NewzIntel.com

Category: Australia

  • MIL-OSI Asia-Pac: Speech by SJ at 8th IBA Asia Pacific Regional Forum Biennial Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the 8th IBA Asia Pacific Regional Forum Biennial Conference today (February 20): Mr Menzer (Vice-President of the International Bar Association (IBA), Mr Jorg Menzer), Mr Dhillon (Co-Chair of the IBA Asia Pacific Regional Forum Mr Dinesh Dhillon), Mr Liu (Co-Chair of the IBA Asia Pacific Regional Forum Mr David Liu), Winnie (Secretary of the IBA Asia Pacific Regional Forum and co-chair of the conference, Ms Winnie Tam, SC), other friends from the IBA, distinguished guests, ladies and gentlemen,      Good evening. I wish to begin by thanking the organiser, in particular, my good friend Winnie, for inviting me to this dinner. I also wish to congratulate the conference co-chairs and the conference organising committee for hosting this eighth edition of the International Bar Association Asia Pacific Regional Forum Biennial Conference. I was told that more than 360 persons coming from 36 jurisdictions have signed up for the conference. Apart from 20 jurisdictions in the Asia Pacific region (including the Mainland and Hong Kong), we have friends coming from South Asia, Central Asia, Europe, North and South America, as well as Africa.      In 2008, Hong Kong hosted the IBA Asia Pacific Forum with the theme “New focus of international business: Asia, the centre stage”. Time flies. As at today (February 20, 2025), what had been described as the “new focus” back in 2008, 17 years ago has become the “main focus”.      In these circumstances, the theme of this conference is most pertinent, namely “Vibrant Asia – Land of opportunity and promise”. This theme, of course, applies to Hong Kong, being one of the major international cities in Asia. But I wish to be more specific tonight by spending the next 15 minutes or so to convince you why, from the legal perspective, Hong Kong is a land of opportunity and promise.      The short answer is that, as we always say, Hong Kong serves as the “super connector” and “super value-adder” between China and the rest of the world. We perform such roles by making use of our unique strengths and advantages under the principle of “one country, two systems”. One of these unique strengths and advantages is that we have very strong rule of law based on our common law system. You may wonder: there are many jurisdictions in the world including Asia, which practise the common law; what is so special about Hong Kong’s common law system? My answer is that there are at least six key characteristics of our common law system which, when combined together, have rendered our legal system unparalleled.     First, our legal system is very stable. Hong Kong is the only common law jurisdiction in China. The continuation of the common law system is guaranteed by various provisions in the Basic Law which implements the fundamental national policy of “one country, two systems”. It is most significant to note that, in his speech delivered on July 1, 2022, at the celebration of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), President Xi Jinping made it crystal clear that the principle of “one country, two systems” is a good policy that must be adhered to in the long run. Equally important is that he mentioned the common law twice in his speech. Apart from acknowledging the contribution of the common law to the success of Hong Kong since China’s resumption of sovereignty over Hong Kong on July 1, 1997, he said that “The Central Government fully supports Hong Kong in its effort … to maintain the common law …”. More recently, on December 20, 2024, at the celebration of the 25th anniversary of Macao’s return to the motherland, President Xi repeated that “one country, two systems” is a good system that sustains the long-term prosperity and stability of Hong Kong and Macao. He also pointed out that the values embodied in the principle of “one country, two systems”, namely, peace, inclusiveness, openness and sharing are relevant to not only China but also the whole world.     Second, our legal system is very credible and reliable. In particular, we have an utmost reputable and independent judiciary. The Basic Law provides that our courts shall enjoy the independent power of adjudication and also that our Court of Final Appeal (CFA) shall enjoy the power of final adjudication. There are also express provisions which guarantee judicial independence. For example, judges in Hong Kong are appointed on the recommendation of an independent commission, with the only criteria considered being their judicial and professional quality. Non-permanent judges from other common law jurisdictions of the highest calibre have been invited to sit on our CFA. The most recent appointee, former Chief Justice of the Federal Court of Australia, Mr Justice Allsop, came to Hong Kong last week to hear his first case. The judgments of our courts, in particular those of the CFA, are often cited in other common law jurisdictions. All court hearings, subject to very few exceptions, are conducted openly; and court judgments are always published. These measures enable people to see that judges have in fact discharged their duties independently without any improper interference. A strong piece of evidence, which I will mention with great reluctance, is that in litigation involving the Government, the Secretary for Justice was, on some occasions, not the successful party. The integrity and quality of our judiciary is never in doubt.      Third, our legal system provides a very safe and secure environment. Fundamental human rights and freedoms based on international standards set by the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights, as well as private property rights, are fully protected by Hong Kong law. Our law enforcement agencies and regulatory bodies, such as the Police, the ICAC (Independent Commission Against Corruption), the SFC (Securities and Futures Commission), always enforce the relevant laws strictly and fairly. In this respect, it is very important to note that we have consistently been ranked as one of the least corrupt places in the world. According to the Corruption Perceptions Index 2024 released by Transparency International very recently on February 11, 2025, Hong Kong ranks 17 out of 180 jurisdictions, well ahead of many Western developed countries such as the United States and the United Kingdom.      Fourth, our legal system is very user-friendly. It is the only bilingual common law system using both English and Chinese. This is important because English is the linqua franca of the international business community. Our laws (both substantive and procedural) are aligned with prevailing international practices, and hence are familiar to the international community. For example, our Arbitration Ordinance is based on the United Nations Commission on International Trade Law Model Law. In the latest World Competitiveness Yearbook 2024 published by the International Institute for Management Development in June 2024, Hong Kong ranked first in “Business legislation”.      Furthermore, we strive to update our laws continuously to ensure that they will meet the demand of the latest developments and trends around the world. Let me give two examples. We have just completed a consultation in relation to the proposed amendments to the Copyright Ordinance to cater for the fast development of AI generated works. Second, a draft legislation is now being considered by our Legislative Council which aims at creating a regulatory regime for the issuance and offers of stablecoins.      Fifth, our legal system is well connected to both the Mainland and other parts of the world. With the strong support of the Central Government, Hong Kong has signed nine mutual legal assistance arrangements in civil and commercial matters with the Mainland covering three main areas: first, procedural assistance on, for example, service of judicial documents and taking of evidence; second, arbitration-related assistance; and third, reciprocal recognition and enforcement of civil and commercial judgments. These MLA (mutual legal assistance) arrangements give Hong Kong an advantage that is unavailable in other jurisdictions.      In this respect, it is necessary to mention the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which consist of nine cities in the Guangdong Province, the HKSAR and the Macao SAR. The population of the GBA has exceeded 86 million; its size is similar to Croatia; its total GDP has already exceeded Australia and is among the top 10 in the world. It is the home of giant tech companies such as Tencent and BYD. Great efforts have been made to harmonise the rules and regulations in the three different legal territories in the GBA. For example, to promote and facilitate the use of mediation to resolve civil and commercial disputes in the GBA, there is now a uniform set of rules on mediation and also a consolidated panel of GBA mediators. Furthermore, important measures have been introduced to give business entities the option to use Hong Kong law in their contracts, and choose Hong Kong as the place for arbitration when they set up their businesses in the GBA. Just last Friday (February 14), the Supreme People’s Court and the Ministry of Justice of the People’s Republic of China announced that Hong Kong-invested enterprises registered in any of the nine Mainland cities in the GBA may choose Hong Kong as the seat of arbitration. And for enterprises registered in Shenzhen or Zhuhai, they may also choose to use Hong Kong law as the governing law of their commercial contracts. These additional options will certainly create more demands and, hence, opportunities for legal practitioners in Hong Kong.      Sixth and lastly, we have very strong legal professionals and dispute resolution institutions with high expertise and vast experience in providing legal and dispute resolution services involving Mainland and international elements. A very important point is that, while most of our lawyers are very good at handling international legal issues, at the same time, they are also proficient in both Chinese and English, and have intimate knowledge of the Chinese culture and business practices. According to the latest statistics updated to February 20, 2025, published by the Law Society of Hong Kong, 299 law firms have overseas offices, and 86 have representative offices in the Mainland. Because of these strong Mainland and international connections, by engaging a Hong Kong lawyer or law firm, the client would in effect be able to obtain a one-stop legal service regarding different jurisdictions.      Our dispute resolution bodies are of course very popular and well regarded worldwide. According to the statistics published by the Hong Kong International Arbitration Centre (HKIAC) (the main arbitral institution in Hong Kong), in 2024, 352 new arbitration cases were submitted to the HKIAC, with the total amount in dispute reaching approximately US$13.6 billion. Both figures represent a record high for the HKIAC. Parties from 53 jurisdictions participated in these arbitrations. In 86 per cent of these cases, at least one of the parties was not from Hong Kong; and in 14.5 per cent of these cases, neither party came from Asia. These figures demonstrate and reinforce Hong Kong’s status as a world class leading and popular international arbitration centre.      As there are many friends from the Mainland and other countries here tonight, I wish to stress that we adopt a very open policy and welcome lawyers from other jurisdictions to practise here in appropriate circumstances. As a matter of fact, there are already 83 foreign law firms and 1 571 foreign registered lawyers practising in Hong Kong. On the other hand, King’s Counsel from England come to Hong Kong from time to time on an ad hoc basis to appear in difficult and complex litigations.      Turning to arbitration, we place no restriction at all on the nationalities or professional qualifications of the parties, legal advisers or arbitrators to participate in arbitral proceedings in Hong Kong. As a further step to facilitate people from other places to take part in arbitrations in Hong Kong, starting from next month, individuals participating in arbitrations in Hong Kong may do so without the need to obtain any employment visa. These individuals include not only to parties to the arbitration, arbitrators and counsel, but also expert and factual witnesses, tribunal secretaries, and tribunal-appointed experts. And it does not matter that the seat of arbitration is indeed somewhere else so long as the arbitral proceedings take place physically in Hong Kong.      While I am very confident that Hong Kong’s legal system is unparalleled, and provides abundant opportunities to legal practitioners from not just Hong Kong but also the Mainland and other parts of the world, we recognise that there is no room for complacency. Therefore, we will spare no effort to further promote Hong Kong as an international legal and dispute resolution services centre as well as a capacity building centre. I am excited to say that the signing ceremony of the international treaty regarding the establishment of the International Organization for Mediation (IoMED) will take place in Hong Kong later this year. The establishment of the IoMED is the result of successful negotiations between China and a number of friendly states. Its headquarters will be located in Hong Kong, and it will be the world’s first intergovernmental international legal organisation dedicated to resolving international disputes of different natures through mediation.      In addition, the Department of Justice established the Hong Kong International Legal Talents Training Academy last November which aims at providing capacity building programmes, organising practical training courses, and international exchange programmes to promote sharing of knowledge and experience among legal talents in the region and beyond.      I think I have said enough, and it is time for you to enjoy your well-deserved dinner. To my dear friends coming from overseas, I do hope that, apart from taking part in this conference, you will have some spare time to explore our wonderful city. Seeing is believing. I am very confident that you will be convinced that Hong Kong has remained to be a very open and vibrant society full of energy, hopes and opportunities, as is always the case.       I wish you all a very pleasant evening. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Woman injured after Rowland Flat crash

    Source: South Australia Police

    A woman has been taken to hospital after a crash at Rowland Flat in the Barossa Valley.

    Just after 10.20pm on Thursday 20 February, emergency services were called to Pioneer Avenue after a woman had parked a small bus at the entrance to a hotel.

    She then got out of the bus and had walked around the front when it rolled forward and collided with the woman.

    The 59-year-old Peterhead woman was airlifted to hospital in a serious but stable condition.

    Local police are investigating the collision and anyone who witnessed the crash is asked to call Crime Stoppers on 1800 333 000, or online at www.crimestopperssa.com.au

    MIL OSI News –

  • MIL-Evening Report: I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election

    Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

    In the 2022 federal election, two demographics were key to the final outcome: women and young people.

    With another election fast approaching, will they swing the result again?

    To answer this question, I turned to the Australian Election Study (AES) data spanning the period from 1987 to 2022, to investigate how different demographics have voted over time.

    I found that, generally, Australian women and young people tend to favour left-of-centre parties.

    However, specific election issues can have a substantial impact, making the political context of each election crucial. So what can we expect this time around?

    Leaning to the left

    Last year highlighted a growing gulf in political leanings between the sexes worldwide.

    Young women are increasingly progressive. Young men – particularly Gen Z (born after 1994) – are leaning more conservative in many countries, including the United States, China, South Korea and Germany.

    My analysis of the Australian data mirrors global trends, but with a twist.

    Young Australian women are moving sharply to the left. But unlike in many other countries, young Australian men are also shifting left, just at a slower pace.

    Australia’s leftward move across generations is reflected in both self-placement on a left-right ideological scale, and in the vote in federal elections.

    In the 2022 Australian election, the Coalition received its lowest-ever share of the women’s vote at just 32%.

    Only 24.3% of Millennials (21.9% of men and 25.7% of women) voted for the Coalition in 2022.

    These are the lowest levels of support for either major party among younger people in the history of the survey.

    Among Gen Z, a slightly higher proportion of 24.6% voted for the Coalition (34.0% of men and 19.8% of women).

    What’s driving this?

    In theory, women’s leftward shift is driven by several factors. These include higher education levels, greater participation in professional work, and exposure to feminist values. Despite Australia’s post-industrial, egalitarian image, persistent gendered inequalities and discrimination also play a role.

    Meanwhile, young men’s move to the left can be attributed to progressive and egalitarian socialisation. Plus, unlike in other countries, Australia lacks Donald Trump-like figures who could mobilise anti-feminist or hardline conservative sentiments. This limits the expression of such views at an aggregate level.

    This leftward shift is, in part, a generational effect – or at least a reflection of the times.

    The generational angle is crucial, as the 2025 federal election will be the first in which Millennials and Gen Z together will outnumber Baby Boomers as the dominant voting bloc in Australia.

    This shift should shape how political parties campaign, whom they target, and which issues take centre stage.

    Policies are voter priorities

    My analysis highlights another important angle. Over the study period, voting decisions have increasingly been driven by policy issues, with 48% of Australians citing them as the primary factor. This is followed by party affiliation (29%), party leaders (14%) and local candidates (9%).

    In 2022, 54% of voters reported policy issues as the main factor influencing their choice.

    Across election years, I identified the most prominent and recurrent election issues that voters identified as influential. I added these issues to my model to see how people who care about these issues lean (left-right) and whether men and women differ in their political leanings (progressive-conservative). I also considered other factors known to impact voting, including:

    • sociodemographic factors (education, marital status, social class, home ownership and rural/urban residency)

    • familial socialisation (what their parents’ political preferences were)

    • social network factors (whether they’re religious or a member of a union)

    • electoral context (what each respondent said were the most important voting issues)

    Overall, women tend to be slightly more left-leaning on policy issues than men, and while this difference is statistically significant, it is small and the general trend holds across both sexes.

    Compared with Boomers, each successive generation is more likely to vote for a left party. Gen Z is the most left-leaning (though their smaller sample size warrants some caution in interpretation).

    So who votes for whom?

    Unsurprisingly, people vote according to who they think will best address the policy areas they care about most.

    Those prioritising interest rates, taxation or economic management favour right-wing parties. Voters most concerned with health, Medicare and climate change are more likely to vote for the left.

    Education, class and social networks matter, too. Highly educated, working-class, non-religious and union-affiliated voters tend to support left parties. So, too, do those raised in left-leaning households.

    While the size of these effects varies slightly between men and women, the overall direction remains the same.

    How might this play out in 2025?

    The thing about election issues is that they are highly time-sensitive. Take the GST: it was one of the defining issues of the 1998 election, yet was largely irrelevant after 2004.

    In recent years, left-leaning issues — the environment, health and Medicare — were more likely to be front-of-mind when Australians all of ages headed to the polls. This gives Labor and the Greens an issue-owner advantage.

    Cost of living (spanning day-to-day expenses, interest rates and housing affordability) has now become the defining issue of this election cycle. At first thought, among the two major parties, the Coalition is traditionally seen as a better economic manager.

    However, my analysis from 2022 election data shows that, compared with the 2019 election, fewer people considered the Coalition the best manager of the economy among those who considered it the most important election issue.

    Further, for the first time in the past five elections, a majority of the voters perceived Labor as more aligned with their own views on immigration, refugees and asylum seekers. These issues, historically seen as Coalition strongholds, are also likely to be key this time around.

    For the Coalition, this is bad news. But for Labor, the challenge is twofold: retaining younger, progressive voters while addressing broader economic anxieties.

