Category: Australia

MIL-OSI Security: U.S. Joins International Action Against RedLine and META Infostealers

Source: Office of United States Attorneys

RedLine and META Infostealers stole information from millions of victims around the world; U.S. complaint charges developer and administrator; U.S. law enforcement seizes infrastructure

AUSTIN, Texas – The Department of Justice joined the Netherlands, Belgium, Eurojust and other partners in announcing an international disruption effort against the current version of RedLine Infostealer, one of the most prevalent infostealers in the world that has targeted millions of victim computers, and the closely-related META Infostealer.

The Justice Department, FBI, Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division joined international partners in the Joint Cybercrime Action Taskforce (“JCAT”) Operation Magnus (supported by Europol) to seize domains, servers, and Telegram accounts used by the RedLine and META administrators to disrupt the operations of the infostealers.

International authorities have created a website at www.operation-magnus.com with additional resources for the public and potential victims.

Infostealers are a prevalent form of malware used to steal sensitive information from victim’s computers including usernames and passwords, financial information, system information, cookies, and cryptocurrency accounts. The stolen information—referred to as “logs”—is sold on cybercrime forums and used for further fraudulent activity and other hacks. RedLine has been used to conduct intrusions against major corporations. RedLine and META infostealers can also enable cyber criminals to bypass multi-factor authentication (MFA) through the theft of authentication cookies and other system information.

RedLine and META are sold through a decentralized Malware as a Service (“MaaS”) model where affiliates purchase a license to use the malware, and then launch their own campaigns to infect their intended victims. The malware is distributed to victims using malvertising, e-mail phishing, fraudulent software downloads, and malicious software sideloading. Various schemes, including COVID-19 and Windows update related ruses have been used to trick victims into downloading the malware. The malware is advertised for sale on cybercrime forums and through Telegram channels that offer customer support and software updates. RedLine and META have infected millions of computers worldwide and, by some estimates, RedLine is one of the top malware variants in the world.

Through various investigative steps, law enforcement has collected victim log data stolen from computers infected with RedLine and META. While an exact number has not been finalized, agents have identified millions of unique credentials (usernames and passwords), email addresses, bank accounts, cryptocurrency addresses, credit card numbers, etc. The United States does not believe it is in possession of all the stolen data and continues to investigate.

The Department has unsealed a warrant issued in the Western District of Texas that authorized law enforcement to seize two domains used by RedLine and META for command and control.

In conjunction with the disruption effort, the Justice Department unsealed charges against Maxim Rudometov, one of the developers and administrators of RedLine Infostealer. According to the complaint, Rudometov regularly accessed and managed the infrastructure of RedLine Infostealer, was associated with various cryptocurrency accounts used to receive and launder payments and was in possession of RedLine malware. For his actions, he has been charged with access device fraud, in violation of 18 U.S.C. § 1029, conspiracy to commit computer intrusion, in violation of 18 U.S.C. §§ 1030 and 371, and money laundering, in violation of 18 U.S.C. § 1956.

If convicted, Rudometov faces a maximum penalty of 10 years in prison for access device fraud, five years in prison for conspiracy to commit computer intrusion, and 20 years in prison for money laundering. The complaint is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

The FBI Austin Cyber Task Force is investigating the case. The Task Force participants include the Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division, among other agencies.

Assistant U.S. Attorney G. Karthik Srinivasan is prosecuting the case. The Justice Department’s Cybercrime Liaison Prosecutor to Eurojust and Office of International Affairs also provided significant assistance.

The disruption effort announced today was in conjunction with Operation Magnus, a JCAT law enforcement operation to investigate RedLine and META Infostealers. The participating agencies included the Dutch National Police, Belgian Federal Police, Belgian Federal Prosecutor’s Office, United Kingdom National Crime Agency, Australian Federal Police, Portuguese Federal Police, and Eurojust.

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MIL Security OSI –

January 25, 2025

MIL-OSI: CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Source: GlobeNewswire (MIL-OSI)

San Diego, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the third quarter of 2024.

The Company reported net loss of $16.5 million for the third quarter of 2024, or $0.59 diluted loss per share, compared to net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024, and $6.6 million, or $0.35 per diluted share in the third quarter of 2023.

“As we previously reported, the merger of Southern California Bancorp and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”

“With the close of the merger and successful conversion behind us, we are now focused on the prudent growth of our franchise by offering the highest quality and level of customer service available to middle-market businesses in both Northern and Southern California,” said Steven Shelton, CEO of the Company and the Bank. “We are excited about our future and look forward to the traction we expect our combined banking franchise will realize in the coming quarters.”

Third Quarter 2024 Highlights

	●	Merger closed on July 31, 2024, whereby California BanCorp (“CALB”) merged with and into Southern California Bancorp and California Bank of Commerce merged with and into Bank of Southern California, N.A. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities.
	●	Total aggregate consideration paid was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill subject to adjustment in accordance with ASC 805.
	●	Net loss of $16.5 million or $0.59 diluted loss per share for the third quarter reflects the after-tax one-time initial provision for credit losses (“day one provision”) related to non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments of $15.0 million and merger related expenses of $10.6 million; adjusted net income (non-GAAP¹) was $9.1 million or $0.33 per share for the third quarter.
	●	Net interest margin of 4.43%, compared with 3.94% in the prior quarter; average total loan yield of 6.79% compared with 6.21% in the prior quarter.
	●	Provision for credit losses of $23.0 million for the third quarter, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments.

¹ Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

	●	Return on average assets of (1.82)%, compared with 0.03% in the prior quarter.
	●	Return on average common equity of (15.28)%, compared with 0.26% in the prior quarter.
	●	Efficiency ratio (non-GAAP¹) of 98.9% compared with 85.7% in the prior quarter; excluding merger related expenses the efficiency ratio was 60.5%, compared with 83.5% in the prior quarter.
	●	Tangible book value per common share (“TBV”) (non-GAAP¹) of $11.28 at September 30, 2024, down $2.43 from $13.71 at June 30, 2024.
	●	Total assets of $4.36 billion at September 30, 2024, compared with $2.29 billion at June 30, 2024.
	●	Total loans, including loans held for sale of $3.23 billion at September 30, 2024, compared with $1.88 billion at June 30, 2024, largely due to the merger, with the fair value of the acquired loans totaling $1.36 billion.
	●	Nonperforming assets to total assets ratio of 0.68% at September 30, 2024, compared with 0.20% at June 30, 2024, which included the fair value of $13.9 million in nonaccrual PCD loans in connection with the merger.
	●	Allowance for credit losses (“ACL”) was 1.80% of total loans held for investment at September 30, 2024; allowance for loan losses (“ALL”) was 1.67% of total loans held for investment at September 30, 2024.
	●	Total deposits of $3.74 billion at September 30, 2024, increased $1.81 billion or 93.2% compared with $1.94 billion at June 30, 2024, largely due to the $1.64 billion of deposits acquired in the merger.
	●	Noninterest-bearing demand deposits of $1.37 billion at September 30, 2024, an increase of $701.7 million or 105.3%, of which $635.5 million was related to the merger; noninterest bearing deposits represented 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024.
	●	Cost of deposits was 2.09%, compared with 2.12% in the prior quarter.
	●	Cost of funds was 2.19%, compared with 2.21% in the prior quarter.
	●	The Company’s capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

Third Quarter Operating Results

Net Loss

Net loss for the third quarter of 2024 was $16.5 million, or $0.59 loss per diluted share, compared with net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax CECL-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Excluding one-time CECL-related provision for credit losses on acquired loans and unfunded loan commitments, and merger related expenses, the Company would have reported net income (non-GAAP¹) of $9.1 million, or $0.33 per diluted share, for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP¹) for the third quarter was $436 thousand, a decrease of $2.7 million or 86.3% from the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $36.9 million, compared with $21.0 million in the prior quarter. The increase in net interest income was primarily due to a $22.3 million increase in total interest and dividend income, partially offset by a $6.3 million increase in total interest expense in the third quarter of 2024, as compared to the prior quarter. During the third quarter of 2024, loan interest income increased $18.5 million, of which $4.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $458 thousand, and interest and dividend income from other financial institutions increased $3.3 million. The increase in interest income was primarily driven by the mix of interest-earning assets added by the merger and the impact of the accretion and amortization of fair value marks. Average total interest-earning assets increased $1.17 billion, the result of a $900.7 million increase in average total loans, a $114.2 million increase in average deposits in other financial institutions, a $25.1 million increase in average total debt securities, a $124.1 million increase in average Fed funds sold/resale agreements and a $7.5 million increase in average restricted stock investments and other bank stock. The increase in interest expense for the third quarter of 2024 was primarily due to a $6.0 million increase in interest expense on interest-bearing deposits, the result of a $763.7 million increase in average interest-bearing deposits, coupled with a $34.3 million increase in average subordinated debt, partially offset by a 6 basis point decrease in average interest-bearing deposit costs, and a $378 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $26.8 million decrease in average FHLB borrowings in the third quarter of 2024.

Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. The increase was primarily related to a 52 basis point increase in the total interest-earning assets yield, coupled with a 2 basis point decrease in the cost of funds. The yield on total average earning assets in the third quarter of 2024 was 6.49%, compared with 5.97% in the prior quarter. The yield on average total loans in the third quarter of 2024 was 6.79%, an increase of 58 basis points from 6.21% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million and the amortization expense impact on interest expense was $283 thousand, which increased the net interest margin by 46 basis points in the third quarter of 2024. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million, which increased the yield on average total loans by 59 basis points in the third quarter of 2024.

Cost of funds for the third quarter of 2024 was 2.19%, a decrease of 2 basis points from 2.21% in the prior quarter. The decrease was primarily driven by a 6 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 187 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $373 thousand, or 281 basis points from the purchase accounting discounts on acquired subordinated debts. Average noninterest-bearing demand deposits increased $373.8 million to $1.03 billion and represented 33.6% of total average deposits for the third quarter of 2024, compared with $658.0 million and 34.1%, respectively, in the prior quarter; average interest-bearing deposits increased $763.7 million to $2.04 billion during the third quarter of 2024. The total cost of deposits in the third quarter of 2024 was 2.09%, a decrease of 3 basis points from 2.12% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and paying off high cost brokered deposits in the third quarter of 2024.

Average total borrowings increased $7.6 million to $52.9 million for the third quarter of 2024, primarily due to an increase of $34.3 million in average subordinated debt from the $50.8 million in fair value of subordinated debt acquired in the merger, partially offset by a decrease of $26.8 million in average FHLB borrowings during the third quarter of 2024. The average cost of total borrowings was 7.71% for the third quarter of 2024, up from 5.84% in the prior quarter.

Provision for Credit Losses

The Company recorded a provision for credit losses of $23.0 million in the third quarter of 2024, compared to $2.9 million in the prior quarter. The increase was largely related to the merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded commitments of $2.7 million. Total net charge-offs were $1.2 million in the third quarter of 2024, which included $967 thousand from a construction loan and $135 thousand from an acquired consumer solar loan portfolio. The provision for credit losses in the third quarter of 2024 included a $3.3 million provision for unfunded loan commitments, of which $2.7 million was related to the one-time initial provision for credit losses on acquired unfunded loan commitments, and $511 thousand related to the increase in unfunded loan commitments during the third quarter of 2024, coupled with higher loss rates and average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments increased $662.4 million to $1.03 billion at September 30, 2024, including $574.3 million in unfunded loan commitment related to the merger, compared to $371.5 million in unfunded loan commitments at June 30, 2024. The provision for credit losses for loans held for investment in the third quarter of 2024 was $19.7 million, an increase of $16.7 million from $3.0 million in the prior quarter. The increase was driven primarily by the one-time initial provision for credit losses on acquired non-PCD loans and increases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in net charge-offs, and in the reasonable and supportable forecast, primarily related to the economic outlook for California which were partially offset by decreases in legacy substandard accruing loans, were factors related to the increase in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

Noninterest Income

The Company recorded noninterest income of $1.2 million in the third quarter of 2024, a decrease of $5 thousand compared to $1.2 million in the second quarter of 2024. There was no gain on SBA 7A loan sales in the second and third quarters of 2024. Noninterest income was impacted by the merger through increases in service charges and fees on deposit accounts, bank owned life insurance income, and servicing and related income on loans; offset by a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024.

Noninterest Expense

Total noninterest expense for the third quarter of 2024 was $37.7 million, an increase of $18.7 million from total noninterest expense of $19.0 million in the prior quarter, which was largely due to the increase in merger related expenses.

Salaries and employee benefits increased $6.6 million during the quarter to $15.4 million. The increase in salaries and employee benefits was primarily the result of the merger and included $1.4 million related to one-time costs associated with non-continuing directors, executives and employees. Merger and related expenses in connection with the merger increased $14.1 million to $14.6 million. These costs primarily included retention bonus, severance and change in control costs of $6.2 million, financial advisory fees of $2.3 million, information technology expenses of $4.5 million, insurance costs of $919 thousand and legal and other professional costs of $305 thousand. The increase in core deposit intangible amortization was primarily driven by $622 thousand related to the additional amortization from the core deposit intangible of $22.7 million acquired in the merger.

The Company sold other real estate owned and recognized a $4.8 million loss in the second quarter of 2024. There was no comparable transaction in the third quarter of 2024.

Efficiency ratio (non-GAAP¹) for the third quarter of 2024 was 98.9%, compared to 85.7% in the prior quarter. Excluding the merger and related expenses of $14.6 million, the efficiency ratio (non-GAAP¹) for the third quarter of 2024 would have been 60.5%.

Income Tax

In the third quarter of 2024, the Company’s income tax benefit was $6.1 million, compared with an $88 thousand income tax expense in the second quarter of 2024. The effective rate was 26.9% for the third quarter of 2024 and 31.7% for the second quarter of 2024. The decrease in the effective tax rate for the third quarter of 2024 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, as well as non-deductible merger-related expenses.

Balance Sheet

Assets

Total assets at September 30, 2024 were $4.36 billion, an increase of $2.07 billion or 90.2% from June 30, 2024. The increase in total assets from the prior quarter was primarily related to the $1.86 billion in fair value of total assets acquired in the merger, which included increases of $1.36 billion in loans held for investment, $42.6 million in debt securities, and $336.3 million in cash and cash equivalents. In addition, the Company recorded preliminary goodwill of $74.7 million related to the merger in the third quarter of 2024.

Loans

Total loans held for investment were $3.20 billion at September 30, 2024, an increase of $1.32 billion, compared to June 30, 2024, primarily the result of the $1.36 billion fair value of loans acquired in the merger. During the third quarter 2024, there were new originations of $70.0 million and net advances of $8.9 million, offset by payoffs of $64.9 million, and the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of loans in the amount of $1.2 million. Total loans secured by real estate increased by $814.5 million, including $780.9 million acquired in the merger, construction and land development loans increased by $42.9 million, commercial real estate and other loans increased by $712.2 million, 1-4 family residential loans decreased by $4.8 million and multifamily loans increased by $64.2 million. Commercial and industrial loans increased by $482.3 million, and consumer loans increased by $25.3 million, largely due to a $25.2 million increase in consumer loans related to the merger. The Company had $33.7 million in loans held for sale at September 30, 2024, compared to $7.0 million at June 30, 2024.

Deposits

Total deposits at September 30, 2024 were $3.74 billion, an increase of $1.81 billion from June 30, 2024 due to the $1.64 billion in fair value of deposits related to the merger. Noninterest-bearing demand deposits at September 30, 2024, were $1.37 billion, including $635.5 million noninterest-bearing demand deposits related to the merger, or 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024. At September 30, 2024, total interest-bearing deposits were $2.37 billion, compared to $1.27 billion at June 30, 2024. At September 30, 2024, total brokered time deposits were $222.6 million, including a $251.4 million increase of brokered time deposits related to the merger, compared to $103.4 million in brokered time deposits at June 30, 2024. The Company used excess cash acquired from the merger to pay off high cost callable and noncallable brokered time deposits totaling $131.9 million during the third quarter 2024. The Company also offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At September 30, 2024, ICS deposits were $699.6 million, or 18.7% of total deposits, compared to $239.8 million, or 12.4% of total deposits at June 30, 2024. Legacy CALB was also a participant in the Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, both of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At July 31, 2024, the Company acquired the fair value of $37.7 million in CDARS deposits and $306.6 million in R&T deposits.

Federal Home Loan Bank (“FHLB”) and Liquidity

The Company repaid all FHLB borrowings with liquidity primarily derived from the cash acquired in the merger during the third quarter of 2024. At September 30, 2024, the Company had no overnight FHLB borrowings, a $25.0 million decrease from June 30, 2024. There were no outstanding Federal Reserve Discount Window borrowings at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $663.6 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $446.4 million. The Company also had available borrowing capacity from eight unsecured credit lines from correspondent banks of approximately $121.0 million at September 30, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.23 billion at September 30, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $159.3 million and cash and cash equivalents of $614.4 million at September 30, 2024.

In connection with the merger, the Company assumed subordinated borrowings of $55.0 million, with a fair value of $50.8 million. The subordinated borrowings include $20.0 million with a maturity date in September 2030 and $35.0 million with a maturity date in September 2031.

Asset Quality

Total non-performing assets increased to $29.8 million, or 0.68% of total assets at September 30, 2024, compared with $4.7 million, or 0.20% of total assets at June 30, 2024.

The increase in non-performing assets in the third quarter of 2024 was primarily attributable to downgrades of a construction loan and 1-4 family residential loan from one relationship totaling $12.7 million and a $13.9 million of nonaccrual PCD loans acquired in the merger. This increase was net of total charge-offs of $1.2 million, which included a partial charge-off of $967 thousand for a substandard nonaccrual construction loan collateralized by a stalled construction project in Los Angeles, California. Based on the Company’s internal analysis, which included a review of an updated appraisal, the estimated net collateral value was $9.7 million, which was $967 thousand lower than the subject loan’s net carrying value resulting in a partial charge-off in the third quarter of 2024. The Company expects to pursue the resolution of this matter. Non-performing assets in the third quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily nonaccrual loan of $4.7 million that was transferred to OREO and the Company recorded a $614 thousand valuation allowance on OREO due to a decline in the fair value of the underlying property in the third quarter of 2024.

Total non-performing loans increased to $25.7 million, or 0.80% of total loans held for investment at September 30, 2024, compared with $4.7 million, or 0.25% of total loans at June 30, 2024. The increase from June 30, 2024 was due primarily to the aforementioned downgrades of a construction loan and 1-4 family residential loan from one relationship, nonaccrual PCD loans acquired in the merger and partial charge-offs of loans in the amount of $1.2 million in the third quarter of 2024.

Special mention loans increased by $65.6 million, including $41.0 million non-PCD loans and $10.1 million PCD loans, during the third quarter of 2024 to $93.4 million at September 30, 2024. The $14.5 million increase in the legacy special mention loans was due mostly to a $2.2 million increase in special mention commercial real estate loans and a $12.3 million increase in special mention commercial and industrial loans. Substandard loans increased by $81.2 million, including $2.3 million non-PCD loans, $71.3 million PCD loans, and $13.5 million nonaccrual PCD loans, during the third quarter of 2024 to $104.3 million at September 30, 2024. The $5.8 million decrease in the legacy substandard loans was due primarily to the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of $967 thousand for the nonaccrual construction loan, partially offset by a downgrade to substandard of a commercial and industrial loan of $118 thousand during the third quarter of 2024.

The Company had $37 thousand in consumer solar loans that were over 90 days past due that were accruing interest at September 30, 2024, and no delinquencies at June 30, 2024.

There were $19.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at September 30, 2024 and no delinquencies at June 30, 2024.

The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $57.6 million at September 30, 2024, compared to $24.6 million at June 30, 2024. The $33.0 million increase in the allowance included a $19.7 million provision for credit losses for the loan portfolio, of which $11.2 million related to the initial allowance for credit losses on acquired PCD loans, $21.3 million related to the initial provision for credit losses on acquired non-PCD loans and unfunded loan commitments, partially offset by total charge-offs of $1.2 million for the quarter ended September 30, 2024.

The ALL was $53.6 million, or 1.67% of total loans held for investment at September 30, 2024, compared with $23.8 million, or 1.27% at June 30, 2024.

Capital

Tangible book value (non-GAAP¹) per common share at September 30, 2024, was $11.28, compared with $13.71 at June 30, 2024. In the third quarter of 2024, tangible book value was primarily impacted by the net loss for the third quarter, the impact of equity issued in connection with the merger, stock-based compensation expense, and a decrease in net of unrealized tax losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $3.6 million to $2.9 million at September 30, 2024, from $6.5 million at June 30, 2024. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including decreases in market interest rates driven by the Federal Reserve’s 50 basis point rate cut in September 2024. Tangible common equity (non-GAAP¹) as a percentage of total tangible assets (non-GAAP¹) at September 30, 2024, decreased to 8.58% from 11.28% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP¹) at September 30, 2024 decreased to 0.8% from 2.6% in the prior quarter.

The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at September 30, 2024.

ABOUT CALIFORNIA BANCORP

California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Company’s merger with CALB (the “Merger”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

California BanCorp and Subsidiary
Financial Highlights (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
EARNINGS	($ in thousands except share and per share data)
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Provision for (reversal of) credit losses	$	22,963		$	2,893		$	(96	)	$	25,525		$	91
Noninterest income	$	1,174		$	1,169		$	815		$	3,756		$	3,481
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Income tax (benefit) expense	$	(6,063	)	$	88		$	2,835		$	(3,653	)	$	9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Pre-tax pre-provision income ⁽¹⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653
Adjusted pre-tax pre-provision income ⁽¹⁾	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653
Diluted (loss) earnings per share	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Shares outstanding at period end		32,142,427			18,547,352			18,309,282			32,142,427			18,309,282

PERFORMANCE RATIOS
Return on average assets		(1.82	)%		0.03	%		1.12	%		(0.55	)%		1.25	%
Adjusted return on average assets ⁽¹⁾		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average common equity		(15.28	)%		0.26	%		9.38	%		(4.48	)%		10.63	%
Adjusted return on average common equity ⁽¹⁾		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Yield on total loans		6.79	%		6.21	%		5.97	%		6.40	%		5.89	%
Yield on interest earning assets		6.49	%		5.97	%		5.72	%		6.15	%		5.63	%
Cost of deposits		2.09	%		2.12	%		1.56	%		2.09	%		1.22	%
Cost of funds		2.19	%		2.21	%		1.62	%		2.19	%		1.30	%
Net interest margin		4.43	%		3.94	%		4.23	%		4.12	%		4.43	%
Efficiency ratio ⁽¹⁾		98.86	%		85.70	%		61.39	%		87.19	%		59.16	%
Adjusted efficiency ratio ⁽¹⁾		60.54	%		83.49	%		61.39	%		68.15	%		59.16	%

	As of
	September 30, 2024			June 30, 2024			December 31, 2023
CAPITAL	($ in thousands except share and per share data)
Tangible equity to tangible assets ⁽¹⁾		8.58	%		11.28	%		10.73	%
Book value (BV) per common share	$	15.50		$	15.81		$	15.69
Tangible BV per common share ⁽¹⁾	$	11.28		$	13.71		$	13.56

ASSET QUALITY
Allowance for loan losses (ALL)	$	53,552		$	23,788		$	22,569
Reserve for unfunded loan commitments	$	4,071		$	819		$	933
Allowance for credit losses (ACL)	$	57,623		$	24,607		$	23,502
Allowance for loan losses to nonperforming loans		2.09	x		5.07	x		1.74	x
ALL to total loans held for investment		1.67	%		1.27	%		1.15	%
ACL to total loans held for investment		1.80	%		1.31	%		1.20	%
30-89 days past due, excluding nonaccrual loans	$	19,110		$	—		$	19
Over 90 days past due, excluding nonaccrual loans	$	37		$	—		$	—
Special mention loans	$	93,448		$	27,861		$	2,996
Special mention loans to total loans held for investment		2.92	%		1.48	%		0.15	%
Substandard loans	$	104,298		$	23,080		$	19,502
Substandard loans to total loans held for investment		3.26	%		1.23	%		1.00	%
Nonperforming loans	$	25,698		$	4,696		$	13,004
Nonperforming loans total loans held for investment		0.80	%		0.25	%		0.66	%
Other real estate owned, net	$	4,083		$	—		$	—
Nonperforming assets	$	29,781		$	4,696		$	13,004
Nonperforming assets to total assets		0.68	%		0.20	%		0.55	%

END OF PERIOD BALANCES
Total loans, including loans held for sale	$	3,233,418		$	1,884,599		$	1,964,791
Total assets	$	4,362,767		$	2,293,693		$	2,360,252
Deposits	$	3,740,915		$	1,935,862		$	1,943,556
Loans to deposits		86.4	%		97.4	%		101.1	%
Shareholders’ equity	$	498,064		$	293,219		$	288,152

(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

	At or for the Three Months Ended									At or for the Nine Months Ended
ALLOWANCE for CREDIT LOSSES	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Allowance for loan losses
Balance at beginning of period	$	23,788		$	22,254		$	22,502		$	22,569		$	17,099
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			5,027
Initial Allowance for PCD loans		11,216			—			—			11,216			—
Provision for credit losses ⁽²⁾		19,711			2,990			202			22,387			600
Charge-offs		(1,163	)		(1,456	)		—			(2,620	)		(36	)
Recoveries		—			—			1			—			15
Net (charge-offs) recoveries		(1,163	)		(1,456	)		1			(2,620	)		(21	)
Balance, end of period	$	53,552		$	23,788		$	22,705		$	53,552		$	22,705
Reserve for unfunded loan commitments ⁽³⁾
Balance, beginning of period	$	819		$	916		$	1,538		$	933		$	1,310
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			439
Provision for (reversal of) credit losses ⁽⁴⁾		3,252			(97	)		(298	)		3,138			(509	)
Balance, end of period		4,071			819			1,240			4,071			1,240
Allowance for credit losses	$	57,623		$	24,607		$	23,945		$	57,623		$	23,945

ALL to total loans held for investment		1.67	%		1.27	%		1.18	%		1.67	%		1.18	%
ACL to total loans held for investment		1.80	%		1.31	%		1.24	%		1.80	%		1.24	%
Net (charge-offs) recoveries to average total loans		(0.17	)%		(0.31	)%		0.00	%		(0.16	)%		0.00	%

(1	)	Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
(2	)	Includes $18.5 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the merger with CALB.
(3	)	Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
(4	)	Includes $2.7 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the merger with CALB.

