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  • MIL-OSI Russia: Financial news: Three Federal Treasury deposit auctions will take place on 10/23/2024

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/23/2024
    Unique identifier of the application selection 22024544
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 247 400
    Placement period, in days 2
    Date of deposit 10/23/2024
    Refund date 10/25/2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 18.14
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/23/2024
    Unique identifier of the application selection 22024539
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 20,000
    Placement period, in days 182
    Date of deposit 10/23/2024
    Refund date 04/23/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Preliminary applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/23/2024
    Unique identifier of the application selection 22024540
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 30,000
    Placement period, in days 91
    Date of deposit 10/24/2024
    Refund date 01/23/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Preliminary applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Contact information for media 7 (495) 363-3232PR@moex.com

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n74200

    MIL OSI Russia News –

  • MIL-OSI USA: Cell & Gene Therapy Innovation Hub Coming to Long Island

    Source: US State of New York

    Governor Kathy Hochul today unveiled plans for New York BioGenesis Park, a groundbreaking $430 million Cell and Gene Therapy Innovation Hub in Nassau County, Long Island. To be developed by The Albanese Organization, Inc., this state-of-the-art facility would catalyze CGT research, development, clinical manufacturing, and commercialization across New York State. With a historic $150 million state investment—the largest nationwide for a cell and gene therapy hub—NYBGP would accelerate the delivery of new therapies from lab to patient in New York’s diverse communities. This transformative hub aims to establish New York as the leading global destination for CGT innovation, driving economic growth, attracting top talent, and revolutionizing patient care statewide and beyond.

    “With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation,” Governor Hochul said. “We’re not just advancing medical science; we’re creating a powerhouse that will drive our economy, generate thousands of high-skilled jobs, and bring hope to millions facing life-threatening diseases. This investment reaffirms our commitment to leading the future of healthcare and ensuring that the next medical breakthrough happens right here in New York.”

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    Empire State Development President, CEO, and Commissioner Hope Knight said, “The selection of a developer with proven expertise ensures the Long Island CGT Center would be a beacon of excellence from inception to operation. ESD’s landmark investment not only underscores New York’s commitment to leadership in life sciences but also catalyzes a transformative shift in our biotechnology landscape. By creating high-quality jobs, attracting world-class talent, and fostering groundbreaking innovation, New York BioGenesis Park would cement New York’s position at the forefront of cell and gene therapy globally, driving economic growth and scientific advancement in equal measure.”

    New York State Department of Health Commissioner Dr. James McDonald said, “This groundbreaking and transformative investment puts New York State at the forefront of emerging gene and cell therapy sciences, creating a centralized hub of innovation and advancement in patient care. I thank Governor Hochul for her commitment to investing in the future of medical research and therapeutic technologies that will give hope to patients fighting cancer and other devastating diseases.”

    The Cell and Gene Therapy Innovation Hub is a critical component of the statewide Cell and Gene Therapy initiative announced in Governor Hochul’s 2023 State of the State address. With the $430 million New York BioGenesis Park on Long Island and the $98 million expansion at Roswell Park Comprehensive Cancer Center in Buffalo, these projects represent a combined total investment of over half a billion dollars in Cell and Gene Therapy innovation across New York.

    The Albanese Organization, Inc., a Long Island-based developer with more than 70 years of experience in managing successful public-private partnerships, was selected following a Request for Proposals issued in December 2023. Albanese is conditionally selected to lead the comprehensive process to design, finance, build, market, tenant, and operate the Long Island Cell and Gene Therapy Center. This selection ensures that the project will be executed from conception to operation with an experienced development team, leveraging Albanese’s extensive expertise in developing large life science innovation campuses.

    Albanese Organization Chairman Russell Albanese, said, “The Albanese Organization and our development team are honored and excited to be designated by Empire State Development to enter into this public private partnership that will realize the Governor’s vision to create a ‘Hub of the Future’ for Cell and Gene Therapy in Lake Success, Long Island. This transformative development will serve as a significant catalyst for advancing cell therapy research, development, clinical manufacturing, and commercialization across the State that will lead to increased access to transformative, life-saving treatments. The Hub will also further amplify and expand the economic engine that is the life sciences industry within New York State, and specifically Long Island.”

    With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation.”

    Governor Hochul

    Cell and gene therapies are revolutionary treatments that modify a patient’s cells or genes to combat diseases at their source. Offering hope for previously incurable conditions—including cancers, genetic disorders, and autoimmune diseases—these approaches target illnesses at the cellular and genetic levels. They have the potential to provide more effective, longer-lasting treatments with fewer side effects than traditional methods. Advancements in these therapies could revolutionize healthcare, paving the way for personalized medicine and new possibilities for patients who have exhausted other treatment options.

    New York BioGenesis Park is envisioned as a cutting-edge, full-service campus dedicated to advancing cell and gene therapies and accelerating their commercialization. At full build-out, the 700,000-square-foot park would create an end-to-end Cell and Gene Therapy innovation and supply center, featuring interconnected areas for public engagement, research, manufacturing, and collaboration. The project would be developed in multiple phases, with Phase One comprising a 331,000-square-foot facility on Northwell Health’s campus in Lake Success, including the first Cell and Gene Therapy Tower and Contract Development and Manufacturing Organizations (CDMO) Tower. Phase One is already poised to advance, with conditional commitments from two anchor tenants; one would operate the CDMO, the other would operate the incubator.

    A cornerstone of New York BioGenesis Park is its incubator, supported by a $50 million investment from ESD’s Long Island Investment Fund. This facility will empower early-stage therapeutic developers by offering state-of-the-art wet lab space, shared equipment, office space, and other essential resources. This nurturing environment would provide Cell and Gene Therapy companies with access to specialized equipment, mentoring, and stage-appropriate financial guidance. As a critical component of New York BioGenesis Park, the incubator is poised to catalyze the growth of promising Cell and Gene Therapy companies by providing them with resources and support, unlocking their potential for innovation and success.

    This initial phase is expected to create approximately 830 full time union construction jobs and a combined estimate of 700 jobs related to Cell and Gene Therapy development and provision of services and technologies required by Cell and Gene Therapy developers, such as Contract Development and Manufacturing Organizations, vector developers, and advanced diagnostic providers, as well as staff required for operation of the Center. Phase Two would further expand lab and office space, enhancing the park’s capabilities for Cell and Gene Therapy companies and service providers.

    Empire State Development Board Chairman Kevin Law said, “New York BioGenesis Park represents a transformative investment in Long Island’s future and New York State’s position as a global leader in biotechnology advancements. This project not only promises to create hundreds of high-skilled jobs but also establishes a world-class ecosystem for cell and gene therapy innovation. By leveraging Long Island’s exceptional talent pool and research institutions, we’re laying the foundation for breakthroughs that will save lives and drive economic growth for decades to come.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “The New York BioGenesis Park represents a transformative investment in Long Island’s future and solidifies our region’s position at the forefront of biotechnology innovation. This visionary project not only promises to create high-quality jobs and drive economic growth, but it also establishes Long Island as a global hub for cell and gene therapy research and development. By leveraging our region’s world-class academic institutions, skilled workforce, and entrepreneurial spirit, New York BioGenesis Park will catalyze breakthroughs that will save lives and shape the future of healthcare.”

    Assemblywoman Gina Sillitti said, “New York State’s $150 million investment in a gene therapy research hub at Lake Success is a transformative step in developing Long Island’s biotechnology sector. I thank Governor Hochul for championing this initiative, which will create hundreds of jobs and further solidify Long Island’s place as a national leader in cutting-edge medical research and treatments.”

    Roswell Park Comprehensive Cancer Center President and CEO Candace S. Johnson, PhD said, “New York is already a leader in the science of making ‘living cures’ from our own cells. With these historic investments in the Roswell Park GMP Engineering & Cell Manufacturing Facility and New York BioGenesis Park, Governor Kathy Hochul and Empire State Development are making sure our teams are supported by an innovation infrastructure powerful enough to transform their curiosity into cures”

    New York Blood Center Enterprises President and CEO Christopher D. Hillyer, MD said, “The creation of the Long Island Center for Cell and Gene Therapy represents a critical investment in the future of medicine. New York Blood Center Enterprises and Comprehensive Cell Solutions are extremely proud to be part of the team that will position New York as a global leader in life sciences, particularly in cell and gene therapy, offering new hope to patients facing diseases once thought untreatable.”

    Northwell Health President and CEO Michael J. Dowling said, “We are committed to supporting New York State in establishing this innovative cell and gene therapy hub on Long Island. The facility will be a game changer for physician-scientists, researchers and innovative companies, some of which are already working together in the region to advance novel biomedical treatments in the fight against cancer and other devastating diseases, offering new hope for our diverse communities across the state.”

    Cold Spring Harbor Laboratory President and CEO Bruce Stillman, PhD said, “The New York State cell and gene therapy initiative on Long Island will be a most welcome addition to the region’s biomedical research enterprise, and Cold Spring Harbor Laboratory looks forward to partnering with the CGT initiative. We thank Governor Hochul and Empire State Development for pioneering this exciting research expansion.”

    New York BioGenesis Park would foster strong ties with academic and medical institutions throughout New York, creating a robust ecosystem for Cell and Gene Therapy innovation. Collaborating with the Empire State Cellular Therapy Consortium and world-class institutions like Cold Spring Harbor Laboratory, the Feinstein Institutes, Northwell Health, Roswell Park, Stony Brook University, Weill Cornell, Columbia University and others around the state. New York BioGenesis Park would enhance research synergies and accelerate medical breakthroughs. This ecosystem would bring together experts in advanced Cell and Gene Therapy therapies, offering specialized facilities, services, and resources to both tenants and collaborating institutions. By facilitating cutting-edge science, innovative technology development and novel approaches to clinical trials, New York BioGenesis Park would ensure New York’s institutions remain globally competitive in groundbreaking Cell and Gene Therapy research and commercialization.

    The New York BioGenesis Park and the Cell and Gene Therapy manufacturing expansion at Roswell Park would create a powerful, interconnected network that leverages complementary resources and capabilities at both ends of the state. By fostering a comprehensive ecosystem that spans from basic research to clinical application and commercialization, New York is positioning itself as the nation’s leading destination for Cell and Gene Therapy research, development, and manufacturing.

    The Long Island Cell and Gene Therapy Innovation Hub stands to serve as a cornerstone of New York’s $620 million Life Science Initiative. Aimed at establishing the state as a national leader in the broader life sciences industry—including biotechnology, pharmaceuticals, and medical technology—the initiative allocates $320 million for strategic programs to attract new technologies, promote investment in emerging fields, and stimulate life science business growth and employment statewide. This multifaceted approach seeks to spur the development of a world-class research cluster, enhance the state’s ability to commercialize groundbreaking research, and drive economic growth. By solidifying New York’s position in life sciences innovation, the initiative advances Cell and Gene Therapy development and strengthens the state’s global competitiveness. Read New York State’s Life Science Initiative Strategic Plan here.

    MIL OSI USA News –

  • MIL-Evening Report: ‘They do not respect our land. They do not respect our people’. Brazil’s traditional people take on BHP in one of the world’s biggest class actions

    Source: The Conversation (Au and NZ) – By Ebony Birchall, Lecturer, Law School, Macquarie University

    Australian mining giant BHP is at the centre of one of the world’s largest class actions, the trial for which started this week in London.

    The Fundão Dam in Mariana, Brazil, co-owned by BHP, collapsed in 2015 spilling a gigantic wave of toxic mud across 700 kilometres of land. Nineteen people were killed, villages and livestock wiped out, vast areas of land rendered uninhabitable and rivers and water supplies contaminated.

    Corporate accountability

    The class action has renewed questions about the responsibilities multibillion-dollar corporations have to local communities.

    Leaders of the traditional people groups impacted by the disaster visited Australia with their lawyer Tom Goodhead from international legal firm Pogust Goodhead to raise awareness of the case two weeks ago.

    Goodhead told a public forum at Macquarie University this was a case of corporate negligence and putting profit before safety. He said the operators were warned of the risk of dam collapse and continued to push operations beyond what was safe.

