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Category: Australia

  • MIL-Evening Report: ‘I’m a failure’: how schema therapy tackles the deep-rooted beliefs that affect our mental health

    Source: The Conversation (Au and NZ) – By Catherine Houlihan, Senior Lecturer in Clinical Psychology, University of the Sunshine Coast

    Jorm Sangsorn/Shutterstock

    If you ever find yourself stuck in repeated cycles of negative emotion, you’re not alone.

    More than 40% of Australians will experience a mental health issue in their lifetime. Many are linked to deep-rooted feelings that develop from childhood experiences.

    Changing these lifelong patterns takes time, energy and support. For some people, schema therapy can help.

    What is schema therapy?

    Schema therapy was developed in the 1990s by psychologist Jeffrey Young as an extension of cognitive behaviour therapy.

    Cognitive behaviour therapy is a popular psychotherapy that helps people change problematic patterns in their thoughts and behaviour, improving how they feel.

    Among psychological interventions, cognitive behaviour therapy has the strongest evidence for successfully treating the majority of mental health problems.

    However, not all conditions benefit from it.

    Cognitive behaviour therapy is brief (usually delivered across 10–12 sessions) and focuses on changing the “here and now”. But more complex issues – or those tied strongly to past experiences, such as multiple traumas – may need longer-term therapy.

    Like cognitive behaviour therapy, schema therapy aims to help reframe unhelpful ways of thinking through regular sessions with a psychotherapist.

    But instead of prioritising everyday challenges, it uncovers deep-rooted beliefs, explores how and why they formed, and how they affect day-to-day life and people’s perceptions of themselves.

    What are schemas?

    “Schemas” are mental blueprints that filter how we see ourselves, others and the world. Most of us are not consciously aware of them.

    Yet schemas run deep. Problematic ones – such as “I am a failure” or “others can’t be trusted” or “the world is scary and unsafe” – can affect our mental health and lead us to destructive patterns of thinking, feeling, and behaving.

    For example, someone with a “failure” schema may be highly sensitive to criticism, experience crippling anxiety, and have low self-worth. Having a “mistrust” schema may cause issues with forming close relationships and lead to loneliness and depression.

    Schemas run deep and can make us feel stuck.
    Raul Mallado Ortiz/Shutterstock

    How does schema therapy work?

    Therapists may specialise in schema therapy through additional training and supervision, which can lead to accreditation with the International Society of Schema Therapy.

    During schema therapy you and your therapist will discuss your current concerns and develop a safe and trusting relationship before exploring the problematic schemas that are affecting you today. Schema therapy may involve talking, completing a schema questionnaire, and engaging in therapeutic activities during and in between sessions.

    These activities are tailored to your situation, once you’ve explored which schemas affect you and what negative emotions arise. They are designed to help you process and heal from negative feelings such as helplessness, anger and shame.

    One such activity involves using mental imagery to revisit challenging experiences in your past and to reframe how you think about them.

    Another is to use empty chairs in the therapy room to speak to the different parts of yourself that are connected to the negative emotions. For example, talking to your child self, or to the side of you that tries to hide your feelings from others.

    After this you will work with your therapist to come up with positive behaviour change strategies and apply them in daily life. These could include things such as reducing procrastination and self-sacrificing behaviour (prioritising others’ needs over your own), regulating emotions, and setting healthy boundaries in relationships.

    Who does it work for?

    Schema therapy was specifically designed to help conditions that don’t respond to cognitive behaviour therapy. Since the early nineties, it has shown promise among people experiencing chronic depression and personality disorders, and people in prisons.

    Schema therapy is increasingly being used with children and adolescents, as it can effectively be adapted to suit younger age groups and help them understand the complex psychological processes involved.

    Schema therapy can take more time than some other approaches, including cognitive behaviour therapy. You may be working with your therapist for several months to a year before seeing real results.

    It is likely to benefit people who can commit to the time needed and prioritise their therapy tasks over other things.

    Like all therapies, schema therapy will take emotional energy. As you implement changes planned in therapy, enlisting the support of close friends or family may help you achieve long-lasting change.

    Schema therapy can be effectively adapted for children and young people.
    SeventyFour/Shutterstock

    I’m interested in schema therapy – what next?

    Maybe you are experiencing a problem that short-term therapies don’t easily address.

    Perhaps you have already tried cognitive behaviour therapy and have noticed some improvements in your mental health, but realise you still have some way to go. Or it’s possible you have exhausted self-help options and are looking for something that will change the deep-rooted feelings you think are connected to your past.

    Learning about different therapy approaches is the first step in finding the right help for you.

    The Schema Therapy Institute Australia has a list of schema therapists practising around the country.

    You may see “schema therapy” listed as a therapy approach on your local psychology practices’ web pages. You can also ask your GP about referrals using Medicare options.

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

    – ref. ‘I’m a failure’: how schema therapy tackles the deep-rooted beliefs that affect our mental health – https://theconversation.com/im-a-failure-how-schema-therapy-tackles-the-deep-rooted-beliefs-that-affect-our-mental-health-250789

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Early voting opens in the federal election – but it brings some problems for voters and parties

    Source: The Conversation (Au and NZ) – By Zareh Ghazarian, Senior Lecturer in Politics, School of Social Sciences, Monash University

    More than 18 million Australians are enrolled to vote at the federal election on May 3.

    A fair proportion of them – perhaps as many as half – will take advantage of early voting, which starts Tuesday April 22.

    Hundreds of locations around Australia will morph into pre-polling centres for the next couple of weeks as we enter the final phase of the campaign.

    Australians have enthusiastically embraced the opportunity to vote early in recent elections. But there are some risks for voters if they jump the gun too quickly. And it’s upending the way parties and other candidates organise their campaigns.

    Go early

    The popularity of voting early has been on an upward trajectory in recent decades.

    Research shows that in 2004, for instance, over 80% of Australians waited until polling day to cast their ballots.

    But at the 2022 federal election, almost half of all Australians on the electoral roll voted early.

    There were variations across jurisdictions. Queensland had the highest rate of pre-poll voting at 56.6%, while Tasmanians had the lowest at just 36.8%.

    The Australian Electoral Commission (AEC) was actively encouraging people to vote early due to COVID concerns. Nonetheless, the trend is unmistakable. Voters want to skip the queues on election day.

    Logistical problems

    Early voting has been the subject of much scrutiny, especially the length of time it is available to voters. The major political parties have expressed concern about the impact it has on campaign planning and logistics.

    In its submission to a parliamentary inquiry into the conduct of the 2019 election, the Liberal Party highlighted how pre-poll voting placed “significant pressure on political parties” and their ability to provide booth workers for the entire early voting period, which was almost three weeks long.

    Similarly, Labor acknowledged “significant practical implications for political parties and campaign managers”. The Greens also indicated they were in favour of limiting the pre-poll period.

    Following the rise in early voting at the 2016 and 2019 elections, the Joint Standing Committee on Electoral Matters recommended pre-polling be restricted to a fortnight before election day.

    The committee noted:

    a two week period best balances the opportunity to participate in an election as a voter, with the logistic demands placed on those who participate as contestants.

    The electoral laws were subsequently changed by the Morrison government in 2021.

    But given Easter Monday and Anzac Day both fall within the fortnight preceding May 3, the early polling window for this election will be further reduced.

    Campaign disruption

    The rising popularity of early voting plays havoc with the campaign plans of all candidates.

    In the past, when the overwhelming majority of voters waited for election day, it made sense for the major parties in particular to continually drip feed promises and announcements until the last day of voting.

    Parties now have less time to pitch for support during the campaign. The critical window of opportunity to appeal to voters is the time between the election being called and when Australians flock to the polls at the start of early voting.

    It is highly likely we have already seen all the major policies in this election, including the voter-friendly cost-of-living measures.

    But the parties are in a bind, because they must continue to appeal to the significant number of voters who will be considering who to vote for right up until election day itself.

    Skip the queue

    While many people will be tempted to vote early, the Australian Electoral Commission’s website reminds us there are some conditions for pre-poll voting.

    You can only vote early, either in person or by post, if on polling day you are:

    • travelling or unable to leave your workplace to vote
    • sick or due to give birth, or caring for someone who is
    • a person with a disability, or caring for someone who is
    • in prison serving a sentence of less than three years
    • prevented by religious beliefs from attending on election day
    • a silent elector, or reasonably fearful for your safety or wellbeing.

    Aware of the temptation to pre-poll, the AEC says people who wait until election day won’t have to battle long queues. In fact, 75% of them will be in and out of the polling place in under 15 minutes.

    The AEC says it’s worked out ways to minimise queuing on election day.

    Voter beware

    The numbers don’t lie. More and more voters are keen to participate in the democratic process before election day.

    However, voting early could be a double-edged sword. It may be convenient, but there is always the risk candidates or parties could say or do something that antagonises a voter after they have cast their ballot.

    As there is no way to withdraw an original vote or cast a new one if they change their minds, early voters are taking a risk.

    Moreover, by voting early, people may be missing out on the sausage sizzle, the craft stands, and the bake sales that many communities hold on voting day. These election day traditions raise funds and add a special community feeling to the ultimate exercise of democracy – choosing a government.

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

    – ref. Early voting opens in the federal election – but it brings some problems for voters and parties – https://theconversation.com/early-voting-opens-in-the-federal-election-but-it-brings-some-problems-for-voters-and-parties-254172

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Rates will never be enough – councils need the power to raise money in other ways

    Source: The Conversation (Au and NZ) – By Guy C. Charlton, Adjunct Associate Professor at Auckland University of Technology and Associate Professor, University of New England

    Getty Images

    You might have recently received voting papers for your local body elections. Going by our historically low participation rates, many of those envelopes will remain unopened.

    This is a shame, because New Zealand’s local authorities face major financial challenges that affect nearly everyone. Only by increasing democratic engagement and giving ratepayers more reason to vote will real change happen.

    Local Government New Zealand recently estimated an extra NZ$11 billion is needed over the next seven years to meet unexpected cost increases. The credit rating agency S&P Global has downgraded 18 councils and three council-controlled organisations, and given negative outlooks to three more councils.

    The auditor-general reported in February that inflation has driven up the costs of construction, insurance and debt servicing. This is putting pressure on operational expenses and capital improvements at the same time as demand for council services is increasing.

    The central government problem

    Central government supports councils primarily through grants, subsidies, shared revenue (such as from road taxes) and development contributions. But its main response to the financial stress now being felt has been to urge local governments to focus on “core tasks”, not “pet” and “vanity” projects.

    To that end, the government has introduced annual council benchmark reports that will compare rates, debt levels, capital spending breakdowns and road conditions. It is also amending in the Local Government Act to remove references to the social, economic, environmental and cultural wellbeing of communities.

    It also wants to encourage inter-council cooperation with its Regional Deals Strategic Framework and streamline resource management requirements that it believes hinder economic development.

    It is unlikely these measures will be enough. Government contributions to councils have averaged around 10% of local government operating income since 2000, not enough to meet increasing legal and infrastructure costs.

    Other OECD countries transfer significantly higher proportions of central taxes to local governments. In New Zealand, this might include central government reimbursing taxes and other revenues it captures due to local government activity (such the GST on rates).

    The government could also pick up local costs that have national benefits, such as water and wastewater capacity at prime international tourism destinations. But more fundamental reform is needed.

    Councils’ operational budgets are static while demand for their services are increasing.
    Getty Images

    Rates aren’t enough

    At the moment, councils generate about 80% of their income from general and targeted rates, with the rest coming from things such as parking fines, amenities fees and investment interest.

    This heavy reliance of rates is clearly inadequate to pay for local operational and infrastructure costs. This is despite recent court decisions giving councils more leeway to set, raise and target rates.

    But to really make a difference, councils must also be given the legal authority to raise additional revenue themselves. This could include excise taxes on petrol and visitor accommodation, sales taxes and stamp duties.

    As the recently repealed Auckland regional fuel tax demonstrated, excise taxes can be an effective way to raise funds for specific activities. The roughly $780 million it raised helped pay for the Eastern Busway ($272 million) and new commuter train cars ($330 million).

    Room or lodging levies on overnight stays in hotels, motels, campgrounds, Airbnb and other short-term visitor rentals can help mitigate the impacts of tourism on local infrastructure and services.

    In the Queenstown Lakes district, for example, a 5% levy on the estimated $413 million spent on accommodation in 2023 would generate $210 million over ten years, about 30% of the $756 million cost attributed to tourism.

    Councils could also add a small extra levy on GST in their regions, a common practice in many large American cities and counties. Or they could apply a stamp duty on things like real estate transactions as Australia does.

    Stamp duties might be a political non-starter in New Zealand. But what are known as “tax incremental districts” could be an effective way of offsetting the infrastructure and public facilities costs of new developments or economic revitalisation projects.

    These schemes work by applying incremental increases in rates during the private development of an area. Done properly, they can be useful in brownfield redevelopment sites, as well as speeding up housing developments on city fringes.

    Reinvigorating local democracy

    New taxes are rarely popular, and selling the idea of local governments levying other sources of revenue to already stretched ratepayers will be difficult. But infrastructure and other costs cannot simply be ignored and passed down to future generations.

    On top of more funding from central government, local authorities need the flexibility to creatively address their financial and infrastructure needs. The decision on whether and how they do this ultimately resides with ratepayers and electors.

    Having more authority would also create more accountability in local government, reinvigorate local democracy and encourage overall policy innovation.

    Without greater funding authority and fewer constraints on their activities, elected community representatives risk becoming mere administrators of central government policy rather than truly reflecting and shaping their electorates.

    The author thanks Avi Charlton Diesch, a post-graduate student in finance at the University of Hong Kong, for his help with the preparation of this article.

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

    – ref. Rates will never be enough – councils need the power to raise money in other ways – https://theconversation.com/rates-will-never-be-enough-councils-need-the-power-to-raise-money-in-other-ways-252718

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Zero Downtime, Full Transparency: UCFX Markets Raises the Industry Standard

    Source: GlobeNewswire (MIL-OSI)

    London, UK, April 21, 2025 (GLOBE NEWSWIRE) — In a time when traders are demanding clarity, performance, and accountability, UCFX Markets has emerged as a beacon of trust, efficiency, and modern trading architecture. With its recent announcement of zero system downtime and full trade transparency, the platform is drawing praise from analysts, high-volume traders, and everyday investors alike.

    This dual milestone—infrastructure reliability and complete visibility into trades, pricing, and fees—has elevated UCFX Markets into a category of its own, especially as global platforms continue to suffer from lag, withdrawal delays, and policy confusion. As noted in a series of recent independent UCFXMarkets reviews, the company is delivering not just promises, but measurable performance.

    Technology That Doesn’t Sleep

    Since the beginning of 2025, UCFX Markets has achieved and maintained 100% operational uptime, a metric that few competitors can match. During major market events—including January’s unexpected altcoin surge and March’s Bitcoin correction—the platform experienced no outages or slowdowns, enabling traders to enter, manage, and exit positions in real time without risk of system-related loss.

    “Our clients never have to worry about platform failure during volatile conditions,” said a senior infrastructure engineer at UCFX Markets. “Whether they’re day-trading, swing-trading, or holding long-term, they know the system will be there. No blackout windows. No server crashes.”

    This commitment to consistency has sparked a surge in UCFXMarkets reviews, particularly from traders who have grown frustrated with unreliable platforms that freeze or disconnect during peak demand hours.

    Full Transparency: From Fees to Execution

    Beyond stability, UCFX Markets is also setting the bar for transparency. Clients now have access to:

    • Live trade audit logs
    • Real-time spread visibility
    • Instant fee breakdowns
    • AI-generated trade rationale reports

    This level of openness has resonated with both retail and professional traders, many of whom have spent years navigating platforms with hidden charges or unclear execution histories.

    “Transparency builds trust. And in 2025, trust is everything,” said a spokesperson for UCFX Markets. “We believe that traders deserve to see exactly how every trade is processed—and exactly what it costs.”

    According to one recent financial report, over 78% of new clients cited transparency and system stability as the key reasons for moving to the platform. This has led to an influx of glowing UCFXMarkets reviews from users across Europe, Australia, and Asia.

    What Traders Are Saying

    Below are four real-world testimonials from verified clients now actively trading with UCFX Markets:

    Liam H. – Manchester, UK
    “I’ve used at least six trading platforms in the past five years. None come close to the stability and transparency of UCFX Markets. I don’t have to guess what’s happening with my orders. Everything’s logged and clear. I’ve already written multiple UCFXMarkets reviews because they earned it.”

    Amelia W. – Sydney, Australia
    “During the last flash crash, my previous platform froze completely. I lost over $4,000. That’s when I switched to UCFX Markets. Their uptime is unmatched, and the risk monitoring tools helped me protect every position. Highly recommend.”

    Jonas L. – Berlin, Germany
    “As someone managing multiple accounts, transparency is non-negotiable. I’ve had platforms lock me out, delay withdrawals, or hide spreads. With UCFX Markets, it’s all laid out. Nothing hidden. My team and I now manage all of our trades here.”

    Rachel T. – Toronto, Canada
    “It’s the only platform I’ve used where everything works exactly as promised. From deposits to withdrawals to reporting—it’s seamless. I’ve shared UCFXMarkets reviews with friends and colleagues because people deserve better options in crypto trading.”

    The Industry Takes Notice

    UCFX Markets’ consistent execution and operational integrity have not gone unnoticed. Independent rating firms and fintech publications are beginning to highlight the platform as a rising force in crypto and forex, especially among self-managed traders, portfolio managers, and regulated institutional desks.

    The company is also gaining attention for its no-nonsense approach to compliance, offering streamlined KYC processes that meet international standards without unnecessary delays or hurdles. Combined with its real-time trade audit tools, UCFX Markets is positioning itself as a regulation-ready alternative for both individual and enterprise clients.

    Looking Ahead: Smarter, Safer, Faster

    UCFX Markets’ roadmap for 2025 includes:

    • Advanced AI-driven trade strategy modeling
    • Multilingual, around-the-clock support based in EU and APAC
    • Custom dashboard environments for fund managers and quant traders
    • Launch of smart trading alerts integrated with mobile apps

    These innovations are expected to further boost user satisfaction and enhance already glowing UCFXMarkets reviews seen across fintech communities and trust platforms.

    Conclusion

    In a market flooded with short-lived platforms and empty promises, UCFX Markets is raising the bar through performance, clarity, and total reliability. With zero downtime and fully transparent operations, it offers a clear path forward for traders who demand both trust and results.

    The MIL Network –

  • MIL-OSI USA: Nadler Statement On Proposed Trump Cuts to Domestic HIV Programs 

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    WASHINGTON, DC –  Today, Congressman Jerrold Nadler (NY-12) made the following statement in response to the Trump Administration’s reported plan to slash over $40 billion from the Department of Health and Human Services and eliminate all dedicated domestic HIV prevention programs: 

    “It is unconscionable that the Trump Administration has proposed cutting over a third of the Department of Health and Human Services’ budget. As a proud, longtime champion for federal HIV prevention and assistance programs, I am appalled that the administration’s proposed budget would eliminate all federal HIV prevention efforts and devastate funding for HIV research. This is yet another exceptionally cruel and reckless move by the Trump Administration, and it would have devastating consequences for our nation’s public health.

    “Over a million people in this country are living with HIV/AIDS, including more than 100,000 in New York State and over 60,000 in New York City alone. Young people, gay and bisexual men, and people of color are being disproportionately affected. Eliminating our nation’s HIV/AIDS prevention programs would mean many of the most vulnerable among us would lose access to HIV testing, prevention, and care. Simply put, Americans will die as a direct result of the Trump Administration’s cuts.

    “Trump’s budget proposal would eliminate the Ending the HIV/AIDS Epidemic Initiative, the CDC’s Division of HIV Prevention, and the Minority AIDS Initiative. It also eviscerates funding for the Ryan White HIV/AIDS program and slashes the NIH’s budget by 40%. NIH funds the vast majority of research driving breakthroughs in HIV treatment. Trump’s proposed budget cuts compound Republican proposals to slash Medicaid in the upcoming budget reconciliation process, as 40% of adults with HIV are covered by Medicaid.

    “We’ve seen this kind of cruelty before. In the 1980s, we had a President who ignored an epidemic and a Congress reluctant to devote resources to finding its cure. The federal government turned its back on people fighting HIV/AIDS, and as a result, we lost a generation of young men and women far too soon. Nearly half a century later, the administration has put forth a budget proposal that once again abandons Americans who are fighting HIV/AIDS.

    “However, Trump can’t unilaterally make these cuts; he needs the consent of Congress. I vow to continue to fight for full funding for our nation’s HIV/AIDS prevention and research programs in the congressional appropriations process. I’ve led the congressional effort to increase funding for the Housing Opportunities for People with AIDS program, or HOPWA, for over 3 decades. Since its inception in 1992, HOPWA has provided critical housing support to low-income people living with HIV. Linking individuals living with HIV to stable, supportive housing leads to an 80% reduction in mortality from AIDS.

    “New York has always led the fight against HIV/AIDS, and we will not turn our backs now. It is up to this Congress to ensure that Trump’s devastating cuts never become reality. Congress must summon the resolve of the generations who came before us—activists like the founders of ACT UP and Gay Men’s Health Crisis—and fight with everything we have to protect the progress we’ve made.”