    With growing voter volatility and a diminished sense of party loyalty, neither major party can rely on a stable base.

    Australians are increasingly willing to shift allegiances, including to the increasing supply of independent alternatives. Both Prime Minister Anthony Albanese and Opposition Leader Peter Dutton will have to convince voters they have the best solutions for the key issues.

    Intifar Chowdhury 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 looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election – https://theconversation.com/i-looked-at-35-years-of-data-to-see-how-australians-vote-heres-what-it-tells-us-about-the-next-election-249368

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Announces Date of 2025 Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the holding company for NorthEast Community Bank, today announced that its annual meeting of stockholders will be held on Thursday, May 22, 2025.

    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.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain 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 and its impact on regional and national economic conditions), the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market 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 quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, 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 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
         

    The MIL Network –

  • MIL-OSI Australia: Shots fired at North Plympton business

    Source: South Australia Police

    Police are investigating a drive by shooting at North Plympton last night.

    Police were called to a business on Hawson Avenue, North Plympton after shots were fired at a building just before 9.30pm on Thursday 20 February.

    Fortunately, no one was inside the building at the time and there were no reports of injuries.

    Southern District Detectives and Crime Scene investigators attended to examine the scene.

    Anyone with information about the shooting or any suspicious vehicles or activity in the area can report it anonymously to police via Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au

    MIL OSI News –

  • MIL-Evening Report: From satire to serious journalism – how The New Yorker has shaped a century of thought

    Source: The Conversation (Au and NZ) – By Emily Baulch, Research Assistant, Discipline of Media and Communications, University of Sydney

    Australian subscribers to the print edition of The New Yorker will know the feeling: it arrives once a week, or sometimes, as buses do, in pairs.

    You may briefly regret the environmental impact of all that paper, but once it’s unwrapped it’s a source of anticipation. You check out the cover, read Shouts and Murmurs, and flip through the cartoons.

    You might even tackle the book reviews or dive into an article. But most of all, you inhale the history of a century of brilliantly edited and stainlessly written essays.

    The New Yorker will publish four issues to mark its centenary, including this one featuring the magazine’s mascot, Eustace Tilley.
    The New Yorker

    100 years, thousands of issues, countless stories

    The New Yorker has evolved alongside a century of monumental change. From the roaring 20s to the age unfolding, it has been a steadfast investigator of history, covering wars, political upheavals, cultural shifts and social revolutions.

    The magazine has published some of the most influential writers of the 20th and 21st centuries, including Truman Capote, Ernest Hemingway, Jamaica Kincaid, Fiona McFarlane and Hiromi Kawakami – offering a platform for literary giants and fresh voices alike.

    It has also fostered the growth of renowned editors such as William Shawn, Robert Gottlieb and Tina Brown, all of whom helped shape it into an institution.

    Antiguan-American novelist Jamaica Kincaid has written dozens of New Yorker articles over the decades.
    Wikimedia

    When The New Yorker was founded in 1925 by Harold Ross, it was a lighthearted, satirical magazine designed for the city’s social elite. Early issues leaned into what articles editor Susan Morrison called a “fizziness and café society […] vibe.”

    Originally focused on humour and satire, the magazine gradually developed into a serious publication known for long-form journalism, in-depth political analysis and high-calibre fiction.

    World War II marked a turning point. The war demanded serious, in-depth reporting, and The New Yorker rose to the challenge.

    As Morrison observes:

    It was the war which really helped The New Yorker find its feet in terms of important non-fiction reporting […] with many more substantial writers on staff able to cover subjects at length and in detail and with authority.

    The shift towards serious investigative journalism was evident in the groundbreaking 1946 publication of John Hersey’s Hiroshima, which took up an entire issue. The approach of dedicating extensive space to a single subject was repeated at key historical moments, such as the death of Princess Diana and the September 11 attacks on the World Trade Center.

    A special issue was released on September 15 1997 to memorialise Princess Diana.
    The New Yorker

    Compelling readers to slow down and engage

    With some 47 issues delivered annually, The New Yorker demands readers carve out time to engage deeply with a range of hard-hitting topics. Its style of slow investigative journalism can’t be consumed in a few seconds while scrolling through social media.

    Alongside its seriousness, it retains some of its effervescence through comics and extraordinary breadth, drawing readers into unexpected topics – neuroscience, fountains, squirrels – through meticulously crafted narratives.

    The magazine continues in this dual function tradition, reflecting the nuance of the wider world within its covers. The tension between the immense depth and breadth of content and the finite time of readers adds to its allure. It’s a challenge for those willing to invest the time to peruse and digest its pages.

    David Remnick, editor since 1998, has guided the magazine with a vision that blends tradition and innovation. In his own words, the goal is to

    persist in our commitment to the joys of what Ross first envisaged as a comic weekly. But we are particularly committed to the far richer publication that emerged over time: a journal of record and imagination, reportage and poetry, words and art, commentary on the moment and reflections on the age.

    The elegant trappings of a storied past

    While the approach to content has evolved, some aspects of The New Yorker have remained consistent. Its visual identity, for instance, has been remarkably stable: famously done in an illustrative style, and unadorned by headlines or teasers.

    The vintage aesthetic of the illustrative covers traces its origins back to 1925. The magazine employs a mix of in-house artists and freelance illustrators, with a history of collaboration with notable artists including Saul Steinberg and Art Spiegelman.

    Over time, the cover art has maintained a focus on bold, thought-provoking imagery that addresses timely issues. Many covers have become cultural history, such as the black-on-black 9/11 cover.

    Today, the New Yorker’s pared-back style conveys a quiet authority. It’s not swayed by fleeting trends, but remains steadfast in its dedication to art and culture, and its origins.

    More than a magazine

    Subscribing to The New Yorker isn’t just a matter of interest; it’s an act of intellectual self-definition. Our media choices are powerful tools in our process of self-creation.

    Popular cultural and media theorists, such as John Fiske and John Hartley, to name a few, have explored how media shapes and reflects our sense of self.

    The New Yorker has built an enviable devotion among its readers. Their homes are filled with stacks of old issues, unopened, standing as testament to their ongoing relationship with the publication.

    To subscribe to the magazine is to participate in a cultural shorthand – an aspiration toward intellectual engagement.
    Shutterstock

    Owning the magazine also signals an affiliation with a specific reading class, regardless of whether the content is ever read. The very act of displaying The New Yorker fashions an image of sophistication, intellectualism and cultural awareness.

    But the stacks come with a distinct kind of guilt, too. What does it say about you that you haven’t made time to stay up to date with one of the world’s most famous outlets for investigative journalism and cutting-edge fiction?

    This tension speaks to the dual nature of The New Yorker experience: holding onto a subscription signals a commitment to personal growth, yet unread magazines reflect the complexity of modern life – where time for deep, reflective reading competes with daily obligations and the instant gratification offered by digital media.

    The New Yorker’s significance isn’t just about the quality of its investigative journalism or the breadth of its storytelling; it’s about identity. To subscribe is to participate in a cultural shorthand – an aspiration toward intellectual engagement.

    And who knows, if you hold onto your copies long enough, perhaps they’ll become valuable relics commanding prices in the thousands, much like the first issue does today.

    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. From satire to serious journalism – how The New Yorker has shaped a century of thought – https://theconversation.com/from-satire-to-serious-journalism-how-the-new-yorker-has-shaped-a-century-of-thought-249376

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Schools still assume students have a mum and dad who are together. This can leave separated parents ‘completely out of it’

    Source: The Conversation (Au and NZ) – By Renee Desmarchelier, Associate Professor, Critical Pedagogies, University of Southern Queensland

    Pixdeluxe/Getty Images

    In 1987, UK researchers lamented how schools were organised “around the assumption that the nuclear family is the norm”. Families who did not fit this model were “either ignored (tactfully) or categorised as abnormal”.

    Several generations have passed through schools since then. And as we know, it remains very common for parents to be separated or divorced. In Australia, about 28% of children under 14 have parents who are separated.

    But in our new research, interviewees report surprisingly little has changed in schools’ interactions with separated parents in the past 40 years.

    They say schools still treat the nuclear family as the default and assume students have a mum and dad who are together.

    Schools are preoccupied with the ‘primary parent’

    We interviewed 11 separated parents about their experiences with their children’s schools. These parents were a subgroup from our previous study, which found more than half of separated parents surveyed had negative experiences with their children’s teachers, principals and school administrators.

    Our interviewees repeatedly talked about how school information systems (regardless of whether they were for private or public schools) required families to identify a “primary parent”.

    This was the parent who the school contacted if the child was unwell or to discuss a school-related issue. This parent also received all school-related communications: newsletters, excursion notes, medical updates, report cards and invoices for school fees.

    There seemed to be no way for school systems to accommodate diverse families for whom identifying a “primary parent” was more complicated.

    A number of separated parents said they needed to “combat” the school to receive the same updates and information as the nominated primary parent. One father’s contact details had to be entered into the system’s allergy advice section to flag he should be contacted if his child became unwell.

    Another father told us his child’s school insisted the primary parent “needs to be the mother”, even though he had majority care.

    Separated parents in our study said they needed to ‘combat’ their child’s school to get important information.
    Peopleimages.com/Shutterstock



    Read more:
    ‘The teacher returned the call to my ex’: how separated parents struggle to get information from their child’s school

    Parents can be kept in the dark

    The type, amount and timing of information non-primary parents received primarily depended on their relationship with their ex-partner. For amicably separated parents, the situation was difficult but workable. As Amanda told us:

    [One of the biggest challenges] is trying to work out ‘Did you get this email?’, ‘Did you get that one?’, ‘What’s happened with this note?’, and then kind of working out amongst ourselves how to best manage that if only one of us is receiving information.

    But parents in high-conflict situations sometimes found themselves shut out by the other parent or the school itself.

    Even though there were no court orders in place, Michael reported his children’s mother excluded him from school communications and withheld information, which made it impossible for him to be actively involved in his children’s schooling.

    When I contacted the school and said, you know, that I either wasn’t receiving any information or that all the notices suddenly weren’t coming to me, they said, ‘Oh, we’re not going to get involved’. And so, I was left completely out of it.

    The ‘primary parent’ is contacted if a child is sick at school or if there is a school-related issue that needs to be discussed with the child’s family.
    Chai Te/Shutterstock

    Situations can be manipulated

    Parents also reported the primary parent can manipulate school interactions. In high-conflict relationships, school information can be used to elevate one parent into a position of power.

    Again, Michael explained how his children’s mother kept from him important information about school fees and homework. His ex-partner’s legal team then used his non-payment of fees and lack of signatures in a homework book to demonstrate Michael’s purported lack of engagement in his child’s schooling and to imply his negligence as a parent.

    This is an extreme example. However, Michael’s situation speaks to the complex politics of parent–school engagement.

    While some parents found teachers open and receptive to involving both parents, others reported some teachers “take sides” and can be unresponsive to parent requests for basic school-related information.

    What about step-parents?

    Some parents in our study had become step-parents after re-partnering. These parents explained they were heavily involved in the day-to-day lives of their step-children but the school did not recognise them as parental figures.

    Step-parents didn’t have access to parent–teacher interviews and school reports, or even basic information about school activities. While acknowledging the primacy of the biological parent, step-parents wondered why the school could not include all parent figures in a child’s education.

    As Michelle explained:

    I guess it takes a while to be fully recognised as a parent or carer […] It’s just that it would have been nice if there was a little bit more of a conscious effort from the school.

    The nuclear family is still seen as ‘normal’

    While working with separated parents is not a new phenomenon for schools, it seems to be an area in which schools have made little progress.

    Our research demonstrates schools need more effective policies and procedures so all parents can be included and involved. Schools also need improved support and education for staff in how to manage high-conflict co-parenting relationships.

    Finally, school systems, including data infrastructures and software, must be able to accommodate and properly acknowledge diverse families.

    As the 1987 study noted:

    Until each school defines its philosophy of the family in a realistic way, teachers, parents, and pupils have no option other than to collude in maintaining the fiction that the nuclear family is normal.

    Names have been changed.

    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. Schools still assume students have a mum and dad who are together. This can leave separated parents ‘completely out of it’ – https://theconversation.com/schools-still-assume-students-have-a-mum-and-dad-who-are-together-this-can-leave-separated-parents-completely-out-of-it-248772

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia wants zero road deaths by 2050 – but there’s a major hurdle

    Source: The Conversation (Au and NZ) – By Ali Soltani, Mid-Career Researcher, College of Medicine and Public Health, Flinders University

    Branislav Cerven/Shutterstock

    In the past 12 months, more than 1,300 people have died on Australia’s roads. In January alone, there were 114 road deaths in Australia – roughly 20% more than the average for that month over the previous five years.

    Our new study projects these tragedies are set to continue over the next 25 years, despite a commitment by Australian governments to achieving zero deaths on the nation’s roads by 2050.

    Published in the journal Injury, our study uses a modelling tool to forecast the number of road fatalities in 2030, 2040 and 2050. Importantly, it also identifies the people and regions at higher risks, which provides an opportunity for taking a more nuanced and targeted approach to road safety.

    Clear trends

    Improved vehicle safety technology, stricter traffic laws and public awareness campaigns have led to a significant drop in the number of road deaths over the past several decades in Australia. But tragically, the number of people dying on Australia’s roads is still high.

    The data reveal some clear trends. For example, weekdays see fewer fatalities, likely due to routine commuting and lower-risk behaviours. On the other hand, weekends, particularly Saturdays, experience spikes linked to alcohol consumption and more social travel.

    December emerges as the deadliest month. This is likely driven by holiday travel surges, with secondary peaks in March and October tied to school holidays and seasonal weather changes that affect road conditions.

    Geographic disparities further complicate the picture. Urban centres in New South Wales and Victoria such as Sydney and Melbourne account for 35% to 40% of fatalities, in part because of dense traffic volumes, complex intersections and pedestrian-heavy zones.

    In contrast, rural and remote areas, though less congested, have more severe road accidents because of inadequate road infrastructure and higher speed limits. For example, the Northern Territory, with vast stretches of high-speed highways, records the highest fatality rate, while the Australian Capital Territory, with its urban planning emphasis on safety, reports the lowest.

    Speed zones of 51–80 km/h are particularly lethal for vulnerable road users such as pedestrians, cyclists and motorcyclists. This underscores the crucial role of speed management in urban and rural areas alike.

    Demographic risks also remain entrenched. For example, men constitute more than 70% of fatalities – in part because they are more likely to engage in risky behaviour such as speeding and drunk driving. Young drivers (17–25 years) and middle-aged adults (40–64 years) are also over-represented due to a combination of inexperience, overconfidence and high mileage.

    In good news, child fatalities (0–16 years) have sharply declined. This reflects the success of targeted measures like child seat laws and school zone safety campaigns.

    High speed limits increase the risk of severe road accidents.
    BJP7images/Shutterstock

    35 years of data

    To forecast these trends over the next 25 years, our new study used a modelling tool called Prophet developed by tech company Meta.

    We fed 35 years of road data – from 1989 to 2024 – into the model. This data came from Australia’s Bureau of Infrastructure, Transport and Regional Economics. It incorporated variables such as road user type, age, gender, speed limits and geographic location.

    To refine predictions, we also incorporated public holidays such as Christmas and Easter.

    Prophet outperformed other models we tested, including SARIMA and ETS. It did a better job at modelling past changes in road safety. And it especially excelled at handling non-linear trends, multiple seasonal patterns (daily, weekly, yearly) and the effects of holiday periods.

    An unmet target

    The findings of the study are cause for some cautious optimism.

    Overall, by 2050 fatalities are expected to decline. But Australia’s ambitious zero fatality target by the middle of the century will remain unmet.

    The modelling indicates annual male fatalities will drop from 855 in 2030 to 798 in 2050, while female fatalities will plummet from 229 to 92.

    There will also be a drop in the number of child fatalities – from 37 in 2030 to just two in 2050. But the model shows a troubling rise of the number of older drivers (over 65) dying on Australia’s roads – from 273 in 2030 to 301 in 2050. This reflects Australia’s ageing population, with more people expected to have both reduced mobility and reduced reflexes.

    Motorcyclist fatalities buck the overall trend, rising from 229 in 2030 to 253 in 2050. This signals urgent needs for dedicated lanes and better rider education.

    Regionally, Queensland and the Northern Territory lag due to rural road risks. Urban areas with speed limits lower than 80 km/h show steadier declines.