    The class action is brought on behalf of more than 600,000 claimants. The trial is expected to run for 12 weeks and will be heard in the UK, because this is where BHP was headquartered at the time of the disaster.

    The UK courts will apply the Brazilian laws, which say environmental polluters must pay for the damage they cause.

    Can BHP fix this?

    The claimants’ lawyers say the case is valued at more than A$68.8 billion. The figure is based on an estimation of the impact of the disaster on land, culture and sacred places, as well as some form of recompense for the lost lives.

    Maycon Krenak, one of the Krenak chiefs, explained:

    [the] river has always been there for us to guarantee our livelihoods. It is a sacred space for us. The river is where we carry out our sacred practices. That’s where we sing, where we dance, where we gather. The new leaders, [our] children, have to learn how to swim in a water tank of a thousand litres.

    BHP is reported as saying its Renova Foundation, established in 2016, has spent more than A$11.5 billion to compensate victims and remediate the environment.

    But Thatiele Monic, president of the Vila Santa Efigênia and Adjacências Quilombola Association said the victims don’t trust the foundation.

    In the same way that the mining company invades our land, the Renova Foundation also is invading our space and our territories. They do not respect our land. They do not respect our people, and they are creating more and more conflict. So that people are essentially giving up pursuing this.

    Poor human rights record

    Australian corporations operating overseas have a poor record on human rights.

    Two weeks ago, a preliminary report of the Panguna Mine Legacy Impact Assessment uncovered human rights violations, including risks to life, at Rio Tinto’s abandoned Panguna mine in Bougainville, Papua New Guinea.

    The gold and copper mine triggered a brutal civil war between 1988 and 1998. Despite decades passing since the mine was decommissioned, the recent report confirms the mine continues to pose risks to life and safety due to the collapsing mine and ongoing contamination down rivers and into new areas.

    Australian mining corporations have also been linked to death and destruction in their operations in Africa.

    Corporate activities within Australia have impacted our own Aboriginal and Torres Strait Islander Peoples. For example, Rio Tinto’s explosion at Juukan Gorge destroyed sites of cultural significance dating more than 46,000 years.

    Where Australia stands

    The Australian government has endorsed the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises both of which outline corporations’ human rights obligations.

    The UNGPs say states should set out clearly the expectation that corporations in their jurisdiction respect human rights in all their operations – even those occurring overseas.

    The Human Rights Law Centre found in a 2018 report on this topic that the Australian government was not doing enough to hold corporations to account.

    It found Australian corporations operating overseas did so with impunity. Efforts to seek justice locally is often thwarted by corruption, lack of resources or ineffective legal process. At the same time, attempts by overseas communities to take legal action in Australian courts face enormous hurdles and rarely succeed.

    This is why cases like the class action for claimants in Mariana are crucial for corporate accountability.

    In my 2023 report with colleagues Surya Deva and Justine Nolan, we found this kind of litigation can raise awareness, facilitate broader industry developments and shape laws and policy.

    Our report also found litigation needs to be supported by strong regulatory responses from governments, and complementary advocacy like shareholder or consumer engagement.

    Cost of litigation

    Litigation comes with significant risks to victims and their allies.

    In a controversial development for corporate accountability in Australia, oil and gas giant Santos is using legal processes to challenge environmental groups who supported traditional owners opposing their Barossa gas project. Santos’ tactics, if allowed to continue, could limit public interest litigation in the future.

    Thatiele Monic ended her speech at the Macquarie University event with a question worth repeating

    This has happened in Brazil, but it has happened in many other places, and if we don’t do anything about it, and we don’t talk about it, it will continue to happen in many more other places. This is not the future I want for myself and for my people. I’d like to know. What future do you want for yourselves?

    Ebony Birchall is affiliated with Macquarie University’s B&HR Access to Justice Lab.

    – ref. ‘They do not respect our land. They do not respect our people’. Brazil’s traditional people take on BHP in one of the world’s biggest class actions – https://theconversation.com/they-do-not-respect-our-land-they-do-not-respect-our-people-brazils-traditional-people-take-on-bhp-in-one-of-the-worlds-biggest-class-actions-241777

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $3,421,623 or $1.09 per Share for the Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    HAMPSTEAD, Md., Oct. 22, 2024 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the nine months ended September 30, 2024 was $3,421,623, or $1.09 per common share (basic and diluted), compared to $5,003,107, or $1.63 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last two years was the primary reason for the decline in net income. The Company’s return on average equity during the nine months ended September 30, 2024 was 8.53% compared to 13.45% for the same period in 2023. The Company’s return on average assets during the nine months ended September 30, 2024 was 0.57% compared to 0.91% for the same period in 2023. Loan growth for the nine months ended September 30, 2024 was $49 million, an annualized growth rate of 12.5%.

    Net income for the three months ended September 30, 2024 was $1,123,127, or $0.36 per common share (basic and diluted), compared to $1,432,139, or $0.46 per common share (basic and diluted), for the third quarter of 2023. The Company’s return on average equity during the three months ended September 30, 2024 was 8.05% compared to 11.54% for the same period in 2023. The Company’s return on average assets during the three months ended September 30, 2024 was 0.56% compared to 0.77% for the same period in 2023.

    Net interest income for the nine months ended September 30, 2024 was $722,419 lower when compared to the same period in 2023 due to a decrease in the net interest margin to 2.67% for the nine months ended September 30, 2024 from 3.04% for the same period in 2023. The decline in the net interest margin was partially offset by a $62.7 million increase in average interest earning assets to $775.9 million for the nine months ended September 30, 2024 from $713.2 million for the same period in 2023. Higher interest expense was the driving factor in the lower net interest income. The Federal Reserve interest rate decreased by 0.50% in late September after aggregate increases of 5.25% from March 2022 through August 2023. The net aggregate increase of 4.75% caused the cost of deposits and borrowings to increase by 119 basis points to 2.71% for the nine months ended September 30, 2024 from 1.52% for the same period in 2023. In addition, average interest bearing liabilities increased by $69.9 million to $624.5 million for the nine months ended September 30, 2024 from $554.6 million for the same period in 2023. The taxable equivalent yield on total average interest-earning assets increased 64 basis points to 4.86% for the nine months ended September 30, 2024 from 4.22% for the same period in 2023, partially offsetting the higher cost of funds. Despite the recent Federal Reserve rate decrease and the projected decreases in November and December of 2024, no significant improvement in the net interest margin is expected during the remainder of 2024.

    The Bank entered into several interest rate swaps structured as fair value hedges during 2023 and 2024, some in combination with the purchase of mortgage backed securities, which are intended to offset the impact of higher interest expense by improving interest income on debt securities. The notional amount of interest rate swaps outstanding at September 30, 2024 was approximately $99 million. Our loan portfolio is comprised primarily of commercial real estate loans with fixed rates for five-year terms. As those loans reprice, our net interest margin should improve. In addition, our current strategy is to increase the diversification of our portfolio with commercial and industrial loans, which are typically adjustable rate loans and would provide an immediate higher yield in today’s interest rate environment.

    No provision was recorded for credit losses for the nine months ended September 30, 2024. For the nine months ended September 30, 2023, we recorded a $570,000 recovery.

    Noninterest income increased by $160,505 for the nine months ended September 30, 2024 when compared to the same period in 2023, primarily as a result of a $142,794 gain on insurance proceeds for our Upperco location and a $34,180 increase in service charges on deposit accounts, offset by $31,922 loss on the sale of debt securities. Noninterest expense was $1,117,921 higher in the nine months ended September 30, 2024 when compared to the same period in 2023, due primarily to a $488,857 increase in other expenses, a $311,155 increase in occupancy and furniture and equipment costs, and a $317,909 increase in salaries and benefits. The increase in other expenses was due primarily to costs associated with our core system conversion that is projected to be completed in the fourth quarter of 2024, ATM related expenses, and legal fees incurred for stockholder matters. Also, the Bank’s FDIC assessment expense increased due to higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to the renovations and new equipment for the Upperco location which was placed in service at the end of the first quarter and the new Towson location that was placed in service during the second quarter. The increase in salaries and benefits was due to normal annual salary increases as well as the hiring of several new employees primarily in the commercial loan production department.

    Income taxes decreased by $668,351 during the nine months ended September 30, 2024 when compared to the same period in 2023 due to lower earnings before taxes. The effective tax rate decreased to 22.5% for the nine months ended September 30, 2024 from 24.9% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

    Total assets increased to $818 million at September 30, 2024 from $800 million at December 31, 2023. Loans increased to $572 million at September 30, 2024 from $523 million at December 31, 2023, an annualized rate of increase of 12.5%. Investments in debt securities decreased to $180 million at September 30, 2024 from $184 million at December 31, 2023. Deposits decreased to $674 million at September 30, 2024 from $681 million at December 31, 2023. The Company’s tangible equity was $52 million at September 30, 2024 compared to $45 million at December 31, 2023.

    The book value of the Company’s common stock increased to $18.81 per share at September 30, 2024 from to $16.74 per share at December 31, 2023. Book value per share at September 30, 2024 was reflective of the $14 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of the significant rise in interest rates over the last 30 months. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 62% government agency mortgage backed securities which are fully guaranteed, 33% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS investment portfolio regardless of whether they are positive or negative.

    The Bank began utilizing the Federal Reserve Bank’s Bank Term Funding Program (“BTFP”) during the second quarter of 2023 and had borrowings of $54,000,000 outstanding at September 30, 2024, with a maturity date of January 15, 2025, an increase of $21,000,000 from December 31, 2023. Eligible collateral for the BTFP includes mortgage backed securities which are valued at par instead of market providing greater availability than other facilities. The BTFP also provides competitive fixed rates for up to a one-year term and advances can be refinanced or paid off in full or in part at any time. The Federal Reserve Bank stopped new BTFP advances on March 11, 2024. This facility, along with our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash, provided us with access to approximately $332 million of liquidity at September 30, 2024.

    Gary A. Harris, President and CEO, commented “We are pleased that our loan portfolio has grown at an annualized rate of 12.5% during the first nine months of the year, demonstrating that our investment in additional loan production staff and facilities is paying off. Our asset quality remains high and our liquidity position remains strong. Due to the sunsetting of our existing core operating system, our core system conversion will occur on October 28, 2024. While it will increase our expenses in 2024, the new system will be a substantial digital upgrade that will position the bank for future growth, provide for significant efficiency gains and an enhanced customer experience moving forward. The Federal Reserve interest rate decreased by 50 basis points in September and additional cuts are expected over the remainder of 2024 and 2025. These cuts are too late in 2024 to have any significant impact on our net interest margin, but should provide for improvement in 2025.”

