable and conflict-affected areas in Colombia.
    4. The launch of the ‘legacy’ project that was initiated at COP16 in Cali with a contribution of USD 5 million with the Colombian NGO Fondo Acción, to support the implementation of the Ministry of the Environment and Sustainable Development’s restoration plan in the Colombian Pacific region. This agreement also supports local Colombian organisations to ensure sustainability of protected areas through conservation and sustainable management of natural resources.
    5. The funding of a study to produce and create a biogas value chain for the transport sector in Bogotá. Sweden has completed the first phase of the study with an investment of USD 700 000, and the second phase will begin during the first half of 2025, with a value of USD 800 000, making a total of USD 1.5 million. This project is financed by Swedfund.
    6. An investment of more than USD 80 million by EQT, a Swedish investment organisation, and Zelestra, which will lead the development of the ‘Wimke’ solar photovoltaic project in San Juan del Cesar in the La Guajira department. ‘Wimke’ joins the ‘La Unión’ and ‘La Mata’ projects, with capacities of 100 MW and 80 MW respectively, strengthening Zelestra’s presence as a leader in the Colombian solar photovoltaic generation sector and its commitment to sustainability and energy transition.
    7. The realisation of the Memorandum of Understanding on law enforcement cooperation between the Colombian Ministries of Defence and Justice and the Swedish Government.
    8. In the area of sustainable mining, Colombia is part of the ‘MARS’ programme for responsible and sustainable mining, a form of cooperation between Sweden and the Latin America and Caribbean region to promote sustainable and responsible mining.  USD 1.3 million is being allocated for a Colombian component of this programme. 
    9. The implementation of a sustainable transport model for the small-scale fishing supply chain in Guapi, in the Cauca department, by the National University of Colombia, the Royal Institute of Technology and Lund University.

    Ms Malmer Stenergard was accompanied by a large business delegation, with the opportunity to discuss and develop the socio-ecological transition portfolio in Colombia and identify the many opportunities for Swedish investors.

    Ms Malmer Stenergard is also visiting Chocó, joined by Vice-Minister for Women at the Colombian Ministry of Equality and Equity Tamara Ospina and others, which will be an opportunity to hold meetings with civil society organisations and the general public, as well as to reaffirm support to initiatives and projects to promote peace and gender equality with territorial impact.  

    Bogotá, 28 January 2025 

    MIL OSI Europe News –

  • MIL-OSI: The New Force in Platform Tokens: How WXT Succeeds Like BNB?

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — In recent years, the cryptocurrency market has experienced dramatic changes, with platform tokens stepping into the spotlight to become core pillars of exchange ecosystems. Evolving from simple transaction fee discount tools to drivers of ecosystem innovation, platform tokens are unlocking new potential. WXT, the native token of the WEEX exchange, is steadily following the successful trajectory of BNB, garnering widespread attention with its innovative mechanisms and ecosystem integration.

    From the Shadows to the Spotlight: The Breakthrough of Platform Token Value

    The evolution of platform tokens has been remarkable. Initially serving as tools for fee discounts, they have expanded into diverse use cases such as DeFi mining, staking rewards, project governance, NFT trading, and cross-chain payments. This evolution has transformed platform tokens into vital connectors of users, technology, and capital.

    BNB: A Benchmark for Platform Tokens

    Launched in 2017 as Binance’s native token, BNB rapidly built a loyal user base through fee discounts, airdrop rewards, and a strategic buyback-and-burn mechanism. The 2019 launch of Binance Smart Chain (BSC) further amplified BNB’s utility, extending its applications to DeFi, NFT ecosystems, and smart contract development.

    By 2024, BNB’s market capitalization soared from $32.7 billion in 2023 to $110 billion, with its price rising from $200 to $793. This trajectory illustrates how platform tokens can achieve exponential growth through ecosystem expansion and innovative strategies.

    BGB: A Rising Star Among Secondary Tokens

    BGB capitalized on Bitget’s aggressive market expansion, surging from $1.5 at the beginning of 2024 to $8 by year’s end—a remarkable 400% growth. BGB’s success demonstrates that secondary platform tokens with innovative features and precise positioning can achieve explosive results, even in markets dominated by major exchanges.

    WXT: The Emerging Star Following BNB

    WXT, the native token of WEEX, has drawn inspiration from the successes of BNB and BGB. With a strong foundation in innovation and ecosystem growth, WXT has risen from $0.01 at its August 2023 launch to $0.0339—a cumulative 384% increase—making it a standout in the market.

    What’s Driving WXT’s Rapid Growth?

    1）Comprehensive Ecosystem Empowerment 

    As a top 10 global derivatives exchange, WEEX boasts over 5 million registered users and achieved stable profitability as early as the 2022 “crypto winter.” Its monthly trading volumes have consistently doubled, supported by over 1,500 trading pairs and industry-leading liquidity.

    WXT plays a critical role in this ecosystem, offering transaction fee discounts (30% for spot trading, up to 20% for derivatives), staking rewards, cross-chain payments, and NFT trading opportunities.

    2）Innovative Burn Mechanism Fuels Market Optimism 

    Starting in 2025, WEEX plans to implement quarterly buybacks and burns for WXT, with an initial burn of 4 billion tokens—40% of the total supply, valued at approximately $120 million. This strategy reduces circulating supply, increases scarcity, and strengthens price support, boosting long-term value expectations.

    3）Global Reach and Rapid Growth 

    Operating in over 206 countries and regions with a daily trading volume exceeding $2 billion, WEEX provides strong liquidity and a seamless trading experience, further enhancing WXT’s growth potential.

    A Window of Opportunity Amid Market Shifts

    Data from 0xScope reveals that Binance’s market share fell from 51.2% in 2023 to 41.68% in 2024. Meanwhile, secondary exchanges like Bitget, Gate.io, Bybit, and WEEX have risen rapidly, with their platform tokens delivering exceptional returns:

    BGB: Climbed from $1.5 to $8.
    OKB: Market capitalization increased from $2.5 billion to $4.3 billion.

    Compared to mature tokens like BNB, emerging tokens like WXT offer a more attractive investment opportunity due to their low valuations and high growth potential.

    The Road Ahead: Multi-Driver Growth for WXT

    Ecosystem Expansion and Global Compliance 

    WEEX has secured multiple compliance licenses and is actively pursuing approvals in regions like Australia and Malta. As regulatory frameworks develop globally, demand and value for WXT are expected to grow steadily.

    Brand Development and Community Trust 

    In November 2024, WEEX announced football legend Michael Owen as its global brand ambassador. Additionally, collaborations with over 1,000 KOLs and global communities are elevating WEEX’s international brand profile and user trust.

    Engaging Platform Activities 

    WEEX regularly hosts trading competitions, airdrops, and daily lotteries, offering generous rewards like token airdrops and luxury prizes. These initiatives ensure fair and inclusive participation, boosting user engagement and loyalty.

    Low Valuation, High Growth Potential 

    As WEEX’s influence grows, WXT remains at an early stage with significant room for appreciation. The robust burn mechanism, targeting a reduction in total supply to 1 billion tokens, further enhances scarcity and long-term value, unlocking more growth potential for investors.

    WXT: An Investment Opportunity with Long-Term Potential

    Just as BNB leveraged ecosystem expansion to solidify its value and BGB achieved explosive growth through precise positioning, WXT is poised to unlock immense growth through its burn mechanism and comprehensive ecosystem strategy. Currently undervalued, WXT offers an ideal entry point for investors looking to capitalize on its high growth potential.

    For investors, this is the perfect time to explore and invest in WXT. Still in its early stages, WXT is poised for exponential growth, with its potential and market position significantly underestimated. By acting early, investors could position themselves as the “biggest winners” of the 2025 crypto market, reaping substantial returns.