    Motorcyclist fatalities are expected to rise from 229 in 2030 to 253 in 2050.
    FotoDax/Shutterstock

    A shared priority

    Based on these findings, our study provides several recommendations to mitigate the risk of death on Australia’s roads.

    Speed management: enforce dynamic speed limits in high-risk zones such as school areas and holiday corridors, and expand 80 km/h zones on rural highways.

    Targeted campaigns: launch gender-specific safety initiatives for men (for example, anti-speeding programs) and age-focused interventions, such as mandatory refresher courses for drivers over 65.

    Infrastructure upgrades: invest in rural road safety such as median barriers and better signage, as well as dedicated cyclist pathways.

    Technology integration: accelerate the adoption of autonomous vehicles to reduce crashes caused by human error and risky behaviours, and pilot artificial intelligence-driven traffic systems for real-time hazard detection.

    Expand public transport: subsidise off-peak travel and rural transit networks to reduce how much people – particularly high-risk groups – depend on car travel.

    Better enforcement: strengthen weekend and nighttime policing of roads and deploy more mobile speed cameras during peak holiday periods.

    By following these recommendations, Australia can move closer to its vision of safer roads. Our findings underscore that sustained progress demands not only rigorous policy, but also community engagement.

    Ali Soltani has received funding from the Flinders Foundation, the National Road Safety Action Grant (NRSAGP), and the Lifetime Support Authority Grant in 2024. He is also a FIAS (French Institute of Advanced Studies) Fellow, Le Studium, under the Marie Curie Actions of the European Commission (2024–25). Additionally, he has affiliations with the Planning Institute of Australia, SA Branch, and has received multiple research and travel grants.

    – ref. Australia wants zero road deaths by 2050 – but there’s a major hurdle – https://theconversation.com/australia-wants-zero-road-deaths-by-2050-but-theres-a-major-hurdle-250371

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Willis Lease Finance Corporation Exercises Options for 30 CFM LEAP Engines

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), a leading lessor of commercial aircraft engines and provider of global aviation service operations, has announced that it has exercised existing purchase rights for 30 new LEAP engines from CFM International, the 50-50 joint company between GE Aerospace and Safran Aircraft Engines. The purchase, pursuant to an option in a 2019 order, will include LEAP-1A engines for Airbus A320neo family aircraft, as well as LEAP-1B engines for Boeing 737 MAX aircraft, with delivery dates to be determined. With the addition of these engines to the WLFC portfolio, the Company will be able to offer even more flexible support to operators of these popular engine and aircraft types.

    “We are proud to announce our investment in 30 additional state-of-the-art LEAP engines, an important milestone that reinforces our vision to help our customers connect the world through sustainable flight by providing advanced and efficient solutions,” said Austin C. Willis, WLFC’s Chief Executive Officer.

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and health epidemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

     CONTACT:  Lynn Mailliard Kohler
      Director, Global Corporate Communications
      lkohler@willislease.com
      415.328.4798

    The MIL Network –

  • MIL-OSI Canada: New committee begins work to dismantle systemic racism

    Source: Government of Canada regional news

    Vinu Abraham Chetipurackal, founder and former co-chairperson, Deaf IBPOC committee, Greater Vancouver Association of the Deaf:

    Chetipurackal is an active member of the Greater Vancouver Association of the Deaf. His role involves promoting racial equity within the Deaf community by fostering respectful and peaceful relationships.

    Denese Caroline Espeut-Post, member, Mental Health Review Board and Health Professions Review Board:

    Espeut-Post previously worked for the Office of the Director of Public Prosecutions as a prosecutor and was a director of the board of the BC College of Social Workers. She was called to the British Columbia bar in June 2009.

    Hermender Singh Kailley, secretary-treasurer, BC Federation of Labour:

    Kailley is a passionate and unwavering advocate for workers’ rights, social justice and anti-racism. His work has been marked by his strong advocacy for justice and inclusion, and his focus on upraising the voices of workers from excluded and marginalized communities.

    Athena Presquito Madan, assistant professor, department of sociology, University of Victoria:

    Madan has 10 years of experience in health equity and evaluation research and 18 years of experience in humanitarian action. She has worked with various organizations, including the Office of the United Nations High Commissioner for Refugees and provincial governments, to grassroots non-government organizations, providing subject-matter expertise on anti-racism.

    Sireen Suleiman El-Nashar, regulated Canadian immigration consultant, and executive director, Zaytuna Services Society:

    El-Nashar is a seasoned community advocate with more than 15 years of experience supporting newcomers and refugees. As the executive director of Zaytuna Services Society, she leads initiatives that empower B.C.’s Arabic-speaking and Middle Eastern communities through education, advocacy and culturally responsive services. 

    Carmel Ayala Tanaka, community engagement professional:

    Tanaka is a community engagement professional. She founded JQT Vancouver (a Jewish queer and trans charitable non-profit), the Cross Cultural Walking Tours and the Jewpanese Project. She holds a masters degree in public health.

    Kimberley Lauren Wong, program manager, hua foundation:

    Wong designs culturally appropriate and anti-racist programs for Asian diasporic youth through their non-profit work in education, mental-health advocacy and social policy. They are a founding board member of Chinatown Today and were the past co-chair of the City of Vancouver’s Chinatown Legacy Stewardship Group.

    Hasan Alam, staff lawyer, B.C. General Employees’ Union (BCGEU):

    Alam practises in the areas of labour and human rights law. He is also the president of the B.C. Civil Liberties Association. In March 2016, he helped co-found the Islamophobia Legal Assistance Hotline, a free and confidential service that offers legal support to individuals impacted by Islamophobia.

    Christine Marie Añonuevo, executive director, Upper Skeena Development Centre:

    Añonuevo is the executive director of the Upper Skeena Development Centre in Hazelton on Gitxsan territory. She works in sustainable community economic development at the intersection of food sovereignty, renewable energy initiatives, employment services and housing.

    Kiyoko Judy Hanazawa, community advocate:

    Hanazawa works with the Greater Vancouver Japanese Citizens’ Association and is a representative at Act2EndRacism National Network. She used to work for the B.C. Ministry of Children and Family Development and was a member of the British Columbia College of Social Workers.

    Ajay Patel, president and chief executive officer, Vancouver Community College:

    Patel is an active community member and was previously the chair for the Vancouver Sport Strategy, vice-chair of Sport BC, and a director at BC Recreation and Parks Association, BC Athlete Voice and SBC Insurance.

    MIL OSI Canada News –

  • MIL-OSI: Federal Home Loan Bank of New York Announces Full-Year and Fourth Quarter 2024 Operating Highlights

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter and year ended December 31, 2024. 

    The FHLBNY’s net income for 2024 was $738.5 million, a decrease of $12.6 million, or 1.7%, from record net income of $751.1 million for 2023. Net interest income for the year was $986.8 million, a decrease of $8.5 million, or 0.9%, from a record $995.3 million for 2023. Higher market interest rates and continued large earning asset balances contributed to strong net interest income. Yield on assets increased to 5.34% for 2024 from 5.14% in 2023. Other income increased by $35.5 million, to $112.6 million in 2024, mainly due to net unrealized fair value gains on derivatives and hedged items including trading securities held for liquidity purposes. The FHLBNY’s return on average equity (“ROE”) for 2024 was 8.49%, compared to ROE of 9.11% for 2023. Non-interest expense increased by $42.9 million, driven by an increase in voluntary contributions to the FHLBNY’s housing and community development support activities, as well as an increase in compensation and benefits driven by headcount additions and technology-related expenses.

    In the fourth quarter of 2024, the FHLBNY earned $153.3 million in net income, a decrease of $1.6 million, or 1.1%, from net income of $154.9 million for the fourth quarter of 2023. Net interest income for the quarter was $236.9 million, a decrease of $11.5 million, or 4.6%, from $248.4 million in the fourth quarter last year. Yield on assets decreased to 4.91% for the fourth quarter of 2024, from 5.45% for the fourth quarter 2023, reflecting changes in market interest rates. Member borrowings held steady during the period, with average advances balances, at par, of $105.2 billion for the fourth quarter of 2024, compared to $104.7 billion for the fourth quarter of 2023. Other income increased by $18.0 million, to $24.4 million in the fourth quarter of 2024 from $6.4 million in the fourth quarter last year, primarily due to net unrealized fair value gains on derivatives and hedged items including trading securities held for liquidity purposes. Non-interest expense increased by $7.7 million, driven by the same factors as for the full year: voluntary contributions, headcount additions and technology-related expenses. The FHLBNY’s ROE for the fourth quarter of 2024 was 6.80%, compared to ROE of 7.76% for the fourth quarter of 2023. 

    “Throughout 2024, the Federal Home Loan Bank of New York’s continued focus on executing on our foundational liquidity mission in a safe and sound manner and serving the needs of our members and community partners drove our strong performance, resulting in our second-highest annual income and record contributions to our housing and economic development programs and products,” said Randolph C. Snook, president and CEO of the FHLBNY.

    As of December 31, 2024, total assets were $160.3 billion, an increase of $2.0 billion, or 1.2%, from total assets of $158.3 billion as of December 31, 2023. As of December 31, 2024, advances were $105.8 billion, a decrease of $3.1 billion, or 2.8%, from $108.9 billion as of December 31, 2023. Average advances balances, at par, were $110.3 billion in 2024, $1.4 billion or 1.2% lower than the average advances balance level of $111.7 billion in 2023.

    As of December 31, 2024, total capital was $8.4 billion, an increase of $0.2 billion from total capital of $8.2 billion at December 31, 2023. The FHLBNY’s retained earnings increased during 2024 by $0.2 billion to $2.5 billion as of December 31, 2024, of which approximately $1.3 billion is unrestricted retained earnings and $1.2 billion is restricted retained earnings. At December 31, 2024, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.

    The FHLBNY allocated $82.1 million from its 2024 earnings for its Affordable Housing Program, an annual statutory grant program that supports the creation and preservation of affordable housing. In addition, the FHLBNY made $47.7 million in voluntary housing and community development grants and contributions in 2024, including an additional voluntary contribution to the Affordable Housing Program of $22.9 million to support its housing programs for 2025.

    The FHLBNY will publish its 2024 audited financial results in its Form 10-K filing with the U.S. Securities and Exchange Commission, which is expected to be filed on or about March 21, 2025.

               
    Selected Balance Sheet Items (dollars in millions)     
      December 31,   December 31,    
      2024   2023   Change
               
    Advances $ 105,838     $ 108,890     $ (3,052 )
    Mortgage loans held for portfolio   2,345       2,180       165  
    Mortgage-backed securities   19,397       19,582       (185 )
    Liquidity assets   30,344       25,340       5,004  
    Total assets $ 160,300     $ 158,333     $ 1,967  
               
    Consolidated obligations $ 148,411     $ 145,476     $ 2,935  
    Capital stock   6,014       6,050       (36 )
    Unrestricted retained earnings   1,286       1,277       9  
    Restricted retained earnings   1,209       1,061       148  
    Accumulated other comprehensive income   (100 )     (143 )     43  
    Total capital $ 8,410     $ 8,245     $ 165  
               
    Capital-to-assets ratio (GAAP)   5.25 %     5.21 %    
    Capital-to-assets ratio (Regulatory)   5.31 %     5.30 %    
               
    Operating Results (dollars in millions)               
      Quarter Ended December 31,       Year Ended December 31,      
      2024   2023 Change   2024   2023
    		   Change  
                                 
    Total interest income $ 2,002.6     $ 2,136.3     $ (133.7 )   $ 8,918.6     $ 8,400.4     $ 518.2    
    Total interest expense   1,765.7       1,887.9       (122.2 )     7,931.8       7,405.1       526.7    
    Net interest income   236.9       248.4       (11.5 )     986.8       995.3       (8.5 )  
    Provision (Reversal) for credit losses   0.5       (0.1 )     0.6       (0.2 )     1.7       (1.9 )  
    Net interest income after provision for credit losses   236.4       248.5       (12.1 )     987.0       993.6       (6.6 )  
    Non-interest income (loss)   24.4       6.4       18.0       112.6       77.1       35.5    
    Non-interest expense   90.5       82.8       7.7       279.0       236.1       42.9    
    Affordable Housing Program assessments   17.0       17.2       (0.2 )     82.1       83.5       (1.4 )  
    Net income $ 153.3     $ 154.9     $ (1.6 )   $ 738.5     $ 751.1     $ (12.6 )  
                                                     
    Return on average equity   6.80 %     7.76 %             8.49 %     9.11 %          
    Return on average assets   0.37 %     0.39 %             0.44 %     0.46 %          
    Net interest margin   0.58 %     0.63 %             0.59 %     0.61 %          
                                                     

    Federal Home Loan Bank of New York
    The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of December 31, 2024, the FHLBNY serves 341 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
    This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    CONTACT: Brian Finnegan
    (212) 441-6877
    brian.finnegan@fhlbny.com

    The MIL Network –

  • MIL-OSI Global: Canada, Greenland, Panama, Gaza and now Ukraine: Wake up, world, Donald Trump is coming for you

    Source: The Conversation – Canada – By Jeffrey B. Meyers, Instructor, Legal Studies and Criminology, Kwantlen Polytechnic University

    It’s no longer speculative to ask how the post-Second World War world order, led by the United States, will end. It’s apparently already ended.

    The U.S. has snubbed its NATO partners and Ukraine itself from purported “peace talks” to end the three-year-old war in Europe in favour of direct bilateral talks between American and Russian officials hosted by Saudi Arabia.

    President Donald Trump has actually described Ukraine’s widely admired wartime President Volodymyr Zelenskyy as “a dictator” and falsely claimed he started the war.

    These lies came directly after Vice President JD Vance’s recent broadside against NATO partners at the Munich Security Conference in which he downplayed the threat of Russia and China to the western alliance and suggested instead that liberal centrism was the real threat.

    His remarks were widely regarded as an intervention on behalf of the European far right, particularly far-right political parties in Germany ahead of upcoming elections in that country.

    Dreaming of a Gaza takeover

    Eighty years after the liberation of Auschwitz and 36 years after the fall of the Berlin Wall, we are in the midst of new crimes against humanity, new forms of ethnic cleansing and even, potentially, genocide.

    In a news conference with Israeli Prime Minister Benjamin Netanyahu, Trump mused about an American takeover of the Gaza Strip by removing its occupants to neighbouring countries and developing the region as a seaside resort. This would very likely constitute a war crime.

    Snubbing international law

    Trump’s return to the American presidency marks a normalization of this type of threat.

    Instead of embracing the international rule of law in the post-Second World War spirit of avoiding another devastating global conflict, the U.S. is building new walls rather than tearing them down while at the same time threatening to annex other sovereign nations and amass new territory.

    Trump is obviously unsentimental about America’s longtime allies, including the innermost circle of English-speaking democracies — the U.S., Canada, the United Kingdom, Australian and New Zealand — that make up the Five Eyes intelligence-sharing alliance.

    A group of countries that wouldn’t normally be fussed about the transition from one American president to another is now very nervous about how far Trump is going to go.



    Read more:
    Allies or enemies? Trump’s threats against Canada and Greenland put NATO in a tough spot

    Anarchy, colonialism

    During the first angry weeks of Trump’s second presidency, the U.S. appears to be signalling a return to an anarchic and explicitly colonial imagining of the world. In this regard, Trump’s disdain for the rule of law at home tracks a potentially even greater disdain for the international legal order, one that’s existed since 1945.

    The only real connection between the past and contemporary times predates the American-led post-war order of the past eight decades and harkens further back to America’s imperialist and expansionist past and ideas like Manifest Destiny from more than a century ago.



    Read more:
    How the U.S. could in fact make Canada an American territory

    Trump, not historically much of an imperialist in his rhetoric, has now doubled down on classical imperialist threats as he repeatedly proposes expanding the physical map of the U.S., musing in particular about Greenland, Panama, Canada and now Gaza.

    Greenland holds a strategic interest for the U.S. — there’s already an American airbase on the island — since its location is increasingly important as the Arctic ice melts and amid greater competition from Russia and China.

    Panama has been in America’s imperialistic sights more often than Greenland, and was even invaded by U.S. forces in 1989.

    Canada as a 51st state

    But Canada? At least Trump agreed at a news conference before taking office that military force was off the table. Instead, Canada only had to worry about “economic force” being used to annex it.

    Prime Minister Justin Trudeau has told business leaders that Trump’s talk about annexing Canada is “the real thing,” aimed at obtaining Canada’s critical minerals.