California BanCorp and Subsidiary

Balance Sheets (Unaudited)

	September 30, 2024			June 30, 2024			December 31, 2023
ASSETS	($ in thousands)
Cash and due from banks	$	115,165		$	29,153		$	33,008
Federal funds sold & interest-bearing balances		499,258			75,580			53,785
Total cash and cash equivalents		614,423			104,733			86,793

Debt securities available-for-sale, at fair value (amortized cost of $163,384, $132,862 and $136,366 at September 30, 2024, June 30, 2024 and December 31, 2023)		159,330			123,653			130,035
Debt securities held-to-maturity, at cost (fair value of $49,487, $48,476 and $50,432 at September 30, 2024, June 30, 2024 and December 31, 2023)		53,364			53,449			53,616
Loans held for sale		33,704			6,982			7,349
Loans held for investment:
Construction & land development		247,934			205,072			243,521
1-4 family residential		152,540			157,323			143,903
Multifamily		252,134			187,960			221,247
Other commercial real estate		1,755,908			1,043,662			1,024,243
Commercial & industrial		765,472			283,203			320,142
Other consumer		25,726			397			4,386
Total loans held for investment		3,199,714			1,877,617			1,957,442
Allowance for credit losses – loans		(53,552	)		(23,788	)		(22,569	)
Total loans held for investment, net		3,146,162			1,853,829			1,934,873

Restricted stock at cost		27,394			16,898			16,055
Premises and equipment		13,996			12,741			13,270
Right of use asset		15,310			8,298			9,291
Other real estate owned, net		4,083			—			—
Goodwill		112,515			37,803			37,803
Core deposit intangible		23,031			1,065			1,195
Bank owned life insurance		66,180			39,445			38,918
Deferred taxes, net		45,644			11,080			11,137
Accrued interest and other assets		47,631			23,717			19,917
Total assets	$	4,362,767		$	2,293,693		$	2,360,252

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	1,368,303		$	666,606		$	675,098
Interest-bearing NOW accounts		781,125			355,994			381,943
Money market and savings accounts		1,149,268			660,808			636,685
Time deposits		442,219			252,454			249,830
Total deposits		3,740,915			1,935,862			1,943,556

Borrowings		69,142			42,913			102,865
Operating lease liability		19,211			10,931			12,117
Accrued interest and other liabilities		35,435			10,768			13,562
Total liabilities		3,864,703			2,000,474			2,072,100

Shareholders’ Equity:
Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,142,427, 18,547,352 and 18,369,115 at September 30, 2024, June 30, 2024 and December 31, 2023)		441,684			224,006			222,036
Retained earnings		59,236			75,700			70,575
Accumulated other comprehensive loss – net of taxes		(2,856	)		(6,487	)		(4,459	)
Total shareholders’ equity		498,064			293,219			288,152
Total liabilities and shareholders’ equity	$	4,362,767		$	2,293,693		$	2,360,252

California BanCorp and Subsidiary

Income Statements – Quarterly and Year-to-Date (Unaudited)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands except share and per share data)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	47,528		$	29,057		$	28,977		$	105,169		$	83,983
Interest on debt securities		1,687			1,229			942			4,129			2,506
Interest on tax-exempted debt securities		306			306			359			918			1,302
Interest and dividends from other institutions		4,606			1,257			1,206			7,024			3,162
Total interest and dividend income		54,127			31,849			31,484			117,240			90,953

INTEREST EXPENSE
Interest on NOW, savings, and money market accounts		11,073			7,039			5,922			24,882			13,555
Interest on time deposits		5,087			3,145			1,867			11,253			4,373
Interest on borrowings		1,025			658			434			2,662			1,446
Total interest expense		17,185			10,842			8,223			38,797			19,374
Net interest income		36,942			21,007			23,261			78,443			71,579

Provision for (reversal of ) credit losses ⁽¹⁾		22,963			2,893			(96	)		25,525			91
Net interest income after provision for (reversal of) credit losses		13,979			18,114			23,357			52,918			71,488

NONINTEREST INCOME
Service charges and fees on deposit accounts		1,136			568			470			2,229			1,439
Gain on sale of loans		8			—			(54	)		423			831
Bank owned life insurance income		398			266			238			925			693
Servicing and related income (expense) on loans		82			(5	)		61			150			223
Loss on sale of debt securities		—			—			—			—			34
Loss on sale of building and related fixed assets		—			(19	)		—			(19	)		—
Other charges and fees		(450	)		359			100			48			261
Total noninterest income		1,174			1,169			815			3,756			3,481

NONINTEREST EXPENSE
Salaries and employee benefits		15,385			8,776			9,736			33,771			29,651
Occupancy and equipment expenses		2,031			1,445			1,579			4,928			4,553
Data processing		1,536			1,186			1,144			3,872			3,376
Legal, audit and professional		669			557			598			1,742			2,050
Regulatory assessments		544			347			369			1,278			1,188
Director and shareholder expenses		520			229			215			952			642
Merger and related expenses		14,605			491			—			15,645			—
Core deposit intangible amortization		687			65			128			817			309
Other real estate owned expense		3			4,935			—			5,026			—
Other expense		1,700			974			1,012			3,635			2,638
Total noninterest expense		37,680			19,005			14,781			71,666			44,407
(Loss) income before income taxes		(22,527	)		278			9,391			(14,992	)		30,562
Income tax (benefit) expense		(6,063	)		88			2,835			(3,653	)		9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498

Net (loss) income per share – basic	$	(0.59	)	$	0.01		$	0.36		$	(0.53	)	$	1.18
Net (loss) income per share – diluted	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Weighted average common shares-diluted		27,705,844			18,799,513			18,672,132			21,579,175			18,632,890
Pre-tax, pre-provision income ⁽²⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653

(1) Included provision for (reversal of) unfunded loan commitments of $3.3 million, $(97) thousand and $(298) thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $3.1 million and $(509) thousand for the nine months ended September 30, 2024 and 2023, respectively
(2) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,783,581	$	47,528		6.79	%	$	1,882,845	$	29,057		6.21	%	$	1,924,384	$	28,977		5.97	%
Taxable debt securities		149,080		1,687		4.50	%		123,906		1,229		3.99	%		111,254		942		3.36	%
Tax-exempt debt securities ⁽¹⁾		53,682		306		2.87	%		53,754		306		2.90	%		59,630		359		3.02	%
Deposits in other financial institutions		161,616		2,215		5.45	%		47,417		638		5.41	%		50,367		681		5.36	%
Fed funds sold/resale agreements		143,140		1,886		5.24	%		19,062		261		5.51	%		20,653		283		5.44	%
Restricted stock investments and other bank stock		24,587		505		8.17	%		17,091		358		8.42	%		16,365		242		5.87	%
Total interest-earning assets		3,315,686		54,127		6.49	%		2,144,075		31,849		5.97	%		2,182,653		31,484		5.72	%
Total noninterest-earning assets		277,471							150,603							131,288
Total assets	$	3,593,157						$	2,294,678						$	2,313,941

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	617,373	$	2,681		1.73	%	$	361,244	$	2,134		2.38	%	$	353,714	$	1,706		1.91	%
Money market and savings accounts		999,322		8,392		3.34	%		653,244		4,905		3.02	%		675,609		4,216		2.48	%
Time deposits		421,241		5,087		4.80	%		259,722		3,145		4.87	%		183,745		1,867		4.03	%
Total interest-bearing deposits		2,037,936		16,160		3.15	%		1,274,210		10,184		3.21	%		1,213,068		7,789		2.55	%
Borrowings:
FHLB advances		611		9		5.86	%		27,391		387		5.68	%		11,731		163		5.51	%
Subordinated debt		52,246		1,016		7.74	%		17,901		271		6.09	%		17,830		271		6.03	%
Total borrowings		52,857		1,025		7.71	%		45,292		658		5.84	%		29,561		434		5.82	%
Total interest-bearing liabilities		2,090,793		17,185		3.27	%		1,319,502		10,842		3.30	%		1,242,629		8,223		2.63	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		1,031,844							658,001							768,148
Other liabilities		41,962							23,054							25,722
Shareholders’ equity		428,558							294,121							277,442
Total Liabilities and Shareholders’ Equity	$	3,593,157						$	2,294,678						$	2,313,941

Net interest spread						3.22	%						2.67	%						3.09	%
Net interest income and margin			$	36,942		4.43	%			$	21,007		3.94	%			$	23,261		4.23	%
Cost of deposits	$	3,069,780	$	16,160		2.09	%	$	1,932,211	$	10,184		2.12	%	$	1,981,216	$	7,789		1.56	%
Cost of funds	$	3,122,637	$	17,185		2.19	%	$	1,977,503	$	10,842		2.21	%	$	2,010,777	$	8,223		1.62	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.61%, 34.05% and 38.77% of average total deposits for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,194,059	$	105,169		6.40	%	$	1,906,327	$	83,983		5.89	%
Taxable debt securities		133,321		4,129		4.14	%		104,881		2,506		3.19	%
Tax-exempt debt securities ⁽¹⁾		53,759		918		2.89	%		68,043		1,302		3.24	%
Deposits in other financial institutions		87,966		3,569		5.42	%		43,629		1,675		5.13	%
Fed funds sold/resale agreements		57,634		2,281		5.29	%		21,182		798		5.04	%
Restricted stock investments and other bank stock		19,383		1,174		8.09	%		15,774		689		5.84	%
Total interest-earning assets		2,546,122		117,240		6.15	%		2,159,836		90,953		5.63	%
Total noninterest-earning assets		189,573							133,224
Total assets	$	2,735,695						$	2,293,060

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	446,759	$	6,860		2.05	%	$	290,326	$	3,301		1.52	%
Money market and savings accounts		767,916		18,022		3.13	%		674,452		10,254		2.03	%
Time deposits		312,544		11,253		4.81	%		170,620		4,373		3.43	%
Total interest-bearing deposits		1,527,219		36,135		3.16	%		1,135,398		17,928		2.11	%
Borrowings:
FHLB advances		26,105		1,103		5.64	%		16,282		632		5.19	%
Subordinated debt		29,425		1,559		7.08	%		17,807		814		6.11	%
Total borrowings		55,530		2,662		6.40	%		34,089		1,446		5.67	%
Total interest-bearing liabilities		1,582,749		38,797		3.27	%		1,169,487		19,374		2.21	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		784,609							829,082
Other liabilities		30,524							24,086
Shareholders’ equity		337,813							270,405

Total Liabilities and Shareholders’ Equity	$	2,735,695						$	2,293,060

Net interest spread						2.88	%						3.42	%
Net interest income and margin			$	78,443		4.12	%			$	71,579		4.43	%
Cost of deposits	$	2,311,828	$	36,135		2.09	%	$	1,964,480	$	17,928		1.22	%
Cost of funds	$	2,367,358	$	38,797		2.19	%	$	1,998,569	$	19,374		1.30	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.94%, and 42.20% of average total deposits for the nine months ended September 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
GAAP to Non-GAAP Reconciliation
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net (loss) income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Adjusted net income
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments ⁽¹⁾		14,978			—			—			14,978			—
Add: After-tax merger and related expenses ⁽¹⁾		10,576			412			—			11,535			—
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Efficiency Ratio
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Deduct: Merger and related expenses		14,605			491			—			15,645			—
Adjusted noninterest expense		23,075			18,514			14,781			56,021			44,407

Net interest income		36,942			21,007			23,261			78,443			71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income	$	38,116		$	22,176		$	24,076		$	82,199		$	75,060
Efficiency ratio (non-GAAP)		98.9	%		85.7	%		61.4	%		87.2	%		59.2	%
Adjusted efficiency ratio (non-GAAP)		60.5	%		83.5	%		61.4	%		68.2	%		59.2	%

Pre-tax pre-provision income
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income		38,116			22,176			24,076			82,199			75,060
Less: Noninterest expense		37,680			19,005			14,781			71,666			44,407
Pre-tax pre-provision income (non-GAAP)		436			3,171			9,295			10,533			30,653
Add: Merger and related expenses		14,605			491			—			15,645			—
Adjusted pre-tax pre-provision income (non-GAAP)	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653

(1) After-tax merger and related expenses are presented using a 29.56% tax rate.

Return on Average Assets, Equity, and Tangible Equity
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Average assets	$	3,593,157		$	2,294,678		$	2,313,941		$	2,735,695		$	2,293,060
Average shareholders’ equity		428,558			294,121			277,442			337,813			270,405
Less: Average intangible assets		104,409			38,900			39,158			60,917			39,249
Average tangible common equity (non-GAAP)	$	324,149		$	255,221		$	238,284		$	276,896		$	231,156

Return on average assets		(1.82	%)		0.03	%		1.12	%		(0.55	%)		1.25	%
Adjusted return on average assets (non-GAAP)		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average equity		(15.28	%)		0.26	%		9.38	%		(4.48	%)		10.63	%
Adjusted return on average equity (non-GAAP)		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Return on average tangible common equity (non-GAAP)		(20.21	%)		0.30	%		10.92	%		(5.47	%)		12.43	%
Adjusted return on average tangible common equity (non-GAAP)		11.16	%		0.95	%		10.92	%		7.32	%		12.43	%

	September 30, 2024			December 31, 2023
	($ in thousands except share and per share data)
Tangible Common Equity Ratio/Tangible Book Value Per Share
Shareholders’ equity	$	498,064		$	288,152
Less: Intangible assets		135,546			38,998
Tangible common equity (non-GAAP)	$	362,518		$	249,154

Total assets	$	4,362,767		$	2,360,252
Less: Intangible assets		135,546			38,998
Tangible assets (non-GAAP)	$	4,227,221		$	2,321,254

Equity to asset ratio		11.42	%		12.21	%
Tangible common equity to tangible asset ratio (non-GAAP)		8.58	%		10.73	%
Book value per share	$	15.50		$	15.69
Tangible book value per share (non-GAAP)	$	11.28		$	13.56
Shares outstanding		32,142,427			18,369,115

INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce, N.A.
kmccabe@bankcbc.com
818.637.7065

The MIL Network –

January 25, 2025

MIL-OSI: Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specialising in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo).

Project Bravo, Vast’s first deployment in the U.S., will see Vast’s CSP v3.0 technology used to generate carbon free heat and electricity to power a co-located refinery that will produce green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is expected to be located in the Southwest United States.

Methanol is one of the most versatile hydrogen derivatives which, if produced using clean energy, has the potential to decarbonise shipping and aviation fuels. Using CSP can potentially reduce green fuel production costs by up to 40 percent according to a recent report by engineering group Fichtner. Furthermore, e-SAF will be critical to reducing emissions from the aviation industry over the coming decades. Given these and other strong demand trends, the parties expect to attract high-quality, long-term offtake contracts from global strategic partners.

Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant to be located in Australia at the Port Augusta Green Energy Hub, that Vast is co-developing with global energy company Mabanaft. SM1 will be supplied with baseload renewable heat from Vast’s co-located 30 MW / 288 MWh CSP plant, and it will have the capacity to produce 7,500 tonnes of green methanol each year.

Vast has been undertaking early-stage development activities for Project Bravo, including initial design, site selection and feasibility assessments, to create a viable project ready for the next phase of development in collaboration with GGS Energy. The project has a development target of 550MWh of CSP generation, with further details to be released as development activities unfold.

The development services agreement sets out how Vast will advance Project Bravo with GGS Energy, a subsidiary of Glacier Global Partners that was formed in 2020 as an energy transition company focused on developing utility-scale renewable energy. The project’s success could unlock the mass production of green fuels from synthetic feedstocks in the US and catalyse a pipeline of future projects.

Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonise shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”

Tommy Soriero from GGS Energy said, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”

About Vast

Vast is a renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat, and to unlock the production of green fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. 

Visit www.vast.energy for more information. 

About GGS Energy LLC

GGS Energy was formed in 2020 as an energy infrastructure company focusing on developments of utility-scale energy transition projects. The GGS team has an extensive infrastructure development experience in the U.S. and internationally utilizing multiple technologies including utility scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many more.

Contacts: 

Vast

For Investors:  
Caldwell Bailey  
ICR, Inc.  
VastIR@icrinc.com

For Australian media: 
Nick Albrow 
Wilkinson Butler 
nick@wilkinsonbutler.com

For US Media:  
Matt Dallas  
ICR, Inc.  
VastPR@icrinc.com

Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Project Bravo, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including SM1) and Project Bravo, at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov

The MIL Network –

January 25, 2025
MIL-OSI: BTQ Technologies Corp. to Present at the AI & Technology Virtual Investor Conference October 31st

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (CBOE CA: BTQ) (FSE: NG3) (OTCQX: BTQQF), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31^st, 2024.

DATE: October 31^st
TIME: 1:30pm ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: October 31/November 1-5, 2024

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

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

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

Recent BTQ Highlights:

About BTQ
BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

Connect with BTQ: Website | LinkedIn

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

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

CONTACTS:
BTQ Technologies Corp.
Bill Mitoulas
Investor Relations
+1.416.479.9547
bill@btq.com

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

Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

January 25, 2025
MIL-OSI: Xtract One Technologies to Present at the AI & Technology Virtual Investor Conference October 31st

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging artificial intelligence (AI), today announced that Peter Evans, CEO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31^st, 2024.

DATE: October 31^st
TIME: 2.30pm – 3pm ET
LINK: https://bit.ly/3ASgcyv

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

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

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

About Xtract One Technologies
Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

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

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

CONTACTS:
Xtract One Investor Relations
Chris Witty
Darrow Associates
646-438-9385
cwitty@darrowir.com

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

The MIL Network –

January 25, 2025
MIL-OSI: ONAR to Present at the AI & Technology Virtual Investor Conference October 31st
Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 29, 2024 (GLOBE NEWSWIRE) — Reliant Holdings, Inc. (OTCQB: RELT), soon to be Onar Holding Corporation, today announced that ONAR CEO, Claude Zdanow, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31^st, 2024.

DATE: October 31^st
TIME: 3:00 PM ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: November 1st, 4th, and 5th

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

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

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

Recent Company Highlights
- A reverse merger with Reliant Holdings, Inc.
- Several strategic acquisitions that expanded their capabilities
- A new partnership with iQSTEL, a leader in telecommunications and fintech
- Anticipation of Regulation A+ offering to support future acquisitions
About ONAR

ONAR (OTCQB: RELT) is a dynamic marketing and business solutions network, soon to be publicly traded as Onar Holding Corporation. ONAR’s mission is to provide unparalleled service through an integrated, AI-driven approach, leveraging its diverse brand family’s strengths. Committed to honor, candor, and best-in-class results, ONAR aims to lead the industry by example, ensuring every client relationship is deeply rooted in trust and excellence.

About Virtual Investor Conferences^®

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

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on ONAR’s current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. These statements are not historical facts and are inherently uncertain and outside of ONAR’s control. Forward-looking statements include, among other things, statements regarding ONAR’s expectations regarding its ability to achieve its financial and strategic goals, including surpassing $100 million in revenue and securing a NASDAQ listing; its ability to expand its client base and market share; and its ability to develop and launch new products and services. Actual results may differ materially from ONAR’s expectations and projections due to various risks and uncertainties, including market conditions, competition, the ability to protect intellectual property, the ability to manage growth, changes in laws and regulations, and other factors described in ONAR’s filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this press release, and ONAR undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

CONTACTS:
ONAR
Sara Scully
Marketing Manager
213-437-3081
IR@onar.com

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

The MIL Network –
January 25, 2025
MIL-OSI Global: On foreign policy, Trump opts for disruption and Harris for engagement − but they share some of the same concerns

Source: The Conversation – USA – By Garret Martin, Senior Professorial Lecturer, Co-Director Transatlantic Policy Center, American University School of International Service

Who will represent the U.S. better on the global stage? Justin Sullivan/Getty Images

According to conventional wisdom, U.S. voters are largely motivated by domestic concerns and especially the economy.

But the upcoming presidential election may be somewhat of an outlier. In a September 2024 poll, foreign policy actually ranks quite high in voters’ concerns – with more Democrats and Republicans combined saying it was “very important” to their vote than, say, immigration and abortion.

As such, understanding where Republican presidential nominee Donald Trump and Democratic rival Kamala Harris stand on the significant international issues of the day is important. And we can do so by looking at the records of their respective administrations in the three regions they prioritized: the Indo-Pacific, Europe and the Middle East.

Donald Trump: Disrupter-in-chief

In his 2017 inaugural address, Trump painted a dark picture of the U.S. In his telling, his country was being taken advantage of by other nations, especially in trade and security, while neglecting domestic challenges.

To disrupt this, Trump promised an “America First” approach to guide his administration.

And in practice, his foreign policy certainly proved disruptive. He showed a clear willingness to buck traditions and undid some of former President Barack Obama’s signature policies, such as the Iran nuclear deal, which exchanged sanctions relief for restrictions on Tehran’s domestic nuclear program, and the Trans-Pacific Partnership trade agreement.

In so doing, he ruffled the feathers of allies and foes alike.

Trans-Atlantic relations were tense under Trump, especially because of his hostility toward NATO. After deriding the Atlantic alliance on the campaign trail, Trump stuck to the same tune while in office. He routinely insulted allies at high-level summits and allegedly came close to withdrawing from the alliance altogether in 2018.

While NATO did make inroads in bolstering its Eastern flank in that period, the alliance was primarily defined by internal turmoil and limited cohesion during Trump’s time in office. U.S. relations with the European Union hardly fared better. In 2018, the U.S. imposed steel and aluminum tariffs on the European Union, citing national security concerns.

Trump also broke with previous U.S. presidents in his administration’s Asia policy. One of his first moves in 2017 was to abandon the Trans-Pacific Partnership, a trade deal negotiated by Obama. Trump’s late 2017 national security strategy also announced a major shift toward China, labeling it as a “strategic competitor” – implying a greater emphasis on containing China as opposed to cooperating with it.

This hawkish turn played out especially in the field of trade. Trump’s administration imposed four rounds of tariffs in 2018-19, affecting US$360 billion of Chinese goods. Beijing, of course, responded with tariffs of its own. The two countries did sign a so-called phase-one deal in January 2020 that sought to lower the stakes of this trade war. But the COVID-19 pandemic nullified any chance of success, and relations soured further with each Trump utterance of the pandemic being a “Chinese virus.”

Trump showcased somewhat contradictory impulses toward the Middle East and other issues. He pushed for disengagement and to undo Obama’s major policies. Besides withdrawing from the Paris climate accords in 2017, Trump abandoned the Iran nuclear deal in 2018. His administration also signed a deal to end the U.S. presence in Afghanistan, and it withdrew forces from northern Syria.

But at the same time, Trump continued the bombing campaign against the Islamic State group in Syria and Iraq and authorized the killing of Iranian Gen. Qasem Soleimani in 2020. The latter was consistent with a policy that aimed to pressure and isolate Iran economically and diplomatically. The key example of the diplomatic pressure came through especially via the Abraham Accords through which Trump helped facilitate the establishment of normal diplomatic ties between Israel and the UAE, Bahrain and Morocco.

Kamala Harris: Alliance and engagement

Although not taking a driving role in foreign policy, Harris has been part of an administration that has committed the U.S. to repairing alliances and engaging with the world.

This came across by undoing some major actions from the Trump administration. For example, the U.S. quickly rejoined the Paris climate accords and overturned a decision to leave the World Health Organization.

But in other areas, the Biden administration has shown more continuity with Trump than many expected.

For instance, the U.S. under Biden has not fundamentally deviated from strategic competition with China, even though the tactics have differed a little. The administration maintained Trump’s tariff approach, even adding its own targeted rounds against Beijing on electric vehicles.

