Category: Business

  • MIL-OSI USA: Relief Still Available to South Carolina Businesses Hit by Severe Storms

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in South Carolina of the Feb. 28 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, high winds and hail that occurred on April 20, 2024. 

    The disaster declaration includes the following counties: Cherokee, Chester, Lancaster, Union and York in South Carolina; and Cleveland, Gaston and Mecklenburg in North Carolina. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred. 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is Feb. 28, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI USA: Relief Remains Available to Tennessee Businesses Hit by Severe Weather in April

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Tennessee of the Feb. 28 deadline to apply for low interest federal disaster loans to offset economic losses caused by excessive rain, hail, high winds and lightning that occurred May 8-9, 2024. 

    The disaster declaration covers the counties of Claiborne, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Knox and Union. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred. 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is Feb. 28, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI USA: The Cowsert Column: Week Three Under the Gold Dome

    Source: US State of Georgia

    The third week of the 2025 Legislative Session has concluded, and we remain focused on advancing commonsense legislation that prioritizes Georgia’s families, businesses and communities.

    The General Assembly has been hard at work, carefully reviewing agency budget requests to ensure taxpayer dollars are allocated responsibly. As I mentioned last week, passing a balanced budget is our constitutional duty—and the foundation of a responsible government that serves its people.

    This week, our focus shifted to committee meetings. As legislative committees ramp up their work, we are addressing issues that matter most to our communities, from safeguarding our schools to strengthening local infrastructure. I was pleased to participate in meetings of the Senate Rules, Finance, Health and Human Services and Insurance and Labor Committees. I have also been reviewing bills assigned to the Senate Regulated Industries & Utilities Committee, which I chair, to determine which bills should receive committee hearings.

    Tort reform is a key issue that will take center stage in this legislative session. Governor Brian Kemp has made it his top priority for 2025—for good reason. Georgia businesses and their employees are being unfairly burdened by civil lawsuits that result in excessive payouts and create a legal environment that is anything but fair and welcoming to businesses that provide jobs to our citizens. The Governor’s proposals aim to pass meaningful reforms to our civil justice system to make the rules fair for both parties. I’m proud to stand with Gov. Kemp as we work to level the playing field and protect businesses from skyrocketing insurance rates resulting from continued outlandish court rulings and crippling financial judgments.

    But what exactly is tort reform? A tort is a civil wrong for which an aggrieved or injured party can seek monetary compensation through litigation. The most common type of tort is based upon the negligence or carelessness of a person or company that causes harm. The “reforms” are changes in the civil justice system aimed at reducing frivolous lawsuits and limiting excessive damages in personal injury and other civil cases. This complex issue has plagued our state for far too long, and as a result, Georgia has been labeled a “judicial hellhole” by the American Tort Reform Association.

    Consider a few examples of how our current legal system is tilted against hardworking Georgians. Under existing rules of evidence, Georgia jurors are prohibited from knowing whether an injured party in an automobile accident was wearing a seatbelt—a crucial piece of information when evaluating the full context of a case. This is especially important when a person is thrown from a vehicle and killed or severely injured, or when a person slams into the windshield and sustains disfiguring facial scars or a closed head injury. There is a criminal law that requires you to wear your seatbelt for your personal safety. It is negligent for a person to disregard this law and place themselves in danger of injury. However, this information is hidden from the jury and cannot be mentioned by the defense in court. This evidentiary rule will be changed to allow juries to hear evidence of seatbelt use at trial.

    Similarly, under rules of evidence, jurors are often led to believe that plaintiffs are paying medical bills entirely out of pocket when, in reality, insurance may have already covered significant portions of their medical expenses. All Americans are now required to have medical insurance under the provisions of the Affordable Care Act. The cost of premiums is subsidized if they cannot afford them, and this coverage applies to pre-existing injuries. Medical providers negotiate with insurers to accept discounted payments from insurers as full compensation for their services. However, juries are only informed of the inflated original amounts of the bills. This allows plaintiffs and their attorneys to receive windfalls by recovering damages for expenses never incurred. This rule will be changed to allow juries to hear the truth about medical expenses actually incurred by plaintiffs and reflect the true amount of their damages awarded in verdicts.

    Another important provision of the civil justice reform bill is relief for businesses from lawsuits brought to recover for injuries while on the premises of a business open to the public. Existing laws allow persons injured by criminal actions committed on business premises to hold the business responsible if the business failed to make their premises safe for customers. This duty to keep the premises safe for customers arises when the property owner is aware of criminal activity in the area and fails to take reasonable steps to protect the safety of its customers. The result is that businesses end up having to spend significant amounts on private security to protect customers from criminal harm since if someone is injured or killed they sue both the property owner and the criminal actor. The jury is allowed to apportion the verdict between the defendants in accordance with their respective percentage of fault. However, juries know that the business has the deep pockets to pay a verdict whereas the criminal probably doesn’t. As crazy as it seems, skillful trial attorneys have been able to persuade juries that the business is 95% at fault while the criminal is held to be only 5% at fault. This bill will guarantee that business owners are not responsible for criminal acts occurring off of the premises. In addition, under no circumstances shall a business be held more than 50% responsible for the defendant’s injuries caused by a criminal on its property. These, and other changes, will help make sure that businesses do not close in high crime (often primarily minority) neighborhoods. This is one reason that Democratic legislators will join with Republicans in protecting all Georgians from business closings caused by the current legal environment.

    I was honored to stand alongside Gov. Kemp this week as these issues were addressed at one of the largest press conferences ever held under the Gold Dome. There were citizens from many professions (truck drivers, factory workers, medical professionals and business owners) that came to the Capitol to express their support for this civil justice reform legislation. This issue is critically important to countless hardworking Georgians. I look forward to working with my Senate colleagues to advance meaningful civil justice reform throughout this legislative session in an effort to restore balance and fairness for the civil justice system.

    As always, if you have any questions, concerns, or ideas about our work at the Capitol, please do not hesitate to reach out. It is an honor to serve you, and I appreciate your trust as we continue working together throughout the 2025 legislative session.