    Trump’s interactions with Denmark, Canada and Panama all demonstrate a disdain for basic principles of the rule of law at the international level, which is underpinned by the sovereignty of states.

    His musings on Gaza, which led United Nations Secretary General António Guterres to warn him specifically against endorsing ethnic cleansing, demonstrate a willingness to break completely with international legal norms.

    He’s not only peacocking on the global stage, he is also telegraphing that he holds international legal norms in even lower esteem than the norms of his own country, where he is a convicted felon. This situation is as alarming as it unprecedented.



    Read more:
    Despite the U.S. Supreme Court’s gift to Donald Trump, he could be barred from Canada as a convicted felon

    America now a threat

    Right now, cognitive dissonance in the form of status quo bias poses a real danger in terms of Trump’s dismissal of the rule of law. This means that folks are somehow convincing themselves that the undoing of the global rules-based order in real time is just a blip; things will somehow ramp down and return to normal.

    But the evidence is glaringly to the contrary.

    Trump is plainly communicating his wishes: a new age of American imperialism. At first few took him seriously. Now we all are. Canada, due to its proximity to and reliance on the U.S., must especially face a new reality in which an American president casually and repeatedly threatens its sovereignty.

    Canada, America’s closest ally in terms of shared language, culture and geography, should be the first and not the last to start believing Trump’s threats to annex it.



    Read more:
    Allies or enemies? Trump’s threats against Canada and Greenland put NATO in a tough spot

    Even when Trump is no longer in office, neither Canadians nor any of America’s other allies can be certain someone just like him will not be returned to power by the U.S. voters. That means America’s western allies, like Canada and Denmark, must learn the lessons Latin American and Middle Eastern countries learned along time ago: America is a threat.

    The Democratic Party must also figure out how it’s going to effectively resist Trump over the next four years.

    Only an American concern?

    Some might ask: Aren’t these American problems for the American people? As Canadians can attest, no. Trump poses grave dangers to the rest of the world due to the unique place the U.S. occupies in the geopolitical system.

    Nothing about Trump’s second presidency bodes well for America’s allies and friends, including Canada.

    A kleptocrat who regards friends and allies as transactional customers and for whom everything is “just business,” including national security, Trump poses an existential threat not only to America, but to the international world order.

    Jeffrey B. Meyers 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. Canada, Greenland, Panama, Gaza and now Ukraine: Wake up, world, Donald Trump is coming for you – https://theconversation.com/canada-greenland-panama-gaza-and-now-ukraine-wake-up-world-donald-trump-is-coming-for-you-248737

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Introducing Azure AI Foundry Labs: A hub for the latest AI research and experiments at Microsoft

    Source: Microsoft

    Headline: Introducing Azure AI Foundry Labs: A hub for the latest AI research and experiments at Microsoft

    We’re thrilled to announce the launch of Azure AI Foundry Labs, a hub for developers, startups, and enterprises to explore groundbreaking innovations from research at Microsoft.

    Today we’re launching Azure AI Foundry Labs, a hub for developers, startups, and enterprises to explore groundbreaking innovations from research at Microsoft. Foundry Labs unites cutting-edge research with real-world applications, to enable developers and creators across industries to discover new possibilities, solve complex problems, and share insights to shape the future of AI. 

    Explore Azure AI Foundry Labs now

    Microsoft’s newest AI breakthrough—Muse, a first-of-its-kind World and Human Action Model (WHAM), available today in Azure AI Foundry—is the latest example of bringing cutting-edge research innovation to our AI platform for customers to use.

    With Azure AI Foundry Labs, we’re excited to unveil new assets for our latest research-driven projects that empower developers to explore, engage, and experiment. Projects across models and agentic frameworks include:

    • Aurora: A large-scale atmospheric model providing high-resolution weather forecasts and air pollution predictions, outperforming traditional tools. 
    • ExACT: An open-source project enabling agents to learn from past interactions and improve search efficiency dynamically.
    • Magentic-One: A multi-agent system solving complex problems by orchestrating multiple agents, built on the AutoGen framework. 
    • MatterSim: A deep learning model for atomistic simulations, predicting material properties with high precision. 
    • OmniParser v2: A vision-based module converting UI screenshots into structured elements, enhancing agents’ action generation. 
    • TamGen: A generative AI model for drug design, using a GPT-like chemical language model for target-aware molecule generation and refinement. 

    Then versus now

    In the early days of global positioning systems (GPS) technology, it took roughly a decade for GPS to make its way from specialized, military-grade instruments into everyday consumer use. What started as a niche innovation in the 1970’s didn’t become truly mainstream until the late 1990’s and early 2000’s, when GPS receivers became standard features in cars, cell phones, and handheld devices. Ten years might sound like a reasonable adoption curve—until you look at how quickly innovations are moving in AI today.

    In recent years, the pace of AI advancement has accelerated dramatically. We’ve witnessed a shift from unveiling a new model every 4–6 months to releasing breakthroughs every 4–6 days. The amount of compute used for training AI models has grown 10 times every 12 months, turbocharging both research and commercialization. And time-to-product from foundational research to full-scale product deployment has gone from years to months. 

    At this velocity, ideas and prototypes need to be iterated upon, validated, and deployed faster than ever before. This rapid evolution demands new thinking in how we bridge research and application.

    Accelerating research to impact

    Azure AI Foundry Labs highlights the long-term collaboration between research and engineering teams at Microsoft and provides a single access point for developers and the broader AI community to experiment with new models, explore the latest frameworks, and be at the forefront of innovation. Developers can create prototypes using experimental research in Azure AI Foundry Labs, collaborate with researchers and engineering teams by sharing feedback, and help speed up the time to market for some of the most promising technologies. 

    The next chapter 

    The gap between breakthrough and impact has never been smaller. What once took years now takes weeks, and what was once confined to research labs now runs on devices in our pockets. Azure AI Foundry Labs exists to collapse this gap even further—to ensure that every breakthrough in AI research finds its way to the developers, creators, and innovators who can transform it into real-world impact. 

    This isn’t just about sharing research—it’s about accelerating the cycle of innovation itself. Whether you’re a developer, researcher, startup founder, or enterprise builder, Azure AI Foundry Labs gives you direct access to the bleeding edge of AI advancement. The tools and models available today are just the beginning. 

    Visit Azure AI Foundry Labs to start building the future.

    MIL OSI Economics –

  • MIL-OSI: Net Asset Value(s) as at 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    January 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, February 20th, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for January 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance started 2025 on a positive note as net performance reached +1.7% in January while Financial Half Year net performance for Volta settled at 11.4%. Both our investments in CLO Debt and CLO Equity performed positively over the course of the month, benefiting from positive market conditions for risky assets.

    In broader economic news, the Federal Reserve decided to keep interest rates unchanged for the first time since it started cutting rates last September. This has led markets to expect that the easing cycle might resume in 2026. In Europe, the eurozone economy showed no growth despite anticipations of a +0.1pp expansion, and Christine Lagarde announced a 25 basis points cut in key European Central Bank interest rates. Although largely backed by the data divergence with the US, it is interesting to note the striking difference in terms of monetary path between the US and the European Union as we anticipate further cuts in Europe.

    Credit markets tightened significantly this month, although we noted heightened volatility in line with broader macro headlines around mid-month. In Europe, High Yield indices were roughly 20bps tighter while US CDX High-Yield tightened by 11bps. On the Loan side, Euro Loans prices increased by about 40cts up to 98.41% (Morningstar European Leveraged Loan Index), while US Loans rose by 28cts to 97.61%.

    The primary CLO markets started strong this year, especially in Europe with New Issue volumes up 120% vs. Jan 24 (down 21% in the US vs. Jan 24). In terms of performance, CLO markets performed in line with US High Yield at +1.4% over the month and better than Global Loans +0.9%. In line with all major rating agencies that expect Loan default rates to go down in 2025 we remain constructive on the CLO asset class and the performance of the underlying loan portfolios this year.

    CLO Equity distributions remained healthy in January, although as expressed earlier, the spread compression in the Loan market has slightly lowered these distributions. Over the last 6 month period, the cashflow generation was c. €27m equivalent of interests and coupons, representing c.19% of January’s NAV on an annualized basis, compared to c. €30m equivalent of interest and coupons received 6 months ago. Refinancing or Resetting CLO liabilities will continue to be a key focus for us in 2025.

    Regarding our portfolio activities, we took profits on a US Mezzanine position as the market was risk-on (c. USD 7mm nominal) while another USD 3mm of US CLO mezzanine debt redeemed at face value.

    Over the month, Volta’s CLO Equity tranches returned a 3% performance** while CLO Debt tranches returned +1.6% performance**, cash representing c.9.0% of NAV. The fund being c.21% exposed to USD, the recent currency moves had a negative impact of -0.1% on the overall performance.

    As of end of January 2025, Volta’s NAV was €279.0m, i.e. €7.63 per share.

    *It should be noted that approximately 0.16% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.05% as at 31 December 2024, 0.11% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI: Coface : 2024 results: net income at €261.1m, up 8.6%, and proposed dividend at €1.40

    Source: GlobeNewswire (MIL-OSI)

    2024 results: net income at €261.1m, up 8.6%, and proposed dividend at €1.40

    Paris, 20 February 2025 – 17.35

    • Turnover: €1,845m, down -0.6% at constant FX and perimeter and down -1.3% on a reported basis
      • Trade credit insurance revenue decreased by -2.2% at constant exchange rates, with slightly positive customer activity in Q4-24
      • Client retention is still high at 92.3% but down slightly from 2023 records; pricing remained negative at -1.4%, in line with historical trends
      • Business information once again recorded double-digit growth (+16.3% at constant FX); factoring stabilised at +0.3% with solid growth in Q4-24
    • Net loss ratio at 35.2%, improved by 2.5 ppts; net combined ratio at 65.5%, up 1.2 ppt
      • Gross loss ratio at 33.4%, improved by 2.4 ppts with still high opening year reserving and high reserve releases
      • Net cost ratio increased by 3.6 ppts to 30.2%, reflecting slightly lower revenues and continued investment, in line with our strategy
      • Net combined ratio in Q4-24 at 68.7%, up 9.7 ppts due to a higher net cost ratio and a very low combined ratio in Q4-23 (59.0%)
    • Net income (group share) of €261.1m, up +8.6%, of which €53.4m in Q4-24, the highest annual figure since the adoption of IFRS 17. Annualised RoATE1at 13.9%
    • Coface continues to be backed by a solid balance sheet:
      • Estimated solvency ratio at ~196%2, above the upper end of target range (155% to 175%)
      • Proposal to distribute3 a dividend per share of €1.40 representing an 80% pay-out ratio
      • Earnings per share reached €1.75
    • Coface signed the acquisition of Cedar Rose, strengthening its capabilities in information services in the Middle East and Africa
    • Gonzague Noël has been appointed as Group Chief Operating Officer (COO)

    Unless otherwise indicated, change comparisons refer to the results as at 31 December 2023

    Xavier Durand, Coface’s Chief Executive Officer, commented:
    “2024 was marked by the launch of our Power the Core strategic plan which is deliberately focused on innovation.
    In an environment characterised by weak economic growth, a decrease of our clients’ activity and an increase in the number of bankruptcies, the discipline of our underwriting enabled us to contain the increase in the combined ratio, which rose moderately to 65.5%. Finally, we benefited from the repositioning of our investment portfolio to achieve a return on average tangible equity of 13.9%, above our mid-cycle targets. The net income of €261m marked the highest level since the transition to IFRS 17.
    All these achievements would not have been possible without the engagement of our employees.
    These good results and solid solvency ratio of 196% allow us to propose the payment of a dividend of €1.40 per share to the Shareholders’ meeting.”

    Key figures at 31 December 2024

    The Board of Directors of COFACE SA approved the consolidated financial statements at 31 December 2024 at its meeting of 20 February 2025. The Audit Committee at its meeting on 18 February 2025 also previously reviewed them. Accounts are non-audited, certification is in progress.

    Income statements items in €m 2023 2024 Variation % ex. FX*
    Insurance revenue 1,559.1 1,512.9 (3.0)% (2.2)%
    Services revenue 309.2 331.9 +7.4% +7.4%
    REVENUE 1,868.2 1,844.8 (1.3)% (0.6)%
    UNDERWRITING INCOME/LOSS AFTER REINSURANCE 395.4 368.7 (6.8)% (5.3)%
    Investment income, net of management expenses, excluding finance costs 12.4 91.7 638.0% 595.7%
    Insurance Finance Expenses (40.0) (42.5) 6.4% 12.9%
    CURRENT OPERATING INCOME 367.9 417.9 +13.6% +12.8%
    Other operating income / expenses (5.0) (8.6) 74.5% 74.2%
    OPERATING INCOME 362.9 409.2 +12.8% +12.0%
    NET INCOME (GROUP SHARE) 240.5 261.1 +8.6% +6.3%
             
    Key ratios 2023 2024 Variation
    Loss ratio net of reinsurance 37.7% 35.2% (2.5)% ppts
    Cost ratio net of reinsurance 26.6% 30.2% 3.6% ppts
    COMBINED RATIO NET OF REINSURANCE 64.3% 65.5% 1.2% ppt
             
    Balance sheet items in €m 2023 2024 Variation
    Total equity (group share) 2,050.8 2,193.6 +7.0%
    Solvency ratio 199% 196%1         -3 ppt

    * Also excludes scope impact

    1This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Turnover

    In 2024, Coface recorded a consolidated turnover of €1,844.8 million, down by -0.6% at constant FX and perimeter compared to 2023. As reported (at current FX and perimeter), turnover was down -1.3%.

    Revenue from insurance activities (including bonding and Single Risk) fell -2.2% at constant FX and perimeter, although the year ended on a slightly more positive note (Q4-24 revenue from insurance activities rose +3.7% and total revenue increased +4.3%). Client retention remains high at 92.3% (but down from the record level in 2023), in a competitive market where Coface implemented risk mitigation plans that impacted renewals at the beginning of the year. New business rose to €126m, up €9m compared to 2023 driven by an increase in demand and the positive effects of investments for growth, mainly in the mid-market segment.

    Client activity grew modestly at 0.5%, below the historical average with an improvement in Q4-24 (+0.4%). Over the year, the decline in activity in the metals sector, with lower prices, partially offset the positive trend in the agri-food sector. The price effect remained negative at -1.4% in 2024 (vs. -1.9% in 2023), in line with long-term trends.

    Turnover from non-insurance activities was up +8.2% compared to 2023. Factoring turnover stabilised at +0.3% with a positive Q4-24 that reversed the full-year trend. Information services turnover rose +16.3%. Fee and commission income (debt collection commissions) increased by +19.6%, from a low base, due to the increase in claims to be collected and investments made in third-party debt collection. Commissions were up +6.6%.

    Total revenue – in €m
    (by country of invoicing)    		 2023 2024 Variation % ex. FX4
    Northern Europe 379.6 362.2 (4.6)% (4.6)%
    Western Europe 380.1 391.8 +3.1% +0.4%
    Central & Eastern Europe 177.1 173.8 (1.9)% (3.2)%
    Mediterranean & Africa 526.3 538.5 +2.3% +5.6%
    North America 171.8 176.6 +2.7% (6.4)%
    Latin America 100.3 77.7 (22.5)% +4.0%
    Asia-Pacific 133.1 124.3 (6.6)% (7.1)%
    Total Group 1,868.2 1,844.8 (1.3)% (0.6)%

    In Northern Europe, turnover was down by -4.6% at constant and current FX, due to the selective non-renewal of some loss-making policies at the beginning of the year, despite the stabilisation of client activity in Q4-24.

    In Western Europe, turnover increased by +0.4% at constant FX (+3.1% at current FX and perimeter following the integration of certain African countries in the first half of the year) thanks to a sharp increase in information services sales (+30.3%) combined with a better Q4-24 in credit insurance under the effect of significant business catch-up.

    In Central and Eastern Europe, turnover fell -3.2% at constant FX (-1.9% at current FX) due to the decline in client activity, which weighed on credit insurance, despite a high client retention rate. Factoring was down -1.0% at constant exchange rates.

    In the Mediterranean and Africa region, which is driven by Italy and Spain, turnover rose +5.6% at constant FX and +2.3% at current FX driven by robust sales in credit insurance and services and a stronger economic environment.

    In North America, turnover was down -6.4% at constant FX but increased by +2.7% at current FX due to the integration of Mexico in this scope. The region saw a slowdown in client activity despite higher retention and a fairly strong economic environment.

