NewzIntel.com

Category: Australia

  • MIL-OSI Russia: Days of the Polytechnic Competence Center at KRSU

    Translation. Region: Russian Federation –

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

    From October 14 to 19, representatives of the Polytechnic University Competence Assessment and Development Center visited the Kyrgyz-Russian Slavic University.

    The days of the Polytechnic University Competence Center at KRSU became one of the first major projects in a series of planned events aimed at improving the quality of training of engineering personnel at the Kyrgyz-Russian Slavic University, said Lyudmila Pankova, Vice-Rector for Educational Activities at SPbPU.

    The program of events opened with an information session, at which the ambassadors of the Polytechnic University Competence Center told KRSU students about the opportunities of the Competence Centers project of the presidential platform Russia — the Country of Opportunities for career growth, as well as how the project will help to reveal their potential, and, of course, about the role of ambassadors.

    The Deputy Director General of the ANO “Russia – Country of Opportunities” Dmitry Guzhelya addressed the students with a welcoming speech. He wished the guys not to stop there and to more actively join the projects of the presidential platform.

    Fascinating surveys on supra-professional competencies made the children think about their strengths and opportunities for self-development. A humorous quiz, in which more than 350 people took part, became a bright conclusion to the information session.

    The days of the Polytechnic Competence Center at KRSU became an important stage in the development of the first and so far the only competence center outside the Russian Federation. We see and feel the positive and interested attitude of Russia, whose ambassadors were representatives of Peter the Great St. Petersburg Polytechnic University, — shared the head of the KRSU Competence Center Almaz Asankulov.

    The week in Bishkek was eventful and productive. Both sides organized many joint events to bring together university youth and develop soft skills – from a trip to the snowy mountains of the Ala-Archa National Park to a two-day Soft Skills board game tournament. There, KRSU students analyzed information and learned to make decisions, mastered innovation, emotional intelligence, following rules and focus on results.

    Our team prepared for such an important trip for a long time and carefully. We are very happy that KRSU students responded enthusiastically and actively participated in all the events of our program, the most memorable of which was, perhaps, the final of the Soft Skills tournament. The teams developed and defended very interesting and, at times, incredible ideas for startup projects, – said Elena Zima, Director of the SPbPU Competency Assessment and Development Center.

    The trip gave the ambassadors of the Polytechnic University Competence Center a lot of new and interesting things.

    We have become even more united, have significantly developed stress resistance and planning skills, have broadened our horizons, and have gained new knowledge about the culture and traditions of Kyrgyzstan. Most importantly, we have found new friends in lively and sincere communication, – shared Victoria Anikieva, a student of SPbPU and the head of the community of ambassadors of the Polytechnic University Competence Center.

    During the visit, the partners launched a professional development program called “Modern Approaches to Managing the Educational Process.” Elena Zima gave two lectures to KRSU teachers on the specifics of Russian Federation legislation in the field of higher education.

    On behalf of the KRSU management, I would like to express my sincere gratitude to the Polytechnic staff for fruitful cooperation and support in the development of our university as one of the best universities in Kyrgyzstan, said Elena Devyatova, Vice-Rector for Educational Activities at KRSU.

    A return visit of the KRSU Competence Center ambassadors to the Polytechnic University is ahead.

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

    MIL OSI Russia News –

  • MIL-OSI Australia: Interview with Karen Tso, CNBC

    Source: Australian Treasurer

    JIM CHALMERS:

    Growth in the Australian economy has been soft, certainly softer than we would like. But I think it’s important to remember that most of the OECD has had a negative quarter or worse in the course of the last year or so, and Australia has avoided that.

    That’s because we’ve struck a really effective balance. We’ve maintained a primary focus on fighting inflation but at the same time as we haven’t ignored the risks to growth. Growth is very flat in our economy. It would be much worse had we cut harder in the Budget.

    KAREN TSO:

    The government stimulus certainly helped avoid some of the worst of what was the downturn predicted from here. But reduced air travel was a big feature, a bit of a fad as Australians stopped turning up to some of those bands going on tour as well, which is a feature we’ve seen in other economies as well. Are interest rates now simply too high for the economy?

    CHALMERS:

    As you know from the last time that we spoke, Karen, there are good reasons why Treasurers of either political persuasion in Australia don’t give free advice to the independent Reserve Bank. They will take their decisions based on the best information that they have to hand.

    My job is to focus on what I can control – delivering 2 surpluses for the first time in almost 2 decades, showing spending restraint, finding savings in the budget. All of this is part of our strategy to put downward pressure on inflation at the same time as we help people through what has been a very difficult period.

    TSO:

    But you and I both know there is a balance between fiscal and monetary policy where you don’t want to be doing too much on the fiscal side. Are you approaching that? Is it time for monetary policy to step up?

    CHALMERS:

    I don’t see it exactly that way. The Reserve Bank Governor has herself said that the 2 surpluses that we’ve delivered – again, for the first time in some decades in Australia – that’s helping in the fight against inflation. Our fiscal strategy is helping in the fight against inflation. We’ve found savings in the budget. We’ve shown spending restraint when we’ve got upward revisions to revenue.

    We’ve made sure that where we are providing cost‑of‑living help, it’s in the most responsible way that we can. That’s because we do recognise the role for fiscal policy and for budget management in the fight against inflation. That’s our primary focus.

    But we’re doing that at the same time as we recognise there are risks to growth and we want to maintain the gains that we’ve made in the labour market in the last couple of years. There’s been a million new jobs created in the Australian economy. That’s the first time that’s happened in a single parliamentary term. We want to preserve and maintain as much of that as we can.

    TSO:

    Another big government in the region is stimulating – the Chinese government. In recent weeks we’ve seen measures from them to try and shore up property market, to move along some of the local government debt and also help with the consumer appetite for consumption. I asked the Brazilians this question, whether Chinese stimulus equalled better growth rates for Brazil, and the response was, it’s not that simple. How do you feel? Is it that simple – China grows, Australia grows too?

    CHALMERS:

    There is a relationship between Chinese growth and Australian GDP growth. The rough rule of thumb that our Treasury uses is every extra per cent of growth in China is about a quarter of a per cent for Australia. That’s the rule of thumb that has been applied in the past.

    We see the steps announced by the Chinese authorities as really positive for Australia. One of the main concerns we have about the global economy – primarily escalation in the Middle East, the war in Ukraine obviously – but a softer economy in China does have consequences for Australia and, indeed, for the global economy.

    So we are very welcoming of the steps that the authorities have announced. As it turns out, I was in Beijing when they announced some of those additional measures. We see that as a very good thing for Australia, but we still maintain some element of concern about growth in the Chinese economy.

    TSO:

    Do you think they’ll have the same thirst for Australian resources that they’ve had in the past?

    CHALMERS:

    I think the mix will change over time. We’ve got big opportunities in our resources base in Australia, not just in the Chinese market, in the global market more broadly.

    But we have seen in the iron ore price, for example, there has been some volatility. After these measures were announced by the Chinese administration there was an increase in the iron ore price. That’s obviously a good thing for our economy and our exporters and for our budget. But over time demand for different kinds of resources will shift.

    TSO:

    No shortage of politics in the room here in DC – a US election around the corner, everybody’s trying to work out what it means if it’s a Trump versus a Harris win. You’ve done some modelling on this. Just give us a sense as to what you’re thinking about the implication if potentially it is a Trump win, which seems to be the scenario that could be more disruptive of the markets.

    CHALMERS:

    Obviously 13 days from the US election there is a lot of talk here in Washington DC, as you’d expect, about the outcomes of that.

    We don’t have a dog in the fight when it comes to the outcome of the US election. That is a matter for American domestic politics, and we’ll work closely with whoever the Americans choose to lead them.

    But like every country, we have done some scenarios, some planning for the different kinds of policies that the different administrations might enact. We don’t make that public necessarily, but we do think through the various scenarios that may play out.

    We’ve made it very clear here and on other occasions as well, we don’t want to see a trade war in our region or in the global economy. We think that would be costly. But we don’t involve ourselves in the domestic political choices or policy choices that the Americans have before them.

    TSO:

    To the point around the trade issues, bilateral relations with Beijing have certainly improved, as you just pointed out you were there. And, for instance, what are we seeing now? Australian rock lobsters are back on the menu, Australian wine no longer costing $116, 218 per cent higher thanks to tariffs. So there’s clearly been more warmth in the relationship. Could that be derailed if there’s a much more hawkish tone coming out of Washington in coming weeks which puts pressure on the Australian relationship?

    CHALMERS:

    I don’t really want to speculate on that. We have made some really quite substantial progress when it comes to stabilising, what is a very critical economic relationship for Australia. The lifting of those trade restrictions on lobster and wine are examples of how our efforts have been paying off.

    But it’s a really complex relationship. It’s full of complexity. It’s full of opportunity. There are areas where we have to disagree with China, but there are areas where we can work together and stabilise that relationship. We’ve seen the benefits of that already. And that’s because we believe as a government you get more out of engaging with people than not, and that’s proven to be the right strategy.

    TSO:

    Which is a different change to the last government in some ways. And on that note, it is a sea change from the 2016–2020 era when it was a Trump administration. It was also a conservative government in Australia versus your left‑leaning Labor government. Your policies have been more aligned with Biden’s – the Inflation Reduction Act and climate change policy. So what sort of a reset could you be facing around climate change? Do you hope that there’s still a commitment from the next administration towards climate change?

    CHALMERS:

    I think the net zero transformation in the global economy is the biggest change since the Industrial Revolution. That will be the case no matter who leads one country or another country. We’re confident that there is enough enthusiasm for and commitment to the global net zero transformation around the world that that will carry on. We want to be a really important part of that.

    Our Future Made in Australia agenda, which is a bit like the Inflation Reduction Act here in the US, that’s not about retreating from the world; that’s about engaging with the world, making ourselves an indispensable part of the global net zero transformation. And that will be the case no matter who the Americans choose to lead them.

    TSO:

    You specifically have weighed in big time into energy and climate policy in recent years. As we’ve seen some data this week from the UN suggesting we’re on course for a catastrophic 3.1 degrees Celsius by the end of the century, IMF staff have also highlighted the need to mobilise quickly. We’re counting down to COP29. Do countries including Australia need to ramp up their ambition around green goals?

    CHALMERS:

    We’re plenty ambitious about emissions reduction and about the economic opportunity that lies at the very core of that.

    Here at these meetings in DC I’ll be joining the Climate Change Minister Chris Bowen, and that’s because we recognise that the environmental and emissions reduction task brings with it enormous economic opportunity for Australia – jobs and opportunities for our businesses, our workers and our investors. And so we see those 2 things as intertwined.

    Yes, there needs to be ambition from the world to avoid the worst aspects and the worst outcomes and consequences of catastrophic climate change. We believe there is a lot of goodwill, there is a lot of commitment, but we all need to do better.

    For Australia, we’ve got ambitious targets. We need to make them a reality, and we need to make sure that as part of that we grab the economic opportunities as well.

    TSO:

    How frustrated are you about the EV story? Because from a European lens we’ve got automakers with big goals that they’re having to then concede are not going to be reached. We’ve got declining appetite – and that’s not just in Europe, it’s also in the United States. Prices have been an issue, but in Australia potentially less so. Charging seems to be an issue, having the infrastructure. I can see you’ve done a tonne of things trying to stimulate demand, but it’s simply not catching on. You still don’t have the same level of interest in changing to EVs. What’s going wrong?

    CHALMERS:

    I’m not sure about that. EV take‑up has been increasing in recent years, and that is partly because of our policy agenda – our tariff cuts and our tax cuts, which are about incentivising EV take‑up, they have been working.

    But we recognise in the global market for EVs there are some issues playing out, including decisions taken here by the Americans as they relate to Chinese EVs.

    We’ll take our own decisions and we’ll make those decisions based on the best available information. But we believe in the future of EVs. I think Australians do too. And where we can help that with good policies like our tax policies right now, we’ll continue to do that.

    TSO:

    Do you think governments are going to have to start thinking about full‑blown cash for clunkers type of programs to try to get some motivation into EVs?

    CHALMERS:

    That’s not something that we’re considering. That policy has some history, as you know in Australia and around the world. It’s not something that we are contemplating.

    I think the key here is making sure that the tax arrangements are right, and we’ve made those 2 important changes to incentivise take‑up. We need to make sure we’ve got the supply so that Australian drivers, motorists, have got choices and that EVs are affordable. That’s our priority rather than some of those other options that have been put forward from time to time.

    MIL OSI News –

  • MIL-OSI United Kingdom: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Security: Met sets out policing plans ahead of Saturday protests

    Source: United Kingdom London Metropolitan Police

    There will be an increased police presence in Westminster on Saturday with a number of demonstrations expected to take place.

    Officers from the Met and the British Transport police will be supported by a limited number of officers from other UK forces.

    A protest organised on behalf of Stephen Yaxley-Lennon (Tommy Robinson) under the name Uniting the Kingdom, will march from Victoria Station to the southern end of Whitehall, while a counter protest organised by Stand Up To Racism will march from Regent Street St James’s to the north end of Whitehall. Static rallies will take place at the end of both protest marches.

    There will be a significant policing presence ensuring that the two opposing groups are kept apart and pre-emptive conditions have been imposed under the Public Order Act to prevent serious disruption or disorder.

    A separate protest, organised by the United Friends and Families Campaign, will take place in Trafalgar Square from around midday.

    Deputy Assistant Commissioner Rachel Williams, who is leading the policing operation this weekend, said: “We are well prepared for what is set to be a busy day in the centre of London.

    “Our role is to ensure that those attending the various events can do so safely and that they can exercise their right to lawful protest. We will have significant resources in place to respond to any incidents, to deal decisively with any offences, and to keep disruption to other members of the public and businesses to a minimum.

    “We know that when groups with opposing views come together it can lead to conflict and disorder and a key part of our role is ensuring that does not happen. We have used Public Order Act conditions to ensure that those involved stick to routes and assembly areas that are sufficiently far apart. Officers will be monitoring closely to ensure that conditions are adhered to.

    “The impact of frequent significant protest in central London is considerable, not least on the officers deployed to police them. Many would be working in other frontline roles if they weren’t required for these events. We’re grateful for the assistance of colleagues from other forces whose contribution means we are able to police protests while also keeping local communities across London safe.”

    Details of conditions

    Uniting the Kingdom

    Participants in the Uniting the Kingdom protest must form up in the red shaded area in the map below:

    They may not set off until 13:00hrs and they must not then deviate from the route shown on the map below:

    On arrival at the end of the march, they must only assemble in the area marked in blue on the map below:

    All those in attendance must disperse by 18:00hrs.

    Stand Up To Racism

    Similar conditions are in place for the Stand Up To Racism counter protest.

    Anyone taking part must form up in the area shaded in red on the map below:

    They may not set off until 13:00hrs and they must not then deviate from the route shown on the map below:

    On arrival at the end of the march, they must only assemble in the area marked in blue on the map below:

    All those in attendance must disperse by 18:00hrs.

    MIL Security OSI –

  • MIL-Evening Report: Murdoch to Musk: how global media power has shifted from the moguls to the big tech bros

    ANALYSIS: By Matthew Ricketson, Deakin University and Andrew Dodd, The University of Melbourne

    Until recently, Elon Musk was just a wildly successful electric car tycoon and space pioneer. Sure, he was erratic and outspoken, but his global influence was contained and seemingly under control.

    But add the ownership of just one media platform, in the form of Twitter — now X — and the maverick has become a mogul, and the baton of the world’s biggest media bully has passed to a new player.

    What we can gauge from watching Musk’s stewardship of X is that he’s unlike former media moguls, making him potentially even more dangerous. He operates under his own rules, often beyond the reach of regulators. He has demonstrated he has no regard for those who try to rein him in.

    Under the old regime, press barons, from William Randolph Hearst to Rupert Murdoch, at least pretended they were committed to truth-telling journalism. Never mind that they were simultaneously deploying intimidation and bullying to achieve their commercial and political ends.

    Musk has no need, or desire, for such pretence because he’s not required to cloak anything he says in even a wafer-thin veil of journalism. Instead, his driving rationale is free speech, which is often code for don’t dare get in my way.

    This means we are in new territory, but it doesn’t mean what went before it is irrelevant.

    A big bucket of the proverbial
     If you want a comprehensive, up-to-date primer on the behaviour of media moguls over the past century-plus, Eric Beecher has just provided it in his book The Men Who Killed the News.

    Alongside accounts of people like Hearst in the United States and Lord Northcliffe in the United Kingdom, Beecher quotes the notorious example of what happened to John Major, the UK prime minister between 1990 and 1997, who baulked at following Murdoch’s resistance to strengthening ties with the European Union.

    In a conversation between Major and Kelvin MacKenzie, editor of Murdoch’s best-selling English tabloid newspaper, The Sun, the prime minister was bluntly told: “Well John, let me put it this way. I’ve got a large bucket of shit lying on my desk and tomorrow morning I’m going to pour it all over your head.”

    MacKenzie might have thought he was speaking truth to power, but in reality he was doing Murdoch’s bidding, and actually using his master’s voice, as Beecher confirms by recounting an anecdote from early in Murdoch’s career in Australia.

    In the 1960s, when Murdoch owned The Sunday Times in Perth, he met Lang Hancock (father of Gina Rinehart) to discuss potentially buying some mineral prospects together in Western Australia. The state government was opposed to the planned deal.

    Beecher cites Hancock’s biographer, Robert Duffield, who claimed Murdoch asked the mining magnate, “If I can get a certain politician to negotiate, will you sell me a piece of the cake?” Hancock said yes.

    Later that night, Murdoch called again to say the deal had been done. How, asked an incredulous Hancock. Murdoch replied: “Simple [. . . ] I told him: look you can have a headline a day or a bucket of shit every day. What’s it to be?”

    Between Murdoch in the 1960s and MacKenzie in the 1990s came Mario Puzo’s The Godfather with Don Corleone, aided by Luca Brasi holding a gun to a rival’s head, saying “either his brains or his signature would be on the contract”.

    Changing the rules of the game
     Media moguls use metaphorical bullets. Those relatively few people who do resist them, like Major, get the proverbial poured over their government. Headlines in The Sun following the Conservatives’ win in the 1992 election included: “Pigmy PM”, “Not up to the job” and “1001 reasons why you are such a plonker John”.

    If media moguls since Hearst and Northcliffe have tap-danced between producing journalism and pursuing their commercial and political aims, they have at least done the former, and some of it has been very good.

    The leaders of the social media behemoths, by contrast, don’t claim any Fourth Estate role. If anything, they seem to hold journalism with tongs as far from their face as possible.

    They do possess enormous wealth though. Apple, Microsoft, Google and Meta, formerly known as Facebook, are in the top 10 companies globally by market capitalisation. By comparison, News Corporation’s market capitalisation now ranks at 1173 in the world.

    Regulating the online environment may be difficult, as Australia discovered this year when it tried, and failed, to stop X hosting footage of the Wakeley Church stabbing attacks. But limiting transnational media platforms can be done, according to Robert Reich, a former Secretary of Labor in Bill Clinton’s government.

    Despite some early wins through Australia’s News Media Bargaining Code, big tech companies habitually resist regulation. They have used their substantial influence to stymie it wherever and whenever nation-states have sought to introduce it.

    Meta’s founder and chief executive, Mark Zuckerberg, has been known to go rogue, as he demonstrated in February 2021 when he protested against the bargaining code by unilaterally closing Facebook sites that carried news. Generally, though, his strategy has been to deploy standard public relations and lobbying methods.

    But his rival Musk uses his social media platform, X, like a wrecking ball.

    Musk is just about the first thing the average X user sees in their feed, whether they want to or not. He gives everyone the benefit of his thoughts, not to mention his thought bubbles. He proclaims himself a free-speech absolutist, but most of his pronouncements lean hard to the right, providing little space for alternative views.

    Some of his tweets have been inflammatory, such as him linking to an article promoting a conspiracy theory about the savage attack on Paul Pelosi, husband of the former US Speaker, Nancy Pelosi, or his tweet that “Civil war is inevitable” following riots that erupted recently in the UK.

    As the BBC reported, the riots occurred after the fatal stabbing of three girls in Southport. “The subsequent unrest in towns and cities across England and in parts of Northern Ireland has been fuelled by misinformation online, the far-right and anti-immigration sentiment”.

    Nor does Musk bother with niceties when people disagree with him. Late last year, advertisers considered boycotting X because they believed some of Musk’s posts were anti-Semitic. He told them during a live interview to “Go fuck yourself”.

    He has welcomed Donald Trump, the Republican Party’s presidential nominee, back onto X after Trump’s account was frozen over his comments surrounding the January 6, 2021, attack on the capitol. Since then both men have floated the idea of governing together if Trump wins a second term.

    Is the world better off with tech bros like Musk who demand unlimited freedom and assert their influence brazenly, or old-style media moguls who spin fine-sounding rhetoric about freedom of the press and exert influence under the cover of journalism?

    That’s a question for our times that we should probably begin grappling with.

    Dr Matthew Ricketson is professor of communication, Deakin University and Dr Andrew Dodd is director of the Centre for Advancing Journalism, The University of Melbourne. This article is republished from The Conversation under a Creative Commons licence. Read the original article.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: RELEASE: DCCA DISCIPLINARY ACTIONS (Through September 2024)

    Source: US State of Hawaii

    RELEASE: DCCA DISCIPLINARY ACTIONS (Through September 2024)

    Posted on Oct 24, 2024 in Latest Department News, Newsroom

     DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

    Office of Administrative Hearings

    JOSH GREEN, M.D.

    GOVERNOR | KIAʻĀINA

    NADINE Y. ANDO

    DIRECTOR

    KA LUNA | HOʻOKELE

    FOR IMMEDIATE RELEASE

    October 24, 2024

    DCCA DISCIPLINARY ACTIONS

    (Through September 2024)

    HONOLULU – The state Department of Commerce and Consumer Affairs (DCCA) and its respective state Boards and Commissions released a summary of disciplinary actions through the month of September 2024, taken on individuals and entities with professional and vocational licenses in Hawai‘i. These disciplinary actions include dispositions based upon either the results of contested case hearings or settlement agreements submitted by the parties. Respondents enter into settlement agreements as a compromise to claims and to conserve on the expenses of proceeding with an administrative hearing.

    The DCCA and the Boards and Commissions are responsible for ensuring those with professional and vocational licenses are performing up to the standards prescribed by state law.

    BOARD OF NURSING

    Respondent:        Kimberly A. Simmons (Maui)

    Case Number:     RNS 2022-890-L

    Sanction:             $1,000 fine

    Effective Date:     9-5-24

    RICO alleges that in July 2022, RICO received a complaint concerning Respondent’s conduct, and that Respondent received notice of RICO’s investigation in 2022 and failed to notify the Board of the ongoing RICO investigation in her 2023 renewal application, in potential violation of HRS §§ 436B-19(9), 457-12(a)(6) and 457-12(a)(11). (Board approved Settlement Agreement.)