    About the Company

    The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

     
     
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
         
      September 30, December 31, *
        2024     2023  
         
    Assets
         
    Cash and due from banks $ 16,271,388   $ 44,404,473  
    Federal funds sold and other interest-bearing deposits   570,479     285,864  
    Cash and cash equivalents   16,841,867     44,690,337  
    Certificates of deposit in other banks   100,000     100,000  
    Securities available for sale, at fair value   159,499,031     164,084,673  
    Securities held to maturity, at amortized cost less allowance for credit losses of $36,894 and $35,627   20,197,994     20,163,622  
    Equity security, at fair value   531,958     507,130  
    Restricted stock, at cost   1,016,000     863,500  
    Mortgage loans held for sale   759,200     –  
    Loans, less allowance for credit losses of $4,190,882 and $4,285,247   571,562,379     523,308,044  
    Premises and equipment, net   7,441,171     6,583,452  
    Accrued interest receivable   2,362,330     2,180,734  
    Deferred income taxes, net   6,736,681     8,312,482  
    Other real estate owned, net   1,226,245     1,242,365  
    Bank owned life insurance   15,218,368     14,930,754  
    Goodwill and other intangibles, net   7,028,178     7,034,424  
    Other assets   7,009,579     5,939,309  
      $ 817,530,981   $ 799,940,826  
         
    Liabilities and Stockholders’ Equity
         
    Deposits    
    Noninterest-bearing $ 108,442,303   $ 115,284,706  
    Interest-bearing   565,302,419     565,678,145  
    Total deposits   673,744,722     680,962,851  
    Securities sold under repurchase agreements   2,885,496     6,760,493  
    Federal Home Loan Bank of Atlanta advances   5,000,000     5,000,000  
    Federal Reserve Bank advances   54,000,000     33,000,000  
    Long-term debt, net of issuance costs   11,799,931     13,212,378  
    Accrued interest payable   2,581,429     1,482,773  
    Other liabilities   8,357,055     7,344,040  
        758,368,633     747,762,535  
    Stockholders’ equity    
    Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,145,974 in 2024 and 3,116,966 shares in 2023   31,460     31,170  
    Additional paid-in capital   30,837,137     30,398,080  
    Retained earnings   41,826,204     39,433,185  
    Accumulated other comprehensive loss   (13,532,453 )   (17,684,144 )
        59,162,348     52,178,291  
      $ 817,530,981   $ 799,940,826  
    * – Derived from audited consolidated financial statements    
     
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Statements of Income
    (Unaudited)
         
      Three Months Ended September 30, Nine Months Ended September 30,
        2024     2023     2024     2023  
             
    Interest income        
    Loans, including fees $ 7,901,509   $ 6,609,039   $ 22,021,236   $ 19,023,308  
    Investment securities – taxable   1,623,113     996,586     4,794,495     2,528,793  
    Investment securities – tax exempt   141,258     137,254     415,629     416,626  
    Federal funds sold and other interest earning assets   180,572     258,818     860,922     469,721  
    Total interest income   9,846,452     8,001,697     28,092,282     22,438,448  
             
    Interest expense        
    Deposits   3,910,840     2,239,808     10,243,652     5,010,624  
    Securities sold under repurchase agreements   13,069     12,110     49,113     23,949  
    Federal Home Loan Bank advances and other borrowings   64,713     39,289     109,230     452,272  
    Federal Reserve Bank advances   647,882     378,500     1,910,411     391,763  
    Long-term debt   125,103     145,001     387,408     444,953  
    Total interest expense   4,761,607     2,814,708     12,699,814     6,323,561  
    Net interest income   5,084,845     5,186,989     15,392,468     16,114,887  
             
    Recovery of credit losses   –     (75,000 )   –     (570,000 )
             
    Net interest income after recovery of credit losses   5,084,845     5,261,989     15,392,468     16,684,887  
             
    Noninterest income        
    Service charges on deposit accounts   209,078     195,566     621,179     586,999  
    Mortgage banking income   43,035     33,585     66,362     92,514  
    Bank owned life insurance income   102,831     89,748     287,614     261,595  
    Loss on sale of debt securities   –     –     (31,922 )   –  
    Fair value adjustment of equity security   19,808     (13,769 )   13,837     (15,343 )
    Loss on disposition of furniture and equipment   (5,157 )   –     (5,157 )   –  
    Gain on insurance proceeds   –     –     142,794     –  
    Other fees and commissions   81,425     78,096     234,688     243,125  
    Total noninterest income   451,020     383,226     1,329,395     1,168,890  
             
    Noninterest expense        
    Salaries   1,878,411     1,916,804     5,848,178     5,643,742  
    Employee benefits   548,892     348,048     1,596,751     1,483,278  
    Occupancy   274,580     229,135     798,597     645,398  
    Furniture and equipment   327,198     246,896     897,503     739,547  
    Other   1,042,142     1,005,065     3,165,922     2,677,065  
    Total noninterest expense   4,071,223     3,745,948     12,306,951     11,189,030  
             
    Income before income taxes   1,464,642     1,899,267     4,414,912     6,664,747  
    Income taxes   341,515     467,128     993,289     1,661,640  
    Net income $ 1,123,127   $ 1,432,139   $ 3,421,623   $ 5,003,107  
             
    Earnings per share – basic $ 0.36   $ 0.46   $ 1.09   $ 1.63  
    Earnings per share – diluted $ 0.36   $ 0.46   $ 1.09   $ 1.63  
             
    Contact: Mr. Gary A. Harris
      President and Chief Executive Officer
      (410) 374-1510, ext. 1104
       

    The MIL Network –

  • MIL-OSI Security: O-Chi-Chak-Ko-Sipi First Nation — Ste. Rose du Lac RCMP investigating homicide

    Source: Royal Canadian Mounted Police

    On October 21, 2024, at 1:00 am, Ste. Rose du Lac RCMP responded to a report of a shooting in O-Chi-Chak-Ko-Sipi First Nation (Crane River).

    Officers attended to a residence in the community and located a 35-year-old male suffering from a gunshot wound. They assisted two residents with life-saving measures until EMS arrived but the victim succumbed to his injuries and was pronounced deceased on scene.

    A few hours after the shooting, a 14-year-old male youth from the community, approached officers on scene and turned himself in to police in relation to this homicide.

    On October 21, the 14-year-old male was charged with 2nd Degree Murder and remanded into custody.

    Ste. Rose du Lac RCMP, along with RCMP Major Crime Services and RCMP Forensic Identification Services, continue to investigate.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Department of Homeland Security Recognizes 325 Employees at Secretary’s Award Ceremony in Washington D.C.

    Source: US Department of Homeland Security

    WASHINGTON – On October 22, the U.S. Department of Homeland Security (DHS) held an awards ceremony hosted at DHS headquarters located at St. Elizabeths campus in Southeast Washington, D.C. where 325 employees received a Secretary’s Award in recognition of their outstanding contributions to the Department’s mission. 

    “Every single day, with great determination, integrity, and skill, the 268,000 men and women of the Department of Homeland Security ensure the safety and security of the American people,” said Secretary of Homeland Security Alejandro N. Mayorkas. “Thanks to these extraordinary public servants, our shores, harbors, skies, cyberspace, and borders are protected; fentanyl and other deadly drugs are prevented from entering our country; communities are able to recover and rebuild after a natural disaster; the scourges of human trafficking, forced labor, and online exploitation are mitigated; and so much more. The individuals we recognize today with our Department’s highest honor, the Secretary’s Award, reflect the very best of DHS – and in their selfless dedication to mission, the very best of public service.”

    The DHS Secretary’s Awards are an annual program that recognizes the extraordinary individual and collective achievements of the workforce. The 325 awardees recognized in today’s ceremony represent the U.S. Customs and Border Protection (CBP), the Cybersecurity and Infrastructure Security Agency (CISA), the DHS Office of Strategy, Policy, and Plans, the DHS Privacy Office, and the U.S. Coast Guard (USCG). 

    “In recognizing these outstanding DHS personnel with a Secretary’s Award, we recognize all our talented personnel; the achievements of one are not possible without the contributions of others,” added Secretary Mayorkas. “We also express our appreciation to their families and loved ones; when one serves, the family serves too.”

    This year’s award recipients developed and issued policy and procedures associated with a whole-scale transition to a new pay system for TSA; launched a series of coordinated and collaborative initiatives, operations and investigations targeting Transnational Criminal Organizations (TCOs) and national security threats operating and transiting through the Darien Gap region; arrested over 8,000 human smugglers, produced over 5,000 intelligence reports, and seized over $38M USD in real property; ensured over 2,300 vital alerts and warnings were provided to owners and operators of critical infrastructure to protect against cyberattacks; among many other achievements. 

    This year, DHS is holding nine Secretary’s Awards ceremonies across the country, honoring over 1,700 employees, the most annual awardees ever. 

    Last year, Secretary Mayorkas unveiled 12 priorities for the Department, including a commitment to champion the workforce and transform the employee experience. DHS has the third largest workforce of any federal department, behind the Department of Defense and Department of Veterans Affairs. The Department is home to more than 92,000 sworn law enforcement officers, the greatest number of law enforcement officers of any department in the federal government. DHS has committed to increasing the representation of women in law enforcement or related occupations at DHS to 30% by 2030. Over 54,000 veterans, or nearly 21% of the workforce, continue serving their country by working at DHS. 

    DHS operational components interact more frequently on a daily basis with the American public than any other federal department, from travelers moving through air, land, and sea ports of entry, to businesses importing goods into the country, to immigrants applying for services. To learn more about the impact DHS makes every day, visit: DHS.gov/TodayDHSWill.

    Last year, DHS improved the efficiency of processing noncitizens at the Southwest Border, deployed across the country to respond to natural disasters, investigated cybercrimes, created a new streamlined process for adjudicating asylum applications, safely and securely resettled nearly 90,000 evacuated Afghans in the United States, provided resources for organizations to enhance their cybersecurity resilience, established a process for Ukrainian nationals seeking refuge, secured the 2022 midterm elections, and demonstrated heroism by acting quickly and courageously to save lives in harrowing circumstances. 

    For the full list of awardees, visit  2024 Secretary’s Awards | Homeland Security (dhs.gov). 

    MIL Security OSI –

  • MIL-OSI USA: Cell & Gene Therapy Innovation Hub Coming to Long Island

    Source: US State of New York

    Governor Kathy Hochul today unveiled plans for New York BioGenesis Park, a groundbreaking $430 million Cell and Gene Therapy Innovation Hub in Nassau County, Long Island. To be developed by The Albanese Organization, Inc., this state-of-the-art facility would catalyze CGT research, development, clinical manufacturing, and commercialization across New York State. With a historic $150 million state investment—the largest nationwide for a cell and gene therapy hub—NYBGP would accelerate the delivery of new therapies from lab to patient in New York’s diverse communities. This transformative hub aims to establish New York as the leading global destination for CGT innovation, driving economic growth, attracting top talent, and revolutionizing patient care statewide and beyond.

    “With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation,” Governor Hochul said. “We’re not just advancing medical science; we’re creating a powerhouse that will drive our economy, generate thousands of high-skilled jobs, and bring hope to millions facing life-threatening diseases. This investment reaffirms our commitment to leading the future of healthcare and ensuring that the next medical breakthrough happens right here in New York.”

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    Empire State Development President, CEO, and Commissioner Hope Knight said, “The selection of a developer with proven expertise ensures the Long Island CGT Center would be a beacon of excellence from inception to operation. ESD’s landmark investment not only underscores New York’s commitment to leadership in life sciences but also catalyzes a transformative shift in our biotechnology landscape. By creating high-quality jobs, attracting world-class talent, and fostering groundbreaking innovation, New York BioGenesis Park would cement New York’s position at the forefront of cell and gene therapy globally, driving economic growth and scientific advancement in equal measure.”

    New York State Department of Health Commissioner Dr. James McDonald said, “This groundbreaking and transformative investment puts New York State at the forefront of emerging gene and cell therapy sciences, creating a centralized hub of innovation and advancement in patient care. I thank Governor Hochul for her commitment to investing in the future of medical research and therapeutic technologies that will give hope to patients fighting cancer and other devastating diseases.”

    The Cell and Gene Therapy Innovation Hub is a critical component of the statewide Cell and Gene Therapy initiative announced in Governor Hochul’s 2023 State of the State address. With the $430 million New York BioGenesis Park on Long Island and the $98 million expansion at Roswell Park Comprehensive Cancer Center in Buffalo, these projects represent a combined total investment of over half a billion dollars in Cell and Gene Therapy innovation across New York.

    The Albanese Organization, Inc., a Long Island-based developer with more than 70 years of experience in managing successful public-private partnerships, was selected following a Request for Proposals issued in December 2023. Albanese is conditionally selected to lead the comprehensive process to design, finance, build, market, tenant, and operate the Long Island Cell and Gene Therapy Center. This selection ensures that the project will be executed from conception to operation with an experienced development team, leveraging Albanese’s extensive expertise in developing large life science innovation campuses.

    Albanese Organization Chairman Russell Albanese, said, “The Albanese Organization and our development team are honored and excited to be designated by Empire State Development to enter into this public private partnership that will realize the Governor’s vision to create a ‘Hub of the Future’ for Cell and Gene Therapy in Lake Success, Long Island. This transformative development will serve as a significant catalyst for advancing cell therapy research, development, clinical manufacturing, and commercialization across the State that will lead to increased access to transformative, life-saving treatments. The Hub will also further amplify and expand the economic engine that is the life sciences industry within New York State, and specifically Long Island.”