Moreover, it cultivated different diplomatic platforms in the Indo-Pacific to act as a counterweight to China. This included the cultivation of the Quad dialogue with Australia, India and Japan, and the AUKUS deal with Australia and the U.K., both of which attempted to further the Biden administration’s strategy of containing China’s influence by enlisting regional allies. Finally, the Biden administration did maintain some channels of communication with China at the highest level as well, with Biden meeting Xi Jinping twice during his presidency.

Ukraine President Volodymyr Zelenskyy walks alongside Vice President Kamala Harris at the White House compound on Sept. 26, 2024.
Tom Brenner/Getty Images

The Biden administration’s Middle Eastern policy displayed significant continuity with Trump’s approach – at first. While it turned out to be chaotic, the U.S. completed the withdrawal of its troops from Afghanistan in summer 2021, as had been agreed under Trump. The Biden administration also embraced the format and goals of the Abraham Accords. It even tried to build on them, with the goal of fostering Israeli-Saudi diplomatic ties.

Of course, the attacks of Oct. 7, 2023, in Israel completely changed the equation in the Middle East. Preventing the spiral of violence in the region has become an all-consuming task. Since then, Biden and Harris have tried, largely unsuccessfully, to balance support for Israel with mediation efforts to liberate the hostages and to ensure a cease-fire.

Trans-Atlantic relations, however, are an area where there were marked differences in the past four years. The tone of the Biden-Harris administration has been in sharp contrast with that of Trump, reaffirming frequently its clear commitment to NATO. And once Russia launched its illegal invasion in February 2022, the U.S. placed itself at the forefront of supporting Ukraine.

Harris has suggested that she would continue Biden’s policy of providing Kyiv with extensive and continuous military support. In conjunction with allies, the White House of Biden and Harris also implemented a broad range of sanctions against Russia. But the U.S. under Biden has not yet been willing to support Ukraine’s immediate entry into NATO.

What next?

Based on their records, what could we expect of a Trump or Harris presidency?

It’s unlikely either candidate will abandon strategic competition with China. But Trump is more likely to seriously escalate the trade war, promising extensive tariffs against Beijing. Trump’s commitment to defending Taiwan is also more ambiguous in comparison with Harris’ pledges.

U.S. policy toward Europe will largely depend on the results of the election. Harris has frequently underlined her steadfast support for NATO, as well as for Ukraine. Trump, on the other hand, is showing signs that he is unwilling to further aid the regime in Kyiv.

And for the Middle East, it remains to be seen whether either Trump or Harris would be able to better shape events in the region.

Garret Martin receives funding from the European Union for the research institute he co-directs, the Transatlantic Policy Center.

– ref. On foreign policy, Trump opts for disruption and Harris for engagement − but they share some of the same concerns – https://theconversation.com/on-foreign-policy-trump-opts-for-disruption-and-harris-for-engagement-but-they-share-some-of-the-same-concerns-238847

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: How Trump’s racist talk of immigrant ‘bad genes’ echoes some of the last century’s darkest ideas about eugenics

Source: The Conversation – USA – By Shannon Bow O’Brien, Associate Professor of Instruction, The University of Texas at Austin

Donald Trump speaks at Madison Square Garden in New York on Oct. 27, 2024. John Salangsang/Invision/AP

Republican presidential nominee Donald Trump has repeatedly denounced immigrants who enter the U.S. illegally and the danger he says that poor immigrants of color pose for the U.S. – often using hateful language to make his point.

In early October 2024, Trump took his comments a step further when he questioned immigrants’ faulty genes, saying without support that “Many of them murdered far more than one person, and they are now happily living in the United States. You know, now a murderer, I believe this, it’s in their genes. And we got a lot of bad genes in our country right now.”

It was far from the first time Trump has invoked eugenics – a false, racist theory that some people, and even some races, are genetically superior to others.

In 1988, for example, Trump told Oprah Winfrey during an interview: “You have to be born lucky in the sense that you have to have the right genes.”

In 2016, Trump said that his German roots are the reason behind his greatness:

“I always said that winning is somewhat, maybe, innate. Maybe it’s just something you have; you have the winning gene. Frankly it would be wonderful if you could develop it, but I’m not so sure you can. You know, I’m proud to have that German blood, there’s no question about it. Great stuff.”

And in 2020, Trump again alluded to his belief that bloodlines convey excellence:

“I had an uncle who went to MIT who is a top professor. Dr. John Trump. A genius. It’s in my blood. I’m smart.”

Trump’s repeated and countless comments about white people’s racial superiority to people of color have prompted some comparisons to the Nazis and their ideology of racial superiority.

The Nazis are indeed the most infamous believers of the false idea that white, blue-eyed, blonde-haired people were superior to others – and that the human population should be selectively managed to breed white people.

But the Nazis didn’t originate these ideas. In fact, the Nazis were so impressed with many American eugenic ideas that they incorporated them into their racist, antisemitic laws.

Root of eugenics

The British scientist Francis Galton, a cousin of the evolutionist Charles Darwin, first developed the theory of eugenics in the 1860s, and it gained a foothold in the U.S. and Britain around this time.

Eugenics sets racial identity, and especially white identity, as the most desirable and worthy.

By the dawn of the early 1900s, much of the American eugenics scholarship looked down on American immigrants from any place other than Scandinavia, thus coining the term “Nordicism.”

In the late 19th and early 20th century, immigration to the U.S. was at its peak. In 1890, 14.8% of people living in the U.S. were immigrants. Many people felt concerned about immigration in the U.S., and there were many prominent eugenicists in America. Two of the most famous were Madison Grant and Lothrop Stoddard.

Both were avowed white supremacists who advocated for scientific racism. They wrote popular and widely read books that helped shape American and German law in the 1920s and 1930s.

Grant, Stoddard and other theorists in the U.S. embraced eugenics as a way to justify racial segregation, restrict immigration, enforce sterilization and uphold other systemic inequalities.

Stoddard attacked the United States’ immigration policies in his 1920 book, “The Rising Tide of Color: The Threat Against White World-Supremacy.” He wrote: “If the present drift is not changed, we whites are all ultimately doomed. … We now know that men are not, and never will be equal. We now know that environment and education can only develop what heredity brings.”

Another prominent eugenicist was Harry H. Laughlin, an educator and superintendent of the Eugenics Record Office, a now-defunct research group that gathered biological and social information about the American population.

Laughlin wrote an influential 1922 book, “Eugenical Sterilization in the United States,” which included a chapter on model sterilization laws. The Third Reich used his book and laws as a template when implementing them in Germany during the height of the Nazi period.

Laughlin also regularly testified before U.S. Congress, with this 1922 testimony representative of his message to lawmakers: “Immigration is essentially and fundamentally a racial and biological problem. There are many factors to consider, but, from the standpoint of the future, immigration is primarily a long time national investment in human family stocks.”

Eugenicists, including Laughlin, have long been specifically preoccupied with Norwegian genetics – believing that America is under attack when immigration occurs from non-Nordic countries.

In November 1922, Laughlin said, “Some of our finest and most desirable immigrants are from Norway.”

In 1924, Congress approved the Immigration Act, which severely limited immigration to the U.S., established quotas for immigrants based on nationality and barred immigrants from Asia.

It was only following the end of World War II and the Holocaust that eugenics fell out of favor and lost its prominence in American thinking.

Trump’s recycling of history

Fears over foreign immigrants weakening the U.S. were popular a century ago, and Trump and many of his followers still embrace them today.

Trump has promised that he will carry out mass deportations of immigrants living in the U.S. illegally, forcibly detaining immigrants in camps and removing 1 million people a year.

In April 2024, Trump used dehumanizing language to express his apparent belief that immigrants are unworthy of empathy. “The Democrats say, ‘Please don’t call them animals. They’re humans.’ I said, ‘No, they’re not humans, they’re not humans, they’re animals.’”

Trump has also promoted eugenicists’ obsession with Scandinavia and the superiority of white people.

In 2018, Trump spoke about immigrants from Haiti, El Salvador and Africa, saying “Why are we having all these people from shithole countries come here?”

In the same meeting, Trump also reportedly suggested that the U.S. should instead draw in more people from countries like Norway.

In April 2024, Trump again embraced this idea of Scandinavian superiority, saying that he wants immigrants from “Nice countries. You know, like Denmark, Switzerland? Do we have any people coming in from Denmark? How about Switzerland? How about Norway?”

A dangerous flash to the past

A person running for president in 1924 would seem more likely than a candidate in 2024 to espouse this now-discredited point of view.

President Calvin Coolidge ran for election on an “America First” platform in 1924, with the slogan only falling out of favor after groups like the Ku Klux Klan embraced it around the same time.

The idea of America First, at the time, denoted American nationalism and exceptionalism – but also was linked to anti-immigration and fascist movements.

When Coolidge signed the heavily restrictive 1924 Immigration Act into law he stated, “America must remain American.”

One hundred years later, Trump calls to mind an America First mentality, including when he regularly reads the lyrics to a song called “The Snake” during his rallies as a way to explain the dangers of welcoming immigrants into the U.S. The civil rights activist Oscar Brown wrote this poem in 1963, and his family has said that Trump misinterprets the song’s words.

‘I saved you,’ cried that woman.

‘And you’ve bit me even, why’

‘You know your bite is poisonous and now I’m going to die.’

‘Oh shut up, silly woman,’ said the reptile with a grin,

‘You knew damn well I was a snake before you took me in.’

I have written a book on this and I used many of my citations in Chapter 4 to help develop this piece though I reworded or reframed it.

– ref. How Trump’s racist talk of immigrant ‘bad genes’ echoes some of the last century’s darkest ideas about eugenics – https://theconversation.com/how-trumps-racist-talk-of-immigrant-bad-genes-echoes-some-of-the-last-centurys-darkest-ideas-about-eugenics-241548

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: Israel’s ban on UNRWA continues a pattern of politicizing Palestinian refugee aid – and puts millions of lives at risk

Source: The Conversation – USA – By Nicholas R. Micinski, Assistant Professor of Political Science and International Affairs, University of Maine

The Israeli parliament’s vote on Oct. 28, 2024, to ban the United Nations agency that provides relief for Palestinian refugees is likely to affect millions of people – it also fits a pattern.

Aid for refugees, particularly Palestinian refugees, has long been politicized, and the United Nations Relief and Works Agency for Palestine Refugees, or UNRWA, has been targeted throughout its 75-year history.

This was evident earlier in the current Gaza conflict, when at least a dozen countries, including the U.S., suspended funding to the UNRWA, citing allegations made by Israel that 12 UNRWA employees participated in the attack by Hamas on Oct. 7, 2023. In August, the U.N. fired nine UNRWA employees for alleged involvement in the attack. An independent U.N. panel established a set of 50 recommendations to ensure UNRWA employees adhere to the principle of neutrality.

The vote by the Knesset, Israel’s parliament, to ban the UNRWA goes a step further. It will, when it comes into effect, prevent the UNRWA from operating in Israel and will severely affect its ability to serve refugees in any of the occupied territories that Israel controls, including Gaza. This could have devastating consequences for livelihoods, health, the distribution of food aid and schooling for Palestinians. It would also damage the polio vaccination campaign that the UNRWA and its partner organizations have been carrying out in Gaza since September. Finally, the bill bans communication between Israeli officials and the UNRWA, which would end efforts by the agency to coordinate the movements of aid workers to prevent unintentional targeting by the Israel Defense Forces.

Refugee aid, and humanitarian aid more generally, is theoretically meant to be neutral and impartial. But as experts in migration and international relations, we know funding is often used as a foreign policy tool, whereby allies are rewarded and enemies punished. In this context, we believe Israel’s banning of the UNRWA fits a wider pattern of the politicization of aid to refugees, particularly Palestinian refugees.

What is the UNRWA?

The UNRWA, short for United Nations Relief and Works Agency for Palestine Refugees in the Near East, was established two years after about 750,000 Palestinians were expelled or fled from their homes during the months leading up to the creation of the state of Israel in 1948 and the subsequent Arab-Israeli war.

Palestinians flee their homes during the 1948 Arab-Israeli war.
Pictures from History/Universal Images Group via Getty Images

Prior to the UNRWA’s creation, international and local organizations, many of them religious, provided services to displaced Palestinians. But after surveying the extreme poverty and dire situation pervasive across refugee camps, the U.N. General Assembly, including all Arab states and Israel, voted to create the UNRWA in 1949.

Since that time, the UNRWA has been the primary aid organization providing food, medical care, schooling and, in some cases, housing for the 6 million Palestinians living across its five fields: Jordan, Lebanon, Syria, as well as the areas that make up the occupied Palestinian territories: the West Bank and Gaza Strip.

The mass displacement of Palestinians – known as the Nakba, or “catastrophe” – occurred prior to the 1951 Refugee Convention, which defined refugees as anyone with a well-founded fear of persecution owing to “events occurring in Europe before 1 January 1951.” Despite a 1967 protocol extending the definition worldwide, Palestinians are still excluded from the primary international system protecting refugees.

While the UNRWA is responsible for providing services to Palestinian refugees, the United Nations also created the U.N. Conciliation Commission for Palestine in 1948 to seek a long-term political solution and “to facilitate the repatriation, resettlement and economic and social rehabilitation of the refugees and the payment of compensation.”

As a result, UNRWA does not have a mandate to push for the traditional durable solutions available in other refugee situations. As it happened, the conciliation commission was active only for a few years and has since been sidelined in favor of the U.S.-brokered peace processes.

Is the UNRWA political?

The UNRWA has been subject to political headwinds since its inception and especially during periods of heightened tension between Palestinians and Israelis.

While it is a U.N. organization and thus ostensibly apolitical, it has frequently been criticized by Palestinians, Israelis as well as donor countries, including the United States, for acting politically.

The UNRWA performs statelike functions across its five fields, including education, health and infrastructure, but it is restricted in its mandate from performing political or security activities.

Initial Palestinian objections to the UNRWA stemmed from the organization’s early focus on economic integration of refugees into host states.

Although the UNRWA officially adhered to the U.N. General Assembly’s Resolution 194 that called for the return of Palestine refugees to their homes, U.N., U.K. and U.S. officials searched for means by which to resettle and integrate Palestinians into host states, viewing this as the favorable political solution to the Palestinian refugee situation and the broader Israeli-Palestinian conflict. In this sense, Palestinians perceived the UNRWA to be both highly political and actively working against their interests.

In later decades, the UNRWA switched its primary focus from jobs to education at the urging of Palestinian refugees. But the UNRWA’s education materials were viewed by Israel as further feeding Palestinian militancy, and the Israeli government insisted on checking and approving all materials in Gaza and the West Bank, which it has occupied since 1967.

A protester is removed by members of the U.S. Capitol Police during a House hearing on Jan. 30, 2024.
Alex Wong/Getty Images

While Israel has long been suspicious of the UNRWA’s role in refugee camps and in providing education, the organization’s operation, which is internationally funded, also saves Israel millions of dollars each year in services it would be obliged to deliver as the occupying power.

Since the 1960s, the U.S. – the UNRWA’s primary donor – and other Western countries have repeatedly expressed their desire to use aid to prevent radicalization among refugees.

In response to the increased presence of armed opposition groups, the U.S. attached a provision to its UNRWA aid in 1970, requiring that the “UNRWA take all possible measures to assure that no part of the United States contribution shall be used to furnish assistance to any refugee who is receiving military training as a member of the so-called Palestine Liberation Army (PLA) or any other guerrilla-type organization.”

The UNRWA adheres to this requirement, even publishing an annual list of its employees so that host governments can vet them, but it also employs 30,000 individuals, the vast majority of whom are Palestinian.

Questions over links of the UNRWA to any militancy has led to the rise of Israeli and international watch groups that document the social media activity of the organization’s large Palestinian staff.

In 2018, the Trump administration paused its US$60 million contribution to the UNRWA. Trump claimed the pause would create political pressure for Palestinians to negotiate. President Joe Biden restarted U.S. contributions to the UNRWA in 2021.

While other major donors restored funding to the UNRWA after the conclusion of the investigation in April, the U.S. has yet to do so.

‘An unmitigated disaster’

Israel’s ban of the UNRWA will leave already starving Palestinians without a lifeline. U.N. Secretary General António Guterres said banning the UNRWA “would be a catastrophe in what is already an unmitigated disaster.” The foreign ministers of Canada, Australia, France, Germany, Japan, South Korea and the U.K. issued a joint statement arguing that the ban would have “devastating consequences on an already critical and rapidly deteriorating humanitarian situation, particularly in northern Gaza.”

Reports have emerged of Israeli plans for private security contractors to take over aid distribution in Gaza through dystopian “gated communities,” which would in effect be internment camps. This would be a troubling move. In contrast to the UNRWA, private contractors have little experience delivering aid and are not dedicated to the humanitarian principles of neutrality, impartiality or independence.

However, the Knesset’s explicit ban could, inadvertently, force the United States to suspend weapons transfers to Israel. U.S. law requires that it stop weapons transfers to any country that obstructs the delivery of U.S. humanitarian aid. And the U.S. pause on funding for the UNRWA was only meant to be temporary.

The UNRWA is the main conduit for assistance into Gaza, and the Knesset’s ban makes explicit that the Israeli government is preventing aid delivery, making it harder for Washington to ignore. Before the bill passed, U.S. State Department Spokesperson Matt Miller warned that “passage of the legislation could have implications under U.S. law and U.S. policy.”

At the same time, two U.S. government agencies previously alerted the Biden administration that Israel was obstructing aid into Gaza, yet weapons transfers have continued unabated.

Sections of this story were first used in an earlier article published by The Conversation U.S. on Feb. 1, 2024.

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

– ref. Israel’s ban on UNRWA continues a pattern of politicizing Palestinian refugee aid – and puts millions of lives at risk – https://theconversation.com/israels-ban-on-unrwa-continues-a-pattern-of-politicizing-palestinian-refugee-aid-and-puts-millions-of-lives-at-risk-242379

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI: Savi Financial Corporation Earns $205,000 in the Third Quarter of 2024; Results Highlighted by NIM Expansion

Source: GlobeNewswire (MIL-OSI)

MOUNT VERNON, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) — Savi Financial Corporation, Inc. (OTC Pink: SVVB), the bank holding company for SaviBank, today reported net income of $205,000, or $0.05 per diluted share, for the third quarter of 2024. This compared to a net loss of $5,000, or a loss of $0.00 per diluted share, in the second quarter of 2024, and net income of $558,000, or $0.13 per diluted share, in the third quarter of 2023. In the first nine months of 2024, the Company reported a net loss of $216,000, or a loss of $0.05 per diluted share, compared to net income of $1.59 million, or $0.36 per diluted share, in the first nine months of 2023. All results are unaudited.

“We reported improved third quarter 2024 operating results, compared to the preceding quarter, driven by increases in net interest income, lower non-interest expense and net interest margin expansion,” said Michal D. Cann, Chairman and President of Savi Financial Corporation. “Overall, loan growth was muted during the quarter, in part due to a slowdown in the local economy and uncertainties surrounding the election and future economic growth. However, we are seeing improvements in our loan pipeline, particularly with SBA loan originations. Further, we experienced good growth in core deposits during the quarter, with an increase in core deposits from local municipalities, which will allow us to reduce our reliance on brokered deposits to fund future growth.”

“Loan growth was relatively flat compared to the preceding quarter and up 5% compared to a year ago. However, we did see good growth in the loan pipelines,” said Andrew Hunter, President and CEO of SaviBank. “We continue to seek out lending opportunities from our customers and anticipate slower than historic loan growth for the remainder of the year.”

“The increase in loan yields during the quarter contributed to net interest margin (NIM) expansion of four basis points during the current quarter,” said Rob Woods, Chief Financial Officer of SaviBank. “We anticipate funding costs are near their peak and will continue to stabilize and should improve over the next few quarters if interest rates continue to decrease.” The Company’s NIM was 3.52% in the third quarter of 2024, compared to 3.48% in the preceding quarter, and 3.66% in the third quarter a year ago. The NIM remains higher than the peer average of 3.21% posted by the 171 banks that comprised the Dow Jones U.S. Microcap Bank Index as of June 30, 2024. The cost of funds increased to 244 basis points during the third quarter of 2024, compared to 238 basis points in the preceding quarter.

Merger

On March 22, 2024, the Company announced that it had signed a Purchase and Assumption agreement whereby Lakewood, WA. based Harborstone Credit Union will acquire SaviBank in an all-cash transaction. The transaction is structured as a purchase agreement with Harborstone Credit Union purchasing substantially all assets and assuming substantially all liabilities of SaviBank. The transaction is anticipated to be completed in the spring of 2025, subject to receiving all regulatory approvals. Shareholders of Savi Financial have approved the acquisition.

“We look forward to working with Harborstone Credit Union to continue our tradition of having a positive impact in our local communities,” said Cann. “We are deeply focused on providing resources and services for our customers to succeed, and believe that the additional services, products and locations Harborstone Credit Union provides will help us continue to meet the financial needs of our customers. Through the unique structure of this acquisition by Harborstone Credit Union, we believe we are maximizing value to our shareholders who have supported us over the years.”

Third Quarter 2024 Highlights:

The Company reported net income of $205,000 for the third quarter of 2024, compared to net loss of $5,000 for the second quarter of 2024, and net income of $558,000 for the third quarter of 2023.
Earnings per diluted share were $0.05 in the third quarter of 2024, compared to losses per diluted share of $0.00 in the preceding quarter, and earnings per diluted share of $0.13 in the third quarter of 2023.
Net interest income was $5.06 million in the third quarter of 2024, compared to $4.86 million in the second quarter of 2024, and $5.03 million in the third quarter of 2023.
Total revenue, consisting of net interest income and non-interest income, was $5.88 million in the third quarter of 2024, compared to $6.04 million in the preceding quarter and $5.89 million in the third quarter a year ago.
Non-interest expense was $5.57 million in the third quarter of 2024, compared to $5.82 million in the preceding quarter, and $5.56 million in the third quarter a year ago. The decrease in non-interest expense during the third quarter of 2024 was largely due to lower salary and employee benefits compared to the prior quarter.
Average third quarter 2024 total loans increased 2% to $512.8 million, compared to $503.8 million in the second quarter of 2024, and increased 8% from $473.6 million in the third quarter of 2023. Total loans at September 30, 2024, decreased to $509.5 million from $512.1 million at June 30, 2024, and increased 5% compared to $487.2 million at September 30, 2023.
SBA and USDA loan production for the twelve months ended September 30, 2024, totaled 22 loans for $14.5 million, compared to production of 18 loans for $14.8 million in the year-ago period.
Average third quarter 2024 total deposits grew 2% to $502.5 million, from $490.8 million in the preceding quarter, and increased 6% from $474.1 million in the third quarter a year ago. Total deposits increased 4% to $512.9 million, at September 30, 2024, compared to $492.1 million at June 30, 2024, and increased 7% compared to $481.5 million at September 30, 2023.
The Company recorded an $86,000 provision for credit losses in the third quarter of 2024, compared to a $255,000 provision in the second quarter of 2024, and a $350,000 credit to the provision in the third quarter of 2023.
Allowance for loan losses, as a percentage of total loans, was 1.18% at September 30, 2024, compared to 1.19% at June 30, 2024, and 1.16% at September 30, 2023.
Nonperforming loans, as a percentage of total loans, was 0.26% at September 30, 2024, compared to 0.24% at June 30, 2024, and 0.09% at September 30, 2023.
Nonperforming assets, as a percentage of total assets, was 0.21% at September 30, 2024, compared to 0.20% at June 30, 2024, and 0.19% a year ago.
Net charge-offs were $214,000 in the third quarter of 2024, compared to $35,000 in the second quarter of 2024, and $77,000 in the third quarter a year ago.
SaviBank capital levels remained above the threshold for well-capitalized institutions with a tier-1 leverage ratio of 8.19% at September 30, 2024.

About Northwest Washington

SaviBank currently operates six branches in Skagit County, two branches in Island County, one branch in Whatcom County and one branch in San Juan County. The Skagit, Whatcom, Island and San Juan counties region stretches north from the greater Seattle/Everett/Bellevue metropolis to the Canadian border.

The housing market in Skagit, Island, Whatcom and San Juan counties remains stable, although it has fallen off the record high levels from the past few years. According to the Northwest Multiple Listing Service, the average home in Skagit County sold for $560,000, up 1.91% in September 30, 2024, compared to a year ago, and there was a 2.37 month supply of homes on the market. For Island County, the average house sold for $605,000, down 0.82% from a year ago and supply totaled 3.18 months. For Whatcom County, the average home sold for $611,000, up 10.38% from a year ago and supply totaled 2.61 months. For San Juan County, the average home sold for $829,000, down from 13.65% a year ago and supply totaled 9.05 months.

Skagit’s population is projected to grow 3.84% from 2024 through 2029, and median household income is projected to increase by 11.41% during the same time frame. Whatcom County’s population is projected to grow 4.97% from 2024 through 2029, and median household income is projected to increase by 10.99%. Island County’s population is projected to grow 2.24% from 2024 through 2029, and median household income is projected to increase by 12.83%. San Juan County’s population is projected to grow 6.78% from 2024 through 2029, and median household income is projected to increase by 10.88%.