    In Latin America, turnover rose +4.0% at constant FX but fell -22.5% at current FX. The region is benefiting from a recovery in client activity after 2023 was dominated by risk prevention actions. However, the transfer of Mexico to the North America region had a negative impact.

    In Asia-Pacific, turnover decreased by -7.1% at constant FX and -6.6% at current FX. This lower turnover was due to a slowdown in client activity that robust sales were unable to offset and selective non-renewal of certain policies.

    2.   Result

    • Combined ratio

    The annual combined ratio net of reinsurance was 65.5% in 2024, up 1.2 ppt year on year.

    (i)  Loss ratio

    The gross loss ratio stood at 33.4%, a 2.4 ppts improvement on the previous year. This improvement reflects both the gradual normalisation of the loss experience, offset by rising reserve releases. The amount of claims recorded is now higher than in 2019. The total number of claims decreased, offset by an increase in the number of mid-sized claims.

    The Group’s provisioning policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, reflects the increase in the claims frequency. Strict management of past claims enabled the Group to record 51.9 ppts of recoveries.

    The net loss ratio improved to 35.2%, down 2.5 ppts compared to 2023.

    (ii)  Cost ratio

    Coface is pursuing a strict cost management policy and is continuing to invest, in line with its Power the Core strategic plan. As a result, over the full year 2024, costs rose by +5.5% at constant FX and perimeter, and by +5.3% at current FX.

    The cost ratio before reinsurance was 33.7%, up 2.2 ppts year on year. This rise was mainly due to the decline in revenues (1.0 ppt), embedded cost inflation (1.5 ppt) and ongoing investments (1.5 ppt). In contrast, the improved product mix (information services, debt collection and fee and commission income) had a positive effect. High reinsurance commissions explain the remainder of the variation.

    • Financial result

    Net financial income for 2024 was €91.7m, up sharply compared to 2023. This figure includes capital gains of +€11.4m, which more than offset negative market value adjustments on investments of -€2.9m. The FX effect remained slightly negative at -€2.7m but improved significantly compared to 2023, which was marked by the accounting effect of IAS 29 (hyperinflation) in Turkey and Argentina as well as the sharp devaluation of the Argentine peso.

    The portfolio’s current yield (i.e. excluding capital gains, depreciation and FX impact) was €96.6m, of which €25.7m in Q4-24. The accounting yield5, excluding capital gains and fair value effect, was 2.9% for 2024. The yield on new investments made year-to-date was 4.1% and fell in Q4-24 in line with the trend in market rates.

    Insurance Finance Expenses (IFE) stood at €42.5m (€40.0m in 2023).

    • Operating income and net income

    Operating income amounted to €409.2m in 2024, up +12.0% at constant FX.

    The effective tax rate was 29% for the year (vs. 27% in 2023), including the impact of Pillar 2 (global minimum tax).

    In total, net income (group share) was €261.1m, up +8.6% compared to 2023.

    3.   Shareholders’ equity

    At 31 December 2024, Group shareholders’ equity stood at €2,193.6m, up €142.8m or +7.0% (€2,050.8m at 31 December 2023).

    These changes are mainly due to the positive net income of €261.1m and the dividend payment of -€194.3m. Other items include changes in unrealised capital gains for €72.0m.

    The annualised return on average tangible equity (RoATE) was 13.9%, up 0.5 ppt mainly due to the improvement in financial income, which more than offset the decrease in underwriting income (decline in net premiums and slight increase in the combined ratio).

    The solvency ratio reached 196%6, representing a decrease of 3 ppts compared to FY-23. It remains well above the upper end of the target range (155%-175%).

    Coface will propose €1.40 dividend per share at the Shareholders’ meeting, corresponding to a payout ratio of 80%7, in line with its capital management policy.

    4.   Outlook

    Once again, the global economy experienced modest growth in 2024 (2.7%), in line with Coface’s forecasts and still driven being by the United States. The electoral calendar, which involved an unprecedented number of countries, delivered generally unsurprising outcomes, with some exceptions.

    For 2025, Coface is forecasting growth identical to that of 2024 at 2.7%. Further downgrades to European growth are likely to be offset by the good performance of the United States, while political risk remains. Donald Trump’s return to power seems to have been welcomed by economic circles so far, raising hopes of deregulation, which is stimulating in the short term but often carries longer-term risks. The announced introduction of tariffs for many countries is also a destabilising factor for global trade.

    Against this backdrop, Coface is anticipating a continued rise in bankruptcies, as businesses are caught between depleted levels of cheap financing and sluggish growth. Coface and its teams will continue to support their clients in this still uncertain environment.

    At the end of 2024, client activity finally posted a slightly positive performance after several quarters of decline. This slight rebound may give hope that the post-Covid decline in client activity has come to an end. In 2025, Coface will continue to implement its Power the Core strategic plan, which aims to develop a leading global ecosystem in credit risk management.

    5.   Governance evolution

    In the Executive Committee:

    • As of February 1st, 2025, Carole Lytton leads the Specialties Businesses, in addition to her role as General Secretary. She takes over from Antonio Marchitelli who decided to leave and take another appointment outside Coface after many years of dedication to the Group.
    • As of February 3rd, Gonzague Noël has been appointed as Group Chief Operating Officer (COO). He takes over Declan Daly, joins the Group executive committee and reports to Xavier Durand, Coface CEO.

    Conference call for financial analysts

    Coface’s results for FY-2024 will be discussed with financial analysts during the conference call on Thursday, 20 February 2025 at 18.00 (Paris time). Dial one of the following numbers:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/Investors/financial-results-and-reports

    Income statements items in €m
    Quarterly figures    		 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24   % %
    ex. FX*
    Insurance revenue 395.3 407.8 384.7 371.3 378.6 375.6 375.9 382.7   +3.1% +3.7%
    Other revenue 79.8 76.8 73.4 79.2 85.0 83.4 78.0 85.5   +8.0% +7.6%
    REVENUE 475.1 484.5 458.1 450.4 463.7 459.1 453.8 468.3   +4.0% +4.3%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 95.3 103.5 91.2 105.4 100.3 94.7 88.8 84.9   (19.5)% (17.9)%
    Investment income, net of management expenses, excluding finance costs (2.6) 4.0 13.0 (2.0) 17.9 22.8 19.0 31.9   (1667)% (1568)%
    Insurance Finance Expenses (2.4) (12.3) (15.4) (9.9) (11.4) (6.7) (7.3) (17.1)   +73.3% +77.9%
    CURRENT OPERATING INCOME 90.4 95.2 88.9 93.5 106.8 110.9 100.5 99.7   +6.7% +7.9%
    Other operating income / expenses (0.3) (0.4) (0.2) (4.0) (0.1) (0.5) (2.6) (5.5)   +38.3% +36.4%
    OPERATING INCOME 90.0 94.8 88.6 89.5 106.8 110.4 97.9 94.2   +5.2% +6.6%
    NET INCOME (GROUP SHARE) 61.2 67.7 60.9 50.8 68.4 73.8 65.4 53.4   +5.1% +4.9%
    Income tax rate 25.5% 21.9% 24.2% 36.0% 27.2% 26.8% 25.5% 36.2%   +0.2 ppt

    Appendices

    Quarterly results

    Cumulated results*

    Income statements items in €m
    Cumulated figures    		 Q1-23 H1-23 9M-23 2023 Q1-24 H1-24 9M-24 2024   % %
    ex. FX*
    Insurance revenue 395.3 803.1 1,187.8 1,559.1 378.6 754.3 1,130.2 1,512.9   (3.0)% (2.2)%
    Other revenue 79.8 156.6 230.0 309.2 85.0 168.5 246.4 331.9   +7.4% +7.4%
    REVENUE 475.1 959.7 1,417.8 1,868.2 463.7 922.7 1,376.6 1,844.8   (1.3)% (0.6)%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 95.3 198.8 290.0 395.4 100.3 195.0 283.8 368.7   (6.8)% (5.3)%
    Investment income, net of management expenses, excluding finance costs (2.6) 1.4 14.5 12.4 17.9 40.8 59.8 91.7   +638.0% +595.7%
    Insurance Finance Expenses (2.4) (14.7) (30.1) (40.0) (11.4) (18.1) (25.4) (42.5)   +6.4% +12.9%
    CURRENT OPERATING INCOME 90.4 185.5 274.4 367.9 106.8 217.7 318.2 417.9   +13.6% +12.8%
    Other operating income / expenses (0.3) (0.7) (0.9) (5.0) (0.1) (0.5) (3.1) (8.6)   +74.5% +74.2%
    OPERATING INCOME 90.0 184.8 273.4 362.9 106.8 217.2 315.1 409.2   +12.8% +12.0%
    NET INCOME (GROUP SHARE) 61.2 128.8 189.7 240.5 68.4 142.3 207.7 261.1   +8.6% +6.3%
    Income tax rate 25.5% 23.7% 23.8% 26.8% 27.2% 27.0% 26.5% 28.7%   +1.9 ppt  

    * Also excludes scope impact

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    1RoATE = Return on average tangible equity
    2This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3The distribution proposal will be submitted to the Shareholders’ Meeting to be held on 14 May 2025.
    4 Also excludes scope impact
    5 Book yield calculated on the average of the investment portfolio excluding non-consolidated subsidiaries.
    6 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    7 The distribution proposal will be submitted to the Shareholders’ Meeting to be held on 14 May 2025.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface appoints Gonzague Noël as Group Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    Coface appoints Gonzague Noël as Group Chief Operating Officer

    Paris, 20 February 2024 – 17.35

    Coface announces the appointment of Gonzague Noël as Group Chief Operating Officer. This change is effective as of 3 February 2025. Based in Paris, Gonzague reports to Xavier Durand, Chief Executive Officer of Coface. He replaces Declan Daly, who is pursuing his career outside the Group.

    Previously, Gonzague was Head of Global Business Administration & Strategic Initiatives at HSBC CIB, where he was responsible for optimizing resources and improving efficiency.

    He began his career at GE Healthcare in 2001 before holding various management positions within GE Corporate and GE Capital, overseeing strategic projects, M&A operations and operational transformations in Europe, Asia and America.

    With more than 20 years of international experience, Gonzague brings to Coface solid strategic and operational expertise in the management of large-scale transformation projects.
    Gonzague holds a Master of science (MSc) from Emlyon Business School.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI: COFACE SA: Yves Charbonneau joins the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Yves Charbonneau joins the Board of Directors

    Paris, 20 February 2025 – 17.35

    At its meeting on February 20, 2025, the Board of Directors of COFACE SA co-opted Yves Charbonneau, Senior Vice-President at Arch Insurance Company Ltd (Canada), as a non-independent director at the Board of Directors of COFACE SA.

    He replaces Nicolas Papadopoulo, who is stepping down from the Board of directors to concentrate on his current professional responsibilities at Arch.

    The composition of Coface’s Board of Directors remains otherwise unchanged. It counts 10 members, 6 women and 4 men, the majority (6) of whom are independent directors.

    ————————

    Biography

    Yves Charbonneau was appointed Senior Vice-President at Arch Insurance Company Ltd (Canada) in January 2024. He was previously a Senior Advisor within the same group in the United States.

    He joined Arch in February 2006 and spent almost 12 years as Chief Actuary and Chief Risk Officer.

    Yves Charbonneau holds a bachelor’s degree in mathematics (statistics) from the Montreal University. He is also a FCIA (Fellowship from the Canadian Institute of Actuaries) & FCAS (Fellowship from the Casualty Actuarial Society) fellow.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: The Global Geopolitical Situation: Foreign Secretary speech at G20 South Africa

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary David Lammy’s intervention on Discussions on the Global Geopolitical Situation at the G20 Foreign Ministerial Meeting, South Africa

    Thank you very much, Ronald (Ronald Lamola, Minister of International Relations and Cooperation of South Africa) and let me say, my dear brother, what a joy is to see the G20 in Africa at long last. And we thank Brazil for its stewardship last year.

    The challenges that we face are truly global.

    We will not begin to tackle them unless we harness the potential of this continent, bursting with growth and opportunities and with so many young people, talented young people at its heart.

    The starkest challenge we face is escalating conflict, both between and within nations, driving vicious cycles of grievance, displacement and low growth.

    Your presidency, Ronald calls for solidarity, and solidarity starts by recognizing and naming the victims of war and injustice.

    Innocent Ukrainians enduring bombardment night after night from Odessa to Zaphorizhya, the hostages still cruelly held underground by Hamas, 16 months old on from the trauma of October the 7th, and the Palestinian civilians driven from their homes in Gaza and the West Bank, the Sudanese refugees flee their burning villages to escape across the border to Chad, the overwhelming majority of them, women and children having endured the most unimaginable and indiscriminate violence.

    As I said when I visited Chad, there can be no geopolitical stability, whilst there remains a hierarchy of conflicts, with those on this continent finding themselves at the bottom of the global pile.

    And that’s why, since starting this job, I’ve made a reset with the so called Global South, a central plank of the UK Foreign Policy, and it’s why I doubled British aid for Sudan, and I prepared a conference in London to push for a political process which will end the fighting and protect civilians.

    And that’s why I’ve called out the Rwandan Defence Force operations in the eastern DRC as a blatant breach of the UN Charter which risks spiralling into a regional conflict, and that’s why I will again make clear to President Kagame, that further breaches of DRC’s sovereignty will have consequences.

    Because at the heart of my government’s approach to foreign policy lies the belief that regional and geopolitical stability can only be delivered through respect for international law and the principles of the UN Charter.

    And as my Canadian, Australian, Japanese colleagues have said, respect for international law must underwrite a free and open Indo Pacific, just as it must underwrite the Euro Atlantic, with the security of those two regions ever more closely linked.

    And as we turn to the Middle East, the ceasefire in Gaza is painfully fragile, I’m grateful that so many of us here today are working together to ensure that it holds we must continue to work together tirelessly to secure the release of the remaining hostages, to bolster the Palestinian Authority, and to boost aid into Gaza and to develop a long term plan for governance and security on the strip so that we can advance towards, a two state solution. Which remains the only long term viable pathway to peace.

    And finally, in Ukraine, the only just and lasting peace will be a peace that is consistent with the UN Charter, and we want that as soon as possible.

    You know, mature countries learn from their colonial failures and their wars, and Europeans have had much to learn over the generations and the centuries.

    But I’m afraid to say that Russia has learned nothing.

    I listened carefully to Minister Lavrov intervention just now he’s, of course, left his seat, hoping to hear some readiness to respect Ukraine’s sovereignty.

    I was hoping to hear some sympathy for the innocent victims of the aggression.

    I was hoping to hear some readiness to seek a durable peace.

    What I heard was the logic of imperialism dressed up as a realpolitik, and I say to you all, we should not be surprised, but neither should we be fooled.

    We are at a crucial juncture in this conflict, and Russia faces a test.

    If Putin is serious about a lasting peace, it means finding a way forward which respects Ukraine’s sovereignty and the UN Charter which provides credible security guarantees, and which rejects Tsarist imperialism, and Britain is ready to listen.

    But we expect to hear more than the Russian gentleman’s tired fabrications.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council seeks community solution to vacant buildings

    Source: City of Liverpool

    The future of six vacant properties, including a Victorian chapel, is set to be decided at a meeting of Liverpool City Council’s Cabinet next week.

    A report is recommending that the half-dozen Council-owned premises be handed over to charities and community groups operating in the city.

    If agreed, the empty properties will be the latest to be added to Liverpool’s Community Asset Transfer (CAT) programme.

    It means that, subject to an approved, fully-costed business plan, qualifying groups will be able to take control of the buildings to deliver a range of community-based projects.

    The recommended premises for phase two of the CAT programme are:

    • Anfield Cemetery Chapel
    • Garston Urban Village Hall
    • Knotty Ash Community Centre
    • Joseph Gibbons Day Centre, Sefton Park
    • St Brendan’s Church/Shrine, Old Swan
    • Former Lodge Lane Library

    Liverpool’s CAT programme was launched in 2022 and introduced the idea of exchanging ‘social value’ for monetary value which can be used to offset the cost of Council-owned assets.

    Voluntary and community organisations, social enterprises and other not-for-profits can apply to take on ownership of any of the properties under the programme on either a long-term or short-term basis.

    The group’s business plan will then be evaluated to ensure that they offer significant social, community or environmental benefits to Liverpool residents. If the plans qualify, the Council will transfer ownership of the premises for less than its market value.

    Not only will the successful groups then by able to use the premises as a hub to work from, but they can also use the commercial market value of the land to support any bids for funding or loans.