    With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation.”

    Governor Hochul

    Cell and gene therapies are revolutionary treatments that modify a patient’s cells or genes to combat diseases at their source. Offering hope for previously incurable conditions—including cancers, genetic disorders, and autoimmune diseases—these approaches target illnesses at the cellular and genetic levels. They have the potential to provide more effective, longer-lasting treatments with fewer side effects than traditional methods. Advancements in these therapies could revolutionize healthcare, paving the way for personalized medicine and new possibilities for patients who have exhausted other treatment options.

    New York BioGenesis Park is envisioned as a cutting-edge, full-service campus dedicated to advancing cell and gene therapies and accelerating their commercialization. At full build-out, the 700,000-square-foot park would create an end-to-end Cell and Gene Therapy innovation and supply center, featuring interconnected areas for public engagement, research, manufacturing, and collaboration. The project would be developed in multiple phases, with Phase One comprising a 331,000-square-foot facility on Northwell Health’s campus in Lake Success, including the first Cell and Gene Therapy Tower and Contract Development and Manufacturing Organizations (CDMO) Tower. Phase One is already poised to advance, with conditional commitments from two anchor tenants; one would operate the CDMO, the other would operate the incubator.

    A cornerstone of New York BioGenesis Park is its incubator, supported by a $50 million investment from ESD’s Long Island Investment Fund. This facility will empower early-stage therapeutic developers by offering state-of-the-art wet lab space, shared equipment, office space, and other essential resources. This nurturing environment would provide Cell and Gene Therapy companies with access to specialized equipment, mentoring, and stage-appropriate financial guidance. As a critical component of New York BioGenesis Park, the incubator is poised to catalyze the growth of promising Cell and Gene Therapy companies by providing them with resources and support, unlocking their potential for innovation and success.

    This initial phase is expected to create approximately 830 full time union construction jobs and a combined estimate of 700 jobs related to Cell and Gene Therapy development and provision of services and technologies required by Cell and Gene Therapy developers, such as Contract Development and Manufacturing Organizations, vector developers, and advanced diagnostic providers, as well as staff required for operation of the Center. Phase Two would further expand lab and office space, enhancing the park’s capabilities for Cell and Gene Therapy companies and service providers.

    Empire State Development Board Chairman Kevin Law said, “New York BioGenesis Park represents a transformative investment in Long Island’s future and New York State’s position as a global leader in biotechnology advancements. This project not only promises to create hundreds of high-skilled jobs but also establishes a world-class ecosystem for cell and gene therapy innovation. By leveraging Long Island’s exceptional talent pool and research institutions, we’re laying the foundation for breakthroughs that will save lives and drive economic growth for decades to come.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “The New York BioGenesis Park represents a transformative investment in Long Island’s future and solidifies our region’s position at the forefront of biotechnology innovation. This visionary project not only promises to create high-quality jobs and drive economic growth, but it also establishes Long Island as a global hub for cell and gene therapy research and development. By leveraging our region’s world-class academic institutions, skilled workforce, and entrepreneurial spirit, New York BioGenesis Park will catalyze breakthroughs that will save lives and shape the future of healthcare.”

    Assemblywoman Gina Sillitti said, “New York State’s $150 million investment in a gene therapy research hub at Lake Success is a transformative step in developing Long Island’s biotechnology sector. I thank Governor Hochul for championing this initiative, which will create hundreds of jobs and further solidify Long Island’s place as a national leader in cutting-edge medical research and treatments.”

    Roswell Park Comprehensive Cancer Center President and CEO Candace S. Johnson, PhD said, “New York is already a leader in the science of making ‘living cures’ from our own cells. With these historic investments in the Roswell Park GMP Engineering & Cell Manufacturing Facility and New York BioGenesis Park, Governor Kathy Hochul and Empire State Development are making sure our teams are supported by an innovation infrastructure powerful enough to transform their curiosity into cures”

    New York Blood Center Enterprises President and CEO Christopher D. Hillyer, MD said, “The creation of the Long Island Center for Cell and Gene Therapy represents a critical investment in the future of medicine. New York Blood Center Enterprises and Comprehensive Cell Solutions are extremely proud to be part of the team that will position New York as a global leader in life sciences, particularly in cell and gene therapy, offering new hope to patients facing diseases once thought untreatable.”

    Northwell Health President and CEO Michael J. Dowling said, “We are committed to supporting New York State in establishing this innovative cell and gene therapy hub on Long Island. The facility will be a game changer for physician-scientists, researchers and innovative companies, some of which are already working together in the region to advance novel biomedical treatments in the fight against cancer and other devastating diseases, offering new hope for our diverse communities across the state.”

    Cold Spring Harbor Laboratory President and CEO Bruce Stillman, PhD said, “The New York State cell and gene therapy initiative on Long Island will be a most welcome addition to the region’s biomedical research enterprise, and Cold Spring Harbor Laboratory looks forward to partnering with the CGT initiative. We thank Governor Hochul and Empire State Development for pioneering this exciting research expansion.”

    New York BioGenesis Park would foster strong ties with academic and medical institutions throughout New York, creating a robust ecosystem for Cell and Gene Therapy innovation. Collaborating with the Empire State Cellular Therapy Consortium and world-class institutions like Cold Spring Harbor Laboratory, the Feinstein Institutes, Northwell Health, Roswell Park, Stony Brook University, Weill Cornell, Columbia University and others around the state. New York BioGenesis Park would enhance research synergies and accelerate medical breakthroughs. This ecosystem would bring together experts in advanced Cell and Gene Therapy therapies, offering specialized facilities, services, and resources to both tenants and collaborating institutions. By facilitating cutting-edge science, innovative technology development and novel approaches to clinical trials, New York BioGenesis Park would ensure New York’s institutions remain globally competitive in groundbreaking Cell and Gene Therapy research and commercialization.

    The New York BioGenesis Park and the Cell and Gene Therapy manufacturing expansion at Roswell Park would create a powerful, interconnected network that leverages complementary resources and capabilities at both ends of the state. By fostering a comprehensive ecosystem that spans from basic research to clinical application and commercialization, New York is positioning itself as the nation’s leading destination for Cell and Gene Therapy research, development, and manufacturing.

    The Long Island Cell and Gene Therapy Innovation Hub stands to serve as a cornerstone of New York’s $620 million Life Science Initiative. Aimed at establishing the state as a national leader in the broader life sciences industry—including biotechnology, pharmaceuticals, and medical technology—the initiative allocates $320 million for strategic programs to attract new technologies, promote investment in emerging fields, and stimulate life science business growth and employment statewide. This multifaceted approach seeks to spur the development of a world-class research cluster, enhance the state’s ability to commercialize groundbreaking research, and drive economic growth. By solidifying New York’s position in life sciences innovation, the initiative advances Cell and Gene Therapy development and strengthens the state’s global competitiveness. Read New York State’s Life Science Initiative Strategic Plan here.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Derek Mallow Statement on Sapelo Island Dock Incident

    Source: US State of Georgia

    ATLANTA (October 22, 2024) – Today, Sen. Derek Mallow (D–Savannah) released the following statement regarding the dock incident that took place on Sapelo Island on Saturday:

    “I am deeply saddened by the tragic incident on Sapelo Island during the annual Sapelo Cultural Day celebration. My heart is with the families of the seven individuals who lost their lives, as well as those injured during this horrific event. This tragedy strikes at the very heart of the Gullah Geechee, whose rich heritage is woven into the fabric of Sapelo Island and our state. I offer my prayers for the families and the Sapelo Island community as they grapple with this immense loss.

    As we await more details from the investigation, my colleagues and I will closely monitor the situation to ensure that every necessary measure is taken to support the victims’ families and prevent such an incident from occurring again. Let us unite as a state to support Sapelo Island and ensure they are given all possible resources to recover and heal.”

    For the latest news on the Sapelo Island incident, click here.

    # # # #

    Sen. Derek Mallow represents the 2nd Senate District which includes a portion of Chatham County. He may be reached by phone at 404.656.7586 or via email at derek.mallow@senate.ga.gov

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI New Zealand: A plan for growth in Auckland’s rural south is coming

    Source: Auckland Council

    From 29 October, Aucklanders will be asked to have their say on a strategy for the region’s southern rural area. The Southern Rural Strategy sets out how the area will accommodate a growing population, while enabling industries like farming and food production to thrive.  

    Councillor for Franklin ward, Andy Baker, chairs the political working group overseeing the development of the strategy.  

    “A lot of the food eaten around the country comes from the rural parts of south Auckland – the unique climate, soils and proximity to markets, airport and port see major growth in our under-glass and kiwifruit industries. We rely on these, and other vital industries found in this region, every day.”  

    “The Franklin area is growing and is expected to become home to another 100,000 people over the next 30 years. This is great news for our economy, and means we need a strategy to manage the valuable – and vulnerable – natural resources found here. People all over New Zealand enjoy the produce from this area, so, we need to get the balance right as we develop to maintain our horticultural and agricultural advantage.”  

    “Growth needs to be at the right place and right time, with infrastructure in place to support new development. We also need to develop employment at the same time as housing so people can live and work in the same locality. The best places for that are in our existing towns and villages.   

    Which areas does the strategy cover?  

    The strategy covers the full Franklin ward. It also includes some rural land from the Howick and Papakura local board areas.  

    Why do we need this strategy? 

    There are many different factors at play in Auckland’s southern rural area. The temperate climate and fertile soils make it ideal for rural production, one of New Zealand’s primary food production areas, and a significant contributor to the country’s gross domestic product (GDP). It’s also an area where significant urban development is taking place to accommodate the increasing population.  

    The Southern Rural Strategy is being coordinated to manage each of these factors, to ensure they fit together in harmony. This will allow the area to be developed sustainably, as it needs to be, and ensure it continues to evolve as a key economic and environmental resource for the future.  

    Importantly, the strategy will reflect the views of communities in the area.  

    Where will growth happen in this area? 

    Drury, Opaheke, Pukekohe, Waiuku are identified as towns where the most growth will occur, mainly through in-fill development and expansion to future urban areas. Development has already started in some of these towns, supported by water infrastructure, roads, and are expected to have new railway stations from 2025. 

    Deputy chair of Auckland’s Policy and Planning Committee, Councillor Angela Dalton, also sits on the political steering group for development of the Southern Rural Strategy. She says it is anticipated that these areas will grow over the next 30 years.    

    “Drury and Pukekohe have long-term plans for how they will expand over time – so the communities that live here now have had a chance to say how they would like their towns to grow.” 

    “Importantly, the investment in infrastructure to support the growth happening in these towns is already planned through a mix of council budgets, government investments and development contributions.” 

    When can I have my say? 

    You will be able to have your say on the Southern Rural Strategy from Tuesday 29 October until Sunday 1 December 2024.  

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Marlborough Sounds blue cod review – measures to reduce fishing pressure and improve fishery health

    Source: Ministry for Primary Industries

    Have your say

    Fisheries New Zealand is seeking your ideas and feedback on proposed changes to the blue cod (rāwaru) seasonal closure in the Marlborough Sounds (Te Tauihu-o-te-waka) to reduce fishing pressure.

    Your input is also sought in developing a package of wider potential measures to ensure long-term sustainability of the fishery. Submissions can be made by email or post using the form provided, before 5pm on 1 December 2024.

    Public drop-in information sessions

    During consultation, we will be holding public drop-in sessions to present information, answer questions, and assist you with making a submission. These will be hosted by Fisheries New Zealand officials and Marlborough Sounds Blue Cod Technical Group members at:

    • Tasman Bay Cruising Club in Nelson/Whakatū on Tuesday, 12 November (4.30pm to 7.30pm) 
    • Queen Charlotte Yacht Club in Picton/Waitohi on Thursday, 14 November ( 4.30pm to 7.30pm).

    About the proposed changes and potential measures

    Marlborough Sounds blue cod are a taonga which play an important role in the local ecosystem, and support an iconic fishery for many Kiwis.

    Over the years, pressure on the stock has increased, with high fishing effort and cumulative stressors such as sedimentation, benthic disturbance, and marine heatwaves.