Sources:
https://www.nwmls.com/real-estate-news/monthly-market-snapshot/

https://www.capitaliq.spglobal.com/

About Savi Financial Corporation Inc. and SaviBank

Savi Financial Corporation is the bank holding company which owns SaviBank. The Bank began operations April 11, 2005, and has 10 branch locations in Anacortes, Burlington, Bellingham, Concrete, Mount Vernon (2), Oak Harbor, Freeland, Sedro-Woolley, and Friday Harbor, Washington. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, Whatcom and San Juan counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits.
For additional information about SaviBank, visit: www.SaviBank.com.

About Harborstone Credit Union

Harborstone Credit Union is a Washington-chartered and federally insured credit union headquartered in Lakewood, Washington. Founded in 1955 as McChord Federal Credit Union, serving airmen on McChord Air Force Base (now Joint Base Lewis McChord), Harborstone Credit Union has grown to become one of the largest credit unions in Washington State with over 91,000 members and approximately $2.1 billion in total assets. Harborstone Credit Union has sixteen branches located throughout King, Pierce, and Thurston counties and offers members a full range of products and services with the aim to assist members in achieving financial well-being through innovative financial solutions that foster thriving communities and economic vitality. For more information, please visit www.harborstone.com.

Forward Looking Statements

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as the businesses of Harborstone Credit Union and SaviBank may not be integrated successfully or such integration may take longer to accomplish than expected, the expected cost savings and any revenue synergies from the acquisition may not be fully realized within the expected timeframes, disruption from the acquisition may make it more difficult to maintain relationships with customers, associates, or suppliers, the required governmental approvals of the acquisition may not be obtained on the proposed terms and schedule, or Savi Financial shareholders may not approve the acquisition, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the companies or any person that the future events, plans, or expectations contemplated by the companies will be achieved. All subsequent written and oral forward-looking statements concerning the companies or any person acting on their behalf is expressly qualified in its entirety by the cautionary statements above. None of Harborstone Credit Union, Savi Financial or SaviBank undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.


SELECTED FINANCIAL DATA
(In thousands of dollars, except for ratios and per share amounts)
Unaudited
	Three Months Ended													Nine Months Ended
	September 30, 2024			September 30, 2023			Var %		June 30, 2024			Var %		September 30, 2024			September 30, 2023			Var %
SUMMARY OF OPERATIONS
Interest income	$	8,756		$	7,573		16	%	$	8,371		5	%	$	24,962		$	21,092		18	%
Interest expense		(3,698	)		(2,539	)	46			(3,509	)	5			(10,411	)		(6,092	)	71
Net interest income		5,058			5,034		0			4,862		4			14,551			15,000		(3	)
Provision for loan losses		(86	)		350		(125	)		(255	)	(66	)		(578	)		539		(207	)

NII after loss provision		4,972			5,384		(8	)		4,607		8			13,973			15,539		(10	)
Non-interest income		825			852		(3	)		1,181		(30	)		2,587			2,796		(7	)
Non-interest expense		(5,566	)		(5,559	)	0			(5,823	)	(4	)		(16,920	)		(16,415	)	3
Income before tax		231			677		(66	)		(35	)	(760	)		(360	)		1,920		(119	)
Federal income tax expense		26			119		(78	)		(30	)	(187	)		(144	)		333		(143	)
Net income	$	205		$	558		(63	)%	$	(5	)	(4,200	)%	$	(216	)	$	1,587		(114	)%

PER COMMON SHARE DATA
Number of shares outstanding (000s)		3,465			3,460		0	%		3,465		—	%		3,465			3,460		0.14	%
Earnings per share, basic	$	0.06		$	0.16		(63	)	$	(0.00	)	(4,200	)	$	(0.06	)	$	0.46		(114	)
Earnings per share, diluted	$	0.05		$	0.13		(63	)	$	(0.00	)	(4,201	)	$	(0.05	)	$	0.36		(114	)
Market value		14.50			6.86		111			14.79		(2	)		14.50			6.86		111
Book value		10.93			10.95		(0	)		10.61		3			10.93			10.95		(0	)
Market value to book value		132.63	%		62.65	%	112			139.40	%	(5	)		132.63	%		62.65	%	112

BALANCE SHEET DATA
Assets	$	623,637		$	591,370		5	%	$	621,191		0	%	$	623,637		$	591,370		5	%
Investments securities		36,629			35,140		4			34,698		6			36,629			35,140		4
Total loans		509,535			487,184		5			512,080		(0	)		509,535			487,184		5
Total deposits		512,912			481,476		7			492,140		4			512,912			481,476		7
Borrowings		52,500			52,500		–			72,000		(27	)		52,500			52,500		–
Sub Debt – Savi Financial Only		17,000			17,000		–			17,000		–			17,000			17,000		–
Shareholders’ equity		37,881			37,887		(0	)		36,777		3			37,881			37,887		(0	)

AVERAGE BALANCE SHEET DATA
Average assets	$	622,414		$	583,931		7	%	$	612,262		2	%	$	608,559		$	557,460		9	%
Average total loans		512,751			473,590		8			503,793		2			502,860			459,765		9
Average total deposits		502,526			474,076		6			490,753		2			498,373			456,093		9
Average shareholders’ equity		37,329			37,812		(1	)		36,678		2			37,534			37,082		1

ASSET QUALITY RATIOS
Net (charge-offs) recoveries	$	(214	)	$	(77	)	N/M		$	(35	)	N/M		$	(422	)	$	(266	)	N/M
Net (charge-offs) recoveries to average loans		(0.17	)%		(0.07	)%	N/M			(0.03	)%	N/M			(0.11	)%		(0.08	)%	N/M
Non-performing loans as a % of loans		0.26			0.09		183			0.24		6			0.26			0.09		183
Non-performing assets as a % of assets		0.21			0.19		10			0.20		4			0.21			0.19		10
Allowance for loan losses as a % of total loans		1.18			1.16		2			1.19		(1	)		1.18			1.16		2
Allowance for loan losses as a % of non-performing loans		462.69			1,223.59		(62	)		492.30		(6	)		462.69			1,223.59		(62	)

FINANCIAL RATIOSSTATISTICS
Return on average equity		2.20	%		5.90	%	(63	)%		-0.05	%	(4,128	)%		-0.77	%		5.71	%	(113	)%
Return on average assets		0.13			0.38		(66	)		(0.00	)	(4,133	)		(0.05	)		0.38		(112	)
Net interest margin		3.52			3.66		(4	)		3.48		1			3.47			3.77		(8	)
Efficiency ratio		81.59			92.23		(12	)		83.37		(2	)		85.53			92.24		(7	)
Average number of employees (FTE)		136			145		(6	)		140		(3	)		142			146		(3	)

CAPITAL RATIOS

Tier 1 leverage ratio — Bank		8.19			8.24		(1	)%		8.27		(1	)%		8.19			8.24		(1	)%
Common equity tier 1 ratio — Bank		9.59			9.08		6			9.36		2			9.59			9.08		6
Tier 1 risk-based capital ratio — Bank		9.59			9.08		6			9.36		2			9.59			9.08		6
Total risk-based capital ratio –Bank		10.78			10.22		5			10.56		2			10.78			10.22		5

Contact:
Michal D. Cann
Chairman & President
Savi Financial Corporation
(360) 399-7001

The MIL Network –

January 25, 2025

MIL-OSI Global: How language barriers influence global climate literacy

Source: The Conversation – UK – By Mario Saraceni, Associate Professor in English Language and Linguistics, University of Portsmouth

Creativa Images/Shutterstock

Our planet is getting hotter at an alarming rate. Climate change is one of the most serious global issues today. Its consequences affect every single human being on Earth. So it seems perfectly logical that scientific publications about global warming are written in the global language: English.

And yet, it is precisely because it is written in English, that climate science is largely inaccessible to the majority of people globally.

To explain this apparent contradiction, we need to look at some numbers. Nearly 90% of scientific publications globally are in English. This is a staggering dominance of just one language. But English, often called a global language, is only spoken by a minority of the world’s population.

Read more:
Indigenous languages must feature more in science communication

How do we know that most people in the world don’t speak English? English the main language of society in only a handful of countries: the UK, Ireland, the US, Canada, Australia and New Zealand. The population of these countries, combined, amounts to about 400 million – a very small percentage of the world’s population.

In many other former British colonies, such as India, Nigeria or Malaysia, English exists alongside other languages. In these contexts English tends to be an elite language, used mostly by urban, middle-class, well-educated people. Elsewhere, English functions as a lingua franca, used mostly in transnational communication.

Given these diverse scenarios, it is extremely difficult to estimate the number of speakers of English with any precision. About 20 years ago, linguist David Crystal suggested that the number may be somewhere between 1 and 2 billion. Even if we take the upper limit of that extremely large range, we’re talking about only one quarter of the world’s population. This means that three out of four people in the world do not speak English.

Read more:
Italian government wants to stop businesses using English – here’s why it’s the lingua franca of firms around the world

That means at least three quarters of the world’s population do not speak the language in which the science about climate change is disseminated globally. At the same time, languages other than English are marginalised and struggle to find space in the global communication of science.

So this linguistic inequality creates an imbalance in the distribution of scientific knowledge about climate change. But it also reinforces two other types of existing inequality.

One has to do with the production of scientific knowledge in general, which is disproportionately emanating from the two main Anglophone countries: the US and the UK. Out of the top 100 scientific journals for impact and prestige, 91 are based in these two countries.

Out of 100 top scientific journals, 91 are published in the UK and the US.
Sergei25/Shutterstock

The other form of inequality has to do with social injustice. Scientific literature is almost exclusively written in English. But this language is virtually unknown by most people, especially in developing countries. And so, societies who suffer more from climate change are precisely those where access to scientific literature about it is severely limited.

What is the solution? Unesco’s Open Science initiative, is attempting to tackle the problem. It aims to “make scientific research from all fields accessible to everyone for the benefits of scientists and society as a whole”. One of its objectives is to “ensure that scientific collaborations transcend the boundaries of geography, language and resources”.

Breaking language barriers

Achieving the objectives set by Open Science is no easy task. One approach is to break the barrier of English monolingualism by promoting multilingualism.

On the one hand, opportunities must be created for scientists from around the world to communicate their research and their scholarship in languages other than English.

On the other, the great technological advancement made in machine translation, especially with the advent of AI, should be put to use in order to ensure that content is available in languages other than English. This is precisely the goal of Climate Cardinals, a non-profit organisation whose mission is to “make the climate movement more accessible to those who don’t speak English” by translating information into more than 100 languages.

These kinds of concrete efforts offer hope for climate literacy and, consequently, for action to lessen the impact of climate change.

Mario Saraceni 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. How language barriers influence global climate literacy – https://theconversation.com/how-language-barriers-influence-global-climate-literacy-241867

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI United Kingdom: Astra Awards Celebrate Grassroots Innovation23 Oct 2024

Source: United Kingdom – Royal Air Force

The Astra Awards celebrated innovation, challenge, and improvement across the RAF at the RAF Museum in London on 17 October 2024.

Astra is the RAF’s approach to grassroots innovation, which encompasses bureaucracy challenge and continuous improvement. The Astra Awards recognise some of the most inspirational people, ingenious ideas, and the incredible impact they’ve had on our operational output.

Award Winners

Astra Unit Award, sponsored by Fujitsu

Winner: RAF Lossiemouth

RAF Lossiemouth showcases the future of the Astra Network at a unit level. Enthusiastically grasping the direction to refocus Astra onto grassroots innovation, the team have already made a significant impact on the innovative mindset across the station. Proactively upskilling the existing Continuous Improvement personnel in unfamiliar areas such as additive manufacturing, computer-aided design, and virtual reality, the small team are already proving highly effective in all aspects of grassroots innovation. Positively impacting on people and the operational output across the unit, they are making best use of every asset and opportunity provided to them. To support their work, the team have created an exciting and engaging Astra Hub; a collaborative, innovative space that will allow the whole force to continue to deliver substantial benefits to RAF Lossiemouth and the RAF.

Astra Innovation Award, sponsored by PA Consulting

Winner: Project I2T

Project IMMERSIVE INSTRUCTOR TRAINING, known as I2T, is designed to enhance the delivery of training to Qualified Helicopter Instructors and Qualified Helicopter Crewman Instructors. Significantly modernising the outdated system, the project delivers training using immersive 360-degree video courseware accessed via virtual reality headsets. Developed by Flt Lt Rich Keeling and Dr Jon Allsop at the Central Flying School, it is being implemented by RAF Shawbury to great effect. It is proving to complement the existing training programme and allows instructors to gain skills through repeatable virtual scenarios and error analysis. It bridges the gap between theoretical and real-world flying in a sustainable manner and helps to ensure effective instructors for future helicopter aircrew.

Astra Challenge Award, sponsored by Boxxe

Winner: Sergeant Becky Livesey

Consistently championing change for the benefit of our whole force, Becky has been a driving force behind a challenge to amend outdated policy to support hundreds of individuals with shared parental responsibility. The previous policy only allowed leave to be shared between serving spouses, which did not reflect the changing nature of families and led to personal difficulties and an unstable environment for the children of Service personnel. Her challenge highlighted the negative impact of the policy and was integral to bringing about a significant change. The updated policy now allows leave to be transferred between serving personnel in all three Services who both have parental responsibility for a child, enabling them to use it for childcare purposes. The resulting increase in stability for Service children and the home environment cannot be underestimated, nor can its impact on retention and morale for our people.

Astra Improvement Award, sponsored by QinetiQ

Winner: RAF Brize Norton Air Mobility Force Dispatch Optimisation

The consolidation of key enablers into a centralised dispatch centre at RAF Brize Norton has greatly enhanced communication, professional relationships, and overall efficiency, saving over 15 minutes for every flight from the busy main operating base. The relocation of the Meteorological Office, Jet Plans, and MSC has reduced unnecessary movement and transportation waste, streamlining workflow. The elimination of ‘nav bags’ and the centralisation of Electronic Flight Bags further minimised motion waste. Additionally, process duplication has been removed, reducing rework, and allowing crews to plan without interruption. Crews also save a further 6-8 minutes by no longer needing to visit Load Control, and aircrew now book transport directly, reducing delays. The project has delivered efficiencies for all stakeholders throughout the process.

Astra Contribution to Operations Award, sponsored by the RAF

Winner: F-35 Detachment Toolkit

Recognising the need for rapid deployability in support of ACE, the RAF Marham team developed and delivered a deployable toolkit in support of the F-35 fleet. Employing Lean Six Sigma analysis and modelling high level tool usage across the fleet, they identified the full requirements to ensure the project would deliver a successful product. The team repurposed tools and test equipment from redundant issue centres, obtained funding for a laser etching machine, and procured mobile support units. Owing to their efforts, the F-35 now has a deployable tool capability that was used for the first time in the Iceland Air Policing operation. The capability has increased the potential operational output of the fleet, allowing it to operate effectively in two different locations with minimal impact to the flying programme.

Astra Ambassador Award, sponsored by the RAF

Winner: Chief Technician Martyn Sullivan

Martyn has consistently demonstrated and embodied innovation, challenge, and improvement. His passion for making RAF Coningsby better through well-structured and benefit-led projects has ensured his small team have delivered a positive and lasting impact at unit level. Their demonstrable output adds value across the board. Alongside his commitment to RAF Coningsby, he actively collaborates with the whole force across the RAF, sharing his knowledge and experience and encouraging others to develop their innovative mindset. He created, organised, and delivered courses that developed an internal grassroots innovation network that spans all professions and sections. Furthermore, his exceptional work with industry partners such as BAE Systems has delivered projects that have improved and enhanced the operational output of the Typhoon fleet at both Coningsby and Lossiemouth.

Spirit of Innovation Award, sponsored by BAE Systems

Winner: Chief Technician Neil Hunt

Wing Commander Williamson collected the award on behalf of Chief Technician Hunt. It will be formally presented on unit.

Neil has shown significant determination and commitment to improvement. After identifying issues with the transportation of F-35 canopies across unit, Neil, alongside Sgt Richard James, developed the F-35 Canopy Transportation Trolley project, which has now been brought into service at RAF Marham. The innovative improvement project has already saved Defence over £600k. Continuing to engage with the Astra improvement process, Neil has submitted a further 13 ideas over the past two years. This includes the F-35 Ejection Seat Transportation Solution, which has once again delivered an effective solution that has delivered significant benefits, saving Defence £1.75m in the first 3 months by removing potential for damage and increasing resource efficiency.

Neil’s award was collected by Wg Cdr Williamson on his behalf and will be handed over formally on unit.

Astra Rising Star Award, sponsored by Frazer-Nash Consultancy

Winner: Elizabeth Garvin

Beth is new to the Civil Service and the RAF whole force as the Continuous Improvement Facilitator at RAF St Mawgan, who has taken on the role of Astra Ambassador as well as CI Lead. Always keen to learn, she proactively approached the Headquarters CI Team to secure a place on the Lean Six Sigma training course to further develop her skills. Since completing the course, she has rapidly applied her newfound knowledge and skills to delivering improvements across the unit. She has embraced the Astra ethos and amalgamated innovation, challenge, and improvement across all functional areas on unit, developing a growing innovative mindset and culture. Her creation of a regular drumbeat of collaboration opportunities, where she shares insight into activity in other areas, is already proving popular and igniting ideas in others from every area across the unit. Beth epitomises the values and intentions of Astra and grassroots innovation in the RAF whole force.

Astra People’s Choice Award, sponsored by Babcock

Winner: D-State Proforma

Using the tools and techniques of Continuous Improvement, a full review and redesign of the State Demand form at RAF Coningsby was undertaken. The inefficient process saw at least 12 versions of the same form used on unit, with a significant administrative burden for all involved in submitting the 6000+ forms a year. The process was reviewed end-to-end and redesigned to remove unnecessary steps. Considering the needs of all stakeholders, it has simplified the communication flow and established an effective feedback loop. The project has significantly reduced the rejection rate for state demand forms and the potential misallocation of engineering spares. The redesigned form has also saved over 1600 hours per year just at RAF Coningsby and has also been used repeatedly and proven highly successful in the UK and on Op SHADER.

Astra Team Award, sponsored by Leonardo

Winner: Ailidh Leather

Ailidh Leather has been the lead for Project POST ROOM at RAF Cosford, which uses scanning technology to significantly enhance the experience of the Post Room staff and the hundreds of recipients on station. Several years ago, Ailidh identified how technology could transform how mail is processed. With increasing amounts of parcels due to online shopping and inefficient handwritten ledgers, the post room was being swamped with mail leading to long delays in items reaching their intended recipient. Her persistence, determination, and forward thinking have ensured that the project has reached the position it is in today despite numerous setbacks. Through her tenacity, the project is making a real difference to the lives of personnel at Cosford, with potential to be rolled out wider across the RAF.

Chief of the Air Staff’s Award, sponsored by Astra

Winner: Air Specialist Class 1 Ross McGrory

Ross played a pivotal role in Project GAIA, seamlessly transforming it into a Digital Shadow for a deployed medical centre by connecting multiple devices to a central hub. Proactively learning a new programming language, and dedicating a significant amount of his personal time, he developed a working product that provides a critical capability – 24/7 monitoring for emergency medical items such as blood supplies. Ross’s innovative mindset and skillset ensured that the complex system could easily be used by non-technical staff, which is not an easy task. Additionally, as second in command of RAF Leeming‘s Makerspace, which is an integral part of the Astra Hub, he expanded user engagement. He swiftly solved a persistent station issue in just 4 hours, highlighting his technical expertise and commitment to innovation.

Hundreds gathered in Sunderland Hall at the RAF Museum for an evening of reward and recognition, showcasing grassroots innovation and sharing ideas. Grassroots innovation activities from the whole force were on display to ignite the innovative mindset of our people and encourage collaboration to bring meaningful change.

Personnel from across the whole force were joined by international allies from the United States Air Force (USAF), Royal Australian Air Force, and Royal Canadian Air Force. Members of the USAF currently based in the UK also joined RAF personnel in demonstrating grassroots innovation projects in their area. The USAF’s AFWERX team are working closely with the RAF’s Astra Team to encourage collaboration on common problem sets, with the first joint grassroots innovation projects already being planned.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Australia: Stopping schemes to illegally access super
Source: Australian Department of Revenue

How we are protecting super

We’re working to protect Australians’ retirement savings from schemes to illegally access super by:
- reviewing and assessing all new self-managed super funds (SMSFs) before they can receive a registered or complying status on Super Fund Lookup (SFLU)
- working closely with industry partners to strengthen the rollover process.
These approaches will help prevent the creation of an SMSF for the purpose of illegal access of super.

Find out more about illegal early release of super.

SMSF registration process

The SMSF registration process helps safeguard retirement savings by preventing the inappropriate establishment of SMSFs. It can take up to 56 days before an SMSF is shown on SFLU as a regulated fund.

Once a new SMSF is displayed on SFLU, it will initially be given a status of ‘Registered’. This status is allocated to all SMSFs on registration and will be updated within 7 days to ‘Complying’ when the SMSF receives its Notice of Compliance.

An Australian business number (ABN) for the fund will be issued before the election to be regulated is processed. This means that you can use the ABN to establish a bank account for the SMSF.

If we identify a problem with a new registration, we will immediately contact the authorised contact for the SMSF.

We have updated SFLU to provide clearer information about the complying and regulatory status of SMSFs and identify SMSFs that we have concerns about.

SMSF member verification system
When Australian Prudential Regulation Authority (APRA) regulated funds and SMSFs receive a request to rollover their member’s super balance to an SMSF, they must use the SMSF verification service (SVS) to confirm:
- the ABN in the request is registered as an SMSF
- SMSF status (complying or regulated)
- the tax file number (TFN) of the member requesting the rollover is associated with the SMSF
- the TFN of the member requesting the rollover is not compromised
- no verified date of death exists for that member
- SMSF bank details in the rollover request match those held by the ATO
- Electronic Service Address (ESA) in the rollover request matches that held by the ATO.
If a fund suspects fraud or illegal early access

When an APRA-regulated fund receives a transfer or rollover request and they suspect they’re dealing with fraud or illegal early access activity, you should:

We will investigate all reports of suspicious transactions.

Depending on the suspicious transaction, you may also have obligations to report to Australian Transaction Reports and Analysis Centre (AUSTRAC)External Link and relevant law enforcement agencies.

Keep your SMSF details up to date with us

Keeping your details up to date with us will help reduce the risk of fraud and illegal early access.

It’s also important because when someone initiates a rollover request into an SMSF, the SVS will verify the fund and member details. If the SVS indicates the SMSF doesn’t have a ‘registered’ or ‘complying’ status, they will not be able to receive a rollover. If the transferring fund suspects any illegal activity, they will report it to us and may also be required to report it to relevant law enforcement agencies.

You need to ensure your SMSF membership details are recorded correctly and notify us of changes. This includes your fund’s:
- bank account
- electronic service address.
- trustees
- directors of the corporate trustee
- members
- contact details (contact person, phone, email address and fax numbers)
- address (postal, registered or address for service of fund notices)
- fund status.
Alerts for changes

To safeguard retirement savings and reduce the risk of fraud, we send an email or text alert (or both) when there is a change to the SMSF’s:
- financial institution account details
- ESA
- authorised contact
- members.
If you receive an alert and did not authorise or know about the changes outlined, you should take action immediately.

Phone us on 13 10 20 between 8:00 am and 6:00 pm Monday to Friday if you’re concerned that without your consent or knowledge:
- an SMSF has been established, or
- changes have been made to your existing SMSF.
Have your TFN or ABN ready to establish your identity before you phone us.

MIL OSI News –
January 25, 2025
MIL-OSI: Sono Group N.V. to Present at the AI & Technology Virtual Investor Conference October 31st

Source: GlobeNewswire (MIL-OSI)

MUNICH, Oct. 29, 2024 (GLOBE NEWSWIRE) — The solar technology company Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”) is pleased to announce that George O’Leary, Managing Director, CEO and CFO of Sono, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31^st, 2024.

DATE: October 31^st
TIME: 1:00 – 1:30 pm ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: November 1, 4 and 5

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

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

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

Recent Company Highlights

About Sono Group N.V.

Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Their disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. The companies’ unmatched solar technology has multiple applications in commercial vehicles such as buses, trailers, trucks, vans and recreational vehicles.

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

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

CONTACTS:
Sono Group N.V.
Press:
press@sonomotors.com | ir.sonomotors.com/news-events
Investors:
ir@sonomotors.com | ir.sonomotors.com
LinkedIn:
https://www.linkedin.com/company/sonogroupnv

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

The MIL Network –

January 25, 2025
MIL-OSI: New CINQ by Coinstar™ Digital Wallet Launches Crypto and Stablecoin Capabilities Powered by Zero Hash
Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure platform, today announced its partnership with Coinstar®, LLC, a global financial services leader, to embed crypto payments capabilities within CINQ by Coinstar™, a new digital wallet designed to expand how consumers use and manage their finances. This collaboration allows up to 9,500 of Coinstar’s 17,000+ network of kiosks across the U.S. to facilitate cash-to-crypto transactions.