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR SMALL BUSINESSES FROM TRUMP’S TARIFF WAR; STANDING AT ALBANY’S YONO’S RESTAURANT WITH CAPITAL REGION BUSINESSES THAT ARE SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Albany’s Renowned Yono’s Restaurant Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers In Capital Region Like Latham Pool Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 14,000 NY-ers In The Capital Region Work In Industries Directly Impacted By Tariffs, And Albany Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Albany’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Albany’s renowned Yono’s Restaurant with Capital Region small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in the Capital Region estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 14,000 jobs in the Capital Region in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Albany and the Capital Region are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of the Capital Region and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout the Capital Region and across Upstate New York.”
    Schumer explained Capital Region restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 14,000 New Yorkers across the Capital Region including 4,400 in Albany County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    Yono’s Restaurant has Indonesian influences and relies on spices and fruits that are not widely produced domestically, such as coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, and galangal. Without knowing how much they will cost, it is impossible for Yono’s to plan its menu, which they often shift seasonally, and now they do not know which products they can maintain a consistent, affordable supply of. In addition, as the market has shifted to more takeout and delivery options, Yono’s has relied on imported containers and bags that are already more expensive and could get more expensive with tariffs in effect.
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Here at Yono’s we support an immense amount of USA grown meats, vegetables, cheeses, beer, spirits and wine. However our guests appreciate a broad amount of options. We use coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, galangal, and pandan. These items are not able to be grown in the USA, let alone in the amounts we need. We also import lamb from New Zealand and Australia. Of course, he biggest items imported that affect us will be coffee (99.5% of the coffee consumed in the USA is imported). We can only grow coffee in Hawaii in this county. Even our fine wine glasses come from Austria,” said Dominick Purnomo, of Yono’s Restaurant.
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    Other businesses across industries are also facing uncertainty. Latham Pool, the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, has called the Capital Region its home for nearly 70 years. Latham Pool has 1,500 employees including 300 in New York State, mostly in the Capital Region. Tariffs on foreign goods – especially aluminum and steel – are impacting Latham Pool’s ability to serve its customers and his company along with so many others are deeply fearful of customers pulling back. We are already seeing these fears manifest across America as consumer confidence is cratering and is the lowest it has been in years due to tariffs.
    Latham Pool estimates that 15-20% of their materials are sourced from overseas and will be impacted by the tariffs. Worse, they are impacted by the devolving trade relationship with Canada, where the Canadian reciprocal tariff now disadvantages their products for sale in Canada, which has been a strong market for them.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR RESTAURANTS & SMALL BUSINESSES FROM TRUMP’S TARIFF WAR, STANDING WITH CENTRAL NY BUSINESSES SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS, SENATOR ANNOUNCES SENATE DEMS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Syracuse’s Renowned Emerald Cocktail Kitchen Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers Across Central NY Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 16,000 NY-ers In Central NY Work In Industries Directly Impacted By Tariffs, And Syracuse Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Syracuse’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Syracuse’s renowned Emerald Cocktail Kitchen with Central NY small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in Central NY estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 16,000 jobs in Central NY in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Syracuse and Central New York are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of Central New York and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout Central New York and across Upstate New York.”
    Schumer explained Central NY restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 16,000 New Yorkers across Central NY including 10,000 in Onondaga County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    At the Emerald Cocktail Kitchen, co-founded by local businesswomen Michelle and Nora Roesch, Trump’s tariffs have already begun to take root and are among the Roesch’s chief concerns moving forward, with some of their liquor and wine being imported from Canada and other countries. On the food side of the house, Emerald’s culinary experts use cheeses like feta and gouda, imported from Greece and the Netherlands, as key ingredients in their burgers, pizzas and salads. They also use fruits and other products imported from Canada and Mexico.
    In addition to the wide ranging impact that tariffs will have on Emerald Cocktail Kitchen’s menu, they are driving increased costs across the board, which in turn are driving down consumer discretionary spending. As a result, Emerald Cocktail Kitchen customers have started spending less money on an average visit and opting to save by skipping an appetizer or desert. With customers spending less, the business brings in less and employees receive less in tips on smaller checks. Altogether, Trump’s tariffs have left small businesses like Emerald Cocktail Kitchen exposed to significant impacts, uncertain about how to proceed, and uneasy about what could be next. 
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Imported goods like tequila, gin, prosecco, Aperol, avocados, limes, feta, gouda, and more – all of which are staples behind our bar and in our kitchen – have surged in price as a result of recent United States tariff policy decisions. In Central New York, small businesses like ours depend on steady customer traffic and predictable costs to survive. Unfortunately, the administration’s back-and-forth approach to tariff implementation has made long-term planning feel impossible,” said Michelle Roesch, Co-owner of Emerald Cocktail Kitchen. “For small Syracuse businesses like ours, Trump’s tariffs have created the same kind of stress and uncertainty we felt during COVID – except this time, it’s self-inflicted. As a result, customers are watching their wallets, staff are taking home smaller tips, and we’ve had to cut back on bulk orders. We need trade policies that lift up small and local businesses, not weigh them down. That is why I am proud to stand in support of Senator Schumer as he fights to force a vote Trump’s trade war in support of small businesses here in Syracuse and all across Upstate NY.”
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    Other businesses across industries are also facing uncertainty. In the City of Syracuse alone, tariffs are among the top concerns at restaurants and artisanal food shops like The Wedge and the Curd Nerd, veteran-owned businesses like Talking Cursive Brewing Company, and local food vendors like Firecracker Thai Kitchen at Salt City Market. Elsewhere in Central New York, 5th generation family and employee-owned northern hardwood lumber producer, Gutchess Lumber, and it’s 500 employee-owners are also bracing for negative impacts to their business.  
    In the North Country, Trump’s tariffs and trade war with Canada have already taken a toll on craft breweries like 1812 Brewing Company in Watertown, manufacturing companies like AmTech Yarns in Massena, and transportation authorities like the Ogdensburg Bridge & Port Authority. In addition, Alcoa, an aluminum producer based in the North Country, predicts tariffs will cost the company an additional $90 million this quarter alone.
    In the Mohawk Valley, local coffee shops like Character Coffee in the City of Utica, and trendy fast-casual restaurants like Laffa’s Mediterranean Grill in the Town of New Hartford have both started to feel the impact of tariffs.
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    “At a small business like Firecracker Thai, we feel the impact of tariffs and increased costs on every single order and with every single purchase. We plan to increase menu prices by 10-15% to help offset rising costs, but our prices can only go so high before we risk pricing out customers. Unfortunately, our planned 10-15% increase is not enough to cover all of our increased costs, so the remainder will take a bite out of our bottom line,” said Sarah Tong-Ngork, Owner of Firecracker Thai Kitchen. “In addition, tariffs have made it more difficult to find authentic, imported ingredients like Jasmine Rice and Rice Noodles at local markets. After the devastating impact that COVID had on the food service industry, the last thing we need is to increase prices and disrupt supply chains. I would like to thank Senator Schumer for coming to Syracuse to fight for small businesses like Firecracker Thai and small business owners like me.”
    “As a small craft brewery in Central New York, Talking Cursive Brewing Company faces significant challenges due to tariffs. We rely on imported aluminum cans from Canada, as well as hops and grain from the EU, Australia, and New Zealand. These tariffs, coupled with their ripple effects on the global economy, have been compounded by other actions from the current administration that are reshaping travel, tourism, and consumer behavior. While we experienced a brief uptick in business at the end of 2024 and into January, February and March of this year have seen a sharp decline, with customer counts and sales dropping more than 25% year-over-year. This marks the first time in our seven years of operation that we’ve faced such a downturn in the first quarter,” said Andrew Brooks, Co-Owner of Talking Cursive Brewing Company. “Tourism is a vital part of our business, especially in the summer when 15-20% of our customers are tourists, including about 7% from Canada. Many Canadians I know that travel here often have expressed that they feel disrespected by the current administration, and no longer plan to visit the U.S. in the near future. This decline in tourism directly impacts the revenue of both our tasting room and accounts that we distribute to across New York, including several in the Thousands Islands Region that depend on Canadian tourists. We anticipate a significant loss of sales in that region and will need to reassess the viability of distributing there. I appreciate the efforts that Senator Schumer is taking to help support small businesses like ours during these challenging times.”
    “Over the last 24 month, 1812 Brewing Company has invested hundreds of man hours and significant capital to gain entry into the Ontario, Canada market.  Because of recently implemented tariffs, the Provincial Government of Ontario has put a stop on the purchase of all American-made craft beer, including our gold medal winning War of 1812 Amber Ale. This will immediately cut off around 10% of our sales,” said Thomas W. Scozzafava, Chairman & CEO of 1812 Brewing Company. “Although relatively small, 1812 Brewing Company and its employees will be hurt by an escalating Trade War with Canada, which could ultimately result in the loss of jobs in our local plant. I hope that those deciding these policies – on both sides of the aisle – understand the true human impact of sudden and dramatic changes to the parameters of trade with our Canadian partners. I thank Senator Schumer for sticking up for small businesses like 1812 and always fighting to protect New York State’s craft breweries.”
    “As the owner of Character Coffee in Utica, I rely on specialty roasters who are already feeling the impact of new tariffs. Coffee isn’t grown in the U.S. — so by design, our industry depends on farmers around the world. Even more concerning, these tariffs are piling onto an already fragile supply chain, strained by climate shifts and a year of poor harvests. It’s not just the coffee we have to worry about, but everything from cups and lids to delivery fees,” said Katie Aiello, Owner of Character Coffee. “When costs rise, customers pull back — starting with discretionary spending like grabbing a cup of coffee. The uncertainty is costly too. It’s hard to plan, price, or grow when every week brings new instability in the market. Independent cafes aren’t faceless corporations. We’re local businesses trying to offer good jobs, contribute to the community, and serve something meaningful. These tariffs threaten that. We urgently need thoughtful trade policy that protects American small businesses, and that is why I am proud to stand alongside Senator Schumer in Syracuse today to join in his fight for to safeguard locals businesses like mine.”
    “Since we opened in 2021, rising costs have been one of our biggest challenges, and we’ve had no choice but to pass some of that burden onto our customers just to stay open. With tariffs on the horizon, we’re already seeing price hikes on ingredients we depend on, like kalamata olives, tahini, and feta,” said Elias Zeina, Owner of Lafa Mediterranean. “It’s heartbreaking—we’re trying to protect our team and our guests, but I worry about how much more our customers can take. Small business owners like me are feeling squeezed, and our customers are the ones paying the price.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., April 21, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.6 million, or $0.80 per basic share and $0.78 per diluted share, for the three months ended March 31, 2025 compared to net income of $11.4 million, or $0.87 per basic share and $0.86 per diluted share, for the three months ended March 31, 2024.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are, once again, pleased to report another quarter of strong earnings due to the excellent performance of our loan portfolio. Despite the challenging economic operating environment thus far in 2025, loan demand is strong with originations and outstanding commitments robust and increasing. As in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months ended March 31, 2025 are as follows:

    • Performance metrics continue to be strong at March 31, 2025, with a return on average total assets ratio of 2.12%, a return on average shareholders’ equity ratio of 12.98%, and an efficiency ratio of 41.64%.
    • Asset quality metrics continued to remain strong with no non-performing loans at either March 31, 2025 or December 31, 2024, and non-performing assets to total assets of 0.26% and 0.25% at March 31, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $5.1 million, or 0.30% of total loans at March 31, 2025 compared to $4.9 million, or 0.27% of total loans at December 31, 2024.
    • We increased total stockholders’ equity by $8.9 million, or 2.8%, to $327.2 million, or 16.92% of total assets as of March 31, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

    Balance Sheet Summary

    Total assets decreased $76.2 million, or 3.8%, to $1.9 billion at March 31, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in net loans of $87.3 million and decreases of $1.0 million in accrued interest receivable, partially offset by increases in cash and cash equivalents of $11.2 million and increases of $1.3 million in equity securities.

    Cash and cash equivalents increased $11.2 million, or 14.3%, to $89.5 million at March 31, 2025 from $78.3 million at December 31, 2024. The increase in cash and cash equivalents was a result of a decrease of $87.3 million in net loans and an increase of $8.9 million in stockholders’ equity, partially offset by a decrease in deposits of $84.4 million.

    Equity securities increased $1.3 million, or 5.9%, to $23.3 million at March 31, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $1.0 million in equity securities during the three months ended March 31, 2025 and market appreciation of $300,000 due to market interest rate volatility during the quarter ended March 31, 2025.

    Securities held-to-maturity decreased $129,000, or 0.9%, to $14.5 million at March 31, 2025 from $14.6 million at December 31, 2024 due to $129,000 in maturities and pay-downs of various investment securities.

    Loans, net of the allowance for credit losses, decreased $87.3 million, or 4.8%, to $1.7 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The decrease in loans consisted of decreases of $138.9 million in construction loans, $248,000 in non-residential loans, and $36,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $46.4 million in multi-family loans, $4.4 million in commercial and industrial loans, and $1.5 million in consumer loans.

    During the quarter ended March 31, 2025, we originated loans totaling $170.1 million consisting primarily of $110.2 million in construction loans, $49.1 million in multi-family loans, $10.1 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $110.2 million in construction loans had 38.4% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

    The allowance for credit losses related to loans increased to $5.1 million as of March 31, 2025, from $4.8 million as of December 31, 2024. The increase in the allowance for credit losses related to loans was due to recoveries totaling $352,000 and provision for credit losses totaling $62,000, offset by charge-offs totaling $117,000.

    Premises and equipment increased $84,000, or 0.3%, to $24.9 million at March 31, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

    Federal Home Loan Bank stock was $397,000, foreclosed real estate was $5.1 million, and property held for investment was $1.4 million at both March 31, 2025 and December 31, 2024.

    Bank owned life insurance (“BOLI”) increased $167,000, or 0.6%, to $25.9 million at March 31, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

    Accrued interest receivable decreased $1.0 million, or 7.9%, to $12.4 million at March 31, 2025 from $13.5 million at December 31, 2024 due to a decrease in the loan portfolio.

    Right of use assets — operating decreased $145,000, or 3.6%, to $3.9 million at March 31, 2025 from $4.0 million at December 31, 2024, primarily due to amortization.

    Other assets decreased $328,000, or 2.8%, to $11.3 million at March 31, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.7 million in tax assets and $10,000 in miscellaneous assets, partially offset by increases of $1.1 million in suspense accounts and $263,000 in prepaid expenses.

    Total deposits decreased $84.4 million, or 5.1%, to $1.6 billion at March 31, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to decreases in certificates of deposit of $125.1 million, or 12.5%, and non-interest bearing deposits of $9.9 million, or 3.5%, partially offset by increases in NOW/money market accounts of $45.9 million, or 18.8%, and savings account balances of $3.3 million, or 2.4%. The decrease of $125.1 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $76.0 million, or 14.8%, and a decrease in brokered certificates of deposit of $54.8 million, or 12.6%, partially offset by an increase in non-brokered listing services certificates of deposit of $5.7 million, or 17.0%.

    The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

    Advance payments by borrowers for taxes and insurance increased $680,000, or 42.0%, to $2.3 million at March 31, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

    Lease liability – operating decreased $136,000, or 3.3%, to $4.0 million at March 31, 2025 from $4.1 million at December 31, 2024, primarily due to amortization.

    Accounts payable and accrued expenses decreased $1.3 million, or 8.7%, to $13.3 million at March 31, 2025 from $14.5 million at December 31, 2024 due primarily to a decrease in accrued expense of $2.8 million, partially offset by increases in dividends payable and other payables of $806,000, suspense accounts for loan closings of $346,000, and deferred compensation of $167,000. The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.8%, to $879,000 at March 31, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $101.4 million, or 18.0%, in off-balance sheet commitments.

    Stockholders’ equity increased $8.9 million, or 2.8% to $327.2 million at March 31, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $10.6 million for the quarter ended March 31, 2025, an increase of $302,000 in earned employee stock ownership plan shares coupled with a reduction of $217,000 in unearned employee stock ownership plan shares, and the amortization expense of $478,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $2.7 million and $13,000 in other comprehensive loss.

    Results of Operations for the Three Months Ended March 31, 2025 and 2024

    Net Interest Income

    Net interest income was $24.3 million for the three months ended March 31, 2025, as compared to $25.0 million for the three months ended March 31, 2024. The decrease in net interest income of $722,000, or 2.9%, was primarily due to an increase in interest expense that exceeded an increase in interest income and a decrease in the yield on interest earning assets that exceeded a decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income increased $86,000, or 0.2%, to $38.2 million for the three months ended March 31, 2025 from $38.1 million for the three months ended March 31, 2024. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $159.9 million, or 9.2%, to $1.9 billion for the three months ended March 31, 2025 from $1.7 billion for the three months ended March 31, 2024, partially offset by a decrease in the yield on interest earning assets by 72 basis points from 8.77% for the three months ended March 31, 2024 to 8.05% for the three months ended March 31, 2025.

    Interest expense increased $808,000, or 6.2%, to $13.9 million for the three months ended March 31, 2025 from $13.1 million for the three months ended March 31, 2024. The increase in interest expense was due to an increase in average interest bearing liabilities of $149.7 million, or 12.2%, to $1.4 billion for the three months ended March 31, 2025 from $1.2 billion for the three months ended March 31, 2024, partially offset by a decrease in the cost of interest bearing liabilities by 24 basis points from 4.29% for the three months ended March 31, 2024 to 4.05% for the three months ended March 31, 2025.

    Our net interest margin decreased 64 basis points, or 11.1%, to 5.11% for the three months ended March 31, 2025 compared to 5.75% for the three months ended March 31, 2024. The decrease in the net interest margin was due to a decrease in the yield on interest-earning assets that exceeded a decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded a credit loss expense of $237,000 for the three months ended March 31, 2025 compared to a credit loss expense reduction of $165,000 for the three months ended March 31, 2024. The credit loss expense of $237,000 for the three months ended March 31, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

    The credit loss expense for loans of $62,000 for the three months ended March 31, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the three months ended March 31, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

    The credit loss expense reduction of $165,000 for the three months ended March 31, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for held-to-maturity investment securities of $3,000, and a credit loss expense reduction for off-balance sheet commitments of $17,000. The credit loss expense reduction for loans of $145,000 for the three months ended March 31, 2024 was primarily attributed to favorable trend in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $117,000 during the three months ended March 31, 2025 as compared to charge-offs of $21,000 during the three months ended March 31, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $352,000 during the three months ended March 31, 2025 compared to no recoveries during the three months ended March 31, 2024. The recoveries of $352,000 during the three months ended March 31, 2025 comprised of recoveries of $350,000 regarding a previously charged-off non-residential mortgage loan and $2,000 from a previously charged-off unpaid overdraft on a demand deposit account.

    Non-Interest Income

    Non-interest income for the three months ended March 31, 2025 was $1.2 million compared to non-interest income of $554,000 for the three months ended March 31, 2024. The increase of $681,000, or 122.9%, in total non-interest income was primarily due to increases of $382,000 in unrealized gain/(loss) on equity securities, $278,000 in other loan fees and service charges, $11,000 in miscellaneous other non-interest income, and $10,000 in BOLI income.

    The increase in unrealized gain/(loss) on equity securities was due to an unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 compared to an unrealized loss of $82,000 on equity securities during the three months ended March 31, 2024. The unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 was due to market interest rate volatility during the three months ended March 31, 2025.

    The increase of $278,000 in other loan fees and service charges was due to an increase of $245,000 in other loan fees and loan servicing fees, an increase of $31,000 in ATM/debit card/ACH fees, and an increase of $2,000 in deposit account fees.

    The increase in BOLI income of $10,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $938,000, or 9.7%, to $10.6 million for the three months ended March 31, 2025 from $9.7 million for the three months ended March 31, 2024. The increase resulted primarily from increases of $582,000 in salaries and employee benefits, $221,000 in other operating expense, $98,000 in outside data processing expense, $40,000 in occupancy expense, $19,000 in real estate owned expense, and $14,000 in advertising expense, partially offset by a decrease of $36,000 in equipment expense.

    Income Taxes

    We recorded income tax expense of $4.1 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, we had approximately $204,000 in tax exempt income, compared to approximately $195,000 in tax exempt income for the three months ended March 31, 2024. Our effective income tax rates were 27.8% for the three months ended March 31, 2025 compared to 29.0% for the three months ended March 31, 2024.

    Asset Quality

    Non-performing assets were $5.1 million at March 31, 2025 and December 31, 2024, respectively. These non-performing assets consisted of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

    Our ratio of non-performing assets to total assets remained low at 0.26% at March 31, 2025 as compared to 0.25% at December 31, 2024.