    # # # #

    Sen. Bill Cowsert serves as Chairman of the Senate Committee on Regulated Industries and Utilities. He represents the 46th Senate District which includes portions of Barrow, Clarke, Gwinnett, Oconee and Walton Counties. He may be reached at (404) 463-1366 or via email at bill.cowsert@senate.ga.gov

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

    MIL OSI USA News

  • MIL-OSI Security: Rumford Man Sentenced for Evading Employment Taxes

    Source: Office of United States Attorneys

    PORTLAND, Maine: A Rumford man was sentenced today in U.S. District Court in Portland for willfully evading the payment of employment taxes.

    U.S. District Judge John A. Woodcock, Jr. sentenced Jeffrey Richard, 50, to 12 months and one day in prison followed by three years of supervised release. He was also ordered to pay $910,980.37 in restitution to the IRS. Richard pleaded guilty on July 17, 2023.

    According to court records, between 2013 and 2017, Richard willfully attempted to evade payment of employment withholding taxes owed by his company, Black Bear Industrial, Inc. Despite being aware of the company’s unpaid employment tax liability, Richard took a variety of steps to evade payment. He regularly used funds from Black Bear’s business bank account to make business and personal purchases, all while making no payments toward Black Bear’s tax liability. He also created two nominee companies and took steps to disguise his ownership of the companies. He falsely represented to an IRS revenue officer that he had anything to do with one of the companies. The other company did business and had over $174,000 of business income in 2017, but none of the money was used to pay the IRS. Richard never informed the IRS about the company, and the company never filed any corporate or employment tax returns.

    “Today’s sentencing of Jeffrey Richard sends a strong message to all individuals and businesses that think they are above the law and can evade their obligation to pay their fair share of taxes,” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “Richard knowingly chose to steal and cheat from every America taxpayer when he selfishly chose to use business funds for personal purchases and took other steps to evade paying his tax liability. Tax evasion is not a victimless crime, it impacts every American by stealing resources vital to fund schools, maintain public infrastructure and enhance social welfare.”

    IRS Criminal Investigation investigated the case.

    ###

    MIL Security OSI

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Nicaragua

    Source: International Monetary Fund

    February 7, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Nicaragua.

    Nicaragua’s economic performance remains robust, underpinned by prudent macroeconomic policies and very strong remittance flows. The economy continues to be open and resilient, on a backdrop of transfers of private property to the state, international sanctions, and a reorientation of official financing. Real GDP growth accelerated to around 4½ percent in 2023 and the first half of 2024, from about 3.8 percent in 2022, on the back of robust domestic demand, while inflation declined. Twin fiscal and external account surpluses are leading to a decline in the public debt-to-GDP ratio and the accumulation of strong buffers.

    Real GDP growth is projected to moderate to 4 percent in the near term and to 3.5 percent in the medium-term, amid a slower pace of remittances growth, limited labor contribution to growth due to recent emigration, and cautious private sector investment decisions. International reserves are expected to grow at a slower pace than in the recent period, with narrowing of fiscal and current account surpluses as the authorities’ increase public investment.

    Risks to the outlook are broadly balanced in the short-term and to the downside in the medium term. Upside risks include stronger domestic demand, while downside risks include lower global growth, a deterioration in the terms of trade, natural disasters, stricter and wider international sanctions, and a change in immigration policies in the U.S. In addition, going forward, domestic and international political developments, and deterioration of the rule of law may also impact economic performance by potentially increasing the cost of doing business.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Nicaragua’s robust growth, declining inflation and public debt, and fiscal sector and current account surpluses, supported by prudent macroeconomic policies and high remittances. While noting the positive outlook, Directors stressed that risks are to the downside, including from natural disasters, international sanctions, and U.S. immigration policies. They underscored the importance of continued efforts to safeguard macroeconomic stability, strengthen buffers, and support higher and more inclusive growth.

    Directors welcomed the authorities’ commitment to preserving fiscal sustainability, while supporting growth. Efforts to strengthen domestic revenue mobilization, enhance spending efficiency, and support higher capital and social spending are important. Noting the limited availability of concessional financing, Directors highlighted the importance of prudent debt management to safeguard debt sustainability. They underscored the need to mitigate fiscal risks by strengthening fiscal transparency, enhancing oversight of state owned enterprises, and reforming the pension system.

    Directors agreed that monetary policy should remain focused on supporting price stability and the exchange rate regime and highlighted the criticality of policy coordination. They recommended that the Central Bank of Nicaragua adjust monetary and exchange rate policies, as needed, enhance communication, and strengthen monetary policy transmission. Directors encouraged steadfast implementation of the 2021 safeguard assessment recommendations.

    Directors welcomed the commitment to maintaining financial stability. Noting the vulnerabilities, they encouraged proactive provisioning of distressed assets, close monitoring of consumer credit growth, enhanced foreign exchange risk monitoring, and aligning the crisis preparedness framework with international best practice. Measures to increase financial inclusion and deepening, including developing local bond and capital markets, would support medium term growth.

    Directors stressed the need for efforts to promote higher medium term growth and enhance climate resilience. Important measures include increasing human capital investment, targeted social spending, and promoting labor force participation, particularly for women. Directors also called for efforts to enhance the business climate and strengthen government institutions and frameworks to support increased private investment.

    Directors noted the steps taken to enhance governance, anti corruption, and AML/CFT frameworks, and emphasized that further efforts are needed to ensure their effective and appropriate application. They stressed the need to significantly improve the rule of law and safeguard judicial independence. Publishing asset declarations of politically exposed persons and supporting property rights are important. Directors welcomed the authorities’ commitment to enhancing the quality and consistency of statistics.

    It is expected that the next Article IV consultation with Nicaragua will be held on the standard 12 month cycle.