Through a partnership with Zero Hash, CINQ by Coinstar has launched with the initial ability to purchase cryptocurrency and stablecoins with cash at more than 9,500 Coinstar kiosks across the U.S., or through the CINQ by Coinstar mobile app. Users of the CINQ by Coinstar app, powered by Zero Hash, can seamlessly move in, out and between cash, stablecoins and crypto. A broader range of digital payment services for the CINQ by Coinstar wallet are expected to follow in 2025 as recently announced by Coinstar.

The overarching objective of the partnership is to provide a seamless mechanism of dollar digitalization to the large percentage of underbanked and underserved households within the United States. Specifically: 
- The unbanked who now have access to an electronic cash account
  - 6% of Adult Americans are unbanked; 24.6 million Americans are underbanked (Source: Fed Reserve, 2024)
- The immigrant remitting money home
  - About half of all remittances are cash-based among the most common users (Source: Visa, 2023)
“Zero Hash is delighted to partner with Coinstar, a household brand in money transformation for more than 30 years. Its vast network of self-serve kiosks and mobile apps will help further expand access to the underbanked and immigrants looking to remit funds. Upwards of 50% of remittances are cash-based and the multiple “hops” in remittance often mean these transfers incur high fees. Linking this cash infrastructure to the “network of networks” which is crypto and stablecoins, provides a key unlock for cheaper and quicker remittances for example,” said Edward Woodford, CEO and Founder at Zero Hash. “ CINQ by Coinstar has been able to seamlessly embed our regulatory compliant infrastructure to support new ways for cash-preferred customers to move safely and seamlessly between fiat and crypto use cases.”

Powered by Zero Hash’s identity verification service, every customer is validated before cash can be entered into the kiosk for crypto, stablecoin and fiat transactions. Additional controls include Documentary Verification and Liveness Verification before certain services may be enabled. Users can buy over 25 crypto and stablecoin assets with paper currency at Coinstar kiosks in major grocery stores across North America as well as through the CINQ by Coinstar mobile app. Users can also connect multiple bank accounts, with Zero Hash’s platform facilitating USD deposits via ACH, allowing users to hold balances in cash or crypto and easily manage their financial needs.

“Zero Hash has been an incredible partner in helping us extend our trusted services into the digital world,” said Kevin McColly, CEO of Coinstar. “Their secure and industry leading crypto and stablecoin infrastructure has allowed us to seamlessly bridge the gap between cash and cryptocurrency, making it easier for our customers to access and manage their finances.” 

There are two ways to get started buying cryptocurrency through Zero Hash at Coinstar kiosks:
1. Download the CINQ by Coinstar app, verify your account and visit a Coinstar kiosk with your cash. Or connect your bank account in the app and get started immediately.
2. Visit a Coinstar kiosk, select cryptocurrency from the options and choose CINQ by Coinstar to get started with your crypto purchase through Zero Hash. Enter your mobile number at the kiosk and last 4 SSN or Date of Birth, then download the CINQ by Coinstar app and complete your account setup.
To learn more about CINQ by Coinstar and follow along for additional product innovations, visit www.cinqwallet.com, or to find a CINQ by Coinstar enabled kiosk, visit our kiosk finder here.¹ 

1: The CINQ by Coinstar wallet is available in all 50 states. However, Zero Hash enabled Kiosks are not currently available in all states, including the state of New York.  Transactional limits may also apply.

About Zero Hash
Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

Through its embeddable infrastructure, start-ups, enterprises and Fortune 500 companies build a diverse range of use cases: cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets and on and off-ramps.

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The MIL Network –
January 25, 2025
MIL-OSI Economics: Andrew Bailey: Michael D Gill Memorial Society Lecture

Source: Bank for International Settlements

Quite simply, I wish I was not giving this lecture today. Or, perhaps better, I wish I was giving it with Mike Gill here to participate. But, only one of those is possible due to his tragic and senseless killing. I am sure I am not alone in thinking that when these events happen to people we do not know, we find a sort of anesthetised isolation by resorting to commenting on the public policy implications in a rather dehumanised way. But when it happens to someone we knew, hugely liked and respected, who was without question a good person, then it is almost natural to be lost for words. It has taken me a long time to compose thoughts on someone to and about whom I could say so much in life.

There is an old saying that someone is a pillar of society. They are the people who support and hold society together. Well, Mike was without question a pillar of society. He was generous, kind, thoughtful and very supportive. Kristina, Sean, Brian, and Annika, as you know even better than us, he was an outstanding person.

But Mike was not a pillar of society in the sense of that term of someone who was stuck in the past, holding together a world that was lost. He was a moderniser, and that was why it was so appropriate that he served at the CFTC, which has its history but also is at one of the cutting edges of finance. Mike loved that. He talked at length about visiting farms with Chris and about the technology changing farms and agricultural markets. But he was also an enthusiast to find an appropriate treatment of cryptocurrency in derivatives markets.

The second thing about Mike and his work here at the CFTC that naturally brought us together was that he was a passionate internationalist. And he always seemed happy to visit London, and it was always good to see him there. Our international travel went further. There is a memorable, for me certainly, picture of the two of us on a boat trip in Sydney Harbour in 2019.

It wasn’t just the travel. Mike was, like Chris, an internationalist through and through. I spent time with Mike after the UK’s Brexit Referendum in 2016. I am strictly neutral on Brexit as a public official. I knew then that our job was to work out how to implement something that, let’s be honest, had not been planned. In the area of financial services, clearing was going to be probably the hardest area for us, because – and I will come back to this point – it is inherently international in many parts, and particularly the parts we do in London. I knew immediately after the Referendum that it was critical for the UK not to become isolated and certainly not isolationist. That would be the road to a very bad outcome for the City of London. We needed friends, both in deeds and words, those who would be prepared to stand by us, and put up with uncertainty while we worked out the best course. Chris, you and Mike were those people – friends when we were in some need.

Now, it is the case that, as a internationalist, Mike arrived in the world of clearing at the right time. It is a fairly esoteric activity, always important, but also often in the background. We quite like it to be humming away safely in the background. But the Global Financial crisis had emphasised that we had undervalued its importance, that the world would have been safer if we had put It more into the centre of the financial system.

But, to do that it must be done safely and soundly. Unsafe clearing would be worse than no clearing, it would amount to concentrating the risk in one unsafe house.

And so, if we are asked to list the very big financial system changes post financial crisis, we should naturally start by saying that we have put clearing at the heart of the system. Central Counterparties (CCPs) are a key to mitigating counterparty credit risk, which has become even more relevant following the crisis and, in so doing, bring significant financial stability benefits. The experience of the collapse of Lehman Brothers demonstrated that CCPs should be able to dampen the shock of a major counterparty credit failure. One of my abiding memories of the Lehman weekend was the attempt to organise an ad-hoc trade position compression exercise, to net down the positions. It wasn’t possible, and the hard lesson was that only permanent institutional structures with clearing houses at their heart can achieve the ends we desired.

But, of course, we know that CCPs, can pose significant risks to the stability of the financial system if they are not properly managed. A consequence of central clearing is that CCPs themselves become a financial network which can bring about the contagion of financial instability if they are not robustly established and operated. In line with G20 commitments following the Financial Crisis, the introduction of mandatory clearing for various classes of over-the-counter derivatives has driven an increase in the systemic importance of CCPs.

In the banking world, that tendency for banks to grow and become more globally systemic led to hostility to allowing very large banks which could be too big to fail. Clearing is different. Its not just that clearing didn’t cause the crisis, though just to be clear, it didn’t. Rather, its more than that. Up to some point, and that point can naturally be large, there are benefits of scale and scope in clearing. Yes, there is contagion risk if a CCP fails, and especially where it is large in its market, but there are real benefits of scope and scale.

And, this naturally leads to the international dimension that Mike so much emphasised. The global nature of many financial markets means that clearing is naturally a
cross-border activity. Cross-border clearing also brings significant benefits. A single CCP operating across multiple jurisdictions and currencies can provide efficiencies and reduce risk through multilateral settling of exposures across counterparties in different jurisdictions.

This puts an obligation on us as regulators of clearing houses. We have a duty to enable the safe operation of the global financial system. Public authorities have risen to this duty, supervising standards on CCPs have been strengthened and new international standards have driven the establishment of credible CCP resolution regimes. We also have a deep sense of responsibility for the impact of our actions on other countries. And, we take this very seriously, as we must. In the UK, as the regulator we are required in any exercise of our rule-making power to consider the effects of these rules on the financial stability of any country where one of our clearing houses provides services, and we must act in a way that does not favour one jurisdiction over another.

This is of course all common sense. We all recognise that the interconnectedness of global markets means that any shocks in one part of the world can quickly reverberate and cause stress elsewhere. But common sense though it is, I can tell you that it’s a lot easier to put into practice when you are working with someone like Mike Gill, who wants to get things done and is at heart an internationalist.

And, so it should be no surprise that during the period Mike was here at the CFTC, things did get done, and they continue to get done building on his legacy.

There is another feature of clearing that is distinctive. As I said earlier, by its very nature it concentrates the risks associated with the trades being cleared. That’s how and why CCPs are such crucial nodes in the financial system. But it also means that if a CCP doesn’t manage its risk well, the concentration magnifies the impact of the problem. Moreover, CCPs tend to be highly interconnected because the instruments they clear are likewise interconnected – think about the different ways to trade interest rate risk. A small number of CCPs provide most of the capacity in over the counter derivatives clearing. And, a small number of clearing members provide the majority of clearing services to clients at all of these big CCPs. These firms are also providing key services to the CCPs, such as settlement, custody and liquidity backstops.

We can take a few points from this. Clearing is quite complicated and technical as an activity. I’m going to stick my neck out and suggest that here in Washington, conversations in bars are not of the sort: “tell me how does margining in a clearing house work”. Its notoriously a dry subject, but important, hugely so. But therein lies a risk – even at international meetings there can seem to be other things to talk about, happily so, and that can lead to problems of neglect.

Except, onto the scene came Mike Gill and Chris Giancarlo. The enthusiasts had arrived. Suddenly, it seemed a pleasure to talk about clearing. The fun kids talked about clearing. The serious point is that supervising big CCPs requires deep cooperation between authorities across multiple jurisdictions. It requires cooperation not fragmentation. We knew how to do that, but it always seemed harder to put in practice than it should have done. We don’t like economic fragmentation in the world, rightly so, but somehow arguments are made that its ok to do so for clearing. No it isn’t as a matter of fact, because such a view defies the logic of how financial markets work. Supervising and regulatory cooperation is a key part of the right approach.

I want to finish by looking forwards. I think that is what Mike would want, because it was very much as I remember him. There was always something new and interesting, whether it was drones overseeing crop production or crypto assets.

The importance and role of clearing continues to grow rapidly. A few facts help to illustrate the importance of clearing. I will focus on UK-US clearing facts. The notional amount of OTC derivatives cleared by UK CCPs with US counterparties continues to be greater than that cleared with any other jurisdiction. Across the three UK CCPs, 38% of margin is derived from US clearing members, and volumes have been larger this year than last, which was also up on previous years.

Overall, one thing that lies behind this growth is a rise in non-bank financial intermediation versus bank intermediation. We should not be surprised at this. But let me go back to 2008 and the Lehman weekend for a moment. The attempt to put in place an ad-hoc trade compression process – to net down exposures – reflected in the main banks having – sloppily – built up very large derivative books, and not managed them effectively. I remember several CEOs told me at the time that it just had not occurred to them that they needed to manage these books efficiently.

Indeed, it was very clear that for quite a few, there was very little awareness of the problem that was building up. It was too easy to pile trade upon trade with little regard for the need to risk manage these books throughly.

And then the music stopped, and suddenly what had been out of sight and out of mind in the good times became a problem. Outsized books had to be managed down by banks. Today that legacy is behind us. But the scale of derivative activity has nonetheless grown much further. That growth has provided important hedging benefits, and it has enabled much larger position limits to exist, concentrated more in the non-bank sector, but inevitably with links into the banking system. The so-called basis trade is a good example of this.

These developments leave us with major puzzles. Is there a scale of activity beyond which stress sets in when it has to be unwound quite suddenly? What would be the effects of that stress? And how do we model such a fluid landscape, where stress could emerge in several places at once? Better tools of diagnosis are important here.

At the Bank of England we have designed and run something we call the System Wide Exploratory Scenario, which seeks to synthesise the effects of some severe but plausible shocks passing through the financial system. Over 50 firms have participated, as have the clearing houses that support the activity. This is not a stress test in the now quite traditional individual bank by bank sense. It is a market-wide test designed to simulate shocks – it’s a flow test, designed to find obstructions and concentrations of risks and correlated positions that might otherwise be opaque. It is I think an important step forward in testing behavioural reactions to stress including how risks might cascade across markets. And, it will give us a better answer in terms of the effectiveness of CCPs in managing market-wide risks. The results should be published by the end of the year. It’s the sort of new thing that I think Mike would have appreciated, and been enthusiastic about.

The Bank of England and the CFTC have a longstanding relationship of cooperation on CCPs. Mike added his special qualities to that relationship. Its our duty to carry his work forward, but even more so to do it in his spirit, the one we enjoyed and miss so much.

Thank you.

I would like to thank Sarah Breeden, Karen Jude, Harsh Mehta, Ruth Smith, Sam Woods, Shane Scott, Sasha Mills, Deborah Potts, Thomas Ferry, Konstantina Drakouli, Marc Ledroux, Barry King and Priya Mistry for their help in the preparation of these remarks.

MIL OSI Economics –

January 25, 2025
MIL-OSI Global: Humans evolved to share beds – how your sleeping companions may affect you now

Source: The Conversation – UK – By Goffredina Spanò, Lecturer in Developmental Cognitive Neuroscience, Kingston University

Jacob Lund/Shutterstock

Recent research on animal sleep behaviour has revealed that sleep is influenced by the animals around them. Olive baboons, for instance, sleep less as group sizes increase, while mice can synchronise their rapid eye movement (REM) cycles.

In western society, many people expect to sleep alone, if not with a romantic partner. But as with other group-living animals, human co-sleeping is common, despite some cultural and age-related variation. And in many cultures, bedsharing with a relative is considered typical.

Apart from western countries, caregiver-infant co-sleeping is common, with rates as high as 60-100% in parts of South America, Asia and Africa.

Despite its prevalence, infant co-sleeping is controversial. Some western perspectives, that value self-reliance, argue that sleeping alone promotes self-soothing when the baby wakes in the night. But evolutionary scientists argue that co-sleeping has been important to help keep infants warm and safe throughout human existence.

Many cultures do not expect babies to self-soothe when they wake in the night and see night wakings as a normal part of breastfeeding and development.

Concerns about Sudden Infant Death Syndrome (Sids) have often led paediatricians to discourage bed-sharing. However, when studies control for other Sids risk factors including unsafe sleeping surfaces, Sids risk does not seem to differ statistically between co-sleeping and solitary sleeping infants.

This may be one reason why agencies such as the American Academy of Pediatrics, the National Institute for Health and Care Excellence and the NHS either recommend that infants “sleep in the parents’ room, close to the parents’ bed, but on a separate surface,” or, if bedsharing, to make sure that the infant “sleeps on a firm, flat mattress” without pillows and duvets, rather than discouraging co-sleeping altogether.

Researchers don’t yet know whether co-sleeping causes differences in sleep or, whether co-sleeping happens because of these differences. However, experiments in the 1990s suggested that co-sleeping can encourage more sustained and frequent bouts of breastfeeding. Using sensors to measure brain activity, this research also suggested that infants’ and caregivers’ sleep may be lighter during co-sleeping. But researchers speculated that this lighter sleep may actually help protect against Sids by providing infants more opportunities to rouse from sleep and develop better control over their respiratory system.

Other advocates believe that co-sleeping benefits infants’ emotional and mental health by promoting parent-child bonding and aiding infants’ stress hormone regulation. However, current data is inconclusive, with most studies showing mixed findings or no differences between co-sleepers and solitary sleepers with respect to short and long-term mental health.

Co-sleeping in childhood

Childhood co-sleeping past infancy is also fairly common according to worldwide surveys. A 2010 survey of over 7,000 UK families found 6% of children were constant bedsharers up to at least four years old.

Some families adopt co-sleeping in response to their child having trouble sleeping. But child-parent bedsharing in many countries, including some western countries like Sweden where children often co-sleep with parents until school age, is viewed culturally as part of a nurturing environment.

It’s normal for children to bedshare in many parts of the world.
Yuri A/ Shutterstock

It is also common for siblings to share a room or even a bed. A 2021 US study found that over 36% of young children aged three to five years bedshared in some form overnight, whether with caregivers, siblings, pets or some combination. Co-sleeping decreases but is still present among older children, with up to 13.8% of co-sleeping parents in Australia, the UK and other countries reporting that their child was between five and 12 years old when they engaged in co-sleeping.

Two recent US studies using wrist-worn actigraphs (motion sensors) to track sleep indicated that kids who bedshare may have shorter sleep durations than children who sleep alone. But this shorter sleep duration is not explained by greater disruption during sleep. Instead, bedsharing children may lose sleep by going to bed later than solitary sleepers.

The benefits and downsides of co-sleeping may also differ in children with conditions such as autism spectrum disorder, mental health disorders and chronic illnesses. These children may experience heightened anxiety, sensory sensitivities and physical discomfort that make falling and staying asleep difficult. For them, co-sleeping can provide reassurance.

Adults sharing beds

According to a 2018 survey from the US National Sleep Foundation, 80-89% of adults who live with their significant other share a bed with them. Adult bedsharing has shifted over time from pre-industrial communal arrangements, including whole families and other household guests, to solo sleeping in response to hygiene concerns as germ theory became accepted.

Many couples find that bedsharing boosts their sense of closeness. Research shows that bedsharing with your partner can lead to longer sleep times and a feeling of better sleep overall.

Bedsharing couples also often get into sync with each other’s sleep stages, which can enhance that feeling of intimacy. However, it’s not all rosy. Some studies indicate that females in heterosexual relationships may struggle more with sleep quality when bedsharing, as they can be more easily disturbed by their male partner’s movements. Also, bedsharers can have less deep sleep than when sleeping alone, even though they feel like their sleep is better together.

Many questions about co-sleeping remain unanswered. For instance, we don’t fully understand the developmental effects of co-sleeping on children, or the benefits of co-sleeping for adults beyond female-male romantic partners. But, some work suggests that co-sleeping can comfort us, similar to other forms of social contact, and help to enhance physical synchrony between parents and children.

Co-sleeping doesn’t have a one-size-fits-all answer. But remember that western norms aren’t necessarily the ones we have evolved with. So consider factors such as sleep disorders, health and age in your decision to co-sleep, rather than what everyone else is doing.

Gina Mason receives funding from the American Academy of Sleep Medicine Foundation (grant #334-BS-24). The views expressed herein are her own, and do not represent the official views of the Academy or any other professional organization with which she is affiliated.

Goffredina Spanò 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. Humans evolved to share beds – how your sleeping companions may affect you now – https://theconversation.com/humans-evolved-to-share-beds-how-your-sleeping-companions-may-affect-you-now-241803

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Security: Defense News: CNO Franchetti and MCPON Honea visit NSWC Panama City Division

Source: United States Navy

Franchetti and Honea’s visit provided the opportunity for them to see firsthand how NSWC PCD, one of the Navy’s premiere research, development, test and evaluation laboratories, supports the fleet through capabilities including mine warfare, expeditionary warfare, robotics, autonomous systems, and naval special warfare.

“It was really exciting to see all the amazing work that is going on all around here. I got to walk around and talk with many [people from this workforce], the commands here and the service members,” said Franchetti. “I’m very excited about the future. It is a very bright future thanks to all the great work that you’re doing here today and have been doing for quite some time.”

Franchetti and Honea spent the first part of their visit engaging with sailors and civilians, while learning more about capabilities to ensure wartime readiness.

“NSWC PCD continues to meet mission readiness by ensuring alignment to the CNO’s Navigation Plan, which poises our Navy to enhance the Navy’s long-term advantage,” said Capt. David Back, NSWC PCD commanding officer. “It is an honor to host the CNO and MCPON.”

Dr. Peter Adair, SES, NSWC PCD technical director, emphasized the significance of getting NSWC PCD’s capabilities to the fleet rapidly.

“Taking sailors and marines out of harm’s way and reducing the operational timeline is imperative. Unmanned technologies are how we are going to get there,” said Adair. “It is our role to ensure the fleet has the capabilities they need for today, tomorrow and the Navy after next.”

The visit concluded with a CNO and MCPON-led All Hands Call with sailors and civilians across Naval Support Activity Panama City.

The warfighter is the Navy’s asymmetric advantage. Franchetti’s Navigation Plan 2024 America’s Warfighting Navy outlines the need to build our unmatched warfighting teams—active and reserve Sailors, with Navy civilians—through a relentless focus on training and learning.

“When I am asked ‘who is the warfighter’ many groups of people come to mind. There are our sailors, on the frontline, but there are also those in the behind the scenes that contribute significantly to Project 33 and to the Navy getting real, getting better,” said Franchetti during her All-Hands address. “I am incredibly grateful for the hard work each of you put into ensuring our mission not only advances operationally, but processes continue to improve so we can support the frontline more efficiently and safely.”

Fourteen individuals were recognized for their significant contributions to the Navy, including 13 sailor recognitions for achievements.

CNO and MCPON presented a Meritorious Civilian Service Award to Andrea Perles, leader in mine warfare for the U.S. Navy. NSWC PCD also announced Hospital Corpsman Second Class Nicholas Harburckak from Chambers, Neb., as the Junior Sailor of the Year and Aviation Ordnanceman First Class Kevin Rodriguez from Smithfield, Va., as the Sailor of the Year at this installation.

The visit provided Franchetti and Honea with a richer understanding of NSWC PCD’s mission to support the America’s Warfighting Navy.

“It is your efforts, your dedication, and your expertise that provides us with the capabilities and enablement of manned and unmanned vessels in the fleet,” said Honea. “Whether you are wearing a uniform or intricately in the behind the scenes, the work you do matters.”

This was Franchetti and Honea’s first visit to NSWC PCD as Chief of Naval Operations and Master Chief Petty Officer of the Navy.

MIL Security OSI –

January 25, 2025
MIL-OSI USA: President Joseph R. Biden, Jr. Approves U.S. Virgin Islands Disaster Declaration

US Senate News:

Source: The White House
On October 25, 2024, President Joseph R. Biden, Jr. declared that a major disaster exists in the territory of the U.S. Virgin Islands and ordered Federal assistance to supplement territory and local recovery efforts in the areas affected by Tropical Storm Ernesto from August 13 to August 16, 2024.
Federal funding is available to territory and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by Tropical Storm Ernesto in the islands of St. Croix, St. John, St. Thomas, and Water Island.
Federal funding is also available on a cost-sharing basis for hazard mitigation measures for the entire territory.
Lai Sun Yee of the Federal Emergency Management Agency (FEMA) has been appointed to coordinate Federal recovery operations in the affected areas.
Additional designations may be made at a later date if requested by the territory and warranted by the results of further damage assessments.
Residents and business owners who sustained losses in the designated areas can begin applying for assistance at www.DisasterAssistance.gov, by calling 800-621-FEMA (3362), or by using the FEMA App. Anyone using a relay service, such as video relay service (VRS), captioned telephone service or others, can give FEMA the number for that service.
FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

MIL OSI USA News –

January 25, 2025
MIL-OSI United Kingdom: Councillors asked to endorse new ‘social contract’ to eradicate poverty
Source: Scotland – City of Perth

Despite being a relatively affluent area, Perth and Kinross has around 30,000 people living below the poverty line, with approximately 27,200 in deep or very deep poverty.

Tackling poverty is one of the Council’s main priorities and the local authority helped establish the Anti-Poverty Taskforce jointly chaired by the Chief Executives of PKAVS and Giraffe to address poverty across Perth and Kinross. The Taskforce brings together a range of partners, including the Council, to work together on addressing poverty.

Councillors will also discuss the sixth Annual Child Poverty Action report, which reveals there are still 5,750 children living in poverty in Perth and Kinross and sets out the actions that are being taken to reduce this number.

Council leader Councillor Grant Laing said: “Many people view Perth and Kinross as an affluent area but the truth is poverty is a real and growing problem for many of our residents.

“The Covid-19 pandemic and the cost-of-living crisis have both contributed to a situation that requires dedicated and co-ordinated action to solve.

“For those living in poverty every day is a struggle and things that are an inconvenience to many of us – an unexpected bill or a spell of cold weather – can lead to a crisis for those on or close to the breadline. It is vitally important we support those people who find themselves in poverty.

“Those living in rural areas, as many do in Perth and Kinross, also face additional challenges regarding employment, housing, transport and more.”

Councillor Laing added: “The actions we are taking are showing results – there are now around 200 fewer children living in poverty now than there were last year. But that still leaves nearly 6,000 in poverty.”

The social contract sets out four key principles that will guide the Council, and its partners, as they strive to lift residents out of poverty.