    Independent surveys and reports from many fishers and long-time residents demonstrate low levels of abundance, and a growing community concern about the sustainability of the stock. In 2021, a potting survey indicated that significant overfishing is very likely occurring and retrospectively has been for a significant time.

    In response, the then Minister for Oceans and Fisheries in 2022 decided to cut the commercial catch limit, or TACC, and form a multi-sector group to identify measures to reduce fishing pressure.

    This group (the Marlborough Sounds Blue Cod Technical Group) met throughout 2023, and provided the Minister with a report of their findings. FNZ is now consulting on a potential change to the seasonal closure in the Marlborough Sounds, and seeking input in developing a package of wider measures to ensure long-term sustainability.

    Consultation documents:

    Summary of proposals:

    Proposal to extend the seasonal closure (from December 2025):

    • Extending the seasonal closure to all blue cod take, from 1 September – 19 December currently, to 31 December, 5 January, or 15 January.

    Potential measures that could be considered for a wider package

    • Spawning recovery areas, to rebuild spawning populations across the Sounds.
    • Reducing the combined daily bag limit from 20 finfish currently, to 10 or 6 finfish.
    • A refreshed educational campaign – how can we maximise outreach and provide the right information for fishers to minimise their impacts?
    • Options to enhance fine-scale recreational fishing information – voluntary catch reporting, survey mailing lists, additional monitoring, or any other ideas.
    • Tools to mitigate predation and release mortality – what is your experience with these issues and potential solutions?

    Related information:

    Plans and strategies

    Rules and legislation

    Science and monitoring

    Making your submission

    Fisheries New Zealand welcomes your views on the topics above and encourages you to use the submission template provided with your rationale and supporting. You can make your submission anytime before consultation closes on Sunday, 1 December 2024, at 5pm.

    Submission form [DOCX, 84 KB]

    Email your submission to FMsubmissions@mpi.govt.nz

    While we prefer email, you can also post written submissions to:

    Marlborough Sounds Blue Cod Review
    Fisheries New Zealand
    Private Bag 14
    Nelson 7042
    New Zealand

    If you require hard copies of the consultation document or any other information, email FMsubmissions@mpi.govt.nz

    Submissions are public information

    Note that all, part, or a summary of your submission may be published on this website. Most often this happens when we issue a document that reviews the submissions received.

    People can also ask for copies of submissions under the Official Information Act 1982 (OIA). The OIA says we must make the content of submissions available unless we have good reason for withholding it. Those reasons are detailed in sections 6 and 9 of the OIA.

    If you think there are grounds to withhold specific information from publication, make this clear in your submission or contact us. Reasons may include that it discloses commercially sensitive or personal information. However, any decision MPI makes to withhold details can be reviewed by the Ombudsman, who may direct us to release it.

    Official Information Act 1982 – NZ Legislation

    MIL OSI New Zealand News –

  • MIL-OSI USA: Sherrill Hosts Bipartisan Listening Session Ahead of Meeting with NJ TRANSIT and Amtrak

    Source: United States House of Representatives – Congresswoman Mikie Sherrill (NJ-11)

    LIVINGSTON, NJ – Representative Mikie Sherrill (NJ-11) convened a bipartisan group of mayors and local elected leaders from across New Jersey’s 11th District to hear concerns regarding NJ TRANSIT service for New Jersey families. Sherrill’s listening session comes ahead of her meeting with representatives from Amtrak and NJ TRANSIT as part of her ongoing efforts to advocate for improved service along Amtrak’s Northeast Corridor (NEC).

    “New Jerseyans deserve better than a ‘Summer of Hell’ year after year – so I’m fighting to build an affordable, accessible public transportation system that our families can rely on. That’s why, prior to my meeting with Amtrak and NJ TRANSIT, I wanted to hear directly from mayors from across my district to learn more about the most pressing transit issues families are facing. I will relay their concerns and demand accountability from state and federal officials – particularly regarding ongoing delays and lack of communication with riders – because New Jersey families deserve better,” said Rep. Sherrill.

    Rep. Sherrill has been  leading efforts to improve service and hold Amtrak and NJ TRANSIT accountable for recent rail breakdowns. After significant malfunctions caused dozens of delays in June and July, Sherrill led the New Jersey delegation in writing two letters directly to Secretary of Transportation Pete Buttigieg demanding answers for service breakdowns and improved transparency between the agency and riders. In direct response to her advocacy, Amtrak has since released a report on their inspection and repair work to address these malfunctions, as well as the additional coordination and maintenance actions that they will undertake moving forward.

    Since first taking office, Sherrill has brought back billions of dollars in federal funding for Amtrak, NJ TRANSIT, and the Northeast Corridor, including $4.4 billion in COVID relief funding for NJ TRANSIT, $1.1 billion in the FY 2024 budget for Northeast Corridor repairs, $6 billion from the Bipartisan Infrastructure Law specifically for Amtrak’s Northeast Corridor to address the maintenance backlog and improve track safety and reliability, and an additional $24 billion for large capital projects on the Northeast Corridor. She is currently fighting to secure an additional $300 million in federal funding to replace the aging catenary wires that have been a major cause of this summer’s malfunctions.

    Sherrill has long championed the  Gateway Tunnel Project, which will cut commute times, reduce traffic and air pollution, and bring good-paying union jobs to North Jersey. She led advocacy and voted for the Bipartisan Infrastructure Law, which provides $66 billion in funding for passenger rail projects, and successfully advocated for a  full funding agreement to ensure that the federal government will pay 70% of the project’s cost.

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    MIL OSI USA News –

  • MIL-OSI Australia: Strengthening education and skills links with India

    Source: Australian Ministers for Education

    Today the Albanese Government welcomes India’s Education Minister Shri Dharmendra Pradhan to Melbourne to further strengthen the education and skills links between our two countries. 

    Minister Pradhan has travelled to Australia for the second Australia-India Education and Skills Council (AIESC) meeting which will be held tomorrow in Sydney. 

    Discussions will focus on Australia’s research strengths and models for industry engagement which support innovation, businesses and economic growth.

    The visit will showcase researchers and research centres who are making a significant contribution to bilateral research collaboration.

    We will also explore further partnerships to deliver Australia’s world-class education in India and how we can bridge skills gaps through education and training. 

    The AIESC meeting coincides with Deakin and Wollongong universities opening in India this year, with more Australian universities expected to follow their lead. 

    Since the first AIESC meeting last November, we have continued to build our bilateral education relationship, completed an agricultural skills program in India, continued to implement the mutual recognition mechanism, and established a new STEM research fellowships program for women.

    A joint communique will be issued after the conclusion of the second AIESC meeting and will be publicly available at South Asia Resources – Department of Education, Australian Government.

    While in Australia, Minister Pradhan will also address the Australian International Education Conference and visit Australian universities, a public school and an early childhood education and care centre.

    Quotes attributable to Minister for Education Jason Clare:

    “It is an honour to welcome Minister Pradhan back to Australia for his second visit since 2022.

    “This is the fourth time we have caught up here or in India in the last two years.  

    “I look forward to showcasing Australia’s education system and working together to further strengthen Australia’s education links with India.”

    Quotes attributable to Minister for Skills and Training, Andrew Giles:

    “Australia and India are close mates and I’m looking forward to discussing how we can collaborate even more effectively to bridge critical skills gaps and strengthen our relationship. 

    “We’ll be exploring how we can work together to build the research workforces we’ll need in the future and better support industries in transition.”

    MIL OSI News –

  • MIL-OSI Australia: Funding boost for 2,500 First Nations boarding school students

    Source: Australia Government Ministerial Statements

    Indigenous students studying at boarding schools will have support to finish their schooling and boost their success, with the Albanese Labor Government extending the Indigenous Boarding Providers Grants Program until the end of 2026.

    Boarding plays an important role for many Indigenous students from rural and remote communities. 

    A $43.2 million investment will support approximately 2,500 students attending more than 40 boarding schools and stand-alone boarding facilities and deliver wrap-around supports to boost students’ success at school.

    This investment is one of the ways the Albanese Government is helping to close the gap in education outcomes.

    Secondary schools and boarding providers that mainly support First Nations students from remote and very remote areas may be eligible to receive funding under the program. 

    This new investment comes as the Indigenous Boarding Design Review, which is identifying ways to improve the sector, is being finalised. The program will provide certainty to providers while the Government considers and responds to the Review.

    The investment also follows the Albanese Government’s Central Australia Boarding Response Fund last week offering $18 million to three Alice Springs schools to upgrade or build facilities.

    Quotes attributable to Minister for Education Jason Clare:

    “This investment in boarding facilities across Australia is about supporting Indigenous school students in remote communities. 

    “It will mean supporting more students to finish school and deliver certainty for providers. 

    “This builds on the $18 million in funding for three boarding schools in Central Australia and is another way the Government is building a better and fairer education system.”

    Quotes attributable to Minister for Indigenous Australians Malarndirri McCarthy:

    “The Albanese Government is committed to supporting First Nations students to achieve their full learning potential.

    “For many First Nations students from remote and very remote areas, boarding school is their only option to engage in education. 

    “This investment will provide critical support for First Nations boarding students while the government considers the outcomes of the Indigenous Boarding Design Review.”

    MIL OSI News –

  • MIL-OSI United Kingdom: Commitments made to address housing challenge in Highland

    Source: Scotland – Highland Council

    Senior Members of The Highland Council made six commitments at the Housing Summit in Aviemore today. 

    Chair of the Housing and Property Committee, Cllr Glynis Campbell Sinclair said:  

    “The challenge is to double our current housing supply and accelerate the delivery of both public and private housing and the availability of sites across Highland.  Today, we are giving our commitment to seizing the opportunities to work with partners to attract investment and undertake a range of solutions to address the housing shortage in Highland. 

    “As a key tool for addressing the Housing Challenge and understanding future housing and employment needs, we’re taking early action by announcing the launch of a “Call for Sites” for the Highland Local Development Plan by the end of 2024.  This is some six months ahead of when it was originally intended to.  Developers and landowners across the Highlands are encouraged to start preparing their submissions, and a template that will be used to submit sites will be available shortly on the Council’s website.”  

    Building on our recently adopted Inner Moray Firth Local Development Plan, the Council has agreed how we intend to utilise Masterplan Consent Areas to enable the direct delivery of the Green Freeport and address future housing needs.   Masterplan Consent Areas, or MCAs, will provide an alternative mechanism for masterplanning and securing planning consent for development.  With secondary legislation expected to come into force on December 5th, MCAs are a key tool for addressing the Housing Challenge and can provide certainty for delivery and thereby streamline the delivery of new jobs and housing.   

    Chair of the Economy and Infrastructure Committee, Cllr Ken Gowans said:  

    “As delivery partners working together, we ask for certainty on emerging jobs across the Inverness and Cromarty Firth Green Freeport (ICFGF) and renewables projects.  In return, we will be looking to find opportunities to prepare three MCAs over the next 18 months to accelerate direct delivery of jobs and homes in Highland.  Some options have been identified already, but we’re open to investigating alternatives.  The Council will use legislation to its best effect whilst trying to balance housing need with community concerns.” 

    Cllr Gowans added: “Rural housing makes an important contribution to housing supply in Highland.  A report is to be considered by our Economy and Infrastructure Committee in November that clarifies the critical role that rural housing plays in addressing the Housing Challenge, whilst ensuring that there is as much flexibility as possible for additional housing to be provided within housing groups.” 

    He continued: “We recognise the need to ensure the process of reaching a planning decision on developments is a key hurdle.  As a result, the Council is to begin an Integrated Housing Delivery Service, where senior officials will be available to meet with major housing scheme applicants to discuss outstanding issues, with the intention of dealing with any blockages or technical issues that need to be overcome prior to a decision being recommended. This new service will provide appointments to resolve planning issues quickly and in line with legislation.” 

    Leader of the Highland Council, Cllr Raymond Bremner added: “We are committed to repaying £6m into the Housing Landbank Fund to assist in the delivery of more affordable housing throughout the Highlands as part of its budget setting process for 2025/26.  A report will be brought to Council next week to seek agreement for this.” 