    About WEEX
    Official Website: https://www.weex.com

    Contact:
    Joyce 
    joyce@weexglobal.com

    Disclaimer: This content is provided by WEEX. 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.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/13bde475-43a9-4782-8eca-ffcb1bf62e42

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6a269fe9-63af-40c9-9b2d-5aab866284f7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/88319190-e5a4-45e3-a6af-7b3a4fab556e

    The MIL Network –

  • MIL-OSI United Kingdom: Sadiq delivers biggest ever single investment in London of £10m to tackle rough sleeping

    Source: Mayor of London

    • Mayor announces record additional £10m investment, backing his commitment with Government to end rough sleeping in the capital by 2030
    • Additional funding package represents biggest ever single investment, more than any London Mayor, to tackle rough sleeping in the capital
    • New funding will transform and expand a network of Ending Homelessness Hubs across the capital, providing 24/7 specialist support for people new to rough sleeping and prevention services
    • Sadiq renews pledge to work with Government, boroughs and the homelessness sector to put London on a pathway to end rough sleeping via his spring 2025 Plan of Action

    The Mayor of London, Sadiq Khan, has today announced the biggest ever single investment of £10million to tackle the capital’s rough sleeping crisis – more than any London Mayor.

    With rough sleeping having risen across the country and recent City Hall data showing a 20 per cent annual increase in the number of Londoners on the streets for the first time, [1] Sadiq has committed a record extra £10m to his rough sleeping budget [2], focused on ‘prevention as well as cure’, to put the capital on a pathway to end rough sleeping for good by 2030.

    The funding will expand a network of ‘Ending Homelessness Hubs’. The hubs are safe places for people sleeping rough for the first time to be assessed by professional teams, so that plans can be made quickly to support them away from the streets in the long-term.

    The hubs build on the success of the Mayor’s four existing ‘No Second Night Out’ (NSNO) services, through which charity partner St Mungo’s deliver 24/7 specialist care and support for Londoners sleeping rough. This includes round-the-clock support in reconnecting service users with their families and friends, advice on what financial support they may be entitled to, helping to secure onward move-on accommodation, and mental health support.

    The expansion will establish an Ending Homelessness Hub for every sub-region of the capital [3], with a brand new fifth hub set to open in early 2026, helping an additional 500 people per year. For the first time ever, a new focus on prevention will be built into the service, meaning that teams will step in and provide support to high-risk Londoners before they spend a first night on the streets. These changes will be rolled out in co-ordination with London boroughs and the wider homelessness sector, and could see Ending Homelessness Hubs taking referrals from trusted partners such as day centres, even if individuals have not previously slept rough but are at immediate risk of doing so.

    The Mayor will also help more Londoners to exit rough sleeping for good through access to the long-term housing and support needed to rebuild their lives. In October last year, the Mayor announced his ‘Homes off the Streets’ drive, and today’s investment will provide the resources needed to bring more homes into this scheme, including Housing First – which gives people who are chronically homeless a home without any conditions.

    Today’s announcement comes ahead of the Mayor’s Rough Sleeping Plan of Action, due to be published in the spring, which will establish a shared mission for ending rough sleeping – including the scale of funding required and the best mechanisms for achieving this ambition by 2030. 

    The Mayor today visited a south London NSNO Hub where he renewed his pledge to work closely with the Government, boroughs, and the homelessness sector to deliver innovative long-term solutions to the capital’s rough sleeping crisis.

    Sadiq is clear that ending rough sleeping in London for good will require every sector to step up and play their part – from health to housing, and social care to wider society – backed by greater investment.

    During his time as Mayor, Sadiq has delivered record funding to homelessness charities and service providers across the capital. He’s also quadrupled City Hall’s rough sleeping budget; at £36.3 million in 2023/24, this is now more than four times the £8.45 million a year it was when Sadiq took office in 2016. Around 18,000 people have been helped off the capital’s streets since 2016 through the Mayor’s services alone, with 75 per cent staying off the streets for good.  

    The Mayor of London, Sadiq Khan, said: “I’m committed to putting London on a pathway to ending rough sleeping for good by 2030, which is why today I’m delivering an additional £10m in funding – the biggest ever single investment – to help more Londoners build their lives away from the streets.

    “Tackling the capital’s rough sleeping crisis won’t be easy, but I’m confident it can be done with strong leadership and a clear vision for how to get there, backed by the Government and wider society.

    “My Plan of Action on rough sleeping, due to be published this spring, will build on the huge amount of work we’ve done over the years to tackle this vital issue. As well as taking more people of the streets now, a stronger focus on prevention will help us to end rough sleeping as we continue to build a better, fairer London for everyone.”

    The Mayor of Lewisham, Brenda Dacres, added: “Spaces like the No Second Night Out hub are absolutely vital in our efforts to end homelessness.

    “This new funding from the Mayor of London will help to expand services to support people facing homelessness here in Lewisham and across London.

    “We are facing a housing and homelessness crisis; boroughs can’t tackle this alone, and we welcome this funding to support councils and charities to help people when they need it most.”

    Emma Haddad, CEO of St Mungo’s, said: “With the capital seeing some of the highest rates of people rough sleeping, we welcome the Mayor of London’s focus on preventing homelessness. The NSNO hubs funded by the Mayor and run by St Mungo’s have already made a huge difference in helping people off the streets; the reality is that without somewhere safe and warm to stay for the night, it’s not only life chances that are reduced, but life expectancy as well. This announcement however illustrates that more can be done to address the root causes of homelessness.

    “This investment in new hubs will help us be there for people before they end up sleeping rough. Shifting the dial to prevention brings us closer to our goal of ending homelessness for good, meaning fewer people relying on emergency accommodation in an already creaking housing system.

    “We look forward to continuing to work with the Mayor to turn the tide on homelessness and rough sleeping. Over the coming year, we know that that there is a lot we can achieve together.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Verkhnechonskneftegaz expands social infrastructure at Severo-Danilovskoye field

    Translartion. Region: Russians Fedetion –

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

    Verkhnechonskneftegaz (part of the Rosneft oil production complex) has commissioned a 100-bed dormitory for shift personnel at the Severo-Danilovskoye oil and gas condensate field.

    The company pays special attention to the organization of comfortable life for shift workers. The new three-story building has comfortable living rooms equipped with furniture and household appliances. Each floor has lounges for rest and rooms for meals. The hostel has a laundry room with modern washing and drying machines, an ironing room, and a room for storing personal protective equipment. Modern materials and equipment were used in the construction of the building.

    Following the principles of social responsibility of Rosneft, Verkhnechonskneftegaz systematically improves the social and living conditions of its employees. Earlier, a canteen was put into operation at the field, the modern equipment of which provides a full cycle of hot food preparation, vending coffee machines were installed.

    At the Verkhnechonskoye oil and gas condensate field, the basic production facility of the Danilovsky cluster, there are seven well-appointed dormitories for almost 900 people, and two more are being built. The shift worker residential village has all the necessary infrastructure: a modern health center, several canteens, a sports and fitness complex, a hairdresser, a sewing shop, a laundry shop, comfortable heated waiting areas for shift workers’ transport.

    Reference:

    JSC Verkhnechonskneftegaz, a subsidiary of NK Rosneft, is developing the Verkhnechonskoye oil and gas condensate field, one of the largest in Eastern Siberia, and is the operator of works at Rosneft’s licensed areas in the Irkutsk Region and Krasnoyarsk Krai. In addition to the Severo-Danilovskoye field, Rosneft’s Danilovsky cluster also includes the N.N. Lisovsky field, the Yuzhno-Danilovskoye field, and the Verkhneicherskoye field.

    Department of Information and Advertising of PJSC NK Rosneft January 29, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Polytechnic University develops artificial skin for robots

    Translartion. Region: Russians Fedetion –

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

    Scientists from Peter the Great St. Petersburg Polytechnic University have created a prototype of a tactile sensor for industrial robots. The development will help robots better sense objects during gripping and other manipulations. Data from the “artificial skin” sensors will allow industrial robots to sense the structure of objects and control the force of compression. The work was carried out with the support of the Priority 2030 strategic academic leadership program.