    The Company’s allowance for credit losses related to loans was $5.1 million, or 0.30% of total loans as of March 31, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at March 31, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at March 31, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 16.92% as of March 31, 2025. At March 31, 2025, the Company had the ability to borrow $941.3 million from the Federal Reserve Bank of New York, $15.5 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of March 31, 2025, the Bank had a tier 1 leverage capital ratio of 15.09% and a total risk-based capital ratio of 15.10%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of March 31, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:   Kenneth A. Martinek
        Chairman and Chief Executive Officer
         
    PHONE:   (914) 684-2500
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
                 
        March 31,   December 31,
        2025   2024
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 11,524     $ 13,700  
    Interest-bearing deposits     77,934       64,559  
    Total cash and cash equivalents     89,458       78,259  
    Certificates of deposit     100       100  
    Equity securities     23,294       21,994  
    Securities held-to-maturity ( net of allowance for credit losses of $126 and $126, respectively )     14,487       14,616  
    Loans receivable     1,725,664       1,812,647  
    Deferred loan fees, net     (63 )     (49 )
    Allowance for credit losses     (5,127 )     (4,830 )
    Net loans     1,720,474       1,807,768  
    Premises and equipment, net     24,889       24,805  
    Investments in restricted stock, at cost     397       397  
    Bank owned life insurance     25,905       25,738  
    Accrued interest receivable     12,432       13,481  
    Real estate owned     5,120       5,120  
    Property held for investment     1,361       1,370  
    Right of Use Assets – Operating     3,856       4,001  
    Right of Use Assets – Financing     346       347  
    Other assets     11,257       11,585  
    Total assets   $ 1,933,376     $ 2,009,581  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits:            
    Non-interest bearing   $ 278,694     $ 287,135  
    Interest bearing     1,307,321       1,383,240  
    Total deposits     1,586,015       1,670,375  
    Advance payments by borrowers for taxes and insurance     2,298       1,618  
    Lease Liability – Operating     3,972       4,108  
    Lease Liability – Financing     619       609  
    Accounts payable and accrued expenses     13,262       14,530  
    Total liabilities     1,606,166       1,691,240  
                 
    Stockholders’ equity:            
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively     140       140  
    Additional paid-in capital     110,871       110,091  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (5,870 )     (6,088 )
    Retained earnings     221,858       213,974  
    Accumulated other comprehensive gain     211       224  
    Total stockholders’ equity     327,210       318,341  
    Total liabilities and stockholders’ equity   $ 1,933,376     $ 2,009,581  
                 
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        Quarter Ended March 31,
        2025   2024
        (In thousands, except per share amounts)
    INTEREST INCOME:              
    Loans   $ 36,882     $ 36,703  
    Interest-earning deposits     1,081       1,200  
    Securities     244       218  
    Total Interest Income     38,207       38,121  
    INTEREST EXPENSE:              
    Deposits     13,933       12,394  
    Borrowings     –       731  
    Financing lease     10       10  
    Total Interest Expense     13,943       13,135  
    Net Interest Income     24,264       24,986  
    Provision for (reversal of) credit loss     237       (165 )
    Net Interest Income after Provision for (Reversal of) Credit Loss     24,027       25,151  
    NON-INTEREST INCOME:              
    Other loan fees and service charges     740       462  
    Earnings on bank owned life insurance     167       157  
    Unrealized gain (loss) on equity securities     300       (82 )
    Other     28       17  
    Total Non-Interest Income     1,235       554  
    NON-INTEREST EXPENSES:              
    Salaries and employee benefits     5,933       5,351  
    Occupancy expense     747       707  
    Equipment     217       253  
    Outside data processing     735       637  
    Advertising     102       88  
    Real estate owned expense     30       11  
    Other     2,855       2,634  
    Total Non-Interest Expenses     10,619       9,681  
    INCOME BEFORE PROVISION FOR INCOME TAXES     14,643       16,024  
    PROVISION FOR INCOME TAXES     4,076       4,650  
    NET INCOME   $ 10,567     $ 11,374  
                   
     
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
        Quarter Ended March 31,
        2025   2024
        (In thousands, except per share amounts)
    Per share data:            
    Earnings per share – basic   $ 0.80     $ 0.87  
    Earnings per share – diluted     0.78       0.86  
    Weighted average shares outstanding – basic     13,192       13,118  
    Weighted average shares outstanding – diluted     13,560       13,191  
    Performance ratios/data:            
    Return on average total assets     2.12 %     2.50 %
    Return on average shareholders’ equity     12.98 %     15.88 %
    Net interest income   $ 24,264     $ 24,986  
    Net interest margin     5.11 %     5.75 %
    Efficiency ratio     41.64 %     37.91 %
    Net charge-off ratio     (0.05 )%     0.00 %
                 
    Loan portfolio composition:     March 31, 2025     December 31, 2024
    One-to-four family   $ 3,436     $ 3,472  
    Multi-family     253,018       206,606  
    Mixed-use     26,572       26,571  
    Total residential real estate     283,026       236,649  
    Non-residential real estate     29,198       29,446  
    Construction     1,287,225       1,426,167  
    Commercial and industrial     123,113       118,736  
    Consumer     3,102       1,649  
    Gross loans     1,725,664       1,812,647  
    Deferred loan fees, net     (63 )     (49 )
    Total loans   $ 1,725,601     $ 1,812,598  
    Asset quality data:            
    Loans past due over 90 days and still accruing   $ –     $ –  
    Non-accrual loans     –       –  
    OREO property     5,120       5,120  
    Total non-performing assets   $ 5,120     $ 5,120  
                 
    Allowance for credit losses to total loans     0.30 %     0.27 %
    Allowance for credit losses to non-performing loans     0.00 %     0.00 %
    Non-performing loans to total loans     0.00 %     0.00 %
    Non-performing assets to total assets     0.26 %     0.25 %
                 
    Bank’s Regulatory Capital ratios:            
    Total capital to risk-weighted assets     15.10 %     13.92 %
    Common equity tier 1 capital to risk-weighted assets     14.79 %     13.65 %
    Tier 1 capital to risk-weighted assets     14.79 %     13.65 %
    Tier 1 leverage ratio     15.09 %     14.44 %
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Quarter Ended March 31, 2025   Quarter Ended March 31, 2024
        Average
    Balance    		   Interest
    and dividend    		   Average
    Yield    		   Average
    Balance    		   Interest
    and dividend    		   Average
    Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,767,849     $ 36,882     8.35 %   $ 1,612,343     $ 36,703     9.11 %
    Securities     36,751       235     2.56 %     33,848       197     2.33 %
    Federal Home Loan Bank stock     397       9     9.07 %     842       21     9.98 %
    Other interest-earning assets     93,476       1,081     4.63 %     91,552       1,200     5.24 %
    Total interest-earning assets     1,898,473       38,207     8.05 %     1,738,585       38,121     8.77 %
    Allowance for credit losses     (4,827 )                 (5,091 )            
    Non-interest-earning assets     96,493                   88,859              
    Total assets   $ 1,990,139                 $ 1,822,353              
                                         
    Interest-bearing demand deposit   $ 274,630     $ 2,445     3.56 %   $ 171,483     $ 1,817     4.24 %
    Savings and club accounts     138,903       730     2.10 %     182,771       1,202     2.63 %
    Certificates of deposit     962,084       10,758     4.47 %     810,586       9,375     4.63 %
    Total interest-bearing deposits     1,375,617       13,933     4.05 %     1,164,840       12,394     4.26 %
    Borrowed money     –       10     0.00 %     61,092       741     4.85 %
    Total interest-bearing liabilities     1,375,617       13,943     4.05 %     1,225,932       13,135     4.29 %
    Non-interest-bearing demand deposit     270,874                   291,909              
    Other non-interest-bearing liabilities     18,086                   18,090              
    Total liabilities     1,664,577                   1,535,931              
    Equity     325,562                   286,422              
    Total liabilities and equity   $ 1,990,139                 $ 1,822,353              
                                         
    Net interest income / interest spread         $ 24,264     4.00 %         $ 24,986     4.48 %
    Net interest rate margin                 5.11 %                 5.75 %
    Net interest earning assets   $ 522,856                 $ 512,653              
    Average interest-earning assets                                    
    to interest-bearing liabilities     138.01 %                 141.82 %            

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

    Source: Government of India

    Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

    Sarbananda Sonowal inaugurate renovated Fire Memorial at Victoria Docks along with two other heritage buildings in Colaba; Boost to Green Port Initiatives with Shore to Ship Electric Supply along with ‘Sagar Upavan’ Garden

    Sarbananda Sonowal attends MoU signing Ceremony for Three Agreements on Strategic Development of Vadhavan Port, aimed at Port Infra Development and Cargo Handling Facilities

    Sarbananda Sonowal attends MoU signing ceremony for infra projects development worth ₹5700 crores at Vadhavan Port

    Posted On: 21 APR 2025 6:43PM by PIB Delhi

    The Union Minister of Ports, Shipping and Waterways (MoSPW), Shri Sarbananda Sonowal flagged off Cruise Operations from the Mumbai International Cruise Terminal (MICT), India’s largest cruise terminal, in Mumbai today. The Union Minister also inaugurated renovated Fire Memorial at Victoria Docks as well as renovated two heritage buildings — Fort House Ballard Estate and Evelyn House at Colaba. Sonowal also inaugurated Sagar Upvan garden along with Shore to Ship Electric Supply under Green Port Initiative. 

    The MICT, developed as per Cruise Bharat Mission, was developed as per latest global standards and is expected to take a pioneering role in developing cruise tourism in India. Spread over a built up area of more than 4,15,000 Square Feet, the MICT is developed at Ballard Pier. MICT is India’s largest world class cruise terminal. Equipped with  72 Check in and Immigration counters spreading over an area of 2,07,000 Square Feet on the first two floors (G+1) while the other two floors (2 + 3) are developed as Commercial Floors. The newly inaugurated MICT is designed to handle 1 million passengers every year with an approximate 10,000 passengers per day. It can also handle 5 ships simultaneously, with 11 meters draft and upto 300 meters length. At the parking space, more than 300 vehicles can be parked simultaneously. 

    Speaking on the commencement of Cruise Service from MICT, the Union Minister said, “The maritime history of Mumbai is rich and an integral part of our civilisation. As a coastal hub, it has served the nation handsomely with its bustling coastal business. It is only logical that we work towards realising Prime Minister Shri Narendra Modi ji’s vision of ‘Bharat becoming a global cruise hub through its state-of-the-art infrastructure.’ Today, Mumbai, with its longstanding repute as a major maritime hub in the world, commenced Cruise Operations from the Mumbai International Cruise Terminal, providing passengers modern amenities for a better and safer experience. This adds to our existing such top class international terminals at Visakhapatnam and Chennai. In order to celebrate the heroic contribution of Mumbai Port Fire Services personnel, the newly renovated Fire Memorial at Victoria Docks celebrates their distinctive service to the nation.”  

    MICT has been designed with a wavy ceiling reflecting the maritime identity with functional and minimalist architecture. MICT blends modern design with Mumbai’s maritime spirit—featuring fluid architecture, rose gold accents, and a sweeping ceiling. From heritage-inspired entry to sleek interiors with wave seating, selfie points, and maritime plaques, it offers a serene yet vibrant gateway to India’s emerging global cruise hub. MICT will provide enhanced passenger experience and position Mumbai as one of major hub for cruise tourism hub. The total investment in the MICT project has been ₹556 crores. 

    Elaborating on the vision of Cruise Bharat Mission, the Union Minister Shri Sarbananda Sonowal said, “PM Narendra Modi ji’s call for port-led prosperity has redefined our maritime ambitions. we also give momentum to the ‘Cruise Bharat Mission’—our resolve to make Bharat one of the top cruise destinations in the world. The mission embraces three pillars—Ocean and Harbour Cruises, River and Inland Cruises, and Island and Lighthouse Cruises. With a comprehensive strategy that combines digital ease, circuit integration, environmental sustainability, and global partnerships, This is India’s cruise awakening—bold, inclusive, and future-ready. Under the visionary leadership of hon’ble Prime Minister Shri Narendra Modi ji, India’s maritime sector has witnessed an astonishing transformation. it is the story of an India that believes in its potential and invests in its people.”

    The renovated Fire Memorial at Victoria Docks, which was inaugurated by the Minister, is a solemn tribute to the Mumbai Port Fire Services personnel for their distinctive service to the nation. The fire memorial is renovated with “Golden Tears” theme as the tragic event which rained golden bricks were blown in the surrounding area of Port. To promote heritage and tourism, façade lighting was inaugurated at two iconic heritage buildings of MbPA – Port House at Ballard Estate and Evelyn House at Colaba — adding to the aesthetic and historical appeal of the city’s legacy. 

    In a boost to Green Port Initiative, the Shore to Ship Electric Supply at MbPA will help Tug boats and Coast Guard vessels, reduce emissions, bring in operational efficiency and reduce noise pollution. MbPA’s commitment to environmental sustainability and modernisation of port infrastructure, providing shore-based electric power will significantly enhance energy efficiency and operational cleanliness. 

    The rejuvenated Sagar Upvan Garden at Colaba was also inaugurated today.  With support from Tata Trusts, the MbPA undertook extensive repair and enhancement works, including the restoration of the compound wall, construction of facilities for gardeners, along with a 25000 KLD Sewage Treatment Plant. Rich with more than 500 varieties of plants, it has scenic views of the Arabian Sea as well as Sassoon Docks. It has  lush green lawns, sea-facing benches, and pathways ideal for jogging and walking along with a living laboratory for botany students and nature enthusiasts. 

    Union Minister Shri Sonowal also attended MoU signing ceremony for development of Infrastructure projects with investment worth of more than ₹5700 crores at Vadhavan Port, today. The agreements were signed for development of a terminal for handling container, bulk, and liquid cargo with investment of ₹4200 crores, development of a dedicated terminal for handling bulk and liquid cargo with an investment of ₹1,000 crores and development of a liquid cargo jetty and a tank farm with a capacity of 3,00,000 CBM for handling liquefied chemicals and related products with an investment of ₹500 crores.

    Speaking at the MoU signing ceremony, Shri Sarbananda Sonowal said, “Our dynamic leader, Prime Minister Narendra Modi ji has given us a vision of transforming Vadhavan Port to become one of the Top 10 Global ports. As Vadhavan Port project is likely to power up India’s current capacity by more than three times, this is all weather, green field deep draft major port is going to act as a game changer for not only India’s maritime sector, but also enable regional trade. As India is poised to become a Viksit Bharat by 2047, this port is likely to act as a major growth multiplier. In this regard, the MoUs signed today adds towards creation of infrastructure and capacity of the Vadhavan port and helps us take another step towards realising the vision of PM, Shri Narendra Modi ji.”

    The inauguration of fuel dispensing infrastructure — including two HSD units, one gasoline unit, and a fast electric vehicle (EV) charger — further bolsters the port’s push towards sustainable mobility within the operational area. The event also included the formal handover of key land assets. A charge certificate of the plot at Malet Bunder was handed over to JNPA for its corporate building. Another plot at Reay Road was transferred to the Hare Krishna Mission for social and community activities. Additionally, the E Shed at Mumbai Port was handed over to M/s Ruchi India Logistics to strengthen port-led logistics operations.

    Speaking on the occasion, the Union Minister of State, MoPSW, Shri Shantanu Thakur said, “The launch of the new cruise service in Mumbai, restoration of Mumbai’s maritime heritage buildings, and green port initiatives mark a transformative step forward in realising Prime Minister Shri Narendra Modi ji’s vision of a sustainable, vibrant, and tourism-driven maritime economy that honours our past while embracing a cleaner, greener future. These efforts boost coastal tourism and urban renewal. They also reinforce India’s maritime leadership globally.”

    The Cruise Bharat Mission has set ambitious yet achievable goals like Development of 10 international sea cruise terminals, creation of 100 river cruise terminals, Launch of 5 marinas along our coast, Seamless integration of more than 5000 km of waterways, Aiming for 1 million sea cruise passengers and 1.5 million river cruise passengers by 2029, creation of over 400 thousand direct and indirect jobs across the cruise value chain. Since 2014, the government under the leadership of PM Shri Narendra Modi, has led to a transformation of the maritime sector. The cargo handled at the major port cargo surged from 556 MMT in 2014 to 854 MMT in 2024-25 while costal cargo grew by 119%. The inland water cargo rose from 6.89 MMT to 133 MMT—a leap of over 1800%. The cruise passengers increased from 85,000 in 2014 to 4.71 lakh today, a phenomenal growth of 454%. 

    Union Minister Shri Sarbananda Sonowal, who graced the occasion as the Chief Guest, was joined by Shri Shantanu Thakur, Union Minister of State, MoSPW as the Guest of Honour along with Susil Kumar Singh (IRSME), Chairman, Mumbai Port Authority (MbPA); Adesh Titarmare, IAS, Deputy Chairman, MbPA; Unmesh  Sharad Wagh, IRS, Chairman, Jawaharlal Nehru Port Authority (JNPA) and Dhruv Kotak, Managing Director, J.M. Baxi among other dignitaries and senior officials of the MoPSW and MbPA. 

    ***

    GDH/HR

    (Release ID: 2123251) Visitor Counter : 43

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Where the parties stand on child care in the Canadian federal election

    Source: The Conversation – Canada – By Gordon Cleveland, Associate Professor Emeritus, Economics, University of Toronto

    What will child care in Canada look like after this federal election?

    Depending on who becomes prime minister, parents now paying $10 a day for child care could continue to do so and many additional parents could access affordable day care in the future due to plans to expand. Or, the cap on child-care fees could be eliminated in a return to market provision of child-care services, in at least some provinces.

    The $10-a-day plan, introduced by the Liberal government through Canada-Wide Early Learning and Child Care agreements (CWELCC) with provinces and territories, was developed to improve Canada’s long-standing inadequate child-care situation.

    Québec’s model for child care inspired the Canada-wide plan. Under Québec’s CWELCC “asymmetrical agreement,” the province receives federal transfer funds without conditions.



    Read more:
    Ottawa’s $10-a-day child care promise should heed Québec’s insights about balancing low fees with high quality

    After the April 28 election, it’s expected our new prime minister will either be a Liberal or a Conservative — Mark Carney or Pierre Poilievre.

    Both leaders have said they want to preserve affordable child care but have presented their proposals in significantly different ways.

    As an economist with specialization in the economics of child care and early childhood education, I believe looking beneath surface statements reveals major differences that would affect parents, children and their families.

    Strengthening the $10-a-day policy

    The Liberal Party’s newly released platform highlights the protection and strengthening of the $10-a-day early learning and child care system. The platform promises the building of 100,000 new child-care spaces by 2031, better compensation for child-care educators, the expansion of child care in public institutions and a stronger link between housing development and child care when housing is supported by federal funds.

    In the Liberal leadership debate, Carney said we “absolutely have to keep in place the progress that the government has made on crucial things such as child care….” The Liberal platform affirms this, takes credit for introducing the existing system and notes: “In just a few short years, this program has become a core part of Canada’s social infrastructure.”



    Read more:
    Trudeau’s record may be spotty, but his biggest accomplishment was a national child-care program

    Since January, among the provinces and territories, all but Alberta and Saskatchewan have approved or tentatively approved five-year extensions to early learning and child-care funding agreements with the federal government.

    Those extensions are key, as they represent commitments from 11 provinces and territories to use the federal government’s additional $37 billion to continue building the $10 a day program through 2031.

    The NDP supported $10-a-day child care in the last election and continues that support, although child care is not mentioned in their published election platform.

    Changing the $10-a-day policy

    Poilievre, on the other hand, wants major changes from the $10-a-day child-care policy but he has not been forthcoming about details.

    However, he did discuss ideas and major criticisms in a March 25 campaign stop in Vaughan, Ont.

    He said: “We all believe that there should be more affordable child care in this country.” But then he criticized the current system as “bureaucratic” and “top down,” saying that “provinces can decide how to deliver those services on the front line with more flexibility and freedom for parents, provinces, and providers….”

    Clearly his “affordable child care” will not look anything like the burgeoning $10-a-day system.

    Poilievre’s wording is very similar to that of a new lobby organization of for-profit child care operators.

    The group calls for a shift from “federally controlled funding to no-strings-attached childcare funding for the provinces …” It also calls for a “funding-follows-the-family approach” which they believe will encourage parental and operator choice and minimize bureaucratic administrative costs and red tape.

    The Poilievre position, then, is an update from former Conservative leader Erin O’Toole’s policy proposals during the 2021 federal election.

    It harkens back to the cash-for-care approach Stephen Harper’s Conservative government had in place from 2006 to 2015. Conservatives prefer and encourage the provision of cash, a tax credit or voucher that parents can spend on child care.

    Such a Conservative approach is known as demand-side funding rather than supply-side funding — giving parents money to pay some of their child-care costs instead of funding child-care providers to ensure the services are available for families.

    Examining Conservative criticisms

    The “flexibility and freedom” that come with demand-side funding would mean removing conditions such as a guaranteed parent fee of $10 a day, targets for expansion of licensed child care, growth primarily by public and non-profit provision, and requirements for public financial accountability, from the federal funding agreements with the provinces and territories.

    There are substantial problems with Poilievre’s suggestion of overhauling the $10-a-day program. First, his March 25 criticisms are flawed:

    • He said “120,000 fewer children have daycare spaces than when the program was created,” but Statistics Canada surveys show a growth in attendance at child-care centres of an additional 177,900 children from late 2020 to the first half of 2023.

    • Poilievre said “child care now is worse than when the Liberals took office.” In fact, the main indicators of availability and affordability of child care are much better. Between 2015, when the Liberals took office, and 2023, the number of child care spaces grew by 426,203 to a total of 1,627,211 total licensed spaces. Child-care affordability is also greatly improved. By 2023, child-care fees had dropped by between 40 per cent and 75 per cent nearly everywhere across Canada, varying by geography and child age. As a proportion of after-tax family income, parents’ average spending on child care in January 2025 was less than one third of what it was before 2021, declining from just under 16 per cent to five per cent.

    • Poilievre said “most of the money has been consumed by bureaucracy.” In fact, child-care fees have dropped to an average of $10 a day (or less) in
      Yukon, Northwest Territories, Nunavut, Saskatchewan, Manitoba, Québec, Prince Edward Island and Newfoundland/Labrador, and all the remaining provinces have lowered parent fees substantially.

    This would not have been possible if “most of the money was consumed by bureaucracy,” something easily seen in readily available public data on how child-care funds are spent.

    Demand-side funding solutions

    Demand-side funding solutions with no cap on fees would be a dream for private corporations looking to enter a Canadian child-care market rich with public funds but a nightmare for cash-strapped parents who are desperate for child care.

    Australia is the poster child for generous demand-side funding of child care.

    In the Australian model, parents spend funds however they like, and there is no restriction on the fees providers can charge and no requirement for financial reporting. Funds are paid directly to child-care providers from the government on behalf of parents and corporate child-care thrives. Under this funding model, Australia has seen a sixfold increase in child-care fees since the early 1990s, twice as much as the increase in consumer prices.

    Bolster gains already made

    Nearly a million Canadian children between the ages of birth to five years are already able to access low-fee licensed child care.

    Building a quality child-care system is underway, but the work is far from complete.

    It’s time to redouble efforts to provide affordable, quality child care for all who need it rather than to abandon these major combined efforts of federal, provincial and territorial governments to build a dependable and affordable child-care system.

    Gordon Cleveland receives funding for expenses from an SSHRC project “Re-imagining care/work policies/Réinventer les politiques soins/travail”. He is a member of the National Advisory Council on Early Learning and Child Care. He volunteers for Building Blocks for Child Care. He is a research associate with L’Équipe de recherche Qualité contextes éducatifs de la petite enfance.

    – ref. Where the parties stand on child care in the Canadian federal election – https://theconversation.com/where-the-parties-stand-on-child-care-in-the-canadian-federal-election-254569

    MIL OSI – Global Reports –

  • MIL-OSI Australia: Social Enterprise Grant Program now open

    Source: Northern Territory Police and Fire Services

    Our CBR is the ACT Government’s key channel to connect with Canberrans and keep you up-to-date with what’s happening in the city. Our CBR includes a monthly print edition, email newsletter and website.

    You can easily opt in or out of the newsletter subscription at any time.

    MIL OSI News –

  • MIL-OSI Russia: The final of the All-Russian TIM Championship of SPbGASU has started. SPO League 2025

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Victoria Vinogradova opens the championship

    This year, the final of the All-Russian TIM Championship is held at SPbGASU. The SPO League 2025 is being held as part of the VIII International Conference “Information Modeling in Construction and Architecture” (BIMAC-2025). This emphasizes its importance, provides participants with the opportunity to meet representatives of many specialized companies and generally learn about the situation on the industry market.

    Vice-Rector for Continuing Education at SPbGASU Victoria Vinogradova emphasized that this TIM Championship is being held jointly with industrial partners – the Association of SRO “Osnova Proekt” with the support of the National Association of Surveyors and Designers (NOPRIZ) and the industry Consortium of Secondary Vocational Education in the Sphere of Construction.