    He added: “We are committed to continue to work with renewable energy developers across the region as part of our Social Value from Renewables Charter, building on the progress made with SSEN today, and leaving a lasting legacy of housing provision from the renewables revolution.” 

    Cllr Bremner concluded: “I would like to thank our private and public sector partners who have taken part in our housing summit and the positive commitments made by everyone towards resolving the housing challenge in Highland. It is only by collaboration and harnessing the collective energy and ambition we have seen today, that we can deliver the required investment in housing and build sustainable and thriving communities.” 

    MIL OSI United Kingdom –

  • MIL-OSI USA: Kean Advocates for Over $1.6 Million in Funding for Bernards Township Police

    Source: United States House of Representatives – Representative Tom Kean, Jr. (NJ-07)

    (October 22, 2024) BERNARDS TOWNSHIP, NJ – Yesterday, Congressman Tom Kean, Jr. (NJ-07) toured the Bernards Township Police Department ahead of the FY25 appropriations discussion to gain insight into local law enforcement needs and priorities. Congressman Kean is advocating for $1,626,100 in the FY25 appropriation process to benefit Bernards Township. This funding would be used for improving the communications capabilities of the Bernards Police Department and partner emergency response agencies within the Township. 

    “I will continue to advocate for the return of as many federal funds as possible to the Bernards Township Police Department,” said Congressman Kean. “This funding for Bernards Township has already passed the House Appropriations Committee. With these resources, local police officers will be able to upgrade their radio communication system, significantly enhancing their ability to communicate and coordinate deployments. This investment is crucial for ensuring the safety and security of this community.” 

    “Bernards Township is grateful to Congressman Kean’s support of our community, especially regarding public safety,” said Jennifer Asay, Mayor of Bernards Township. “In February, he hosted a Crime Roundtable webinar where I was a panelist and learned from my fellow panelists and the Congressman collective concerns and where to partner to develop solutions to protect residents. Additionally, we are honored to be one of the Congressman’s 15 submissions for Community Project Funding FY2025. If awarded, this $1.6M grant will upgrade the communications capabilities of the Bernards Township Police Department and partner emergency response agencies within the Township, resulting in enhanced resident safety.” 

    “The Bernards Township Police Department appreciated meeting and speaking with Congressman Tom Kean, Junior,” said Jon Burger, Chief of Bernards Township Police Department. “We appreciate the support he provides the community and law enforcement.” 

    Congressman Kean requested 15 projects in this year’s appropriation process. To view the full list, click HERE.    

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    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 22.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    22 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 22.10.2024

    Espoo, Finland – On 22 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,523,949 4.37
    CEUX 400,000 4.36
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,923,949 4.37

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 22 October 2024 was EUR 8,399,769. After the disclosed transactions, Nokia Corporation holds 180,158,582 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI USA: Attorney General Bonta Announces $7.5 Million Settlement with Walmart for Illegal Disposal of Hazardous Waste and Medical Waste

    Source: US State of California

    OAKLAND – California Attorney General Rob Bonta today announced a settlement with Walmart, resolving allegations that the retail corporation unlawfully disposed hazardous waste and medical waste from their facilities statewide to municipal landfills. As part of the settlement, Walmart will be required to pay $7.5 million in penalties and costs and comply with injunctive terms. Attorney General Bonta is joined by the California Department of Toxic Substances Control (DTSC) and the district attorneys of Alameda, Fresno, Monterey, Orange, Riverside, Sacramento, San Bernardino, San Diego, San Joaquin, Solano, Tulare, and Yolo Counties in today’s settlement.

    “Walmart’s illegal disposal of hazardous and medical waste not only violated California laws, but, if left unchecked, posed a threat to human health and the environment. As a result of this investigation and lawsuit, Walmart has taken significant steps to prevent such disposals from happening in the future. This settlement will ensure that Walmart takes the necessary steps to ensure that its hazardous waste is handled and disposed of as required by law,” said Attorney General Bonta. “At the California Department of Justice, we will continue to hold any entity accountable for violating our environmental laws. I’m grateful to the Department of Toxic Substances Control and district attorneys statewide for their partnership in reaching this important settlement.”

    “This settlement is the result of DTSC’s strict enforcement of hazardous waste laws designed to protect public health and the environment,” said Katherine M. Butler, MPH, Director of DTSC. “Holding Walmart accountable for this violation of improper hazardous waste disposal sends a clear message: all corporations must adhere to the environmental laws that protect Californians, without exception. This settlement emphasizes the strength of our law enforcement partnerships across all levels of government and DTSC’s commitment to holding any and all violators responsible.” 

    “With this settlement, Walmart has demonstrated its understanding of the critical importance of environmental responsibility by taking meaningful steps to address concerns and ensure compliance with state standards,” said San Joaquin County District Attorney Ron Freitas. “We value their efforts in not only maintaining a cleaner, safer environment for our community but also in continuing to be a strong partner with our office in the fight against retail theft. Together, we are making strides in safeguarding both the environment and the people of San Joaquin County.” 

    “The unlawful disposing of hazardous and medical waste creates an environmental hazard and public health threat,” said Sacramento County District Attorney Thien Ho. “This case is another example of how the District Attorney’s Office and the Attorney General’s Office can work together to protect our environment and ensure that environmental laws are followed. 

    “The mismanagement of hazardous wastes can result in fires and injuries – this judgment will help to ensure that retail businesses have appropriate policies and procedures in place to protect the safety of their employees, waste management staff, and the public,” said Monterey County District Attorney Jeannine M. Pacioni.

    “Large corporations must be held accountable when they do not follow the law and put the health and safety of Alameda County residents at risk,” said Alameda County District Attorney Pamela Price. “I commend my office’s Consumer Justice Bureau’s active involvement in this investigation which helped bring this settlement forward and holds Walmart to account.”  

    “The protection of the health and safety of the people of our community and the environment are top priorities for our office. The illegal disposal and mismanagement of hazardous waste by employees pose serious risks to the environment, public health, and worker safety,” said Orange County District Attorney Todd Spitzer.  “We will continue to work with our prosecution partners around the state to protect the public by holding businesses such as Walmart accountable for its violations of environmental law.”

    “This settlement brings accountability that helps to protect our environment from toxic waste,” said District Attorney Summer Stephan. “These types of investigations and settlements are a reminder to corporations that they have a responsibility to be a good steward to our environment.” 

    The settlement is the result of over 70 waste audits conducted by the district attorneys’ offices statewide and DTSC from 2015 through 2021. During those audits, the district attorneys’ offices reviewed the contents of waste that Walmart had sent from its facilities to municipal landfills and found thousands of containers of toxic aerosols and liquid wastes including spray paints, rust removers, bleach, pesticides, and medical waste, such as over-the counter drugs. The unlawful disposals are alleged to violate the Hazardous Waste Control Law, Medical Waste Management Act, and Unfair Competition Law.

    The settlement resolves the allegations above and requires Walmart to pay $7,500,000 in civil penalties and costs. The settlement also imposes injunctive terms, which require Walmart to hire an independent, third-party auditor to conduct three annual rounds of waste audits at its facilities throughout California during the next four years. Walmart’s auditor must use specific requirements set forth in the settlement to ensure that the waste is thoroughly and accurately reviewed and characterized, and the audit results must be shared with the Attorney General’s Office, the Department of Toxic Substances Control, and the district attorneys involved in this settlement. 

    A copy of the complaint and proposed stipulated judgment, which details the aforementioned settlement terms and remains subject to court approval, can be found here and here.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Wallops to Support October Sounding Rocket Launch

    Source: NASA

    NASA’s Wallops Flight Facility in Virginia is scheduled to support the launch of a suborbital sounding rocket for the U.S. Department of Defense during a launch window that runs 5 p.m. to 11 p.m. EDT each day from Wednesday, Oct. 23 to Friday, Oct. 25.

    No real-time launch status updates will be available. The launch will not be livestreamed nor will launch status updates be provided during the countdown. The Wallops Visitor Center will be closed to the public.

    The rocket launch is expected to be visible from the Chesapeake Bay region.

    MIL OSI USA News –

  • MIL-OSI USA: Enhancing Coverage of Preventive Services Under the Affordable Care Act Proposed Rules

    Source: US Department of Health and Human Services

    Introduction

    On October 21, 2024, the Departments of Health and Human Services, Labor, and of the Treasury (collectively, the Departments) released proposed rules with comment period entitled “Enhancing Coverage of Preventive Services Under the Affordable Care Act.” These proposed rules would expand access to coverage of recommended preventive services without cost sharing in the commercial market, with a particular focus on reducing barriers to coverage of contraceptive services, including over-the-counter (OTC) contraceptives.

    Background

    MIL OSI USA News –

  • MIL-OSI USA: Secretary of Defense Lloyd J. Austin III Meets With Ukrainian President Volodymyr Zelenskyy in Kyiv

    Source: United States Department of Defense

    UKRAINIAN PRESIDENT VOLODYMYR ZELENSKYY: Thank you very much, dear Secretary Austin. Your colleagues, thank you very much. General Cavoli, thank you very much for coming. And first of all, thank you, American people, President Biden and bipartisan support. We are very thankful for all the support from the United States that’s been done for Ukraine from the very beginning of this war.

    Thank you so much, and thank you for the last hour meeting in Brussels on the platform of the Ukraine NATO Council. Thank you so much. That was an opportunity to make a direct dialog with the ministers of defense of our allies. And after that, I know that it was a very good meeting on the level of ministers, defense ministers of G7+. Thank you so much.

    According to our last dialog, I think very positive dialog with President Biden by phone, we discussed a lot of things. And by the way, thanks for the last package supporting our soldiers. And we discussed a lot of important things about victory plan, about preparing for winter with our air defense capabilities, how to strengthen all this. And we discussed also some details which will be, I think, sorry, out of — came about next packages which are crucial for us, especially now this challenging winter period.

    So — and we discuss all this with the president. I want to continue. Maybe we will have some results — no, I’m sure that we will have some important results. You’re very welcome. Again, thank you.

    SECRETARY OF DEFENSE LLOYD AUSTIN: Mr. President, it’s great to see you again. Thanks for hosting us here in Kyiv. I’m honored to be back in Ukraine for my fourth visit as secretary of defense. And under your leadership, Ukraine has fought valiantly to defend its democracy, its sovereignty and its citizens.

    The United States understands the stakes here, Mr. President. The outcome of Putin’s war of choice matters to us and to the entire world, and that’s why I continue to convene the Ukraine Defense Contact Group. You saw the contact group first hand last month at Ramstein Air Base. We’ve moved heaven and earth to help Ukraine, and that inspiring coalition of more than 50 allies and partners continues to stand united to provide your country with the security assistance that Ukraine needs to prevail.

    Under President Biden’s leadership, the United States remains committed to keeping up this support. And so, I’m pleased to announce today the commitment of a $400 million presidential drawdown package to provide your forces with additional munitions, armored vehicles and anti-tank weapons.

    While the focus on Ukraine’s immediate needs goes on, we’re also committed to sustaining your support as pledged in the bilateral security agreement that you and President Biden signed in July.

    So, I look forward to a good discussion today, Mr. President, and to hearing your thoughts on how to further strengthen our strategic partnership. Thank you again, Mr. President, and it’s great to be here with you.

    PRESIDENT ZELENSKYY: Thank you.

    MIL OSI USA News –

  • MIL-OSI USA: Casten Leads Bipartisan Effort to Improve Investment Tax Credit for Geothermal Heat Pumps

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    October 22, 2024

    Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led a bipartisan group of lawmakers in urging Treasury Secretary Janet Yellen to revise the proposed rule for an investment tax credit (ITC) to ensure Americans can benefit from the energy and cost savings provided by geothermal heat pump (GHP) technology.

    “The NPRM [Notice of Proposed Rulemaking] prevents multiple taxpayers that own different components of a GHP that are functionally interdependent from claiming a tax credit under the ITC. We believe this proposed rule misapplies congressional intent and creates difficulties for taxpayers in their ability to benefit from the credit,” the lawmakers wrote. “To ensure that Americans can appropriately benefit from the energy and cost savings provided by GHP systems, Treasury should modify the proposed rule to ensure that different taxpayers who own separate, functionally independent components of a GHP system are eligible to claim the ITC for the equipment they own.”