    Every year, the number of industrial robots is steadily growing. Manipulators assemble cars and weld parts, sort goods in warehouses of large marketplaces, mix compounds in chemical laboratories, and even help surgeons perform complex robot-assisted operations. Engineers are constantly improving the robot’s skills. One of the areas of such improvements is the creation of an analogue of human systems that will minimize the operator’s participation in the robot’s work.

    Polytechnic University scientists have developed a prototype tactile sensor for industrial robots. Essentially, it is an “artificial skin” that allows the machine to sense the structure of objects and the force of its impact on them, making them more versatile and accurate than their counterparts.

    The sensor consists of an elastic material that can be deformed and sensitive elements embedded in it. During the project, sensitive elements and the skin material itself were selected, the parameters of the elements were selected to obtain a stable sensor response, and a system was developed that analyzes the data received from the sensor, which can be used to form the robot’s movement, – noted Alexander Markvart, PhD in Physics and Mathematics, Associate Professor of the Higher School of Applied Physics and Space Technologies at SPbPU.

    The development of such sensors is currently being carried out all over the world. The peculiarity of the approach proposed at the Polytechnic University is the use of fiber-optic sensitive sensors that are not susceptible to electromagnetic interference, radiation exposure, and have increased survivability in aggressive external conditions. According to the project manager, Doctor of Physical and Mathematical Sciences, Associate Professor of the Higher School of Applied Physics and Space Technologies of SPbPU Nikolay Ushakov, the use of fiber-optic sensors is of particular interest in such areas as medicine, the oil and gas sector, and the nuclear industry. Such sensors also simplify the manufacturing technology of the final product and reduce the cost.

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Museum project breathes new life into precious antique plants

    Source: City of Leeds

    Hundreds of thousands of antique plants and flowers carefully preserved for centuries will be given new life thanks to a fascinating environmental history project in Leeds.

    The city’s vast collection of precious herbarium sheets was collected by botanists and horticulturalists over the past 200 years, with many of the fragile plants gathered in parks and grassland in east Leeds.

    Stored at the Leeds Discovery Centre, the plants are now set to be studied by people living and working in the same area where they once grew, connecting their communities and ecosystems through time.

    Thanks to funding from the Esmée Fairbairn Collections Fund, the new Dead Plant Society project will see Leeds Museums and Galleries teaming up with arts and social change charity Space2 to search through the 250,000-strong collection.

    Together, they will find also new specimens in the field which will be added to the museum collection, discover stories about their community and chart how nature and biodiversity in Leeds have changed across the past two hundred years.

    And by comparing modern specimens with those collected in the past, experts hope they will even be able to measure changing levels of pollution and air quality in east Leeds over the centuries.

    Clare Brown, Leeds Museums and Galleries’ curator of natural sciences, said: “Our herbarium collection is not only a remarkably beautiful resource, it’s also a hugely important and detailed record of how plant life and the natural world in Leeds have evolved over the past 200 years.

    “Connecting this amazing collection with people living in the places where these beautiful plants once grew will enable them to connect with their local history, including discovering the different ways people in east Leeds may have used these plants in the past for everything from food to medicine.

    “It will also help us build a better understanding of important issues like climate change and local biodiversity and how they have affected the city. We’re extremely grateful to the Esmée Fairbairn Collections Fund for their support in helping us bring this wonderful project to life.”

    Used as a way of preserving plants and flowers for more than 600 years, the tradition of making herbarium sheets began in Italy in the 15th century.

    Plants are collected in the field before being arranged and spread flat between sheets, known as flimsies before being dried between blotters or absorbent paper. If properly conserved, herbarium sheets can last for hundreds of years.

    An award-winning arts and social change organisation, based in Gipton, Space2 aim promote social justice and sustainable futures through an innovative community arts programme.

    Paul Barker, Space2’s co-director, said: “There is a huge amount of pride and passion in our communities for the green spaces across East Leeds, as well as concern about climate change and biodiversity loss. We’re really excited about the mix of history, environmental awareness and creativity which this project will realise.”

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “The Leeds Museums and Galleries collection is filled with countless beautiful and fascinating elements of the city’s history, collected and preserved over hundreds of years.

    “It’s wonderful that we’re able to share this collection with the people and communities who have played their own part in the city’s story and bring past and present together to add a whole new chapter to the city’s story.”

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI China: Trade-in program boosts China’s Spring Festival shopping season

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

    BEIJING, Jan. 29 — China’s consumer goods trade-in program remained highly popular at the start of the year, especially during the Spring Festival shopping season.

    The Ministry of Commerce (MOC) reported receiving subsidy applications for 10.79 million electronic devices over a four-day period starting Jan. 20, following the inclusion of mobile phones, tablets and smartwatches in the trade-in subsidy program, marking a significant expansion of the initiative launched in March last year.

    Moreover, automobile and home appliance trade-ins had reached 34,000 and 1.04 million units, respectively, as of Jan. 23, according to the ministry.

    The Spring Festival, or the Chinese Lunar New Year, is the most important holiday in China and an occasion for family reunions, and it falls on Jan. 29 this year.

    The strong participation in the trade-in program boosted consumer sentiment in the holiday market. According to Sheng Qiuping, vice commerce minister, the program, along with a series of shopping promotion events, will help meet the growing demand for Spring Festival shopping.

    Since last year, “trade-in” has become a buzzword in China’s consumer market, driving steady retail sales growth and boosting consumer sentiment.

    In 2024, more than 6.8 million vehicles, including gasoline-powered and electric cars, were traded in, while over 56 million home appliances, such as refrigerators, washing machines and computers, were sold under the program. Additionally, the sales of electric bicycles surpassed 1.38 million units.

    The total sales value of eligible products under the program topped 1.3 trillion yuan (about 180 billion U.S. dollars) last year, highlighting strong market vitality and immense potential. Notably, purchases of smart and eco-friendly products surged, particularly new energy vehicles (NEVs) and energy-efficient appliances.

    The trade-in program has revitalized consumption momentum, promoted a more sustainable economy, and enhanced the quality of life for consumers, according to MOC official Li Gang.

    In recent years, consumer spending has become an increasingly important economic driver. In 2024, final consumption expenditure accounted for 44.5 percent of economic growth, boosting GDP by 2.2 percentage points. Consumption now plays a more pivotal role than investment or exports in shaping the economic landscape.

    New consumer trends in China have gained significant momentum, including a resurgence in tourism and rapid growth in digital entertainment, online education, and live-streaming e-commerce. Green products, such as energy-efficient appliances and NEVs, have also emerged as new growth areas.

    In 2025, supporting consumption will remain a top priority for the government.

    At the Central Economic Work Conference in December 2024, China’s policymakers, while mapping out economic work for 2025, highlighted the need to vigorously boost consumption and expand domestic demand on all fronts.

    As part of its ongoing efforts to boost consumption, China has expanded the trade-in program. In addition to including smartphones, tablets and smartwatches, the government has increased the number of eligible home appliance categories from eight to 12 and added a wider range of passenger vehicles to the program. Approximately 81 billion yuan has been allocated for the first round of funding for the program this year.

    Sheng noted that the government will ensure subsidies are delivered to consumers quickly and conveniently.

    Local authorities are actively rolling out measures for the trade-in program. For instance, Shandong has launched 10 special initiatives for vehicle and appliance trade-ins, while Jiangsu is offering subsidies for smartphones, tablets and Bluetooth headsets. In Guizhou, an online platform has been set up to streamline the process of applying for subsidies.

    Experts predict that with such supportive measures in place, consumer spending will continue to grow steadily this year, while the Chinese economy demonstrates strong resilience, underpinned by solid fundamentals and enormous potential.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Storm Éowyn – information and advice

    Source: Northern Ireland Direct

    Date published:

    There is information about public services affected by Storm Éowyn and drop-in centres for those without water or power. Also, advice on food safety, the dangers of carbon monoxide and damaged electricity equipment or power lines. Keep a close eye on neighbours and support them in whatever way you can.