    BOARD OF PSYCHOLOGY

    Respondent:        Kathryn L. Lapierre

    Case Number:     PHA 2024-0001-L

    Sanction:             $1,500 fine

    Effective Date:    8-30-24

    RICO alleges that Respondent was served with a complaint by the state of Wisconsin Department of Safety and Professional Services, Division of Legal Services and Compliance on September 25, 2019, Respondent indicated “No” to the question “Are there any disciplinary actions pending against you in this state or any other jurisdiction” on her July 22, 2020 renewal application, the state of Wisconsin disciplined Respondent on September 16, 2020, and Respondent failed to timely notify the Board of the disciplinary action, in potential violation of HRS §§ 465-13(a)(19), 436B-19(5), 436B-19(13), 436B-19(15) and 436B-19(17). (Board approved Settlement Agreement.)

    BOARD OF PHYSICAL THERAPY

    Respondent:        Laura J. Romig

    Case Number:     PTS 2023-3-L

    Sanction:             6-month license suspension, complete 30 CC units

    Effective Date:    9-10-24

    The Board adopted the Hearings Officer’s recommended decision and found and concluded that Respondent violated HRS §§ 461J-10.1(a), 461J-10.15(a), 461J-10.15(b), 461J-10.15(c) and 461J-12(a)(7). (Board’s Final Order after contested case hearing.)

    Respondent:        Joy T. D. Yanai

    Case Number:     PTS 2023-6-L

    Sanction:             $500

    Effective Date:    9-10-24

    The Board adopted the Hearings Officer’s recommended decision and found and concluded that Respondent violated HRS § 436B-19(11). (Board’s Final Order after contested case hearing.)

    BOARD OF MASSAGE THERAPY

    Respondents:      Thananya Owens and Healthland, LLC dba Siam Thai Massage and Spa

    Case Number:     MAS 2024-55-L

    Sanction:             $1,000 fine

    Effective Date:    9-17-24

    RICO alleges that on May 24, 2024, RICO investigators conducted an unannounced site inspection and Respondents admitted that an unlicensed massage therapist was currently engaging in massage therapist activity for compensation, and that RICO investigators observed Respondents did not conspicuously display their current massage therapists’ and establishment’s licenses, in potential violation of HRS §§ 452-24(a)(1), 452-24(a)(4), 452-24(a)(6), and HAR §§ 16-84-15(c) and 16-84-15(f). (Board approved Settlement Agreement.)

    Respondents:      Mareena Trinnaman and Saitara Thai Massage, LLC

    Case Number:     MAS 2024-15-L

    Sanction:             $2,000 fine

    Effective Date:     9-17-24

    RICO alleges that on February 22, 2024, RICO investigators conducted a site inspection and observed that several unlicensed massage therapists were engaging in massage therapy activities, in potential violation of HRS §§ 452-24(a)(1) and 452-24(a)(6), and HAR § 16-84-11(b). (Board approved Settlement Agreement.)

    BOARD OF CHIROPRACTIC

    Respondent:        Dustin R. Craft

    Case Number:     CHI 2020-0020-L

    Sanction:             License revocation

    Effective Date:     9-11-24

    On March 11, 2024, the Board approved a Settlement Agreement between Respondent and RICO. The Board finds Respondent failed to comply with the terms of the Settlement Agreement. (Board’s Final Order for Noncompliance with Settlement Agreement.)

    BEHAVIOR ANALYST PROGRAM

    Respondent:        Kevin Abella (Hawaiʻi)

    Case Number:     BEH 2024-3-L

    Sanction:             $500 fine

    Effective Date:    9-26-24

    RICO alleges that the Disciplinary Appeal Committee of the Behavior Analyst Certification Board (BACB) disciplined Respondent on January 22, 2024, finding Respondent violated subsections 1.02, 1.15, 4.01, 4.04, and 4.05, in potential violation of HRS § 465D-11(a)(7). (Director approved Settlement Agreement.)

    ATHLETIC TRAINERS PROGRAM

    Respondent:        Sadie Sewell

    Case Number:     APT 2023-1-L

    Sanction:             $500 fine

    Effective Date:     9-24-24

    RICO alleges that Respondent was disciplined by the Board of Certification on April 12, 2023, based on Respondent’s failure to comply with a continuing education audit, and that Respondent failed to report the disciplinary action to the program, in potential violation of HRS §§ 436B-19(9), 436B-19(15), and 436H-8(a). (Director approved Settlement Agreement.)

    BOARD OF PROFESSIONAL ENGINEERS, ARCHITECTS, SURVEYORS, AND LANDSCAPE ARCHITECTS

    Respondent:        William W. Wong

    Case Number:     ENG 2022-10-L

    Sanction:             License revocation, $6,000 fine

    Effective Date:    8-08-24

    The Board adopted the Hearings Officer’s recommended decision as modified by stipulation of the parties and found and concluded that Respondent violated HRS §§ 436B-19(8), (11), and (14), and 464-10, and HAR 16-115-10(5). (Board’s Final Order after contested case hearing.)

    REAL ESTATE COMMISSION

    Respondent:        Jon E. McElvaney (Hawaiʻi)

    Case Number:     REC 2022-273-L

    Sanction:             License revocation, voluntary lifetime surrender of license

    Effective Date:     9-27-24

    RICO filed a Petition for Disciplinary Action on May 6, 2024, alleging Respondent violated HRS §§ 436B-19(12) and 436B-19(14). (Commission approved Settlement Agreement After Filing of Petition for Disciplinary Action.)

    Respondent:        Hawaiiana Management Company, Ltd.

    Case Number:     REC 2024-184-L

    Sanction:             $1,500 fine

    Effective Date:     9-27-24

    RICO alleges that RICO received a complaint alleging a unit owner emailed Respondent a written Request for Condominium Association Records on March 4, 2024, that fulfillment of the request took longer than 30 days without a proper response by Respondent for the delay, and that Respondent did not provide an estimated cost or necessary affidavit until after 30 days from the request, in potential violation of HRS §§ 514B-154.5(c) and 467-1.6(a). (Commission approved Settlement Agreement.)

    Copies of the decisions are available online at: http://cca.hawaii.gov/oah/oah_decisions/

    BusinessCheck is an online platform designed to serve as a comprehensive resource for researching licensed professionals. This tool empowers users to verify licenses, review complaint histories and discover when a business was established, all in one place. Please visit businesscheck.hawaii.gov to verify a professional’s license status, confirming their qualifications, compliance with regulations and accountability to a governing body.

    # # #

     

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Festival of Light gets off to a dazzling start

    Source: City of Sunderland

    Children have enjoyed a sneak peak of the Mowbray Park Festival of Light.

    The invitation-only preview allowed children and their families to visit the festival at a time when the park is quieter.

    Those attending were treated to stunning light projections created by international visual artists, a spectacular starscape and giant glitterballs in the Victorian bandstand.

    Councillor Beth Jones, Sunderland City Council’s Cabinet Member for Communities Culture and Tourism, said: “It was  lovely to see so many young people and their families having a fantastic time at the preview evening and enjoying the new displays.  

    “The Festival of Light has long been one of our best loved events. It’s always a really popular event and one that attracts generations of families.

    “We’ve got some fantastic new light installations this year. And the light projections especially, which have been created by world-class artists, are real showstoppers.

    “There’s also a brilliant new Laser Garden and some lovely atmospheric UV lighting among the trees. While there are also some really nice quirky things such as the giant glitter balls in the bandstand – which are the centrepiece of our nightly silent disco. So it’s definitely one to get in the diary.”

    Cllr Michael Mordey, Leader of Sunderland City Council, said: “Events like this are not only fantastic for residents and visitors alike but for also for our city centre.

    “Lots of people coming along to enjoy the Festival of Light will also take the opportunity to visit our city centre cafes, bars and restaurants while they’re here, or they might decide to do some early Christmas shopping. So it helps to boost the local economy and our city centre businesses

    “It’s also a great opportunity for anyone who hasn’t been into the city centre for a while to see the £2bn transformation that’s underway at the same time as enjoying an excellent event.”

    New lighting features introduced for 2024 include ‘The Mirror’ created by Poland based award-winning visual artist Ari Dykier and ‘Hypha’ by French award-winning multidisciplinary artist Sebastien Labrunie.

    Other new features include Starscape which will create the illusion of a brilliant white starfield, Cosmic Oasis which will see trees lit up with UV light, a laser garden and a giant glitter ball in the park’s historic Victorian bandstand.

    The Festival of Light begins today Friday 25 October and will then take place from 4.30pm – 10pm every day during half term Friday 25 October to Sunday 3 November and then 4.40 to 10pm every Thursday to Sunday until Sunday 24 November with the exception of Remembrance Sunday on 10 November. Last admission will be at 8.30pm, and the event will close at 10pm each night. This year’s event is being held in Mowbray Park, Burdon Road, SR1 1PP in Sunderland city centre, with access from the Toward Road entrance to the park (oppostie the Software Centre).  

    Tickets cost £5 each and must be bought online in advance. They can’t be bought at the gate. Children under two are free.

    Visitors to this year’s festival can also take advantage of 20 per cent off tickets for select performances of this year’s Jack and the Beanstalk panto at the Sunderland Empire.

    The offer will apply to price bands A – C for the following performances only: Fri 13 Dec – 7pm, Sat 14 Dec – 5.30pm, Sun 15 Dec – 5.30pm, Tue 17 Dec – 7pm & Thu 19 Dec – 7pm. To redeem the offer, make sure to opt in to hear from Sunderland City Council events when buying your tickets.

    For more information tickets and to buy tickets for the Festival of Light, visit: www.mysunderland.co.uk/fol

    MIL OSI United Kingdom –

  • MIL-OSI Economics: AGNICO EAGLE ANNOUNCES INVESTMENT IN ATEX RESOURCES INC.

    Source: Agnico Eagle Mines

    Stock Symbol: AEM (NYSE and TSX)

    TORONTO, Oct. 25, 2024 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) announced today that it has agreed to subscribe for 33,869,939 units (“Units”) of ATEX Resources Inc. (TSXV: ATX) (“ATEX”) in a non-brokered private placement at a price of C$1.63 per Unit for total consideration of US$40,000,000 (approximately C$55,208,000). Each Unit is comprised of one common share of ATEX (a “Common Share”) and one-half of one common share purchase warrant of ATEX (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of C$2.50 for a period of five years following the closing date of the private placement, subject to acceleration in certain circumstances. Closing is expected to occur on or about October 30, 2024 and is subject to certain conditions.

    The investment in ATEX is consistent with Agnico Eagle’s historical practice of strategic equity investments in projects with high geological potential. It provides Agnico Eagle with exposure to an early stage, copper-gold exploration project in Chile, an established mining jurisdiction. The Company continues to focus on its portfolio of high-quality internal growth projects, and complements its pipeline of projects with a strategy of acquiring strategic toehold positions in prospective opportunities.

    Agnico Eagle does not currently own any Common Shares or Warrants. On closing of the private placement, and after giving effect to two other share issuance transactions to be completed by ATEX concurrently with the private placement, Agnico Eagle will own 33,869,939 Common Shares and 16,934,969 Warrants, representing approximately 13.21% of the issued and outstanding Common Shares on a non-diluted basis and approximately 18.59% of the Common Shares on a partially-diluted basis, assuming exercise of the Warrants held by Agnico Eagle.

    On the closing of the private placement, Agnico Eagle and ATEX will enter into an investor rights agreement, pursuant to which Agnico Eagle will be granted certain rights, provided Agnico Eagle maintains certain ownership thresholds in ATEX, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership in ATEX at the time of such financing or acquire up to a 19.99% ownership interest, on a partially-diluted basis, in ATEX; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person (and in the case of an increase in the size of the board of directors of ATEX to ten or more directors, two persons) to the board of directors of ATEX.

    Agnico Eagle is acquiring the Common Shares and Warrants for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, common share purchase warrants or other securities of ATEX or dispose of some or all of the Common Shares, Warrants or other securities of ATEX that it owns at such time.

    An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

    Agnico Eagle Mines Limited
    c/o Investor Relations
    145 King Street East, Suite 400
    Toronto, Ontario M5C 2Y7
    Telephone: 416-947-1212
    Email: investor.relations@agnicoeagle.com

    Agnico Eagle’s head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. ATEX’s head office is located at 50 Richmond Street East, Toronto, Ontario  M5C 1N7.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    Forward-Looking Statements

    The information in this news release has been prepared as at October 25, 2024. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “may”, “will” or similar terms.

    Forward-looking statements in this news release include, without limitation, statements relating to the expected closing date of the Transaction, Agnico Eagle’s ownership interest in ATEX upon closing of the private placement, Agnico Eagle’s acquisition or disposition of securities of ATEX in the future and the terms of the investor rights agreement.

    Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

    View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-announces-investment-in-atex-resources-inc-302286914.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Economics –

  • MIL-OSI: Leading Independent Proxy Advisory Firm Glass Lewis Joins ISS in Recommending that Territorial Shareholders Vote “FOR” Merger with Hope Bancorp

    Source: GlobeNewswire (MIL-OSI)

    Glass Lewis Recognizes the Value Creation and Additional Upside that the Hope Bancorp Merger Provides to Territorial Shareholders

    Glass Lewis Acknowledges the Substantial Concerns and Risks Posed by Blue Hill’s Secrecy, Lack of Transparency and the Absence of Crucial, Material Information

    Glass Lewis Agrees with Board’s Decision Not to Consider the Blue Hill Preliminary Indication of Interest a Superior Proposal

    Territorial Board Urges Shareholders to Follow the Recommendations from Glass Lewis and ISS and Vote “FOR” the Hope Bancorp Merger TODAY

    HONOLULU, Oct. 25, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that leading independent proxy advisory firm Glass, Lewis & Co., LLC (“Glass Lewis”) has joined Institutional Shareholder Services (“ISS”) in recommending that Territorial shareholders vote “FOR” the Company’s pending merger with Hope Bancorp, Inc. (NASDAQ: HOPE) (“Hope Bancorp”).

    The Company’s Special Meeting of Stockholders to vote on the transaction is scheduled to be held on November 6, 2024 at 8:30am, Hawai‘i Time. Time is short. The Special Meeting is fast approaching. Territorial shareholders are urged to vote TODAY. Voting is simple. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.

    Commenting on the Glass Lewis and ISS reports, Territorial issued the following statement:

    The Territorial Board of Directors and management team collectively own 9.2% of Territorial’s outstanding shares. We are confident that the Hope Bancorp transaction is the best path forward for Territorial, our shareholders, customers, employees and the local communities we serve. We have already voted all of our shares FOR the transaction, and we urge our fellow Territorial shareholders to join us and also follow the recommendations from the Territorial Board, Glass Lewis and ISS by voting FOR the Hope Bancorp transaction today.

    Glass Lewis stated in its October 24, 2024 reporti:

    On the favorable financial aspects associated with the Hope Bancorp merger:

    • “Since the merger consideration in the proposed Hope transaction solely comprises Hope shares, current Territorial shareholders will have the opportunity to benefit from ongoing participation in a profitable, enlarged bank that is expected to be better equipped, compared to Territorial on a standalone basis, to work through various challenges and headwinds amid an uncertain economic environment.”
    • “From a quantitative perspective, the results of the dividend discount model analysis performed by KBW suggest that the implied value of the proposed Exchange Ratio is relatively favorable.”

    On the uncertainty, risks and concerns associated with Blue Hill’s preliminary indication of interest, including its lack of financing, the secrecy of its investors and doubts about its ability to close a transaction at all:

    • “We also believe that, to date, Blue Hill has provided insufficient disclosures to the Board and to shareholders regarding key details of its proposal.”
    • “In our view, the lack of such crucial information, which Blue Hill insists on keeping confidential, coupled with the uncertainties connected with Blue Hill’s need to conduct due diligence to confirm its offer price, casts serious doubts as to the risks and closing certainty of Blue Hill’s proposed deal.”
    • “Blue Hill has not provided any form of supporting evidence as to why the Blue Hill Investors would not be considered as ‘acting in concert’ by the relevant regulatory authorities, which may validate the Board’s concerns regarding the complexity and uncertainties connected to the Blue Hill Proposal.”

    In affirming that the Territorial Board reached the right conclusion with respect to the Blue Hill preliminary indication of interest and the determination that it is not a superior proposal or likely to lead to a proposal that is superior to the Hope Bancorp transaction:

    • “any direct engagement between the Board and Blue Hill could be seen as a breach of the covenants in the Merger Agreement.”
    • “we ultimately believe the Board’s decision not to deem the Blue Hill Proposal a superior proposal to be the most prudent approach, particularly given Blue Hill’s lack of serious attempts to address the Board’s concerns regarding the uncertainties of the Blue Hill Proposal.”
    • “We acknowledge that the Blue Hill Proposal offers a meaningfully higher headline price to Territorial shareholders…However, we believe the Board has raised valid concerns regarding the uncertainty and significant conditionality of the Blue Hill Proposal.”
    Your Vote is Important

    Territorial Shareholders are Urged to Vote FOR the Hope Bancorp Merger TODAY.

    Voting is quick and easy.
    Vote well in advance of the Special Meeting on November 6, 2024 at 8:30 a.m. HST.

    Call toll-free:
    (888) 742-1305
    Banks and brokers should call:
    (516) 933-3100
    Email: info@laurelhill.com
    Electronically: www.proxyvote.com


    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

    Additional Information about the Hope Merger and Where to Find It

    In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.

    Forward-Looking Statements

    Some statements in this news release may constitute 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 relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

    Investor / Media Contacts:
    Walter Ida
    SVP, Director of Investor Relations
    808-946-1400
    walter.ida@territorialsavings.net

    i Permission to use quotes neither sought nor obtained

    The MIL Network –

  • MIL-OSI Global: Why ghosts wear clothes or white sheets instead of appearing in the nude

    Source: The Conversation – UK – By Shane McCorristine, Reader in Cultural History, Newcastle University

    When you think of a ghost, what comes to mind? A ghastly, mouldy winding-sheet? A malevolent pile of supernatural armour? Or a sinister gentleman in a stiff Victorian suit?

    In 1863 George Cruikshank, the caricaturist and illustrator of Dickens’s novels, announced a “discovery” concerning the varied appearance of ghosts. It does not seem, he wrote:

    That any one has ever thought of the gross absurdity and impossibility of there being such things as ghosts of wearing apparel … Ghosts cannot, must not, dare not, for decency’s sake, appear without clothes; and as there can be no such thing as ghosts or spirits of clothes, why then, it appears that ghosts never did appear and never can appear.

    Why aren’t ghosts naked? This was a key philosophical question for Cruikshank and many others in Victorian Britain. Indeed, stories of naked or clothesless ghosts, especially outside folklore, are exceedingly rare. Sceptics and ghost-seers alike have delighted in thinking about how exactly ghosts could have form and force in the material world. Just what kind of stuff could they be made of that allows them to share our plane of existence, in all its mundanity?

    Gillray’s Gown Metamorphose’d into a Ghost (1797).
    British Museum, CC BY

    The image of the ghost as a figure in a white winding-sheet or burial shroud has retained its iconic status for hundreds of years because it suggests a continuity between the corpse and the spirit.

    The main social role of the ghost before the modern period was to carry a message to the living from beyond the grave, so the link to burial clothing makes sense. This can be seen in the medieval trope of the Three Living and the Three Dead, whereby some hunters encounter their future skeletal corpses, wrapped in linen, admonishing them to remember death.

    Yet by the mid-19th century, with spiritualism and early forms of psychical research spreading across the western world, people began to report seeing ghosts dressed in everyday and contemporaneous clothing.

    This raised problems for those interested in investigating the reality of ghosts. If the ghost was an objective reality, why should it be wearing clothes? If the tenets of spiritualism were true, should the soul which has returned to visit the earth not be formed of light or some other form of ethereal substance? Were the clothes of spirits also spiritual, and if so, did they share in their essence or were they the ghosts of clothes in their own right?

    You could adopt an idealist position and say that the clothes were metaphysical ideas bound up with the immortal identity of the wearer – the identity of the ghost meaning something more than simply the apparition of a soul-force.

    Another explanation was that ghost-seers dress the ghost, automatically, through unconscious processes. And so we see a ghost in its usual dress because that is the mental picture we have of the person, and this choice of garment is most likely to inspire recognition.

    The Lady Ghost by Adelaide Claxton (1876).
    Sotheby’s

    The critic and anthropologist Andrew Lang drew comparisons between dreaming and ghost-seeing in 1897 when he stated that:

    We do not see people naked, as a rule, in our dreams; and hallucinations, being waking dreams, conform to the same rule. If a ghost opens a door or lifts a curtain in our sight, that, too, is only part of the illusion. The door did not open; the curtain was not lifted … It was produced in the same way as when a hypnotised patient is told that “his hand is burned”, his fancy then begets real blisters.

    For Lang, the clothes of ghosts were the stuff that dreams are made of. The implication of this, that ghost-seers are dressers, but not undressers, seems to reflect a pervading morality of ghosts, whereby most 19th-century spirits were sanitised and chaste. Lang’s odd assumption that there was no nakedness in dreams echoes this.

    The matter of spirits

    Fashion and clothing were central to the identification of class, gender and occupation in the Victorian period. The ghosts of the servant class seemed to be especially tied to their clothes, rather than their faces or voices – a theme that comes out in some ghost reports submitted to The Strand magazine in 1908.

    Here, a ghost-seer reported seeing “a figure, which had nothing supernatural about it, being simply that of a servant in a light cotton dress … and with a white cap on … The whole figure had the general appearance of the housemaid, so that she had been the one I had thought of. It was not in the least like the cook, who dressed in much darker cottons”.

    Clothes identify people and make them capable of representation – nakedness disrupts this means of instantly categorising someone.

    The ghost of a woman with a burial shroud confronts her murderer on a stormy night.
    Wellcome Collection, CC BY

    The issue of ghost clothes is interesting for historians of the supernatural because, like a loose thread, pulling at it starts to unravel some of the assumptions about matter in spiritualism. Do ghosts retain the injuries or disabilities that befell them in life? And what about the erotic fleshiness of spirits – the touching and kissing between the living and the dead in the séance room and the “ectoplasm” (a gauze-like spiritual substance) photographed emerging from the orifices of mediums? Could the living even have sexual intercourse with ghosts?

    These kinds of knotty debates have not disappeared in the 21st century. Indeed, “spectrophilia” – or the love of ghosts – is a fetish that is a lively topic of debate on the internet today. Another turn of the screw in the long history of how spirits matter in the world of the living.


    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.