    GHP systems are among the most efficient ways to heat and cool buildings, with enormous potential to both lower energy bills and reduce carbon emissions. 

    In addition to Rep. Casten, the letter was signed by Reps. Larry Bucshon, Nanette Diaz Barragán, Nikki Budzinski, Lori Trahan, Betty McCollum, Mike Quigley, Becca Balint, Joseph Morelle, Paul Tonko, Chellie Pingree, and Rosa DeLauro.

    A copy of the letter can be found here, and text of the letter can be found below.

    Dear Secretary Yellen:

    We write in response to the Treasury Department’s (“Treasury”) Notice of Proposed Rulemaking Reg- 132569-17 (“NPRM”) for the investment tax credit (“ITC”) under Section 48 of the Internal Revenue Code, as amended (“Code”) and underscore the impact the regulation would have on the expanded deployment of geothermal heat pump (“GHP”) system technology. In particular, the NPRM prevents multiple taxpayers that own different components of a GHP that are functionally interdependent from claiming a tax credit under the ITC. We believe this proposed rule misapplies congressional intent and creates difficulties for taxpayers in their ability to benefit from the credit.

    Correcting the proposed regulation in the final rule is critical for home-based and community scale GHP systems which, by design, typically involve multiple owners. GHP networks can serve a diverse array of customer buildings while those customers own and maintain their own GHP equipment within the building.

    GHP systems are among the most efficient ways to heat and cool buildings and GHP deployment holds enormous potential to lower energy bills for American families and businesses and reduce emissions from heating and cooling homes, schools, and businesses. Due to their reliable performance during temperature extremes, GHP systems provide households with certainty in their energy bills and insulate consumers from peak energy price shocks due to extreme weather events.

    A December 2023 report from the Department of Energy’s Oak Ridge National Laboratory confirms that GHPs are a ready-made strategy for decarbonizing buildings, reducing the need for new electricity generation and transmission infrastructure, and bringing energy savings to Americans nationwide. According to DOE’s report, broad adoption of GHPs would result in cumulative savings to the U.S. economy of more than $1 trillion by 2050, eliminating the need for 24,500 miles of transmission lines, creating a 13 percent decrease in the amount of required electricity generation, and a reducing CO2 emission by 7,351 million metric tons.

    As drafted, the NPRM prevents multiple taxpayers who own different components of a GHP that are functionally interdependent from claiming a tax credit under the ITC. This is based on Treasury’s interpretation that the ground loop and the GHP units are functionally interdependent yet distinct components of the same system (unless the two taxpayers share more than 50 percent overlapping ownership of the equipment). This interpretation contravenes the plain text of Section 48, which permits the owner of energy property to claim the ITC when the original use of that energy property began with such owner. With the enactment of the Inflation Reduction Act, Congress gave much overdue recognition to GHP systems by granting the technology the same credit as the other ITC-eligible technologies.

    To ensure that Americans can appropriately benefit from the energy and cost savings provided by GHP systems, Treasury should modify the proposed rule to ensure that different taxpayers who own separate, functionally independent components of a GHP system are eligible to claim the ITC for the equipment they own.

    The proposed rule also creates a new trap for taxpayers who may believe they own an entire unit of energy property and are eligible for the ITC but are later deemed ineligible due to a finding by the IRS. This makes the ITC less flexible and would pose an increased risk for taxpayers, likely disincentivizing private sector investments in GHP and other ITC-eligible projects. Additionally, the final rule should allow individual items of energy property to qualify for the ITC even when they are placed into service after other related energy property. This level of flexibility will further incentivize the widespread investment in and adoption of GHP systems.

    To ensure the maximum deployment of GHP systems, we urge Treasury to incorporate the above changes in any final rule on the Section 48 ITC tax credit issued by the agency.

    Thank you for your attention to this important matter.

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Neguse Hosts 5th Annual App-A-Thon

    Source: United States House of Representatives – Congressman Joe Neguse (D-Co 2)

    Pictured Above: Congressman Neguse and community professionals at BAE Systems in Boulder, Colorado—discussing student ideas for potential app submissions.

    Lafayette, CO — On Saturday, House Assistant Minority Leader Joe Neguse hosted his fifth annual App-A-Thon, to help middle and high school-aged students in Colorado’s 2nd District prepare their submissions for the 2024 Congressional App Challenge. Students were joined by professionals from BAE Systems and received helpful tips and feedback from expert coders as they refined their app submissions. They also had the opportunity to engage with employees and other STEM professionals, gaining insights into tech-related opportunities in Colorado.

    “Year after year, I am continually impressed by the dedication and creativity of the students who participate in our annual App-A-Thon. And as Colorado’s technology and innovation sectors continue to thrive, I am more confident than ever that these students have a bright future ahead of them,” said Congressman Neguse. “A big thank you to all of the students, teaching staff, and tech experts who joined us—looking forward to seeing this year’s final submissions.”

    The deadline to submit an app for this year’s challenge is Thursday, October 24th, 2024 at 10:00 pm MT. Apps may be submitted through the office website, here.

    The Congressional App Challenge is open to all middle and high schoolers in Colorado’s 2nd Congressional District. It was officially launched by the U.S. House of Representatives in 2015 and is a nationwide effort allowing students to compete against their peers by creating an application (also known as an “app”) for desktop/PC, web, tablet, mobile, raspberry Pi, or other devices.  

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    MIL OSI USA News –

  • MIL-OSI Security: Yellowknife — Yellowknife RCMP respond to armed robbery

    Source: Royal Canadian Mounted Police

    On the evening of October 1st, Yellowknife RCMP responded to a report of an armed robbery. Two male subjects were reported to have approached a victim as they were exiting their vehicle and demanded the keys while brandishing a knife. The subjects then fled in the vehicle.

    The vehicle and suspects remain at large.

    The stolen vehicle is described as a 2017 Mercedes Benz C-Class sedan, silver in color, bearing NT licence plate 368137.

    One suspect, who reportedly concealed his face, is described as being a black male of very thin build, approximately 5’11” tall wearing black pants and a grey or black coat.

    The second suspect is described as being a black male of medium build, approximately 5’8″ tall, with hair styled into corn rows.

    Anyone with information on the whereabouts of the vehicle or suspects is asked not to approach, but to contact the Yellowknife RCMP at 669-1111 or Crime Stoppers at http://www.p3tips.com. In the event of an emergency call, 911.

    MIL Security OSI –

  • MIL-OSI Security: Yellowknife — Yellowknife RCMP investigating vandalized police, municipal enforcement vehicles

    Source: Royal Canadian Mounted Police

    On September 29th, 2024, it was discovered that four Municipal enforcement vehicles and one marked RCMP police vehicle had been spray painted at City Hall and the RCMP detachment respectively. A lone subject appears to have been responsible for all five vandalized vehicles.

    The matter remains under investigation at this time. No arrests have been made.

    Anyone who has information is asked to contact the Yellowknife RCMP at 669-1111 or Crime Stoppers at http://www.p3tips.com. In the event of an emergency call, 911.

    MIL Security OSI –

  • MIL-OSI Security: Norman Wells — Norman Wells RCMP charge second suspect in weekend assaults

    Source: Royal Canadian Mounted Police

    On September 22nd, 2024, Norman Wells RCMP responded to an altercation at a residence in the community which resulted in serious injuries and involved the use of weapons. A press release was issued on September 24th, 2024 detailing that officers had taken 23-year-old Teagan Sutherland into custody in relation to the matter.

    Since the issuing of the aforementioned press release, Norman Wells RCMP have now charged a second suspect in the altercation, 24-year-old Dallas McCauley, with the following:

    • Breaking and entering with intent, contrary to section 348(1)(a) of the Criminal Code
    • Aggravated assault, contrary to section 268(2) of the Criminal Code
    • Disguised with intent to commit an offence, contrary to section 351(2) of the Criminal Code
    • Possession of a weapon for a dangerous purpose (2 counts), contrary to section 88(1) of the Criminal Code

    A warrant has been issued for the arrest of McCauley, who is believed to be hiding in the community.

    At the time of the altercation, McCauley was already subject to an arrest warrant for prior offences, including Uttering threats and Failure to comply with a probation order.

    Norman Wells RCMP are asking anyone with information on McCauley’s whereabouts not to approach him and to contact the detachment at 587-1111 or Crimestoppers at http://www.p3tips.com.

    MIL Security OSI –

  • MIL-OSI Security: Hay River — Hay River RCMP dismantle illicit cannabis grow

    Source: Royal Canadian Mounted Police

    In August of 2024, Hay River RCMP officers responded to a call for service at a residence in Hay River. While in attendance at the residence, officers noted a large number of cannabis plants on the property.

    On September 6th, 2024, after receiving judicial authorization, officers attended the residence again and executed a search warrant under the authority of the Cannabis Act. 40 cannabis plants were seized, ten times what is currently permitted under the Cannabis Act.

    A 70-year-old Hay River man has been charged with possessing more than four cannabis plants, contrary to section 8(1) of the Cannabis Act, and will appear in court at a later date.

    MIL Security OSI –

  • MIL-OSI Security: Fishers Woman Facing Federal Charges for Fraud and Forging Signature of a Federal Judge

    Source: Federal Bureau of Investigation (FBI) State Crime News

    INDIANAPOLIS— A federal grand jury has returned an indictment charging Christi Lee Dodd, 51, of Fishers, Indiana, with wire fraud and forging the signature of a federal judge. 

    According to the court documents, Dodd first filed for Chapter 7 bankruptcy in the Southern District of Indiana in January 2015. In April 2015, a federal bankruptcy judge issued a signed discharge order releasing Dodd from liability for any remaining debts not resolved in the bankruptcy proceedings.

    In December 2019, Dodd again filed for Chapter 13 bankruptcy in the Southern District of Indiana, but later decided not to proceed and moved to have the 2019 case dismissed. In June 2022, the bankruptcy court dismissed Dodd’s 2019 bankruptcy petition. The court did not issue a discharge order in the 2019 case, and none of Dodd’s unpaid debts were resolved.

    In 2023, Dodd allegedly created and forged a discharge order purporting to absolve her of debts related to her 2019 Chapter 13 bankruptcy petition. Dodd emailed the fraudulent document to a financial institution purportedly proving that she had received a discharge in her 2019 bankruptcy case so that she could obtain a line of credit to pay outstanding debts owed by the trucking business she owned.

    The emailed document was purportedly filed in Dodd’s second bankruptcy case with the heading, “DISCHARGE OF DEBTOR IN A CHAPTER 13 CASE.” As alleged in the indictment, the forged document was in fact created by Dodd using the discharge order from her first bankruptcy under Chapter 7 and contained the forged signature of the judge who issued the 2015 discharge order.

    “Protecting the integrity and efficiency of the bankruptcy system is an important priority of the Department of Justice. Our office is committed to working closely with our partners at the U.S. Trustee Program to uphold the law and protect the interests of debtors and creditors,” said Zachary A. Myers, United States Attorney for the Southern District of Indiana.

    “The filing of a fraudulent court order containing the forged signature of a bankruptcy judge strikes at the very core of the integrity of the bankruptcy system and will not be tolerated,” said Nancy J. Gargula, United States Trustee for Indiana and the Central and Southern Districts of Illinois (Region 10).  “We are grateful for U.S. Attorney Myers and our law enforcement partners for their commitment to protect the integrity of the bankruptcy process in the Southern District of Indiana., as demonstrated by this indictment.”

    The FBI and U.S. Trustee’s Office is investigating this case in collaboration with the Southern District of Indiana Bankruptcy Fraud Working Group. The United States Trustee Program is the component of the Department of Justice responsible for overseeing the administration of bankruptcy cases and litigating to enforce the bankruptcy laws. If convicted, Dodd faces up to twenty-five years in federal prison.