    Table 1. Nicaragua: Selected Social and Economic Indicators, 2023-25

    I. Social and Demographic Indicators

    GDP per capita (current US$, 2023)

    2,606

    Income share held by the richest 10 percent (2014)

    37.2

    GNI per capita (Atlas method, current US$, 2023)

    2,270

    Unemployment (percent of labor force, 2023)

    3.4

    GINI Index (2014)

    46.2

    Poverty rate ($3.65/day line, 2017 PPP, percent, World Bank, 2023)

    12.5

    Population (millions, 2023)

    6.8

    Adult literacy rate (percent, 2015)

    82.6

    Life expectancy at birth in years (2022)

    74.6

    Infant mortality rate (per 1,000 live births, 2022)

    14.0

    II. Economic Indicators

    2023

    2024

    2025

    Projections

    Output

    (Annual percentage change; unless otherwise specified)

    GDP growth

    4.6

    4.0

    4.0

    GDP (nominal, US$ million)

    17,843

    19,204

    20,771

    Prices

    Consumer price inflation (period average)

    8.4

    4.0

    4.0

     

    (Percent of GDP)

    Gross domestic investment

    23.0

    25.0

    26.5

    Private sector

    15.1

    15.8

    15.5

    Public sector

    7.9

    9.2

    11.0

    Gross national savings

    30.8

    31.8

    32.9

    Private sector

    21.5

    22.5

    22.9

    Public sector

    9.3

    9.3

    10.0

    Exchange rate

    Period average (Córdobas per US$)

    36.4

    36.6

     

    Fiscal sector

    (Percent of GDP)

    Consolidated public sector

    balance1/

    2.8

    1.8

    1.1

    Revenue (including grants)

    32.9

    33.2

    33.1

    Expenditure

    30.1

    31.4

    32.0

    of which: Central Government overall balance2/

    2.6

    2.1

    1.3

    Revenue

    21.7

    21.6

    21.6

    Expenditure

    19.1

    19.5

    20.3

    Cash payments for operating activities

    14.6

    14.5

    13.8

    Net cash outflow: investments in NFAs

    4.5

    5.0

    6.5

    Money and financial

    (Annual percentage change)

    Broad money

    11.9

    12.2

    11.2

    Credit to the private sector

    18.1

    18.3

    11.2

    Net domestic assets of the banking system

    -8.0

    5.8

    1.3

    Non-performing loans to total loans (ratio)3/

    1.2

    1.7

    Regulatory capital to risk-weighted assets (ratio)3/

    19.1

    19.2

    External sector

    (Percent of GDP, unless otherwise indicated)

    Current account

    7.7

    6.7

    6.4

    Remittances

    26.1

    27.2

    26.1

    Capital and financial account

    4.1

    2.5

    3.0

    Gross international reserves (US$ million)4/

    5,190

    5,907

    6,729

    In months of imports excl. maquila

    7.0

    7.4

    7.7

    Net international reserves (US$ million)5/

    4,249

    4,979

    5,724

    In months of imports excl. maquila

    5.7

    6.3

    6.7

    Non-financial public sector debt6/

    49.6

    46.9

    44.9

    Domestic public debt

    10.3

    8.0

    6-9

    External public debt

    39.3

    38.9

    38.0

    Private sector external debt

    31.0

    28.6

    26.2

    Sources: National authorities; World Bank; and IMF staff calculations.

    1/ The consolidated public sector comprises the central government, the municipality of Managua, the state-owned enterprises, social security system (INSS) and the central bank.

    2/ Include transfers to cover the INSS deficit for 2023-25, 0.5 percent of GDP per year, and payment for historical debt (0.7 percent of GDP in 2023).

    3/ 2024 data is as of September 2024.

    4/ Excludes resources from the Deposit Guarantee Fund for Financial Institutions (FOGADE).

    5/ Excludes FOGADE and reserve requirements for FX deposits.

    6/ Assumes that HIPC-equivalent terms were applied to the outstanding debt to non-Paris Club bilaterals. Does not include SDR allocation.

             

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics

  • MIL-OSI USA: Crapo, Risch Support Legislation to Stop Practice of Debanking

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.— U.S. Senator Mike Crapo (R-Idaho), a senior member of the Senate Banking Committee, and U.S. Senator Jim Risch (R-Idaho) have co-sponsored the Fair Access to Banking Act, which would prevent discrimination by banks and financial services providers against constitutionally-protected industries and law-abiding businesses, such as firearms manufacturers and energy producers.  The bill, led by Senator Kevin Cramer (R-North Dakota), is co-sponsored by 38 additional Senate Republicans.
    “The financial services industry’s intentional discrimination of lawful businesses continues a disturbing trend established over the last few years,” said Crapo.  “Individuals and companies in compliance with federal and state law must have full access to credit services based on their creditworthiness, not social or political pressure.”
    “Financial institutions should never deny access to services due to political ideologies,” said Risch.  “The Fair Access to Banking Act prevents banks from discriminating against law-abiding Idahoans for their viewpoints and opinions.”
    The Fair Access to Banking Act would:
    Penalize banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally-compliant person who meets certain criteria;
    Prevent payment card networks from discriminating against any qualified and legally-compliant person because of political or reputational considerations;
    Require qualified banks to provide written justification for why they are denying a person financial service; and
    Punish providers who fail to comply with the law by disqualifying them from using discount window lending programs, terminating their status as an insured depository institution or insured credit union, or imposing a civil penalty of up to $10,000 per violation. 
    Click here for bill text. 
    During the Obama Administration, Crapo fought against “Operation Choke Point,” an initiative in which federal agencies pressured banks to “choke-off” payment systems and banking services access to political disfavored industries, such as guns and ammunition businesses.  Crapo challenged banks issuing guidelines that would effectively cut off financial services to law-abiding firearm manufacturers, retailers and firearms purchasers if they do not comply with the bank’s firearms preferences.  Crapo and Risch also previously co-sponsored this legislation in the 117th and 118th Congresses.