    Phase one of the CAT programme offered a number of premises to interested groups, including land on Mulgrave Street, Rosebery Street, Adlam Park Sports Pavilion, and Speke Adventure Playground Centre. Talks are currently taking place between the Council and community-based organisations to secure new uses for the sites.

    All premises have been chosen to ensure that there is a variety of land and properties up for consideration across the North and South of the city.

    • Subject to Cabinet approval, the Council will seek to advertise CAT Phase Two properties in April on the council website.

    Councillor Nick Small, Liverpool City Council’s Cabinet Member for Growth and Economy, said: “Since the start of our Community Asset Transfer programme, we’ve had a lot of interest from community groups and heard about some fantastic future projects.

    “These new premises would allow us to support even more local groups, who, in turn, are making a huge difference in their neighbourhoods. Each building proposed for the second phase has so much potential but is currently sat empty and unused.

    “By offering them to interested groups within the community, the Council will be able to save on unnecessary maintenance costs and provide charities and organisations with a space they may otherwise be unable to afford.

    “The efforts of our third-party sector are essential in supporting the city’s most vulnerable residents and giving a voice to those in need. Community transfers are a way for us to support the vital work that goes on every single day.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General James Sues Nation’s Largest Vape Distributors for Fueling the Youth Vaping Epidemic

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced a lawsuit against 13 major e-cigarette, or “vape,” manufacturers, distributors, and retailers for their role in fueling the youth vaping epidemic. These companies are responsible for illegally distributing, marketing, and selling flavored disposable vapes – including popular brands such as Puff Bar, Elf Bar, Geek Bar, Breeze, MYLE, and more – which have become extraordinarily popular among minors. An Office of the Attorney General (OAG) investigation found that these companies market highly addictive, candy- and fruit-flavored nicotine products to underage consumers, mislead customers about the safety and legality of their products, illegally ship products to New York, and violate health regulations designed to curb youth vaping.  

    With this action, Attorney General James is holding the nation’s leading vape distributors accountable for their role in this public health crisis. The landmark lawsuit seeks hundreds of millions of dollars, including financial penalties for wide-ranging violations of local, state, and federal laws; damages and restitution for the public health impact of the companies’ illegal actions; the recovery of all revenue made from unlawful activity; and the establishment of an abatement fund to address the youth vaping crisis in New York. 

    “The vaping industry is taking a page out of Big Tobacco’s playbook: they’re making nicotine seem cool, getting kids hooked, and creating a massive public health crisis in the process,” said Attorney General James. “For too long, these companies have disregarded our laws in order to profit off of our young people, but we will not risk the health and safety of our kids. Today, we are taking critical steps toward holding these companies accountable for the harm they have caused New Yorkers.” 

    The vaping industry has adopted deceptive, inescapable marketing strategies that are reminiscent of the tactics that made the tobacco industry infamous. Vaping companies directly target youth with bright, colorful packaging, candy and fruit flavors, social media and influencer campaigns, and unproven claims that their products are “safe” alternatives to cigarettes. The vape products the defendants often help develop, design, and even taste-test are intended to attract young people, with eye-catching, cartoonish packaging and flavors like “Blue Razz Slushy,” “Sour Watermelon Patch,” “Unicorn Cake,” “Fruity Bears Freeze,” “Cotton Candy,” “Rainbow Rapper,” “Sour Fruity Worms,” “Fruity Pebbles,” and “Strawberry Cereal Donut Milk,” to entice kids.

    Vape companies use bright, colorful packaging and candy and fruit flavors to entice children.

    The OAG investigation found that these companies often rely on social media in their marketing and ensure their vapes are abundantly available within walking distance of schools in an effort to reach young consumers. The companies also make use of celebrity or influencer endorsements, sponsor brand activations and social media photo opportunities at popular festivals and events, and promote dangerous vaping trends and challenges to drive engagement online. One company, Puff Bar, ran a social media advertisement during the early days of the pandemic lockdown that billed their vapes as “the perfect escape from back-to-back zoom calls [and] parental texts.”

    Vaping advertisements feature bright colors and candy, as well as illegal discounts and relatable language to attract kids.

    The investigation also revealed that vape companies have long been aware that their products pose health risks to users – and are particularly harmful to youth – but have continued to target young people with deceptive and misleading messages about the products’ safety. In particular, the companies’ advertisements often position vaping products as a safer, healthier alternative to cigarettes. One of the defendants has even advanced conspiracy theories in an attempt to brush away concerns over the safety of vaping, repeatedly pushing the idea that state governments were campaigning to crush vaping in an attempt to boost tobacco sales for financial gain. In addition, despite knowing that New York banned the sale of flavored vapor products in 2020, the companies have continued to sell these products while intentionally misleading customers about the legality of the sales.

    None of the companies named in the lawsuit have received authorization from the U.S. Food and Drug Administration (FDA) for their fruit – or – candy flavored vapes, making their sale illegal under federal law. Attorney General James’ lawsuit alleges the companies have knowingly and intentionally ignored FDA warning letters and regulations, as well as the federal Prevent All Cigarette Trafficking (PACT) Act, which prohibits online sales of vaping products to consumers and unlicensed retailers. In addition to violating federal bans on shipping these products, the companies fail to register with the appropriate authorities, verify recipients’ ages, or follow any other shipping restrictions.

    Attorney General James also alleges that these vape companies have blatantly disregarded New York state public health laws, including several policies enacted in recent years to curb youth vaping. In 2020, New York banned the sale of flavored vapor products, restricted the shipment and transport of nicotine products, and raised the legal purchase age for all vapes to 21. The state also banned coupons and discounts on vapes, and began requiring certain companies to disclose dangerous ingredients in their vapes. The vape companies named in this lawsuit have repeatedly and knowingly violated these laws.

    The OAG investigation uncovered widespread evidence of this illegal conduct, including documents showing illegal shipments of flavored vapes to New York residential addresses, communications demonstrating companies’ knowledge of health and legal risks, and company advertisements and social media campaigns that misleadingly promoted vapes as safe and fun.

    The rise in youth vaping has reversed years of progress in reducing tobacco and nicotine use among adolescents. According to the New York State Department of Health (DOH), e-cigarette use among high school students has skyrocketed over the past decade, with flavored vapes being the most commonly used tobacco and nicotine product among youth. Attorney General James’ lawsuit highlights the severe health risks associated with vaping, including nicotine addiction, respiratory issues, and long-term cognitive impairments. According to the American Lung Association, some vape ingredients have been found to cause irreversible lung damage, while nicotine exposure during adolescence can permanently alter brain development. Kids who use nicotine products are also at increased risk for future addiction to other drugs. 

    The rapid rise popularity of vaping among teenagers reversed years of progress in reducing youth nicotine use. 

    For their illegal conduct and role in fueling the youth vaping crisis, Attorney General James is seeking broad relief from the companies, including a permanent ban on selling flavored vapes in New York, significant financial penalties and restitution for harm caused to New Yorkers, public corrective statements to inform consumers of the dangers of vaping, and the creation of an abatement fund to address and mitigate the effects of the public health crisis these companies helped create. In addition, OAG is pursuing total disgorgement of all revenues earned as a result of illegal activity. In total, Attorney General James is seeking hundreds of millions of dollars in financial compensation for the havoc these companies’ products and marketing have wreaked on New York’s kids and their health and well-being.

    The manufacturers, distributors, and retailers named in the lawsuit are Puff Bar, MYLE Vape, Pod Juice, Mi-One Brands, Happy Distro, Demand Vape, EVO Brands, PVG2, Magellan Technology, Midwest Goods, Safa Goods, EVO Brands, and Price Point Distributors, as well as Price Point principals Weis Khwaja, Hamza Jalili, and Mohammad Jalili. 

    “These predatory companies purposefully preyed on our classmates and peers, irreparably damaging our lives,” said Erin Kennedy, founder of anti-vaping advocacy group at East Hampton High School and a frontline witness to the second youth nicotine epidemic. “Therapeutic tools are the only useful actions to try to help the second wave of youth nicotine addiction. Money received from lawsuits with vaping companies must be funneled to therapeutic treatments to try and undo the harm, even death, created by these exploitative companies.”

    “I thank Attorney General James for her significant financial commitment to Suffolk County to hopefully invest in community-based therapeutic treatments for my friends and classmates who have been poisoned and now struggle with nicotine addiction,” said Samantha Price, founder of anti-vaping advocacy group at East Hampton High School and a frontline witness to the second youth nicotine epidemic.  

    “Vaping continues to be a public health issue for teens and young adults and has been exacerbated by irresponsible marketing strategies,” said Dr. Susan Gasparino, Medical Director of the Clinical and Community-Based Programs at the Center for Community Health & Prevention at the University of Rochester Medical Center. “I applaud and sincerely thank Attorney General Letitia James for, once again, taking action to hold these companies accountable. Her efforts, paired with the counseling and educational services like those we provide at our Center’s clinic, are what it takes to see change and advocate for the health of our young people.” 

    “Parents Against Vaping is enormously grateful to New York’s Attorney General Letitia James and her team for their ongoing commitment to and leadership in the fight to protect kids from a predatory industry that seeks to addict an entire generation to nicotine,” said Meredith Berkman, Co-Founder of Parents Against Vaping. “By going after those who deliberately market, promote, and peddle illegal flavored vapes to minors, causing serious negative health consequences that can impact young people for years to come, the Attorney General makes clear that she will not allow these bad actors to continue making enormous profits while harming New York’s children.” 

    “The vaping industry has taken advantage of youth as a vulnerable and profitable market through flavoring, advertising, and sales techniques, putting their health at risk,” said Melissa Safford, Program Director of Uplift Irondequoit. “Our coalition and community work hard to promote prevention amid a market that is flooded with false claims surrounding the safety and benefits of vaping. It is wonderful to see that Attorney General James is continuing to be a champion for youth’s health, protecting them from the vaping industry.” 

    “The Long Island Council on Alcoholism and Drug Dependence (LICADD) offers our professional support to the continued leadership by our New York State Attorney General Letitia James in her unwavering efforts to keep New Yorkers safe from unscrupulous marketing strategies flagrantly targeting our youth and exposing them to dangerous and addictive nicotine products,” said Steve Chassman, Executive Director of LICADD. “Nicotine is a potent mind- and mood-altering drug that potentially develops into a physical and psychological dependence. The implications of nicotine intoxication and dependence for young people on their mental, physical, academic, and social well-being are far reaching when dangerous levels of nicotine are consumed at a vulnerable age. These dangerous products are being callously marketed as ‘candy-like’ materials, distorting the harmful effects the drug has on human development. LICADD commends Attorney General Letitia James for fighting for the health and wellness of our youth who are potentially falling prey to monetary greed and a total disregard of public health.” 

    This lawsuit builds on Attorney General James’ efforts to hold the vaping industry accountable. Last month, Attorney General James filed a lawsuit against a retailer in upstate New York for knowingly selling vapor products to underage customers. In April 2023, Attorney General James secured $462 million from Juul Manufacturers for its role in the youth vaping epidemic. In August 2021, Attorney General James co-led a bipartisan coalition calling on the FDA to regulate e-cigarettes and oral nicotine products. In December 2020, Attorney General James ordered dozens of retailers across the state to immediately stop selling e-cigarette products to underage customers and to stop selling flavored vaping products in violation of New York state law. Also in December 2020, Attorney General James held a roundtable with elected officials, students, and parents on the subject of vaping among young people in New York state. In July 2020, Attorney General James cracked down on three online retailers that were illegally selling e-cigarettes online to consumers in New York, including minors. In April 2019, Attorney General James led a coalition of seven states in urging the Food and Drug Administration (FDA) to take stronger action in addressing the scourge of e-cigarette use among youth by taking proposed measures such as strengthening guidance, beginning enforcement earlier, and banning online sales of e-cigarettes.   

    This matter is being handled by Special Counsel Monica Hanna with assistance from Health Care Deputy Bureau Chief Leslieann Cachola, Special Counsel for Complex Litigation Collen Faherty, Assistant Attorneys General Alex Finkelstein, Wil Handley, and Joy Mele, Legal Assistants Ketty Dautruche and Dana-Ann Henry, and Document Review Managers Carol Cheng and Kristin Petrella, under the supervision of Health Care Bureau Chief Darsana Srinivasan. Data analysis was provided by Data Scientist Blythe Davis under the supervision of Deputy Director Gautam Sisodia and Director Victoria Khan of the Research and Analytics Department. The Health Care Bureau is part of the Division of Social Justice which is led by Chief Deputy Attorney General Meghan Faux and overseen by First Deputy Attorney General Jennifer Levy.   

    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces Preliminary Fourth Quarter and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 20, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter and year ended December 31, 2024. All numbers reported below for 2024 are approximate until the Bank announces audited financial results in its Form 10-K, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about March 7, 2025.

    Fourth Quarter 2024 Operating Results

    • Net interest income for the fourth quarter of 2024 was $250 million, an increase of $9 million, compared to net interest income of $241 million for the same period in 2023. The increase in net interest income was primarily related to a decrease in interest rates between the comparative quarters which impacted expense from interest-bearing liabilities more than the income from interest-earning assets, partially offset by a decrease in average advance balances.
    • The average advance balances were $96.1 billion and $111.4 billion for the fourth quarter of 2024 and 2023, respectively.
    • Net income for the fourth quarter of 2024 was $176 million, an increase of $2 million, compared to net income of $174 million for the same period in 2023. The Bank had $16 million of voluntary housing contribution expense during the fourth quarter of 2024, compared to $12 million during the same period in 2023.
    • The net yield on interest-earnings assets for the fourth quarter of 2024 was 67 basis points, an increase of nine basis points, compared to 58 basis points for the same period in 2023. Many of the Bank’s assets and liabilities are indexed to the Secured Overnight Financing Rate (SOFR). Average daily SOFR during the fourth quarter of 2024 was 4.68 percent compared to 5.32 percent for the same period in 2023.
    • The Bank’s fourth quarter of 2024 performance resulted in an annualized return on average equity (ROE) of 8.36 percent as compared to 7.83 percent for the same period in 2023. The increase in ROE was primarily due a decrease in the average total capital outstanding during the fourth quarter of 2024 compared to the same period in 2023.

    Annual 2024 Operating Results

    • Net interest income for the year ended December 31, 2024 was $966 million, an increase of $77 million, compared to net interest income of $889 million for the same period in 2023. The increase in net interest income was primarily related to an increase in interest rates during the year which impacted income from interest-earning assets more than the expense from interest-bearing liabilities, partially offset by a decrease in average advance balances.
    • The average advance balances were $98.8 billion and $125.4 billion for the year ended December 31, 2024 and 2023, respectively.
    • Net income for the year ended December 31, 2024 was $697 million, an increase of $48 million, compared to net income of $649 million for the same period in 2023. The increase in net income was primarily due to a $77 million increase in net interest income. Additionally, during 2024 the Bank had $49 million of voluntary housing contributions expense, compared to $19 million during 2023.
    • The net yield on interest-earnings assets for the year ended December 31, 2024 was 64 basis points, an increase of 14 basis points, compared to 50 basis points for the same period in 2023. The year-to-date average daily SOFR as of December 31, 2024 was 5.15 percent compared to 5.01 percent for the same period in 2023.
    • The Bank’s 2024 performance resulted in an annualized return on average equity (ROE) of 8.31 percent as compared to 7.43 percent for the same period in 2023. The increase in ROE was primarily due to the increase in net income during the year.

    Financial Condition Highlights

    • Total assets were $147.1 billion as of December 31, 2024, a decrease of $5.3 billion from December 31, 2023.
    • Advances outstanding were $85.8 billion as of December 31, 2024, a decrease of $10.8 billion from December 31, 2023.
    • Total capital was $7.9 billion as of December 31, 2024, a decrease of $183 million from December 31, 2023. Retained earnings increased to $2.8 billion as of December 31, 2024, compared to $2.5 billion as of December 31, 2023.
    • As of December 31, 2024, the Bank was in compliance with all applicable regulatory capital and liquidity requirements.

    Reliable Source of Liquidity

    • For 2024, the Bank originated a total of $311.4 billion of advances, thereby providing significant liquidity to its members to support lending and other activities in their communities. The Bank is proud to continue to execute on its mission to be a reliable source of liquidity and funding for its members, while remaining adequately capitalized.