These are:
- No one should be in deep poverty:
- Those unable to work should not be in poverty:
- People should try to increase their earnings:
- Low earners should not be in poverty: Commitment to Collaboration:
As part of these efforts, the Council is being asked to renew its commitment to collaborating with community partners, the third sector, and local communities to secure extra resources and support for those in deep poverty and provide addition resources for those unable to work due to health, disability or caregiving responsibilities.

It is also being asked to support job seekers and those wanting to work more hours and help those on low incomes to achieve a better standard of living.

Shaheena Din, joint chair of the Anti-Poverty Taskforce said: “Change happens when we come together.

“By working as one, we can make a real difference in lifting people out of poverty, because no one person or organisation can tackle this challenge alone.”

She added the Anti-Poverty Taskforce supports a range of people who are struggling to make ends meet. These include:
- People facing ongoing hardship: Those on low incomes, whether they are receiving benefits or not, and may not be getting the support they’re entitled to.
- People in deep poverty: Including single individuals without children, people from ethnic minorities, and households where someone has a disability.
- Those on or just below the poverty line: those struggling to make ends meet.
- People just getting by: managing on their own but often have little or no money left at the end of the month.
- Asset rich but cash poor: Homeowners with limited savings and financial assets that are hard to access and facing hardship.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI USA: WARNER, KAINE, AND SCOTT APPLAUD $380 MILLION IN INFLATION REDUCTION ACT FUNDING FOR PORT OF VIRGINIA
Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

Headline: WARNER, KAINE, AND SCOTT APPLAUD $380 MILLION IN INFLATION REDUCTION ACT FUNDING FOR PORT OF VIRGINIA

WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) and U.S. Representative Bobby Scott (D-VA-03) announced $380,000,000 in federal funding for the Port of Virginia to accelerate its plan to become carbon-neutral by 2040. Warner, Kaine, and Scott advocated for this funding and sent a letter of support for this grant. The funding was awarded through the Environmental Protection Agency’s Clean Ports Program, which was made possible by the Inflation Reduction Act that the members helped pass.

“The Port of Virginia is one of the largest and busiest ports on the eastern seaboard, and it’s critical to Virginia’s economy and offshore wind industry. As the Port of Virginia continues to grow thanks to investments we’re making, we must also ensure we’re reducing greenhouse gas emissions, which result in negative health and environmental impacts for our communities,” said the lawmakers. “That’s why we’re thrilled that this federal funding, which was made possible by the Inflation Reduction Act we supported, will accelerate the Port’s efforts to achieve net-zero carbon emissions by 2040 and further cement Virginia’s place as a leader in clean energy.”

The Inflation Reduction Act made historic investments to support clean energy projects. It included clean energy tax credits that have incentivized a series of corporate investments in Virginia, including:
- A $681 million investment by LS GreenLink to build a state-of-the-art facility to manufacture high-voltage subsea cables used for offshore wind farms in Chesapeake, which will create over 330 jobs in Virginia.
- An investment of over $400 million by Topsoe to build a new manufacturing facility in Chesterfield County, which will create at least 150 new jobs in Virginia.
- An investment of $208 million by Mack and Volvo Trucks—in addition to a federal grant award of over $208 million for the company—to sustain 7,900 union jobs and create 295 new jobs in Virginia, Maryland, and Pennsylvania. Volvo Trucks is the second largest employer in the New River Valley, sustaining 3,600 jobs in Dublin, including 3,200 United Automobile Workers (UAW) jobs. In September 2024, Warner and Kaine visited Volvo’s New River Valley plant to celebrate the investment.
Today’s announcement builds on other transformational investments made to the Port of Virginia by the Biden-Harris administration with the backing of Warner, Kaine, and Scott. That includes $225.4 million to fully fund the Norfolk Harbor Deepening and Widening Project, which will improve navigation and expand capacity by deepening and widening Norfolk Harbor’s shipping channels, allowing for two-way traffic in and out of the harbor. Of this amount, $141.7 million was made available through the Infrastructure Investment and Jobs Act and $83.7 million was provided through the Fiscal Year 2022 omnibus appropriations bill.

The Port also previously received $20 million in federal funding from the Department of Transportation for improvements to Portsmouth Marine Terminal that will allow it to serve as a staging area to support the manufacturing and movement of offshore wind goods to support the 2.6 gigawatt Coastal Virginia Offshore Wind commercial project and other commercial offshore wind projects up-and-down the East Coast. Warner, Kaine, and Scott led a Virginia Congressional Delegation letter to Secretary of Transportation Pete Buttigieg in support of the Port’s application for that funding.

###

MIL OSI USA News –
January 25, 2025
MIL-OSI United Kingdom: Ambitious Mobility Strategy to be considered by councillors

Source: Scotland – City of Perth

This strategy, developed with feedback from the public, will be discussed when Climate Change and Sustainability Committee meets on 23 October 2024.

The Mobility Strategy is one of three critical place-based strategies designed to shape the long-term development of Perth and Kinross, alongside the Local Housing Strategy and the Local Development Plan.

Together, these strategies are instrumental in realising the Council’s vision of “a Perth and Kinross where everyone can live life well, free from poverty and inequality.”

The Mobility Strategy outlines Perth and Kinross Council’s vision for managing and developing the transport and active travel network over the next 15 years.

It considers all modes of transport for the movement of people and goods across both rural and urban areas, addressing the impacts of emerging technologies, digital services, housing, inclusion, poverty, health, climate adaptation, economic growth, air quality, and place making.

Aligned with the priorities set out in the Scottish Government’s National Transport Strategy 2 (February 2020), the Mobility Strategy adopts four key priorities: Reducing Inequalities, Taking Climate Action, Delivering Inclusive Economic Growth, and Improving Health and Wellbeing.

These priorities are fundamental to the development and delivery of the strategy, ensuring it meets both national targets and local goals.

Councillors will also be asked to approve the next priorities for the Local Heat and Energy Efficiency Strategy (LHEES) and Local Area Energy Plan (LAEP) for the upcoming 12-18 months.

The Perth and Kinross LAEP envisions the area as a leading example of affordable and equitable access to sustainable energy for all residents, businesses, and organisations.

By 2045, the area aims to achieve an integrated, net-zero local energy system. Similarly, the Perth and Kinross LHEES aims to make homes and buildings more energy efficient and equipped with decarbonised heat sources, providing more affordable warmth and reduce climate impact, all contributing to achieving our goal of Net Zero by 2045.

In line with these initiatives, committee members will be asked to approve the Council’s Public Body Climate Change Duty report. The report outlines the Council’s actions and progress in addressing climate change within its own operations, with a 31% reduction in its overall emissions. The decrease is primarily attributed to improvements in waste processing and the transition from waste to energy. Additionally, there were modest reductions in emissions from on-site energy production, business travel and employee commuting.

Councillor Richard Watters, Convenor of Climate Change and Sustainability Committee said: “We are deeply grateful to the public for their active involvement and valuable feedback throughout the development of the Mobility Strategy. Their participation has been crucial in shaping a strategy that is robust, relevant, and adaptable to the diverse needs of our community.

“We also want to recognise the outstanding work made through the Local Heat and Energy Efficiency Strategy (LHEES), the Local Area Energy Plan (LAEP) and the Council’s own initiatives in tackling climate change. It is truly encouraging to see the Council’s substantial reduction in overall emissions, equivalent to 12.5 kilotonnes of C02, between 2022/23 and 2023/24.

“Despite facing financial challenges, we are striving forward with new priorities for the next 12 to 18 months. Together, we are paving the way for a sustainable and prosperous future for Perth and Kinross.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI USA: National Press Club
Source: US Department of Veterans Affairs

Good morning. Emily Wilkins, thanks for that kind introduction, and for leading this important organization. Let me recognize the Press Club’s American Legion Post and its commander, Tom Young, and all the Veterans Service Organizations represented here. Veterans Service Organizations are critical to helping us serve Vets, their family members, caregivers, and survivors.

I want to thank all the journalists who served our country in uniform. Journalists like Thomas Gibbons-Neff, a Marine combat Vet and the son of a combat Vet, who writes powerfully now about the ongoing conflict in Ukraine. I’ve been particularly struck by his writing on the end of America’s deployments to and withdrawal from Afghanistan.

While I want to be careful here as a non-Veteran myself, it struck me that his writing brought to life the painful experiences that thousands of his fellow Afghanistan Vets wrestle with to this day. Navy Veteran Zack Baddorf, founder of the group Military Veterans in Journalism, is helping ensure more Vets go into journalism, a vocation that is so important to our democracy that Vets have sacrificed everything to protect it.

Zach’s getting more Vets into newsrooms around the country—improving coverage of Veterans issues and increasing trust in the media. To Thomas and Zack, to all Veteran journalists, and to all journalists—thank you.

Veterans Day is around the corner, so now’s a good time to begin preparing our hearts and minds for that celebration—remembering, recognizing, and thanking all those men and women who have fought our nation’s wars and defended us during periods of restless peace. But our profound gratitude to Veterans goes beyond Veterans Day, because Vets continue serving this country long after they take off their uniforms.

They’ve dedicated themselves to building an America that is stronger, freer, fairer for each new generation, that more perfect Union we all seek. Anchored by their commitment to service over self, they continue serving this country, always looking out for one another, with their enduring sense of duty, valor, and love of country. Veterans set the highest example of what it means to be an American citizen. So, at VA, we strive to serve Vets every bit as well as they served—and continue to serve—all of us. Veterans Day is a time to renew that commitment, renew what President Biden calls our country’s one truly sacred obligation—to prepare those we send into harm’s way, and to care for them and their families when they come home.

Now, when I first spoke to the Press Club four years ago, the country was in a historic public health emergency, and VA’s employees were risking their lives to save the lives of Veterans. Despite those challenges, I told you that VA public servants were breaking all-time records, providing more care and more benefits to more Vets than ever before. And each year, I’ve come back here with a similar report. This year is no different. By nearly every metric, VA’s smashing records we set last year. That’s even more care, more benefits, to more Vets. And it’s not just more care. It’s better, world-class care, and it’s better health outcomes for Veterans than in the private sector. It’s not just more benefits, it’s faster, more accessible benefits we’re delivering by meeting Vets where they are rather than expecting them to come to us. And it’s not just more Vets, its more Vets trusting VA at rates higher than ever before. President Biden, a military family member and the surviving father of combat Veteran Major Beau Biden, has been unrelenting—and forcefully demanding—in his advocacy for Veterans and their families. He has spent his entire career fighting like hell for Vets, just as he charged me and my VA teammates to do four years ago. Under President Biden’s leadership, VA has been made into something different—something new.

Nowhere has that been more evident than with President Biden’s toxic exposure law—the PACT Act. Because of that law, more than 5.8 million Vets have been screened for toxic exposures. More than 740,000 have enrolled in VA care. And more than 1.1 million Veterans and 11,000 survivors are receiving benefits. The toxic exposure legislation called for a phased-in approach, getting Vets access to care and benefits as late, in some cases, as 2032. But President Biden made it clear that timeline wasn’t fast enough for one simple reason—for too long, too many Vets were exposed to harmful substances and waited decades for help. So, he directed us to accelerate implementation so all eligible Vets and their survivors got the care and benefits they deserve—as quickly as possible.

And that has been life-changing for so many families.

We can measure President Biden’s record-breaking work on behalf of Veterans—on ending Veteran homelessness, on removing barriers to mental health care, on getting Vets in crisis the support they need when they need it, and more. In fact, you probably saw the press release we put out this morning detailing all of VA’s record-breaking accomplishments over the course of the past year. But we can never put a value on the countless miracles that have improved and made Veterans lives better. Numbers and statistics can’t adequately describe the impact. Dollars and data can’t ever really begin to capture and communicate the values, the personalities, the humanity of the Veterans we have the honor of serving. So, as I prepared for today’s speech, I thought, maybe those are the very things we need to talk about. Let me tell you three stories that demonstrate the impact and importance of the work we do, together.

I’ll start with Angela Bell. I met Angela in Hampton, Virginia last month. Angela is one of the most generous and courageous people I’ve ever met. She lost her son, Sean, and has turned her grief into action. Let me tell you a little bit about Sean. Sean knew he wanted to join the military since he was a kid. He was so determined to enlist after graduating high school that at 17 years old he got his dad to sign the parental consent paperwork. And Sean served all over America—Georgia, North Carolina, California—served all over the world, Korea, Afghanistan, Iraq. He married and had a son, Giovanni.

He earned his Bachelor’s degree. He earned a Master’s. He earned a second Master’s and was working on his Ph.D.—he liked to tease his mom, telling her she’d have to start calling him Dr. Bell. Sean was the kind of guy who’d invite other Soldiers over to Angela’s house for Thanksgiving because they had nowhere else to go. He’d ask his mom to send him extra care packages while he was on deployment, not for himself, but to share with his brothers- and sisters-in-arms who didn’t get anything from back home. He’s an example of the selfless Vet I was talking about a few minutes ago.

Well, after Sean came back from his second deployment to Central Command, Angela started noticing some changes. Every time firecrackers went off, he’d jump. Being in traffic was overwhelming, anxious about other vehicles around him. He was enduring some personal problems, family health issues and more. When Angela tried to get Sean help, he refused, worried about losing his clearance. Sean had served in the Army for 20 years. And just a few weeks before his retirement in 2021, he died by suicide.

Now, I’ve spoken at many events focused on VA’s and our partners’ work to end Veteran suicide. I’ve explained that ending Veteran suicide is our number one clinical priority at VA. I’ve talked about resourcing and about people and organizations singularly devoted to end Veteran suicide. I’ve talked about data and processes and what we’re doing to try to make a real, substantial difference—promising initiatives. And I’ve shared story after story about Veterans not just surviving, but getting the mental health care they need and thriving. Yet, none of that will bring Sean back or heal his family’s heartbreak. None of that gets to the enormous tragedy of Veteran suicide or gets to the powerful, painful emotions.

So, here’s why I’m telling Sean’s story, Angela’s story. Angela’s doing everything she can do so other families don’t suffer the same devastation when she lost Sean, when this country lost Sean. “I try to be the face of [those] who [were] left behind,” Angela says. “I’m so passionate about telling his story because if it helps one person, whether I know it or not, then I’m doing what I’m supposed to do.” She said, “People tell me I’m so strong. I’m not. I’m a mom, advocating and fighting for my kid.” Angela’s the President of the Hampton Roads Chapter of American Gold Star Mothers, and she often speaks on our work to end Veteran suicide. Thanksgiving was Sean and Angela’s favorite holiday. And in his memory, Angela hosts an annual Thanksgiving meal and invites servicemembers, Veterans, and their families to join her. The gathering quickly outgrew her dinner table, and then got too big for her home. This year, Angela’s renting a dining hall to host dozens of families from the military community to share a warm Thanksgiving meal together. The community she’s built has helped Angela heal. And she heals by helping others, so they’re not alone, and so they know there is always, always hope. Those are the kind of people we have the incredible privilege and honor to serve at VA.

But we have so much work to do to keep our promise to Vets. That leads me to my next story. It was almost exactly 23 years ago—October 5^th, 2001—when the first US forces arrived at the Karshi-Khanabad air base in Uzbekistan, a former Soviet base known as “K2.” K2 Veterans were among the first to deploy after the September 11^th terrorist attacks, bravely conducting and supporting combat missions against al-Qaeda and the Taliban in Afghanistan. They went to a place at K2 that Veterans often describe as a “toxic soup” of exposures, a place unlike other operating bases occupied by American forces. A place that jeopardized their immediate and long-term health. Colonel Gordon Peters vividly describes what he says was a “chemical odor so intense that it seemed as if someone could light a match and the entire area would ignite.” Some K2 Vets returned home and developed disabling illnesses and conditions. Their service is heroic.

Mindful of the passage of time since their heroic service, we’ve moved aggressively to care for K2 Vets since the PACT Act was passed in 2022.
- First, we eliminated the PACT Act phase-in period for presumptive benefits—making all K2 Vets immediately eligible for more than 300 presumptive conditions.
- Second, earlier this year, we made all K2 Veterans eligible for VA health care, whether or not they’ve filed a benefits claim with VA.
- Third, after consulting with K2 Vets this summer, we’ve begun rulemaking to make chronic multi-symptom illness—also known as Gulf War Illness—a presumptive condition for K2 Veterans, fixing a gap in the PACT Act.
- Fourth, for every K2 claim, we’ve made sure the unique toxic exposures at K2—that toxic soup—is taken into account, and each new K2 claim gets reviewed a second time before VA reaches a final decision.
- And fifth, we’ve reached out to every known living K2 Veteran to encourage them to come to us for the care and benefits they deserve.
All of that work has been driven by Veteran and survivor advocates, reporters like you, and a tireless VA team working on toxic exposures, some of the best toxic exposure researchers, scientists, and epidemiologists in the world. Because of that hard work,

13,000 of the 16,000 K2 Vets are enrolled in VA healthcare, nearly 12,000 are service-connected for at least one condition, receiving an average of $30,000 a year in earned benefits. All told, K2 Vets now have higher claim and approval rates than any other cohort of Veterans.

But we have more work to do to get this right. Some K2 Vets still understandably feel overlooked, because they’ve waited for 23 long years to see their uniquely dangerous service recognized. We still have to do better and be better, for those K2 Vets. That’s why, today, I’m proud to announce that VA will begin rulemaking to add bladder, ureter, and other genitourinary—or GU cancers—as new presumptive conditions for K2 Vets and all eligible toxic-exposed Vets. And we aren’t stopping there.

Next week, we will complete the scientific review of multiple myeloma and leukemias. The preliminary findings are promising and suggest that VA will be able to make those conditions presumptive for K2 Veterans and all eligible Veterans. And once the final results are in, VA will look to extend that presumption to all biologically linked blood cancers. This may include polycethemia vera—or P. Vera—a condition identified by K2 Vets. We will do so based on biological science and on the results of a PACT Act presumptive process, without requiring Vets to wait for VA to complete additional studies. And moving forward, I am committed to establishing service connection for any rare condition found in K2 Vets which has a plausible biological link to the toxic soup we know and acknowledge was present at K2.

Because we are a new VA. One that works with Veterans for Veterans. And one that delivers outcomes for Veterans. We will no longer take decades to consider new presumptive conditions, but will instead use the tools provided by the PACT Act as quickly as possible to proactively establish service connections whenever the evidence supports it. We put that promise into action in 2021 when the President directed us to work on a Central Command burn pit presumption, nearly two years before passage of the PACT Act. We put it into action in 2022 when we established service connection for asthma, sinusitis, rhinitis, and rare respiratory cancers—again today with GU cancers and soon for multiple myeloma and blood cancers. We’ll continue proving that we’re a new VA by using the expedited PACT Act process to look further into that toxic soup at K2. The President considers this unfinished business—and expects VA to establish a presumption of service connection for every condition associated with deployment to K2 – and we’re committed to doing so.

We have to keep listening to K2 Vets and all Vets. We have to keep fighting like hell for them. So, thank you to the Vets, advocates, and journalists who have been instrumental in highlighting the heroes who served at K2. You make us better by holding us accountable. We are proud of our accomplishments, these outcomes for Veterans. But we are candid when we come up short—candid with ourselves, with you, with Vets, with Congress, and with the American people. America’s Vets deserve our very best, and we’ll never settle for anything less. Hold us to it.

Third and finally—let me talk about VA’s people—your public servants—who are keeping our country’s sacred obligation to Vets. They are the best, most compassionate, highest-performing, and most dedicated workforce in the federal government—in the entire country—folks who want to make real differences in the lives of Veterans. I’m proud and I’m privileged to be on their team.

I’m reminded of that every single day, but it was driven home most profoundly when I was surveying Hurricane Helene’s destruction in Asheville, North Carolina. For over a month now, the Asheville VA, the VISN 6 leadership team, and their incident command team have been working around the clock, tirelessly, to support Vets and staff impacted by the storm. Asheville VA’s food service employees and the Veterans Canteen Service disaster response team loaded up two tons of food and served 17,000 meals in the first week of recovery efforts, a source of great comfort in the aftermath of the crisis.

Their Volunteer Services have collected thousands of donations from fellow VA employees. And our chaplains have been holding candlelight vigils, a space for Veterans and VA staff to be together … supporting and comforting one another during this tragedy.

In the hardest hit areas across Western North Carolina, we identified over 2,600 at-risk Vets, Vets undergoing chemotherapy, with spinal cord injuries, requiring oxygen, and other support. We couldn’t call many of them because phones were out—cell phones and landlines—so right after the hurricane, VA teams went out to check on unaccounted Vets in-person. They achieved 100% accountability for all at-risk Vets in their care. Given the devastation in those communities, that is an amazing accomplishment. And they continue reaching out to Veterans in the area to make sure they have everything they need.

For VA nurses Melissa Mehaffey and Lisa Sellers, taking care of Vets in this crisis is their duty and it’s also about holding tight to hope. Lisa and Melissa have been a pair since starting at VA on the same day ten years ago. They’re Haywood County natives and came to work at VA because they have family members who are Vets. “Here,” Melissa says, “it’s all about the Veteran. The heart of our system is with our patients.”

“When we got a name, we knew—those are our people,” Melissa said. “We’re going to find them, figure out what they need, and help them. We’re going to make sure they are ok.” She says, “Going out there and taking care of our people … this was our tiny piece of hope.” One of the Vets they checked on had been without power, and no one could reach him by phone. He wrote us a letter. “No one but VA,” he said, “No one but VA would do something like that … in that moment there was a human connection that no other healthcare system would have even thought of.”

Army Veteran and VA employee Corey Anderson feels the same way. Corey was deployed to Kuwait and Iraq from 2005 to 2007, and the devastation he saw in Asheville reminded him of war zones. Corey went to check on one rural Veteran, drove until the road was gone, washed away. So what did Corey do? He parked his car in the middle of the road and hiked the rest of the way. He climbed up the mountainside with a pack full of supplies for the Veterans’ upcoming medical procedure. Corey says, “Doing this work means the world to me. I’m a Veteran. My dad, mom, sister, and so much of my family is made up of Veterans. It just means the world to me to do my part.” Veterans helping Veterans, there is nothing better. VA’s employees across the Southeast and Appalachia—people like Melissa, like Lisa and Corey—worked long hours through two devastating hurricanes, some working multiple shifts or staying overnight at the hospital. They risked their own lives to serve Veterans. Because whether we’re in times of calm or chaos, VA’s public servants always mobilize around one core mission—saving and improving Veterans’ lives. And right now there are Veterans at home, with their families—happy, safe, and healthy—because of them. I am incredibly grateful to each and every one of them.

Now, our mission at VA is far from over. There are huge challenges ahead. And as we look to the future, we’re going to continue to do better for Vets. We’re going to continue to be better for Vets. This future at VA isn’t because of me. In fact, I had asked that this new VA be represented here today at the Press Club by the best face of this new VA: our Deputy Secretary, a combat Veteran, the daughter and granddaughter of combat Veterans, someone who gets her care at VA, and someone who is part of the fastest growing cadre of Veterans at VA: women. The VA is new and more effective because of the Veterans, their families, caregivers, and survivors we are so blessed to serve—and because of Veterans like Tanya Bradsher who serve their fellow Veterans.

This future is because of the 450,000 VA employees in your communities and neighborhoods across the country who keep Vets at the heart of their care. And it’s because of partners like you, too.

I’ll close with a final word to the Vets watching today. Your honorable service in uniform sets the example for the rest of the country. You’re the keepers of our national ethos—that deep and abiding sense of purpose you learned in serving, your camaraderie and your care for each other, your sense of teamwork that made you stronger, together—in combat and, now, in your communities. That’s exactly what we need, what this country needs. Your examples are something that all of us can learn from. So, again, to all Veterans—those of you here today and those watching, thank you for everything. And to the Press Club, my thanks for all that you do holding us accountable to Vets, and telling their stories in the powerful ways that you do. God bless you all. And God bless our nation’s servicemembers, our Veterans, their families, caregivers, and survivors. With that, Emily, let’s go to questions.

MIL OSI USA News –
January 25, 2025
MIL-OSI Banking: Apple’s new Mac mini is more mighty, more mini, and built for Apple Intelligence
Source: Apple

Headline: Apple’s new Mac mini is more mighty, more mini, and built for Apple Intelligence

October 29, 2024

PRESS RELEASE

Apple’s all-new Mac mini is more mighty, more mini, and built for Apple Intelligence

The compact, do-it-all desktop now features the power of M4 and M4 Pro, and marks an important environmental milestone as the first carbon neutral Mac

CUPERTINO, CALIFORNIA Apple today unveiled the all-new Mac mini powered by the M4 and new M4 Pro chips, and redesigned around Apple silicon to pack an incredible amount of performance into an even smaller form of just 5 by 5 inches. With M4, Mac mini delivers up to 1.8x faster CPU performance and 2.2x faster GPU performance over the M1 model.¹ With M4 Pro, it takes the advanced technologies in M4 and scales them up to tackle even more demanding workloads. For more convenient connectivity, it features front and back ports, and for the first time includes Thunderbolt 5 for faster data transfer speeds on the M4 Pro model. The new Mac mini is also built for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves while protecting their privacy. And marking an important environmental milestone, Mac mini is Apple’s first carbon neutral Mac with an over 80 percent reduction in greenhouse gas emissions across its materials, manufacturing, transportation, and customer use.² Starting at just $599 with 16GB of memory, the new Mac mini is available to pre-order today, with availability beginning November 8.