    MIL OSI USA News

  • MIL-OSI USA: Cantwell, Colleagues Call for Reinstatement of Inspectors General Illegally Fired by President Trump

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.07.25

    Cantwell, Colleagues Call for Reinstatement of Inspectors General Illegally Fired by President Trump

    WASHINGTON, D.C. – U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined a group of 37 senators writing to President Trump strongly condemning the President’s recent order to remove Inspectors General (IGs) from at least 18 government agencies and called on the President to immediately reinstate the officials.

    According to the Inspector General Independence and Empowerment Act, which was signed into law in 2022, the President is required to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed. President Trump failed to alert Congress or provide substantive reasoning.

    “These officials, which include those appointed by Presidents of both parties, including many during your first Administration, collectively conduct oversight of trillions of dollars of federal spending and the conduct of millions of federal employees,” wrote the senators. “Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful, and undermines their independence, jeopardizing their critical mission to identify and root out waste, fraud, and abuse within federal programs.”

    The senators continued, “While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized.  The law requires that the President provide a written 30-day notice to both Houses of Congress and include “the substantive rationale, including detailed and case-specific reasons for any such removal or transfer.” With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal. Because your actions violated the law, these Inspectors General should be reinstated immediately.”

    IGs are responsible for providing independent oversight of federal programs and play a key role in improving government efficiency and effectiveness. IGs were removed from at least 18 departments and agencies, including Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, and the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction.

    The letter was led by U.S. Senator Mark Warner (D-VA) and U.S. Senator Tim Kaine (D-VA). In addition to Sen. Cantwell, the letter was signed by U.S. Senators Gary Peters (D-MI), Chuck Schumer (D-NY), Ed Markey (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Rev. Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Patty Murray (D-WA), Mark Kelly (D-AZ), Angela Alsobrooks (D-MD), and John Fetterman (D-PA). 

    The full text of the letter is available HERE and below.

    Dear Mr. President,  

    Your decision Friday evening to remove Inspectors General (IGs) from at least 18 offices across government—including those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, and the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, as well as the Special Inspector General for Afghanistan Reconstruction—does not comply with current law and could do lasting harm to IG independence.  These officials, which include those appointed by Presidents of both parties, including many during your first Administration, collectively conduct oversight of trillions of dollars of federal spending and the conduct of millions of federal employees.  Removing these non-partisan watchdogs without providing a substantive and non-political reason is not lawful, and undermines their independence, jeopardizing their critical mission to identify and root out waste, fraud, and abuse within federal programs. 

    Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need.  They play a key role in improving government efficiency and effectiveness and have helped identify and recover billions of taxpayer dollars.  IG independence is the foundation of this work, and IGs must be free of political influence so that they can carry out their important mission with integrity and credibility.  The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power.  Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked. For example, just this week the Office of Management and Budget (OMB) issued an unlawful memo directing agencies to pause nearly all federal grants and loans, which significantly disrupts the administration of over a trillion dollars of critical assistance to communities, businesses, and organizations across the country.  It is especially vital to have independent watchdogs at each of these agencies to conduct oversight of the impacts of this unconstitutional and unprecedented directive.     

    While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized.  The law requires that the President provide a written 30-day notice to both Houses of Congress and include “the substantive rationale, including detailed and case-specific reasons for any such removal or transfer.” With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal.  Because your actions violated the law, these Inspectors General should be reinstated immediately, until such time as you have provided in writing “the substantive rationale, including detailed and case-specific reasons” for each of the affected Inspectors General and the 30-day notice period has expired.   

    Lastly, if you believe it is necessary to place any of the affected IGs on administrative leave before the 30-day notice period has ended, the law requires that you submit a separate notification to Congress explaining how the IG presents a threat as defined in the Administrative Leave Act. 

    Sincerely,

    MIL OSI USA News

  • MIL-OSI USA: In Wake of Trump Administration Illegally Halting Funds, Cantwell Opposes Nominee to Head Federal Budget Office

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.07.25

    In Wake of Trump Administration Illegally Halting Funds, Cantwell Opposes Nominee to Head Federal Budget Office

    In speech on Senate floor, Cantwell highlights real impacts not funding federal programs would have on WA constituents; Cantwell: “This is really an attempt to steal money from our constituents, just to pay for a tax bill.”; Cantwell: “It’s not a parlor game, it’s not a think tank exercise. It is their lives.”

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and the ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor calling on her colleagues to vote against confirming Russell T. Vought, President Donald Trump’s nominee to lead the Office of Management and Budget (OMB).

    Vought – who following today’s vote will now serve as head of the federal office that helps develop the White House’s budget and priorities – was a chief architect of Project 2025. Last week, the OMB sent shockwaves across the country when President Trump issued an executive order freezing funding for vital federal programs, an order later rescinded amid legal challenges.

    In her remarks, Sen. Cantwell said that the freeze amounted to an attempt to “shortcut Congress.”

    This administration does not have the power to wave a wand and erase legally authorized and appropriated funds. The Constitution is very clear here, Congress and the administration, together, agree on appropriations. They agree together when we pass laws and what we want to do to govern. And people should be able to rely on current laws until those laws are changed,” Sen. Cantwell said. “The havoc that has been caused by this nominee’s strategy is just absurd.”

    She continued: “My constituents, they want to know what’s going on in their lives. It’s not a parlor game, it’s not a think tank exercise. It is their lives.”

    Video of today’s speech is available HERE; audio is HERE; and a transcript of Sen. Cantwell’s remarks is available HERE.



    MIL OSI USA News

  • MIL-OSI Canada: Prime Minister announces the appointment of senators

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today announced that the Governor General, Her Excellency the Right Honourable Mary Simon, appointed the following individuals as independent senators to fill vacancies in the Senate:

    • Baltej Dhillon, for British Columbia
    • Martine Hébert, for Quebec
    • Todd Lewis, for Saskatchewan

    Baltej Dhillon is a retired career police officer, a community leader, and a lifelong advocate for diversity and inclusion. In 1991, Mr. Dhillon made history as the first Royal Canadian Mounted Police (RCMP) officer to wear a turban. He went on to have a successful 30-year career with the RCMP, playing a key role in several high-profile investigations. Since 2019, he has worked with British Columbia’s anti-gang agency, while remaining active in his community as a youth leader.