    “Today, the construction market is digitalizing and is in dire need of relevant specialists. Therefore, together with industrial partners, we are implementing and supporting innovative educational initiatives, which include the TIM Championship. It allows participants not only to gain primary experience in information modeling, develop existing competencies, but also to pump up soft skills, for example, teamwork. All this contributes to a successful start in professional activity,” noted Victoria Vinogradova.

    Having successfully completed the tasks of the correspondence stage, the teams from the Novosibirsk College of Architecture and Construction, Novgorod College of Construction, St. Petersburg College of Architecture and Construction, Belgorod College of Construction, Perm College of Construction, Rostov-on-Don College of Construction, Khabarovsk Technical College, Bryansk College of Construction named after Professor N. E. Zhukovsky reached the final of the TIM Championship. Within three working days, they will design an apartment building.

    The head of the basic resource center “Novstroy” and the team of the Novgorod Construction College Tatyana Veselova said that the college tries to take part in many competitions.

    “Participation in competitions helps students develop their abilities and motivates them. When they get a profession, the kids strive to achieve their goals, outline a path that will lead to career growth in the future, and understand that a certified specialist needs experience to be successful. The TIM Championship is aimed at acquiring practical skills, which is what makes it interesting. Our team prepared for it and is motivated to win,” noted Tatyana Veselova.

    Third-year student of Novgorod Construction College Viktor Golubev recalled that representatives of his college participated in TIM Championship last year. This year, he decided to fill his gap. “We have been studying 3D modeling throughout the entire educational process, thanks to which we consider ourselves well prepared for TIM Championship. Information modeling is a relatively new and promising direction in the market, so specialists are in demand here. We need to have time to enter this niche and become the best. I am only determined to win!” Viktor noted.

    Fourth-year student of the Perm Construction College Ksenia Yarusova is a future architect, but since this position was already occupied in the team, she is performing in a different area of activity. To do this, she studied the requirements stated in the conditions of the TIM Championship and prepared for it.

    “Immersion in the specifics of related specialists’ activities has its advantages: it is much easier to work as an architect if you know, for example, the nuances of water supply design. This will allow us to minimize all inconsistencies in the project and misunderstandings with related companies. Information modeling is no longer the future, but the present of our industry, therefore, in order to be a sought-after and successful specialist, you need to have the relevant knowledge and skills. The TIM Championship gives you the opportunity to acquire them. Our team has prepared a lot for it and will do everything in our power to win,” shared Ksenia Yarusova.

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

    MIL OSI Russia News –

  • MIL-OSI: First Acceptance Corporation to Present at the OTCQX Best 50 Virtual Investor Conference on April 24th

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., April 21, 2025 (GLOBE NEWSWIRE) — First Acceptance Corporation (OTCX: FACO), based in Nashville, TN, focused on non-standard personal automobile insurance, today announced that Company leadership will present live at the OTCQX Best 50 Virtual Investor Conference hosted by VirtualInvestorConferences.com, on April 24th, 2025

    DATE: April 24th
    TIME: Thursday, April 24th: 2:00 – 2:30 pm ET
    LINK: REGISTER HERE
    Available for 1×1 meetings: Contact mbodayle@firstacceptance.com

    This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • In December 2023, the Company sold its insurance agency operations, and now solely offers its own underwritten insurance policies through independent agents.
    • Tangible book value per share has increased from $0.85 at December 31, 2022, to $4.41 at December 31, 2024.
    • 2024 was highlighted by record earnings per share of $0.69.

    About First Acceptance Corporation

    First Acceptance Corporation is an insurance holding company headquartered in Nashville that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group.

    Additional information about First Acceptance Corporation can be found online at online www.firstacceptance.com.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Investor Relations Contact:
    Michael J. Bodayle
    mbodayle@firstacceptance.com

    Virtual Investor Conferences:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-Evening Report: Election Diary: Albanese government stays mum over whatever Russia may have said to Indonesia

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The imbroglio over the reported Russian request to Indonesia to base planes in Papua initially tripped Peter Dutton, and now is dogging Anthony Albanese.

    After the respected military site Janes said a request had been made, the Australian government quickly obtained an assurance from the Indonesians there would be no Russian planes based there.

    Moreover, the government was able to score a hit on Dutton, who had wrongly named Indonesian president Prabowo Subianto as having said there’d been a Russian approach. Later, Dutton admitted he’d stuffed up.

    One might have thought the story would have died as the election caravan moved on. But it continued when it became obvious the government would not say, despite repeated questions, whether it knew a request had in fact been made to the Indonesians.

    Then Russia’s ambassador to Indonesia, Sergei Tolchenov, leapt into the fray. Tolchenov wrote a letter to The Jakarta Post, responding to an article by Australian academic Matthew Sussex on The Conversation, which was republished in the Post.

    His letter dripping with sarcasm, the ambassador wrote:

    It is hard to imagine that any ordinary Australians should be concerned about what is happening 1,300 kilometers from their territory, about matters that concern relations between other sovereign states and have nothing to do with Australia. Perhaps it would be better for them to pay attention to the United States’ Typhon medium-range missile system in the Philippines, which will definitely reach the territory of the continent?

    It is clear that the leaders of the two main political parties, replacing each other in power and calling it democracy, are now trying to outdo each other, heating up the situation. They stop at nothing, and the time has come to play the so-called ‘Russian card’. This means to show to overseas mentors who is more anti-Russian and Russophobe. In this regard, I would like to remind them of the words of US President Donald Trump, which he pronounced in the White House on Feb. 28, 2025, to the Ukrainian citizen ‘Z’: ‘You have no cards’.“



    Read more:
    Russia has long had interest in Indonesia. Australia must realise its partners may have friends we don’t like

    Meanwhile, Employment Minister Murray Watt strayed off the government’s script of diplomatic silence when he told Sky on Sunday, “There is no proposal from Russia to have a base anywhere in Indonesia in the way that Peter Dutton and his colleagues have been claiming”.

    The questioning intensified.

    Late Monday, Deputy Prime Minister Richard Marles was back on Sky to impose the official blackout over what the government knew of the alleged discussions between Russia and Indonesia.

    “What we know about that, and when we knew about it, is obviously not something I’m going to ventilate in the public domain.

    “What matters here is that the Indonesians have made it completely clear to us that they have absolutely no intent of having Russian aircraft operating from their nation,” Marles said.

    Another instalment of “What the Russians Asked” may come in Tuesday night’s third leaders debate on Nine.

    A possible chance for real reform

    We keep getting lectured in this campaign about various significant issues (such as tax reform) that are being pushed under the carpet. But there’s something else that’s being overlooked: whether our institutions are in need of a big overhaul.

    With public trust low, accountability vital but often wanting, and our democracy sometimes resembling a car urgently needing a service, there are plenty of reforms that could be considered.

    John Daley (formerly of the Grattan Institute and now an independent consultant) and Rachel Krust, in a report released Monday and titled Institutional reform stocktake, propose a rich agenda for change. The stocktake was sponsored by the Susan McKinnon Foundation, a non-partisan body committed to promoting all aspects of better government.

    The report identifies short-term priority reforms as well as ones that would take longer to achieve.

    Parliamentarians often claim we’d be better governed with four-year terms. But given that would require a referendum, it is effectively out of reach. So the stocktake advocates a next-best option: fixed three year terms, which could be legislated. Four year terms would be a more distant aim.

    The advantage of fixed terms is they’d stop the disruption of months of speculation about the timing (that we saw before the current election). The disadvantage to the party in power is the prime minister can’t choose the day best suiting them.

    The Albanese government recently brought in caps for political donations and spending, to take effect in the coming term. Daley and Krust advocate these be revisited. The donation and disclosure caps should be lowered, they argue, and an expert commission should consider the caps on spending (which were criticised by some as limiting small and new players).

    Other priority recommendations are to beef up civics education, enhance parliamentary committees, put more structure around the appointment and termination of departmental secretaries, and better resource independent members of parliament, particularly if they hold the balance of power.

    One reason institutional reform is important is to achieve better policy outcomes, the report says. “Australian governments are getting worse at delivering policy changes that make a big difference to long-term problems.”

    While identifying a prospective advantage for policy, the report puts its finger on why such reform faces resistance.

    Institutional reforms have often not progressed in Australia because they would not serve the interests of incumbent parties. Many of the suggested changes would leave members of the government more exposed to questioning, challenge or censure, reduce the advantages of established political parties relative to new entrants, reduce the power of party officials relative to rank-and-file members, or reduce employment opportunities after a political career.

    The report says if the election produces a hung parliament this “may widen the window for reform”.

    “Crossbenchers usually have strong electoral incentives to prosecute institutional reforms, because they are usually both popular and not supported by incumbent parties.”

    But the crossbenchers need to be quick. “This window of opportunity may narrow again. The power of independents to push for institutional change is greatest during negotiations immediately following an election.”

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

    – ref. Election Diary: Albanese government stays mum over whatever Russia may have said to Indonesia – https://theconversation.com/election-diary-albanese-government-stays-mum-over-whatever-russia-may-have-said-to-indonesia-254201

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: ‘I am sorry’ — A reflection on Pope Francis’s apology on residential schools

    Source: The Conversation – Canada – By Jonathan Hamilton-Diabo, Assistant Professor, Teaching Stream; June Callwood Professor of Social Justice; Special Advisor on Indigenous Initiatives, Victoria University, University of Toronto

    Pope Francis reads his statement of apology during a visit with Indigenous peoples at Maskwaci, the former Ermineskin Residential School, July 25, 2022, in Maskwacis, Alberta. (AP Photo/Eric Gay)

    With the death of Pope Francis, his apology for residential schools in Canada and its impacts needs to be explored nearly three years after it was delivered.

    On July 25, 2022, in Maskwacîs, Alta., Pope Francis apologized on behalf of the Roman Catholic Church for its role in the residential school system:

    “I am sorry. I ask forgiveness, in particular, for the ways in which many members of the church and of religious communities co-operated, not least through their indifference, in projects of cultural destruction and forced assimilation promoted by the governments of that time, which culminated in the system of residential schools.”

    This formal apology, and other statements the Pope made in Canada, came seven years after the Truth and Reconciliation Commission’s 2015 Final Report. The TRC called for the Pope “to issue an apology to Survivors, their families, and communities for the Roman Catholic Church’s role in the spiritual, cultural, emotional, physical, and sexual abuse of First Nations, Inuit, and Métis children in Catholic-run residential schools.” This was to occur, in Canada, within one year.

    It is important to understand circumstances leading to the Pope’s Maskwacîs apology, the reaction at the time and its significance for the relationship between Indigenous Peoples and the Catholic Church.

    I previous explored these themes as the Pope arrived in Canada. I questioned whether the apology would contribute to healing or deepen the distrust in the church. As a Mohawk faculty member raised in Catholicism, who teaches in the fields of theology and education, and has family members who attended these schools, I seek to revisit this question nearly three year later.

    Seven years after TRC final report

    The Pope’s Maskwacîs apology wasn’t the first time a statement was issued by a member of the Catholic Church. The Missionary Oblates of Mary Immaculate (the Oblates) apologized in 1991 “for the part we played in the cultural, ethnic, linguistic and religious imperialism” which “continually threatened the cultural, linguistic, and religious traditions of the Native peoples.”

    This was followed by apologies offered by numerous bishops; however, they were inadequate, considering other leaders, such as the Moderator (United Church of Canada) and the Primate (Anglican Church of Canada), delivered the statements on behalf of their denominations respectively in 1986 and 1993, followed by other Protestant denominations.

    The importance of who offers an apology cannot be overstated. In 1998, Jane Stewart, the minister of Indian Affairs of Canada, read a Statement of Reconciliation acknowledging the tragedies experienced by students that attended residential school. Indigenous leaders criticized the statement, sensing a lack of ownership or not taking responsibility. It came across as an expression of regret rather than an apology, and was further rejected, as Prime Minister Jean Chrétien didn’t offer it.

    In 2008, Prime Minister Stephen Harper issued an apology on behalf of the country. Although met with mixed reviews, the importance of the prime minister providing it cannot be ignored. The same holds true for the Catholic Church.

    Length of time to materialize

    In July 2022, Pope Francis apologized before thousands of people: survivors, their families, community members and leaders. This was significant, considering the length of time for this to materialize.

    Other denominations begin this process much earlier. The pressure on the Catholic Church mounted, particularly given that it was the last mainline church to have its leader apologize and it operated about 60 per cent of the residential schools. To consider how the apology finally arrived, several events need to be understood.

    In 2021, reports on potential unmarked burial sites on former residential school grounds in Kamloops, B.C., began to surface. News of these discoveries not only circulated nationally, but globally. Shortly after this, other residential school sites were being investigated for unmarked burial sites.



    Read more:
    We fact-checked residential school denialists and debunked their ‘mass grave hoax’ theory

    Reopened wounds, anger

    Extensive work had already been done around unmarked burial sites: The TRC’s Final Report dedicated a volume on this issue; in 2007, The Working Group on Missing Children and Unmarked Burials was established, whose members comprised national Indigenous organizations, former students, archivists and the federal government; work at the Mohawk Institute was already in progress. Yet, the nation was stunned. Wounds were reopened for many Indigenous people.

    From this pain, a great amount of anger was directed towards the Catholic Church.

    Church buildings were vandalized or set on fire. As many were in First Nations territories, this created tensions, since there were still community members that were part of the Christian tradition.

    This outcry reignited attention towards residential schools and the Church. The Vatican invited a delegation of survivors to meet the Pope in March 2022. This visit provided an opportunity for delegation members to share their stories, however its location is important to consider. The meeting took place at the Vatican, potentially escalating the power imbalance between the Church and First Nation, Inuit and Métis delegates.

    Survivors speak about meaning

    Members of the delegation invited the Pope to visit Canada. Martha Grigg, an Inuit Elder and a residential school survivor, spoke about how his visit would be meaningful to former residential school students and their families. Pope Francis offered an apology to the delegates,, committing to travelling to Canada.

    Months after the Vatican trip, the Pope came to Canada to deliver a formal apology. Reactions varied from acceptance to outright rejection, while a “wait-and-see” approach was also adopted.

    Some expressed how the apology “has helped to open the door for survivors and their families to walk together with the church for a present and future of forgiveness and healing.” Discontent was voiced about certain issues, such as the Doctrine of Discovery, or omitting a commitment to allow access to records.

    Without apology, other measures stalled

    Some of the impacts of the apology may not be felt instantaneously. It represents hope for a better relationship and a starting point for healing. Without any apology, any measures that the church offered would not gain traction. The lack of a papal apology over many years kept this as the focal point, further damaging the relationship between the Church and many Indigenous people and continuing to erode trust.

    Since then, the Catholic Church has undertaken steps to address the harms of the residential schools and contribute to healing process. In 2023, the Vatican released a statement on the Doctrine of Discovery, indicating the Catholic Church was distancing itself from this concept and repudiating it, as it was not part of Church teachings.

    The Canadian Conference of Catholic Bishops (CCCB) and the Oblates committed to developing a process for the transparent access to records. Barriers to church records prevented access to documents that could help locate family members who never came home.

    The bishops pledged to raise $30 million for the Indigenous Reconciliation Fund to support activities dedicated to healing and reconciliation in 2021. The apology energized the campaign, raising half of the funds ahead of the five-year timeline.

    In a July 2024 statement, the CCCB said it has “established structures … to support dialogues and foster greater understanding of Indigenous cultural, linguistic and spiritual traditions and values,” and wishes to deepen academic collaborations to understand of the Doctrine of Discovery.



    Read more:
    Hot-button topics may get public attention at the Vatican synod, but a more fundamental issue for the Catholic Church is at the heart of debate

    Healing journey is long, apology was necessary

    While small advancements in reconciliation activities stemming from Pope Francis’ apology have occurred, the healing journey is long. Distrust is evident as the Church’s sincerity in this process is questioned; however, the apology presents an opportunity to renew relationships and forge new paths together.

    The criticisms of how and when it transpired and even what was said will always remain, however the apology was necessary.

    It was necessary for many survivors, who felt recognized. It was necessary for the Church to formally acknowledge its responsibility. It was necessary for Pope Francis to offer the apology directly to Indigenous people.

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

    – ref. ‘I am sorry’ — A reflection on Pope Francis’s apology on residential schools – https://theconversation.com/i-am-sorry-a-reflection-on-pope-franciss-apology-on-residential-schools-250607

    MIL OSI – Global Reports –

  • MIL-OSI: North American Construction Group Ltd. First Quarter Results Conference Call and Webcast Notification

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, April 21, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it will release its financial results for the first quarter ended March 31, 2025 on Wednesday, May 14, 2025 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, May 15, 2025, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

    The call can be accessed by dialing:
    Toll free: 1-800-717-1738
    Conference ID: 42703

    A replay will be available through June 12, 2025, by dialing:
    Toll Free: 1-888-660-6264
    Conference ID: 42703
    Playback Passcode: 42703

    A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at: North American Construction Group Ltd. First Quarter Results Conference Call and Webcast Registration

    A replay will be available until June 12, 2025, using the link provided.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information, please contact:        

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    Phone: (780) 960-7171
    Email: ir@nacg.ca

    The MIL Network –

  • MIL-OSI: Joshua Grass, John Kelly, and Lauren Daniel Join 5AM Ventures

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO and BOSTON, April 21, 2025 (GLOBE NEWSWIRE) — 5AM Ventures, a leading life science venture capital firm, is pleased to announce the addition of operational leadership and investment professionals who bring extraordinary experience to the organization. The appointments of Joshua Grass as Venture Partner, John Kelly as Partner, Chief Financial Officer and Chief Operating Officer, and Lauren Daniel as Chief Compliance Officer and Deputy General Counsel will strengthen the firm’s investment capabilities, financial and operational governance, and regulatory oversight as it continues to expand its portfolio.

    “We’re thrilled to welcome these exceptional leaders to our team,” said Andy Schwab, Managing Parter at 5AM Ventures. “Their collective expertise will be invaluable as we continue to pursue new growth opportunities for our investors and portfolio companies.”

    Joshua Grass, Venture Partner
    Joshua is a seasoned entrepreneur and investor with deep executive management, business development and operational expertise. He was most recently CEO of Escient Pharmaceuticals, a 5AM-backed biotech company developing small molecule therapeutics for neurosensory and inflammatory diseases. Escient was acquired by Incyte in 2024. Prior to Escient he was CEO of Modis Therapeutics after spending 15 years as a member of BioMarin’s senior executive management team leading Business and Corporate Development. Joshua earned a B.S. in Biology from California Polytechnic State University and an MBA in Finance and Entrepreneurship from William E. Simon School of Business at the University of Rochester.

    John Kelly, Partner, Chief Financial Officer & Chief Operating Officer
    John, a seasoned finance and operations professional with twenty-five years of experience, has joined 5AM Ventures as CFO and COO. He was previously CFO and Principal at Axonic Capital responsible for oversight of all aspects of the diverse, multi-strategy funds, management company, general partner and family office entities, including financial and tax reporting, treasury, counterparty management, cost center allocation and budgeting, payroll, and HR programs. John holds a B.S. in Accounting from Villanova School of Business.

    Lauren Daniel, JD, Chief Compliance Officer & Deputy General Counsel
    Lauren brings over fifteen years of experience in fund legal with a strong focus in regulatory compliance and risk management. Before joining 5AM, she served as Chief Compliance Officer and Counsel for Advent Global Opportunities, the public equity-focused platform of the global private equity firm Advent International. Since she joined in August, Lauren has been leading 5AM’s compliance efforts, ensuring that the firm continues to uphold the highest standards of regulatory adherence and governance practices. Lauren holds a B.A. in Political Science from Boston College and a J.D. from the Northwestern University Pritzker School of Law.

    “With Joshua, John, and Lauren onboard, we are excited to scale and refine our financial operations and enhance our ability to navigate complex legal and regulatory landscapes, while continuing to identify and nurture next-generation life science companies aimed at developing transformative therapeutics for patients,” said Kush Parmar, Managing Partner at 5AM Ventures.

    ABOUT 5AM VENTURES
    Founded in 2002, 5AM Ventures is a leading venture capital firm focused on investing in and building next-generation life science companies. Based in San Francisco, Boston, and New York City, 5AM takes a hands-on approach to investing and company building, often going beyond traditional board roles to leverage our diverse team of scientists, clinicians, drug developers and executives throughout a company’s life. With more than $2.2 billion raised since inception, 5AM has invested globally in over 140 public and private companies.

    5AM has helped guide portfolio companies to meaningful value-accretive outcomes.  Across the 5AM funds, over 30 portfolio companies have entered the public markets (e.g., through IPOs) and over 20 portfolio companies have been acquired through M&A.  A full list of portfolio companies, including those companies which have entered the public markets or been exited through M&A, are available on our website. 

    For more information, please visit www.5amventures.com.

    CONTACT
    5AM Ventures
    Michael Calore, Partner and Head of Investor Relations
    Email: ir@5amventures.com

    The MIL Network –

  • MIL-OSI Australia: Call for information – Ram Raid – Darwin

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to a ram raid in Moil overnight.

    Around 8pm, police received reports that a taxi had been stolen by 3 males on Quandong street, Nightcliff, after the driver allegedly exited his vehicle to enter a nearby house.

    A short time later, the vehicle was used in an attempted ram-raid of a business on Moil Place. The offenders, unable to steal any items, fled the scene on foot.

    A crime scene was established and investigations were commenced by detectives from Strike Force Trident.

    Police urge anyone with information about the incident to contact 131 444 and quote reference number P25109081 .

    MIL OSI News –

  • MIL-OSI Australia: Arrest – Indecent Assault – Southern Region

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested a 16-year-old male after an indecent assault near Uluru yesterday.

    Around 3pm, police received reports that a male had stolen a woman’s bag and mobile phone while she was walking along the base walk around Uluru.

    Yulara members attended the scene, where the victim disclosed that the male had also indecently assaulted her during the theft.

    Local members began investigations and identified a 16-year-old male, who has since been arrested. He currently remains in police custody and is expected to be charged later today.

    Police are urging anyone with information to contact police on 131 444 or to visit your local station. Quote reference P25106838. Anonymous reports can be made to Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Asia-Pac: BharatNet

    Source: Government of India

    BharatNet

    Extending Internet Access, Expanding Rural Progress

    Posted On: 21 APR 2025 2:48PM by PIB Delhi

    • Q: What is the BharatNet project?