    Commitment to Affordable Housing and Community Development

    • The Bank is required and commits 10 percent of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by law, which amounted to $72 million for the 2023 statutory Affordable Housing Program (AHP) assessment available for funding in 2024. As of December 31, 2024, the Bank has accrued $77 million to its AHP pool of funds that will be available to the Bank’s members and their communities in 2025 for funding of eligible projects.
    • During the year ended December 31, 2024, the Bank made an additional $49 million of voluntary housing and community investment contributions. This consisted of $15 million of additional voluntary housing contributions to the Bank’s AHP Homeownership Set-aside Program, $8 million of additional voluntary housing contributions to the Bank’s AHP General Fund, $20 million of voluntary contributions to the Bank’s Workforce Housing Plus+ Program, and $6 million of voluntary contributions to the Bank’s Heirs’ Property Family Wealth Protection Fund.
    • In 2025, the Bank has voluntarily committed an additional five percent of its 2024 income before assessments, equal to $41 million, to further support the affordable housing and community development needs of its communities. This will result in a total commitment by the Bank to support affordable housing and community development needs of $118 million in 2025.
    • Since the inception of its AHP in 1990, the Bank has awarded more than $1.2 billion in AHP funds, assisting more than 177,000 households.
     
     
    Federal Home Loan Bank of Atlanta
    Financial Highlights
    (Preliminary and unaudited)
    (Dollars in millions)
     
        As of December 31,
    Statements of Condition  2024    2023
      Advances $         85,829       $         96,608    
      Investments           60,084                 54,207    
      Mortgage loans held for portfolio, net           89                 103    
      Total assets           147,091                 152,370    
      Total consolidated obligations, net           135,851                 141,572    
      Total capital stock           5,148                 5,597    
      Retained earnings           2,785                 2,524    
      Accumulated other comprehensive loss           —                 (5 )  
      Total capital           7,933                 8,116    
      Capital-to-assets ratio (GAAP)           5.39   %             5.33   %
      Capital-to-assets ratio (Regulatory)           5.39   %             5.33   %
        Three Months Ended December 31,   Years Ended December 31,
    Operating Results and Performance Ratios  2024    2023    2024    2023
      Net interest income $         250       $         241       $         966       $         889    
      Standby letters of credit fees           4                 4                 17                 10    
      Other income (loss)           2                 (1 )               6                 (5 )  
      Total noninterest expense (1)           61                 51                 215                 173    
      Affordable Housing Program assessment           19                 19                 77                 72    
      Net income           176                 174                 697                 649    
      Return on average assets           0.46   %             0.41   %             0.45   %             0.36   %
      Return on average equity           8.36   %             7.83   %             8.31   %             7.43   %
    __________
    (1) Total noninterest expense includes voluntary housing and community investment contributions of $16 million and $12 million for the three months ended December 31, 2024 and 2023, respectively, and $49 million and $19 million for the years ended December 31, 2024 and 2023, respectively.
       

    Additional financial information concerning the Bank’s results of operations for the most recently completed year ended December 31, 2024, will be available in the Bank’s Form 10-K that the Bank expects to file with the SEC on or about March 7, 2025 and will be available at www.fhlbatl.com and on www.sec.gov.

    About Federal Home Loan Bank of Atlanta

    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System (FHLBank System). Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at www.fhlbatl.com.

    To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by such forward-looking statements, and the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory and accounting actions, changes, approvals or requirements; completion of the Bank’s financial closing procedures and final accounting adjustments for the most recently completed quarter; SOFR variations; future economic, liquidity and market conditions (including in the housing market and banking industry); changes in demand for advances, advance levels, consolidated obligations of the Bank and/or the FHLBank System and their market; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, climate, and world events; disruptions in information systems; membership changes; mergers and acquisitions involving members; changes to the Bank’s voluntary housing program and other adverse developments or events, including extraordinary or disruptive events, affecting the market, involving other Federal Home Loan Banks, their members or the FHLBank System in general, including acts or war and terrorism. Additional factors that might cause the Bank’s results to differ from forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

    The forward-looking statements in this release speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of these statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com
    404.716.4296

    The MIL Network –

  • MIL-OSI USA: Workers Who Maintain DC-Area Trees Under Siege by Employer That Refuses to Bargain

    Source: US GOIAM Union

    Management at a Washington, D.C.-area non-profit are continuing to ignore the law by stonewalling their own employees from bargaining a union contract.

    Casey Trees workers, who plant and maintain trees across the DC area, voted overwhelmingly to join the IAM in August 2024. Workers have been seeking an increased voice in their work, which is funded in part by local and federal taxpayers to help protect the area’s tree canopy.

    Since workers organized, Casey Trees management has said on multiple occasions that they have no intention of reaching an agreement with its workers, a clear violation of the National Labor Relations Act. On Feb. 13, the IAM union filed an unfair labor practice (ULP) charge with the National Labor Relations Board in response to management’s refusal to bargain. 

    TAKE ACTION: Tell Casey Trees Management to Negotiate a Fair Contract Now

    Right now, Casey Trees management is accepting taxpayer funding while spending hundreds of dollars an hour on lawyers, instead of their workers and achieving canopy goals. To make things worse, management is giving their staff unfair performance reviews while asking them if they think their work can be replaced by outside contractors. 

    Casey Trees Workers improve the DC area by planting and maintaining trees on private properties, schools, churches, universities, cemeteries, and local parks, and by educating students. Casey Trees Workers deserve clarity and respect that comes with a union contract

    Casey Trees Workers United updates can be found on their X (Twitter), Instagram and Facebook.

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI: FBS Analysts Explore AI’s Growing Role in Trading

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 20, 2025 (GLOBE NEWSWIRE) — FBS, a leading global broker, has released an in-depth analysis of how artificial intelligence (AI) is reshaping the trading landscape. The report highlights AI’s growing role in improving efficiency, accuracy, and data-driven decision making. 

    AI Reshaping Trading Strategies

    According to FBS analysts, one of the most significant developments is the rise of AI-powered trading assistants. These tools process large volumes of real-time market data, identifying trends and patterns that may go unnoticed by traders. By leveraging AI-driven insights, traders can optimize their strategies and improve market timing. A 2024 market report shows that traders using AI-powered assistants improved their entry and exit point accuracy by 45% in highly volatile markets.

    AI-driven systems also enable real-time sentiment analysis by scanning financial news and social media to evaluate market dynamics. A global survey conducted by TradingTech Insights in 2024 found that 75% of retail traders utilizing AI-assisted analysis increased transaction accuracy by 50%.

    The Rise of AI in Algorithmic Trading

    FBS analysts note that AI is revolutionizing algorithmic trading by moving beyond traditional rule-based strategies. Unlike conventional automated trading systems, AI models dynamically adjust trading strategies by continuously analyzing historical and live market data. Bloomberg Intelligence estimates that AI-powered systems accounted for 68% of trade flow on major exchanges like NASDAQ and the London Stock Exchange in 2024.

    Predictive analytics, another key AI-driven innovation, allows traders to forecast market trends by analyzing price movements, sentiment indicators, and macroeconomic factors. According to a PwC study, hedge funds incorporating AI-driven predictive analytics achieved returns 23% higher than those relying solely on traditional models.

    FBS highlights that AI has significantly increased accessibility to advanced trading tools. Between 2020 and 2024, the number of retail traders using AI-powered platforms rose by 120%, enabling individual traders to access sophisticated analytics once reserved for institutional investors.

    As AI technology evolves, FBS has recently introduced the FBS AI Assistant, a next-generation tool designed to support traders in making informed decisions. The FBS AI Assistant simplifies complex data, transforming complicated chart patterns into clear, easy-to-read reports. By leveraging AI-driven insights, traders can validate their strategies, minimize human error, and make informed decisions faster.

    Users can stay ahead with AI-powered trading and explore the FBS AI Assistant. 

    To get full insights, readers can visit here.

    About FBS

    FBS is a global brand that unites several independent brokerage companies under the licenses of FSC (Belize), CySEC (Cyprus), and ASIC (Australia). With 16 years of experience and over 100 international awards, FBS is steadily developing as one of the market’s most trusted brokers. Today, FBS serves over 27 000 000 traders and more than 700 000 partners around the globe. 

    Disclaimer

    This material does not constitute a call to trade, trading advice, or recommendation and is intended for informational purposes only. 

    AI-generated analysis is not financial advice. Users must always conduct their own research before trading.

    Contact

    The FBS Press Office

    FBS

    press@fbs.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5282fa0-aefa-44eb-951f-52e3e4904b95

    The MIL Network –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Morocco: Alex Pinfield

    Source: United Kingdom – Executive Government & Departments

    Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco.

    Alex Pinfield OBE

    Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco in succession to Mr Simon Martin CMG.  Mr Pinfield will take up his appointment during August 2025.

    Curriculum Vitae    

     Full name: Alexander Giles Pinfield

    Year Role
    2022-2024 FCDO, Head of Iran Unit
    2021-2022 FCDO, Head of Afghanistan Policy Department
    2021 Kabul, Deputy Ambassador
    2020 FCDO, Head of International Human Resources
    2017-2020 FCO, Head of China Department
    2016 Cabinet Office, Deputy Director, National Security Secretariat
    2013 -2015 FCO, Head of Syria Unit
    2009-2013 Canberra, Head of Foreign Policy Section
    2007-2009 Tehran, First Secretary (Head of Political Section)
    2006 Pre-posting training (including Farsi language training)
    2005-2006 Cabinet Office, Middle East analyst
    2002-2005 Beijing, Second Secretary (Press and Public Affairs)
    2000-2002 Pre-posting training (including Chinese language training)
    1999 Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Morocco

    Source: United Kingdom – Executive Government & Departments 3

    Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco.

    Alex Pinfield OBE

    Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco in succession to Mr Simon Martin CMG.  Mr Pinfield will take up his appointment during August 2025.

    Curriculum Vitae    

     Full name: Alexander Giles Pinfield

    Year Role
    2022-2024 FCDO, Head of Iran Unit
    2021-2022 FCDO, Head of Afghanistan Policy Department
    2021 Kabul, Deputy Ambassador
    2020 FCDO, Head of International Human Resources
    2017-2020 FCO, Head of China Department
    2016 Cabinet Office, Deputy Director, National Security Secretariat
    2013 -2015 FCO, Head of Syria Unit
    2009-2013 Canberra, Head of Foreign Policy Section
    2007-2009 Tehran, First Secretary (Head of Political Section)
    2006 Pre-posting training (including Farsi language training)
    2005-2006 Cabinet Office, Middle East analyst
    2002-2005 Beijing, Second Secretary (Press and Public Affairs)
    2000-2002 Pre-posting training (including Chinese language training)
    1999 Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: CSL Receives Approval in Japan for ANDEMBRY® (garadacimab) Subcutaneous (S.C.) Injection 200mg Pens, a Novel Human Anti-Activated Factor XII Monoclonal Antibody for the Prevention of Acute Attacks of Hereditary Angioedema (HAE)

    Source: CLS Limited

    CSL Receives Approval in Japan for ANDEMBRY® (garadacimab) Subcutaneous (S.C.) Injection 200mg Pens, a Novel Human Anti-Activated Factor XII Monoclonal Antibody for the Prevention of Acute Attacks of Hereditary Angioedema (HAE)

    • ANDEMBRY® is a first-in-class monoclonal antibody treatment that inhibits activated Factor XII (FXIIa), the initiating factor in the HAE pathway, and offers the first pre-filled pen presentation enabling once-monthly subcutaneous administration
    • The approval is based on the results of the international pivotal Phase 3 VANGUARD trial, which included HAE patients from Japan
    • CSL is dedicated to improving the lives of those with HAE – a community that we have proudly supported for more than 40 years

    TOKYO, Feb. 20, 2025 /PRNewswire/ — CSL Behring K.K. (Headquarters: Minato-ku, Tokyo; President and Representative Director: Izumi Yoshida) today announced that it has received manufacturing and marketing approval from Japan’s Ministry of Health, Labour and Welfare (MHLW) for ANDEMBRY® (garadacimab) Subcutaneous (S.C.) Injection 200mg Pens. The product is approved for the prevention of acute attacks of hereditary angioedema (HAE) and is the first pre-filled pen presentation for once-monthly subcutaneous administration for long-term prophylaxis of HAE. The approval in Japan follows additional recent approvals received in Australia, the United Kingdom, and the European Union.

    ANDEMBRY is the first fully human monoclonal antibody in Japan designed to inhibit activated Factor XII (Factor XIIa), which initiates the cascade of events leading to angioedema at various sites of the body.

    “ANDEMBRY represents a major advancement in the management of hereditary angioedema, offering people living with this life-threatening condition long-term disease control through a patient-centric and convenient administration method,” said Bill Mezzanotte, MD, Executive Vice President, Head of R&D, CSL. “As CSL’s first approved recombinant monoclonal antibody discovered and developed entirely by CSL, ANDEMBRY underscores our more than 40-year commitment to HAE research and treatment optimization. This milestone is the result of decades of dedication, and we extend our gratitude to the colleagues, physicians and patients who made this possible for HAE patients and CSL.”

    HAE is a rare, chronic, debilitating, and potentially life-threatening genetic disorder characterized by recurrent and unpredictable attacks of angioedema. Attacks are often painful and can occur in multiple sites of the body, including the abdomen, larynx, face, and extremities. HAE is designated as one of Japan’s intractable diseases under the category of “Primary Immunodeficiency Syndrome.” Reports indicate that approximately 430 patients in Japan are currently diagnosed and receiving treatment. According to global data, the prevalence of HAE is estimated to be 1 in 50,000 people, suggesting there may be approximately 2,500 patients in Japan.

    The approval of ANDEMBRY is based on the efficacy and safety data from the pivotal international Phase 3 VANGUARD trial and its open-label extension study. The detailed results of the VANGUARD trial were published in The Lancet in April 2023 and the primary results of the ongoing open-label extension study were published in Allergy (October 2024). A plain language summary of the VANGUARD trial findings has also been published to facilitate understanding of patients and caregivers of the clinical trial data. This summary is accessible in multiple languages, including English and Japanese.

    “ANDEMBRY is a breakthrough therapy as the first and only treatment targeting activated Factor XII, the key initiator of HAE attacks,” said Dr. Rose Fida, Executive Director and Regional Lead, CSL R&D Japan & China. “With its novel mechanism, once-monthly subcutaneous dosing and easy-to-use pre-filled pen, ANDEMBRY is set to transform the way HAE is managed in Japan.”

    About ANDEMBRY® (garadacimab)
    ANDEMBRY (garadacimab) is a novel Factor XIIa-inhibitory monoclonal antibody (anti-FXIIa mAb) that has completed Phase 3 clinical development as a new type of once-monthly subcutaneous prophylactic treatment for attacks related to HAE, a form of bradykinin-mediated angioedema. ANDEMBRY is CSL’s first homegrown recombinant monoclonal antibody to gain approval. It was discovered and optimized by scientists at CSL’s Bio21-based research site, with formulation and manufacturing for the clinical programs completed at the CSL Broadmeadows Biotech Manufacturing Facility. ANDEMBRY uniquely inhibits the plasma protein, FXIIa. When FXII is activated, it initiates the cascade of events leading to edema formation. By targeting FXIIa, ANDEMBRY inhibits this cascade at the top as compared to other HAE therapies that target downstream mediators.

    As of February 2025, ANDEMBRY® has been approved by the Australian Therapeutic Goods Administration (TGA) on January 14, 2025, the United Kingdom’s Medicines and Healthcare products Regulatory Agency (MHRA) on January 24, 2025, and by the European Union’s European Commission (EC) on February 10, 2025.

    About “ANDEMBRY® S.C. Injection 200mg Pens”

    Trade name

    ANDEMBRY® S.C. Injection 200mg Pens

    Indications or effects

    Prevention of acute attacks of Hereditary Angioedema (HAE)

    Dosage and administration

    In general, administer subcutaneously the initial loading dose 400 mg of Garadacimab (Genetical Recombination), followed by 200 mg once a month for adults and pediatric patients aged 12 years and older.

    Date of approval

    February 20, 2025

    Manufacturing and marketing

    CSL Behring K.K.

    About CSL Behring K.K.
    CSL Behring is a global leader in developing and delivering high-quality medicines that treat people with rare and serious diseases. In Japan, our core focus areas include immunology and rare diseases, hemophilia, as well as critical care and hemostasis.
    For more information, please visit https://www.cslbehring.co.jp.

    About CSL
    CSL (ASX:CSL; USOTC:CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest.