    Shane McCorristine 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. Why ghosts wear clothes or white sheets instead of appearing in the nude – https://theconversation.com/why-ghosts-wear-clothes-or-white-sheets-instead-of-appearing-in-the-nude-241948

    MIL OSI – Global Reports –

  • MIL-OSI: GCM Grosvenor to Announce Third Quarter 2024 Financial Results and Host Investor Conference Call on November 8, 2024

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 25, 2024 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the third quarter 2024 on Friday, November 8, 2024.

    Management will host a webcast and conference call on Friday, November 8, 2024, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

    To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $79 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

    GCM Grosvenor’s experienced team of approximately 540 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    Source: GCM Grosvenor

    Public Shareholders Contact
    Stacie Selinger
    sselinger@gcmlp.com
    312-506-6583

    Media Contact
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    The MIL Network –

  • MIL-OSI: Pacific Financial Corp Earns $2.6 Million, or $0.25 per Diluted Share for Third Quarter 2024; Tangible Book Value Per Share Up 6.6% During Quarter; Board of Directors Declares Quarterly Cash Dividend of $0.14 per Share

    Source: GlobeNewswire (MIL-OSI)

    ABERDEEN, Wash., Oct. 25, 2024 (GLOBE NEWSWIRE) — Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“Company”), the holding company for Bank of the Pacific (the “Bank”), reported net income of $2.6 million, or $0.25 per diluted share for the third quarter of 2024, compared to $2.1 million, or $0.21 per diluted share for the second quarter of 2024, and $3.6 million, or $0.35 per diluted share for the third quarter of 2023. All results are unaudited.

    Pacific Financials’ third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest income as the rise in loan and investment yields outpaced the rise in deposit and borrowing costs; (2) a negative provision for credit losses due to lower provision for unfunded loans; (3) lower non-interest income due to smaller gains on the sale of loans and investment securities; (4) slightly lower non-interest expenses; (5) a small decrease in total gross loans of 0.6% offset by an increase in the purchase of investment securities with the balance of investment securities increasing $18.1 million, or 6.5% during the third quarter; (6) an increase in total deposits of 2.6% to $1.0 billion at September 30, 2024, and (7) a $6.2 million increase in shareholder equity, or 5.4%. Tangible book value per share increased 6.6% during the quarter to $10.47.

    The board of directors of Pacific Financial declared a quarterly cash dividend of $0.14 per share on October 23, 2024. The dividend will be payable on November 22, 2024 to shareholders of record on November 8, 2024. Additionally, the Board of Directors has authorized an additional $2.6 million toward future repurchases, or approximately 2.0% of total shares outstanding. The current stock repurchase program expires in November 2024.

    “Our core operations continue to remain strong,” said Denise Portmann, President and Chief Executive Officer. “Our focused efforts on deposit retention, combined with the efforts of our new commercial loan and deposit teams, resulted in increased business relationships during the third quarter. Additionally, we added to our investment securities portfolio to increase yields. During the fourth quarter, we will be closing our mortgage banking division which we anticipate will improve the efficiency of our operation and improve earnings. However, the fourth quarter will reflect some one-time charges related to severance, contract and lease terminations.”

    Third Quarter 2024 Financial Highlights:

    • Return on average assets (“ROAA”) was 0.90%, compared to 0.76% for the second quarter 2024, and 1.21% for the third quarter 2023.
    • Return on average equity (“ROAE”) was 8.77%, compared to 7.47% from the preceding quarter, and 13.16% from the third quarter a year earlier.
    • Net interest income was $11.2 million, compared to $10.8 million for the second quarter of 2024, and $12.3 million for the third quarter of 2023.
    • Net interest margin (“NIM”) increased to 4.19%, compared to 4.15% from the preceding quarter, and 4.37% for the third quarter a year ago. The increase in the net interest margin in the most recent quarter was due to increased yields on interest-earning assets outpacing the increased cost of interest-bearing liabilities.
    • Provision for credit losses was a benefit of $66,000 for the third quarter ended September 30, 2024 compared to a provision of $304,000 for the preceding quarter and $244,000 in the third quarter a year ago. The benefit largely reflected lower provisions for unfunded loans relative to prior periods.
    • Gross loans balances held in portfolio decreased by $4.4 million, or less than 1% to $699.6 million at September 30, 2024, compared to $704.0 million at June 30, 2024, and increased by $27.6 million, or 4%, from $672.0 million at September 30, 2023.
    • Total deposits increased $25.8 million to $1.01 billion, compared to $985.6 million at June 30, 2024, and decreased from $1.05 billion at September 30, 2023. Core deposits represented 87% of total deposits, with non-interest bearing deposits representing 38% of total deposits at September 30, 2024.
    • Coverage of short-term funds available to uninsured and uncollateralized deposits was 229% at September 30, 2024 and June 30, 2024. Uninsured or uncollateralized deposits were 25% of total deposits at September 30, 2024, and 24% at June 30, 2024.
    • Asset quality remains solid with nonperforming assets to total assets at 0.10%, compared to 0.12% three months earlier, and 0.10% at September 30, 2023. Accruing loans past due 30 or more days represent only 0.03% of total loans at September 30, 2024.
    • Tangible book value per share increased 6.6% during the quarter to $10.47 per share at September 30, 2024 from $9.82 per share at June 30, 2024. The increase was largely the result of a decline in interest rates and its impact on the fair market value of securities.
    • Pacific Financial and Bank of the Pacific continued to exceed regulatory well-capitalized requirements. At September 30, 2024 Pacific Financial’s estimated leverage ratio was 11.6% and its estimated total risk-based capital ratio was 17.9%.

    Balance Sheet Review

    Total assets increased 3% to $1.16 billion at September 30, 2024, compared to $1.12 billion at June 30, and decreased 2% from $1.18 billion at September 30, 2023.

    Liquidity metrics continued to remain strong with total liquidity, both on and off balance sheet sources, at $576.8 million as of September 30, 2024. The Bank has established collateralized credit lines with borrowing capacity from the Federal Home Loan Bank of Des Moines (FHLB) and from the Federal Reserve Bank of San Francisco, as well as $60.0 million in unsecured borrowing lines from various correspondent banks. There was no balance outstanding on any of these facilities at quarter-end.

    The following table summarizes the Bank’s available liquidity:

    LIQUIDITY (unaudited) Period Ended   Change from   % of Deposits
    ($ in 000s)    
                                       
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024   Sep 30, 2023   Sep 30, Jun 30, Sep 30,
        2024   2024   2023     $ %   $ %   2024 2024 2023
    Short-term Funding                                  
    Cash and cash equivalents $ 85,430 $ 63,183 $ 147,970   $ 22,247 35 % $ (62,540 ) -42 %   8 % 6 % 14 %
    Unencumbered AFS Securities   154,565   139,581   123,842     14,984 11 %   30,723   25 %   15 % 14 % 12 %
    Secured lines of Credit (FHLB, FRB)   336,771   332,674   318,557     4,097 1 %   18,214   6 %   33 % 34 % 30 %
    Short-term Funding $ 576,766 $ 535,438 $ 590,369   $ 41,328 8 % $ (13,603 ) -2 %   56 % 54 % 56 %


    Investment securities:     The investment securities portfolio increased 6% to $296.8 million, compared to $278.7 million at June 30, 2024 and increased 3% compared to the like period a year ago. The increase from the prior quarter was primarily due to the purchase of collateralized mortgage obligations and mortgage backed securities. U.S. Treasury bonds, and securities issued by the U.S. Government sponsored agencies accounted for 85% of the investment portfolio as of September 30, 2024, June 30, 2024, and September 30, 2023. Within that total, collateralized mortgage obligations accounted for 48% of the investment portfolio at September 30, 2024, compared to 45% the previous quarter.

    The average adjusted duration to reset of the investment securities portfolio was 4.2 years at September 30, 2024. Net unrealized losses on the investments classified as available for sale declined $7.2 million to $14.8 million ($11.5 million after-tax) at September 30, 2024, or 5% of AFS portfolio.

    Gross loans balances excluding loans held for sale decreased $4.4 million, or 1%, to $699.6 million at September 30, 2024, compared to $704.0 million at June 30, 2024. During the third quarter, loan pipelines and originations slowed from prior levels as borrowers continued to adjust to higher interest rates and economic uncertainty. Due primarily to loan amortization the loan portfolio reflected slight declines in most categories except multi-family lending which increased $2.8 million. Year-over-year loan growth was 4%, or $27.6 million, with the largest increases in residential 1-4 family and multi-family loans which increased $14.8 million and $11.7 million, respectively. Loans classified as commercial real estate for regulatory concentration purposes totaled $261.3 million at September 30, 2024, or 185% of total risk based capital.

    The Company continues to manage concentration limits that establish maximum exposure levels by certain industry segments, loan product types, geography and single borrower limits. In addition, the loan portfolio continues to be well-diversified and is collateralized with assets predominantly within the Company’s Western Washington and Oregon markets.

    Credit quality: Non-performing assets were minimal and remained at $1.1 million, or 0.10% of total assets at September 30, 2024, compared to $1.2 million, or 0.10% at September 30, 2023. The Company has zero other real estate owned as of September 30, 2024 and accruing loans past due more than 30 days represent only 0.04% of total loans.

    Allowance for credit losses (“ACL”) for loans was $8.9 million, or 1.27% of gross loans at September 30, 2024, compared to $8.9 million or 1.26% of loans at June 30, 2024 and $8.3 million or 1.24% at September 30, 2023.

    A negative provision for credit losses of $66,000 was recorded in the current quarter, reflecting less allowance requirements for unfunded loans. This compares to a provision for credit losses of $304,000 in the second quarter of 2024 and $244,000 for the third quarter of 2023. Net charge-offs for the current quarter remained minimal and reflected a net recovery of $11,000, compared to a net charge-off of $56,000 for the preceding quarter and $125,000 for the third quarter one year ago.

    Total deposits increased to $1.01 billion at September 30, 2024, compared to $985.6 million at June 30, 2024 and decreased from $1.05 billion at September 30, 2023. The bank has focused efforts to retain customer relationships resulting in a $22.1 million increase in business deposits.

    Non-interest-bearing account balances, composed of commercial banking relationships, are the largest component of the deposit portfolio at 38% at September 30, 2024 and June 30, 2024. Money market deposits currently represent the second largest component of the deposit base and increased $11.5 million from the linked quarter and $12.8 million from the same quarter a year ago and represent 19%, 18%, and 17%, of total deposits, at September 30, 2024, June 30, 2024, and September 30, 2023, respectively. Interest-bearing demand deposits are the third largest component of the deposit base representing 18% of total deposits at September 30, 2024. Pacific Financial continues to benefit from a strong core deposit base, with core deposits representing 87% of total deposits at quarter end.

    Shareholder’s equity increased $6.2 million, or 5% to $121.1 million at September 30, 2024, compared to $114.9 million at June 30, 2024, and increased $14.5 million, or 14% compared to $106.6 million at September 30, 2023. The increase in shareholders’ equity during the current quarter was due to quarterly net income, a decrease in unrealized losses on available-for-sale securities and dividends paid to shareholders. Net unrealized losses (after-tax) on available-for-sale securities were $11.5 million at September 30, 2024 compared to $17.1 million at June 30, 2024, and $23.1 million at September 30, 2023. This decrease in net unrealized losses reflects lower longer-term market interest rates at the end of the quarter.

    Book value per common share was $11.78 at September 30, 2024, compared to $11.12 at June 20, 2024, and $10.22 at September 30, 2023. The Company’s tangible common equity ratio was 9.4% at September 30, 2024 and 9.1% at June 30, 2024, compared to 8.0% at September 30, 2023. Regulatory capital ratios of both the Company and the Bank continue to exceed the well-capitalized regulatory thresholds, with the Company’s leverage ratio at 11.6% and total risk-based capital ratio at 17.9% as of September 30, 2024. These regulatory capital ratios are estimates, pending completion and filing of regulatory reports.

    The current stock repurchase program expires in November 2024. The Board of Directors has authorized an additional $2.6 million toward future repurchases, or approximately 2.0% of total shares outstanding.

    Income Statement Review

    Net interest income increased $438,000 to $11.2 million for the third quarter of 2024, compared to $10.8 million for the second quarter of 2024, and decreased $1.1 million compared to $12.3 million for the third quarter a year ago. The change in the current quarter compared to the preceding quarter reflects higher yields on a larger investment portfolio and an increase in loan yields due primarily to repricing of loans. Increasing deposit costs offset some of the benefit from higher yielding investments and loans. For the current quarter compared to the like period a year ago, funding costs have outpaced the rising yields on investments and loans.

    The Bank’s net interest margin continued to remain strong at 4.19% for the quarter ended September 30, 2024 compared to 4.15% the preceding quarter. For the third quarter ended September 30, 2023, the net interest margin was 4.37% reflecting lower funding costs relative to more recent periods.

    Yields on total interest earning assets increased 14 basis points to 5.29% for the third quarter of 2024 compared to 5.15% for the prior quarter and 5.06% in the like quarter a year ago. Average loan yields increased to 5.99% during the current quarter, compared to 5.80% for the preceding quarter and 5.71% for the third quarter 2023.

    The Bank’s total cost of funds increased to 1.15% for the current quarter, compared to 1.05% for the preceding quarter, and 0.72% for the third quarter 2023. The increase in the costs of deposits was due to retention efforts and competitive pricing of deposit products. The percentage of non-interest bearing deposits remained high at 38% for the current quarter.

    Noninterest income decreased to $1.7 million for the current quarter, compared to $2.0 million for the linked quarter and increased from $1.6 million a year earlier. The decrease compared to the linked quarter was primarily due to decreased mortgage banking loan production and no gains on the sale of investment securities.

    The company plans to close its mortgage banking division by the end of 2024 which is expected to reduce non-interest income offset by a reduction of personnel and overhead expenses associated with the operation. The elimination of the mortgage banking division is expected to improve the efficiency of the company after severance and contract termination expenses are realized in the fourth quarter of 2024.

    Fee and service charge income remained consistent in the third quarter of 2024 at $1.2 million compared to the previous quarter and the third quarter of 2023.

    Noninterest expenses decreased to $9.7 million for the third quarter of 2024 compared to $9.8 million for the prior quarter and increased from $9.1 million for the third quarter of 2023. Within the total of noninterest expenses for the current quarter compared to the prior quarter, the largest category of salaries and employee benefits remained at $6.3 million. Similarly, data processing and occupancy expenses remained consistent to the prior quarter.

    The company’s efficiency ratio decreased to 75.48% for the third quarter of 2024, compared to 77.34% in the preceding quarter and increased from 65.78% in the same quarter a year ago. The increase in the efficiency ratio relative to the previous year primarily relates to the decreased net interest margin and higher overhead expenses related to the hiring, building and marketing of new commercial loan and deposit teams.

    Income tax expense: Federal and Oregon state income tax expenses totaled $633,000 for the current quarter, and $454,000 for the preceding quarter, resulting in effective tax rates of 19.6% and 17.6%, respectively. These income tax expenses reflect the benefits of tax exempt income and credits on tax-exempt loans and investments, affordable housing tax credit financing, and investments in bank owned life insurance.

    FINANCIAL HIGHLIGHTS (unaudited) Quarter Ended   Change From   Nine Months Ended   Change
         
    (In 000s, except per share data)                                          
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024   Sep 30, 2023   Sep 30,   Sep 30,        
        2024     2024     2023       $ %   $ %   2024    2023      $ %
    Earnings Ratios & Data                                          
    Net Income $ 2,594   $ 2,126   $ 3,645     $ 468   22 % $ (1,051 ) -29 % $ 7,370   $ 11,663     $ (4,293 ) -37 %
    Return on average assets   0.90 %   0.76 %   1.21 %     0.14 %     -0.31 %     0.87 %   1.28 %     -0.41 %  
    Return on average equity   8.77 %   7.47 %   13.16 %     1.30 %     -4.39 %     8.52 %   14.34 %     -5.82 %  
    Efficiency ratio (1)   75.48 %   77.34 %   65.78 %     -1.86 %     9.70 %     75.67 %   64.64 %     11.03 %  
    Net-interest margin %(2)   4.19 %   4.15 %   4.37 %     0.04 %     -0.18 %     4.24 %   4.40 %     -0.16 %  
                                               
    Share Ratios & Data                                          
    Basic earnings per share $ 0.25   $ 0.21   $ 0.35     $ 0.04   19 % $ (0.10 ) -29 % $ 0.71   $ 1.12     $ (0.41 )  
    Diluted earning per share $ 0.25   $ 0.21   $ 0.35     $ 0.04   19 % $ (0.10 ) -29 % $ 0.71   $ 1.12     $ (0.41 )  
    Book value per share(3) $ 11.78   $ 11.12   $ 10.22     $ 0.66   6 % $ 1.56   15 %                
    Tangible book value per share(4) $ 10.47   $ 9.82   $ 8.93     $ 0.65   7 % $ 1.54   17 %                
    Common shares outstanding   10,283     10,336     10,427       (53 ) -1 %   (144 ) -1 %                
    PFLC stock price $ 11.65   $ 9.76   $ 10.00     $ 1.89   19 % $ 1.65   17 %                
    Dividends paid per share $ 0.14   $ 0.14   $ 0.13     $ –   0 % $ 0.01   8 % $ 0.42   $ 0.39     $ 0.03   8 %
                                               
    Balance Sheet Data                                          
    Assets $ 1,158,410   $ 1,124,295   $ 1,181,975     $ 34,115   3 % $ (23,565 ) -2 %                
    Portfolio Loans $ 699,603   $ 703,977   $ 671,969     $ (4,374 ) -1 % $ 27,634   4 %                
    Deposits $ 1,011,473   $ 985,627   $ 1,051,256     $ 25,846   3 % $ (39,783 ) -4 %                
    Investments $ 296,792   $ 278,728   $ 289,152     $ 18,064   6 % $ 7,640   3 %                
    Shareholders equity $ 121,087   $ 114,923   $ 106,601     $ 6,164   5 % $ 14,486   14 %                
                                               
    Liquidity Ratios                                          
    Short-term funding to uninsured                                          
    and uncollateralized deposits   229 %   229 %   254 %     0 %     -25 %                  
    Uninsured and uncollateralized                                          
    deposits to total deposits   25 %   24 %   22 %     1 %     3 %                  
    Portfolio loans to deposits ratio   69 %   71 %   63 %     -2 %     6 %                  
                                               
    Asset Quality Ratios                                          
    Non-performing assets to assets   0.10 %   0.12 %   0.10 %     -0.02 %     0.00 %                  
    Non-accrual loans to portfolio loans   0.16 %   0.19 %   0.18 %     -0.03 %     -0.02 %                  
    Loan losses to avg portfolio loans   -0.01 %   0.03 %   0.07 %     -0.04 %     -0.08 %     0.01 %   0.04 %     -0.03 %  
    ACL to portfolio loans   1.27 %   1.26 %   1.24 %     0.01 %     0.03 %                  
                                               
    Capital Ratios (PFC)                                          
    Total risk-based capital ratio   17.9 %   17.6 %   17.6 %     0.3 %     0.3 %                  
    Tier 1 risk-based capital ratio   16.7 %   16.4 %   16.5 %     0.3 %     0.2 %                  
    Common equity tier 1 ratio   15.0 %   14.8 %   14.8 %     0.2 %     0.2 %                  
    Leverage ratio   11.6 %   11.7 %   10.7 %     -0.1 %     0.9 %                  
    Tangible common equity ratio   9.4 %   9.1 %   8.0 %     0.3 %     1.4 %                  
                                               
    (1) Non-interest expense divided by net interest income plus noninterest income.
    (2) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
    (3) Book value per share is calculated as the total common shareholders’ equity divided by the period ending number of common stock shares outstanding.
    (4) Tangible book value per share is calculated as the total common shareholders’ equity less total intangible assets and liabilities, divided by the period
    ending number of common stock shares outstanding.
    INCOME STATEMENT (unaudited) Quarter Ended   Change From   Nine Months Ended   Change
         
    ($ in 000s)                                          
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024   Sep 30, 2023   Sep 30,   Sep 30,        
        2024     2024     2023       $ %   $ %   2024    2023      $ %
    Interest Income                                          
    Loan interest & fee income $ 10,520   $ 10,109   $ 9,549     $ 411   4 % $ 971   10 % $ 30,853   $ 27,166     $ 3,687   14 %
    Interest bearing cash income   1,108     847     2,322       261   31 %   (1,214 ) -52 %   2,890     7,669       (4,779 ) -62 %
    Investment income   2,503     2,410     2,371       93   4 %   132   6 %   7,388     6,832       556   8 %
    Interest Income   14,131     13,366     14,242       765   6 %   (111 ) -1 %   41,131     41,667       (536 ) -1 %
                                               
    Interest Expense                                          
    Deposits interest expense   2,684     2,358     1,716       326   14 %   968   56 %   7,033     3,437       3,596   105 %
    Other borrowings interest expense   243     242     246       1   0 %   (3 ) -1 %   727     682       45   7 %
    Interest Expense   2,927     2,600     1,962       327   13 %   965   49 %   7,760     4,119       3,641   88 %
    Net Interest Income   11,204     10,766     12,280       438   4 %   (1,076 ) -9 %   33,371     37,548       (4,177 ) -11 %
    Provision (benefit) for credit losses   (66 )   304     244       (370 ) -122 %   (310 ) -127 %   271     409       (138 ) -34 %
    Net Interest Income after provision   11,270     10,462     12,036       808   8 %   (766 ) -6 %   33,100     37,139       (4,039 ) -11 %
                                               
    Non-Interest Income                                          
    Fees and service charges   1,225     1,198     1,248       27   2 %   (23 ) -2 %   3,523     3,695       (172 ) -5 %
    Gain on sale of investments, net   –     121     –       (121 ) -100 %   –   -100 %   121     (154 )     275   -179 %
    Gain on sale of loans, net   267     445     170       (178 ) -40 %   97   57 %   865     540       325   60 %
    Income on bank-owned insurance   188     182     174       6   3 %   14   8 %   550     509       41   8 %
    Other non-interest income   7     17     18       (10 ) -59 %   (11 ) -61 %   34     53       (19 ) -36 %
    Non-Interest Income   1,687     1,963     1,610       (276 ) -14 %   77   5 %   5,093     4,643       450   10 %
                                               
    Non-Interest Expense                                          
    Salaries and employee benefits   6,341     6,321     5,560       20   0 %   781   14 %   18,656     17,006       1,650   10 %
    Occupancy   601     564     501       37   7 %   100   20 %   1,806     1,536       270   18 %
    Furniture, Fixtures & Equipment   286     267     252       19   7 %   34   13 %   837     808       29   4 %
    Marketing & donations   201     176     160       25   14 %   41   26 %   531     380       151   40 %
    Professional services   233     327     301       (94 ) -29 %   (68 ) -23 %   897     941       (44 ) -5 %
    Data Processing & IT   1,185     1,165     1,161       20   2 %   24   2 %   3,541     3,490       51   1 %
    Other   883     1,025     1,207       (142 ) -14 %   (324 ) -27 %   2,839     3,174       (335 ) -11 %
    Non-Interest Expense   9,730     9,845     9,142       (115 ) -1 %   588   6 %   29,107     27,335       1,772   6 %
    Income before income taxes   3,227     2,580     4,504       647   25 %   (1,277 ) -28 %   9,086     14,447       (5,361 ) -37 %
    Provision for income taxes   633     454     859       179   39 %   (226 ) -26 %   1,716     2,784       (1,068 ) -38 %
    Net Income $ 2,594   $ 2,126   $ 3,645     $ 468   22 %   (1,051 ) -29 % $ 7,370   $ 11,663     $ (4,293 ) -37 %
                                               