    A: BharatNet is an ambitious project of the Government of India aimed at providing broadband connectivity to all Gram Panchayats (GPs) in the country. It is one of the biggest rural telecom projects in the world.

    • Q: What is the objective of the BharatNet project?

    A: The primary objective is to provide unrestricted access to broadband connectivity to all the telecom service providers. This enables access providers like mobile operators, Internet Service Providers (ISPs), Cable TV operators, and content providers to launch various services such as e-health, e-education, and e-governance in rural and remote India. It aims to empower rural India, foster inclusive growth, and bridge the gap between urban and rural communities.

    • Q: How many Gram Panchayats (GPs) are targeted under BharatNet?

    A: The project initially aimed to connect approximately 2.5 lakh Gram Panchayats across the country.

    • Q: What are the different phases of the BharatNet project?

     A: The Telecom Commission approved the implementation of the project in three phases on 30.04.2016:

      • Phase I: Focused on laying optical fibre cables to connect 1 lakh Gram Panchayats by utilising existing infrastructure. This phase was completed in December 2017
      • Phase II(ongoing): Expanded coverage to an additional 1.5 lakh Gram Panchayats using optical fibre, radio, and satellite technologies. This phase incorporated collaborative efforts with state governments and private entities.
      • Phase III(ongoing): Aims at future-proofing the network by integrating 5G technologies, increasing bandwidth capacity, and ensuring robust last-mile connectivity. This phase is ongoing. The Amended BharatNet Program (ABP) approved in August 2023 can be considered part of this evolution.
    • Q: What is the Amended BharatNet Program (ABP)?

     A: Approved in August 2023, the ABP is a design improvement aiming for Optical Fibre (OF) connectivity to 2.64 lakh GPs in ring topology (a network design where connected devices form a circular data channel) and OF connectivity to the remaining non-GP villages on demand. It includes features like IP-MPLS (Internet Protocol Multi-Protocol Label Switching) network with routers at Blocks and GPs, operation and maintenance for 10 years, power backup, and Remote Fibre Monitoring System (RFMS). The cost allocated is Rs. 1,39,579 crores.

    • Q: What other initiatives support digital empowerment in rural India?

     A: Several other initiatives complement BharatNet, including:

      • Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA): To ensure digital literacy in rural households, with over 6.39 crore individuals trained by March 31, 2024.
      • National Broadband Mission (NBM): Launched to fast-track the expansion of digital communications infrastructure. National Broadband Mission 2.0 was launched on January 17, 2025. Key initiatives under NBM include the Centralized Right of Way (RoW) Portal GatiShakti Sanchar.
    • Q: How is BharatNet being funded?

    A: BharatNet is primarily funded through the Digital Bharat Nidhi (DBN), which is a fund that replaced the Universal Service Obligation Fund (USOF). The total funding for BharatNet (Phase-I and Phase-II) approved by the Cabinet is Rs 42,068 crores (exclusive of GST, Octroi, and local taxes). As of 31.12.2023, a total of Rs. 39,825 crores have been disbursed under the BharatNet Project since its inception.

    • Q: Who is executing the BharatNet project?

    A: The project is being executed by a Special Purpose Vehicle (SPV) namely Bharat Broadband Network Limited (BBNL), which was incorporated on 25.02.2012 under the Indian Companies Act 1956. Under the Amended BharatNet Program, BSNL is appointed as the single Project Management Agency (PMA) for Operation & Maintenance of the entire network.

    • Q: What is the current status of BharatNet implementation?

    A:

      • As of 19th March 2025, 2,18,347GPs have been made service ready under the BharatNet project in the country.
      • As of March 25, 2025, the Optical Fiber Cable (OFC) length has increased to 42.13 lakh route km.
      • As of 13.01.2025, 6,92,676 Km of OFC (Optical Fiber Cable) has been laid.
      • 12,21,014 Fibre-To-The-Home (FTTH) connections are commissioned
      • 1,04,574 Wi-Fi hotspots are installed.
    • Q: How is the BharatNet network utilised?

    A: The network is utilised through leasing bandwidth and dark fibre, Wi-Fi to access broadband or internet services in public places, and Fibre to the Home (FTTH). Last Mile Connectivity (LMC) is provided through Wi-Fi in public places or other suitable broadband technologies, including FTTH at Government institutions such as schools, hospitals, post offices, etc.

    • Q: What are the benefits and impact of the BharatNet project?

    A: BharatNet has had a transformative impact on rural India, contributing to socioeconomic development in multiple ways:

      • Digital Inclusion: Connecting remote villages to high-speed internet, enabling access to e-governance, online education, and telemedicine.
      • Economic Opportunities: Enabling participation in digital commerce, access to financial services, and entrepreneurial opportunities.
      • Education and Healthcare: Facilitating digital classrooms and telehealth services.
      • Empowering Local Governance: Enabling Gram Panchayats to implement e-governance projects.
    • Q: What is the role of CSC e-Governance Services India Limited in BharatNet?

    A: CSC (Common Services Centre) e-Governance Services India Limited (CSC-SPV) was assigned to provide the last mile connectivity in GPs through Wi-Fi Access Points and FTTH connections.  As of September 2024, 1,04,574 Wi-Fi Access Points and 11,41 ,825 FTTH connections have been installed in the GPs. CSC-SPV also undertook a pilot project for laying overhead optical fiber from GPs.

    • Q: What is the collaboration between DBN and NABARD?

    A: Digital Bharat Nidhi (DBN) and the National Bank for Agriculture and Rural Development (NABARD) have signed an MoU to drive rural development by providing access to digital services, digital governance, and promoting a digital economy through high-speed broadband connectivity under the BharatNet program. Key areas of collaboration include reference data sharing, digital content sharing, digital services integration, awareness and capacity building, promoting a digital economy, and inclusion of ICT infrastructure.

    • Q: How does BharatNet relate to mobile connectivity in rural areas?

     A: Alongside BharatNet, the government is also focusing on expanding mobile connectivity in rural areas. As of December 2024, around 6,25,853 villages are covered with mobile connectivity, including 6,18,968 villages having 4G mobile coverage. The median mobile broadband speed has increased significantly. These efforts are complementary to BharatNet in bridging the digital divide.

    REFERENCES

    https://pib.gov.in/PressReleasePage.aspx?PRID=2086701#:~:text=the%20government%20of,truly%20digital%20nation

    https://x.com/PIB_India/status/1905232713227067857

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2115831

    https://usof.gov.in/en/ongoing-schemes

    https://bbnl.nic.in/

    https://it.tn.gov.in/en/TACTV/BharatNet

    https://www.data.gov.in/keywords/BharatNet

    https://usof.gov.in/en/bharatnet-project

    https://www.pib.gov.in/PressReleasePage.aspx?PRID=2086701

    https://sansad.in/getFile/loksabhaquestions/annex/1714/AU2874.pdf?source=pqals

    https://pib.gov.in/PressReleasePage.aspx?PRID=2117923#:~:text=Government%20of%20India%20Takes%20Measures,and%20Meaningful%20Connectivity%20for%20all.

    https://pib.gov.in/PressReleseDetailm.aspx?PRID=2077908&reg=3&lang=1

    https://sansad.in/getFile/annex/267/AU2155_28gbez.pdf?source=pqars

    KIndly find the pdf file 

    *****

    Santosh Kumar | Sarla Meena | Chaitanya Mishra

    (Release ID: 2123137) Visitor Counter : 193

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: EPFO Adds 16.10 Lakh Net Members during February 2025

    Source: Government of India

    EPFO Adds 16.10 Lakh Net Members during February 2025

    7.39 Lakh New Members Enrolled with EPFO

    Posted On: 21 APR 2025 2:26PM by PIB Delhi

    The Employees’ Provident Fund Organization (EPFO) has released provisional payroll data for February 2025, revealing a net addition of 16.10 lakh members. The year-on-year analysis reveals a growth of 3.99% in net payroll additions compared to February 2024, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.

    Key highlights of the EPFO Payroll Data (February 2025) are as follows:

    New Subscribers:

    EPFO enrolled around 7.39 lakh new subscribers in February 2025. This addition of new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs.

    Age Group 18-25 Leads Payroll Addition:

    A noticeable aspect of the data is the dominance of the 18-25 age group, 4.27 lakh new subscribers added in the 18-25 age group, constituting a significant 57.71% of the total new subscribers added in February 2025. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.

    Further, the net payroll addition for the age group 18-25 for February 2025 is approximately 6.78 lakh reflecting a growth of 3.01% from the previous year in February 2024.

    Rejoined Members:

    Approximately 13.18 lakh members, who had exited earlier, rejoined EPFO in February 2025. This figure depicts a significant 11.85% year-over-year growth compared to February 2024. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus safeguarding long-term financial well-being and extending their social security protection.

    Growth in Female Membership:

    Around 2.08 lakhs new female subscribers joined EPFO in February 2025. It depicts year-over-year growth of 1.26% compared to February 2024.

    Further, the net female payroll addition during the month stood at around 3.37 lakh, a significant year over year growth of 9.23% compared to February 2024. The growth in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.

    State-wise Contribution:

    State-wise analysis of payroll data denotes that the top five states/ UTs constitute around 59.75% of net payroll addition, adding a total around 9.62 lakh net payroll during the month. Of all the states, Maharashtra is leading by adding 20.90% of net payroll during the month. The states/UTs of Maharashtra, Tamil Nadu, Karnataka, Gujarat, Haryana, Delhi, Telangana and Uttar Pradesh individually added more than 5% of the total net payroll during the month.

    Industry-wise Trends:

    Month-on-month comparison of industry-wise data displays growth in the net payroll addition working in establishments engaged in the industries viz.

    1. FISH PROCESSIGN AND NON-VEG FOOD PRESERVATION,
    2. SOCIETIES CLUBS OR ASSOCIATIONS,
    3. ESTABLISHMENTS ENGAGED IN CLEANING, SWEEPING SERVICES,
    4. ESTABLISHMENT ENGAGED IN MANUFACTURE, MARKETING SERVICING, USAGE OF COMPUTERS,
    5. ESTABLISHMENTS OF AIRCRAFT OR AIRLINES,

    Of the total net payroll addition, around 41.72% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).

    The above payroll data is provisional since data generation is a continuous exercise, as updating employee record is a continuous process. The previous data gets updated every month on account of:

    1. ECRs being filed for previous months after generation of payroll report.
    2. ECRs filed earlier being modified after generation of payroll reports.
    3. Date of exit from EPF membership for previous months being updated after generation of payroll report.

    From the month of April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.

    *****

    Himanshu Pathak

    (Release ID: 2123129) Visitor Counter : 112

    MIL OSI Asia Pacific News –

  • MIL-OSI: HBT Financial, Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Highlights

    • Net income of $19.1 million, or $0.60 per diluted share; return on average assets (“ROAA”) of 1.54%; return on average stockholders’ equity (“ROAE”) of 13.95%; and return on average tangible common equity (“ROATCE”)(1) of 16.20%
    • Adjusted net income(1) of $19.3 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.55%; adjusted ROAE(1) of 14.08%; and adjusted ROATCE(1) of 16.36%
    • Asset quality remained exceptional with nonperforming assets to total assets of 0.11% and net charge-offs to average loans of 0.05%, on an annualized basis
    • Net interest margin increased 16 basis points to 4.12% and net interest margin (tax-equivalent basis)(1)increased 15 basis point to 4.16%

    BLOOMINGTON, Ill., April 21, 2025 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025. This compares to net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024, and net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024.

    J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2025 with strong first quarter results. Despite the economic outlook recently becoming more uncertain, leading to interest rate volatility and stock market declines, we still believe that 2025 will be a solid year for HBT. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.

    We continued to report solid profitability with adjusted net income(1) of $19.3 million, or $0.61 per diluted share, an adjusted ROAA(1) of 1.55% and an adjusted ROATCE(1) of 16.36%. Our net interest margin on a tax-equivalent basis(1) increased by 15 basis points, with 5 basis points of that increase related to higher nonaccrual interest recoveries and loan fees, as average loan balances were higher, loans and securities continued to reprice higher, and deposits repriced lower. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates, resulted in a $0.63 increase in our tangible book value per share(1) to $15.43. Tangible book value per share increased by 4.3% for the quarter and 17.0% over the last year.

    Our balance sheet remains strong with all capital ratios increasing during the quarter and asset quality improving with nonperforming assets to total assets declining to only 0.11%. Loans at quarter-end were down only slightly while average loans for the quarter were up 2.2%. Deposits were up 1.5% at quarter-end and average deposits for the quarter were up 1.1%. Deposit growth was aided by moving most of our repurchase agreements into interest-bearing demand deposits. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise and markets stabilize.”
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Adjusted Net Income

    In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. This compares to adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2025 was $48.7 million, an increase of 2.8% from $47.4 million for the fourth quarter of 2024. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

    Relative to the first quarter of 2024, net interest income increased 4.3% from $46.7 million. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.

    Net interest margin for the first quarter of 2025 was 4.12%, compared to 3.96% for the fourth quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the first quarter of 2025 was 4.16%, compared to 4.01% for the fourth quarter of 2024. The increase was primarily attributable to higher yields on interest-earning assets, which increased 9 basis points to 5.34%, and lower funding costs, which decreased 7 basis points to 1.32%. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin.

    Relative to the first quarter of 2024, net interest margin increased 18 basis points from 3.94% and net interest margin (tax-equivalent basis)(1) increased 17 basis points from 3.99%. These increases were primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 6 basis points of the increase in net interest margin.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Noninterest Income

    Noninterest income for the first quarter of 2025 was $9.3 million, a 20.0% decrease from $11.6 million for the fourth quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results. Further contributing to the decrease was a $0.3 million decrease in wealth management fees, primarily driven by a seasonal decrease in farm management income, a $0.3 million decrease in income on bank owned life insurance, primarily due to the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. Partially offsetting these decreases was the absence of a $0.3 million realized loss on sale of debt securities included in the fourth quarter 2024 results.

    Relative to the first quarter of 2024, noninterest income increased 65.4% from $5.6 million. The increase was primarily attributable to the absence of $3.4 million in realized losses on the sale of debt securities included in the first quarter 2024 results.

    Noninterest Expense

    Noninterest expense for the first quarter of 2025 was $31.9 million, a 3.3% increase from $30.9 million for the fourth quarter of 2024. The increase was primarily attributable to a $1.3 million increase in salaries expense, primarily driven by seasonal variations in vacation accruals and annual merit increases which took effect in early March, and a $0.6 million increase in employee benefits expense, primarily attributable to higher medical benefit costs. Partially offsetting these increases were a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense.

    Relative to the first quarter of 2024, noninterest expense increased 2.1% from $31.3 million. The increase was primarily attributable to a $0.5 million increase in employee benefits expense, primarily driven by increased medical benefit costs, and a $0.4 million increase in salaries expense. Partially offsetting these increases was a $0.2 million decrease in data processing expense.

    Income Taxes

    During the first quarter of 2025 our effective tax rate decreased to 25.2% when compared to 26.0% during the fourth quarter of 2024. This decrease was primarily related to a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.

    Loan Portfolio

    Total loans outstanding, before allowance for credit losses, were $3.46 billion at March 31, 2025, compared with $3.47 billion at December 31, 2024, and $3.35 billion at March 31, 2024. Total loans as of March 31, 2025 were nearly unchanged when compared to December 31, 2024 with a $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, due to seasonally higher line utilization, partially offset by a $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024, as noted in the previous quarter’s earnings release. Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment. Additionally, average loan balances increased $73.4 million, or 2.2%, from the fourth quarter of 2024 to the first quarter of 2025.

    Deposits

    Total deposits were $4.38 billion at March 31, 2025, compared with $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024. The $66.3 million increase from December 31, 2024 was primarily attributable to higher balances maintained in existing retail accounts. Additionally, the vast majority of repurchase agreement account balances at December 31, 2024 were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025.

    Asset Quality

    Nonperforming assets totaled $5.6 million, or 0.11% of total assets, at March 31, 2025, compared with $8.0 million, or 0.16% of total assets, at December 31, 2024, and $9.9 million, or 0.20% of total assets, at March 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million is either wholly or partially guaranteed by the U.S. government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.

    The Company recorded a provision for credit losses of $0.6 million for the first quarter of 2025. The provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.

    The Company had net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, and net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024.

    The Company’s allowance for credit losses was 1.22% of total loans and 825% of nonperforming loans at March 31, 2025, compared with 1.21% of total loans and 549% of nonperforming loans at December 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.2 million as of March 31, 2025, compared with $3.1 million as of December 31, 2024.

    Capital

    As of March 31, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

        March 31, 2025   For Capital
    Adequacy Purposes
    With Capital
    Conservation Buffer
             
    Total capital to risk-weighted assets   16.85 %   10.50 %
    Tier 1 capital to risk-weighted assets   14.77     8.50  
    Common equity tier 1 capital ratio   13.48     7.00  
    Tier 1 leverage ratio   11.64     4.00  
                 

    The ratio of tangible common equity to tangible assets(1) increased to 9.73% as of March 31, 2025, from 9.42% as of December 31, 2024, and tangible book value per share(1) increased by $0.63 to $15.43 as of March 31, 2025, when compared to December 31, 2024.

    During the first quarter of 2025, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the stock repurchase program.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    About HBT Financial, Inc.

    HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    CONTACT:
    Peter Chapman
    HBTIR@hbtbank.com
    (309) 664-4556

         
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
         
        As of or for the Three Months Ended
    (dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest and dividend income   $ 63,138     $ 62,798     $ 61,961  
    Interest expense     14,430       15,397       15,273  
    Net interest income     48,708       47,401       46,688  
    Provision for credit losses     576       725       527  
    Net interest income after provision for credit losses     48,132       46,676       46,161  
    Noninterest income     9,306       11,630       5,626  
    Noninterest expense     31,935       30,908       31,268  
    Income before income tax expense     25,503       27,398       20,519  
    Income tax expense     6,428       7,126       5,261  
    Net income   $ 19,075     $ 20,272     $ 15,258  
                 
    Earnings per share – diluted   $ 0.60     $ 0.64     $ 0.48  
                 
    Adjusted net income (1)   $ 19,253     $ 19,546     $ 18,073  
    Adjusted earnings per share – diluted (1)     0.61       0.62       0.57  
                 
    Book value per share   $ 17.86     $ 17.26     $ 15.71  
    Tangible book value per share (1)     15.43       14.80       13.19  
                 
    Shares of common stock outstanding     31,631,431       31,559,366       31,612,888  
    Weighted average shares of common stock outstanding, including all dilutive potential shares     31,711,671       31,702,864       31,803,187  
                 
    SUMMARY RATIOS            
    Net interest margin *     4.12 %     3.96 %     3.94 %
    Net interest margin (tax-equivalent basis) * (1)(2)     4.16       4.01       3.99  
                 
    Efficiency ratio     53.85 %     51.16 %     58.41 %
    Efficiency ratio (tax-equivalent basis) (1)(2)     53.35       50.68       57.78  
                 
    Loan to deposit ratio     78.95 %     80.27 %     76.73 %
                 
    Return on average assets *     1.54 %     1.61 %     1.23 %
    Return on average stockholders’ equity *     13.95       14.89       12.42  
    Return on average tangible common equity * (1)     16.20       17.40       14.83  
                 
    Adjusted return on average assets * (1)     1.55 %     1.56 %     1.45 %
    Adjusted return on average stockholders’ equity * (1)     14.08       14.36       14.72  
    Adjusted return on average tangible common equity * (1)     16.36       16.77       17.57  
                 
    CAPITAL            
    Total capital to risk-weighted assets     16.85 %     16.51 %     15.79 %
    Tier 1 capital to risk-weighted assets     14.77       14.50       13.77  
    Common equity tier 1 capital ratio     13.48       13.21       12.44  
    Tier 1 leverage ratio     11.64       11.51       10.65  
    Total stockholders’ equity to total assets     11.10       10.82       9.85  
    Tangible common equity to tangible assets (1)     9.73       9.42       8.40  
                 
    ASSET QUALITY            
    Net charge-offs (recoveries) to average loans *     0.05 %     0.08 %     (0.02) %
    Allowance for credit losses to loans, before allowance for credit losses     1.22       1.21       1.22  
    Nonperforming loans to loans, before allowance for credit losses     0.15       0.22       0.29  
    Nonperforming assets to total assets     0.11       0.16       0.20  

    ____________________________________

    *   Annualized measure.

    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.  