    Emergency numbers

    You should note the following numbers in case of emergency:

    • emergency services – 999 or 112
    • Northern Ireland Electricity Networks – 03457 643 643
    • NI Gas Emergency Service – 0800 002 001
    • Northern Ireland Water Waterline – 03457 440 088
    • Flooding Incident Line – 0300 2000 100
    • Housing Executive – 03448 920 901

    Damaged electricity equipment or power lines

    Do not approach any damaged electricity equipment or broken power lines.

    Be extra careful around fallen trees, as they often take electricity poles and wires with them as they fall.

    Be aware that electricity can jump gaps. 

    Report anything that looks dangerous to NIE Networks on:

    • phone: 03457 643643

    Reporting a power cut or damaged power line

    If your power is off or you’ve found a damaged power line, you can report it or get more information – contact NIE Networks or visit their website:

    • NIE Networks Customer Helpline: 03457 643 643
    • Power cuts

    Electricity supply

    You can information about electricity supply, including an updated list of areas affected by power cuts, on the NIE Networks website.

    Local councils information and community assistance or drop-in centres

    There is information about community assistance or drop-in centres at this link – NIE Networks representatives will be at a number of these venues:

    You can find your local council area information, including about community drop-in centres, at these links:

    Water supply

    If there are difficulties with water supply and sewerage, you will get the most up-to-date information on areas experiencing disruption and what is being done on the NI Water website. This includes a full postcode search facility. 

    You can also phone Waterline 24 hours a day/ 365 days a year on:

    • 03457 440088

    Older people, people with a serious medical condition, or people who need extra help for any other reason can join the NI Water customer care register to get a range of free extra services.

    Carbon monoxide dangers

    If you’re without electricity, using equipment such as kerosene heaters, charcoal grills (BBQs) and portable generators indoors can cause carbon monoxide levels high enough to result in carbon monoxide poisoning.

    Only equipment designed to be used indoors should be brought inside the home.

    For any fuel-burning equipment indoors:

    • there must be good ventilation
    • it must be used with a carbon monoxide alarm

    Always follow the manufacturer’s guidance.

    There is further advice at this link: 

    Symptoms of carbon monoxide poisoning include headaches, nausea, breathlessness, dizziness, collapse, and loss of consciousness. 

    If affected, you should:

    • open doors and windows for ventilation and go outside into the fresh air
    • go to your GP or nearest Emergency Department
    • if it’s urgent, call 999
    • call the relevant emergency advice line
      • Gas Emergency Service (24 hours) 0800 002 001
      • Oil (OFTEC) 0845 65 85 080

    Food safety advice

    If a power cut has affected your home and you have no electricity supply, it’s important you continue to store and prepare food safely. 

    You can find advice at this link: 

    If your water supply is cut off, it is recommended using alcohol-based hand sanitiser for cleaning your hands before touching food.

    Report a fallen tree or blocked road

    You can report a fallen tree or blocked road at the following link:

    Roads information

    Work is ongoing to remove obstructions. Road users are advised to use caution, as there is debris on some roads and roadsides. 

    You can get the latest updates about roads at this link:

    Where roads are closed, follow road signs and any diversions in place.

    Public transport

    For the latest information on bus and train services, go to the Translink website.

    School closures

    You can find information about schools affected by the bad weather at this link:

    MOT and driving tests 

    Driver and Vehicle Agency (DVA) testing services resumed as scheduled on Saturday 25 January.

    There is some disruption for vehicle tests anticipated at Armagh and Omagh, and driving tests at Altnagelvin.

    DVA will contact affected customers.

    Unless you receive a notification from DVA, you should arrive for your appointment as scheduled. 

    Public libraries

    All public libraries are open, with free Wi-Fi, power outlets, and seating.

    Find out more about the services available at: 

    Jobs and Benefits offices and Department for Communities offices 

    All Jobs and Benefits offices and Department for Communities offices are open, except for the Foyle Jobs and Benefit Office due to some storm damage.

    Temporary closure of Foyle Jobs and Benefits office

    Information for benefits customers:

    • Foyle Jobs and Benefits office is currently closed due to storm damage
    • staff working remotely are providing a normal service
    • while the office is closed, benefit payments due will still be paid by the date due
    • Universal Credit customers can use the online service and journal as usual
    • telephone calls will be handled by staff working remotely
    • Jobseeker’s Allowance (JSA) signing at Foyle Jobs and Benefits offices is excused
    • staff will contact affected customers for telephone or alternative in-person appointments
    • customers in need of urgent in-person support can contact another Jobs and Benefits office

    Forests, country parks, nature reserves and angling

    Safe public access at all sites by the storm will be reinstated as soon as possible.

    Birdkeepers

    Birdkeepers are reminded to be extra vigilant during the clean-up following the storm.

    Flooding or damage to hen houses can increase the risk of an avian influenza incursion.

    Health services

    Urgent and emergency care services are open as normal.

    Use the Phone First service for your local Health and Social Care Trust before travelling to an Emergency Department.

    However, call 999 if you or someone you care for is experiencing a life-threatening emergency.

    You can find information from the Trusts at these links:

    Financial help if your house floods

    If your home is flooded due to the weather, contact the local council and ask about their emergency payments scheme.

    More useful links

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Antibiotic ‘Access’ list updated for the UK

    Source: United Kingdom – Executive Government & Departments

    UKHSA has published an updated antimicrobial stewardship tool

    The UK Health Security Agency (UKHSA) has published an updated antimicrobial stewardship tool to support healthcare professionals across the UK prescribe the most appropriate antibiotics for patients, while protecting their future effectiveness.

    The UK’s tool is based on the World Health Organization’s (WHO) AWaRe (Access, Watch or Reserve) classification system, which was developed to support good antibiotic stewardship at local, national and global levels. This recent review, which applies to all 4 nations in the UK, was conducted in response to the WHO updating its categories in 2023.

    Most patients should receive Access antibiotics in the first instance, which offer the most effective treatment while minimising the potential for resistance. However, in a few cases some patients may require Watch or Reserve. Watch antibiotics are first or second choice antibiotics indicated for a limited number of infections, while Reserve are “last resort” or new antibiotics. These are closely monitored and prioritised as targets of stewardship programmes to ensure continued effectiveness.

    In UKHSA’s latest review, with contribution from 60 experts across the 4 UK nations, the English Surveillance Programme for Antimicrobial Utilisation and Resistance oversight group and Department of Health Expert Advisory Group on Antimicrobial Prescribing, Resistance and Healthcare-associated Infection (APRHAI) has provided a UK classification for 90 antibiotics.

    The most significant change is that all first-generation cephalosporins are now classed as Access, compared to Watch in 2019. This means that patients with certain allergies, such as penicillin, will have access to a wider range of antibiotics that currently show less potential to develop resistance to bacteria than others. The change aligns with the 2023 WHO AWaRe classification but does not mandate increased use of cephalosporins. All other cephalosporins remain in the Watch or Reserve categories.

    In keeping with UKHSA’s review in 2019, amoxicillin/clavulanic acid remains in Watch in the UK, but is classified as Access in the 2023 WHO AWaRe classification. Amoxicillin/clavulanic acid is an important and widely used drug globally. However, in the UK setting specifically, experts judged that its use is more likely to develop resistance in bacteria compared to other antibiotics. 

    UK-AWaRe classification is an important stewardship tool to help achieve the 20-year UK vision to contain and control antimicrobial resistance. It also supports one of the national targets set in the UK National Action Plan for antimicrobial resistance 2024 to 2029. By 2029, the UK is aiming to achieve 70% of total use of antibiotics from the Access category across the human healthcare system to preserve efficacy. According to the latest assessment in 2023, this was 64.1% for England.