    Martine Hébert is a renowned economist, former Quebec diplomat, and public figure with over 25 years of experience in economic relations, governance, and public affairs. She has made significant contributions to the economic development of Quebec and Canada, notably during her time as Quebec’s Delegate to Chicago and later to New York City. She is also the former Senior Vice-President and National French Spokesperson for the Canadian Federation of Independent Business.

    Todd Lewis is a fourth-generation farmer and a dedicated champion for Saskatchewan’s agricultural community. He is the former President of the Agricultural Producers Association of Saskatchewan and currently serves as the first Vice-President of the Canadian Federation of Agriculture. A lifelong volunteer, he has been a strong voice for his community on numerous boards and working groups, and he continues to give back through his work as  a municipal councillor.

    These new senators were recommended by the Independent Advisory Board for Senate Appointments and chosen using a merit-based process open to all Canadians. Introduced in 2016, this process ensures senators are independent and able to tackle the broad range of challenges and opportunities facing the country.

    Quote

    “Congratulations to Mr. Dhillon, Ms. Hébert, and Mr. Lewis on their appointment as Parliament’s newest independent senators. Their broad range of experience will be a great benefit to the Senate, and I am confident they will continue to be strong voices for their communities.”

    Quick Facts

    • The Senate is the Upper House in Canada’s parliamentary democracy.
    • Candidate submissions were reviewed by the Independent Advisory Board for Senate Appointments, which provided recommendations to the Prime Minister. The Board is guided in its work by public, transparent, non-partisan, and merit-based criteria to identify highly qualified candidates for the Senate.
    • With today’s announcement, there have been 93 independent appointments to the Senate made on the advice of Prime Minister Justin Trudeau. All of them were recommended by the Board.
    • Under the Canadian Constitution, the Governor General appoints individuals to the Senate. By convention, senators are appointed on the advice of the Prime Minister.
    • Once appointed by the Governor General, new senators join their peers to examine and revise legislation, investigate national issues, and represent regional, provincial and territorial, and minority interests – important functions in a modern democracy.

    Biographical Notes

    Associated Links

    MIL OSI Canada News

  • MIL-OSI USA: Governor Polis Provides Regional State of the State to Boulder Chamber, Celebrates Colorado’s Schools, and Discusses Efforts to Build More Housing Coloradans Can Afford

    Source: US State of Colorado

    BOULDER/LARIMER/WELD COUNTIES – Today, Governor Polis made visits across through Boulder, Larimer, and Weld Counties. Governor Polis started the day by delivering a regional State of the State address to the Boulder Chamber of Commerce and local leaders.

    “I’m focused on the issues Coloradans care about most. From lowering costs by building more housing people can afford, expanding low-cost and convenient transit options, to investing in law enforcement to keep our communities safe, and ensuring all kids get the high-quality education needed to thrive, we are delivering real results. But in Colorado, good enough is not good enough, and we continue to climb higher to make Colorado more affordable, sustainable, and liveable for everyone,” said Governor Polis.

    Governor Polis then visited Rocky Mountain Elementary School in Longmont, a recipient of the Governor’s Math Bright Spot Award in 2023, and a Universal Preschool Provider.

    “Giving our students a strong start is important for their success in the classroom and our future workforce. As a Universal Free Preschool Provider and Bright Spot award recipient, Rocky Mountain Elementary demonstrates Colorado’s commitment to student success on a daily basis. I was thrilled to visit today to learn about the school’s success and see how their best practices can be applied to help students in all four corners of our state thrive,” said Governor Polis.

    After visiting Rocky Mountain Elementary School, Governor Polis will meet with Tracey Johnson, the General Manager of Clayton Homes to discuss how they are creating more housing that Coloradans can afford.

    “Like most Coloradans, the high cost of housing remains a top priority for me and my administration. Last year we made historic progress to break through the government barriers that prevented more housing from being built. Innovative builders like Clayton Homes are an important part of our next steps to build more housing Coloradans can afford and I was excited to learn about their work in the Fort Collins area,” said Governor Polis.

    ###
     

    MIL OSI USA News

  • MIL-OSI USA: Attorney General Bonta in New Court Filing: Trump Administration Not Complying with Court Order to Unfreeze Certain Federal Funding

    Source: US State of California

    In light of evidence of Trump Administration continuing to block state funding under the Inflation Reduction Act and Infrastructure, Investment, and Jobs Act, states file motion to enforce existing court order 

    Preliminary injunction motion highlights the significant threats posed by the Trump Administration’s funding freeze, affecting access to food, healthcare, and crucial services that states provide  

    More than $100 billion in Medicaid funding, tens of billions in infrastructure and climate funding, among the funding at risk in just California 

    OAKLAND  California Attorney General Rob Bonta today led a coalition of 23 attorneys general in filing a motion to enforce and a motion for preliminary injunction in NY v. Trump, the ongoing lawsuit challenging actions by President Trump, the Office of Management and Budget (OMB), and federal agencies attempting to pause nearly $3 trillion in federal assistance funding allocated to the states that support critical programs and services that benefit the American people. The coalition today seeks to preliminarily enjoin the Trump Administration’s actions to impose a funding freeze, emphasizing the widespread and irreparable harm to states, which rely on billions of dollars of critical federal assistance for public services that ensure access to education, clean air and water, and health care and that support essential infrastructure projects.  

    The motion further highlights the harm states face if funds under the Inflation Reduction Act (IRA) and Infrastructure, Investment, and Jobs Act (IIJA, also known as the Bipartisan Infrastructure Law) are not allocated as required by statute. IRA and IIJA funding strengthens domestic energy security, reduces energy costs, diversifies our domestic energy resources, rebuilds our domestic manufacturing economy, bolsters and modernizes critical infrastructure, and creates well-paying jobs while simultaneously reducing harmful pollution. Citing evidence of ongoing disruptions impacting disbursements to states, and federal funds that remain blocked under the IRA and IIJA despite the court’s Temporary Restraining Order (TRO), which remains in place, the coalition also seeks to enforce the TRO to require the Trump Administration to disperse these funds.  