       
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Statements of Income
       
      Three Months Ended
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    INTEREST AND DIVIDEND INCOME          
    Loans, including fees:          
    Taxable $ 53,369     $ 52,587     $ 51,926  
    Federally tax exempt   1,168       1,199       1,094  
    Debt securities:          
    Taxable   6,936       6,829       6,204  
    Federally tax exempt   469       482       597  
    Interest-bearing deposits in bank   1,065       1,520       1,952  
    Other interest and dividend income   131       181       188  
    Total interest and dividend income   63,138       62,798       61,961  
    INTEREST EXPENSE          
    Deposits   12,939       13,672       13,593  
    Securities sold under agreements to repurchase   22       179       152  
    Borrowings   109       115       125  
    Subordinated notes   470       470       470  
    Junior subordinated debentures issued to capital trusts   890       961       933  
    Total interest expense   14,430       15,397       15,273  
    Net interest income   48,708       47,401       46,688  
    PROVISION FOR CREDIT LOSSES   576       725       527  
    Net interest income after provision for credit losses   48,132       46,676       46,161  
    NONINTEREST INCOME          
    Card income   2,548       2,797       2,616  
    Wealth management fees   2,841       3,138       2,547  
    Service charges on deposit accounts   1,944       2,080       1,869  
    Mortgage servicing   990       1,158       1,055  
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Gains on sale of mortgage loans   252       409       298  
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Unrealized gains (losses) on equity securities   8       (83 )     (16 )
    Gains (losses) on foreclosed assets   13       7       87  
    Gains (losses) on other assets   54       2       (635 )
    Income on bank owned life insurance   164       415       164  
    Other noninterest income   800       691       943  
    Total noninterest income   9,306       11,630       5,626  
    NONINTEREST EXPENSE          
    Salaries   17,053       15,784       16,657  
    Employee benefits   3,285       2,649       2,805  
    Occupancy of bank premises   2,625       2,773       2,582  
    Furniture and equipment   445       460       550  
    Data processing   2,717       2,998       2,925  
    Marketing and customer relations   1,144       948       996  
    Amortization of intangible assets   695       709       710  
    FDIC insurance   562       557       560  
    Loan collection and servicing   383       653       452  
    Foreclosed assets   5       31       49  
    Other noninterest expense   3,021       3,346       2,982  
    Total noninterest expense   31,935       30,908       31,268  
    INCOME BEFORE INCOME TAX EXPENSE   25,503       27,398       20,519  
    INCOME TAX EXPENSE   6,428       7,126       5,261  
    NET INCOME $ 19,075     $ 20,272     $ 15,258  
               
    EARNINGS PER SHARE – BASIC $ 0.60     $ 0.64     $ 0.48  
    EARNINGS PER SHARE – DILUTED $ 0.60     $ 0.64     $ 0.48  
    WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,584,989       31,559,366       31,662,954  
                           
               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Balance Sheets
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    ASSETS          
    Cash and due from banks $ 25,005     $ 29,552     $ 19,989  
    Interest-bearing deposits with banks   186,586       108,140       240,223  
    Cash and cash equivalents   211,591       137,692       260,212  
               
    Interest-bearing time deposits with banks   —       —       515  
    Debt securities available-for-sale, at fair value   706,135       698,049       669,020  
    Debt securities held-to-maturity   490,398       499,858       517,472  
    Equity securities with readily determinable fair value   3,323       3,315       3,324  
    Equity securities with no readily determinable fair value   2,629       2,629       2,622  
    Restricted stock, at cost   5,086       5,086       5,155  
    Loans held for sale   2,721       1,586       3,479  
               
    Loans, before allowance for credit losses   3,461,778       3,466,146       3,345,962  
    Allowance for credit losses   (42,111 )     (42,044 )     (40,815 )
    Loans, net of allowance for credit losses   3,419,667       3,424,102       3,305,147  
               
    Bank owned life insurance   24,153       23,989       24,069  
    Bank premises and equipment, net   67,272       66,758       64,755  
    Bank premises held for sale   190       317       317  
    Foreclosed assets   460       367       277  
    Goodwill   59,820       59,820       59,820  
    Intangible assets, net   17,148       17,843       19,972  
    Mortgage servicing rights, at fair value   18,519       18,827       19,081  
    Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
    Accrued interest receivable   22,735       24,770       23,117  
    Other assets   38,731       46,280       60,542  
    Total assets $ 5,092,192     $ 5,032,902     $ 5,040,510  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 1,065,874     $ 1,046,405     $ 1,047,074  
    Interest-bearing   3,318,716       3,271,849       3,313,500  
    Total deposits   4,384,590       4,318,254       4,360,574  
               
    Securities sold under agreements to repurchase   2,698       28,969       31,864  
    Federal Home Loan Bank advances   7,209       13,231       12,725  
    Subordinated notes   39,573       39,553       39,494  
    Junior subordinated debentures issued to capital trusts   52,864       52,849       52,804  
    Other liabilities   40,201       35,441       46,368  
    Total liabilities   4,527,135       4,488,297       4,543,829  
               
    Stockholders’ Equity          
    Common stock   329       328       328  
    Surplus   297,024       297,297       296,054  
    Retained earnings   329,169       316,764       278,353  
    Accumulated other comprehensive income (loss)   (38,446 )     (46,765 )     (56,048 )
    Treasury stock at cost   (23,019 )     (23,019 )     (22,006 )
    Total stockholders’ equity   565,057       544,605       496,681  
    Total liabilities and stockholders’ equity $ 5,092,192     $ 5,032,902     $ 5,040,510  
    SHARES OF COMMON STOCK OUTSTANDING   31,631,431       31,559,366       31,612,888  
                           
               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    LOANS          
    Commercial and industrial $ 441,261   $ 428,389   $ 402,206
    Commercial real estate – owner occupied   321,990     322,316     294,967
    Commercial real estate – non-owner occupied   891,022     899,565     890,251
    Construction and land development   376,046     374,657     345,991
    Multi-family   424,096     431,524     421,573
    One-to-four family residential   455,376     463,968     485,948
    Agricultural and farmland   292,240     293,375     287,205
    Municipal, consumer, and other   259,747     252,352     217,821
    Total loans $ 3,461,778   $ 3,466,146   $ 3,345,962
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    DEPOSITS          
    Noninterest-bearing deposits $ 1,065,874   $ 1,046,405   $ 1,047,074
    Interest-bearing deposits:          
    Interest-bearing demand   1,143,677     1,099,061     1,139,172
    Money market   812,146     820,825     802,685
    Savings   575,558     566,533     602,739
    Time   787,335     785,430     713,142
    Brokered   —     —     55,762
    Total interest-bearing deposits   3,318,716     3,271,849     3,313,500
    Total deposits $ 4,384,590   $ 4,318,254   $ 4,360,574
                     
       
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
       
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands) Average
    Balance    		   Interest   Yield/Cost *   Average
    Balance    		   Interest   Yield/Cost *   Average
    Balance    		   Interest   Yield/Cost *
                                       
    ASSETS                                  
    Loans $ 3,460,906     $ 54,537   6.39 %   $ 3,387,541     $ 53,786   6.32 %   $ 3,371,219     $ 53,020   6.33 %
    Debt securities   1,204,424       7,405   2.49       1,208,404       7,311   2.41       1,213,947       6,801   2.25  
    Deposits with banks   120,014       1,065   3.60       149,691       1,520   4.04       167,297       1,952   4.69  
    Other   12,677       131   4.19       12,698       181   5.68       12,986       188   5.82  
    Total interest-earning assets   4,798,021     $ 63,138   5.34 %     4,758,334     $ 62,798   5.25 %     4,765,449     $ 61,961   5.23 %
    Allowance for credit losses   (42,061 )             (40,942 )             (40,238 )        
    Noninterest-earning assets   276,853               277,074               278,253          
    Total assets $ 5,032,813             $ 4,994,466             $ 5,003,464          
                                       
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                  
    Liabilities                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 1,120,608     $ 1,453   0.53 %   $ 1,088,082     $ 1,351   0.49 %   $ 1,127,684     $ 1,311   0.47 %
    Money market   807,728       4,397   2.21       787,768       4,444   2.24       812,684       4,797   2.37  
    Savings   569,494       370   0.26       562,833       389   0.27       611,224       443   0.29  
    Time   784,099       6,719   3.48       796,494       7,439   3.72       664,498       5,925   3.59  
    Brokered   —       —   —       3,261       49   5.96       82,150       1,117   5.47  
    Total interest-bearing deposits   3,281,929       12,939   1.60       3,238,438       13,672   1.68       3,298,240       13,593   1.66  
    Securities sold under agreements to repurchase   8,754       22   1.02       31,624       179   2.26       32,456       152   1.89  
    Borrowings   12,890       109   3.41       13,370       115   3.42       13,003       125   3.87  
    Subordinated notes   39,563       470   4.82       39,543       470   4.73       39,484       470   4.78  
    Junior subordinated debentures issued to capital trusts   52,856       890   6.83       52,841       961   7.23       52,796       933   7.11  
    Total interest-bearing liabilities   3,395,992     $ 14,430   1.72 %     3,375,816     $ 15,397   1.81 %     3,435,979     $ 15,273   1.79 %
    Noninterest-bearing deposits   1,045,733               1,041,471               1,036,402          
    Noninterest-bearing liabilities   36,373               35,644               37,107          
    Total liabilities   4,478,098               4,452,931               4,509,488          
    Stockholders’ Equity   554,715               541,535               493,976          
    Total liabilities and stockholders’ equity $ 5,032,813             $ 4,994,466             $ 5,003,464          
                                       
    Net interest income/Net interest margin (1)     $ 48,708   4.12 %       $ 47,401   3.96 %       $ 46,688   3.94 %
    Tax-equivalent adjustment (2)       545   0.04           562   0.05           575   0.05  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 49,253   4.16 %       $ 47,963   4.01 %       $ 47,263   3.99 %
    Net interest rate spread (4)         3.62 %           3.44 %           3.44 %
    Net interest-earning assets (5) $ 1,402,029             $ 1,382,518             $ 1,329,470          
    Ratio of interest-earning assets to interest-bearing liabilities   1.41               1.41               1.39          
    Cost of total deposits         1.21 %           1.27 %           1.26 %
    Cost of funds         1.32             1.39             1.37  

    ____________________________________

    *   Annualized measure.

    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    NONPERFORMING ASSETS          
    Nonaccrual $ 5,102     $ 7,652     $ 9,657  
    Past due 90 days or more, still accruing   4       4       —  
    Total nonperforming loans   5,106       7,656       9,657  
    Foreclosed assets   460       367       277  
    Total nonperforming assets $ 5,566     $ 8,023     $ 9,934  
               
    Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 1,350     $ 1,573     $ 2,676  
               
    Allowance for credit losses $ 42,111     $ 42,044     $ 40,815  
    Loans, before allowance for credit losses   3,461,778       3,466,146       3,345,962  
               
    CREDIT QUALITY RATIOS          
    Allowance for credit losses to loans, before allowance for credit losses   1.22 %     1.21 %     1.22 %
    Allowance for credit losses to nonaccrual loans   825.38       549.45       422.65  
    Allowance for credit losses to nonperforming loans   824.74       549.16       422.65  
    Nonaccrual loans to loans, before allowance for credit losses   0.15       0.22       0.29  
    Nonperforming loans to loans, before allowance for credit losses   0.15       0.22       0.29  
    Nonperforming assets to total assets   0.11       0.16       0.20  
    Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.16       0.23       0.30  
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    ALLOWANCE FOR CREDIT LOSSES          
    Beginning balance $ 42,044     $ 40,966     $ 40,048  
    Provision for credit losses   496       1,771       560  
    Charge-offs   (665 )     (1,086 )     (227 )
    Recoveries   236       393       434  
    Ending balance $ 42,111     $ 42,044     $ 40,815  
               
    Net charge-offs (recoveries) $ 429     $ 693     $ (207 )
    Average loans   3,460,906       3,387,541       3,371,219  
               
    Net charge-offs (recoveries) to average loans *   0.05 %     0.08 %     (0.02) %

    ____________________________________

    *   Annualized measure.

      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    PROVISION FOR CREDIT LOSSES          
    Loans $ 496   $ 1,771     $ 560  
    Unfunded lending-related commitments   80     (1,046 )     (33 )
    Total provision for credit losses $ 576   $ 725     $ 527  
                         
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Net Income and Adjusted Return on Average Assets
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net income $ 19,075     $ 20,272     $ 15,258  
    Less: adjustments          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments   (249 )     1,016       (3,937 )
    Tax effect of adjustments (1)   71       (290 )     1,122  
    Total adjustments after tax effect   (178 )     726       (2,815 )
    Adjusted net income $ 19,253     $ 19,546     $ 18,073  
               
    Average assets $ 5,032,813     $ 4,994,466     $ 5,003,464  
               
    Return on average assets *   1.54 %     1.61 %     1.23 %
    Adjusted return on average assets *   1.55       1.56       1.45  

    ____________________________________

    *   Annualized measure.

    (1)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.  

    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Earnings Per Share — Basic and Diluted
      Three Months Ended
    (dollars in thousands, except per share amounts) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Numerator:          
    Net income $ 19,075   $ 20,272   $ 15,258
               
    Adjusted net income $ 19,253   $ 19,546   $ 18,073
               
    Denominator:          
    Weighted average common shares outstanding   31,584,989     31,559,366     31,662,954
    Dilutive effect of outstanding restricted stock units   126,682     143,498     140,233
    Weighted average common shares outstanding, including all dilutive potential shares   31,711,671     31,702,864     31,803,187
               
    Earnings per share – basic $ 0.60   $ 0.64   $ 0.48
    Earnings per share – diluted $ 0.60   $ 0.64   $ 0.48
               
    Adjusted earnings per share – basic $ 0.61   $ 0.62   $ 0.57
    Adjusted earnings per share – diluted $ 0.61   $ 0.62   $ 0.57
                     
    Reconciliation of Non-GAAP Financial Measures –
    Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
    Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Noninterest income   9,306       11,630       5,626  
    Noninterest expense   (31,935 )     (30,908 )     (31,268 )
    Pre-provision net revenue   26,079       28,123       21,046  
    Less: adjustments          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments   (249 )     1,016       (3,937 )
    Adjusted pre-provision net revenue $ 26,328     $ 27,107     $ 24,983  
               
    Pre-provision net revenue $ 26,079     $ 28,123     $ 21,046  
    Less: net charge-offs (recoveries)   429       693       (207 )
    Pre-provision net revenue less net charge-offs $ 25,650     $ 27,430     $ 21,253  
               
    Adjusted pre-provision net revenue $ 26,328     $ 27,107     $ 24,983  
    Less: net charge-offs (recoveries)   429       693       (207 )
    Adjusted pre-provision net revenue less net charge-offs $ 25,899     $ 26,414     $ 25,190  
                           
    Reconciliation of Non-GAAP Financial Measures –
    Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net interest income (tax-equivalent basis)          
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Tax-equivalent adjustment (1)   545       562       575  
    Net interest income (tax-equivalent basis) (1) $ 49,253     $ 47,963     $ 47,263  
               
    Net interest margin (tax-equivalent basis)          
    Net interest margin *   4.12 %     3.96 %     3.94 %
    Tax-equivalent adjustment * (1)   0.04       0.05       0.05  
    Net interest margin (tax-equivalent basis) * (1)   4.16 %     4.01 %     3.99 %
               
    Average interest-earning assets $ 4,798,021     $ 4,758,334     $ 4,765,449  

    ____________________________________

    *   Annualized measure.

    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

    Reconciliation of Non-GAAP Financial Measures –
    Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Total noninterest expense $ 31,935     $ 30,908     $ 31,268  
    Less: amortization of intangible assets   695       709       710  
    Noninterest expense excluding amortization of intangible assets $ 31,240     $ 30,199     $ 30,558  
               
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Total noninterest income   9,306       11,630       5,626  
    Operating revenue   58,014       59,031       52,314  
    Tax-equivalent adjustment (1)   545       562       575  
    Operating revenue (tax-equivalent basis) (1)   58,559       59,593       52,889  
    Less: adjustments to noninterest income          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments to noninterest income   (249 )     1,016       (3,937 )
    Adjusted operating revenue (tax-equivalent basis) (1) $ 58,808     $ 58,577     $ 56,826  
               
    Efficiency ratio   53.85 %     51.16 %     58.41 %
    Efficiency ratio (tax-equivalent basis) (1)   53.35       50.68       57.78  
    Adjusted efficiency ratio (tax-equivalent basis) (1)   53.12       51.55       53.77  

    ____________________________________
    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

    Reconciliation of Non-GAAP Financial Measures –
    Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Tangible Common Equity          
    Total stockholders’ equity $ 565,057     $ 544,605     $ 496,681  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,148       17,843       19,972  
    Tangible common equity $ 488,089     $ 466,942     $ 416,889  
               
    Tangible Assets          
    Total assets $ 5,092,192     $ 5,032,902     $ 5,040,510  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,148       17,843       19,972  
    Tangible assets $ 5,015,224     $ 4,955,239     $ 4,960,718  
               
    Total stockholders’ equity to total assets   11.10 %     10.82 %     9.85 %
    Tangible common equity to tangible assets   9.73       9.42       8.40  
               
    Shares of common stock outstanding   31,631,431       31,559,366       31,612,888  
               
    Book value per share $ 17.86     $ 17.26     $ 15.71  
    Tangible book value per share   15.43       14.80       13.19  
                           
    Reconciliation of Non-GAAP Financial Measures –
    Return on Average Tangible Common Equity,
    Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Average Tangible Common Equity          
    Total stockholders’ equity $ 554,715     $ 541,535     $ 493,976  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,480       18,170       20,334  
    Average tangible common equity $ 477,415     $ 463,545     $ 413,822  
               
    Net income $ 19,075     $ 20,272     $ 15,258  
    Adjusted net income   19,253       19,546       18,073  
               
    Return on average stockholders’ equity *   13.95 %     14.89 %     12.42 %
    Return on average tangible common equity *   16.20       17.40       14.83  
               
    Adjusted return on average stockholders’ equity *   14.08 %     14.36 %     14.72 %
    Adjusted return on average tangible common equity *   16.36       16.77       17.57  

    ____________________________________

    *   Annualized measure.

    The MIL Network –

  • MIL-OSI Australia: Interview with Paul Culliver, ABC Radio Newcastle

    Source: Australian Parliamentary Secretary to the Minister for Industry

    PAUL CULLIVER:

    Julie Collins is the federal Minister for Housing and Minister for Homelessness and joins you on the line. Good afternoon to you, Minister.

    JULIE COLLINS:

    Good afternoon, Paul, and to your listeners this afternoon.

    CULLIVER:

    What’s getting done in Lake Mac?

    COLLINS:

    Well, it was great to be with the local member Sharon Claydon this morning to be able to announce and open 10 new social housing homes, and to announce another 9 that will be built and another 9 that have already been refurbished. This is from the Social Housing Accelerator Fund, money that we have provided to the NSW Government. And what today was about was about a partnership between 3 tiers of government – local government, state government and federal government – to get more homes on the ground more quickly. And that’s what we need to see more of right around the country. And obviously, our Social Housing Accelerator was $2 billion that we provided to states and territories around 12 months ago now, and is part of our $32 billion Homes for Australia plan.

    CULLIVER:

    So, what will these social housing dwellings be used for? Who will be able to access these houses?

    COLLINS:

    Well, they’ll be people off the social housing waiting list and as I’ve said, there’s already been 9 refurbishments and they will be getting people in them. The homes that we stood in front of today, I understand there’ll be a handover today from the builders and people will be in those homes within weeks. And in terms of the new announcement for the ones at Wallsend, they’ll be under construction very soon and should be complete by the middle of next year, and have new tenants in them by the second half of next year. So, moving very quickly and this is obviously just the start of what we’re doing with our housing investments. We also will have the first round of our Housing Australia Future Fund and the National Housing Accord being announced later this year, around the end of August. But of course, those funds, particularly the Housing Australia Future Fund, was held up in the Senate by more than 6 months by the Liberal and the Greens senators. So, it is later than we had hoped, but we are going as quickly as we can to get as many homes on the ground as fast as we can.

    CULLIVER:

    Well, indeed. So, we’re talking about, you know, roughly 20 new homes here in totality. And obviously they are a benefit to the people that they will now house. But people might hear that and go, ‘9, 10 extra houses – it’s not making that much of a dent’.

    COLLINS:

    Well, we’re announcing homes like this all over the country though, and they will start to make a dent. And, of course, they are part of our ambitious shared national housing target to reach 1.2 million homes across the country. And these are homes of every type, not just social homes. We’re talking about homes to buy, homes for people to rent and, of course, social and affordable housing, as well as of course we know we need more transitional housing for women and children fleeing family violence, as well particularly. And we are building all of the above as fast as we can, working with other tiers of government. We had a historic agreement through National Cabinet in August last year, whereby the states committed to planning, zoning, land release reforms that will be very significant. And indeed, the Grattan Institute has said that our supply plan to add more homes could save renters around $32 billion. So, they are significant reforms. We’ve already seen the NSW Government move to do some of that planning and zoning reform, and they’re making great progress. But it’s only by having all tiers of government working together, working with community housing providers, working with the construction sector, that we’re actually going to be able to meet our shared national ambitious target of 1.2 million homes. We’re ambitious because we need to be, Paul, because we know we don’t have enough homes in Australia. We haven’t had enough homes for a long time. After a decade of neglect under the former government, we’ve got a lot of work to do and that’s what we’re getting on and doing, which is what you saw today.

    CULLIVER:

    Well, speaking of that ambitious plan, Oxford Economics yesterday released a report, Building in Australia. Their forecast says that you’re going to achieve 960,000 new homes will be built between now and 2029, compared to that target of 1.2 million, so falling short by over 200,000. Do you think they’ve got that modelling right?

    COLLINS:

    Well, of course what we want to do is we want to change things, which is what our $32 billion Homes for Australia plan is about. And if we see the states and the territories do the planning reforms that they’ve agreed to, if you see investments coming from other tiers of government, if you see 3 tiers of government working together, if we get more institutional investment, if we’re all working together with our shoulder to the wheel, we will get much closer to that. It is ambitious because it needs to be, Paul. We need a bit of ambition. We don’t have enough homes, and we haven’t for a long time. When you look at the number of homes that Australia has, particularly compared to the OECD average, we don’t have enough homes and we haven’t had enough homes for a long time. So, we need to get a good pipeline of homes and that’s what our work is all about.

    CULLIVER:

    Ok. But given that report yesterday by Oxford Economics, they’re basically saying, as it stands, what the Labor government is doing and in concert with state governments and councils as well, we’re going to fall short. So, do you need to do more? Do you need to do something different?

    COLLINS:

    Well, what you saw was us adding to our agenda in the last Budget with a further $6 billion, working as part of our $32 billion Homes for Australia plan. Since we’ve come to office now, we’ve announced $32 billion in new housing initiatives. We’ve had the significant National Cabinet agreement do a range of planning and zoning reforms, as I’ve said. We expect that this will make a big difference across the country. We are investing at every opportunity since we’ve come to government. We have announced new investments, and as I said, it’s not just our target. It’s a shared national target, working with other tiers of government, working with the sector to turn this around and to get more homes on the ground more quickly.

    CULLIVER:

    Your guest today is the federal Minister for Housing, Julie Collins. Of course, in the region today launching some of those new social housing dwellings that are being opened in our region, in Lake Macquarie. You are listening to ABC Newcastle. Paul Culliver with you. Of course, after the last week, we’ve been seeing a series of reporting and investigation over the CFMEU, the Construction, Forestry and Maritime Employees Union. Emerging allegations about criminal ties and the associated impact on what might be happening with government money there. The affiliation of the construction industry superfund Cbus, they have contribution to Labor’s affordable housing scheme. Some senators on the other side of the aisle saying that board members from the CFMEU contributing to Cbus should walk away. Indeed, Cbus should not be involved in that housing affordability fund. What is the status there in terms of CFMEU’s influence on those projects?