    Dr Colin Brown, Deputy Director at UKHSA said:

    The AWaRe classification has played an important role in antibiotic stewardship in the UK and continues to do so. This review for the UK will help healthcare professionals choose the best treatment options for their patients, while preserving the effectiveness of antibiotics for future use.

    It will also support the development of guidelines for antibiotic prescribing and our UK targets to tackle antibiotic resistance set out in the National Action Plan.

    Appropriate use of antibiotics is essential in our fight against resistant bacteria.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Oxford City Council reponds to Chancellor of the Exchequer announcement

    Source: City of Oxford

    Following today’s announcement from Chancellor of the Exchequer, Councillor Susan Brown, Leader of Oxford City Council, said:

    “Oxford has one of the best performing economies in the country.  

    “We are the UK’s leader in scientific research, innovation and university spinouts, and have vibrant manufacturing, zero carbon and tourism sectors. 

    “Oxford is a success story, but, if the conditions are right, we can do so much more. 

    “Last year, alongside the Vice Chancellors of Oxford’s two universities, I wrote to the new Chancellor asking for an independent taskforce to be created for Oxford.  

    “The Growth Commission for Oxford, announced today by the Chancellor of the Exchequer, will bring together key partners to tackle the barriers to economic growth, enabling us to create more new jobs and build more new homes. We’re keen to work with both universities, businesses, the County and District councils and Government to move things forward. 

    “Our work here will form a key part of the Oxford-Cambridge Growth Corridor, which I’m delighted to see is being strongly backed by the Government. 

    “Working together with like-minded organisations all committed to Oxford’s success, our city can realise its full potential and we can create secure, well-paid jobs for our children and grandchildren.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Green tech to turn derelict ‘Elvis House’ into council’s first net zero home

    Source: City of Canterbury

    Home  »  Latest News   »   Green tech to turn derelict ‘Elvis House’ into council’s first net zero home

    A little less conversation, a little more action kicked off this week to transform a vacant property into Canterbury City Council’s first net zero social home.

    The project is designed to trial what decarbonisation of the council’s housing stock through retrofitting could look like and will see Canterbury’s ‘Elvis House’, known for displaying the King of Rock and Roll’s image for more than 40 years, packed with green technology.

    A three-bedroom house down at the end of St Peter’s Place, the refurbishment will take its EPC rating from an E to an A, and once complete, the home will be used as temporary accommodation for people awaiting an offer of permanent council housing.

    Cllr Pip Hazelton, Cabinet Member for Housing, said: “I am thrilled to see this vital step taken towards reshaping our housing stock which I’m sure will offer valuable insight for developing a retrofit-at-scale approach.

    “Decarbonisation through retrofitting would not only mean properties are brought back into use to boost social housing and cut our waiting list but would also see occupied energy-inefficient homes upgraded to slash running costs for current tenants.

    “Our residents deserve affordable, high-quality social homes and this is just more evidence of our commitment to delivering that.”

    The pilot forms part of the council’s Climate Change Action Plan (CCAP) which was developed and adopted in May 2021 to provide a roadmap for achieving net zero emissions from the council’s operations and assets by 2030.

    Some of the proposed green upgrades include:

    • high-quality external wall, cavity wall, roof and underfloor insulation
    • triple glazed windows
    • mechanical ventilation heat recovery
    • air source heat pump
    • solar panels

    Plans also include turning the property into a two-bedroom house to comply with minimum space standards alongside improvements to the garden and installation of a new kitchen and bathroom.

    The project is part-funded by the government’s UK Shared Prosperity Fund and will take approximately six months to complete.

    Cllr Mel Dawkins, Cabinet Member for Environment and Climate Change, added: “Not only is this important progress for giving people decent affordable housing, but it also signals a significant stride towards achieving our 2030 net zero target.

    “Even though we have already made major progress in cutting the carbon emissions produced by council-owned assets, energy-inefficient social homes remain a huge piece of the council’s decarbonisation puzzle.

    “Although this project alone won’t get us to where we need to be, our hope is that it is a catalyst for change both inside and outside the council by inspiring residents to decarbonise their own homes and encouraging the local construction industry to invest in retrofit skills for their workforce.”

    Published: 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Threat predictions for industrial enterprises 2025

    Source: Securelist – Kaspersky

    Headline: Threat predictions for industrial enterprises 2025

    Key global cyberthreat landscape development drivers

    Hunt for innovations

    Innovations are changing our lives. Today, the world is on the threshold of another technical revolution. Access to new technologies is a ticket to the future, a guarantee of economic prosperity and political sovereignty. Therefore, many countries are looking for their way into the new technological order, investing in promising research and development in a variety of areas: AI and machine learning, quantum computing, optical electronics, new materials, energy sources and types of engines, satellites and telecommunications, genetics, biotechnology and medicine.

    In terms of cybersecurity, growing interest in innovation means APTs are focusing on institutions and enterprises involved in new tech research and development. As the demand for the technical know-how grows, elite cybercriminal groups – such as top ransomware gangs and hacktivists – are also joining the game, hunting for the leading innovative enterprises’ trade secrets.

    Industrial enterprises should keep in mind that this information might be even easier to access and exfiltrate from the shop floor than from within research lab and office network perimeters. The supply chain and network of trusted partners are also very logical potential targets.

    Intentionally created barriers and sanction wars

    Increasing geopolitical turbulence, sanction wars, and the artificial restriction of access to efficient technology is boosting the drive to violate the intellectual property rights of leading enterprises. This may lead to the following security risks.

    • OT technology developers and suppliers are facing the problem that existing mechanisms built into their products may no longer be effectively safeguarding their intellectual property.
    • Сracks, third-party patches, and various other ways to bypass license restrictions, come at the price of increased cybersecurity risks right inside OT perimeter.
    • In addition to stealing documentation related to cutting-edge technological developments, attackers will continue to hunt for technical know-how – for example, collecting 3D/physical models and CAD/CAM designs as we saw in the attacks by Librarian Ghouls.
    • PLC programs, SCADA projects, and other sources of technological process information stored in OT assets may also become another target for malicious actors.

    New technologies mean new cyber risks

    When trying something completely new, one should always expect some unexpected consequences in addition to the promised benefits. Today, many industrial enterprises are keeping up with organizations in other sectors (for example, financial or retail) in the implementation of IT innovations, such as augmented reality and quantum computing. As in many other fields, the biggest boost in efficiency is expected from the widespread use of machine learning and AI systems, including their direct application in production – when tweaking and adjusting technological process control. Already today, the use of such systems at certain facilities, such as non-ferrous metallurgy, can increase final product output by an estimated billion dollars per year. Once an enterprise experiences such an increase in efficiency, there’s no going back – such a system will become an essential production asset. This may affect the industrial threat landscape in several ways:

    • The improper use of AI technologies in the IT and operational processes of industrial enterprises may lead to the unintended disclosure of confidential information (for example, by being entered into a model training dataset) and to new security threats. The seriousness and likelihood of some of these threats is currently hard to assess.
    • Both the AI systems and the unique enterprise data they use (either in its raw form – historical telemetry data – used as a training dataset, or as neural network weights incorporated into the AI model), if they become crucial assets, may now be new cyberattack targets. For example, if the systems or data get locked by the bad guys, they may be impossible to restore. Additionally, attacking these systems may not pose risks to the safety of the victim facility, unlike for traditional OT systems, meaning malicious actors may be more inclined to go for the attack.
    • Attackers also do not ignore technical progress; their use of AI at various stages of the killchain (for malicious tools development and social engineering, such as text generation for phishing emails) reduces costs, thereby accelerating the development of cyberthreats. This tendency will certainly evolve in 2025.

    Time-tested technologies mean new cyber risks

    Just because a system has not been attacked, it doesn’t necessarily mean that it is well protected. It could be that attackers have simply not reached it yet – perhaps because they already had simpler, more reliable and automated ways to perform attacks, or maybe you’ve just been lucky.