    Media Contact
    Valerie Bomberger, CSL
    Office: +1 610-291-5388 
    Mobile: +1 267-280-3829 
    Email: valerie.bomberger@cslbehring.com 

    In Australia: 
    Brett Foley, CSL
    Mobile: +61 461 464 708
    Email: brett.foley@csl.com.au

    Investor Relations:
    Chris Cooper, CSL
    Mobile: +61 455 022 740
    Email: chris.cooper@csl.com.au

    SOURCE CSL

    MIL OSI News –

  • MIL-OSI Global: How allies have helped the US gain independence, defend freedom and keep the peace – even as the US did the same for our friends

    Source: The Conversation – USA – By Donald Heflin, Executive Director of the Edward R. Murrow Center and Senior Fellow of Diplomatic Practice, The Fletcher School, Tufts University

    French Gen. Jean de Rochambeau and American Gen. George Washington giving the last orders in October 1781 for the battle at Yorktown, where the British defeat ended the War of Independence. ‘Siege of Yorktown’ painting, Ann Ronan Pictures/Print Collector/Getty Images.

    Make Canada angry. Make Mexico angry. Make the members of NATO angry.

    During the first few weeks of the second Trump administration, President Donald Trump, Vice President JD Vance and Defense Secretary Pete Hegseth said a lot of things about longtime allies that caused frustration and outright friction among the leaders of those countries.

    Trump and Vance indeed appear to disdain close alliances, favoring an America First approach to the world. A New York Times headline characterized the relationship between the U.S. and Europe now as “A Strained Alliance.”

    As a former diplomat, I’m aware that how the U.S. treats its allies has been a crucial question in every presidency, since George Washington became the country’s first chief executive. On his way out of that job, Washington said something that Trump, Vance and their fellow America First advocates would probably embrace.

    In what’s known as his “Farewell Address,” Washington warned Americans against “entangling alliances.” Washington wanted America to treat all nations fairly, and warned against both permanent friendships and permanent enemies.

    The irony is that Washington would never have become president without the assistance of the not-yet-United-States’ first ally, France.

    In 1778, after two years of brilliant diplomacy by Benjamin Franklin, the not-yet-United States and the Kingdom of France signed a treaty of alliance as the American Colonies struggled to win their war for independence from Britain.

    France sent soldiers, money and ships to the American revolutionaries. Within three years, after a major intervention by the French fleet, the battle of Yorktown in 1781 effectively ended the war and America was independent.

    Isolationism, then war

    American political leaders largely heeded Washington’s warning against alliances throughout the 1800s. The Atlantic Ocean shielded the young nation from Europe’s problems and many conflicts, and America’s closest neighbors had smaller populations and less military might.

    Aside from the War of 1812, in which the U.S. fought the British, America largely found itself protected from the outside world’s problems.

    That began to change when Europe descended into the brutal trench warfare of World War I.

    Initially, American politicians avoided becoming involved. What would today be called an isolationist movement was strong, and its supporters felt that the war in Europe was being waged for the benefit of big business.

    But it was hard for the U.S.to maintain neutrality. German submarines sank ships crossing the Atlantic carrying American passengers. The economies of some of America’s biggest trading partners were in shreds; the democracies of Britain, France and other European countries were at risk.

    A Boston newspaper headline in 1915 blares the news of a British ocean liner sunk by a German torpedo.
    Serial and Government Publications Division, Library of Congress

    President Woodrow Wilson led the United States into the war in 1917 as an ally of the Western European nations. When he asked Congress for a declaration of war, Wilson touted the value of like-minded allies, saying, “A steadfast concert for peace can never be maintained except by a partnership of democratic nations.” The war was over within 16 months.

    Immediately after the war, the Allies – led by the U.S., France and Britain – stayed together to craft the peace agreements, feed the war-ravaged parts of Europe and intervene in Russia after the Communist Revolution there.

    Prosperity came along with the peace, helping the U.S. quickly develop into a global economic power.

    However, within a few years, American politicians returned to traditional isolationism in political and military matters and continued this attitude well into the 1930s. The worldwide Great Depression that began in 1929 was blamed on vulnerabilities in the global economy, and there was a strong sentiment among Americans that the U.S. should fix its internal problems rather than assist Europe with its problems.

    Alliance counters fascism

    As both Hitler and the Japanese Empire began to attack their neighbors in the late 1930s, it became clear to President Franklin Roosevelt and other American military and political leaders that the U.S. would get caught up in World War II. If nothing else, airplanes had erased America’s ability to hide behind the Atlantic Ocean.

    Though public opinion was divided, the U.S. began sending arms and other assistance to Britain and quietly began military planning with London. This was despite the fact that the U.S. was formally neutral, as the Roosevelt administration was pushing the limits of what a neutral nation can do for friendly nations without becoming a warring party.

    In January of 1941, Roosevelt gave his annual State of the Union speech to Congress. He appeared to prepare the country for possible intervention – both on behalf of allies abroad and for the preservation of American democracy:

    “The future and the safety of our country and of our democracy are overwhelmingly involved in events far beyond our borders. Armed defense of democratic existence is now being gallantly waged in four continents. If that defense fails, all the population and all the resources of Europe, and Asia, and Africa and Australasia will be dominated by conquerors. In times like these it is immature – and incidentally, untrue – for anybody to brag that an unprepared America, single-handed, and with one hand tied behind its back, can hold off the whole world.”

    When the Japanese attacked Hawaii in 1941 and Hitler declared war on the United States, America quickly entered World War II in an alliance with Britain, the Free French and others.
    Throughout the war, the Allies worked as a team on matters large and small. They defeated Germany in three and half years and Japan in less than four.

    As World War II ended, the wartime alliance produced two longer-term partnerships built on the understanding that working together had produced a powerful and effective counter to fascism.

    A ‘news bulletin’ from August 1945 issued by a predecessor of the United Nations.
    Foreign Policy In Focus

    Postwar alliances

    The first of these alliances is the North Atlantic Treaty Organization, or NATO. The original members were the U.S., Canada, Britain, France and others of the wartime Allies. There are now 32 members, including Poland, Hungary and Turkey.

    The aims of NATO were to keep the peace in Europe and contain the growing Communist threat from the Soviet Union. NATO’s supporters feel that, given that the wars in the former Yugoslavia in the 1990s and in the Ukraine today are the only major conflicts in Europe in 80 years, the alliance has met its goals well. And NATO troops went to Afghanistan along with the U.S. military after 9/11.

    The other institution created by the wartime Allies is the United Nations.

    The U.N. is many things – a humanitarian aid organization, a forum for countries to raise their issues and a source of international law.

    However, it is also an alliance. The U.N. Security Council on several occasions authorized the use of force by members, such as in the first Gulf War against Iraq. And it has the power to send peacekeeping troops to conflict areas under the U.N. flag.

    Other U.S. allies with treaties or designations by Congress include Australia, New Zealand, Japan, Israel, three South American countries and six in the Middle East.

    In addition to these formal alliances, many of the same countries created institutions such as the World Bank, the International Monetary Fund, the Organization of American States and the European Union. The U.S. belongs to all of these except the European Union. During my 35-year diplomatic career, I worked with all of these institutions, particularly in efforts to stabilize Africa. They keep the peace and support development efforts with loans and grants.

    Admirers of this postwar liberal international order point to the limited number of major armed conflicts during the past 80 years, the globalized economy and international cooperation on important matters such as disease control and fighting terrorism.
    Detractors point to this system’s inability to stop some very deadly conflicts, such as Vietnam or Ukraine, and the large populations that haven’t done well under globalization as evidence of its flaws.

    The world would look dramatically different without the Allies’ victories in the two World Wars, the stable worldwide economic system and NATO’s and the U.N.’s keeping the world relatively peaceful.

    But the value of allies to Americans, even when they benefit from alliances, appears to have shifted between George Washington’s attitude – avoid them – and that of Franklin D. Roosevelt – go all in … eventually.

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

    – ref. How allies have helped the US gain independence, defend freedom and keep the peace – even as the US did the same for our friends – https://theconversation.com/how-allies-have-helped-the-us-gain-independence-defend-freedom-and-keep-the-peace-even-as-the-us-did-the-same-for-our-friends-248839

    MIL OSI – Global Reports –

  • MIL-OSI: Orbit International’s Electronics Group Reports Contract Award in Excess of $1,925,000

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) received a follow-on contract award in excess of $1,925,000 from a large defense contractor. The order is for a product used on a military program for the U.S. Navy. Deliveries for this award will commence in the first quarter of 2026 and continue through the third quarter of 2026.

    Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report this large follow-on contract award for our Orbit Instrument Division, which is in excess of $1,925,000. We are also pleased to note that our customer has expressed confidence that the program under which the contract was awarded will continue for many years to come. This award was expected during the third quarter of 2024, but was delayed at the U.S. Government level. The timing of receipt of military awards is always an uncertainty.”

    Binder added, “In addition to the large order for our OEG legacy business, our Orbit Power Group (“OPG”) is coming off a firm booking year in 2024, principally due to record bookings for power supplies utilizing our VPX technology. We are confident in 2025 that we will continue to both receive follow-on business for our VPX power supplies and deliver new designs that will expand our reach in the marketplace for this technology.”

    Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.

    Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

    Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit’s reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

    CONTACT
    David Goldman
    Chief Financial Officer
    631-435-8300

    The MIL Network –

  • MIL-OSI: DIRECTV Advertising and Magnite Enhance Live Streaming Programmatic Demand During Peak Viewing Events

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, and DIRECTV Advertising, a pioneer in the converged TV addressable space, are leveraging programmatic demand capabilities to unlock the full potential of live streaming advertising. Magnite and DIRECTV Advertising’s collaboration addresses significant advertising challenges in live streaming, from responding to unpredictable traffic volume to delivering diverse ad experiences.

    Earlier this year, DIRECTV Advertising announced the programmatic enablement of their satellite-connected devices. The unbridling of DIRECTV’s satellite inventory represents greater scale and access to new audiences within linear programming, high-viewership events, and live sports. There’s a clear opportunity with sports, as both viewership and traffic increase during live events, with viewership growing as much as 10X for big games. While high-profile events attract approximately 20% more net-new advertisers, about half of existing and active buyers double their bids when compared to off-peak levels. By matching programmatic demand with real-time traffic surges, DIRECTV and Magnite can effectively manage incremental supply and serve uninterrupted ads during key moments.

    With more regional sports than other pay TV providers, DIRECTV has long been a home for live sports. In early 2025, DIRECTV solidified its position as a sports leader by launching MySports, a bespoke skinny bundle aimed at reaching avid sports fans. DIRECTV is committed to giving viewers the flexibility to choose the right level of service, at the right value, based on their personal interests.

    For advertisers, purchasing live inventory has never been easier, and to further improve the experience, DIRECTV Advertising provides buyers access to rich content metadata signals. Leveraging these signals creates buying transparency and ad relevancy by allowing advertisers access to content at the network, rating, and genre-level. With DIRECTV expanding its premium TV supply, marketers now have access to incremental live sports inventory through Magnite’s platform. DIRECTV will be testing Magnite’s Live Stream Acceleration (LSA) technology, designed to help streaming publishers optimize their live inventory programmatically and surface more opportunities for advertisers.

    “We’re excited to create more opportunities for advertisers to access highly sought after live sports inventory during key demand peaks,” said Ken Ripley, VP, Growth & Marketing at DIRECTV Advertising. “One of the ways we’re delivering this is through the expansion of our programmatically enabled inventory. We’re not only doubling our marketplace supply but unlocking new and unique reach for advertisers. Together with Magnite’s tech solutions, we’re setting new precedents, and paving the way for the future of advanced programmatic execution in live CTV.”

    “By combining our technology that optimizes programmatic advertising in live CTV environments and DIRECTV’s expansive live content footprint, we’re driving better outcomes for advertisers and maintaining a high-quality viewing experience for consumers,” said Mike Laband, Group SVP, Revenue, US at Magnite. “The significant spikes in demand during live sporting events show the untapped potential that media owners should be leaning towards. It’s encouraging to see DIRECTV embracing programmatic demand and offering contextual signals to provide advertisers with more transparency.”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About DIRECTV
    DIRECTV Advertising is a pioneer in the converged addressable space, delivering industry leading audience-based, digital, and innovative media solutions. Employing our decades of experience, we empower advertisers to address and engage their audience at scale while continuously measuring campaign impact against brand goals to unlock insights and optimize future campaigns. 

    Media Contact:
    Charlstie Veith
    cveith@magnite.com

    Investor Contact:
    Nick Kormeluk
    nkormeluk@magnite.com

    The MIL Network –

  • MIL-OSI: Monarch Private Capital Powers Into 2025 With Record Growth, Innovation, and a Bold Vision for the Future

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 20, 2025 (GLOBE NEWSWIRE) —  Monarch Private Capital, a national leader in impact investing, is redefining the future of tax equity investments with a landmark year of achievements in 2024. By strategically expanding its efforts across affordable housing, renewable energy, historic rehabilitation, and film, Monarch is not only generating billions in economic development but also driving transformative change in communities nationwide.

    As demand for sustainable solutions and responsible investing reaches new heights, Monarch continues to lead the charge—investing in projects that create jobs, reduce carbon footprints, and provide critical housing solutions. With a new $275 million bond issuance, an innovative solar and battery storage initiative for low-income housing, and record-breaking project investments, Monarch is setting the stage for even greater impact in 2025 and beyond.

    Unprecedented Growth Across Key Sectors In 2024

    • Renewable Energy: 75 new projects, generating $1.5 billion in tax credits and enabling $3.3 billion in clean energy investments—adding 1.7 GW of renewable energy capacity to the U.S. grid. This prevents an annual abatement of 1,530,807 metric tons of CO₂e emissions—equivalent to removing 319,014 homes’ electricity use for one year.
    • Affordable Housing: 23 new projects, unlocking $268 million in tax credits and $747 million in project capital, creating 2,429 affordable homes for families in need.
    • Historic Rehabilitation: 18 revitalization projects, bringing nearly $60 million in tax credits and over $500 million in redevelopment costs, breathing new life into historic properties—many in underserved communities.
    • New $275 Million Bond Issuance: Financing affordable housing projects to help close the housing gap in the U.S., ensuring more families have access to safe, stable homes.
    • Film & Entertainment: Brokered and financed $169 million in state tax credits for film, tv, and digital media, supporting 49 productions nationwide. These projects contributed to over $650 million in local production spending, driving economic growth and energizing creative industries across the U.S.  

    Fueling the Future: Clean Energy Meets Affordable Housing

    With an unwavering commitment to innovation, Monarch is redefining affordable housing through its groundbreaking Monarch Strategic Ventures initiative.

    This forward-thinking program is integrating solar energy and battery storage into low-income housing income (LMI) communities—targeting a 20% reduction in tenant’s electricity bills while making affordable housing more sustainable. But the impact goes beyond cost savings:

    • Creating new construction jobs during installation
    • Generating ongoing employment in operations, maintenance, and administrative roles
    • Reducing environmental impact while improving energy resilience for vulnerable communities
    • Enhancing grid flexibility to balance burgeoning electricity demand growth

    “We don’t just invest in projects—we invest in people, communities, and the future,” said George Strobel, Partner, Co-Founder, and Co-CEO of Monarch Private Capital. “With the launch of our $275 million bond initiative and our expansion into clean energy housing solutions, we are scaling our impact like never before. We are building a stronger, more sustainable, and more equitable future—one investment at a time.”

    Monarch’s Legacy: A $37 Billion Economic Impact

    Since 2005, Monarch Private Capital has turned tax equity investments into real-world impact, delivering:

    • Nearly 50,000 affordable housing units built
    • More than 300,000 jobs created
    • 4.7 GW of renewable energy capacity to the U.S. grid, preventing an annual abatement of 4,157,534 metric tons of CO₂e emissions—equivalent to removing C02 emissions from 866,412 homes’ electricity use for one year 
    • The revitalization of 187 historic buildings
    • $7.2 billion in tax credits leveraged across 42 states and Washington, D.C.
    • $18 billion in project capital mobilized

    And the momentum is only growing.

    By combining financial expertise with a bold vision for the future, Monarch Private Capital is positioned to drive unprecedented impact in 2025—expanding access to affordable housing, accelerating the transition to clean energy, and strengthening communities across America.

    Join the Movement.

    For more information, please contact George Strobel at gstrobel@monarchprivate.com.

    About Monarch Private Capital

    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    CONTACT

    Jane Rafeedie

    Monarch Private Capital

    Jrafeedie@monarchprivate.com

    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86597a51-4a44-469c-9ca3-69f62b265d4e

    The MIL Network –