    COLLINS:

    Well, of course, we’ve said there’s zero tolerance for what the allegations and what we’ve seen in terms of the media reporting around what’s happening with the CFMEU. Zero tolerance. We have taken the strongest possible action. We’ve said we’re appointing an administrator through Fair Work. We are moving as quickly as we can and taking the strongest possible action we can. When it comes to Housing Australia and when it comes to housing across the country, what we’re focused on is getting housing on the ground as quickly as we can. We also, of course, want to make sure that we get value for taxpayer dollar and we want to make sure that we deal with some of the supply constraints around a shortage of labour, a shortage of materials. We’re investing more in Fee‑Free TAFE. We’re investing in a Future Made in Australia. We’re looking at modular and non‑traditional methods of construction to get homes up as quickly as we can. And we’re working, as I’ve said, right across government, but importantly with other tiers of government and with the sector to get these homes up as fast as we can.

    CULLIVER:

    Ok. Is it appropriate to have CFMEU representatives on the board of Cbus that are committing money to Labor’s Housing Australia Future Fund?

    COLLINS:

    Look, Cbus is an independent organisation and its board is a matter for that organisation. What I’m focused on is making sure that we do due diligence, that we get value for this Australian taxpayer as part of Housing Australia and our investments. That’s what we focused on – getting homes on the ground, getting the best value for dollar for the Australian taxpayer, and making sure that we get the homes up as quickly as we can, the right homes in the right places, including in regional cities like Newcastle.

    CULLIVER:

    All right. Should the Housing Australia Future Fund have money contributed to by a fund which has board members from the CFMEU?

    COLLINS:

    Well, the Housing Australia Future Fund at the moment has funds from the Australian taxpayer and that’s what we’re focused on, getting the returns for the Australian taxpayer to make sure that our investments are the best possible investments for the Australian taxpayer. We’re working incredibly hard, as I’ve said repeatedly, with other tiers of government, with the sector and the industry to get these homes up out of the ground as fast as we can.

    CULLIVER:

    Ok, but is the Future Fund going to accept funding from Cbus?

    COLLINS:

    Well, it doesn’t do that. Its contracts are with community housing providers. That’s how it works. The community housing providers and the state and territory governments, they are the people that have the contracts that get the homes built and that’s what we’re focused on.

    CULLIVER:

    Okay, does Cbus have any influence on what’s happening when it comes to the houses being built by the Fund?

    COLLINS:

    Absolutely not.

    CULLIVER:

    Okay, just finally, I want to talk about the emergence of deepfakes in domestic politics in Queensland. People might have seen this online. It’s doing the rounds on social media. Steven Miles, of course, the current Premier of Queensland. There’s been a deep fake turning up of him dancing. The LNP appears to have put this out just in the last hour. The ABC has reported that the ALP has previously actually published a clip of Peter Dutton the Opposition Leader created using generative artificial intelligence to its TikTok account. Do you think it’s appropriate to use generative AI to portray political actors doing things that they clearly did not?

    COLLINS:

    Some of the deepfake material is a really serious matter. I mean, I heard from one of my colleagues today who was at an inquiry into deepfake sexual material, which is a really serious issue. And obviously we are concerned about that. And we’re concerned about digitally created and altered particularly sexually explicit material that’s shared without consent that can be really damaging. And we’re looking at legislative legislation to make sure that people who share digitally created sexually explicit material without consent will be subject to serious criminal penalties. But we are concerned about the serious nature of some of the deepfakes, particularly on social media.

    CULLIVER:

    Was it appropriate for the Australian Labor Party TikTok to post, to post an AI generated video of Peter Dutton dancing?

    COLLINS:

    Well, I think that there’s a very big difference between something that is considered to be amusing or funny, as opposed to something that is really serious material. It is up to independent organisations such as the Queensland Electoral Commission or the Australian Electoral Commission in terms of electoral advertising about what is appropriate. But I think that there is a big difference between some of that material that you’re talking about.

    CULLIVER:

    Would you feel entirely comfortable if the opposition started posting deepfakes of you doing things that you hadn’t done?

    COLLINS:

    Look, as I said, I think that there’s a big difference between some of the really serious material that people have raised concerns about, and there is a difference between some of the electoral material. Some of it, of course, should not be put up. Some of it is a bit different, is intended to be humorous, and I think that there is a difference between the 2.

    CULLIVER:

    Would it be better to just ban all of it?

    COLLINS:

    Well, that is obviously something that could be considered. Certainly, I think the Queensland Electoral Commission will have a look in terms of the case in Queensland. You know, this sort of material, I think, is concerning. I think most Australians are concerned that this type of material is being produced. But as I said, I think there is a big difference between some of the material and some of this really serious material out there.

    CULLIVER:

    Minister, thanks for your time today.

    COLLINS:

    Thank you.

    MIL OSI News –

  • MIL-OSI Australia: Joint doorstop interview, Macquarie Park

    Source: Australian Parliamentary Secretary to the Minister for Industry

    JEROME LAXALE:

    I’m Jerome Laxale, the Member for Bennelong. It’s so great to welcome the Minister for Housing and the Minister for Climate Change and Energy, the Assistant Minister Jenny McAllister. It’s so great to be here at a small business in Bennelong. These energy efficiency upgrades will make a difference. I’ve run a small business my whole life. And I know that each and every day you’re looking to make savings, you’re looking to reinvest in the business. To get a better outcome for the bottom line, but also for your customers. Investing in these energy efficiency upgrades will help small businesses right across the country. Round 2 being announced today builds on the back of Round 1, which was announced last year. And we had a great example, in Bennelong where a supermarket used these energy efficiency grants to install controllers on their refrigerants, which has reduced their power prices by 20 per cent to 30 per cent. By the government providing these grants, it gives small businesses incentives, to do the homework, and to invest in upgrades to their energy efficiency, reduces emissions and reduces power bills. This is exactly what this Albanese government was elected to deliver. And it’s so great that we have another business here in Bennelong that has applied, that has been successful. They’ll see the power prices go down; they’ll see their emissions go down – all from this incentive by the federal government. It gives me great pleasure to invite Minister McAllister, to talk about it a lot more. It’s a very exciting program and one that I’m proud to have been an advocate for.

    SENATOR MCALLISTER:

    Thanks very much, Jerome, for your warm welcome and for your tireless advocacy for the people of Bennelong. It’s a pleasure to be here with my friend and colleague, Minister Collins. And today to announce the second round of the Energy Efficiency Grants for Small and Medium Enterprises. Now, we know that over the last 10 years, electricity has literally been leaking out the doors and windows of Australian homes and businesses because too little government attention was paid to the opportunities afforded by energy efficiency. Small improvements to businesses can make a big difference in an ongoing way to the energy demands. Now here at The Governor in Jerome’s electorate of Bennelong, they understand that changes to the energy performance of this operation will help them with their overall business performance. They’ve already made the decision to put solar on the roof, but in addition to that, they are now seeking to install monitoring equipment on the refrigeration, switch over their hot water from gas to a much more efficient electric system, and do an overall energy audit, so that can also understand the future opportunities to improvements right here. Our grants will allow these kinds of activities to happen right across the country. So from Darwin down to Hobart, Sydney to Perth, we will assist more than 1,700 Australian small and medium sized businesses to improve their energy performance. Lighting, refrigeration, heating and cooling, all of these things can make a lasting and enduring difference to the bills paid by small businesses and help these businesses to thrive. There’s a lot of work to do. This area of policy was characterised by a decade of neglect. But we are up for this task, and it is my very great pleasure to announce these grants today. I might introduce the Small Business Minister, Minister Collins, to make a few additional remarks, about the work that we are doing [inaudible] to support the small business sector.

    JULIE COLLINS:

    Thanks, Jenny. It’s terrific to be here at The Governor Hotel, and I thank them for having us today and for their success in this energy efficiency grant. It’s also terrific, obviously, to be with my friend and local Member, Jerome. It’s terrific to visit Jerome’s electorate. And again, as my colleague said, he’s a terrific advocate for people in Bennelong here in New South Wales. And of course, my other friend and colleague, Minister McAllister, who’s doing a terrific job when it comes to climate and energy, and particularly in terms of helping small businesses improve their energy efficiency and put downward pressure on their energy bills. That is what we have been doing as a government supporting small businesses with targeted support in ways to support small businesses, but also put downward pressure on inflation. These grants are a prime example of the government supporting and investing with small businesses in their business so that they get the returns not just today, but over the long term. As we’ve heard from Minister McAllister and indeed from the local member, Jerome, these grants are incredibly popular because what they do is they get small businesses to think about their energy efficiency, and they’ve put downward pressure on their energy bills over the long term. They are, of course, from our government, supporting small businesses, as we’ve heard, the second round over $40 million going to 1,700 small businesses and medium‑sized enterprises across the country. We, of course, are supporting small businesses in other ways. What we saw in our last budget was our Small Business Budget Statement, which has got over $640 million in targeted support for small businesses.

    Because we know while many small businesses are thriving, some small businesses are doing it tough, and we’re providing that targeted support. For things like our direct energy bill relief, up to $325 for around 1 million small businesses across the country. Our instant asset write‑off $20,000, for each asset for small businesses has been extended for this financial year as well as last. We have of course extended important programs to provide mental health and wellbeing for small businesses. To make sure that if they want to expand and grow their business or if they’re having some issues with their small businesses, they can get that targeted personal support for their business through financial counselling and advice. We, of course, are also leveling the playing field. We have got through the parliament legislation in relation to improving payment times for small businesses, again, to help small businesses with their cash flow. We’re reforming the franchising system to make sure that we have as a level playing field as we can get so that small businesses can compete with big businesses. We want to stay small businesses thrive in Australia, and that is what our small business target of support is all about. Labor is the party of supporting small businesses, and I look forward to continuing to work with colleagues like Minister McAllister to ensure that small businesses thrive right across the country.

    JOURNALIST:

    AEMO has flagged drops in energy supply for renewables throughout winter, with more gas needed to fill the gap. What is the plan if renewable output doesn’t improve?

    COLLINS:

    Look what we know is that renewables are the cheapest form of energy. AEMO supports what Labor is doing in terms of more renewables into the grid. What we also know is, is that the Liberal and National plan for nuclear will be too slow and too expensive when it comes to energy in Australia. What we’re doing here today is supporting small businesses to put downward pressure on their energy and to help them with their energy bills. And I’m happy to hand over to Minister McAllister to talk more about energy more generally. What I would say is that the alternative plan coming from Peter Dutton to go nuclear is too slow and too expensive, and our plan is being supported by AEMO to get more renewables into the system. Can I say, as a proud Tasmanian, we have a lot of renewables in Tasmania. We’ve been successfully net zero now for 8 out of the 9 last years. So it can be done.

    MCALLISTER:

    Thanks very much, Julie. Today we’ve received 2 reports from the market bodies indicating that renewables remain the lowest cost form of generation and are making an increasingly important contribution to the grid. Now, the reports also confirm the information that has been provided to successive governments over a very long period of time now – which is that more investment is required in generation capability to replace the aging coal‑fired power fleet that is coming to the end of its life.

    Unfortunately, during the period of the last government under the Liberals, these warnings were ignored. Twenty-four coal fired power stations announced or brought forward their closure dates, and the response to this was zero from the previous government. We are acting and taking steps now to bring on the new, reliable renewables that are necessary to develop – to deliver affordable energy for Australians. Now Peter Dutton’s plan is in no way responsive to the information that’s in front of us.

    Mr Dutton’s plan, apparently, is to have a conversation over the next term about nuclear with some communities, and then to wait until 2040 to deliver new generation capacity. We can’t wait that long. We need to get on with the job delivering the technologies that the experts tell us, are necessary to deliver an affordable and reliable power grid.

    JOURNALIST:

    The government has approved gas exploration licenses around Victoria and Tassie. How quickly do we need to get gas – that gas into the grid?

    MCALLISTER:

    We understand that the future of the Australian electricity market will be built on a range of technologies: renewables, like wind, solar, batteries, pumped hydro and of course, gas for those occasions when we need it as a backup. And what AEMO tells us is that looking to the future, we will see gas used less and less frequently, but when it’s used, it will be really important. It’s on that basis that we built the Future Gas Strategy. It’s important for Australians to think about where we are going to get the gas that we will need out ‘til 2050, but at the same time we retain focus on our core purpose, which is building out the new generation capability that is necessary to replace the aging coal‑fired generation. This is a task that has been completely ignored by the previous government, and it appears that in opposition they have not learned the lessons from the past. The current plan is to do something, perhaps in 2040. What happens between now and then is a complete mystery. And it’s time for Mr Dutton to front up and explain to Australians what the plan is between now and 2040, to meet the energy demands that the Australian economy requires.

    MIL OSI News –

  • MIL-OSI Global: Pope Francis has died, aged 88. These were his greatest reforms – and controversies

    Source: The Conversation – Global Perspectives – By Joel Hodge, Senior Lecturer, Faculty of Theology and Philosophy, Australian Catholic University

    Pope Francis has died on Easter Monday, aged 88, the Vatican announced. The head of the Catholic Church had recently survived being hospitalised with a serious bout of double pneumonia.

    Cardinal Kevin Farrell’s announcement began:

    Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis. At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father.

    There were many unusual aspects of Pope Francis’ papacy. He was the first Jesuit pope, the first from the Americas (and the southern hemisphere), the first to choose the name “Francis” and the first to give a TED talk. He was also the first pope in more than 600 years to be elected following the resignation, rather than death, of his predecessor.

    From the very start of his papacy, Francis seemed determined to do things differently and present the papacy in a new light. Even in thinking about his burial, he chose the unexpected: to be placed to rest not in the Vatican, but in the Basilica of St Mary Major in Rome – the first pope to be buried there in more than 300 years.

    Vatican News reported the late Pope Francis had requested his funeral rites be simplified.

    “The renewed rite,” said Archbishop Diego Ravelli, “seeks to emphasise even more that the funeral of the Roman Pontiff is that of a pastor and disciple of Christ and not of a powerful person of this world.”

    Straddling a line between “progressive” and “conservative”, Francis experienced tension with both sides. In doing so, his papacy shone a spotlight on what it means to be Catholic today.

    The day before his death, Pope Francis made a brief appearance on Easter Sunday to bless the crowds at St Peter’s Square.

    Between a rock and a hard place

    Francis was deemed not progressive enough by some, yet far too progressive by others.

    His apostolic exhortation (an official papal teaching on a particular issue or action) Amoris Laetitia, ignited great controversy for seemingly being (more) open to the question of whether people who have divorced and remarried may receive Eucharist.

    He also disappointed progressive Catholics, many of whom hoped he would make stronger changes on issues such as the roles of women, married clergy, and the broader inclusion of LGBTQIA+ Catholics.

    The reception of his exhortation Querida Amazonia was one such example. In this document, Francis did not endorse marriage for priests, despite bishops’ requests for this. He also did not allow the possibility of women being ordained as deacons to address a shortage of ordained ministers. His discerning spirit saw there was too much division and no clear consensus for change.

    Francis was also openly critical of Germany’s controversial
    “Synodal Way” – a series of conferences with bishops and lay people – that advocated for positions contrary to Church teachings. Francis expressed concern on multiple occasions that this project was a threat to the unity of the Church.

    At the same time, Francis was no stranger to controversy from the conservative side of the Church, receiving “dubia” or “theological doubts” over his teaching from some of his Cardinals. In 2023, he took the unusual step of responding to some of these doubts.

    Impact on the Catholic Church

    In many ways, the most striking thing about Francis was not his words or theology, but his style. He was a modest man, even foregoing the Apostolic Palace’s grand papal apartments to live in the Vatican’s simpler guest house.

    He may well be remembered most for his simplicity of dress and habits, his welcoming and pastoral style and his wise spirit of discernment.

    He is recognised as giving a clear witness to the life, love and joy of Jesus in the spirit of the Second Vatican Council – a point of major reform in modern Church history. This witness has translated into two major developments in Church teachings and life.

    Love for our common home

    The first of these relates to environmental teachings. In 2015, Francis released his ground-breaking encyclical, Laudato si’: On Care for Our Common Home. It expanded Catholic social teaching by giving a comprehensive account of how the environment reflects our God-given “common home”.

    Consistent with recent popes such as Benedict XVI and John Paul II, Francis acknowledged climate change and its destructive impacts and causes. He summarised key scientific research to forcefully argue for an evidence-based approach to addressing humans’ impact on the environment.

    He also made a pivotal and innovative contribution to the climate change debate by identifying the ethical and spiritual causes of environmental destruction.

    Francis argued combating climate change relied on the “ecological conversion” of the human heart, so that people may recognise the God-given nature of our planet and the fundamental call to care for it. Without this conversion, pragmatic and political measures wouldn’t be able to counter the forces of consumerism, exploitation and selfishness.

    Francis argued a new ethic and spirituality was needed. Specifically, he said Jesus’ way of love – for other people and all creation – is the transformative force that could bring sustainable change for the environment and cultivate fraternity among people (and especially with the poor).

    Synodality: moving towards a Church that listens

    Francis’s second major contribution, and one of the most significant aspects of his papacy, was his commitment to “synodality”. While there’s still confusion over what synodality actually means, and its potential for political distortion, it is above all a way of listening and discerning through openness to the guidance of the Holy Spirit.

    It involves hierarchy and lay people transparently and honestly discerning together, in service of the mission of the church. Synodality is as much about the process as the goal. This makes sense as Pope Francis was a Jesuit, an order focused on spreading Catholicism through spiritual formation and discernment.

    Drawing on his rich Jesuit spirituality, Francis introduced a way of conversation centred on listening to the Holy Spirit and others, while seeking to cultivate friendship and wisdom.

    With the conclusion of the second session of the Synod on Synodality in October 2024, it is too soon to assess its results. However, those who have been involved in synodal processes have reported back on their transformative potential.

    Archbishop of Brisbane, Mark Coleridge, explained how participating in the 2015 Synod “was an extraordinary experience [and] in some ways an awakening”.

    Catholicism in the modern age

    Francis’ papacy inspired both great joy and aspirations, as well as boiling anger and rejection. He laid bare the agonising fault lines within the Catholic community and struck at key issues of Catholic identity, triggering debate over what it means to be Catholic in the world today.

    He leaves behind a Church that seems more divided than ever, with arguments, uncertainty and many questions rolling in his wake. But he has also provided a way for the Church to become more converted to Jesus’ way of love, through synodality and dialogue.

    Francis showed us that holding labels such as “progressive” or “conservative” won’t enable the Church to live out Jesus’ mission of love – a mission he emphasised from the very beginning of his papacy.

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

    – ref. Pope Francis has died, aged 88. These were his greatest reforms – and controversies – https://theconversation.com/pope-francis-has-died-aged-88-these-were-his-greatest-reforms-and-controversies-229111

    MIL OSI – Global Reports –

  • MIL-OSI Global: Pope Francis tried to change the Catholic Church for women, with mixed success

    Source: The Conversation – Global Perspectives – By Tracy McEwan, School of Humanities, Creative Industries and Social Sciences, University of Newcastle

    Pope Francis, the head of the Catholic Church, died on Easter Monday at the age of 88.

    On Easter Sunday, he used his message and blessing to appeal for peace in Middle East and Ukraine.

    Pope Francis will be remembered as a pastoral leader who cared deeply about the environment and those impacted by migration, poverty and war.

    During his Pontificate, he did make important changes to the patriarchal structure of the Catholic Church – but did he go far enough?

    A pope for all?

    Throughout his papacy, Pope Francis highlighted the struggles of women in society. He took important steps to expand opportunities for women in the church and address its patriarchal structure.

    This was showcased by his inclusion of women in the 2024 synod (a global meeting of the whole church, represented by bishops) and his granting of voting rights for 57 women out of a total of 368 attendees.

    His appointment of around 20 women to positions of authority in the Vatican is unprecedented.

    This includes the recent 2025 appointment of an Italian religious sister, Simona Brambilla, to lead a Vatican department.

    During his papacy, Pope Francis also strongly supported the ongoing involvement of women in positions of leadership in the Roman Curia (the governance body of the church).

    At local levels, in parishes, he made it possible for women to be formally appointed to the positions of catechist and lector – roles previously reserved for men.

    He also emphasised a need for more women to study and teach theology.

    An ‘urgent challenge’

    However, these changes barely scratched the surface of securing full equality for women in the Catholic Church.

    Pope Francis himself stated women still encountered obstacles, and opportunities for women to participate were under-utilised by local churches.

    In his autobiography, published in January this year, he wrote of the “urgent challenge” to include women in central roles at every level of church life.

    He viewed this move as essential to “de-masculinising” the church and removing the problem of clericalism.

    Importantly, the reasoning that underpins women’s limited role in the life of the church remains unchanged.

    In particular, Pope Francis referred to gender stereotypes and supported the theology of complementarianism (a view that women are different but equally valued, where their central contribution is to motherhood, femininity and pastoral care responsibilities).

    While Pope Francis was genuinely committed to dialogue about and with women, his legacy remains contradictory.

    Equality is still lacking

    Women have been appointed to administrative and management positions, but decision making and ministry still largely rest with clerical men.

    Pope Francis’ emphasis on the “feminine nature” women bring to roles, rather than their gifts and talents, limited women.

    And although he called out discrimination against women in broader society, he expressed opposition to contemporary feminism, which he titled “gender ideology” and “machismo with a skirt”.

    Moreover, despite ongoing discussions, Pope Francis appeared to be unresponsive to calls for a greater role for women in ministry.

    Women cannot preach during Mass or be ordained to the priesthood or deaconate, despite multiple attempts by Catholic reform groups to advocate for women’s inclusion.

    The 2023 International Survey of Catholic Women, which surveyed more than 17,000 Catholic women from 104 countries and eight language groups, found women across the world were keen for church reform that recognises women’s leadership capacities and ongoing contribution to church communities.

    More than eight in ten (84%) of the women surveyed supported reform in the church. Two-thirds (68%) agreed women should be ordained to the priesthood, and three-quarters (78%) were supportive of women preaching during Mass.

    The survey reported on the deep frustration and despair women experienced for not having their gifts and talents recognised.

    Women also stated they are dissatisfied with the burden of labour they carry in the church.

    In this regard, Pope Francis did not address the financial burdens and exploitation of Catholic women who work for the church without adequate recognition or pay. This leaves women, particularly those working in parishes, open to exploitation.