    The expression “if it ain’t broke, don’t fix it” takes on a special meaning in OT infrastructures. Sometimes systems have been running for years or even decades without any modifications, even without installing critical security patches or changing insecure configurations, such as unnecessary network services, debug interfaces and weak passwords. Sometimes systems are still running in the exact same state as when they were put into operation.

    Things get even more complicated when you take into account the poor quality of information about OT product vulnerabilities available from the developers or public sources. Fortunately, malicious actors still very rarely attack industrial assets and industrial automation systems.

    Moreover, in addition to unprotected industrial automation systems such as PLCs and SCADA servers, which are in fact very difficult to keep cybersecure, there are many other types of devices and even entire infrastructures that are somehow connected to the technological network. The security of these systems is often unjustifiably overlooked:

    • Telecom equipment. Its security is usually considered either the responsibility of the telecom operator or thought to be unnecessary for some reason. For example, mobile base stations and technological networks of mobile operators are believed to be already sufficiently protected from cyberattacks, which is why “no one attacks them”. For some reason, this problem is largely ignored by security researchers as well: while the security of endpoints and their key components, such as modems, is thoroughly studied, there are extremely few in-depth publications on the security of base stations or core network equipment. However, the equipment can obviously be compromised, at least from the operator’s side, for example, during maintenance. After all, telecom operators themselves are far from being immune to cyberattacks, as the story of the Blackwood attacks using the NSPX30 implant shows us. Thus, the following must be kept in mind:
      • At the very least, the threat model of industrial enterprises must include “man-in-the-middle” attacks on telecom equipment and the infrastructure of telecom operators.
      • Given how rapidly all kinds of smart remote monitoring and control systems are being implemented – primarily in mining and logistics, but also in other sectors and types of facilities – the priority of securing telecom-related infrastructures will only increase correspondingly. For example, to guarantee the safety of robotized infrastructures and the use of automated transport at facilities, we’re seeing the introduction of wireless communication. Industrial enterprises should clearly invest in telecom security in order to avoid cyberincidents, perhaps as early as this year.
    • The security of smart sensors, meters, measuring and control devices, and other devices in the Industrial Internet of Things is typically neglected by both the enterprises using them and, correspondingly, the developers themselves. However, as the history of FrostyGoop shows, these devices may also become attack targets.
    • The connection points of small remote industrial infrastructure facilities typically use inexpensive network equipment, sometimes not even designed for industrial use (for example, SOHO devices). Their cybersecurity can be extremely difficult to keep in good condition, both due to architectural limitations and the complexity of centralized maintenance. At the same time, such devices can be manipulated not only to distribute general-purpose malware or host botnet agents (as in the case of Flax Typhoon/Raptor Train), but also as an entry point into the IT or OT network.
    • The Windows OS family has been the most popular platform for workstations and automation system servers for decades. However, in recent years, many industrial enterprises have been increasingly installing Linux-based systems in their OT circuits, for various reasons. One of the decisive arguments in favor of choosing Linux is often the belief that such systems are more resistant to cyberattacks. On the one hand, there is indeed less malware that can run on this OS, and the probability of accidental infection is lower than for Windows OS. On the other hand, protecting Linux systems against a targeted attack is just as difficult, and in some cases even more so. The fact is that:
      • Developers of security solutions for Linux have to catch up with solutions protecting Windows infrastructure. For a long time, many functions were not in demand by customers and, therefore, were not implemented. At the same time, implementing new functionality is more expensive because it is necessary to support multiple OS strains developing in parallel, and the integration of security solutions is not a priority for kernel developers. There are two downstream consequences of this: first, a lack of effective standard integration mechanisms, and second, updating the kernel can easily “break” compatibility – and a simple module rebuild may not be enough.
      • On the industrial enterprise side, there are clearly not enough information security specialists who are also Linux experts, so both secure device configuration and monitoring and incident detection may not be that effective.
      • Both Linux OT solutions themselves and their developers often demonstrate insufficient information security maturity and can be an easy target for attackers, as was revealed, for example, during the investigation of a series of Sandworm attacks on Ukrainian critical infrastructure facilities.

    Wrong vendor choice means big trouble

    Insufficient investment of product developers or technology providers in their own information security guarantees that their customers will experience incidents. This problem is especially relevant for providers of niche products and services. An illustrative case is the attack on CDK Global, which led to direct losses of its customers exceeding a total of one billion dollars.

    The situation for industrial enterprises is complicated by a number of factors. Key among these are:

    • Extremely long technology supply chains. Equipment, including automation systems for key production assets, is very complex. An enterprise’s industrial equipment fleet may include both all the main components typical of IT systems and many components created as a result of cooperation between multiple manufacturers of industry-specific technologies. Many of these may be relatively small developers of niche solutions without the necessary resources to satisfactorily ensure their own security and that of their products. Moreover, the installation, initial setup, and regular maintenance of equipment requires the involvement of various third-party specialists, further expanding the attack surface of the supply chain and trusted partners.
    • Almost every large industrial organization is its own vendor. The specifics of the particular industry and enterprise require significant modification of ready-made solutions, as well as the development of new automation solutions tailored for the organization. Often, these developments are carried out either within the organization itself or by subsidiaries or related companies. All of this multiplies almost all of the risk factors described above: such developments are rarely carried out with a high level of security maturity, resulting in solutions full of basic vulnerabilities that even mediocre attackers can exploit. Obviously, these security issues are already being used in cyberattacks and will continue to be.

    Security by obscurity doesn’t work anymore for OT infrastructures

    The availability of so many tools for working with industrial equipment (just count the number of libraries and utilities implementing industrial network protocols posted on GitHub) makes developing and implementing an attack on an industrial enterprise’s main production assets significantly easier than just a few years ago. In addition, industrial enterprises themselves continue to evolve – over the past few years, we’ve seen big efforts to not only automate production, but also to inventory and document systems and processes. Now, to impact an industrial facility on the cyber-physical level, attackers no longer need to carefully study textbooks on the particular type of protective systems (such as SIS or circuit/relay protection) basics and to involve external experts in the particular industry. All the necessary information is now available in convenient digital form in the organization’s administrative and technological network. We have seen cases of attackers telling journalists that after they entered the victims’ network perimeter they studied internal facility’s safety-related documentation for a long time before choosing which OT systems to attack, in order to avoid putting employee’s lives at risk or polluting the environment as a result of the attack.

    MIL OSI Economics –

  • MIL-OSI Africa: Africa Energy Summit, leaders commit to energy transformation with more than $50billion backing from global partners

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

    DAR ES SALAAM, Tanzania, January 29, 2025/APO Group/ —

    Thirty African Heads of State and government today committed to concrete reforms and actions to expand access to reliable, affordable, and sustainable electricity to power economic growth, improve quality of life, and drive job creation across the continent. The leaders pledged their commitment in a declaration during the two-day Mission 300 Africa Energy Summit in the Tanzanian commercial capital, Dar es Salaam. Mission 300 partners pledged more than $50 billion in support of increasing energy access across Africa.

    The Dar es Salaam Energy Declaration represents a key milestone in addressing the energy gap in Africa, where more than 600 million people currently live without electricity. The commitments in the Declaration are a critical piece of the Mission 300 initiative, which unites governments, development banks, partners, philanthropies, and the private sector to connect 300 million Africans to electricity by 2030. The Declaration will now be submitted to the African Union Summit in February for adoption.

    By addressing the fundamental challenge of energy access, Mission 300 serves as the cornerstone of the jobs agenda for Africa’s growing youth population and the foundation for future development.

    Twelve countries—Chad, Côte d’Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia—presented detailed National Energy Compacts that set targets to scale up electricity access, increase the use of renewable energy and attract additional private capital. These country-specific plans are time-bound, rooted in data, endorsed at the highest level and focus on affordable power generation, expanding connections, and regional integration. They aim to boost utility efficiency, attract private investment, and expand clean cooking solutions. Deploying satellite and electronic mapping technologies, these compacts identify the most cost-effective solutions to bring electricity to underserved areas.