    Effective tax rate   19.6 %   17.6 %   19.1 %     2.0 %     0.5 %     18.9 %   19.3 %     -0.4 %  
    BALANCE SHEET (unaudited) Period Ended   Change from   % of Total
    ($ in 000s)    
                                       
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024 Sep 30, 2023   Sep 30, Jun 30, Sep 30,
        2024     2024     2023       $ %   $ %   2024  2024  2023 
    Assets                                  
    Cash on hand and in banks $ 20,621   $ 17,362   $ 12,052     $ 3,259   19 % $ 8,569   71 %   2 % 2 % 2 %
    Interest bearing deposits   80,522     58,586     146,886       21,936   37 %   (66,364 ) -45 %   7 % 5 % 12 %
    Investment securities   296,792     278,728     289,152       18,064   6 %   7,640   3 %   26 % 25 % 24 %
    Loans held-for-sale   140     4,051     637       (3,911 ) -97 %   (497 ) -78 %   0 % 0 % 0 %
    Portfolio Loans, net of deferred fees   698,974     703,322     671,134       (4,348 ) -1 %   27,840   4 %   60 % 63 % 57 %
    Allowance for credit losses   (8,897 )   (8,859 )   (8,347 )     (38 ) 0 %   (550 ) 7 %   -1 % -1 % -1 %
    Net loans   690,077     694,463     662,787       (4,386 ) -1 %   27,290   4 %   60 % 62 % 56 %
    Premises & equipment   17,124     15,571     13,756       1,553   10 %   3,368   24 %   2 % 2 % 2 %
    Goodwill & Other Intangibles   13,435     13,435     13,435       –   0 %   –   0 %   1 % 1 % 1 %
    Bank-owned life Insurance   28,084     27,860     27,321       224   1 %   763   3 %   2 % 2 % 2 %
    Other assets   11,615     14,239     15,949       (2,624 ) -18 %   (4,334 ) -27 %   1 % 1 % 1 %
    Total Assets $ 1,158,410   $ 1,124,295   $ 1,181,975     $ 34,115   3 % $ (23,565 ) -2 %   100 % 100 % 100 %
                                       
    Liabilities & Shareholders’ Equity                                  
    Deposits $ 1,011,473   $ 985,627   $ 1,051,256     $ 25,846   3 % $ (39,783 ) -4 %   87 % 88 % 89 %
    Borrowings   13,403   $ 13,403   $ 13,403       –   0 %   –   0 %   1 % 1 % 1 %
    Other liabilities   12,447   $ 10,342   $ 10,715       2,105   20 %   1,732   16 %   1 % 1 % 1 %
    Shareholders’ equity   121,087   $ 114,923   $ 106,601       6,164   5 %   14,486   14 %   11 % 10 % 9 %
    Liabilities & Shareholders’ Equity $ 1,158,410   $ 1,124,295   $ 1,181,975     $ 34,115   3 % $ (23,565 ) -2 %   100 % 100 % 100 %
    INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited) Period Ended   Change from   % of Total
       
    ($ in 000s)                                  
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024 Sep 30, 2023   Sep 30, Jun 30, Sep 30,
        2024     2024     2023       $ %   $ %   2024  2024  2023 
    Investment Securities                                  
    Collateralized mortgage obligations $ 141,842   $ 125,937   $ 126,376     $ 15,905   13 % $ 15,466   12 %   48 % 45 % 45 %
    Mortgage backed securities   41,264     37,159     38,322       4,105   11 %   2,942   8 %   14 % 13 % 13 %
    U.S. Government and agency securities   68,961     72,504     82,292       (3,543 ) -5 %   (13,331 ) -16 %   23 % 27 % 27 %
    Municipal securities   44,725     43,128     42,162       1,597   4 %   2,563   6 %   15 % 15 % 15 %
    Investment Securities $ 296,792   $ 278,728   $ 289,152     $ 18,064   6 % $ 7,640   3 %   100 % 100 % 100 %
                                       
    Held to maturity securities $ 42,301   $ 43,244   $ 56,469     $ (943 ) -2 % $ (14,168 ) -25 %   14 % 16 % 20 %
    Available for sale securities $ 254,491   $ 235,484   $ 232,683     $ 19,007   8 % $ 21,808   9 %   86 % 84 % 80 %
                                       
    Government & Agency securities $ 252,039   $ 235,570   $ 246,956     $ 16,469   7 % $ 5,083   2 %   85 % 85 % 85 %
    AAA, AA, A rated securities $ 44,084   $ 42,471   $ 41,025     $ 1,613   4 % $ 3,059   7 %   15 % 15 % 14 %
    Non-rated securities $ 669   $ 687   $ 1,171     $ (18 ) -3 % $ (502 ) -43 %   0 % 0 % 0 %
                                       
    AFS Unrealized Gain (Loss) $ (14,804 ) $ (21,978 ) $ (29,783 )   $ 7,174   -33 % $ 14,979   -50 %   -5 % -8 % -10 %
    PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited) Period Ended   Change from   % of Total
       
    ($ in 000s)                                  
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024 Sep 30, 2023   Sep 30, Jun 30, Sep 30,
        2024     2024     2023       $ %   $ %   2024  2024  2023 
    Portfolio Loans                                  
    Commercial & agriculture $ 73,002   $ 74,952   $ 73,232     $ (1,950 ) -3 % $ (230 ) 0 %   10 % 11 % 11 %
    Real estate:                                  
    Construction and development   46,569     47,856     42,584       (1,287 ) -3 %   3,985   9 %   7 % 7 % 6 %
    Residential 1-4 family   105,298     105,807     90,449       (509 ) 0 %   14,849   16 %   15 % 14 % 14 %
    Multi-family   60,773     58,003     49,092       2,770   5 %   11,681   24 %   9 % 8 % 7 %
    CRE — owner occupied   167,086     169,491     164,057       (2,405 ) -1 %   3,029   2 %   24 % 24 % 25 %
    CRE — non owner occupied   157,347     157,591     154,993       (244 ) 0 %   2,354   2 %   22 % 22 % 23 %
    Farmland   26,553     27,195     27,641       (642 ) -2 %   (1,088 ) -4 %   4 % 4 % 4 %
    Consumer   62,975     63,082     69,921       (107 ) 0 %   (6,946 ) -10 %   9 % 10 % 10 %
    Portfolio Loans   699,603     703,977     671,969       (4,374 ) -1 %   27,634   4 %   100 % 100 % 100 %
    Less: ACL   (8,897 )   (8,859 )   (8,347 )                      
    Less: deferred fees   (629 )   (655 )   (835 )                      
    Net loans $ 690,077   $ 694,463   $ 662,787                        
                                       
    Regulatory Commercial Real Estate $ 261,292   $ 260,068   $ 244,277     $ 1,224   0 % $ 17,015   7 %   37 % 37 % 36 %
    Total Risk Based Capital(1) $ 140,971   $ 140,176   $ 137,473     $ 795   1 % $ 3,498   3 %        
    CRE to Risk Based Capital(1)   185 %   186 %   178 %       -1 %     7 %        
    CRE–MULTI-FAMILY & NON OWNER OCCUPIED COMPOSITION (unaudited) Period Ended   Change from   % of Total
       
    ($ in 000s)                                  
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024 Sep 30, 2023   Sep 30, Jun 30, Sep 30,
        2024   2024   2023     $ %   $ %   2024  2024  2023 
    Collateral Composition(2)                                  
    Multifamily $ 63,099 $ 63,243 $ 54,677   $ (144 ) 0 % $ 8,422   15 %   27 % 27 % 26 %
    Retail   37,685   36,074   28,657     1,611   4 %   9,028   32 %   16 % 16 % 13 %
    Hospitality   30,844   30,248   32,190     596   2 %   (1,346 ) -4 %   13 % 13 % 15 %
    Mini Storage   25,758   23,619   20,977     2,139   9 %   4,781   23 %   11 % 11 % 10 %
    Office   22,921   23,266   27,075     (345 ) -1 %   (4,154 ) -15 %   10 % 10 % 13 %
    Mixed Use   22,708   23,520   22,457     (812 ) -3 %   251   1 %   10 % 10 % 11 %
    Industrial   13,912   13,691   10,898     221   2 %   3,014   28 %   6 % 6 % 5 %
    Warehouse   7,582   7,631   6,204     (49 ) -1 %   1,378   22 %   3 % 3 % 3 %
    Special Purpose   6,968   7,014   7,146     (46 ) -1 %   (178 ) -2 %   3 % 3 % 3 %
    Other   3,174   3,213   3,380     (39 ) -1 %   (206 ) -6 %   1 % 1 % 1 %
    Total $ 234,651 $ 231,519 $ 213,661   $ 3,132   1 % $ 20,990   10 %   100 % 100 % 100 %
                                       
    (1) Bank of the Pacific                      
    (2) Includes loans in process of construction                      
    CREDIT QUALITY (unaudited) Period Ended   Change from
     
    ($ in 000s)   Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024 Jun 30, 2024
        2024    2024    2023      $ %   $ %
    Risk Rating Distribution                          
    Pass $ 691,199   $ 694,272   $ 664,327     $ (3,073 ) 0 %   26,872   4 %
    Special Mention   4,789     4,731     1,626       58   1 %   3,163   195 %
    Substandard   3,615     4,974     6,016       (1,359 ) -27 %   (2,401 ) -40 %
    Portfolio Loans $ 699,603   $ 703,977   $ 671,969     $ (4,374 ) -1 % $ 27,634   4 %
                               
    Nonperforming Assets                          
    Nonaccruing loans   1,138     1,370     1,219     $ (232 ) -17 %   (81 ) -7 %
    Other real estate owned   –     –     –       –   0 %   –   0 %
    Nonperforming Assets $ 1,138   $ 1,370   $ 1,219     $ (232 ) -17 %   (81 ) -7 %
                               
    Credit Metrics                          
    Classified loans1 to portfolio loans   0.52 %   0.71 %   0.90 %     -0.19 %     -0.38 %  
    ACL to classified loans1   246.11 %   178.11 %   132.68 %     68.00 %     113.43 %  
    Loans past due 30+ days to portfolio loans2   0.03 %   0.04 %   0.25 %     -0.01 %     -0.22 %  
    Nonperforming assets to total assets   0.10 %   0.12 %   0.10 %     -0.02 %     0.00 %  
    Nonaccruing loans to portfolio loans   0.16 %   0.19 %   0.18 %     -0.03 %     -0.02 %  
                               
    (1) Classified loans include loans rated substandard or worse and are defined as loans having a well-defined weakness or weaknesses related to the borrower’s financial capacity or to pledged collateral that may jeopardize the repayment of the debt. They are characterized by the possibility that the Bank may sustain some loss if the deficiencies giving rise to the substandard classification are not corrected.
    (2) Excludes non-accrual loans
    DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited) Period Ended   Change from   % of Total
       
    ($ in 000s)                                  
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024 Sep 30, 2023   Sep 30, Jun 30, Sep 30,
        2024   2024   2023     $ %   $ %   2024  2024  2023 
    Deposits                                  
    Interest-bearing demand $ 183,337 $ 179,278 $ 208,091   $ 4,059   2 % $ (24,754 ) -12 %   18 % 19 % 20 %
    Money market   192,185   180,727   179,367     11,458   6 %   12,818   7 %   19 % 18 % 17 %
    Savings   117,131   121,851   138,981     (4,720 ) -4 %   (21,850 ) -16 %   12 % 12 % 13 %
    Time deposits (CDs)   133,995   125,560   92,720     8,435   7 %   41,275   45 %   13 % 13 % 9 %
    Total interest-bearing deposits   626,648   607,416   619,159     19,232   3 %   7,489   1 %   62 % 62 % 59 %
    Non-interest bearing demand   384,825   378,211   432,097     6,614   2 %   (47,272 ) -11 %   38 % 38 % 41 %
    Total deposits $ 1,011,473 $ 985,627 $ 1,051,256   $ 25,846   3 % $ (39,783 ) -4 %   100 % 100 % 100 %
                                       
    Insured Deposits $ 636,725 $ 632,923 $ 666,308   $ 3,802   1 % $ (414,008 ) -62 %   63 % 64 % 63 %
    Collateralized Deposits   122,448   118,966   152,960     3,482   3 %   (30,512 ) -20 %   12 % 12 % 15 %
    Uninsured Deposits   252,300   233,738   231,988     18,562   8 %   404,737   174 %   25 % 24 % 22 %
    Total Deposits $ 1,011,473 $ 985,627 $ 1,051,256   $ 25,846   3 % $ (39,783 ) -4 %   100 % 100 % 100 %
                                       
    Consumer Deposits $ 458,097 $ 458,249 $ 466,877   $ (152 ) 0 % $ (8,780 ) -2 %   45 % 47 % 44 %
    Business Deposits   420,845   398,719   429,443     22,126   6 %   (8,598 ) -2 %   42 % 40 % 41 %
    Public Deposits   132,531   128,659   154,936     3,872   3 %   (22,405 ) -14 %   13 % 13 % 15 %
    Total Deposits $ 1,011,473 $ 985,627 $ 1,051,256   $ 25,846   3 % $ (39,783 ) -4 %   100 % 100 % 100 %
    NET INTEREST MARGIN (unaudited) Quarter Ended   Change From   Nine Months Ended   Change
         
    ($ in 000s)                                          
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024   Sep 30, 2023   Sep 30,   Sep 30,        
        2024    2024    2023      $ %   $ %   2024    2023      $ %
                                               
    Average Interest Bearing Balances                                          
    Portfolio loans $ 697,904   $ 699,404   $ 665,300     $ (1,500 ) 0 % $ 32,604   5 % $ 695,418   $ 653,619     $ 41,799   6 %
    Loans held for sale $ 1,276   $ 1,593   $ 497     $ (317 ) -20 % $ 779   157 % $ 1,155   $ 601     $ 554   92 %
    Investment securities $ 285,947   $ 283,637   $ 284,041     $ 2,310   1 % $ 1,906   1 % $ 287,315   $ 285,538     $ 1,777   1 %
    Interest-bearing cash $ 81,755   $ 62,494   $ 172,119     $ 19,261   31 % $ (90,364 ) -53 % $ 71,080   $ 206,259     $ (135,179 ) -66 %
    Total interest-earning assets $ 1,066,882   $ 1,047,128   $ 1,121,957     $ 19,754   2 % $ (55,075 ) -5 % $ 1,054,968   $ 1,146,017     $ (91,049 ) -8 %
    Non-interest bearing deposits $ 383,332   $ 387,740   $ 441,782     $ (4,408 ) -1 % $ (58,450 ) -13 % $ 388,672   $ 457,750     $ (69,078 ) -15 %
    Interest-bearing deposits $ 615,388   $ 596,121   $ 619,183     $ 19,267   3 % $ (3,795 ) -1 % $ 600,694   $ 628,978     $ (28,284 ) -4 %
    Total Deposits $ 998,720   $ 983,861   $ 1,060,965     $ 14,859   2 % $ (62,245 ) -6 % $ 989,366   $ 1,086,728     $ (97,362 ) -9 %
    Borrowings $ 13,403   $ 13,404   $ 13,403     $ (1 ) 0 % $ –   0 % $ 13,403   $ 13,401     $ 2   0 %
    Total interest-bearing liabilities $ 628,791   $ 609,525   $ 632,586     $ 19,266   3 % $ (3,795 ) -1 % $ 614,097   $ 642,379     $ (28,282 ) -4 %
                                               
    Yield / Cost $(1)                                          
    Portfolio loans $ 10,509   $ 10,092   $ 9,570     $ 417   4 % $ 939   10 % $ 30,834   $ 27,208     $ 3,626   13 %
    Loans held for sale $ 22   $ 28   $ 8     $ (6 ) -21 % $ 14   175 % $ 55   $ 28     $ 27   96 %
    Investment securities $ 2,535   $ 2,442   $ 2,405     $ 93   4 % $ 130   5 % $ 7,485   $ 6,954     $ 531   8 %
    Interest-bearing cash $ 1,108   $ 847   $ 2,322     $ 261   31 % $ (1,214 ) -52 % $ 2,890   $ 7,669     $ (4,779 ) -62 %
    Total interest-earning assets $ 14,174   $ 13,410   $ 14,306     $ 764   6 % $ (132 ) -1 % $ 41,265   $ 41,859     $ (594 ) -1 %
    Interest-bearing deposits $ 2,684   $ 2,358   $ 1,716     $ 326   14 % $ 968   56 % $ 7,033   $ 3,437     $ 3,596   105 %
    Borrowings $ 243   $ 242   $ 246     $ 1   0 % $ (3 ) -1 % $ 727   $ 682     $ 45   7 %
    Total interest-bearing liabilities $ 2,927   $ 2,600   $ 1,962     $ 327   13 % $ 965   49 % $ 7,760   $ 4,119     $ 3,641   88 %
    Net interest income $ 11,247   $ 10,810   $ 12,344     $ 437   4 %   (1,097 ) -9 % $ 33,505   $ 37,740     $ (4,235 ) -11 %
                                               
    Yield / Cost %(1)                                          
    Yield on portfolio loans   5.99 %   5.80 %   5.71 %     0.19 %     0.28 %     5.92 %   5.57 %     0.35 %  
    Yield on investment securities   3.53 %   3.46 %   3.36 %     0.07 %     0.17 %     3.48 %   3.26 %     0.22 %  
    Yield on interest-bearing cash   5.39 %   5.46 %   5.35 %     -0.07 %     0.04 %     5.43 %   4.97 %     0.46 %  
    Cost of interest-bearing deposits   1.74 %   1.59 %   1.10 %     0.15 %     0.64 %     1.56 %   0.73 %     0.83 %  
    Cost of borrowings   7.21 %   7.26 %   7.28 %     -0.05 %     -0.07 %     7.25 %   6.80 %     0.45 %  
    Cost of deposits and borrowings   1.15 %   1.05 %   0.72 %     0.10 %     0.43 %     1.03 %   0.50 %     0.53 %  
                                               
    Yield on interest-earning assets   5.29 %   5.15 %   5.06 %     0.14 %     0.23 %     5.22 %   4.88 %     0.34 %  
    Cost of interest-bearing liabilities   1.85 %   1.72 %   1.23 %     0.13 %     0.62 %     1.69 %   0.86 %     0.83 %  
    Net interest spread   3.44 %   3.43 %   3.83 %     0.01 %     -0.39 %     3.53 %   4.02 %     -0.49 %  
    Net interest margin   4.19 %   4.15 %   4.37 %     0.04 %     -0.18 %     4.24 %   4.40 %     -0.16 %  
                                               
    (1) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.  
    ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited) Quarter Ended   Change From   Nine Months Ended   Change
         
    ($ in 000s)                                          
        Sep 30,   Jun 30,   Sep 30,     Jun 30, 2024   Sep 30, 2023   Sep 30,   Sep 30,        
        2024    2024    2023      $ %   $ %   2024    2023      $ %
    Allowance for Credit Losses                                          
    Beginning of period balance $ 8,859   $ 8,580   $ 8,223     $ 279   3 % $ 636   8 % $ 8,530   $ 8,236     $ 294   4 %
    Impact of CECL Adoption (ASC 326)   –     –     –       –   -100 %   –   -100 %   –     (157 )     157   -100 %
    Charge-offs   (5 )   (57 )   (126 )     52   -91 %   121   -96 %   (97 )   (259 )     162   -63 %
    Recoveries   16     1     1       15   1500 %   15   1500 %   19     55       (36 ) -65 %
    Net (charge-off) recovery   11     (56 )   (125 )     67   -120 %   136   -109 %   (78 )   (204 )     126   -62 %
    Provision (benefit)   27     335     249       (308 ) -92 %   (222 ) -89 %   445     472       (27 ) -6 %
    End of period balance $ 8,897   $ 8,859   $ 8,347     $ 38   0 % $ 550   7 % $ 8,897   $ 8,347     $ 550   7 %
                                               
    Net charge-off (recovery) to                                          
    average portfolio loans   -0.01 %   0.03 %   0.07 %     -0.04 %     -0.08 %     0.01 %   0.04 %     -0.03 %  
    ACL to portfolio loans   1.27 %   1.26 %   1.24 %     0.01 %     0.03 %     1.27 %   1.24 %     0.03 %  
                                               
    Allowance for unfunded loans                                          
    Beginning of period balance $ 617   $ 648   $ 754     $ (31 ) -5 % $ (137 ) -18 % $ 698   $ 203     $ 495   244 %
    Impact of CECL Adoption (ASC 326)   –     –     –       –   -100 %   –   -100 %   –     609       (609 ) -100 %
    Provision (benefit)   (93 )   (31 )   (5 )     (62 ) 200 %   (88 ) 1760 %   (174 )   (63 )     (111 ) 176 %
    End of period balance $ 524   $ 617   $ 749     $ (93 ) -15 % $ (225 ) -30 % $ 524   $ 749     $ (225 ) -30 %

    ABOUT PACIFIC FINANCIAL CORPORATION

    Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At September 30, 2024, the Company had total assets of $1.16 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in the communities of Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

    Cautions Concerning Forward-Looking Statements
    This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation and its wholly-owned subsidiary, Bank of the Pacific. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of the Company’s management and are subject to risks and uncertainties, many of which are beyond our control, which could cause actual events or results to differ materially from those projected, anticipated or implied, and could negatively impact the Company’s operating and stock price performance. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, development of new business lines and markets, competition in the marketplace, general economic conditions, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. Any forward-looking statements in this communication are based on information at the time the statement is made. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

    CONTACTS:
    DENISE PORTMANN, PRESIDENT & CEO
    CARLA TUCKER, EVP & CFO
    360.533.8873

    The MIL Network –

  • MIL-OSI: North American Construction Group Ltd. Announces Credit Facility Extension

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, Oct. 25, 2024 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) today announced it has finalized an extension and amendment of its senior secured credit facility (the “Credit Facility”). The maturity date has been extended by one year to October 3, 2027. In addition to the extension, the capacity has been increased to provide greater flexibility in operating the Company’s Australian and Canadian businesses.