    “Let’s be crystal clear: the power of the purse belongs to Congress, not the President,” said Attorney General Bonta. “The Trump Administration’s dangerous and unconstitutional actions have created chaos and confusion across this country, and caused significant harm to states across the country and the millions of Americans who rely on federal funding, from children to the elderly. In yet another unlawful move, we have evidence that despite the Temporary Restraining Order we secured, the Trump Administration has continued to block funds needed for our domestic energy security, transportation, and infrastructure provided under the IRA and IIJA. We’re asking the court to enforce its order and ensure that the Trump Administration reinstates access to this critical funding. No one is above the law, and at the California Department of Justice, we will not waver in our commitment to uphold the law and ensure that necessary funding for critical programs and services in states across our country can continue.”

    In just this fiscal year, California is expected to receive $168 billion in federal funds – 34% of the state’s budget – not including funding for the state’s public college and university system. This includes $107.5 billion in funding for California’s Medicaid programs, which serve approximately 14.5 million Californians, including 5 million children and 2.3 million seniors and people with disabilities. Additionally, over 9,000 full-time equivalent state employee positions are federally funded. As detailed in the preliminary injunction motion, without access to federal financial assistance, many states could face immediate cash shortfalls, making it difficult to administer basic programs like funding for healthcare and food for children and to address their most pressing needs.

    Additionally, as of January 2025, California has been awarded $63 billion from the IIJA and nearly $5 billion from the IRA, not including funds going to California cities, air and water districts, or other political subdivisions. Due to ongoing disruptions impacting disbursements to states despite the court’s TRO, efforts that bolster clean energy investments, transportation, and infrastructure have been put at risk, including:

    • The Home Electrification and Appliances Rebates Program, for which the IRA appropriates $4.5 billion to the Department of Energy. The rebate program, administered by state energy offices under final federal grants, subsidizes low- and moderate-income households’ purchase and installation of electric heat pump water heaters, electric heat pump space heating and cooling systems, and other home electrification projects. Thousands of California homeowners have signed up for these programs, received approvals, and even started installation in reliance on these rebates, and are stuck paying their contractors an extra $8,000 if our state energy offices cannot draw down funds. As of February 5, that remained the case: the home rebate grants were being held “for agency review.”
    • The Solar for All program, administered by EPA and funded by the IRA’s Greenhouse Gas Reduction Fund, awarded $7 billion to 60 grantees to install rooftop and community solar energy projects in low-income and disadvantaged communities. These awards—all subject to final grant agreements—support the construction of cheap, resilient power in underserved neighborhoods, and provide particular protection to communities in which wildfire risk regularly causes utilities to de-energize transmission lines. As of February 5, numerous states in the coalition were unable to access their Solar For All grant accounts. 
    • The Climate Pollution Reduction Grant program, administered by EPA and funded by a $5 billion IRA appropriation, supports states, tribes, and local governments in planning and implementing greenhouse-gas reduction measures. For example, the regional air district covering Los Angeles received a $500 million award, subject to a final grant agreement, to clean up the highly polluting goods movement corridor between the Imperial Valley’s logistics hubs and warehouses to the Port of Los Angeles. As of February 5, this grant and other Climate Pollution Reduction Grants remained inaccessible. 
    • The national air monitoring network and research program under Clean Air Act sections 103 to 105, which has been administered by EPA for the last sixty years to protect communities from dangerous pollution. The IRA appropriated $117.5 million to fund air monitoring grants under this program to increase states’ abilities to detect dangerous pollution like particulate matter (soot) and air toxics, especially in disadvantaged communities. These pollutants create a particular public health emergency in areas recovering from wildfires. As of February 5, air monitoring grants remained inaccessible. 

    Amid evidence that the Trump Administration has continued to block these critical funds, in violation of the court’s order, the attorneys general filed a motion to enforce to ensure that the funds are swiftly dispersed so that states can put them to use to protect for the health and well-being of their residents. 

    Attorney General Bonta, along with the attorneys general of New York, Rhode Island, Massachusetts and Illinois, led the attorneys general of Arizona, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Maine, Maryland, Michigan, Minnesota, New York, Nevada, North Carolina, New Jersey, New Mexico, Oregon, Rhode Island, Vermont, Washington, and Wisconsin in filing the motions.  

    The motion to enforce and motion for a preliminary injunction is available here.

    MIL OSI USA News

  • MIL-OSI Security: Indiana Man Sentenced to 20 Years in Federal Prison for Conspiracies Involving Cyber Intrusion and a Massive $37 Million Cryptocurrency Theft

    Source: Office of United States Attorneys

    SIOUX FALLS – United States Attorney Alison J. Ramsdell announced today that U.S. Chief Judge Roberto A. Lange has sentenced a Lebanon, Indiana, man convicted of Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments. The sentencing took place on February 6, 2025.

    Evan Frederick Light, age 22, was sentenced to 20 years in federal prison, followed by three years of supervised release. Light was also ordered to pay a $200 special assessment to the Federal Victims Fund and will be ordered to pay restitution for no less than $37 million. A hearing will be set at a later date to determine restitution.

    Light was indicted for Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments by a federal grand jury in May 2023. He pleaded guilty on September 30, 2024.

    “From his mother’s basement in Indiana, Evan Light set out to steal millions of dollars in cryptocurrency, thereby destroying the retirement savings of hardworking, honest Americans,” said U.S. Attorney Ramsdell. “His 20-year sentence demonstrates the severity of his crime and its impact on the hundreds of victims whose lives have been devastated by his fraudulent activity. At sentencing, both the Court and the victims rightfully praised the tremendous work of the career professionals at the FBI, whose expertise and dogged commitment resulted in the identification of this perpetrator and the subsequent recovery of a substantial portion of the stolen cryptocurrency. The U.S. Attorney’s Office is equally grateful for its dedicated partners at the FBI, whose first-rate investigative work made it possible for our office to hold Evan Light accountable and bring him to justice.”