    “Tanzania is honored to have hosted such a monumental summit to discuss how, as leaders, we will be able to deliver on our promise to our citizens to provide power and clean cooking solutions that will transform lives and economies,” said H.E. Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania.

    Implementing the National Energy Compacts will require political will, long-term vision and the full support from Mission 300 partners. Governments are paving the way through comprehensive reforms, complemented by increased concessional financing and strategic partnerships with philanthropies and development banks to catalyze increased private sector investment.

    Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the need for decisive action to accelerate electrification across the continent. “Critical reforms will be needed to expand the share of renewables, improve utility performance utilities, ensure transparency in licensing and power purchase agreements, and establish predictable tariff regimes that reflect production costs. Our collective effort is to support you, heads of state and government, in developing and implementing clear, country-led national energy compacts to deliver on your visions for electricity in your respective countries.”

    “Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,” said Ajay Banga, President of the World Bank Group. “Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal.”

    During the summit, partners announced a series of commitments:

    • African Development Bank Group and the World Bank Group plan to allocate $48 billion in financing for Mission 300 through 2030, which may evolve to fit implementation needs
    • Agence Francaise de Development (AFD): €1 billion to support energy access in Africa
    • Asian Infrastructure Investment Bank (AIIB): $1 billion to $1.5 billion to support Mission 300
    • Islamic Development Bank (IsDB) Group: $2.65 billion in support of Mission 300 and energy access in Africa from 2025-2030
    • OPEC Fund: An initial commitment of $1 billion in support of Mission 300 with additional financing to follow
    • World Bank Group and the African Development Bank Group: Launched Zafiri, an investment company that supports private sector-led solutions, such as renewable mini-grids and solar home systems. Zafiri anchor partners will invest up to $300 million in the first phase and mobilize up to $1 billion to address the persistent equity gap in Africa in these markets.

    The firm commitments made by governments and partners at the summit demonstrate the unique power of the Mission 300 partnership. By combining government reforms, increased financing, and leveraging public-private partnerships, African countries are positioned to turn plans into action, delivering tangible benefits to millions of people.

    The Mission 300 Africa Energy Summit was hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB), and the World Bank Group (WBG), with support from the Rockefeller Foundation, ESMAP, Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL) and the Sustainable Energy Fund for Africa.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Manchester firm which targeted Germans with fake prepaid card scam is shut down

    Source: United Kingdom – Executive Government & Departments

    Advantia Card Limited was subject to a winding-up order following more than 190 complaints from members of the public in Germany

    • Advantia Card Ltd, registered in the UK, scammed customers in Germany using fake prepaid cards. 
    • The company sent the cards to customers against their wishes then demanded payment through a debt collection agency.  
    • Advantia was shut down at a winding-up hearing at London’s High Court.  

    A Manchester firm which sent out fake prepaid cards to people in Germany then demanded repayments has been shut down following an investigation by the Insolvency Service. 

    Advantia Card Ltd, which was registered at an address in Moston Lane Manchester, sent prepaid cards to people in Germany against their wishes – including a 12-year-old boy. 

    The company was subject to a winding-up order following more than 190 complaints from members of the public in Germany. 

    Investigations in the UK and Germany discovered the company issued fake prepaid cards and filed false accounts. 

    Some customers were subject to cold calls and received a prepaid card without their agreement, while others agreed to receive one after being told there would be no costs involved.  

    Advantia Card Ltd then employed a debt collection agency to make high-pressure calls to customers – in some cases demanding a 400 Euro payment for the provision of the prepaid card.  

    The company was shut down on 28 January 2025 after a hearing at the High Court in London. 

    Insolvency Service Chief Investigator Mark George said:  

    This was clearly a company with no intention of operating legitimately and with the sole intention of defrauding and distressing its customers. 

    Shutting down Advantia Card Ltd is a significant step in protecting the public – both here and in Germany – from suffering as a result of their fake prepaid cards.

    The Insolvency Service collaborated with the Federation of German Consumer Organisations (FGCO) – the equivalent of Trading Standards in the UK – to investigate Advantia Card Ltd, after they received more than 190 complaints from members of the public in Germany.  

    One of the complaints included a 12-year-old boy who clicked a link for a prepaid card offer through an Instagram advert. No proof of age was taken, and he did not sign any contract. 

    It was also found that Advantia Card Ltd filed false or misleading accounts with Companies House, having declared the company dormant from April 2022 to April 2023 when the FGCO investigation showed the company was active from at least 2021 to 2023. 

    The company did not cooperate with the investigation, did not defend the winding up and was not represented at the hearing.  

    All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.   

    Further information 

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Portsmouth City Council fails RSH’s consumer standards

    Source: United Kingdom – Executive Government & Departments

    Portsmouth City Council issued with a C3 grading by the Regulator of Social Housing

    The Regulator of Social Housing has issued a C3 grading to Portsmouth City Council, after an investigation found they had failed to meet the outcomes of the consumer standards, in particular those relating to the Safety and Quality Standard.

    RSH’s responsive engagement with Portsmouth CC began in August 2024, after information in the council’s Fire Safety Remediation Survey return indicated potentially material issues. 

    Although RSH’s initial engagement focused on fire safety, Portsmouth CC was then asked to provide further information on wider aspects of landlord health and safety and, following a self-assessment, the council made a self-referral to RSH in September 2024.  

    An investigation into the landlord found: 

    • Over 1,000 outstanding fire remedial actions. 

    • Over 85% of its homes have not had an electrical condition test for over five years, a number of which are located in high-risk communal blocks. 

    • Less than 40% of its homes had been surveyed within the last five years, more than a third had been surveyed more than ten years ago, and nearly 10% had no record at all. Additionally, stock condition surveys undertaken prior to 2024 did not include an assessment of hazards 

    • A lack of clarity for tenants as to what they can expect in terms of the repairs service. 

    Kate Dodsworth, Chief of Regulatory Engagement at RSH, said: 

    “The health and safety of tenants is non-negotiable. 

    “Providing safe, decent homes for tenants starts with accurate, up-to-date data. Without this, it is impossible to deliver the right services to residents. 

    “Portsmouth City Council has engaged constructively with us and we welcome their transparency in making a self-referral. This is the first step towards addressing the serious failings identified and making significant improvements.” 

    RSH also published regulatory judgements from proactive inspections for two landlords. 

    Aspire Housing received a C1 for its first consumer grading, as well as being upgraded to a G1 governance grading and retaining its V2 viability grading.  

    Sanctuary Housing Association received a C2 grading, and retained its G1 and V2 gradings.  

    RSH published a further 12 regulatory judgements through its stability check programme, with Incommunities Limited and Magenta Living both regraded from V1 to V2. The remaining 10 landlords retained their viability and governance ratings.  