    “We would like to take this opportunity to once again thank National Bank Financial and our syndicate partners for their ongoing support,” Jason Veenstra, Chief Financial Officer stated. “It is encouraging to have all existing members extend. This low-cost facility is the foundation of our debt financing and provides the liquidity and term needed for our business.”

    The Credit Facility provides lending capacity of $525 million (from $475 million) through Canadian and Australia dollar tranches and allows for an additional $400 million of secured equipment financing from third party providers (from $350 million). The facility is comprised of a revolver with no scheduled repayments and is not governed by a borrowing base that limits available borrowings. Financial covenants are tested quarterly on a trailing four quarter basis and are generally consistent with the previous agreement except for the fixed charge ratio being replaced with an interest coverage ratio.

    About NACG
    NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For over 70 years, NACG has provided services to mining, resource, and infrastructure construction markets.

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    P: 780.960.7171
    E: ir@nacg.ca

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “expected”, “estimated” or similar expressions, including the anticipated revenues and backlog to be generated by the contract. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending June 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.

    The MIL Network –

  • MIL-OSI Australia: Report calls for regulatory reform to tackle health impacts of gambling

    Source: Federation University

    A new Lancet Commission report highlights the urgent need for regulatory reform to address the health impacts resulting from the rapid expansion of commercial gambling. The report reveals that gambling harms are far more substantial than previously understood, exacerbated by the increased visibility of the gambling industry through digital and online platforms. 

    The harms associated with gambling extend beyond financial losses and include physical and mental health problems, relationship breakdown, heightened risk of suicide and domestic violence, increased crime, and loss of employment. According to the report, an estimated 80 million adults worldwide experience gambling disorder or problematic gambling. 

    Dr. Angela Rintoul, Principal Research Fellow at Federation University and a member of the Lancet Commission, expressed concern over the Australian government’s failure to respond to urgent cross-party recommendations from the Murphy Inquiry.  

    The Murphy Inquiry ‘you win some, you lose more’ was released in June 2023, detailing 31 recommendations, with the aim of reducing and ending gambling advertising and addressing the serious risk of suicide linked to gambling and a comprehensive national strategy on online gambling harm. 

    Dr. Rintoul stated, “We know that gambling causes enormous harm not only to those who gamble, but their family members, friends, and colleagues. High levels of gambling contribute significantly to suicide, domestic violence and other health and wellbeing issues. Constant promotion of gambling is exposing young people to gambling advertising as never before, with devastating consequences for many.”   

    The Lancet Commission report emphasises that the harms of gambling are not evenly distributed, with adolescents, children, and those from disadvantaged socio-economic groups being more at risk.  

    The Lancet Commission report calls for effective and well-resourced regulatory controls and international leadership to urgently reduce the impact of commercial gambling on public health.  

    For more information about the Lancet Commission report and its recommendations, please visit www.thelancet.com/commissions/gambling 

    About the Lancet Commission: 

    The Lancet Commission is an independent international body of experts that provides evidence-based recommendations to address pressing global health challenges. The Commission brings together leading researchers, policymakers, and practitioners to develop strategies for improving public health and achieving sustainable development. 

    Quotes attributable to Federation University Australia Vice-Chancellor and President Professor Duncan Bentley 

    “At Federation University, our mission is to transform lives and enhance communities and the recommendations in the Lancet Commission Report clearly outline urgent recommendations that will help keep our communities safe.” 

    “Gambling advertising has catastrophic impacts on lives far beyond financial stress and it is our responsibility to protect young people who are especially vulnerable to the risks.” 

    Quotes attributable to Federation University Australia Pro Vice Chancellor Research and Executive Deal, Institute of Health and Wellbeing, Professor Remco Polman 

    “The Lancet Commission Report is timely considering the Murphy inquiry in Australia and the government must heed the report’s recommendations. I am proud that Federation University is globally at the forefront of this issue.” 

    “Gambling does significant harm to the individual as well as their environment. It will be key to develop effective strategies to reduce the harms of excessive gambling and protect our children from the harmful effects and the predatory strategies of gambling companies.” 

    MIL OSI News –

  • MIL-OSI USA: Press Release: FDIC Makes Public September Enforcement Actions; No Administrative Hearing Scheduled for November 2024

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI Economics: Meeting the moment: Microsoft’s 2024 Impact Summary

    Source: Microsoft

    Headline: Meeting the moment: Microsoft’s 2024 Impact Summary

    In the past year, we’ve witnessed remarkable examples of how AI can be applied to address some of the world’s most difficult problems—problems that until recently, we accepted as unsolvable either because the scale was too enormous (monitoring the health of the Amazon rainforest) or because getting powerful technology into the hands of everyday people was too expensive (diagnostic tools to detect disease in remote areas).

    But it turns out that when you enable teams of scientists and engineers to develop creative AI-driven solutions designed and implemented with the input of local communities, governments, private companies, and NGOs, the results are astonishingly effective and efficient.

    At Microsoft, we know that AI is going to be the driving, transformative force in the effort to bring education, healthcare, and opportunity to everyone, everywhere. But to realize our mission of empowering every person and every organization on the planet to achieve more in this AI era, we need to bring AI and the infrastructure that supports it to the areas of the world that were left behind in prior industrial revolutions.

    That’s why, in addition to making AI investments in the past year in places like Australia, the UK, Germany, France, and the United States, we also went to Indonesia, Malaysia, Thailand, Kenya, Mexico, and Brazil. We aren’t doing this alone; we are partnering with governments, private companies, and NGOs to build infrastructure that will result in carbon-negative, water positive data centers as well as skilling courses to create meaningful employment.

    None of this works without trust. Our business runs on trust, and it’s earned through an overriding commitment to security built into our products, openness to regulation, and transparency. This report details how we’re living up to our exacting standards in expanding opportunity, building trust, protecting fundamental rights, and advancing sustainability. There’s much more to do, but with AI and the collaborative power of billions of people worldwide, we will continue to tackle tough problems and solve them together.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Cost of hundreds of parking spaces could fall, says council

    Source: City of Canterbury

    Home  »  Latest News   »   Cost of hundreds of parking spaces could fall, says council

    The cost of parking in more than 4,000 car park spaces across the district is set to be frozen.

    And the cost of parking in 220 spaces in one Canterbury city centre car park is proposed to fall by a huge 37%.

    In a report to Canterbury City Council’s Cabinet asking for permission to consult on the coming year’s parking charges, tariffs at the following car parks are set to stay the same:

    • all three Park and Ride sites – New Dover Road, Wincheap and Sturry Road
    • at most Band 2 car parks including St Radigunds, Northgate, Longport, Millers Field in Canterbury; Beach Walk, Oyster and Middle Wall in Whitstable; Neptune in Herne Bay; Reculver Towers and Reculver Country Park in Reculver
    • Band 3 car parks including Castle Street Multi-Storey, Holmans Meadow, Station Road West Multi-Storey, Toddlers Cove, Victoria Rec Ground in Canterbury; Cow Lane and Maynard Road in Wincheap; Gladstone Road, Shaftesbury Road and Victoria Street,in Whitstable; William Street, Market Street and Memorial Park in Herne Bay
    • Band 5 car parks including Ocean View, Swalecliffe Avenue and Bishopstone Lane in Herne Bay, Tankerton Road in Tankerton, Reculver Drive in Reculver, Hampton in Hampton, Faversham Road in Seasalter and the Gorrell Valley Nature Reserve

    A space at the Riverside complex will fall from £2.70 an hour to £1.70 with the resident rate or £1.90 without.

    And, after concerns were raised about the increase in the cost of parking in School Lane, Herne, which was imposed last year, the report says the cost of an all-day space should fall from £15 per day to £1.60 on weekdays and £3.20 during the weekend and bank holidays.

    Motorists could also benefit from:

    • the introduction of an annual Park and Ride permit for £50 per month or £600 per year saving motorists money
    • the introduction of a Park and Ride corporate account allowing businesses to encourage their staff to park for just £2.50 per day including free parking at the weekend
    • applying the resident rate to the daily capped charge in Band 3 car parks controlled by ANPR cameras so it will cost a maximum of £13.50 per day. Non residents will pay £15
    • applying the resident rate to the daily capped charge in Band 2 car parks so it will cost a maximum of £18 per day. Non residents will pay a maximum of £20 per day

    Cllr Alex Ricketts, Cabinet Member for Tourism, Transport and Rural Champion, said: “Parking charges are never popular but the income they generate helps to pay for vital frontline services like waste collections or providing temporary accommodation for families that find themselves without a roof over their heads.

    “Feedback from the public has been instrumental in the formation of this set of proposals and, if Cabinet gives its permission to consult, we’re keen to hear everyone’s views before any final decisions are taken early next year.

    “I’d urge people to take a moment to feed into the process. We do listen and adjust charges where we can.

    “I hope our proposal for School Lane is evidence of that.

    “And it is worth noting, we’re still waiting to hear from the new Chancellor how much money she can find for local government so some our assumptions may have to change.”

    The draft Off Street Parking Places Order (OSPPO), which sets council car park tariffs, also proposes:

    • to add 10p an hour to the cost of parking in the council’s Band 1 car parks
    • to move North Lane and Castle Row car parks in Canterbury from Band 2 to Band 1
    • to increase the cost of off-street parking permits by 3%

    Cllr Ricketts said: “Everyone who lives, works and studies in Canterbury knows it is impossible to drive around the city at certain times of the day and how difficult it is to find a space in our most popular car parks.

    “We have to cut the queues and change people’s habits. Park and Ride is key.

    “These proposals are designed to reduce the demand for city centre car parking spaces and persuade people and businesses to use low-cost and convenient alternatives like the Park and Ride scheme.

    “They align with our emerging bus-led transport strategy which is aimed at making alternatives to the car far more attractive to cut congestion, boost air quality and combat climate change.

    “We really do want to hear what people think especially if they have alternative ideas.”

    The banding of the council’s car parks and the resident rate was introduced last year.

    Car parks have been placed in bands with the most popular and convenient in Band 1 and the far less well used in Band 5.

    If you’re a resident of Canterbury, Herne Bay, Whitstable or the rural villages and you have a parking permit account, you can sign up for a resident rate permit in certain car parks.

    You pay 10% less in all ANPR-camera controlled car parks in bands 2 and 3 and 20% less at all Park and Ride sites.

    The Cabinet will decide whether to give permission to consult on the OSPPO at its meeting on Monday 4 November at 7pm in the Guildhall, St Peter’s Place, Canterbury.

    If approved, the consultation will run from Monday 11 November 2024 to Monday 6 January 2025.

    Published: 25 October 2024

    MIL OSI United Kingdom –

  • MIL-Evening Report: RSF tackles Taiwan’s media freedom ‘Achilles heel’, boosts Asia Pacific monitoring action

    SPECIAL REPORT: By David Robie in Taipei

    It was a heady week for the Paris-based global media freedom watchdog Reporters Without Borders (RSF) — celebration of seven years of its Taipei office, presenting a raft of proposals to the Taiwan government, and hosting its Asia-Pacific network of correspondents.

    Director general Thibaut Bruttin and the Taipei bureau chief Cedric Alviani primed the Taipei media scene before last week’s RSF initiatives with an op-ed in the Taiwan Times by acknowledging the country’s media freedom advances in the face of Chinese propaganda.

    Taiwan rose eight places to 27th in the RSF World Press Freedom Index this year — second only to Timor-Leste in the Asia-Pacific region.

    But the co-authors also warned over the credibility damage caused by media “too often neglect[ing] journalistic ethics for political or commercial reasons”.

    As a result, only three in 10 Taiwanese said they trusted the news media, according to a Reuters Institute survey conducted in 2022, one of the lowest percentages among democracies.

    “This climate of distrust gives disproportionate influence to platforms, in particular Facebook and Line, despite them being a major vector of false or biased information,” Bruttin and Alviani wrote.

    “This credibility deficit for traditional media, a real Achilles heel of Taiwanese democracy, puts it at risk of being exploited for malicious purposes, with potentially dramatic consequences.”

    Press freedom programme
    At a meeting with Taiwanese President Lai Ching-te and senior foreign affairs officials, Bruttin and his colleagues presented RSF’s innovative programme for improving press freedom, including the Journalism Trust Initiative (JTI), the first ISO-certified media quality standard; the Paris Charter on Artificial Intelligence and Journalism; and the Propaganda Monitor, a project aimed at combating propaganda and disinformation worldwide.

    RSF director-general Thibaut Bruttin speaking at the reception celebrating seven years of Taipei’s Asia Pacific office. Image: Pacific Media Watch

    The week also highlighted concerns over the export of the China’s “New World Media Order”, which is making inroads in some parts of the Asia-Pacific region, including the Pacific.

    At the opening session of the Asia-Pacific correspondents’ seminar, delegates referenced the Chinese disinformation and assaults on media freedom strategies that have been characterised as the “great leap backwards for journalism” in China.

    “Disinformation — the deliberate spreading of false or biased news to manipulate minds — is gaining ground around the world,” Bruttin and Alviani warned in their article.

    “As China and Russia sink into authoritarianism and export their methods of censorship and media control, democracies find themselves overwhelmed by an incessant flow of propaganda that threatens the integrity of their institutions.”

    Both Bruttin and Alviani spoke of these issues too at the celebration of the seventh anniversary of the Asia-Pacific office in Taipei.

    Why Taipei? Hongkong had been an “likely choice, but not safe legally”, admitted Bruttin when they were choosing their location, so the RSF team are happy with the choice of Taiwan.

    Hub for human rights activists
    “I think we were among the first NGOs to have established a presence here. We kind of made a bet that Taipei would be a hub for human rights activists, and we were right.”

    About 200 journalists, media workers and press freedom and human rights advocates attended the birthday bash in the iconic Grand Hotel’s Yuanshan Club. So it wasn’t surprising that there was a lot of media coverage raising the issues.

    RSF director-general Thibaut Bruttin (centre) with correspondents Dr David Robie and Dr Joseph Fernandez in Taipei. Image: Pacific Media Watch

    In an interview with Voice of America’s Joyce Huang, Bruttin was more specific about the “insane” political propaganda threats from China faced by Taiwan.

    However, Taiwan “has demonstrated resilience and has rich experience in resisting cyber information attacks, which can be used as a reference for the world”.

    Referencing China as the world’s “biggest jailer of journalists”, Bruttin said: “We’re very worried, obviously.” He added about some specific cases: “We’ve had very troublesome reports about the situation of Zhang Zhan, for example, who was the laureate of the RSF’s [2021 press freedom] awards [in the courage category] and had been just released from jail, now is sent back to jail.

    “We know the lack of treatment if you have a medical condition in the Chinese prisons.

    “Another example is Jimmy Lai, the Hongkong press freedom mogul, he’s very likely to die in jail if nothing happens. He’s over 70.

    “And there is very little reason to believe that, despite his dual citizenship, the British government will be able to get him a safe passage to Europe.”

    Problem for Chinese public
    Bruttin also expressed concern about the problem for the general public, especially in China where he said a lot of people had been deprived of the right to information “worthy of that name”.

    “And we’re talking about hundreds of millions of people. And it’s totally scandalous to see how bad information is treated in the People’s Republic of China.”

    Seventeen countries in the Asia-Pacific region were represented in the network seminar.

    Representatives of Australia, Cambodia, Hongkog, Indonesia, Japan, Myanmar, Mongolia, New Zealand, Papua New Guinea, Philippines, South Korea, Tibet, Thailand and Vietnam were present. However, three correspondents (Malaysia, Singapore and Timor-Leste) were unable to be personally present.

    Discussion and workshop topics included the RSF Global Strategy; the Asia-Pacific network and the challenges being faced; best practice as correspondents; “innovative solutions” against disinformation; public advocacy (for authoritarian regimes; emerging democracies, and “leading” democracies); “psychological support” – one of the best sessions; and the RSF Crisis Response.

    RSF Oceania colleagues Dr David Robie (left) and Dr Joseph Fernandez . . . mounting challenges. Image: Pacific Media Watch

    What about Oceania (including Australia and New Zealand) and its issues? Fortunately, the countries being represented have correspondents who can speak our publicly, unlike some in the region facing authoritarian responses.

    Australia
    Australian correspondent Dr Joseph M Fernandez, visiting associate professor at Curtin University and author of the book Journalists and Confidential Sources: Colliding Public Interests in the Age of the Leak, notes that Australia sits at 39th in the RSF World Press Freedom Index — a drop of 12 places from the previous year.

    “While this puts Australia in the top one quarter globally, it does not reflect well on a country that supposedly espouses democratic values. It ranks behind New Zealand, Taiwan, Timor-Leste and Bhutan,” he says.

    “Australia’s press freedom challenges are manifold and include deep-seated factors, including the influence of oligarchs whose own interests often collide with that of citizens.

    “While in opposition the current Australian federal government promised reforms that would have improved the conditions for press freedom, but it has failed to deliver while in government.

    “Much needs to be done in clawing back the over-reach of national security laws, and in freeing up information flow, for example, through improved whistleblower law, FOI law, source protection law, and defamation law.”

    Dr Fernandez criticises the government’s continuing culture of secrecy and says there has been little progress towards improving transparency and accountability.

    “The media’s attacks upon itself are not helping either given the constant moves by some media and their backers to undermine the efforts of some journalists and some media organisations, directly or indirectly.”

    A proposal for a “journalist register” has also stirred controversy.

    Dr Fernandez also says the war on Gaza has “highlighted the near paralysis” of many governments of the so-called established democracies in “bringing the full weight of their influence to end the loss of lives and human suffering”.

    “They have also failed to demonstrate strong support for journalists’ ability to tell important stories.”


    An English-language version of this tribute to the late RSF director-general Christophe Deloire, who died from cancer on 8 June 2024, was screened at the RSF Taipei reception. He was 53. Video: RSF

    Aotearoa New Zealand
    In New Zealand (19th in the RSF Index), although journalists work in an environment free from violence and intimidation, they have increasingly faced online harassment. Working conditions became tougher in early 2022 when, during protests against covid-19 vaccinations and restrictions and a month-long “siege” of Parliament, journalists were subjected to violence, insults and death threats, which are otherwise extremely rare in the country.

    Research published in December 2023 revealed that high rates of abuse and threats directed at journalists put the country at risk of “mob censorship” – citizen vigilantism seeking to “discipline” journalism. Women journalists bore the brunt of the online abuse with one respondent describing her inbox as a “festering heap of toxicity”.

    While New Zealand society is wholeheartedly multicultural, with mutual recognition between the Māori and European populations enshrined in the 1840 Treaty of Waitangi, this balance is under threat from a draft Treaty Principles Bill.

    The nation’s bicultural dimension is not entirely reflected in the media, still dominated by the English-language press. A rebalancing is taking place, as seen in the success of the Māori Television network and many Māori-language programmes in mass media, such as Te Karere, The Hui and Te Ao Māori News.

    Media plurality and democracy is under growing threat with massive media industry cuts this year.

    New Zealand media also play an important role as a regional communications centre for other South Pacific nations, via Tagata Pasifika, Pacific Media Network and others.

    Papua New Guinea’s Belinda Kora (left) with RSF colleagues . . . “collaborating in our Pacific efforts in seeking the truth”. Image: Belinda Kora

    Papua New Guinea
    The Papua New Guinea correspondent, Belinda Kora, who is secretary of the revised PNG Media Council and an ABC correspondent in Port Moresby, succeeded former South Pacific Post Ltd chief executive Bob Howarth, the indefatigable media freedom defender of both PNG and Timor-Leste.

    Currently PNG (91st in the RSF Index) is locked in a debate over a controversial draft government media policy – now in its fifth version – that critics regard as a potential tool to crack down on media freedom. But Kora is optimistic about RSF’s role.

    “I am excited about what RSF is able and willing to bring to a young Pacific region — full of challenges against the press,” she says.

    “But more importantly, I guess, is that the biggest threat in PNG would be itself, if it continues to go down the path of not being able to adhere to simple media ethics and guidelines.

    “It must hold itself accountable before it is able to hold others in the same way.

    “We have a small number of media houses in PNG but if we are able to stand together as one and speak with one voice against the threats of ownership and influence, we can achieve better things in future for this industry.

    “We need to protect our reporters if they are to speak for themselves and their experiences as well. We need to better provide for their everyday needs before we can write the stories that need to be told.

    “And this lies with each media house.

    The biggest threat for the Pacific as a whole? “I guess the most obvious one would be being able to remain self-regulated BUT not being accountable for breaching our individual code of ethics.

    “Building public trust remains vital if we are to move forward. The lack of media awareness also contributes to the lack of ensuring media is given the attention it deserves in performing its role — no matter how big or small our islands are,” Kora says.

    “The press should remain free from government influence, which is a huge challenge for many island industries, despite state ownership.

    Kora believes that although Pacific countries are “scattered in the region”, they are able to help each other more, to better enhance capacity building and learning from their mistakes with collaboration.

    “By collaborating in our efforts in seeking the truth behind many of our big stories that is affecting our people. This I believe will enable us to improve our performance and accountability.”

    Example to the region
    Meanwhile, back in Taiwan on the day that RSF’s Thibaut Bruttin flew out, he gave a final breakfast interview to China News Agency (CNA) reporter Teng Pei-ju who wrote about the country building up its free press model as an example to the region.

    “Taiwan really is one of the test cases for the robustness of journalism in the world,” added Bruttin, reflecting on the country’s transformation from an authoritarian regime that censored information into a vibrant democracy that fights disinformation.

    Dr David Robie, convenor of the Asia Pacific Media Network’s Pacific Media Watch project and author of several media and politics books, including Don’t Spoil My Beautiful Face: Media, Mayhem and Human Rights in the Pacific, has been an RSF correspondent since 1996.

    RSF Asia Pacific correspondents and staff pictured at the Grand Hotel’s Yuanshan Club. Image: RSF

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    The recent Brics summit in the Russian city of Kazan was less notable for what happened at the meeting than for what happened before, on the margins, or not at all. Among the notable things that did not happen was another expansion of the organisation.

    Since the addition of Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) at the 2023 Brics summit in Johannesburg, which almost doubled the number of member countries from the original five (Brazil, Russia, India, China and South Africa), further enlargement has stalled.

    Argentina, which was also invited in 2023, declined to join. Saudi Arabia, another 2023 invitee, has not acted on the offer to become a member either. Its de-facto ruler, crown prince Mohammad bin Salman, was among the notable absentees in Kazan.

    And Kazakhstan, Russia’s largest neighbour in Central Asia, decided not to join shortly before the summit. This drew Russia’s ire, resulting in a prompt ban on imports of a range of agricultural products from Kazakhstan in retaliation.

    While invitees have declined the opportunity to join Brics, a long list of applicants have not been offered membership. According to a statement by Russia’s president, Vladimir Putin, at a meeting of senior Brics security officials in September, 34 countries have expressed an interest in closer relations with Brics in some form.

    This appears to be a substantial increase in interest in Brics membership compared to a year ago, when South Africa’s foreign minister, Naledi Pandor, listed 23 applicants ahead of the 2023 summit.