    “Cybercrime is not a victimless offense — its impact is felt by hardworking Americans who suffer financial and emotional harm,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Today’s sentencing makes clear that cybercriminals who believe they can operate from the shadows without consequence are mistaken. The FBI, alongside our partners, will continue to investigate and dismantle these schemes to ensure justice is served and the public remains protected.”

    According to court documents, in February of 2022, Light was involved in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota. During the cyber-intrusion, Light stole customers’ personal identifiable information (“PII”) and then stole cryptocurrency worth over $37 million from nearly 600 victims. He acted with one or more unidentified perpetrators.

    Specifically, during the cyber intrusion, Light accessed the identity of a real client of the investment holdings company and unlawfully utilized that identity to infiltrate the investment holdings company’s computer servers. After successfully accessing the computer servers, he then exfiltrated from the servers the PII of hundreds of other clients, using this access to steal virtual currencies from the clients who held such assets with the investment holdings company.

    The stolen cryptocurrency, under Light’s control, was then funneled to various locations throughout the world, including multiple mixing services and gambling websites to conceal his identity and to hide the virtual currency. Light’s conduct adversely affected victims all over the world, including South Dakota. As a result of his conduct, the total loss was approximately $37 million.

    The investigation was conducted by the FBI. The case was prosecuted by Assistant U.S. Attorney Jeremy R. Jehangiri.

    Light was remanded to the custody of the U.S. Marshals Service to continue serving his sentence.

     

    MIL Security OSI

  • MIL-OSI USA: News 02/7/2025 Blackburn, Blumenthal Probe Amazon & Google After New Report Reveals They Placed Ads on Website that Hosts Child Sexual Abuse Material

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Richard Blumenthal (D-Conn.) sent letters to several digital advertising platforms after a bombshell report revealed they placed advertisements on a website known to host and distribute Child Sexual Abuse Material (CSAM). 

    This report was shared exclusively with the Senators before public release. Senators Blackburn and Blumenthal sent letters detailing the report to AdTech vendors Google and Amazon, ad verification firms DoubleVerify and Integral Ad Science, and industry standards bodies Media Rating Council and Trustworthy Accountability Group. Below are excerpts from their letter to Amazon.

    Blackburn & Blumenthal Sound the Alarm on Amazon Tech Being Used to Monetize Websites that Host Child Sexual Abuse Material

    “We write to express our profound concern that Amazon’s technology has been used to monetize websites that have been known to host child sexual abuse material (CSAM). Recent research indicates that Amazon has facilitated the placement of advertising on imgbb.com, a website that has been known to host CSAM since at least 2021, according to transparency reports released by the National Center for Missing & Exploited Children (NCMEC). The dissemination of CSAM is a heinous crime that inflicts irreparable harm on its victims. When digital advertising technologies place advertisements on websites that are known to host such activity, they have in effect created a funding stream that perpetuates criminal operations and irreparable harm to our children.”

    Production, Distribution, Sale, or Possession of Child Sexual Abuse Material Violates Federal Law

    “Amazon’s actions here—or in best case, inaction—are problematic for several reasons. First, the instances of advertisements being served on a website known to host illegal CSAM via Amazon’s advertising technologies violates Amazon’s own policies. As you are aware, the production, distribution, sale, and possession of materials depicting CSAM violates federal law. Amazon’s own policies further prohibit ads from appearing on websites that host ‘illegal content’ and ‘adult and explicit sexual content.’ It remains unclear, however, whether Amazon has ceased its relationship with the website identified in this report, and it is deeply troubling that you have continued to monetize the website for at least three years since NCMEC first identified the website as a purveyor of CSAM.”

    Amazon Must Take Immediate Action to Ensure It Is Not Funding Heinous Crimes Against Children

    “Many advertisers reportedly cannot readily access page URL-level reports that would allow them to identify which pages their ads have appeared on, including if they had appeared on imgbb.com. Imgbb.com is an anonymous photo sharing website that hosts user-generated content. Without access to the URLs on which their ads appeared, advertisers have no ability to understand whether their ads have appeared on content that violates Amazon’s policies, their own policies, or federal law. It is imperative that your company take immediate and comprehensive action to address this issue and ensure that you are not funding these heinous crimes against children.”

    Click here to read the full letter to Amazon. 

    Click here to read the full letter to Google.

    Click here to read the full letter to DoubleVerify.

    Click here to read the full letter to Integral Ad Science.

    Click here to read the full letter to Media Rating Council.

    Click here to read the full letter to Trustworthy Accountability Group.

    MIL OSI USA News

  • MIL-OSI: Cornerstone Funds Announce Continuing Monthly Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 07, 2025 (GLOBE NEWSWIRE) — Cornerstone Strategic Investment Fund, Inc. (NYSE American: CLM) (CUSIP: 21924B302) and Cornerstone Total Return Fund, Inc. (NYSE American: CRF) (CUSIP: 21924U300), (individually the “Fund” or, collectively, the “Funds”), each a closed-end management investment company, announced that in keeping with each Fund’s previously adopted monthly distribution policy, each Fund is declaring the following distributions.

      Record Date Payable Date Per Share
    CLM April 15, 2025 April 30, 2025 $0.1224
    CLM May 15, 2025 May 30, 2025 $0.1224
    CLM June 16, 2025 June 30, 2025 $0.1224
           
    CRF April 15, 2025 April 30, 2025 $0.1168
    CRF May 15, 2025 May 30, 2025 $0.1168
    CRF June 16, 2025 June 30, 2025 $0.1168
           

    Each Fund’s distribution policy provides for the resetting of the monthly distribution amount per share (“Distribution Amount”) annually, based on each Fund’s net asset value on the last business day of October and the annualized distribution percentage approved by the respective Board of Directors (individually the “Board”, or collectively, the “Boards”).