“The new Mac mini delivers gigantic performance in an unbelievably small design thanks to the power efficiency of Apple silicon and an innovative new thermal architecture,” said John Ternus, Apple’s senior vice president of Hardware Engineering. “Combined with the performance of M4 and the new M4 Pro chip, enhanced connectivity on both the front and back, and the arrival of Apple Intelligence, Mac mini is more capable and versatile than ever, and there is nothing else like it.”

Small, but Fierce

The new Mac mini footprint is less than half the size of the previous design at just 5 by 5 inches, so it takes up much less space on a desk. The super-compact system is enabled by the incredible power efficiency of Apple silicon and an innovative thermal architecture, which guides air to different levels of the system, while all venting is done through the foot.

When compared to the best-selling PC desktop in its price range, Mac mini is up to 6x faster at one-twentieth the size.¹ For a wide range of users, from students to aspiring creatives and small business owners, the Mac mini with M4 is a tiny powerhouse. Mac mini with M4 features a 10-core CPU, 10-core GPU, and now starts with 16GB of unified memory. Users will feel the performance of M4 in everything they do, from multitasking across everyday productivity apps to creative projects like video editing, music production, or writing and compiling code.

When compared to the Mac mini with Intel Core i7, Mac mini with M4:
- Applies up to 2.8x more audio effect plugins in a Logic Pro project.¹
- Delivers up to 13.3x faster gaming performance in World of Warcraft: The War Within.¹
- Enhances photos with up to 33x faster image upscaling performance in Photomator.³
When compared to the Mac mini with M1, Mac mini with M4:
- Performs spreadsheet calculations up to 1.7x faster in Microsoft Excel.¹
- Transcribes with on-device AI speech-to-text up to 2x faster in MacWhisper.¹
- Merges panoramic images up to 4.9x faster in Adobe Lightroom Classic.⁴
Introducing M4 Pro for Pro-Level Performance

For users who want pro-level performance, Mac mini with M4 Pro features the world’s fastest CPU core⁵ with lightning-fast single-threaded performance. With up to 14 cores, including 10 performance cores and four efficiency cores, M4 Pro also provides phenomenal multithreaded performance. With up to 20 cores, the M4 Pro GPU is up to twice as powerful as the GPU in M4, and both chips bring hardware-accelerated ray tracing to the Mac mini for the first time. The Neural Engine in M4 Pro is also over 3x faster than in Mac mini with M1, so on-device Apple Intelligence models run at blazing speed. M4 Pro supports up to 64GB of unified memory and 273GB/s of memory bandwidth — twice as much bandwidth as any AI PC chip — for accelerating AI workloads. And M4 Pro supports Thunderbolt 5, which delivers up to 120 Gb/s data transfer speeds on Mac mini, and more than doubles the throughput of Thunderbolt 4.

When compared to the Mac mini with Intel Core i7, Mac mini with M4 Pro:
- Performs spreadsheet calculations up to 4x faster in Microsoft Excel.¹
- Executes scene-edit detection up to 9.4x faster in Adobe Premiere Pro.³
- Transcribes with on-device AI speech-to-text up to 20x faster in MacWhisper.¹
- Processes basecalling for DNA sequencing in Oxford Nanopore MinKNOW up to 26x faster.¹
When compared to the Mac mini with M2 Pro, Mac mini with M4 Pro:
- Applies up to 1.8x more audio effect plugins in a Logic Pro project.¹
- Renders motion graphics to RAM up to 2x faster in Motion.⁶
- Completes 3D renders up to 2.9x faster in Blender.⁶
Upgraded Connectivity and Display Support

The new Mac mini features a wide array of ports to drive any setup. It includes front-facing ports for more convenient access, including two USB-C ports that support USB 3, and an audio jack with support for high-impedance headphones. On the back, Mac mini with M4 includes three Thunderbolt 4 ports, while Mac mini with M4 Pro features three Thunderbolt 5 ports. Mac mini comes standard with Gigabit Ethernet, configurable up to 10Gb Ethernet for faster networking speeds, and an HDMI port for easy connection to a TV or HDMI display without an adapter. With M4, Mac mini can support up to two 6K displays and up to one 5K display, and with M4 Pro, it can support up to three 6K displays at 60Hz for a total of over 60 million pixels.

A New Era with Apple Intelligence on the Mac

Apple Intelligence ushers in a new era for the Mac, bringing personal intelligence to the personal computer. Combining powerful generative models with industry-first privacy protections, Apple Intelligence harnesses the power of Apple silicon and the Neural Engine to unlock new ways for users to work, communicate, and express themselves on Mac. It is available in U.S. English with macOS Sequoia 15.1. With systemwide Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write. With the newly redesigned Siri, users can move fluidly between spoken and typed requests to accelerate tasks throughout their day, and Siri can answer thousands of questions about Mac and other Apple products. New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months. Image Playground gives users a new way to create fun original images, and Genmoji allows them to create custom emoji in seconds. Siri will become even more capable, with the ability to take actions across the system and draw on a user’s personal context to deliver intelligence that is tailored to them. In December, ChatGPT will be integrated into Siri and Writing Tools, allowing users to access its expertise without needing to jump between tools.

Apple Intelligence does all this while protecting users’ privacy at every step. At its core is on-device processing, and for more complex tasks, Private Cloud Compute gives users access to Apple’s even larger, server-based models and offers groundbreaking protections for personal information. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.

The First Carbon Neutral Mac

The new Mac mini is Apple’s first carbon neutral Mac, marking a significant milestone toward Apple 2030, the company’s goal to be carbon neutral across the entire carbon footprint by the end of this decade.

Mac mini is made with over 50 percent recycled content overall, including 100 percent recycled aluminum in the enclosure, 100 percent recycled gold plating in all Apple-designed printed circuit boards, and 100 percent recycled rare earth elements in all magnets. The electricity used to manufacture Mac mini is sourced from 100 percent renewable electricity. And, to address 100 percent of the electricity customers use to power Mac mini, Apple has invested in clean energy projects around the world. Apple has also prioritized lower-carbon modes of shipping, like ocean freight, to further reduce emissions from transportation. Together, these actions have reduced the carbon footprint of Mac mini by over 80 percent.² For the small amount of remaining emissions, Apple applies high-quality carbon credits from nature-based projects, like those generated by its innovative Restore Fund.

In another first for Mac mini, the packaging is now entirely fiber-based, bringing Apple closer to its goal to remove plastic from its packaging by 2025.

An Unrivaled Experience with macOS Sequoia

macOS Sequoia completes the new Mac mini experience with a host of exciting features, including iPhone Mirroring, allowing users to wirelessly interact with their iPhone, its apps, and notifications directly from their Mac.⁷ Safari, the world’s fastest browser,⁸ now offers the Highlights feature, which quickly pulls up relevant information from a site; a smarter, redesigned Reader with a table of contents and high-level summary; and a new Video Viewer to watch videos without distractions. With Distraction Control, users can hide items on a webpage that they may find disruptive to their browsing. Gaming gets even more immersive with features like Personalized Spatial Audio and improvements to Game Mode, along with a breadth of exciting titles, including the upcoming Assassin’s Creed Shadows. Easier window tiling means users can stay organized with a window layout that works best for them. The all-new Passwords app gives convenient access to passwords, passkeys, and other credentials — all stored in one place. And users can apply new, beautiful built-in backgrounds for video calls, which include a variety of color gradients and system wallpapers, or upload their own photos.

Pricing and Availability
- Customers can pre-order the new Mac mini with M4 and M4 Pro starting today, Tuesday, October 29, on apple.com/store and in the Apple Store app in 28 countries and regions, including the U.S. It will start arriving to customers, and in Apple Store locations and Apple Authorized Resellers, beginning Friday, November 8.
- Mac mini with M4 starts at $599 (U.S.) and $499 (U.S.) for education. Additional technical specifications are available at apple.com/mac-mini.
- Mac mini with M4 Pro starts at $1,399 (U.S.) and $1,299 (U.S.) for education. Additional technical specifications are available at apple.com/mac-mini.
- New accessories with USB-C — including Magic Keyboard ($99 U.S.), Magic Keyboard with Touch ID ($149 U.S.), Magic Keyboard with Touch ID and Numeric Keypad ($179 U.S.), Magic Trackpad ($129 U.S.), Magic Mouse ($79 U.S.), and Thunderbolt 5 Pro Cable ($69) — are available at apple.com/store.
- Apple Intelligence is available now as a free software update for Mac with M1 and later, and can be accessed in most regions around the world when the device and Siri language are set to U.S. English. The first set of features is in beta and available with macOS Sequoia 15.1, with more features rolling out in the months to come.
- Apple Intelligence is quickly adding support for more languages. In December, Apple Intelligence will add support for localized English in Australia, Canada, Ireland, New Zealand, South Africa, and the U.K., and in April, a software update will deliver expanded language support, with more coming throughout the year. Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and other languages will be supported.
- With Apple Trade In, customers can trade in their current computer and get credit toward a new Mac. Customers can visit apple.com/shop/trade-in to see what their device is worth.
- AppleCare+ for Mac provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know Mac best.
- Every customer who buys directly from Apple Retail gets access to Personal Setup. In these guided online sessions, a Specialist can walk them through setup, or focus on features that help them make the most of their new device. Customers can also learn more about getting started with their new device with a Today at Apple session at their nearest Apple Store.
About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
1. Testing was conducted by Apple in September and October 2024. See apple.com/mac-mini for more information.
2. Carbon reductions are calculated against a business-as-usual baseline scenario: No use of clean electricity for manufacturing or product use, beyond what is already available on the latest modeled grid; Apple’s carbon intensity of key materials as of 2015; and Apple’s average mix of transportation modes by product line across three years. Learn more at apple.com/2030.
3. Results are compared to previous-generation 3.2GHz 6-core Intel Core i7-based Mac mini systems with Intel Iris UHD Graphics 630, 64GB of RAM, and 2TB SSD.
4. Results are compared to previous-generation Mac mini systems with Apple M1, 8-core CPU, 8-core GPU, 16GB of RAM, and 2TB SSD.
5. Testing conducted by Apple in October 2024 using shipping competitive systems and select industry-standard benchmarks.
6. Results are compared to previous-generation Mac mini systems with Apple M2 Pro, 12-core CPU, 19-core GPU, 32GB of RAM, and 8TB SSD.
7. Available on Mac computers with Apple silicon and Intel-based Mac computers with a T2 Security Chip. Requires that iPhone and Mac are signed in with the same Apple Account using two-factor authentication, iPhone and Mac are near each other and have Bluetooth and Wi-Fi turned on, and Mac is not using AirPlay or Sidecar. Some iPhone features (e.g., camera and microphone) are not compatible with iPhone Mirroring.
8. Testing was conducted by Apple in August 2024. See apple.com/safari for more information.
Press Contacts

Michelle Del Rio

Apple

mr_delrio@apple.com

Starlayne Meza

Apple

starlayne_meza@apple.com

Apple Media Helpline

media.help@apple.com
MIL OSI Global Banks –
January 25, 2025
MIL-OSI United Kingdom: Recruitment of board members to the International Fund for Ireland
Source: United Kingdom – Executive Government & Departments

The Secretary of State for Northern Ireland invites expressions of interest for appointment to the Board of the International Fund for Ireland.
The Secretary of State for Northern Ireland is seeking expressions of interest from suitably qualified people for appointment to the Board of the International Fund for Ireland (IFI) for an initial period of three years commencing on 1 March 2025.

The IFI was established as an independent international organisation by the Irish and UK Governments in 1986 to promote economic and social advance and peace and to encourage contact, dialogue and reconciliation among communities throughout Ireland. The IFI is active in Northern Ireland and the six border counties of Donegal, Sligo, Leitrim, Monaghan, Cavan and Louth.

Under Article 6 of the Agreement between the UK and Irish Governments establishing the IFI, Board Members are to be appointed jointly by both Governments. The Board comprises six members and a Chair. The two Governments agree on the nomination of the Chair and each Government nominates three Board Members, with all requiring approval of both Governments. The two Governments work to ensure that Board membership is cross-border and is as reasonably diverse as possible.

The Board has responsibility for ensuring the proper functioning, governance and strategic development of the IFI, as well as approving the number of, and the level of funding for, projects and programmes supported by the IFI.

Board Members will serve on a part-time basis and receive remuneration of £11,000 per year. Expenses associated with attendance at meetings of the Board and its sub committees will be covered.

Board Members normally serve for a term of three years, and are eligible for renewal once, subject to the agreement of both Governments.

Essential experience/attributes

A record of providing successful strategic vision, leadership and direction at a senior level, to include the ability to think, plan and act strategically develop strategies and experience of successful change management.

Be able to demonstrate strong judgement skills including the ability to analyse complex issues to help inform sound decisions.

Possess excellent interpersonal and communication skills, including the ability to achieve consensus, develop and maintain building positive strategic relationships with stakeholders and to work successfully as part of a team.

Possess a robust understanding of corporate governance, financial and risk management arrangements and demonstrated experience in one or more of these areas.

A sound understanding of the peace and reconciliation challenges facing communities across Northern Ireland/southern border counties of Ireland.

Ability to demonstrate a high level of professional and personal integrity, propriety and probity.

Desirable experience

Previous experience of having served as a Board Member/Chairperson.

Previous experience of/familiarity with the Civil Society Organisations/voluntary sector

Expressions of interest (no longer than 2,000 words) should be accompanied by a Curriculum Vitae and cover letter outlining how candidates fulfil the experience and attributes set out above.

Further information on the work of the IFI is available – www.internationalfundforireland.com

Applications

Persons interested in being considered for appointment as a Board Member should submit an application by email by 29/11/2024 to Info.ifi@finance-ni.gov.uk

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Updates to this page

Published 29 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI: New Fiat Payment Options Now Available on XBO
Source: GlobeNewswire (MIL-OSI)

Warsaw, Poland, Oct. 29, 2024 (GLOBE NEWSWIRE) — At XBO.com, a leading B2C crypto service platform, our top priority is making your experience with digital and fiat currency transactions as seamless and convenient as possible. We don’t just focus on expanding our services—we aim to enhance the quality of each service we offer. This latest update introduces more flexible and efficient fiat payment options to support your crypto and fiat transaction needs.

New Fiat Payment Options on XBO.com for Enhanced Flexibility
In line with our commitment to convenience and efficiency, XBO.com now supports a broader range of fiat payment methods, empowering users to transact more swiftly and conveniently. These enhanced fiat payment options allow for easier management of both crypto and fiat assets, making XBO.com a one-stop platform for all your digital and fiat transactions.

The newly added payment methods on XBO include:
- SEPA (Single Euro Payments Area) – For seamless payments within the Eurozone.
- SEPA Instant – Instant, real-time transfers for faster access to funds.
- SWIFT (Society for Worldwide Interbank Financial Telecommunication) – A global network for secure international transactions.
- FPS (Faster Payments Service) – Fast transfers in GBP within the UK.
These methods allow you to move fiat currencies across the XBO platform with ease, streamlining the exchange process to be as effortless as crypto transactions.

The supported fiat currencies include:
- EUR (Euro)
- GBP (British Pound)
- USD (US Dollar)
- CHF (Swiss Franc)
- AUD (Australian Dollar)
Prioritizing Security and Speed for a Better User Experience

With this upgrade, XBO reinforces its commitment to secure, fast, and user-friendly transactions. These new fiat options are designed to enhance transaction speed and reliability, giving users the same confidence as with their digital assets. Leveraging trusted networks like SEPA, SWIFT, and FPS, XBO ensures every transfer is safe and secure, backed by cutting-edge security measures from top industry providers.

Future-Forward: Continuous Improvement at XBO

At XBO, our mission is to continually improve and adapt our platform to meet our users’ evolving needs. The integration of these new fiat payment methods marks another step forward in providing world-class service. We’re committed to offering features that enhance your experience, making XBO your preferred platform for all crypto and fiat transactions.

Thank you for trusting XBO. We’re excited to keep growing with you as we deliver the best in crypto and fiat transaction services.

Important Note: Potential Limitations

Please note that the availability of these new fiat payment methods may vary based on geographic location or your financial institution’s policies. We recommend checking specific guidelines relevant to your country and banking provider.

Disclaimer: This content is provided for informational purposes only and should not be considered financial advice.

Meet the XBO Team at SiGMA in Malta, November 11-14!

We’re excited to announce that the XBO team will be attending the SiGMA Europe Forum in Malta from November 11-14. You can find us at Booth 2086, where we’ll be eager to meet you in person, discuss the latest advancements in crypto services, and explore how XBO can support your digital asset needs. Whether you’re an industry veteran or new to crypto, come by our booth to learn more about our latest features, share insights, or just say hello. We look forward to seeing you there.

The MIL Network –
January 25, 2025
MIL-OSI Economics: How Copilots are helping drive innovation to achieve business results that matter

Source: Microsoft

Headline: How Copilots are helping drive innovation to achieve business results that matter

The pace of AI innovation today continues to be extraordinary, and at Microsoft we are focused on helping organizations embrace it. By providing our customers with the most advanced AI technology across every product we build — combined with our unparalleled partner ecosystem and co-innovation approach — we are helping them make real progress in ways that matter. I am proud to share over 100 customer stories from this quarter alone showing how we are helping customers accelerate AI Transformation — no matter where they are on their journey.

Recently during the Microsoft AI Tour, I spoke with customers who shared ways they are adopting Copilots to empower human achievement, democratize intelligence and realize significant business value. I also discussed the concept of an AI-first business process and the differentiation you can drive when bringing together the power of Copilots and human ambition with the autonomous capabilities of an agent. I was inspired by the outcomes our customers have achieved through pragmatic innovation and the progress they are making to evolve the future of industry. I am pleased to share ten stories from the past quarter that illustrate how Copilots have yielded results for our customers, while highlighting AI Transformation experiences in their own words.

Accenture and Avanade have a long history of helping customers implement cutting-edge solutions, with internal testing a key factor in their ability to deliver customizable Microsoft solutions with deep expertise. Putting Microsoft 365 Copilot into the hands of employees helped them realize ways to increase productivity, with 52% of employees seeing a positive impact on the quality of their work, 31% reporting less cognitive fatigue and 84% finding Copilot’s suggestions fair, respectful and non-biased. Accenture also piloted GitHub Copilot to help build better solutions faster with developers spending less time debugging, resulting in 95% of developers reporting they enjoyed coding more.

“Using our extensive Microsoft technology expertise and practical learnings from our own experience implementing Microsoft 365 Copilot, our solutions empower clients to fully tap into Microsoft AI capabilities.”

Veit Siegenheim, Global Future of Work Lead at Avanade

Nigerian multinational financial services group Access Holdings Plc. serves more than 56 million customers across 18 countries. As the business grew and transitioned from a small bank to a major holding company, it adopted Microsoft 365 Copilot to address challenges in data management, meeting productivity and software development. With the integration of Copilot into daily tools, the company significantly enhanced efficiency and engagement across the business. Writing code now takes two hours instead of eight, chatbots can be launched in 10 days instead of three months and presentations can be prepared in 45 minutes instead of six hours. Copilot has also driven a 25% increase in staff engagement during meetings.

“To inspire everyone in the organization to take advantage of AI, we knew we had to integrate AI into the tools people use every day. Microsoft 365 Copilot made the most sense and was a natural fit for us.”

Lanre Bamisebi, Executive Director IT and Digitalization at Access Holdings, Plc.

To improve resident services and reinvent customer engagement, the City of Burlington, Ontario, embraced AI and low-code tools to develop new online services that transform and automate internal processes. In just eight weeks, the city utilized Copilot Studio to develop and launch a custom copilot designed to help residents quickly find answers to frequently asked questions. The city also developed a portal that streamlines building permit reviews and enables customers to track the status of their own applications. As a result, the average time it takes to process a permit approval decreased from 15 weeks to 5-7 weeks, allowing more time for city employees to evaluate complex submissions.

“Our staff and citizens do not have to worry about mundane tasks as much anymore. Now they’re able to have rich, collaborative conversations about how to creatively solve problems, making for a much more fulfilling and rewarding work and customer experience.”

Chad MacDonald, Executive Director and Chief Information Officer at the City of Burlington

Finastra empowers financial institutions with leading software for lending, payments, treasury, capital markets and universal banking. To transform its marketing processes, the company used Microsoft 365 Copilot to automate tasks, enhance content creation, improve analytics and personalize customer interactions. Since integrating Copilot, the team reduced time-to-market for campaigns from three months to less than one. Copilot also significantly reduced the time marketers spend generating and gathering insights from each campaign, with employees citing a 20%-50% time savings across tasks like full-funnel analysis, supply management analysis and budget management.

“Copilot makes you more effective because you get better insights, and it makes you more efficient because you can produce results faster. It also makes work more meaningful and fun because your team can focus on what matters — strategy, creativity and everything that sets you apart from the competition.”

Joerg Klueckmann, Head of Corporate Marketing and Communications at Finastra

GoTo Group provides technology infrastructure and solutions across Indonesia. It is bending the curve on innovation by significantly enhancing productivity and code quality across its engineering teams by adopting GitHub Copilot. With real-time code suggestions, chat assistance and the ability to break down complex coding concepts, the company has saved over seven hours per week and achieved a 30% code acceptance rate within the first month. With 1,000 engineers already using GitHub Copilot, the tool allows them to innovate faster, reduce errors and focus more time on complex tasks to deliver greater value to their users.

“GitHub Copilot has significantly reduced syntax errors and provided helpful autocomplete features, eliminating repetitive tasks and making coding more efficient. This has allowed me to focus on the more complex elements in building great software.”

Nayana Hodi, Engineering Manager at GoTo Group

South Africa’s Milpark Education faced operational challenges when shifting to online learning due to legacy systems slowing down student interactions and support. Through close collaboration with Enterprisecloud, Milpark migrated its back-office infrastructure to Azure within three months, replacing its legacy student admissions system with an extensible, integrated digital platform powered by technologies such as Microsoft Copilot and Copilot Studio. In just four months, the educational institution improved efficiency and accuracy of student support, decreasing the average resolution time by 50% and escalations by more than 30%.

“Using Copilot, agents are now able to use generative AI to rapidly get up to speed on case details and respond to students using standardized templates that help them provide more personalized and professional responses. The results speak for themselves.”

Shaun Dale, Managing Director at Enterprisecloud

For over two decades, Teladoc Health has been offering a broad spectrum of services to patients using virtual care services — from primary care to chronic condition management. After the rapid growth of telehealth adoption post-pandemic, operational efficiency was instrumental in managing internal processes and external client interactions. By deploying Microsoft 365 Copilot and using Copilot in Power Automate, the company has reshaped business processes to help employees realize greater time savings while enhancing the client experience. The Copilots and agents helped employees save five hours per week and thousands of enterprise hours annually by eliminating mundane daily processes and fostering better cross-department communications, while also helping new employees get set up to run their workflows 20% faster.

“Copilot is changing the way we work. It’s not just about saving time; it’s about enhancing the quality of our work, allowing us to focus on what truly matters: delivering exceptional care to our members.”

Heather Underhill, SVP Client Experience & Operations at Teladoc Health

International energy company Uniper adopted a single-cloud strategy with Azure as its foundation to drive rapid AI innovation. To help its employees focus on using core competencies, the company implemented Microsoft 365 Copilot to reduce time spent on manual and repetitive tasks, and help workers focus on more pressing work, such as developing enhanced solutions to speed up the energy transition. Its in-house auditors have already increased productivity by 80% by using Copilot to create plans and checklists. Uniper is also using Copilot for Security to help identify risks twice as fast and take appropriate action sooner.

“As an operator of critical infrastructure, we have to contend with a growing number of reports of phishing and attacks by hackers. AI can help us implement a sensible way of managing the sheer number of threats.”

Damian Bunyan, CIO at Uniper

British telecommunications company Vodafone has transformed its workplace productivity with Microsoft 365 Copilot, already seeing strong ROI from its adoption. In early trials, Copilot saved employees an average of three hours per week by using the tool to draft emails, summarize meetings and search for information. Copilot is also enriching the employee experience, with 90% of users reporting they are eager to continue using Copilot and 60% citing improved work quality. For Vodafone’s legal and compliance team, Copilot has significantly accelerated the processes of drafting new contracts, reducing the time required to complete this work by one hour. As a result of these efficiency gains, Vodafone is rolling out Copilot to 68,000 employees.

“Our AI journey is focusing on three areas: operational efficiency inside the organization; rewiring the business to provide an enhanced customer experience; and unlocking growth opportunities through new products and services that we can create around generative AI. Copilot will help drive all three.”