    But the fact that, since then, only six invitations have been extended – and four accepted – indicates that formal enlargement of the organisation, at least for now, has been stymied by the inability of current members to forge consensus over the next round of expansion and the reluctance on the part of some invitees to be associated with the organisation.

    Meetings on the margins

    The summit declaration may offer little of substance. But there were a number of bilateral meetings before and in the margins of the gathering that are more indicative of the direction of Brics. Perhaps most importantly, India’s prime minister, Narendra Modi, and China’s president, Xi Jinping, held their first face-to-face discussion in five years.

    This is a remarkable change from just a few months ago, when tensions between New Delhi and Beijing were intense enough for Modi to cancel his participation in the summit of the Shanghai Cooperation Organisation in Astana, Kazakhstan. Yet, with a deal now reached over their countries’ longstanding border dispute, the two most populous and, in terms of GDP, economically most powerful members of Brics have an opportunity to rebuild their fraught relations.

    A warming of relations between China and India could generate more momentum for Brics to deliver on its ambitious agenda to develop, and ultimately implement, a vision for a new global order. Implicit in this would be a shift of leadership in Brics from China and Russia to China and India, and with it, potentially a change from an anti-western to a non-western agenda.

    This is, of course, something that exercises Putin. He acknowledged as much when he referred to the global south and global east in his remarks at the summit’s opening meeting. He also emphasised that it was important “to maintain balance and ensure that the effectiveness of Brics mechanisms is not diminished”.

    In his own bilateral meetings before and during the summit, Putin drove home the point that, despite western efforts, Russia was far from isolated on the world stage. One-to-one meetings with Xi, Modi, South Africa’s president, Cyril Ramaphosa, and the president of the UAE, Mohammed bin Zayed Al Nahyan, gave Putin the chance to push his own vision of Brics as a counterpoint to the US-led west.

    This may be a view shared in the global east – Russia, China and Iran, as well as non-Brics members North Korea, Cuba and Venezuela. But many in the global south – particularly India and Brazil – are unlikely to go all in with this agenda. They will focus on benefiting from their Brics membership as much as possible while maintaining close ties with the west.

    Lacking a coherent agenda

    India is the most significant player in Brics when it comes to balancing between east and west. Nato member Turkey is the equivalent on the outside. The country’s president, Recep Tayyip Erdoğan, travelled to Kazan and did not shy away from an hour-long meeting with his “dear friend” Putin.

    The relationship between Moscow and Ankara is fractious and complex across a wide range of crises from the South Caucasus, to Syria, Libya and Sudan. Yet, on perhaps the most divisive issue of all, Russian aggression towards Ukraine, Turkey has consistently maintained opened channels of communication with Russia and remains the only Nato power able to do so.



    Read more:
    Turkey attempts to broker power between east and west as it bids to join Brics

    The fact that there has been relatively little public pressure from official sources in the west on Erdoğan to stop is probably a reflection that such communication channels are still valued in the west. This, and Nato’s continued cooperation with India, point to a hedging strategy by the west. India cooperates with the US, Australia and Japan – the so-called Quad group of nations – on security in the Indo-Pacific, and it has maintained political dialogue with Nato since 2019.

    Turkey and India may not see eye-to-eye with the west on all issues. But neither do they with the global east camp inside Brics, and especially not with Russia. If nothing else, this limits the ability of Brics to forge a coherent agenda, deepen integration and ultimately mount a credible challenge to the existing order.

    Relying on India and Turkey to do the west’s bidding in undermining Brics, however, is not a credible long-term strategy. Brics may have achieved little as an organisation, but the Kazan summit declaration indicates that its key players continue to harbour aspirations for more.

    However, as the flailing expansion drive of the organisation indicates, there is also an internal battle in Brics over its future direction. This, in turn, creates space and time for the west to exercise more positive and constructive influence in the ongoing process of reshaping the international order.

    The global east may be beyond redemption, but there is still a massive opportunity to reengage with the global south.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time – https://theconversation.com/russias-brics-summit-shows-determination-for-a-new-world-order-but-internal-rifts-will-buy-the-west-some-time-241610

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer

    Source: The Conversation – UK – By Christopher Featherstone, Associate Lecturer, Department of Politics, University of York

    With less than two weeks to go until the US presidential election, another surprise twist has emerged. Donald Trump has accused the “far-left” Labour party in the UK of election interference by sending volunteers to help the Kamala Harris campaign. This news must have come as a surprise to prime minister Keir Starmer.

    The core of the accusations made by Trump and his team is that Labour was offering financial support to volunteers and helping them arrange accommodation for their trips to the US – and that this amounted to “illegal foreign national contributions” to the Harris campaign.

    And at the centre of those accusations appears to be a now-deleted LinkedIn post from a Labour official saying she had “10 spots available” to campaign in North Carolina. Labour insists this did not mean any financial support was being offered. Labour figures have suggested the campaigning was being done by private citizens.

    Trump’s lawyers filed a complaint with the Federal Elections Commission (FEC) against both the Labour party and the Harris campaign on October 22 claiming otherwise. And the finance point is key, since – under the rules of the FEC – foreign volunteers can assist a campaign, but only if they are unpaid. 10 Downing Street insists the campaigners associated with Labour were not being paid.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.

    While there are important questions that need to be answered as to whether the Labour party did break US election rules, the questions about the implications of Trump’s accusations for US-UK relations are likely to be of even greater significance.

    Regardless of whether Trump’s accusations are sustained by the FEC, they are likely to frame his perception of the Starmer government should he win the presidency in less than two weeks’ time. Labour has made improving relations with politicians on both sides of the aisle in Washington a priority. These efforts appear to have been undermined overnight with Trump’s accusations.

    These accusations will likely be investigated after the election has been held. If Trump wins the presidency, he will have enormous influence over this investigation and the surrounding media coverage, which would be an unwelcome situation for Starmer to find himself in.

    Starmer visits Joe Biden at the White House in September 2024.
    Flickr/Number 10, CC BY-NC-ND

    Potentially even more serious is the fact that if Trump loses, this could be the story that he focuses on to explain why he lost. It may seem trivial but triviality has not stopped Trump before. The suggestion that Labour helped Harris could prove just as useful to Trump as the unfounded claims of widespread “voter fraud” in 2020 that helped him seed an insurrection on January 6.

    Whether the FEC finds that the role of Labour activists in the Harris campaign constitutes foreign interference or not, entanglement in this story is unlikely to help relations with either a Trump or a Harris White House.

    UK invovlement in US elections

    Foreign activists have long been involved in US election campaigning – and they do so on both sides.

    The current UK foreign secretary, David Lammy, campaigned for Barack Obama in 2012. In 2017, the Australian Labor party was fined by the FEC for paying for their volunteer’s flights to the US to campaign for Bernie Sanders in Democratic primaries.



    Read more:
    What US election interference law actually says about Labour volunteers

    Indeed, the Trump campaign has used foreign activists and campaigners in the past. Before he decided to run for the seat of Clacton-on-Sea in July 2024, Nigel Farage claimed that he was going to devote his time to campaigning for Trump. Farage has repeatedly been on stage with Trump at his rallies. Former UK prime minister Liz Truss also attended the Republican National Convention in 2024, supporting Trump and calling Joe Biden, then the Democratic Party’s nominee, “weak”.

    What is rare, however, is FEC scrutiny on all this campaigning. While the involvement of foreign volunteers is legal and normal in the US, the rules are rarely debated or tested by a legal probe. These accusations may initiate renewed attention to the issue, and potentially a change in these rules in future elections.

    Importantly, while the coverage of Trump’s accusations against Labour and the Harris campaign have received huge coverage in the UK, attention in the US is limited. Much of the US media coverage has focused on allegations from John Kelly against Trump. Kelly, Trump’s former chief of staff, has accused Trump of being a fascist and of having said that he wished he had generals like “Hitler’s generals”. Trump’s claims about the UK have therefore received far less attention in the US than might have been anticipated. This will have diminished the impact of Trump’s claims with US voters, good news for the future. But Starmer should still be concerned about the impact on diplomatic relations.

    As with many of Donald Trump’s accusations and more controversial comments, there are a lot of moving parts. Trump showed how important his own personal attitudes were in US diplomacy during his previous administration. He is unlikely to forget about these accusations anytime soon, whether he wins or loses.

    Christopher Featherstone 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. Why Donald Trump’s accusations of election interference are a lose-lose situation for Keir Starmer – https://theconversation.com/why-donald-trumps-accusations-of-election-interference-are-a-lose-lose-situation-for-keir-starmer-242063

    MIL OSI – Global Reports –

  • MIL-OSI: Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend

    Source: GlobeNewswire (MIL-OSI)

    LYNCHBURG, Va., Oct. 25, 2024 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and nine month periods ended September 30, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

    Net income for the three months ended September 30, 2024 was $1.99 million or $0.44 per basic and diluted share compared with $2.08 million or $0.46 per basic and diluted share for the three months ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $6.33 million or $1.39 per share compared with $6.60 million or $1.44 per share for the nine months ended September 30, 2023.

    Robert R. Chapman III, CEO of the Bank, commented: “The Company delivered stable, strong earnings that contributed to building value, growing stockholders’ equity, and a significant increase in book value per share. Our performance once again generated positive returns for shareholders, which have for many years included paying a quarterly cash dividend.

    “Our performance reflected strong interest expense management, sound investment practices, and a balanced and diversified stream of interest and noninterest income. Disciplined credit management has supported superior asset quality, maximizing the value of the revenue generated. Our team of skilled, dedicated professionals continue to do an outstanding job meeting customers’ financial needs, which has led to consistently positive and steady financial results.

    “Even through a period of unusually high interest rates that has moderated lending activity and provided challenges, we have worked with customers to find solutions. A healthy loan portfolio has been a key growth driver as total assets surpassed the $1 billion mark in the third quarter. Assets have increased more than $30 million during 2024, primarily reflecting loan portfolio growth, net of fees, of more than $25 million since the beginning of the year.

    “Initiatives to earn new deposits and a focus on retaining customers’ deposits have led to growth of total deposits since the beginning of the year. At September 30, 2024, interest bearing demand accounts have grown by $2.7 million, time deposits have increased, and noninterest-bearing demand deposits have held steady. We continue to focus on building this important source of funding for loans and providing liquidity.

    “Strategic locations in Buchanan, Virginia, opened at the end of the second quarter, and Nellysford, Virginia, opened at the beginning of the third quarter, are off to strong starts and further expand the Bank’s footprint and deposit-gathering capabilities.

    “The third quarter reflected healthy year-over-year growth of noninterest income. Expanding fee income from wealth management, treasury services for our business customers, and gains on sales of originated mortgage loans to the secondary market have fueled noninterest income.

    “During the third quarter of 2024, we saw encouraging signs that stabilizing interest rates, slowing inflation, and continued economic health in our served markets is supporting positive trends. We are continuing to see increased commercial lending demand, positive trends in residential mortgage volume and origination fees, and continued deposit growth.

    “Looking ahead, we feel that the interest rate environment and continuing economic stabilization and predictability will be clear positives. We anticipate a gradual lessening of the intense pressure on margins and slowing of interest expense increases that have characterized the past two years.

    “Our longstanding commitment to building strong, lasting banking relationships with customers has provided many opportunities to demonstrate the Bank of the James’ value. As a result, use of our commercial cash management services and digital banking capabilities continues to grow, retail customers take advantage of a wide range of digital and in-person banking options, and residential mortgage customers and retail banking customers benefit from our efficient service, digital capabilities and integrated financial offerings.

    “We feel the Company is well-positioned to continue on our path of providing superior value to our shareholders, customers, and the communities we serve.”

    Third Quarter and First Nine Months of 2024 Highlights

    • Total interest income of $11.56 million in the third quarter of 2024 increased 14% from a year earlier, and increased from $10.94 million in the second quarter of 2024. In the first nine months of 2024, total interest income of $33.01 million rose 15% compared with a year earlier. The growth in the quarter and first nine months primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages.
    • Net interest income after provision for (recovery of) credit losses in the third quarter of 2024 was down marginally compared with the third quarter of 2023. For the first nine months of 2024, net interest income after provision for (recovery of) credit losses was relatively stable compared with the first nine months of 2023. The first nine months of 2024 reflected loan loss recoveries driven by strong asset quality. The third quarter of 2024 reflects a small credit loss provision based primarily on loan growth. Results in both 2024 periods reflected the impact of elevated interest expense.
    • Net interest margin in the third quarter of 2024 was 3.16%, marginally lower than a year earlier but up from second quarter of 2024 net interest margin of 3.02%. Interest spread was 2.81% in the third quarter of 2024. In the first nine months of 2024, net interest margin was 3.07% and interest spread was 2.73%.
    • Total noninterest income for the third quarter of 2024 rose 19% compared with the third quarter of 2023, and in the first nine months of 2024 increased 17% compared with the first nine months of 2023. Growth primarily reflected gains on sale of loans held for sale, strong wealth management fee income contributions from PWW, and fee income generated by commercial treasury services and residential mortgage originations.
    • Loans, net of the allowance for credit losses, increased to $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting overall loan stability and growth in CRE and residential mortgage loans.
    • Measures of asset quality included a ratio of nonperforming loans to total loans of 0.20% at September 30, 2024, minimal levels of nonperforming loans, and zero other real estate owned (OREO).
    • Total assets increased to $1.01 billion at September 30, 2024 from $969.37 million at December 31, 2023.
    • Total deposits increased to $907.61 million at September 30, 2024 compared with $878.46 million at December 31, 2023.
    • Shareholder value measures at September 30, 2024 reflected consistent growth from December 31, 2023 in total stockholders’ equity and retained earnings. Book value per share of $15.15 has increased significantly from $13.58 at June 30, 2024 and $13.21 at December 31, 2023.
    • On October 15, 2024, the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of November 22, 2024, to be paid on December 6, 2024.

    Third Quarter, First Nine Months of 2024 Operational Review

    Net interest income after provision for credit losses for the third quarter of 2024 was $7.42 million compared to net interest income after recovery of credit losses of $7.53 million a year earlier. In the first nine months of 2024, net interest income after recovery of credit losses was $22.13 million compared with $22.63 million a year earlier. The Company recorded a small provision for credit losses in the third quarter of 2024, primarily due to higher loan levels. The credit loss recovery in the first nine months of 2024 was $584,000 compared with $278,000 in the first nine months of 2023.

    Total interest income increased to $11.56 million in the third quarter of 2024 compared with $10.14 million a year earlier. The first nine months of 2024 total interest income was $33.01 million, up from $28.82 million in the first nine months of 2023. The year-over-year increases primarily reflected upward adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

    Investment portfolio management has enabled the Company to capitalize on attractive Fed funds rates. In the third quarter of 2024, the yield on all interest-earning assets was 4.86% compared with 4.43% a year earlier. The yield on interest-bearing loans, including fees, was 5.65% in the third quarter of 2024 compared with 5.13% a year earlier. The interest rates on certain existing commercial loans continue to reprice upward in accordance with their terms.

    Total interest expense in the third quarter and first nine months of 2024 increased significantly compared with the prior periods of 2023, primarily reflecting higher deposit rates commensurate with the prevailing interest rate environment, and growth of interest-bearing time deposits. Rates on interest-bearing deposits and total interest-bearing liabilities have placed continuing pressure on margins. The net interest margin in the third quarter of 2024 was 3.16% and the interest spread was 2.81% compared with 3.21% and 2.94%, respectively, in the third quarter of 2023.

    J. Todd Scruggs, Executive Vice President and CFO of the Bank commented: “Even before the Federal Reserve announced a 50 basis point reduction in rates, we anticipated that a stabilizing rate environment would gradually lessen the pressure on margins we have experienced. While not directly reflecting the Fed rate cut announced in mid-September, our third quarter net interest margin of 3.16% improved from the 3.02% margin in the second quarter of 2024. We anticipate continuing gradual margin and spread improvement in future quarters.”

    Noninterest income in the third quarter of 2024 rose 19% to $3.82 million compared with $3.20 million in the third quarter of 2023. In the first nine months of 2024, noninterest income was up 17% to $11.32 million from $9.70 million a year earlier.

    Noninterest income reflected income contributions from debit card activity, a gain on an investment in an SBIC fund, commercial treasury services, and the mortgage division. In the third quarter of 2024, income from wealth management fees increased 19% compared with a year earlier and gains on sale of loans held for sale rose 34% from a year earlier.

    Noninterest expense in the third quarter of 2024 was $8.78 million, up 8% compared with $8.14 million in the first nine months of 2023. Noninterest expense in the first nine months of 2024 was $25.60 million, up 6% from $24.09 million a year earlier. Noninterest expense in the first nine months of 2024 reflected additional personnel costs related to staffing new locations, and the decision to begin accruing for anticipated year-end performance-based compensation ahead of the fourth quarter.

    Balance Sheet: Strong Cash Position, Asset Quality, Stability

    Total assets grew to $1.01 billion at September 30, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

    Loans, net of allowance for credit losses, were $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and strong, stable residential mortgage, consumer, and construction lending.

    Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $333.77 million compared with $306.86 million at December 31, 2023, reflecting a decreasing rate of loan payoffs and new loans. Of this amount, commercial non-owner occupied was approximately $189.98 million and commercial owner occupied was $143.79 million. The Bank closely monitors concentrations in these segments. We have no commercial real estate loans secured by large office buildings in large metropolitan city centers.

    Commercial construction/land loans and residential construction/land loans were $50.00 million at September 30, 2024 compared with $53.64 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects.

    Commercial and industrial loans were $60.34 million at September 30, 2024, reflecting a continuing trend of stability in this loan segment. Commercial and industrial loans were $64.92 million at June 30, 2024 and $65.32 million at December 31, 2023.

    Residential mortgage loans were $114.99 million at September 30, 2024 compared with $112.73 million at June 30, 2024 and $106.99 million at December 31, 2023. Growth of retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $75.09 million at September 30, 2024, essentially unchanged from totals at December 31, 2023.

    Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at September 30, 2024 was 0.20% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.12% at September 30, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.30 million at September 30, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

    Total deposits were $907.61 million at September 30, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits were $132.22 million compared with $134.28 million at December 31, 2023. Initiatives to attract deposit business and new locations contributed to the approximately $2.8 million growth in NOW, money market, and savings totals since December 31, 2023. Time deposits were $234.42 million at September 30, 2024 compared with $205.96 million at December 31, 2023. At both September 30, 2024 and December 31, 2023, the Bank had no brokered deposits.

    Key measures of shareholder value continued trending positively. Book value per share rose to $15.15 compared with $13.21 at December 31, 2023, reflecting strong financial performance and a smaller unrealized loss in the Company’s available-for-sale investment portfolio. Total stockholders’ equity rose to $68.83 million from $60.04 million at December 31, 2023. Retained earnings at September 30, 2024 were $41.64 million compared with $36.68 million at December 31, 2023.

    Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

    About the Company

    Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

    CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

    FINANCIAL RESULTS FOLLOW

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollar amounts in thousands, except per share amounts)

           
      (unaudited)    
    Assets 9/30/2024   12/31/2023
    Cash and due from banks $ 22,692     $ 25,613  
    Federal funds sold   86,515       49,225  
    Total cash and cash equivalents   109,207       74,838  
           
    Securities held-to-maturity, at amortized cost (fair value of $3,328 as of September 30, 2024 and $3,231 as of December 31, 2023) net of allowance for credit loss of $0 as of September 30, 2024 and December 31, 2023   3,610       3,622  
    Securities available-for-sale, at fair value   192,469       216,510  
    Restricted stock, at cost   1,821       1,541  
    Loans held for sale   3,239       1,258  
    Loans, net of allowance for credit losses of $7,078 as of September 30, 2024 and $7,412 as of December 31, 2023   627,112       601,921  
    Premises and equipment, net   19,378       18,141  
    Interest receivable   2,697       2,835  
    Cash value – bank owned life insurance   22,716       21,586  
    Customer relationship intangible   6,865       7,285  
    Goodwill   2,054       2,054  
    Income taxes receivable   –       128  
    Deferred tax asset   7,576       8,206  
    Other assets   9,319       9,446  
    Total assets $ 1,008,063     $ 969,371  
           
    Liabilities and Stockholders’ Equity      
    Deposits      
    Noninterest bearing demand $ 132,223     $ 134,275  
    NOW, money market and savings   540,966       538,229  
    Time   234,421       205,955  
    Total deposits   907,610       878,459  
           
    Capital notes, net   10,046       10,042  
    Other borrowings   9,444       9,890  
    Income taxes payable   212       –  
    Interest payable   758       480  
    Other liabilities   11,159       10,461  
    Total liabilities $ 939,229     $ 909,332  
           
    Stockholders’ equity      
                 
    Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of September 30, 2024 and December 31, 2023   9,723       9,723  
    Additional paid-in-capital   35,253       35,253  
    Accumulated other comprehensive (loss)   (17,782 )     (21,615 )
    Retained earnings   41,640       36,678  
    Total stockholders’ equity $ 68,834     $ 60,039  
           
    Total liabilities and stockholders’ equity $ 1,008,063     $ 969,371  
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Operation
    (dollar amounts in thousands, except per share amounts)

      For the Three Months Ended   For the Nine Months Ended
      September 30,   September 30,
    Interest Income   2024     2023       2024       2023  
    Loans $ 9,004   $ 7,990     $ 25,375     $ 23,251  
    Securities              
    US Government and agency obligations   369     321       1,068       962  
    Mortgage backed securities   442     435       1,974       1,255  
    Municipals – taxable   298     286       872       853  
    Municipals – tax exempt   18     18       55       55  
    Dividends   12     8       59       49  
    Corporates   136     139       407       423  
    Interest bearing deposits   303     134       628       375  
    Federal Funds sold   981     812       2,569       1,601  
    Total interest income   11,563     10,143       33,007       28,824  
                   
    Interest Expense              
    Deposits              
    NOW, money market savings   1,487     894       4,145       1,916  
    Time deposits   2,375     1,683       6,731       3,918  
    FHLB borrowings   –     –       –       31  
    Finance leases   18     22       58       66  
    Other borrowings   92     98       278       297  
    Capital notes   82     82       245       245  
    Total interest expense   4,054     2,779       11,457       6,473  
                   
    Net interest income   7,509     7,364       21,550       22,351  
                   
    Provision for (recovery of) credit losses   92     (164 )     (584 )     (278 )
                   
    Net interest income after recovery of provision for credit losses   7,417     7,528       22,134       22,629  
                   
    Noninterest income              
    Gain on sales of loans held for sale   1,326     989       3,526       3,065  
    Service charges, fees and commissions   991     1,004       2,930       2,942  
    Wealth management fees   1,244     1,050       3,583       3,098  
    Life insurance income   189     139       531       405  
    Gain on sales and calls of securities, net   31     –       669       –  
    Other   42     19       82       179  
                   