    U.S. Attorney Myers thanked Assistant U.S. Attorney Adam Eakman, who is prosecuting this case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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    MIL Security OSI –

  • MIL-OSI USA: Opening of $1.2B Mixed-Use Development on Long Island

    Source: US State of New York

    Governor Kathy Hochul today celebrated the grand opening of Station Yards, a state-of-the-art, mixed-use development in Ronkonkoma, Suffolk County on Long Island. Station Yards, also known as the Ronkonkoma Hub, is a transformative transit-oriented development spanning 53 acres around the Ronkonkoma Long Island Rail Road station. The $1.2 billion project, led by TRITEC Real Estate Company, is revitalizing the area by integrating housing, office and retail spaces, creating a dynamic urban center that caters to modern living and working needs. This development showcases New York State’s commitment to fostering sustainable economic growth, enhancing community vibrancy and setting new standards for smart, transit-oriented urban planning across Long Island and beyond.

    “Station Yards represents a new chapter in Long Island’s growth story and exemplifies our vision for vibrant, sustainable communities across New York State,” Governor Hochul said. “This project is not just about building apartments and offices – it’s about creating a dynamic ecosystem where people can live, work and thrive. By investing in mixed-use developments like Station Yards, we’re addressing housing needs, creating jobs, and laying the foundation for long-term economic prosperity in our communities.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “Station Yards is a game-changer for Long Island’s economy, embodying our vision for innovative, transit-oriented developments that catalyze growth. With substantial support from ESD, this project is set to create thousands of jobs and establish a new standard for sustainable, community-focused development. Station Yards exemplifies how strategic investments can transform communities and drive economic progress, serving as a blueprint for future developments across New York State.”

    TRITEC Principal Jim Coughlan said, “Public investment has been instrumental in bringing Station Yards to life, and we are grateful for the strong backing from Governor Hochul and Empire State Development. Without this critical support, our commitment of over $400 million in private capital to Ronkonkoma would not have been possible. This investment is creating much-needed housing and transforming the area into a new destination at Long Island’s only true multi-modal site, fostering a vibrant, connected community.”

    Station Yards is taking shape in phases around one of Long Island’s key transportation hubs. Upon completion, it will encompass 1,450 residential units, 360,000 square feet of office space, and 195,000 square feet of retail space. The first phase, Alston Station Yards, delivered 489 residential units in 2020. The second phase, The Core, will introduce an additional 388 homes, expand retail and office spaces by 67,000 and 16,500 square feet respectively, and feature a public plaza alongside more than 1,200 parking spaces.

    Situated at a crucial intersection of transportation networks, the development benefits from its proximity to Exit 60 of the Long Island Expressway and Long Island MacArthur Airport. It also leverages its proximity to the Ronkonkoma LIRR station — Suffolk County’s busiest and Long Island’s second-busiest — which serves 17,000 daily commuters with express routes to both Penn Station and Grand Central Station. This strategic location enhances the project’s vision of a vibrant, walkable community where residential, commercial and public spaces seamlessly integrate.

    In 2017 Empire State Development provided support for the project with a $55 million capital grant, underscoring the State’s commitment to innovative, community-focused development. This investment is part of a broader strategy to revitalize communities across New York State through targeted, transformative projects. Station Yards is projected to generate over 10,000 construction jobs and 2,500 permanent jobs, providing a significant boost to local employment opportunities. By offering a mix of housing options near a major transit hub, the development addresses critical housing needs while advancing New York State’s goals for sustainable urban development.

    Suffolk County Executive Ed Romaine said, “Station Yards is a shining example of the smart, transit-oriented development that is needed in Suffolk County and we thank the Governor for her efforts.”

    Brookhaven Town Supervisor Dan Panico said, “Station Yards is a prime example of community supported redevelopment, robust economic vitality and appropriately placed redevelopment. The Ronkonkoma train station area, once a somewhat despondent and bleak assemblage of vacant storefronts, dirt lots and unwelcoming industrial properties, have been transformed through the efforts of the community, the project team and a town with the foresight, courage and mettle to undertake such a project and see it through. I am proud to lead Brookhaven and I remain confident that we can continue to redevelop appropriately while also preserving open spaces and farmland, understanding that both are equally important and beneficial to our future.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “Station Yards embodies the transformative vision at the heart of Long Island’s economic development strategy. By creating a walkable, mixed-use community centered around a major transportation hub, this project addresses multiple priorities — from expanding housing options and creating jobs to promoting sustainable growth and enhancing our region’s competitiveness. Station Yards is a testament to what we can achieve when public and private sectors collaborate to build stronger, more vibrant communities.”

    As New York continues to address the housing crisis, projects like Station Yards increase the supply of housing and help build stronger, more resilient communities. These developments showcase how public-private partnerships can transform underutilized areas into vibrant community hubs. By creating walkable, mixed-use communities near major transportation links, Station Yards and similar projects are instrumental in attracting and retaining talent, promoting sustainable growth, and fostering a more connected, prosperous future for regions like Long Island and beyond.

    Governor Hochul’s Housing Agenda

    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain State-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date. The FY25 Enacted Budget also strengthened the Pro-Housing Community Program, which the Governor launched in 2023. Pro-Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 200 communities have been certified, including the town of Brookhaven.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Cooper Announces Environmental Justice Advisory Council Report Outlining Dozens of Recommendations to Advance Environmental Justice in North Carolina

    Source: US State of North Carolina

    Headline: Governor Cooper Announces Environmental Justice Advisory Council Report Outlining Dozens of Recommendations to Advance Environmental Justice in North Carolina

    Governor Cooper Announces Environmental Justice Advisory Council Report Outlining Dozens of Recommendations to Advance Environmental Justice in North Carolina
    mseets

    Today, Governor Roy Cooper announced the release of the Governor’s Environmental Justice Advisory Council report, representing a significant step towards addressing Environmental Justice (EJ) concerns in North Carolina. This comprehensive report comes as a result of the reestablishment of the Secretary of Environmental Quality’s Environmental Justice and Equity Advisory Board in October 2023 by Governor Cooper’s Executive Order No. 292.

    The Council’s report contains 14 bold recommendations to advance environmental justice and ensures state agencies incorporate environmental justice in future decision-making processes. The report also includes over 40 recommendations from the Council’s Environmental Justice Hub and Mapping Tool, Cumulative Impacts, Community Engagement, and Training subcommittees.

    “As the birthplace of the environmental justice movement, North Carolina is working to level the playing field for impacted communities and preserve and protect our natural lands and resources,” said Governor Cooper. “This report provides important recommendations that will help identify and address environmental justice challenges across our state.”

    Executive Order 292 directs a whole-of-government approach and instructs the Governor’s Office and Cabinet agencies to incorporate environmental justice considerations into their policies and programs to the extent permitted by law. It also encourages Cabinet agencies to use the statewide environmental justice mapping tool. Since the signing of EO 292, The Council has actively engaged with affected communities, holding council meetings in Wayne, Halifax, and Stanley counties and participating in a tour of the West Badin community. The Council’s Environmental Justice Hub and Mapping Tool, and Public Engagement Subcommittees have held virtual and in-person meetings to gather public feedback on the directives in the Executive Order, ensuring that the voices of the people are heard and valued in this process. Cabinet agencies have worked to incorporate EJ into policies and programs. Cabinet agencies draft EJ goals, incorporating public and Council feedback. The Department of Information Technology lead the development of the Environmental Justice Hub, a central location for EJ information, including awarded grants, and the Environmental Justice Mapping Tool which includes environmental, health and socioeconomic data from across departments.

    “When implemented, our recommendations constitute an evidenced-based and data-driven roadmap for achieving Environmental Justice in our state,” said Jim Johnson, PhD, EJ Advisory Council Co-Chair and Director of the Urban Investment Strategies Center at the Frank Hawkins Kenan Institute of Private Enterprise. “We want to ensure that North Carolina is a safe, healthy, and resilient place to live, work, play, and do business for all North Carolinians and support state agencies’ engagement in this work.”

    “We also initiate a framework for assessing the cumulative impacts of multiple environmental harms on many communities,” said Virginia Guidry, PhD, EJ Advisory Council Co-Chair and NCDHHS Environmental Justice Lead. “We must measure and reduce these burdens to achieve environmental justice in North Carolina.”

    The unanimously approved 14 recommendations are as follows:

    1. Creating an Office of Environmental Justice within the Governor’s Office of Public Engagement.

    2. Collaborating with EJ leaders to ensure the EJ Mapping Tool accurately reflects areas impacted by EJ issues.

    3. Creating a North Carolina-specific EJ index.

    4. Reviewing the EJ Hub and Mapping Tool for accessibility.

    5. Developing a process to review, respond to and implement input received on the EJ hub.

    6. Recommending cabinet agencies engage with community members around data collection and review.

    7. Developing a cumulative impacts guidance document.

    8. Recommending cabinet agencies review information gaps identified by the EJ Hub & Mapping Subcommittee and within their agency and provide a list of additional data they can supply; develop legislative language that authorizes such data collection and analysis, as needed.

    9. Engaging community leaders and EJ organizations in meeting planning.

    10. Seeking advice from tribal organizations and other relevant entities on the needs and best processes for engaging with these communities.

    11. Documenting and sharing public feedback and responses on public engagement events; evaluating and addressing barriers to engagement.

    12. Requiring EJ training for all state and local government employees.

    13. Cataloging and sharing EJ-relevant state resources to prevent duplication of efforts.

    14. Clarifying the definition of EJ to increase familiarity and ease of use.

    The full text of the recommendations can be found on pages 3-4 of the report.

    Read North Carolina’s Governor’s Environmental Justice Advisory Council Report here.

    Read Governor Cooper’s  Executive Order No. 292 here.

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    Oct 22, 2024

    MIL OSI USA News –

  • MIL-OSI Europe: Press release – European Parliament approves more efficient and greener EU airspace

    Source: European Parliament

    On Tuesday, MEPs paved the way for improved management of European airspace, enabling more direct flights and fewer delays, and supporting climate neutrality.

    The reform of Single European Sky rules, already agreed upon in negotiations with the Council last March, strengthens national performance plans for air navigation services and will help to improve EU airspace management. These plans will have binding targets and incentives to make flights more efficient and environmentally friendly. An independent advisory Performance Review Board would be set up to help the Commission and EU member states in taking decisions on implementing these plans.

    In addition, the Commission will adopt EU performance targets on capacity, cost efficiency, climate and environmental factors for air navigation services, to be reviewed at least every three years.

    Greener air navigation charges

    MEPs secured a provision that tasks the Commission with assessing how charges levied on airspace users (airlines or private planes operators) for providing air navigation services could encourage them to become more environmentally friendly, for example by using the most fuel-efficient available routing or alternative clean propulsion technologies.

    More competition

    Another key demand of MEPs during the negotiations was to encourage competition in the air navigation services market. The new bill includes the possibility for air-traffic service providers to procure other air navigation services, such as communication, meteorological or aeronautical information services, under market conditions.

    Quotes

    “The reform is a step forward in removing bottlenecks, creating more efficient air traffic control and management, and reducing costs and emissions through shorter and safer flights, from which all European airlines, and especially European citizens, will benefit. The creation of a truly single European airspace, however, has been blocked by member states, unwilling to give up national powers for the greater good. I now call on member states to constructively implement this reform”, said EP co-rapporteur Jens Gieseke (EPP, DE).

    “Today, Europe’s airspace is like a big jigsaw puzzle where each country has its own piece, but unfortunately not all the pieces fit together. This leads to detours, waiting times and unnecessary costs. In 2023, almost three out of ten flights were delayed by more than 15 minutes. The new rules will make aviation safer, more punctual and more climate-friendly”, added EP co-rapporteur Johan Danielsson (S&D, SE) and also thanked former rapporteurs Marian-Jean Marinescu (EPP, Romania) and Bogusław Liberadzki (S&D, PL) for their work.

    Next steps

    Both co-legislators have now approved the new rules– the Council did so on 26 September. They will enter into force 20 days after publication in the Official Journal of the EU. While most of the provisions will apply from that date, other provisions (e.g. penalties for infringing the new rules; national supervisory authority’s independence) will only take effect two years later.

    MIL OSI Europe News –