Scott Petty, Chief Technology Officer at Vodafone

Wallenius Wilhelmsen, a global leader in roll-on/roll-off shipping and vehicle logistics, is empowering better decision-making while fostering a culture of innovation and inclusion with AI tools. After participating in an early access program, the company broadly adopted Microsoft Copilot 365 to help streamline processes, enhance data management and improve communication across its 28 countries. To help strengthen Copilot immersion and realize value faster, they introduced a seven-week Microsoft Viva campaign to teach, communicate and measure Copilot adoption. The campaign resulted in 80% of employees using Copilot, with some teams realizing time savings of at least 30 minutes per day. The company also uses Copilot Dashboard to manage usage and gather user feedback, helping demonstrate ROI and measure results outside of time savings alone.

“Copilot changes the way we think and work while keeping us curious and open to embracing opportunities. I think that is the sort of benefit that is not so measurable, but important. So, my time management and structured approach to my everyday work life has been enhanced with Copilot and Viva.”

Martin Hvatum, Senior Global Cash Manager at Wallenius Wilhelmsen

I believe that no other company has a better foundation to facilitate your AI Transformation than Microsoft. As we look ahead to Microsoft Ignite, I am excited by the latest innovation we will announce as a company, and the customer and partner experiences we will share. We remain committed to driving innovation that creates value in ways that matter most to our customers, and believe we are at our best when we serve others. There has never been a better opportunity for us to accomplish our mission of empowering every person and every organization on the planet to achieve more than now, and I look forward to the ways we will partner together to help you achieve more with AI.

AI Customer Stories from FY25 Q1

Accelleron: Accelleron turbocharges IT support solutions and resolution times with Power Platform

Agnostic Intelligence: Agnostic Intelligence transforms risk management with Azure OpenAI Service, achieving up to 80% time savings

Alaska Airlines: How Alaska Airlines uses technology to ensure its passengers have a seamless journey from ticket purchase to baggage pickup

Allgeier: Allgeier empowers organizations to own and expand data operations

ANZ Group: ANZ launches first-of-its-kind AI Immersion Centre in partnership with Microsoft

Asahi Europe & International: Asahi Europe & International charts new paths in employee productivity with Microsoft Copilot

Auburn University: Auburn University empowers thousands of students, faculty and staff to explore new ways of using AI with Microsoft Copilot

Avanade: Avanade equips 10,000 employees with Microsoft Fabric skills to help customers become AI-driven and future-ready

Azerbaijan Airlines: Azerbaijan Airlines expands data access to increase efficiency by 70% with Microsoft Dynamics 365

Aztec Group: Aztec Group uses Copilot for Microsoft 365 to enhance the client experience whilst powering efficiencies

Bader Sultan: Bader Sultan uses Microsoft Copilot to boost productivity and serve clients faster

BaptistCare: BaptistCare supports aging Australians and tackles workforce shortages through Microsoft 365 Copilot

Barbeque Mania!: Barbecue Mania! centralizes your data with Microsoft Azure and saves $3.5 million over 5 years

Bank of Montreal: Bank of Montreal reduces costs by 30% with Azure

BlackRock: How BlackRock’s ‘flight crew’ helped Copilot for Microsoft 365 take off

Capita: Capita uses GitHub Copilot to free developers and deliver faster for customers

Cassidy: Cassidy and Azure OpenAI Service: Making AI simple for all

Cdiscount: Cdiscount, Azure OpenAI Service and GitHub Copilot join forces for e-commerce

Celebal: Celebal drives custom business transformations with Microsoft Fabric

Chalhoub Group: Chalhoub Group’s People Analytics team speeds reporting with Microsoft Fabric

ClearBank: ClearBank processes 20 million payments a month — up from 8,000 — with platform built on Azure

Cloud Services: Faster with Fabric: Cloud Services breaks new ground with Microsoft

Coles Supermarkets: Coles Supermarkets embraces AI, cloud applications in 500-plus stores with Azure Stack HCI

Commercial Bank of Dubai: Commercial Bank of Dubai: innovating a future proof banking platform with Microsoft Azure

CPFL: CPFL expands its data repository by 1500% with Mega Lake project on Microsoft Azure

Cummins: Cummins uses Microsoft Purview to automate information governance more efficiently in the age of AI

Dubai Electricity and Water Authority (DEWA): DEWA pioneers the use of Azure AI Services in delivering utility services

Digi Rogaland: Digi Rogaland prioritizes student safety with Bouvet and Microsoft Fabric

Eastman: Eastman catalyzes cybersecurity defenses with Copilot for Security

E.ON: A modern workspace in transition: E.ON relies on generative AI to manage data floods with Copilot for Microsoft 365

EPAM Systems: Efficiency inside and out: EPAM streamlines communications for teams and clients with Copilot for Microsoft 365

EY: EY redefines sustainability performance management with Microsoft

Fast Shop: Fast Shop consolidated its data platform on Microsoft Azure and is now ready for the era of AI

FIDO Tech: AI tool uses sound to pinpoint leaky pipes, saving precious drinking water

Florida Crystals Corporation: Telecom expenses for Florida Crystals dropped 78% with Teams Phone and Teams Rooms

Four Agency: Four Agency innovates with Microsoft 365 Copilot to deliver better work faster

Fractal: Fractal builds innovative retail and consumer goods solutions with Microsoft’s AI offerings including Azure OpenAI Service

GE Aerospace: GE Aerospace launches company-wide generative AI platform for employees

Georgia Tech Institute for Data Engineering and Science: Georgia Tech is accelerating the future of electric vehicles using Azure OpenAI Service

Hitachi Solutions: Hitachi Solutions transforms internal operations with Microsoft Fabric

IBM Consulting: How IBM Consulting drives AI-powered innovation with Fabric expertise

iLink Digital: Transforming user-driven analytics with Microsoft Fabric

Insight Enterprises: Insight Enterprises achieves 93% Microsoft Copilot use rate, streamlining business operations to pave the way for customer success

Intesa Sanpaolo: Intesa Sanpaolo accrues big cybersecurity dividends with Microsoft Sentinel, Copilot for Security

ITOCHU Corporation: ITOCHU uses Microsoft Fabric and Azure AI Studio to evolve its data analytics dashboard into a service delivering instant recommendations

IU International University of Applied Sciences (IU): IU revolutionizes learning for its students with the AI study buddy Syntea and Azure OpenAI Service

John Cockerill: John Cockerill engages pro developers to build enterprise-wide apps with Power Platform

Kaya Limited: Kaya Limited elevates customer experience and operational efficiency with Microsoft Dynamics 365 and Power BI

LexisNexis: LexisNexis elevates legal work with AI using Copilot for Microsoft 365

Lionbridge: Lionbridge disrupts localization industry using Azure OpenAI Service and reduces turnaround times by up to 30%

Lotte Hotels & Resorts: Hotelier becomes a citizen developer, building a smart work culture based on Power Platform and hyper-automated work environment

Lumen Technologies: Microsoft and Lumen Technologies partner to power the future of AI and enable digital transformation to benefit hundreds of millions of customers

LS ELECTRIC: LS ELECTRIC uses data to optimize power consumption with Sight Machine and Microsoft Cloud for Manufacturing

MAIRE: MAIRE, transforming the energy sector and an entire company culture with Microsoft 365 Copilot

Mandelbulb Technologies: Early-adopter Mandelbulb Technologies finds success with Fabric

McKnight Foundation: McKnight Foundation accelerates its mission and supports community partners with Microsoft 365 Copilot

MISO: MISO undergoes a digital transformation with Microsoft Industry Solutions Delivery

Mitsubishi Heavy Industries (MHI): Recognizing the essence of AI and building the future with clients: MHI’s DI to create proprietary architecture using Azure OpenAI Service

Molslinjen: Molslinjen develops an AI-powered dynamic pricing strategy with Azure Databricks

National Australia Bank: National Australia Bank invests in an efficient, cloud-managed future with Windows 11 Enterprise

Nagel-Group: Works agreements and contracts: Nagel-Group uses Azure OpenAI Service to help employees find information

NC Fusion: Elevating experiences with AI, from productivity to personalization

National Football League Players Association: The National Football League Players Association and Xoriant use Azure AI Services to provide protection to players across 32 teams

Northwestern Medicine: Northwestern Medicine deploys DAX Copilot embedded in Epic within its enterprise to improve patient and physician experiences

Oncoclínicas: Oncoclínicas creates web portal and mobile app to store clinical and medical procedures with Azure Cognitive Services

PA Consulting: PA Consulting saves hours a week with Copilot for Microsoft 365 and Copilot for Sales

Parexel: Parexel speeds operational insights by 70% using Microsoft Azure, accelerating data product delivery and reducing manual work

Petrochemical Industries Company (PIC): From weeks to days, hours to seconds: PIC automates work processes to save time with Microsoft 365 Copilot

PKSHA Technology: PKSHA leans on Copilot for Microsoft 365 as part of their team

Planted: Planted combines economic growth and environmental sustainability — with Microsoft Azure OpenAI

Profisee: Profisee eliminates data siloes within Microsoft Fabric

Programa De Atención Domiciliaria: The Home Care Program in Panama helped more than 17,000 people with the power of Microsoft Power Automate

PwC: PwC scales GenAI for enterprise with Microsoft Azure AI

QNET: QNET increases security response efficiency 60 percent with Microsoft Security Solutions

RTI International: Research nonprofit RTI International improves the human condition with Microsoft 365 Copilot

Rijksmuseum: Rijksmuseum transforms how art lovers engage with the museum, with Dynamics 365

Sandvik Coromant: Sandvik Coromant hones sales experience with Microsoft Copilot for Sales

Share.Market: Share.Market redefines the investment experience with Microsoft Azure

Simpson Associates: Simpson Associates spurs justice for at-risk communities with Azure AI

Softchoice: Softchoice harnesses Microsoft Copilot and reduces content creation time by up to 70%, accelerating customer AI journeys with its experience

Sonata Software: Sonata Software goes from early adopter to market leader with Fabric

Swiss International Air Lines (SWISS): SWISS targets 30% cost savings, increased passenger satisfaction with Azure

SymphonyAI: SymphonyAI is solving real problems across industries with Azure AI

Syndigo: Syndigo accelerates digital commerce for its customers by more than 40% with Azure

TAL: TAL and Microsoft join forces on strategic technology deal

Tecnológico de Monterrey: Tecnológico de Monterrey university pioneers ambitious AI-powered learning ecosystem

Telstra: Telstra and Microsoft expand strategic partnership to power Australia’s AI future

The University of Sydney: The University of Sydney utilizes the power of Azure OpenAI to allow professors to create their own AI assistants

Torfaen County Borough: Torfaen County Borough Council streamlines organizational support for Social Care using Copilot for Microsoft 365

Trace3: Trace3 expands the realm of clients’ possibilities with Windows 11 Pro and Microsoft Copilot

Unilever: Unilever is reinventing the fundamentals of research and development with Azure Quantum Elements

University of Wisconsin: Microsoft collaborates with Mass General Brigham and University of Wisconsin–Madison to further advance AI foundation models for medical imaging

Via: Marketplace, online support, and remote work: Via embraces the digital world supported by Microsoft 365, Dynamics 365 and Azure

Virgin Atlantic: How Virgin Atlantic is flying higher with Copilot

Virgin Money: Redi, set, go: Virgin Money delivers exceptional customer experiences with Microsoft Copilot Studio

Visier: Visier achieves performance improvements of up to five times using Azure OpenAI Service

World2Meet (W2M): World2Meet, the travel company providing a better customer experience and operations with a new virtual assistant powered by Microsoft Azure

Xavier College: Xavier College begins a process of modernizing its student information systems on Dynamics 365 and AI, unlocking powerful insights

ZEISS: More time for research: ZEISS supports businesses and researchers with ZEISS arivis Cloud based on Microsoft Azure

ZF Friedrichshafen AG (ZF Group): ZF Group builds manufacturing efficiency with over 25,000 apps on Power Platform

Tags: Azure, Azure AI Services, Azure Cognitive Services, Azure Databricks, Azure OpenAI Service, Azure Quantum Elements, Azure Stack HCI, Copilot, Copilot for Sales, Copilot for Security, Copilot Studio, Dax Copilot, GitHub Copilot, Microsoft 365, Microsoft 365 Copilot, Microsoft AI Tour, Microsoft Cloud for Manufacturing, Microsoft Dynamics 365, Microsoft Fabric, Microsoft Ignite, Microsoft Power Platform, Microsoft Sentinel, Microsoft Teams, Microsoft Viva, Power Automate, Power BI

MIL OSI Economics –

January 25, 2025
MIL-OSI Canada: New federal funding for an improved performing arts facility in Saint John
Source: Government of Canada News (2)

News release

There will be growth in the theatre sector and better venues in southern New Brunswick after an additional $12 million investment from the federal government under the Green and Inclusive Community Buildings Program in the Sydney Street former courthouse. This funding was announced by MP Wayne Long, Mayor Donna Reardon and Dr. Sandra Bell, Saint John Theatre Company Board Chair.

Saint John, New Brunswick, October 29, 2024 — There will be growth in the theatre sector and better venues in southern New Brunswick after an additional $12 million investment from the federal government under the Green and Inclusive Community Buildings Program in the Sydney Street former courthouse. This funding was announced by MP Wayne Long, Mayor Donna Reardon and Dr. Sandra Bell, Saint John Theatre Company Board Chair.

The project has evolved over the last 5 years and will result in an expanded performing arts facility, rehabilitating the old heritage courthouse on Sydney Street into a modern inclusive and accessible arts space. The centrepiece of the new facility will be a 250-seat venue. There will also be a secondary performance space as well as creative, rehearsal, training and administrative spaces.

The Saint John Theatre Company has designed the space to be a home theatre for the Atlantic Repertory Company (ARC). The transformed courthouse will house a range of cultural events, while bringing much needed opportunities for professional theatre artists to advance their careers, and training opportunities for theatre artists at all levels. The new facility is critical to close the gap in the cultural infrastructure that currently exists in Saint John and will maximize programming opportunities for the benefit and enjoyment of residents and visitors.

Financing for a more modest project was announced in 2019 by Canadian Heritage and the Atlantic Canada Opportunities Agency (ACOA) for the former Sydney Street Courthouse. This new funding allows for the expanded redesign of the project that will triple the size of the existing structure.

Quotes

“This new green and inclusive cultural space will really put Saint John on the map in terms of performing arts. As a result, the public will have access to more high-quality performances and theatre, and artists in southern New Brunswick will have more opportunities to develop their careers and showcase their talents.”

Wayne Long, Member of Parliament for Saint John–Rothesay, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“The City of Saint John is proud to support the important work the Saint John Theatre Company is undertaking to revitalize the former Sydney Street Courthouse with a contribution of $818,000 towards the new multi-purpose performance and event venue. This investment recognizes the key role that cultural infrastructure plays in the economic and social development of our city and will create a vibrant space where creativity and community can thrive. We are grateful to the SJTC for taking on the important responsibility of striving to protect and restore the architecture and craftmanship of this significant building, preserving an important part of our city’s historic uptown core and bringing a sense of pride to the local population.”

Her Worship Donna Noade Reardon, Mayor of the City of Saint John

“The Saint John Theatre Company is developing the Courthouse Stage to be the future permanent home of The Atlantic Repertory Company, creating a cultural epicentre for Atlantic Canadian artists. This state-of-the-art facility will retain local talent and attract national and international artists to New Brunswick. By expanding the community’s creative output, and creating a home for innovative artists, the Courthouse Stage will enhance the cultural vibrancy of our region.”

Stephen Tobias, Executive Director, Saint John Theatre Company

Quick facts
- The federal government is investing $12 million in this project through the Green and Inclusive Community Buildings (GICB) program. The Saint John Theatre Company is investing over $13 million and the City of Saint John is contributing $818,000.
- A total of $2 million from Canadian Heritage and $500,000 from ACOA were previously announced for this project in April 2019.
- The GICB program was created in support of Canada’s Strengthened Climate Plan: A Healthy Environment and a Healthy Economy. It is supporting the Plan’s first pillar by reducing greenhouse gas emissions, increasing energy efficiency, and helping develop higher resilience to climate change.
- The program launched in 2021 with an initial investment of $1.5 billion over five years towards green and accessible retrofits, repairs or upgrades.
- Budget 2024 announced an additional $500 million to support more projects through GICB until 2029.
- At least 10% of funding is allocated to projects serving First Nations, Inuit, and Métis communities, including Indigenous populations in urban centres.
- The funding announced today builds on the federal government’s work through the Atlantic Growth Strategy to create well-paying jobs and strengthen local economies.
- For more information, please visit the Housing, Infrastructure and Communities Canada website at: Housing, Infrastructure and Communities Canada – Green and Inclusive Community Buildings Program.
Associated links

Contacts

For more information (media only), please contact:

Sofia Ouslis
Press Secretary
Office of the Minister of Housing, Infrastructure and Communities
Sofia.Ouslis@infc.gc.ca

Media Relations
Housing, Infrastructure and Communities Canada
613-960-9251
Toll free: 1-877-250-7154
Email: media-medias@infc.gc.ca
Follow us on X, Facebook, Instagram and LinkedIn
Web: Housing, Infrastructure and Communities Canada

Stephen Tobias
Executive Director
Saint John Theatre Company
506-654-0532
stephen@saintjohntheatrecompany.com

MIL OSI Canada News –
January 25, 2025
MIL-OSI Canada: Expanded air travel between Canada and Australia
Source: Government of Canada News

News release

Expanding our international air transport travel relationships with other countries provides Canadians with greater choice and more convenience. Canadians want and deserve options for their international travel needs.

October 29, 2024 Ottawa, Ontario Transport Canada

Expanding our international air transport travel relationships with other countries provides Canadians with greater choice and more convenience. Canadians want and deserve options for their international travel needs.

Today, the Honourable Anita Anand, President of the Treasury Board and Minister of Transport, announced that Canada has recently expanded its air transport agreement with Australia.

The expanded agreement includes an unlimited number of direct passenger and cargo flights and enhances operational flexibility for each country’s airlines. It also includes access to any point in the other country’s territory. This is a significant expansion of the agreement and is expected to meet the needs of this important bilateral market for the long term.

This expanded agreement was reached at the International Civil Aviation Organization’s (ICAO) Air Services Negotiation Event, held in Kuala Lumpur, Malaysia. Over the course of the event, the Canadian delegation of officials from Global Affairs Canada, Transport Canada and the Canadian Transportation Agency held several productive meetings with their international counterparts to conclude this agreement and facilitate the negotiation of future agreements.

Quotes

“We are pleased to enhance our strong relationship with Australia, one of our most important markets. This expanded air transport agreement will improve connectivity for passengers, deepen our cultural and commercial ties, and strengthen our supply chains. This is great news for travellers and businesses in both our countries.”

The Honourable Anita Anand
President of the Treasury Board and Minister of Transport

“The expanded Canada-Australia Air Transport Agreement is great news for passengers, businesses and industries in both Canada and Australia. Along with Canada’s Indo-Pacific Strategy and my upcoming Team Canada Trade Mission to Australia in February of next year, social and economic opportunities for travellers will grow. Thanks to our work and this agreement, Canadian and Australian markets will prosper.”

The Honourable Mary Ng
Minister of Export Promotion, International Trade and Economic Development

Quick facts
- In 2023, Australia was Canada’s 18th largest air travel market, with 534,075 one-way passenger trips.
- The sixteenth ICAO Air Services Negotiation (ICAN2024) Event was hosted by the Ministry of Transport Malaysia from October 21-25, 2024.
- The event provides delegations from countries around the world with a central meeting place to conduct bilateral, regional or plurilateral air services negotiations and consultations, as well as networking opportunities for policy makers, regulators, air operators, service providers and other stakeholders.
- The Government of Canada is continually working on new and expanded air transport agreements under the Blue Sky policy, which encourages long-term, sustainable competition and the development of international air services.
- Canada has air transport agreements or arrangements covering more than 125 countries.
Associated links

Contacts

Laurent de Casanove
Press secretary
Office of the Honourable Anita Anand
Minister of Transport, Ottawa
laurent.decasanove@tc.gc.ca

Media relations
Transport Canada, Ottawa
613-993-0055
media@tc.gc.ca

MIL OSI Canada News –
January 25, 2025
MIL-OSI Global: From a scream to a whisper – ‘quiet horror’ novels are making a comeback

Source: The Conversation – UK – By Nick Freeman, Reader in Late Victorian Literature, Loughborough University

Readers need to be imaginative rather than being startled by jump scares. zef art/Shutterstock

Ever since its inception with Horace Walpole’s novel The Castle of Otranto (1764), a delirious mixture of violent death and familial conspiracy, gothic literature has been a restless cultural form, constantly mutating and assuming new guises but always exploring the darker side of life. Sometimes, its fashions are those of the historical moment. Sometimes they are initiated by a book enjoying unprecedented commercial success.

One of these was Thomas Harris’s The Silence of the Lambs (1988). After the film adaptation scooped five Oscars in 1991, the deviant genius became the villain of choice for gothic films and novels. For a time, the violent merging of the crime thriller with the “body horror” of 1980s cinema ensured that the genre was dominated by such characters. Usually (though not always) men with high IQs, elevated artistic taste and ingenious ways of torturing and killing their fellow human beings, Hannibal Lecter and his ilk became modern icons.

In the wake of such influences, crime novels (and films) got bloodier and horror novels grew longer. John Connolly’s first novel, EveryDeadThing (1999), for example, spent 470 pages documenting the murderous activities of a serial killer who mutilated his victims in the style of Renaissance anatomical drawings.

In recent years however, there has been a reaction against these excesses. So-called “quiet horror” has become increasingly popular on both sides of the Atlantic. Perhaps taking its name from a 1965 collection of short stories by Stanley Ellin, which was literally called “quiet horror”, this is a genre that prizes suspense and subtlety over graphic bodily violence.

The novelist Selena Chambers characterises quiet horror as exploring “the unexplained, the suppressed, the supernal [otherworldly], the material, the cosmic, and the secular … everything we cannot see, or verbalise and fail to feel concretely”. As she implies, suggestion is crucial.

Readers need to be patient and imaginative, sensitive to the nuances and implications of language and willing to respond to spooky ambiguities rather than being startled by jump scares or “gross out” imagery.

Slasher movies usually treat their characters as no more than fodder for the next brutal killing. Quiet horror, by contrast, takes character development far more seriously and imbues its stories with greater psychological depth. This in turn can enhance readers’ involvement. Put simply, those who dislike “splatter fiction” are more likely to care what happens to a well-rounded, sympathetic character than a stereotypical US teenager about to be put under a steam hammer.

Women and quiet horror

Female novelists have been at the forefront of this style of writing since the Victorian period. Elizabeth Gaskell’s tales, including The Old Nurse’s Story (1852), a chilling tale of a family curse, are foundational works.

A long line of women writers have explored how the familiar, the domestic, the marital and the homely can be imbued with subtle terrors, from loneliness and isolation to paranoia, alienation, captivity and psychological trauma.

The haunted house does not need to contain a typical ghost. From Elizabeth Bowen’s The Demon Lover (1945) to Shirley Jackson’s The Haunting of Hill House (1959), to Sarah Waters’ The Little Stranger (2009) and beyond, the complex and fraught relationships between a dwelling and its occupants have frequently engaged women writers’ imaginations.

The continuing success of Susan Hill’s The Woman in Black (1983) in its literary, theatrical and cinematic incarnations has helped ensure that quiet horror, particularly tales which recall the golden age of the ghost story a century or so ago, are once again much in vogue. This can be seen in the bestselling novels of Michelle Paver, such as Dark Matter (2010) and in anthologies such as The Haunting Season (2021).

At the same time, readers are increasingly rediscovering forgotten practitioners of the genre. One such figure is Elizabeth Walter (1927-2006). As a writer (and the editor of Collins Crime Club for 30 years from the mid-1960s) Walter recoiled from sadistic violence, cardboard characterisation and haphazard plotting.

Shirley Jackson was a master of ‘quiet horror’.
Wiki Commons, CC BY

After five collections of stories, beginning with Snowfall and Other Chilling Events (1965), she retired from writing supernatural fiction in the mid-1970s as the traits she didn’t like were becoming dominant within Anglo-American gothic. Many of her stories are set in the border country between England and Wales and draw upon folklore and a sensitivity to landscape to create creepily unnerving works such as The Sin Eater (1967) and Telling the Bees (1975).

I edited a collection of Walter’s writing titled Let a Sleeping Witch Lie (2024). Spanning the ten years from Snowfall to her final collection, Dead Woman and Other Haunting Experiences (1975), the stories within anticipate some elements of Phil Rickman’s Merrily Watkins novels which also involve Welsh border settings, supernatural elements, and police procedural, though they lack Rickman’s religious dimension.

There is no sense of providence at work in Walter’s borderlands, only ancient and mysterious menace. Marriages tend to be unhappy, families harbour terrible secrets, and the old ways continue to overshadow the present. Fifty years since her final collection, Walter’s work might be more relevant than ever before.

Quiet horror has never really been away, but it seems to finding a new audience, one which both looks to its past and relishes its present.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

Nick Freeman 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. From a scream to a whisper – ‘quiet horror’ novels are making a comeback – https://theconversation.com/from-a-scream-to-a-whisper-quiet-horror-novels-are-making-a-comeback-241945

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January 25, 2025

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Women and quiet horror