    Total noninterest income   3,823     3,201       11,321       9,689  
                   
    Noninterest expenses              
    Salaries and employee benefits   4,920     4,683       14,256       13,296  
    Occupancy   514     458       1,493       1,389  
    Equipment   640     501       1,879       1,813  
    Supplies   131     118       397       399  
    Professional   718     682       2,214       2,075  
    Data processing   764     689       2,263       2,079  
    Marketing   220     204       481       683  
    Credit   190     218       612       623  
    Other real estate   –     3       –       36  
    FDIC insurance   94     126       329       321  
    Amortization of intangibles   140     46       420       420  
    Other   445     412       1,258       957  
    Total noninterest expenses   8,776     8,140       25,602       24,091  
                   
    Income before income taxes   2,464     2,589       7,853       8,227  
                   
    Income tax expense   474     511       1,527       1,631  
                   
    Net Income $ 1,990   $ 2,078     $ 6,326     $ 6,596  
                   
    Weighted average shares outstanding – basic and diluted   4,543,338     4,543,338       4,543,338       4,568,789  
                   
    Earnings per common share – basic and diluted $ 0.44   $ 0.46     $ 1.39     $ 1.44  
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Dollar amounts in thousands, except per share data
    unaudited

    Selected Data: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Interest income $ 11,563   $ 10,143     14.00 % $ 33,007   $ 28,824     14.51 %
    Interest expense   4,054     2,779     45.88 %   11,457     6,473     77.00 %
    Net interest income   7,509     7,364     1.97 %   21,550     22,351     -3.58 %
    Provision for (recovery of) credit losses   92     (164 )   -156.10 %   (584 )   (278 )   110.07 %
    Noninterest income   3,823     3,201     19.43 %   11,321     9,689     16.84 %
    Noninterest expense   8,776     8,140     7.81 %   25,602     24,091     6.27 %
    Income taxes   474     511     -7.24 %   1,527     1,631     -6.38 %
    Net income   1,990     2,078     -4.23 %   6,326     6,596     -4.09 %
    Weighted average shares outstanding – basic   4,543,338     4,543,338     –     4,543,338     4,568,789     (25,451 )
    Weighted average shares outstanding – diluted   4,543,338     4,543,338     –     4,543,338     4,568,789     (25,451 )
    Basic net income
    per share    		 $ 0.44   $ 0.46   $ (0.02 ) $ 1.39   $ 1.44   $ (0.05 )
    Fully diluted net income per share $ 0.44   $ 0.46   $ (0.02 ) $ 1.39   $ 1.44   $ (0.05 )
    Balance Sheet at
    period end:    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Loans, net $ 627,112   $ 601,921     4.19 % $ 599,585   $ 605,366     -0.95 %
    Loans held for sale   3,239     1,258     157.47 %   3,325     2,423     37.23 %
    Total securities   196,079     220,132     -10.93 %   185,603     189,426     -2.02 %
    Total deposits   907,610     878,459     3.32 %   880,203     848,138     3.78 %
    Stockholders’ equity   68,834     60,039     14.65 %   50,129     50,226     -0.19 %
    Total assets   1,008,063     969,371     3.99 %   960,887     928,571     3.48 %
    Shares outstanding   4,543,338     4,543,338     –     4,543,338     4,628,657     (85,319 )
    Book value per share $ 15.15   $ 13.21   $ 1.94   $ 11.03   $ 10.85   $ 0.18  
    Daily averages: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Loans $ 629,860   $ 612,021     2.91 % $ 617,582   $ 618,152     -0.09 %
    Loans held for sale   3,845     4,421     -13.03 %   3,454     3,548     -2.65 %
    Total securities (book value)   220,730     222,969     -1.00 %   237,215     223,391     6.19 %
    Total deposits   902,615     869,655     3.79 %   895,000     862,212     3.80 %
    Stockholders’ equity   61,576     52,564     17.14 %   60,564     51,274     18.12 %
    Interest earning assets   946,518     909,774     4.04 %   937,793     897,364     4.51 %
    Interest bearing liabilities   785,980     740,516     6.14 %   776,672     733,343     5.91 %
    Total assets   995,101     953,546     4.36 %   986,132     945,389     4.31 %
    Financial Ratios: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Return on average assets   0.80 %   0.86 %   (0.06 )   0.86 %   0.93 %   (0.07 )
    Return on average equity   12.86 %   15.68 %   (2.82 )   13.95 %   17.20 %   (3.25 )
    Net interest margin   3.16 %   3.21 %   (0.05 )   3.07 %   3.33 %   (0.26 )
    Efficiency ratio   77.44 %   77.05 %   0.39     77.89 %   75.19 %   2.70  
    Average equity to
    average assets    		   6.19 %   5.51 %   0.68     6.14 %   5.42 %   0.72  
    Allowance for credit losses: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Beginning balance $ 6,951   $ 7,586     -8.37 % $ 7,412   $ 6,259     18.42 %
    Retained earnings adjustment related to impact of adoption of ASU 2016-13   –     –     N/A     –     1,245     -100.00 %
    Provision for (recovery of) credit losses*   106     (130 )   -181.54 %   (494 )   (188 )   162.77 %
    Charge-offs   –     (144 )   -100.00 %   (84 )   (196 )   -57.14 %
    Recoveries   21     8     162.50 %   244     200     22.00 %
    Ending balance   7,078     7,320     -3.31 %   7,078     7,320     -3.31 %

    * does not include provision for or recovery of unfunded loan commitment liability

    Nonperforming assets: Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Total nonperforming loans $ 1,295   $ 391     231.20 % $ 585   $ 633     -7.58 %
    Other real estate owned   –     –     N/A     –     566     -100.00 %
    Total nonperforming assets   1,295     391     231.20 %   585     1,199     -51.21 %
    Asset quality ratios: Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Nonperforming loans to total loans   0.20 %   0.06 %   0.14     0.10 %   0.10 %   (0.01 )
    Allowance for credit losses for loans to total loans   1.12 %   1.22 %   (0.10 )   1.21 %   1.02 %   0.18  
    Allowance for credit losses for loans to nonperforming loans   546.56 %   1894.56 %   1,348.00     1251.28 %   989.42 %   261.86  

    The MIL Network –

  • MIL-OSI Security: Defense News: U.S. Naval Forces Participate in Republic of Korea Multi-National Mine Warfare Exercise

    Source: United States Navy

    Part of an annual series of exercises hosted by the ROK Navy, MNMIWEX 24 increased proficiency in mine countermeasures (MCM) operations within a multi-national naval force.

    This year’s iteration had 19 nations and approximately 100 personnel participating, making MNMIWEX 24 the largest of the series to be held.

    “I was grateful for the opportunity to work with our hosts, the ROK Navy, and our partner nations and allies,” said Capt. Antonio Hyde, commodore of Mine Counter Measures Squadron (MCMRON) Seven, which belongs to Task Force 76, U.S. 7th Fleet’s expeditionary warfare force. “This multi-national training refines how we operate in a complex maritime environment to maintain open sea-lanes and freedom of navigation for all countries in the region.”

    MCM forces from the U.S., Australia, Canada and New Zealand embarked the tank landing ship ROKS Cheon Wang Bong (LST 686), which teamed with the Avenger-class mine countermeasures ship USS Patriot (MCM 7) to conduct mine hunting operations during the eight-day at-sea phase.

    A multinational watch floor directed MNMIWEX operations ashore. This facilitated a command structure that promoted interchangeability and helped build the capacity of multinational MCM forces to operate effectively as a team.

    “Through this exercise, we improve our abilities to carry out multinational mine operations to protect major ports and sea lines of communication from the complex threats of enemy in case of emergency,” said Capt. Lee Taek-sun, commander of ROK Navy Mine Squadron 52. “We will continue to develop the combat capabilities necessary for mine warfare and further improve mine operation abilities and procedures with multinational forces.”

    MNIMIWEX 24 featured participants from the United States, Republic of Korea, Japan, the United Kingdom, Australia, Canada, New Zealand, the Republic of the Philippines, Italy, Greece, Türkiye, Thailand, Belgium, Malaysia, Oman, Colombia, United Arab Emirates, Chile and the Netherlands.

    The exercise took place in U.S. 7th Fleet, the U.S. Navy’s largest forward-deployed numbered fleet, which routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.

    MIL Security OSI –

  • MIL-Evening Report: Why do kids cheat? Is it normal, or should I be worried?

    Source: The Conversation (Au and NZ) – By Penny Van Bergen, Head of School of Education and Professor of Educational Psychology, University of Wollongong

    Basilco Stock Studio/ Shutterstock

    Everyone knows a kid who cheats at Monopoly or backyard cricket. Perhaps they have even cheated on a test at school.

    If your notice your own child is doing this, you may worry they are headed for a life of crime.

    But in developmental terms, cheating is not usually a cause for concern for kids.

    What is cheating?

    Cheating occurs when a child behaves dishonestly to gain an unfair advantage. They might pretend to roll a six, peek at others’ cards, score a sports game incorrectly, or use video game modifications to skip levels.

    Despite parents’ and teachers’ best efforts, cheating is remarkably common. In one experiment, five-year-olds were asked not to peek inside a box while the experimenter left the room. Almost all peeked and most then denied having done so.

    A sign of development

    The capacity to deceive can signal the emergence of new skills, including an understanding of others peoples’ minds.

    To cheat effectively, we have to think about what someone else is thinking. We then need to trick them into believing a different reality. These cognitive skills only emerge in preschool, and it is not until the primary years that children can successfully maintain a false story over time.

    Research shows it is very common for children to cheat.
    spass/Shutterstock

    Cheating at school

    As children get older, they can get more cautious about cheating in general, but also start cheating at school.

    In a US study, more than three in four high school students reported cheating at school at least once over the past year.

    Common techniques included sharing their work with others, getting test answers ahead of time, plagiarising from the internet, and collaborating when they weren’t supposed to.

    Students were more likely to see cheating as acceptable when helping a peer, or when they could rationalise the behaviour in a pro-social way (for example, they ran out of time and needed to cheat because they were caring for a family member).

    Temptation matters

    Like adults, children are more likely to cheat when the temptation is greater. In one study, children aged seven to ten were more likely to cheat at a die-rolling game if they could win a bigger prize.

    Children and adolescents also report being more likely to cheat to avoid negative consequences. As far back as 1932, US school principal M.A. Steiner wrote how too much work encourages students to cheat. In a 2008 study, students themselves reported cheating at school because they were uninterested in the material or under pressure to perform.

    While temptation encourages cheating, the risk of being caught can encourage honesty. Children must weigh up the benefits of cheating against the risks of being caught.

    As they get older, children may also consider how cheating impacts their sense of self. For example, “being a good person is important to me – so I won’t cheat”.

    Do boys cheat more than girls?

    Some children are more likely to cheat than others. For example, in a 2019 study in which children’s rolls of six dice could win them prizes, boys cheated more than girls. Boys and girls also approached cheating differently: girls were more likely to cheat to avoid losses, while boys were equally motivated by losses and gains.

    Social skills also make a difference. A 2003 US study showed second grade children who have been rejected by their peers are more likely to cheat at board games – even when playing with new children they have never met before. It is possible such children are not as good at regulating their emotions and behaviours.

    Adolescents with lower self-restraint and greater tolerance for breaking rules are more likely to accept academic cheating, as are those who misbehave in class.

    On study suggested boys are more likely to cheat than girls.
    Jacob Lund/Shutterstock

    How can adults discourage cheating?

    Although cheating is common, it can pose increasing problems for children and teens as the stakes become higher. Research with Chinese students in the eighth grade showed those who cheated when scoring their own test were less likely to have learned the correct answer later on.

    Here are four things parents and teachers can do to help discourage cheating.

    1. Have open conversations: talk openly and compassionately about why cheating is not a good idea (for example, “it ruins the fun for your friends”). Research shows children and adolescents who made a promise to experimenters not to cheat at a game were less likely to do so. But children who fear getting in trouble are less likely to tell the truth.

    2. Don’t put too much pressure on results: when talking about school, use language related to learning rather than performance (“just try your best, that’s all you can do”). Studies show highly competitive academic environments make cheating more likely, because the benefits of success and risks of failure are heightened.

    3. Be positive about your child’s character: in one study, preschoolers were allocated to one of two groups. In the “good reputation” group, children were told “I know kids in your class and they told me you were a good kid”. In another group, children were not told anything. All children were then asked not to peek at a tempting toy while the experimenter left the room. Those in the good reputation group were less likely to cheat (60%) than those in other group (90%).

    4. Show kids how it’s done: if adults are being honest and open, children are more likely to do the same. In one study, children were told there was a big bowl of candy in the next room. When this turned out to be a lie, children themselves were more likely to cheat in a game and to lie about it.

    Penny Van Bergen receives funding from the Australian Research Council and the NSW Department of Education.

    – ref. Why do kids cheat? Is it normal, or should I be worried? – https://theconversation.com/why-do-kids-cheat-is-it-normal-or-should-i-be-worried-242022

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Want genuine progress towards restoring nature? Follow these 4 steps

    Source: The Conversation (Au and NZ) – By Yi Fei Chung, PhD candidate in Environmental Policy, The University of Queensland

    Black Dingo/Shutterstock

    “Nature positive” is seemingly everywhere. Two weeks ago, Australia hosted the first Global Nature Positive Summit. This week, nations are meeting in Colombia for a global biodiversity summit to discuss progress on nature positive commitments.

    Nature positive has a simple meaning: ensuring more nature in future than there is now. Making it a reality is the hard part.

    It’s necessary because nature is in trouble. Once common species are becoming threatened and threatened species are going extinct. Humans, too, will be severely impacted. When ecosystems are healthy, they provide vital benefits. Insects pollinate crops, trees slow floodwaters, earthworms, fungi and soil critters make healthy soil and natural vistas improve our mental wellbeing.

    While Australia’s government is working to embed nature positive ideas in environmental reform efforts, we may see lip service rather than real change. The government’s Nature Positive Plan faces opposition from businesses and politicians ahead of a looming election. And the plan itself doesn’t fully align with true nature positive outcomes.

    In our article published today in Science, we lay out four vital steps to ensure nature positive policies are actually positive for nature.

    Step 1: Ensure biodiversity increases are absolute

    At present, Australia’s planned nature positive reforms would only require developers removing habitat to achieve a relative net gain for nature compared to business as usual.

    We have argued this approach won’t work – it should be an absolute net gain.

    It might sound abstract – but it makes all the difference. For instance, consider a population of endangered koalas living on the site of a new mine. Any negative impact to koalas would have to be offset with a benefit to the species elsewhere, usually on a separate site.

    If Australia had absolute net gain in effect, the company would have to ensure there are more koalas overall. If the mine site and an offset site had a combined population of 100 koalas before the development, this combined population would need to be more than 100 koalas after the development – even though some will be lost.

    But let’s say these 100 koalas over two sites were expected to fall to 80, even if the mine didn’t happen. In this case, a relative net gain could be achieved if the mine and offset site had 90 koalas. The population fell, but less than it would have otherwise.

    Most state and national conservation laws use relative net gain in their biodiversity offsets. It slows the biodiversity decline – but it’s still a decline.

    By contrast, England brought in a net gain approach in February of this year, with developers now required to provide a 10% net gain in biodiversity.

    Importantly, the vast majority of developments affecting threatened species habitat never require any offset at all. Plugging this major gap is also key.



    Read more:
    Developers in England will be forced to create habitats for wildlife – here’s how it works

    For nature positive to work properly, any damage done to a species by a development has to be offset by net gain. Pictured: Peak Hill gold mine in NSW.
    Phillip Wittke/Shutterstock

    Step 2: Avoid conservation payments in risky situations

    The Australian government plans to introduce conservation payments, where developers can pay into a government-managed fund rather than providing direct offsets.

    If developers were to cut down trees used by the critically endangered Leadbeater’s possum, for example, they could choose either to improve habitat elsewhere to offset the damage – or they could pay into the fund instead.

    This is a risky plan. For one, it’s often almost impossible or extremely expensive to find suitable habitat for critically endangered species because they have very little habitat remaining.

    It’s far better to avoid all further habitat removal. For developers, this would mean avoiding damage to rare habitat in the first place.

    Even where offsetting is possible, payments are often inadequate to cover the cost of purchasing and managing an offset site.



    Read more:
    Developers aren’t paying enough to offset impacts on koalas and other endangered species

    Then there’s the time lag. The fund might take years to buy or restore habitat sites, adding to already-long delays between damage and any benefit. And worse, under the government’s proposal, the money could be used for different, potentially less threatened species.

    Under Queensland’s scheme, most developers choose to pay into a fund rather than create their own offset sites. Very little of these offset funds have been spent.

    Meanwhile, the latest independent assessment of the New South Wales biodiversity offset payment scheme recommended the fund be completely phased out.

    Step 3: Go beyond compensation

    Compensating for new damage is important. But it’s not nearly enough. Over the last century, we have done huge damage to the natural world. Australia’s southern seas were once ringed with oyster reefs, for instance, but these were nearly all fished out.

    We need to begin to recover what was lost by restoring ecosystems, managing weeds and reducing risk of diseases.

    Nature-positive laws should include funding and actions designed to produce absolute gains in biodiversity over and above any required compensation.

    The world has long seriously underfunded conservation, including threatened species recovery, ecosystem restoration and protected area management. Australia alone needs a roughly 20-fold increase in funding to actually bring back threatened species.

    While this sounds large, it’s off an extraordinarily low base – just A$122 million in 2019. By contrast, we spend over $100 billion on human health each year.

    Two years ago, the government passed the first of its nature-positive reforms to create a nature repair market aimed at drawing more funds into nature restoration. But as the market will rely on voluntary private sector investment, we don’t know how much funding will flow or whether it will focus on threatened species recovery.

    Step 4: Effectively implement nature positive laws

    Ensuring compliance with new nature-positive laws requires transparent and effective enforcement, such as through the independent national environment protection authority with extra powers proposed in Australia.

    Its independence and powers may be less than required, due to proposed call-in powers allowing the minister to overrule decisions. True independence and adequate resources are crucial.

    If governments do pass environmental reforms, we need to collect adequate and robust data on species to know if they are actually working to boost nature recovery. At present, many Australian threatened species remain unmonitored.

    Is nature positive within reach?

    It’s not easy to create a future with more nature than we have now. Australia’s current government took office vowing to embrace nature positive. To date, their reforms are not yet likely to make that a reality.



    Read more:
    Australia desperately needs a strong federal environmental protection agency. Our chances aren’t looking good

    But the task will only get more urgent. Meaningful nature-positive policy means ensuring targets of absolute net gain for threatened species, ensuring strict compensation for any nature loss, independently resourcing and financing other recovery efforts and implementing these laws effectively.

    With a course correction, Australia can still act as a leading example for other nations as they reform their own policies to meet nature-positive ambitions. Now is the time for real and decisive action.

    We acknowledge our research coauthors, Brooke Williams (Queensland University of Technology), Martine Maron (University of Queensland), Jonathan Rhodes (Queensland University of Technology), Jeremy Simmonds (2rog), and Michelle Ward (Griffith University).

    Yi Fei Chung has received funding from UQ Research Training Scholarship. He is also involving in a Australian Research Council Linkage Project with financial and in-kind support from the NSW Department of Planning and Environment, the Biodiversity Conservation Trust, Tweed Shire Council, and the NSW Koala Strategy.

    Hannah Thomas has received funding from WWF-Australia and an Australian Government Research Training Program Scholarship. She is an early-career leader with the Biodiversity Council.

    – ref. Want genuine progress towards restoring nature? Follow these 4 steps – https://theconversation.com/want-genuine-progress-towards-restoring-nature-follow-these-4-steps-240569

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: For type 2 diabetes, focusing on when you eat – not what – can help control blood sugar

    Source: The Conversation (Au and NZ) – By Evelyn Parr, Research Fellow in Exercise Metabolism and Nutrition, Mary MacKillop Institute for Health Research, Australian Catholic University

    Lizardflms/Shutterstock

    Type 2 diabetes affects 1.2 million Australians and accounts for 85-90% of all diabetes cases. This chronic condition is characterised by high blood glucose (sugar) levels, which carry serious health risks. Complications include heart disease, kidney failure and vision problems.

    Diet is an important way people living with type 2 diabetes manage blood glucose, alongside exercise and medication. But while we know individualised, professional dietary advice improves blood glucose, it can be complex and is not always accessible.

    Our new study looked at the impact of time-restricted eating – focusing on when you eat, rather than what or how much – on blood glucose levels.

    We found it had similar results to individualised advice from an accredited practising dietitian. But there were added benefits, because it was simple, achievable, easy to stick to – and motivated people to make other positive changes.

    What is time-restricted eating?

    Time-restricted eating, also known as the 16:8 diet, became popular for weight loss around 2015. Studies have since shown it is also an effective way for people with type 2 diabetes to manage blood glucose.

    Time-restricted eating involves limiting when you eat each day, rather than focusing on what you eat. You restrict eating to a window during daylight hours, for example between 11am and 7pm, and then fast for the remaining hours. This can sometimes naturally lead to also eating less.

    Participants in our study could still share meals with family, as long as it was within a nine-hour window finishing at 7pm.
    Kitreel/Shutterstock

    Giving your body a break from constantly digesting food in this way helps align eating with natural circadian rhythms. This can help regulate metabolism and improve overall health.

    For people with type 2 diabetes, there may be specific benefits. They often have their highest blood glucose reading in the morning. Delaying breakfast to mid-morning means there is time for physical activity to occur to help reduce glucose levels and prepare the body for the first meal.

    How we got here

    We ran an initial study in 2018 to see whether following time-restricted eating was achievable for people with type 2 diabetes. We found participants could easily stick to this eating pattern over four weeks, for an average of five days a week.

    Importantly, they also had improvements in blood glucose, spending less time with high levels. Our previous research suggests the reduced time between meals may play a role in how the hormone insulin is able to reduce glucose concentrations.

    Other studies have confirmed these findings, which have also shown notable improvements in HbA1c. This is a marker in the blood that represents concentrations of blood glucose over an average of three months. It is the primary clinical tool used for diabetes.

    However, these studies provided intensive support to participants through weekly or fortnightly meetings with researchers.

    While we know this level of support increases how likely people are to stick to the plan and improves outcomes, it is not readily available to everyday Australians living with type 2 diabetes.

    What we did

    In our new study, we compared time-restricted eating directly with advice from an accredited practising dietitian, to test whether results were similar across six months.

    We recruited 52 people with type 2 diabetes who were currently managing their diabetes with up to two oral medications. There were 22 women and 30 men, aged between 35 and 65.

    Participants were randomly divided into two groups: diet and time-restricted eating. In both groups, participants received four consultations across the first four months. During the next two months they managed diet alone, without consultation, and we continued to measure the impact on blood glucose.