    More worryingly, decades after cases of abuse were reported to the Vatican, Pope Francis publicly acknowledged that women, particularly nuns, were significantly affected by spiritual and sexual abuse.

    While this recognition is important, church responses to abuse remain inadequate and more needs to be done to safeguard women in pastoral settings.

    With regard to sexual and reproductive decision-making, the International Survey of Catholic Women found the majority of respondents wanted more freedom of conscience around such issues. This is because when they are denied by church law, women’s agency was diminished and their vulnerability to situations of gendered violence increased.

    The papacy of Pope Francis has made no reforms in this area, leaving many Catholic women frustrated and disappointed.

    Hope for the future?

    More than 60 years ago, Vatican II generated hope for change among Catholic women.

    Pope Francis reignited that hope, and listened. But responses have been too slow and Catholic women are still waiting for genuine reform.

    Tracy McEwan receives funding from the Australia-Germany Joint Research Cooperation Scheme (DAAD) and Australian Research Theology Foundation Inc. (ARTFinc).

    Kathleen McPhillips receives funding from the Australian Research Theology Foundation, the Australia-Germany Joint Research Cooperation Scheme (DAAD) and the Ian and Shirley Norman Foundation.

    – ref. Pope Francis tried to change the Catholic Church for women, with mixed success – https://theconversation.com/pope-francis-tried-to-change-the-catholic-church-for-women-with-mixed-success-250911

    MIL OSI – Global Reports –

  • MIL-Evening Report: Pope Francis tried to change the Catholic Church for women, with mixed success

    Source: The Conversation (Au and NZ) – By Tracy McEwan, School of Humanities, Creative Industries and Social Sciences, University of Newcastle

    Pope Francis, the head of the Catholic Church, died on Easter Monday at the age of 88.

    On Easter Sunday, he used his message and blessing to appeal for peace in Middle East and Ukraine.

    Pope Francis will be remembered as a pastoral leader who cared deeply about the environment and those impacted by migration, poverty and war.

    During his Pontificate, he did make important changes to the patriarchal structure of the Catholic Church – but did he go far enough?

    A pope for all?

    Throughout his papacy, Pope Francis highlighted the struggles of women in society. He took important steps to expand opportunities for women in the church and address its patriarchal structure.

    This was showcased by his inclusion of women in the 2024 synod (a global meeting of the whole church, represented by bishops) and his granting of voting rights for 57 women out of a total of 368 attendees.

    His appointment of around 20 women to positions of authority in the Vatican is unprecedented.

    This includes the recent 2025 appointment of an Italian religious sister, Simona Brambilla, to lead a Vatican department.

    During his papacy, Pope Francis also strongly supported the ongoing involvement of women in positions of leadership in the Roman Curia (the governance body of the church).

    At local levels, in parishes, he made it possible for women to be formally appointed to the positions of catechist and lector – roles previously reserved for men.

    He also emphasised a need for more women to study and teach theology.

    An ‘urgent challenge’

    However, these changes barely scratched the surface of securing full equality for women in the Catholic Church.

    Pope Francis himself stated women still encountered obstacles, and opportunities for women to participate were under-utilised by local churches.

    In his autobiography, published in January this year, he wrote of the “urgent challenge” to include women in central roles at every level of church life.

    He viewed this move as essential to “de-masculinising” the church and removing the problem of clericalism.

    Importantly, the reasoning that underpins women’s limited role in the life of the church remains unchanged.

    In particular, Pope Francis referred to gender stereotypes and supported the theology of complementarianism (a view that women are different but equally valued, where their central contribution is to motherhood, femininity and pastoral care responsibilities).

    While Pope Francis was genuinely committed to dialogue about and with women, his legacy remains contradictory.

    Equality is still lacking

    Women have been appointed to administrative and management positions, but decision making and ministry still largely rest with clerical men.

    Pope Francis’ emphasis on the “feminine nature” women bring to roles, rather than their gifts and talents, limited women.

    And although he called out discrimination against women in broader society, he expressed opposition to contemporary feminism, which he titled “gender ideology” and “machismo with a skirt”.

    Moreover, despite ongoing discussions, Pope Francis appeared to be unresponsive to calls for a greater role for women in ministry.

    Women cannot preach during Mass or be ordained to the priesthood or deaconate, despite multiple attempts by Catholic reform groups to advocate for women’s inclusion.

    The 2023 International Survey of Catholic Women, which surveyed more than 17,000 Catholic women from 104 countries and eight language groups, found women across the world were keen for church reform that recognises women’s leadership capacities and ongoing contribution to church communities.

    More than eight in ten (84%) of the women surveyed supported reform in the church. Two-thirds (68%) agreed women should be ordained to the priesthood, and three-quarters (78%) were supportive of women preaching during Mass.

    The survey reported on the deep frustration and despair women experienced for not having their gifts and talents recognised.

    Women also stated they are dissatisfied with the burden of labour they carry in the church.

    In this regard, Pope Francis did not address the financial burdens and exploitation of Catholic women who work for the church without adequate recognition or pay. This leaves women, particularly those working in parishes, open to exploitation.

    More worryingly, decades after cases of abuse were reported to the Vatican, Pope Francis publicly acknowledged that women, particularly nuns, were significantly affected by spiritual and sexual abuse.

    While this recognition is important, church responses to abuse remain inadequate and more needs to be done to safeguard women in pastoral settings.

    With regard to sexual and reproductive decision-making, the International Survey of Catholic Women found the majority of respondents wanted more freedom of conscience around such issues. This is because when they are denied by church law, women’s agency was diminished and their vulnerability to situations of gendered violence increased.

    The papacy of Pope Francis has made no reforms in this area, leaving many Catholic women frustrated and disappointed.

    Hope for the future?

    More than 60 years ago, Vatican II generated hope for change among Catholic women.

    Pope Francis reignited that hope, and listened. But responses have been too slow and Catholic women are still waiting for genuine reform.

    Tracy McEwan receives funding from the Australia-Germany Joint Research Cooperation Scheme (DAAD) and Australian Research Theology Foundation Inc. (ARTFinc).

    Kathleen McPhillips receives funding from the Australian Research Theology Foundation, the Australia-Germany Joint Research Cooperation Scheme (DAAD) and the Ian and Shirley Norman Foundation.

    – ref. Pope Francis tried to change the Catholic Church for women, with mixed success – https://theconversation.com/pope-francis-tried-to-change-the-catholic-church-for-women-with-mixed-success-250911

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Pope Francis has died, aged 88. These were his greatest reforms – and controversies

    Source: The Conversation (Au and NZ) – By Joel Hodge, Senior Lecturer, Faculty of Theology and Philosophy, Australian Catholic University

    Pope Francis has died on Easter Monday, aged 88, the Vatican announced. The head of the Catholic Church had recently survived being hospitalised with a serious bout of double pneumonia.

    Cardinal Kevin Farrell’s announcement began:

    Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis. At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father.

    There were many unusual aspects of Pope Francis’ papacy. He was the first Jesuit pope, the first from the Americas (and the southern hemisphere), the first to choose the name “Francis” and the first to give a TED talk. He was also the first pope in more than 600 years to be elected following the resignation, rather than death, of his predecessor.

    From the very start of his papacy, Francis seemed determined to do things differently and present the papacy in a new light. Even in thinking about his burial, he chose the unexpected: to be placed to rest not in the Vatican, but in the Basilica of St Mary Major in Rome – the first pope to be buried there in more than 300 years.

    Vatican News reported the late Pope Francis had requested his funeral rites be simplified.

    “The renewed rite,” said Archbishop Diego Ravelli, “seeks to emphasise even more that the funeral of the Roman Pontiff is that of a pastor and disciple of Christ and not of a powerful person of this world.”

    Straddling a line between “progressive” and “conservative”, Francis experienced tension with both sides. In doing so, his papacy shone a spotlight on what it means to be Catholic today.

    The day before his death, Pope Francis made a brief appearance on Easter Sunday to bless the crowds at St Peter’s Square.

    Between a rock and a hard place

    Francis was deemed not progressive enough by some, yet far too progressive by others.

    His apostolic exhortation (an official papal teaching on a particular issue or action) Amoris Laetitia, ignited great controversy for seemingly being (more) open to the question of whether people who have divorced and remarried may receive Eucharist.

    He also disappointed progressive Catholics, many of whom hoped he would make stronger changes on issues such as the roles of women, married clergy, and the broader inclusion of LGBTQIA+ Catholics.

    The reception of his exhortation Querida Amazonia was one such example. In this document, Francis did not endorse marriage for priests, despite bishops’ requests for this. He also did not allow the possibility of women being ordained as deacons to address a shortage of ordained ministers. His discerning spirit saw there was too much division and no clear consensus for change.

    Francis was also openly critical of Germany’s controversial
    “Synodal Way” – a series of conferences with bishops and lay people – that advocated for positions contrary to Church teachings. Francis expressed concern on multiple occasions that this project was a threat to the unity of the Church.

    At the same time, Francis was no stranger to controversy from the conservative side of the Church, receiving “dubia” or “theological doubts” over his teaching from some of his Cardinals. In 2023, he took the unusual step of responding to some of these doubts.

    Impact on the Catholic Church

    In many ways, the most striking thing about Francis was not his words or theology, but his style. He was a modest man, even foregoing the Apostolic Palace’s grand papal apartments to live in the Vatican’s simpler guest house.

    He may well be remembered most for his simplicity of dress and habits, his welcoming and pastoral style and his wise spirit of discernment.

    He is recognised as giving a clear witness to the life, love and joy of Jesus in the spirit of the Second Vatican Council – a point of major reform in modern Church history. This witness has translated into two major developments in Church teachings and life.

    Love for our common home

    The first of these relates to environmental teachings. In 2015, Francis released his ground-breaking encyclical, Laudato si’: On Care for Our Common Home. It expanded Catholic social teaching by giving a comprehensive account of how the environment reflects our God-given “common home”.

    Consistent with recent popes such as Benedict XVI and John Paul II, Francis acknowledged climate change and its destructive impacts and causes. He summarised key scientific research to forcefully argue for an evidence-based approach to addressing humans’ impact on the environment.

    He also made a pivotal and innovative contribution to the climate change debate by identifying the ethical and spiritual causes of environmental destruction.

    Francis argued combating climate change relied on the “ecological conversion” of the human heart, so that people may recognise the God-given nature of our planet and the fundamental call to care for it. Without this conversion, pragmatic and political measures wouldn’t be able to counter the forces of consumerism, exploitation and selfishness.

    Francis argued a new ethic and spirituality was needed. Specifically, he said Jesus’ way of love – for other people and all creation – is the transformative force that could bring sustainable change for the environment and cultivate fraternity among people (and especially with the poor).

    Synodality: moving towards a Church that listens

    Francis’s second major contribution, and one of the most significant aspects of his papacy, was his commitment to “synodality”. While there’s still confusion over what synodality actually means, and its potential for political distortion, it is above all a way of listening and discerning through openness to the guidance of the Holy Spirit.

    It involves hierarchy and lay people transparently and honestly discerning together, in service of the mission of the church. Synodality is as much about the process as the goal. This makes sense as Pope Francis was a Jesuit, an order focused on spreading Catholicism through spiritual formation and discernment.

    Drawing on his rich Jesuit spirituality, Francis introduced a way of conversation centred on listening to the Holy Spirit and others, while seeking to cultivate friendship and wisdom.

    With the conclusion of the second session of the Synod on Synodality in October 2024, it is too soon to assess its results. However, those who have been involved in synodal processes have reported back on their transformative potential.

    Archbishop of Brisbane, Mark Coleridge, explained how participating in the 2015 Synod “was an extraordinary experience [and] in some ways an awakening”.

    Catholicism in the modern age

    Francis’ papacy inspired both great joy and aspirations, as well as boiling anger and rejection. He laid bare the agonising fault lines within the Catholic community and struck at key issues of Catholic identity, triggering debate over what it means to be Catholic in the world today.

    He leaves behind a Church that seems more divided than ever, with arguments, uncertainty and many questions rolling in his wake. But he has also provided a way for the Church to become more converted to Jesus’ way of love, through synodality and dialogue.

    Francis showed us that holding labels such as “progressive” or “conservative” won’t enable the Church to live out Jesus’ mission of love – a mission he emphasised from the very beginning of his papacy.

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

    – ref. Pope Francis has died, aged 88. These were his greatest reforms – and controversies – https://theconversation.com/pope-francis-has-died-aged-88-these-were-his-greatest-reforms-and-controversies-229111

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Twinkling star reveals the shocking secrets of turbulent plasma in our cosmic neighbourhood

    Source: The Conversation (Au and NZ) – By Daniel Reardon, Postdoctoral Researcher, Pulsar Timing and Gravitational Waves, Swinburne University of Technology

    Artist’s impression of a pulsar bow shock scattering a radio beam. Carl Knox/Swinburne/OzGrav

    With the most powerful radio telescope in the southern hemisphere, we have observed a twinkling star and discovered an abundance of mysterious plasma structures in our cosmic neighbourhood.

    The plasma structures we see are variations in density or turbulence, akin to interstellar cyclones stirred up by energetic events in the galaxy.

    The study, published today in Nature Astronomy, also describes the first measurements of plasma layers within an interstellar shock wave that surrounds a pulsar.

    We now realise our local interstellar medium is filled with these structures and our findings also include a rare phenomenon that will challenge theories of pulsar shock waves.

    What’s a pulsar and why does it have a shock wave?

    Our observations honed in on the nearby fast-spinning pulsar, J0437-4715, which is 512 light-years away from Earth. A pulsar is a neutron star, a super-dense stellar remnant that produces beams of radio waves and an energetic “wind” of particles.

    The pulsar and its wind move with supersonic speed through the interstellar medium – the stuff (gas, dust and plasma) between the stars. This creates a bow shock: a shock wave of heated gas that glows red.

    The interstellar plasma is turbulent and scatters pulsar radio waves slightly away from a direct, straight line path. The scattered waves create a pattern of bright and dim patches that drifts over our radio telescopes as Earth, the pulsar and plasma all move through space.

    From our vantage point, this causes the pulsar to twinkle, or “scintillate”. The effect is similar to how turbulence in Earth’s atmosphere makes stars twinkle in the night sky.

    Pulsar scintillation gives us unique information about plasma structures that are too small and faint to be detected in any other way.

    Twinkling little radio star

    To the naked eye, the twinkling of a star might appear random. But for pulsars at least, there are hidden patterns.

    With the right techniques, we can uncover ordered shapes from the interference pattern, called scintillation arcs. They detail the locations and velocities of compact structures in the interstellar plasma. Studying scintillation arcs is like performing a CT scan of the interstellar medium – each arc reveals a thin layer of plasma.

    Usually, scintillation arc studies uncover just one, or at most a handful of these arcs, giving a view of only the most extreme (densest or most turbulent) plasma structures in our galaxy.

    Our scintillation arc study broke new ground by unveiling an unprecedented 25 scintillation arcs, the most plasma structures observed for any pulsar to date.

    The sensitivity of our study was only possible because of the close proximity of the pulsar (it’s our nearest millisecond pulsar neighbour) and the large collecting area of the MeerKAT radio telescope in South Africa.

    Animation of 25 scintillation arcs changing in curvature with time according to the changing velocity of the pulsar. Each frame of the animation shows the scintillation arcs measured on one day, for six consecutive days. The inset scintillation arcs originate from the pulsar bow shock.
    Reardon et al., Nature Astronomy

    A Local Bubble surprise

    Of the 25 scintillation arcs we found, 21 revealed structures in the interstellar medium. This was surprising because the pulsar – like our own Solar System – is located in a relatively quiet region of our galaxy called the Local Bubble.

    About 14 million years ago, this part of our galaxy was lit up by stellar explosions that swept up material in the interstellar medium and inflated a hot void. Today, this bubble is still expanding and now extends up to 1,000 light-years from us.

    Our new scintillation arc discoveries reveal that the Local Bubble is not as empty as previously thought. It is filled with compact plasma structures that could only be sustained if the bubble has cooled, at least in some areas, from millions of degrees down to a mild 10,000 degrees Celsius.

    Shock discoveries

    As the animation below shows, the pulsar is surrounded by its bow shock, which glows red with light from energised hydrogen atoms.

    Artist’s animation of the bow shock scattering the pulsar beam. Carl Knox/Swinburne/OzGrav.

    While most pulsars are thought to produce bow shocks, only a handful have ever been observed because they are faint objects. Until now, none had been studied using scintillation.

    We traced the remaining four scintillation arcs to plasma structures inside the pulsar bow shock, marking the first time astronomers have peered inside one of these shock waves.

    This gave us a CT-like view of the different layers of plasma. Using these arcs together with an optical image we constructed a new three-dimensional model of the shock, which appears to be tilted slightly away from us because of the motion of the pulsar through space.

    The scintillation arcs also gave us the velocities of the plasma layers. Far from being as expected, we discovered that one inner plasma structure is moving towards the shock front against the flow of the shocked material in the opposite direction.

    While such back flows can appear in simulations, they are rare. This finding will drive new models for this bow shock.

    Scintillating science

    With new and more sensitive radio telescopes being built around the world, we can expect to see scintillation from more pulsar bow shocks and other events in the interstellar medium.

    This will uncover more about the energetic processes in our galaxy that create these otherwise invisible plasma structures.

    The scintillation of this pulsar neighbour revealed unexpected plasma structures inside our Local Bubble and allowed us to map and measure the speed of plasma within a bow shock. It’s amazing what a twinkling little star can do.

    Daniel Reardon receives funding from the Australian Research Council Centre of Excellence for Gravitational Wave Discovery (OzGrav).

    – ref. Twinkling star reveals the shocking secrets of turbulent plasma in our cosmic neighbourhood – https://theconversation.com/twinkling-star-reveals-the-shocking-secrets-of-turbulent-plasma-in-our-cosmic-neighbourhood-243022

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: Offshore detention is inhumane — I know because I lived it

    Source: Amnesty International –

    On my first day in offshore detention, I was given a number. Benham Satah became FRT009 — or Foxtrot Romeo Tango Zero Zero Nine, as the guards would use the military alphabet. It was one of the many ways they treated us like criminals or prisoners of war.

    When I fled Iran in 2013, I never imagined I would end up on Manus Island in Papua New Guinea. I risked my life to get from Indonesia to Christmas Island, an Australian territory in the Indian Ocean. When you need to flee, you grab the first opportunity you get — and this boat was mine.

    Europe’s nations have proposed establishing refugee ‘return hubs’ in third-party countries outside their jurisdiction for failed asylum seekers. But they should think twice.

    After four days at sea, we finally saw dry land. But my relief turned to horror as the guards were already there, waiting to detain us. And after 25 days in detention there, we were then handcuffed, dragged on to a plane by four giant security guards. They wouldn’t tell us where we were heading.

    It felt like we were being kidnapped.

    When we finally arrived in Papua New Guinea, they took us to the Lombrum military compound, where we were detained in 3-square-meter rooms, each with a bunk bed and a third camp bed. There was just enough space to lie down.

    Then, I was transferred to my final destination of Manus Island — the detention camp for men only. We were over 500 in a facility that was built for 200. There were LGBTQ+ individuals, unaccompanied children, vulnerable people left alone with no real protection to survive in a dangerous environment.

    It was so hot in the camp. The only reprieve came in the evenings, when the temperature would drop slightly. And even though we were surrounded by the ocean, with the camp just meters from the shore, I never actually heard the lapping of waves — the generator clattered like a helicopter day and night, drowning out the sea.

    It smelled so bad there. The Australian caseworkers admitted they wouldn’t even bring an animal to the camp. There were 10 toilets and 10 showers for 500 people, and this caused problems every day. The rubbish was left to sweat and ferment in the tropical heat. They would set off smoke bombs to kill mosquitos. The whole camp stank of chemicals. Despite this, all these years later, I still have malaria in my blood.

    There were 14 deaths recorded in the years I was on Manus Island. I still see their faces — especially my roommate’s, Reza Barati. He was murdered before my eyes, while in the custody of the Australian government. [According to eyewitness reports, Barati was beaten to death by guards and other contractors.]

    People died of preventable deaths there. Everyone suffered from mental or physical health problems. The only treatment we received was paracetamol and water. I remember Hamid (whose name has been changed to protect his identity). He never received proper treatment, as there was no doctor in the medical center here. They amputated both his legs in the capital, Port Moresby. He died from septicemia.

    But we weren’t just denied treatment on Manus, those in charge were also inexplicably reckless with vaccinations. I was an interpreter for a friend, FRT001, who came on the same boat as me. I witnessed him receive 60 vaccines in under a month. We tried to stop them, but if you refused a vaccine, they would call the Emergency Response Team.

    My friend was eventually sent back to Iran where he died not long after.

    Ukrainian refugees are protected by the French government — every refugee should be treated that way.

    People would self-immolate with petrol in detention. We were beaten. At times the violence was extreme, and you could be assaulted for no reason. When a packet of cigarettes can guarantee your safety, you understand how cheap human life can be.

    With offshore detention, the Australian government paid Nauru and Papua New Guinea to do its dirty work. There was no law there, and they could do what they wanted without fear of the courts. We were denied access to lawyers. We were out of sight, out of mind — exactly as was intended. 

    I tried to take my life several times on Manus, and the memories still give me nightmares. I lost almost seven years of my youth in detention. Those are days I will never get back. I still take a lot of tablets just to get through the day.

    Everyone I know who went through this “offshore detention” scheme has since been diagnosed with PTSD. I think we need a new term for what we experienced, like Manus disease or offshore detention syndrome. Even people who just spent a month there are still suffering.

    Not knowing when you’ll leave — it’s worse than any prison sentence. It destroys your mental health.

    Nowadays, I work with the Salvation Army, and volunteer to help Ukrainians in France who fled Russia’s invasion. Ukrainian refugees are protected by the French government — every refugee should be treated that way. They should be given a chance to live and build a future. I also provide support and counseling for people on Manus Island and those who left but are still suffering.

    I still have my own struggles with depression and mental health, but helping others in my situation lifts me up.

    It was torture what the government did to us. They were saying it was deterrence, but it never worked. It hasn’t stopped people from trying to get to Australia to seek protection because they have no choice. Instead, it has become a stain on Australian history.

    I hope no European country ever adopts this policy.

    Benham Satah coordinated this piece with Amnesty International.

    This piece was first published by Politico here

    MIL OSI NGO –