    Stability checks are a yearly exercise where we look at the financial information landlords have submitted to us (including their most recent business plan and annual accounts) and consider whether their current viability grade is consistent with this 

    Provider Con Con Change Gov Gov Date Gov Change Via Via Change Engagement Process
    Aspire Housing Limited C1 First Grading G1 January 2025 Upgrade V2 Assessed and unchanged Inspection
    Durham Aged Mineworkers’ Homes Association – Not assessed yet G1 January 2025 Assessed and unchanged V1 Assessed and unchanged Stability Check
    Gateway Housing Association Limited – Not assessed yet G1 January 2025 Assessed and unchanged V1 Assessed and unchanged Stability Check
    GreenSquareAccord Limited – Not assessed yet G1 January 2025 Assessed and unchanged V2 Assessed and unchanged Stability Check
    Hexagon Housing Association Limited – Not assessed yet G2 January 2025 Assessed and unchanged V2 Assessed and unchanged Stability Check
    Home Group Limited – Not assessed yet G1 January 2025 Assessed and unchanged V2 Assessed and unchanged Stability Check
    Incommunities Limited – Not assessed yet G1 January 2025 Assessed and unchanged V2 Regrade V1 – V2 Stability Check and Responsive Engagement
    Look Ahead Care and Support Limited – Not assessed yet G2 January 2025 Assessed and unchanged V2 Assessed and unchanged Stability Check
    Magenta Living – Not assessed yet G1 January 2025 Assessed and unchanged V2 Regrade V1 – V2 Stability Check and Responsive Engagement
    Magna Housing Limited – Not assessed yet G1 January 2025 Assessed and unchanged V1 Assessed and unchanged Stability Check
    Newlon Housing Trust – Not assessed yet G1 January 2025 Assessed and unchanged V2 Assessed and unchanged Stability Check
    Portsmouth City Council C3 First Grading – – – – – Responsive Engagement
    Regenda Limited – Not assessed yet G2 January 2025 Assessed and unchanged V2 Assessed and unchanged Stability Check
    Sanctuary Housing Association C2 First Grading G1 January 2025 Assessed and unchanged V2 Assessed and unchanged Inspection
    Soha Housing Limited – Not assessed yet G1 January 2025 Assessed and unchanged V1 Assessed and unchanged Stability Check

    Notes to Editors 

    1. On 1 April 2024 RSH introduced new consumer standards for social housing landlords, designed to drive long-term improvements in the sector. It also began a programme of inspections for all large social landlords (those with over 1,000 homes) over a four-year cycle. The changes are a result of the Social Housing Regulation Act 2023 and include stronger powers to hold landlords to account. More information about RSH’s approach is available in its document Reshaping Consumer Regulation. 

    2. RSH carries out stability checks on all housing associations, and other private registered providers, who own 1,000 homes or more. The stability checks are a yearly exercise. We look at the financial information landlords have submitted to us (including their most recent business plan and annual accounts) and consider if there are any risks which might result in a change to their financial viability or governance gradings.  The checks do not include local authorities because our governance and financial viability standard does not apply to them. 

    3. More information about RSH’s responsive engagement, programmed inspections and consumer gradings is also available on its website. 

    4. RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.

    5. For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Government of Yukon approves new regulation for psychologists

    Source: Government of Canada regional news

    Government of Yukon approves new regulation for psychologists
    jlutz

    The Government of Yukon has approved a new regulation for psychologists under the Health Professions Act, improving local access to licensed, qualified psychological practitioners and supporting a transparent process for those seeking to become regulated health professionals in the territory.

    As a result, Yukoners will have access to psychological care from licensed and qualified practitioners who meet established professional standards. Yukoners seeking mental wellness or psychological services from psychologists will now be eligible to benefit from federal tax deductions.

    This new regulation aligns the profession with other Yukon regulated health professionals, national standards and practices for psychologists. This regulation also provides a formal process to register complaints if they are dissatisfied with the quality of services they receive.

    Psychologists practising in the Yukon will now need to meet qualification standards and follow standards of practice to be registered to practice in the territory. Psychologists may contact psychologists@yukon.ca to register effective February 1, 2025.

    The psychologists regulation under the Health Professions Act is a significant step forward in ensuring that Yukoners receive care from highly qualified and ethical professionals. By setting clear standards and strengthening accountability, this regulation not only improves access to registered psychologists but also fosters trust and transparency in mental health services. It creates a supportive framework for aspiring professionals while enhancing the overall quality of care available to Yukoners.

    Minister of Community Services Richard Mostyn

    This regulation ensures that Yukoners will have better access to high quality mental health care, governed by professional standards, more accountability and better support. It’s our government’s goal to have a health care system that is both accessible and culturally safe and this is the latest step in that direction. I encourage all Yukoners to participate in the ongoing review of the Health Professions Act to ensure that your voices are heard about how we can continue this important work.

    Minister of Health and Social Services Tracy-Anne McPhee

    Quick facts

    • The regulation sets out clear processes if someone has a complaint or there needs to be disciplinary action. 

    • To become a registered psychologist in the Yukon, prospective psychologists must contact psychologists@yukon.ca to register.

    Media contact

    Jordan Owens
    Cabinet Communications
    867-332-0615
    jordan.owens@yukon.ca

    John Tonin
    Communications, Community Services
    867-334-5816
    john.tonin@yukon.ca 

    News release #:
    25-026
    Related information:
    How to register as a psychologist
    Lines 33099 and 33199 – Eligible medical expenses you can claim on your tax ret…
    Review of the Health Professions Act

    MIL OSI Canada News –

  • MIL-OSI Europe: Statement by Palazzo Chigi on aid for the people of the Gaza Strip

    Source: Government of Italy (English)

    28 Gennaio 2025

    Alongside its regional and international partners, Italy is continuing in its efforts to stabilise the Middle East region and support its peoples. Today, helicopters from the Italian and Jordanian Armed Forces carried out a joint air mission to deliver concrete and effective assistance to the population of the Gaza Strip, transporting huge quantities of humanitarian aid.

    This was in addition to the work carried out through the ‘Food for Gaza’ mechanism, which was launched by the Italian Ministry of Foreign Affairs and International Cooperation and has already enabled more than 100 tonnes of food and medical aid to be delivered to the Strip.

    Over the coming days, 15 lorries donated to the World Food Programme and another 15 tonnes of aid will be arriving to the Port of Ashdod. 
    This initiative further builds on the work that has been carried out by the Italian Armed Forces to support the civilians of Gaza since the war first started, with medical care being provided by the ‘Vulcano’ ship in Egypt and to help Palestinian children, also with Italian doctors in hospitals in the United Arab Emirates.

    MIL OSI Europe News –

  • MIL-OSI Russia: Marat Khusnullin: Decisions have been made on 653 unfinished construction projects

    Translartion. Region: Russians Fedetion –

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

    The Presidium (headquarters) of the Government Commission on Regional Development has made management decisions on another 57 unfinished construction projects included in the federal register of unfinished construction projects. Of these, 19 projects will be completed.

    Thus, in two years, decisions have already been made on 653 objects. Among them are social, medical, sports institutions, roads, housing and communal infrastructure and other objects for the construction of which budget funds were allocated. This was reported by Deputy Prime Minister Marat Khusnullin.

    “The government, together with the Ministry of Construction, continues to work to reduce the number of unfinished buildings. Thanks to this, citizens receive long-awaited facilities necessary for a comfortable life. Such work also opens up new prospects for the further development of settlements. Residents gain more employment opportunities, and the city gets a chance to renew and modernize. Since 2022, the interdepartmental commission for reviewing unfinished capital construction projects has included 886 unfinished buildings in the register. As of today, there are 773 objects left in it, 653 of which have already been subject to management decisions. Including 278 that will be completed. I would like to note that as of today, following the joint work of the headquarters, the Ministry of Construction and interested departments, the construction of 34 objects has already been completed,” said Marat Khusnullin.

    The Ministry of Construction is collecting and analyzing information from responsible departments on another 120 sites for subsequent submission to headquarters for consideration.

    “Starting this year, the completion of unfinished construction projects is carried out by the main administrators of federal budget funds, including by including such objects in the register of capital construction projects. According to the regulation on the procedure for forming and maintaining the register, information on transferred objects, as well as unfinished construction projects for which the headquarters has decided to complete construction and put them into operation, is entered into it as a matter of priority,” noted Deputy Minister of Construction and Housing and Public Utilities Yuri Gordeyev.

    Starting in 2026, the Government will provide subsidies to regions to complete the construction of regional unfinished buildings included in the federal register.

    Unfinished projects financed from the federal budget are entered into the federal register based on information from the main budget administrators. Such information is first sent to the Ministry of Construction of Russia, then the data is verified by an interdepartmental commission. Entry into the register allows the presidium (headquarters) of the Government Commission for Regional Development to make decisions on the completion, privatization, demolition of the project or its transfer to the ownership of subjects or municipalities. In the event of a decision to complete construction, a step-by-step plan for the implementation of the project is developed.

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

    MIL OSI Russia News –