    In the diet group, consultations focused on changing their diet to control blood glucose, including improving diet quality (for example, eating more vegetables and limiting alcohol).

    In the time-restricted eating group, advice focused on how to limit eating to a nine-hour window between 10am and 7pm.

    Over six months, we measured each participant’s blood glucose levels every two months using the HbA1c test. Each fortnight, we also asked participants about their experience of making dietary changes (to what or when they ate).

    Continuous glucose monitoring measures the levels of glucose in the blood.
    Halfpoint/Shutterstock

    What we found

    We found time-restricted eating was as effective as the diet intervention.

    Both groups had reduced blood glucose levels, with the greatest improvements occurring after the first two months. Although it wasn’t an objective of the study, some participants in each group also lost weight (5-10kg).

    When surveyed, participants in the time-restricted eating group said they had adjusted well and were able to follow the restricted eating window. Many told us they had family support and enjoyed earlier mealtimes together. Some also found they slept better.

    After two months, people in the time-restricted group were looking for more dietary advice to further improve their health.

    Those in the diet group were less likely to stick to their plan. Despite similar health outcomes, time-restricted eating seems to be a simpler initial approach than making complex dietary changes.

    Is time-restricted eating achievable?

    The main barriers to following time-restricted eating are social occasions, caring for others and work schedules. These factors may prevent people eating within the window.

    However, there are many benefits. The message is simple, focusing on when to eat as the main diet change. This may make time-restricted eating more translatable to people from a wider variety of socio-cultural backgrounds, as the types of foods they eat don’t need to change, just the timing.

    Many people don’t have access to more individualised support from a dietitian, and receive nutrition advice from their GP. This makes time-restricted eating an alternative – and equally effective – strategy for people with type 2 diabetes.

    People should still try to stick to dietary guidelines and prioritise vegetables, fruit, wholegrains, lean meat and healthy fats.

    But our study showed time-restricted eating may also serve as stepping stone for people with type 2 diabetes to take control of their health, as people became more interested in making diet and other positive changes.

    Time-restricted eating might not be appropriate for everyone, especially people on medications which don’t recommend fasting. Before trying this dietary change, it’s best speak to the healthcare professional who helps you manage diabetes.

    Evelyn Parr receives funding from Diabetes Australia and Australian Catholic University.

    Brooke Devlin received funding from Diabetes Australia.

    – ref. For type 2 diabetes, focusing on when you eat – not what – can help control blood sugar – https://theconversation.com/for-type-2-diabetes-focusing-on-when-you-eat-not-what-can-help-control-blood-sugar-241472

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What is stereotactic radiation therapy for prostate cancer? How does it compare to other treatments?

    Source: The Conversation (Au and NZ) – By Sathana Dushyanthen, Academic Specialist & Senior Lecturer in Cancer Sciences & Digital Health| Superstar of STEM| Science Communicator, The University of Melbourne

    Nenad Cavoski/Shutterstock

    Prostate cancer is Australia’s most commonly diagnosed cancer. One in six men will be diagnosed by the time they turn 85.

    Cancers are abnormal groups of cells that grow uncontrollably and start invading neighbouring sites. They can also spread to other organs in the body. This is known as metastases.

    Treatment of early disease, when cancer is confined to the original site, is focused on that single area, most often with surgery or radiation therapy. Treatment of advanced disease, when it has spread, often relies on treatments that can travel all around the body such as chemotherapy or immunotherapy.

    A more advanced form of radiation therapy, called stereotactic ablative radiotherapy, may be able to treat both early and advanced cancers. So how does it work? And how does it compare to existing therapies?

    It delivers a higher dose to a smaller target

    Stereotactic radiotherapy uses high doses of radiation to target and kill cancer cells. It uses newer machines that can deliver very focused radiation beams. Combined with advances in imaging and radiation planning software this allows clinicians to “track” and target cancers.

    This results in such high precision – with a targeting accuracy less than 1mm – that cancers can be safely treated with minimal risk of damaging surrounding healthy organs.

    Having a higher dose means radiotherapy can be delivered in fewer treatments (one to five sessions over one to two weeks) where it previously would have been divided into many small doses (20 to 40), delivered over weeks or even months.

    Stereotactic radiotherapy has increasingly been used to treat cancer in the brain and lungs. But new data has shown it can also effectively treat prostate cancer.

    What did the new study find?

    A study published this month in the New England Journal of Medicine compared two groups of patients with early prostate cancer with a median age of 69.8 years. Half (433 participants) received five sessions of stereotactic radiation therapy, the other half (431 participants) received standard radiation therapy consisting of at least 20 sessions.

    The researchers found no long-term difference in outcomes between the groups, with 95% of patients showing no evidence of disease five years after treatment. These cure rates are equivalent to patients who had their prostates surgically removed.

    Early evidence suggests that stereotactic radiation therapy appears to be as effective, less onerous and less invasive than currently available treatment options.

    The new therapy appears as effective as standard therapy but with fewer side effects.
    PeopleImages.com – Yuri A/Shutterstock

    Prostate cancer that has spread beyond its original site is, unfortunately, incurable in most circumstances. Treatments for this stage of disease are aimed at suppressing or controlling the cancer for as long as possible.

    However, studies have shown stereotactic radiation therapy can be used to target disease that has spread to distant sites in patients who have advanced prostate cancer.
    Researchers found stereotactic radiation therapy could render patients free of clinically evident disease for eight to 13 months, delaying the need for hormone therapy or chemotherapy.

    How do the side effects compare to other cancer treatments?

    Stereotactic radiation therapy is delivered daily, with painless radiation beams. In the weeks following delivery it is common to notice soreness and/or inflammation at the treated site. This reaches a level requiring medication in one-third of cases.

    Erectile function is frequently impacted during prostate cancer treatment, as the nerves and blood vessels responsible for erections are often damaged.

    Another recent study comparing stereotactic radiation therapy to surgery found 48% of patients treated with stereotactic radiation therapy had difficulties with their sexual function two years after treatment compared to 75% of patients who had surgery.

    Comparison of differences between traditional radiotherapy and stereotactic radiotherapy.
    Precision Radiation Oncology

    What are the costs? And who can access it?

    Newer and more advanced radiation treatment machines can deliver more precise treatments, but these are much more expensive than standard machines. They also have more complex maintenance and operational requirements.

    However, traditional radiotherapy machines can also be upgraded to provide stereotactic precision.

    While the initial investment costs can be high, cost-benefit analyses show stereotactic radiation therapy for lung cancer costs the health system less than other cancer treatments and conventional radiotherapy. This is in part because treatment is completed far more quickly. Formal cost-benefit analyses have not been completed for prostate cancer but are likely to be similar.

    Stereotactic radiation therapy is now widely available at most major Australian public hospitals for many cancer types, including selected lung cancers, kidney cancers, advanced brain cancers and bone cancers. This has no out-of-pocket costs for patients. It is also provided in many private centres.

    However, even when a centre can deliver stereotactic radiation therapy, there is still significant variation in the devices used to deliver the therapy.

    In addition, the actual planning and delivery of radiation therapy is a complex skill. Studies have shown that patients treated by clinicians with higher caseloads have better outcomes, due to their greater familiarity with these specialised techniques.

    Radiotherapy departments throughout the world have rapidly upgraded their capability over the past few years to provide stereotactic radiotherapy. After the recent clinical trial findings, it’s likely prostate cancer will be added to the list of cancers treated this way.

    David Kok has a clinical appointment at Peter MacCallum Cancer Centre which provides prostate cancer treatments including stereotactic radiotherapy, conventional radiotherapy and surgery.

    Sathana Dushyanthen 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. What is stereotactic radiation therapy for prostate cancer? How does it compare to other treatments? – https://theconversation.com/what-is-stereotactic-radiation-therapy-for-prostate-cancer-how-does-it-compare-to-other-treatments-241467

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Most Republican states have made voting harder since 2020. Our research shows how successful they’ve been

    Source: The Conversation (Au and NZ) – By Kathryn Schumaker, Senior Lecturer in American Studies, University of Sydney

    In late September, the governor of the state of Oklahoma, Kevin Stitt, boasted that election officials had removed 453,000 people from the state’s voter rolls since 2021. In a state with only 2.3 million registered voters, it appears that roughly one in six registered voters had been purged.

    While some of these people were dead or disfranchised owing to felony convictions, nearly 200,000 of them were removed for being “inactive voters”. This means they likely failed to respond to a postcard sent to their mailing address.

    Voters can re-register if they were incorrectly removed, but this “voter list maintenance” process still creates a barrier to democratic participation.

    Unsurprisingly, Oklahoma historically has one of the lowest voter turnout rates in the United States.

    This bucks the national trend. Overall, across the United States, electoral turnout has increased in presidential and midterm elections since 2018. Americans feel, now more than ever, that elections have high stakes.

    And some states have made it easier to vote. Minnesota, for example, allows voters to register online or at the polls on Election Day.

    In states like Oklahoma, however, voters are discouraged or demoralised by policies and laws meant to make voting difficult and time consuming. Legislatures in these states have been emboldened over the past decade by a series of Supreme Court rulings voiding key parts of the Voting Rights Act.

    These states are now the new fronts in the unfinished battle to secure one of the fundamental elements of democracy – the right to vote. We’ve analysed data on voter turnout and voting accessibility across the US and found states restricting access the most are overwhelmingly led by Republican legislatures.

    A long history of voter disenfranchisement

    US elections have always been the domain of the states. And state legislatures have long wielded this power to discriminate against marginalised groups.

    Prior to the Civil War, most states restricted the right to vote to white men. Then, in 1870, the 15th Amendment to the Constitution was ratified, which forbade states from restricting the right to vote on the basis of “race, color or previous condition of servitude”

    In practice, however, this didn’t change things in all states. In the South, where Jim Crow laws maintained segregation in many facets of public life, lawmakers found other ways to disenfranchise Black voters.

    These methods included poll taxes, literacy tests, and grandfather clauses. In some Southern states, Democrats also held all-white primaries to prohibit Black voters from participating. They claimed that political parties were private organisations and not subject to the 15th Amendment.

    When other methods failed, white people used violence and intimidation to discourage Black voters from showing up at the polls.

    Women made gains state by state in the decades following the Civil War, though Black women in the South were disenfranchised alongside Black men. This made white women the primary beneficiaries of the 19th Amendment, ratified in 1920. This dictated that states could not withhold voting rights “on account of sex”.

    It was not until the ratification of the 24th Amendment in 1964, which prohibited the use of the poll tax, and the 1965 Voting Rights Act, which outlawed the literacy tests, that American democracy could begin to live up to its name.

    How states are erecting more barriers

    However, even these landmark developments have not ensured that voting is easy or universally accessible to all Americans.

    In fact, many states have accelerated efforts to police voting rolls and enact hurdles to civic engagement in the wake of then-President Donald Trump’s false claims of voter fraud in the 2020 election. Republican-dominated states like Oklahoma have been particularly keen to adopt restrictive policies.

    According to the Center for Public Integrity, 26 states have made voting less accessible since 2020. These barriers include many tactics:

    Partisan redistricting also discourages members of minority parties from turning out on Election Day. By drawing district lines that clearly favour one party over another, such practices can make people feel it is pointless to vote.

    What our research found

    According to our calculations, out of the states that have made voting less accessible since 2020, most are located in the South (43%) or Midwest (31%). The data reveal the most significant losses in voting access have occurred in southern states with large populations of Black voters.

    And the most restrictive lawmaking has been spearheaded by Republican-dominated state legislatures, with 86% of such states passing inequitable voting barriers. In contrast, only 5% of Democratic-led states have made voting harder.

    In addition, according to our research, high barriers to voting are directly related to lower voter turnout rates.

    When all states are analysed, “high barrier” states had an average turnout rate of 45.8% compared to 49% for “low barrier” states in the 2022 election, a statistically significant difference. The average turnout rate across all US states in 2022 was 46.2%.

    In the South, most states (11 of 16) made voting more difficult after the 2020 election – and nearly all had voter turnout rates well below the national average in 2022. (Mississippi was the lowest at 32.5%.)

    High-barrier southern states with Republican-led legislatures had an average turnout rate of 40.6%, compared to 46.2% in high-barrier, Republican-led states in other regions.

    Three states in low-barrier states, meanwhile, had turnout rates above 60% – Oregon, Maine and Minnesota. All had Democratic-majority legislatures, or in the case of Minnesota, a divided legislature and Democratic governor.

    States should motivate voters, not demoralise them

    These policies to restrict voting accessibility, draped in the cloak of “election security”, will no doubt affect turnout in certain states in the upcoming November elections, as well.

    Research shows Americans choose to vote because they think it is their civic duty or they believe the outcome of an election matters for their community, nation or self.

    Yet, staying home on Election Day is also a rational behaviour since the chances of being the pivotal voter that decides an election is estimated at one in one million in a battleground state and much less in a noncompetitive state.

    With national voter turnout already low compared to other democracies, state legislatures should be doing what they can to motivate voters and make it easier for them to cast a ballot – not making it more difficult for them to do so.

    Kathryn Schumaker has received funding from the National Endowment for the Humanities.

    Allyson Shortle is affiliated with the Public Religion Research Institute.

    – ref. Most Republican states have made voting harder since 2020. Our research shows how successful they’ve been – https://theconversation.com/most-republican-states-have-made-voting-harder-since-2020-our-research-shows-how-successful-theyve-been-240667

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Astronomers just found complex carbon molecules in space – a step closer to deciphering the origins of life

    Source: The Conversation (Au and NZ) – By Maria Cunningham, Honorary Senior Lecturer, School of Physics, UNSW Sydney

    Part of the Taurus molecular cloud. ESA, CC BY-SA

    A team led by researchers at MIT in the United States has discovered large molecules containing carbon in a distant interstellar cloud of gas and dust.

    This is exciting for those of us who keep lists of known interstellar molecules in the hope that we might work out how life arose in the universe.

    But it’s more than just another molecule for the collection. The result, reported today in the journal Science, shows that complex organic molecules (with carbon and hydrogen) likely existed in the cold, dark gas cloud that gave rise to our Solar System.

    Furthermore, the molecules held together until after the formation of Earth. This is important for our understanding of the early origins of life on our planet.

    Difficult to destroy, hard to detect

    The molecule in question is called pyrene, a polycyclic aromatic hydrocarbon or PAH for short. The complicated-sounding name tells us these molecules are made of rings of carbon atoms.

    Carbon chemistry is the backbone of life on Earth. PAHs have long been known to be abundant in the interstellar medium, so they feature prominently in theories of how carbon-based life on Earth came to be.

    A pyrene molecule, consisting of carbon atoms (black) and hydrogen atoms (white).
    Jynto/Wikimedia Commons, CC BY

    We know there are many large PAHs in space because astrophysicists have detected signs of them in visible and infrared light. But we didn’t know which PAHs they might be in particular.

    Pyrene is now the largest PAH detected in space, although it’s what is known as a “small” or simple PAH, with 26 atoms. It was long thought such molecules could not survive the harsh environment of star formation when everything is bathed in radiation from the newborn suns, destroying complex molecules.

    In fact, it was once thought molecules of more than two atoms could not exist in space for this reason, until they were actually found.
    Also, chemical models show pyrene is very difficult to destroy once formed.

    Last year, scientists reported they found large amounts of pyrene in samples from the asteroid Ryugu in our own Solar System. They argued at least some of it must have come from the cold interstellar cloud that predated our Solar System.

    So why not look at another cold interstellar cloud to find some? The problem for astrophysicists is that we don’t have the tools to detect pyrene directly – it’s invisible to radio telescopes.

    Using a tracer

    The molecule the team has detected is called 1-cyanopyrene, what we call a “tracer” for pyrene. It is formed from pyrene interacting with cyanide, which is common in interstellar space.

    The researchers used the Green Bank Telescope in West Virginia to look at the Taurus molecular cloud or TMC-1, in the Taurus constellation. Unlike pyrene itself, 1-cyanopyrene can be detected by radio telescopes. This is because 1-cyanopyrene molecules act as small radio-wave emitters – tiny versions of earthly radio stations.

    As scientists know the proportions of 1-cyanopyrene compared to pyrene, they can then estimate the amount of pyrene in the interstellar cloud.

    The amount of pyrene they found was significant. Importantly, this discovery in the Taurus molecular cloud suggests a lot of pyrene exists in the cold, dark molecular clouds that go on to form stars and solar systems.

    A wide-field view of part of the Taurus molecular cloud ~450 light-years from Earth. Its relative closeness makes it an ideal place to study the formation of stars. Many dark clouds of obscuring dust are clearly visible against the background stars.
    ESO/Digitized Sky Survey 2. Acknowledgement: Davide De Martin.

    The complex birth of life

    We are gradually building a picture of how life on Earth evolved. This picture tells us that life came from space – well, at least the complex organic, pre-biological molecules needed to form life did.

    That pyrene survives the harsh conditions associated with the birth of stars, as shown by the findings from Ryugu, is an important part of this story.

    Simple life – consisting of a single cell – appeared in Earth’s fossil record almost immediately (in geological and astronomical terms) after the planet’s surface had cooled enough to not vaporise complex molecules. This happened more than 3.7 billion years ago in Earth’s approximately 4.5 billion history.

    For simple organisms to then appear so quickly in the fossil record, there’s just not enough time for chemistry to start with mere simple molecules of two or three atoms.

    The new discovery of 1-cyanopyrene in the Taurus molecular cloud shows complex molecules could indeed survive the harsh conditions of our Solar System’s formation. As a result, pyrene was available to form the backbone of carbon-based life when it emerged on the early Earth some 3.7 billion years ago.

    This discovery also links to another important finding of the last decade – the first chiral molecule in the interstellar medium, propylene oxide. We need chiral molecules to make the evolution of simple lifeforms work on the surface of the early Earth.

    So far, our theories that molecules for early life on Earth came from space are looking good.

    Maria Cunningham has received funding from The Australian Research Council. In the past she has collaborated with Anthony Remijan, one of the co-authors on the Science paper discussed in this publication. Their last co-authored paper was in 2015.

    – ref. Astronomers just found complex carbon molecules in space – a step closer to deciphering the origins of life – https://theconversation.com/astronomers-just-found-complex-carbon-molecules-in-space-a-step-closer-to-deciphering-the-origins-of-life-241889

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Defense Official Statement on AUKUS Pillar 2 and Exercise Maritime Big Play

    Source: United States Department of Defense

    The following statement can be attributed to Ms. Madeline Mortelmans who is currently performing the duties of the Assistant Secretary of Defense for Strategy, Plans and Capabilities. Her office is lead for both pillars of AUKUS within the department and is in close partnership with all of the DOD stakeholders.

    “Secretary Austin has said several times in the past that our alliances and partnerships are our greatest global strategic advantage. Specifically, AUKUS presents a unique opportunity for Australia, the United Kingdom and the United States to foster a more capable, more combined force of the future. And in so doing, we will strengthen deterrence in the Indo-Pacific.

    Through AUKUS, we are working across the full spectrum of capability development, generating requirements, co-developing new systems, deepening industrial based collaboration and ultimately delivering advanced capabilities to our forces. AUKUS Pillar 1 focuses these co-development efforts on delivering an advanced nuclear power submarine capability through the optimal pathway.

    Pillar 2 focuses on the development and delivery of emerging technology. AUKUS Pillar 2 is designed to harness the combined industrial and innovation bases of the tri-lateral partners to ensure that our forces are equipped with cutting edge interoperable military capabilities and prepared to face down aggression in whatever form it may take.

    In Pillar 2, we’re building a more capable combined joint force for the future, working across the full spectrum of capability development and we’re already delivering. This year, we’re advancing our undersea warfare capabilities by expanding our ability to launch and recover uncrewed underwater systems from torpedo tubes on current classes of British and US submarines, that will increase the range and capability of our undersea forces.

    We’re integrating the Stingray lightweight torpedo into the P-8A maritime patrol aircraft, which will support our forces in being more interchangeable while providing resilience to munitions stockpiles across AUKUS nations. At the same time, we’re also implementing a fundamental shift to more closely integrate our systems and break down barriers to collaboration at every stage and in every part of our systems.

    We’ve welcomed collaboration with the International Joint Requirements Oversight Council or I-JROC, a critical collaborative forum to identify and validate joint and combined requirements. The I-JROC will ensure that we have prioritized combined and joint solutions from the very start and that the capabilities we develop under Pillar 2 address some of the most pressing challenges our forces face.

    A cornerstone of AUKUS Pillar 2 remains the opportunity to leverage the best of our defense industrial bases in combined innovation communities. This year we executed the first office innovation challenge focused on electronic warfare. We announced the winners last month and our teams are working to develop a robust two-year plan to increase the collaboration between and among our innovation centers of excellence.

    By the end of the year, we’ll have convened meetings with the Advanced Capabilities Industry Forum in each country. Engagements provide an opportunity for representatives across government and industry to exchange ideas and deepen industrial based collaboration.

    This week we’re here in Jervis Bay to observe the Maritime Big Play, which is an important demonstration of AUKUS in action. The Maritime Big Play is a series of integrated trilateral experiments and exercises aimed at enhancing capability development, improving interoperability and increasing the sophistication and scale of autonomous systems in the maritime domain. These experiments address the need to expand the reach, capability and capacity of our forces in the maritime environment through the use of artificial intelligence and autonomous systems.

    Over the past several weeks, we’ve been testing and refining the ability to jointly operate uncrewed maritime systems, to share and process maritime data from all three nations, and to provide real time maritime domain awareness to support decision making. The Maritime Big Play allows AUKUS partners to practice fielding and maintaining thousands of uncrewed systems, gaining valuable experience operating in coalitions to solve realistic operational problems such as improving undersea situational awareness.

    Our work will inform AUKUS partners’ understanding of how crewed and uncrewed capabilities can be integrated to get an operational advantage, and where we can achieve cost savings and improved efficiencies in acquisition, maintenance and sustainment activities.

    Maritime Big Play isn’t just a demonstration for demonstration’s sake. It’s our goal to transition cutting edge technologies into capabilities that give our forces decisive advantage as quickly as we can. This year, Japan joined the Maritime Big Play as an observer. We look forward to deepening their participation in the coming years. All of this together underpins a more strategic approach to ensure that AUKUS and like-minded partners can operate new autonomous uncrewed systems more effectively as a coalition force from the start.

    This is only the first in our series of experiments and demonstrations. Over time, Maritime Big Play will grow and evolve to reflect the emerging technologies, new systems and new operational requirements. I want to emphasize that AUKUS is dynamic. It will grow, it will evolve as the world changes around us, and as we break down the old barriers to cooperation and inevitably discover new ones.

    AUKUS is building a foundation for deep defense industrial cooperation and delivering advanced capabilities that can and will ensure our defense forces succeed in enhancing peace and stability in the Indo-Pacific alongside UK and Australia partners both now and in the years ahead. Thank you.”

    MIL OSI USA News –