    Each Board believes each Fund’s distribution policy maintains a stable, high rate of distribution. These distributions are not tied to each Fund’s investment income or capital gains and do not represent yield or investment return on each Fund’s portfolio. The Distribution Amount from one calendar year to the next will increase or decrease based on the change in each Fund’s net asset value. The terms of each distribution policy are reviewed and approved at least annually by each Fund’s Board and may be modified at their discretion for the benefit of each Fund and its stockholders.

    Each Fund’s Board remains convinced its stockholders are well served by a policy of regular distributions which increase liquidity and provide flexibility to individual stockholders in managing their investment in each Fund. Stockholders have the option of reinvesting these distributions in additional shares of their Fund or receiving them in cash. Stockholders may consider reinvesting their regular distributions through their Fund’s dividend reinvestment plan, which may at times provide additional benefit to stockholders who participate in their Fund’s plan. Stockholders should carefully read the description of the dividend reinvestment plan contained in each Fund’s report to stockholders.

    Under each Fund’s distribution policy, each Fund may distribute to stockholders each month a minimum fixed percentage per year of the net asset value or market price per share of its common stock or at least a minimum fixed dollar amount per year. In determining to adopt this policy, the Board of each Fund sought to make regular monthly distributions throughout the year. Under each policy, each Fund’s distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, or some combination of one or more of these categories. A return-of-capital is the return of a portion of the stockholder’s original investment.

    Given the current economic environment and the composition of each Fund’s portfolio, a portion of each Fund’s distributions made during the current calendar year is expected to consist of a return of the stockholder’s capital. Accordingly, these distributions should not be confused with yield or investment return on each Fund’s portfolio. The final composition of the distributions for 2025 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

    In any given year, there can be no guarantee each Fund’s investment returns will exceed the amount of the net distributions. To the extent the amount of distributions paid to stockholders in cash exceeds the total net investment returns of the Fund, the assets of a Fund will decline. If the total net investment returns exceed the amount of cash distributions, the assets of a Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of a stockholder’s shares in the Fund. Stockholders can expect to receive tax-reporting information for 2025 distributions by the middle of February 2026 indicating the exact composition per share of the distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of each Fund’s distributions.

    Volatility in the world economy helps to create what Cornerstone Advisors, LLC (the “Adviser”) views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds which invest substantially all of their assets in equity securities, the Adviser may also choose to take advantage of situations in funds which invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within each Fund’s portfolio.

    Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent each Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company’s portfolio securities, and a stockholder in the Fund will bear not only their proportionate share of the expenses of a Fund, but also, indirectly the expenses of the purchased investment company. There can be no assurance the investment objective of any investment company in which a Fund invests will be achieved.

    Under the managed distribution policy, each Fund makes monthly distributions to stockholders at a rate which may include periodic distributions of its net income and net capital gains (“Net Earnings”), or from return-of-capital. If, for any fiscal year where total cash distributions exceeded Net Earnings (the “Excess”), the Excess would decrease each Fund’s total assets and, as a result, would have the likely effect of increasing each Fund’s expense ratio. There is a risk the total Net Earnings from each Fund’s portfolio would not be great enough to offset the amount of cash distributions paid to Fund stockholders. If this were to occur, a Fund’s assets would be depleted, and there is no guarantee a Fund would be able to replace the assets. In addition, in order to make such distributions, a Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment pursuant to the Fund’s investment objective.

    Each Fund’s Board has previously approved a share repurchase program. The share repurchase program authorizes management to make open market purchases, from time to time. Such purchases may be made opportunistically at certain discounts to net asset value per share when management reasonably believes such repurchases may enhance stockholder value. There is no assurance each Fund will purchase any shares or the share repurchase program will have an impact on the liquidity or value of the respective Fund or the Fund’s shares. To the extent each Fund engages in share repurchase activity, such activity will be disclosed in each Fund’s stockholder reports for the relevant fiscal period.

    Cornerstone Strategic Investment Fund, Inc. and Cornerstone Total Return Fund, Inc. are traded on the NYSE American LLC under the trading symbols “CLM” and “CRF”, respectively. For more information regarding each Fund please visit www.cornerstonestrategicinvestmentfund.com and www.cornerstonetotalreturnfund.com.

    Past performance is no guarantee of future performance. An investment in a Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. A stockholder should carefully consider a Fund’s investment objective, risks, charges and expenses. Please read a Fund’s disclosure documents before investing.

    In addition to historical information, this release contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on a Fund’s investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in each Fund’s disclosure documents, filed with the U.S. Securities and Exchange Commission, and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. Each Fund has no obligation to update or revise forward-looking statements.

    The MIL Network

  • MIL-OSI: Mexco Energy Corporation Reports Financial Results for Third Quarter

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, TX, Feb. 07, 2025 (GLOBE NEWSWIRE) — Mexco Energy Corporation (NYSE American: MXC) today reported net income of $1,077,370, or $0.51 per diluted share, for the nine months ending December 31, 2024.

    Operating revenues in the first nine months of fiscal 2025 were $5,368,327, an increase of 12% when compared to the first nine months of fiscal 2024. This increase was primarily due to an increase in oil and natural gas production volumes and partially offset by a decrease in the average sales prices of oil and natural gas. Natural gas prices have been low due to limited pipeline capacities in the Permian Basin. Oil contributed to 86% of our operating revenues for the first nine months of fiscal 2025.

    Net income of $469,133, or $0.22 per diluted share, for the Company’s third quarter of fiscal 2025, an increase of 36% compared to $345,610, or $0.16 per diluted share, for the third quarter of fiscal 2024. Operating revenues in the third quarter of fiscal 2025 were $1,891,265.

    The Company currently expects to participate in the drilling of 28 and completion of 19 horizontal wells at an estimated aggregate cost of approximately $1.8 million for the fiscal year ending March 31, 2025, of which $1.1 million has been expended to date.

    Also, the Company has expended to date, approximately $2 million for royalty and mineral interest acquisitions in approximately 700 producing wells with additional potential development located in 37 counties in 9 states.

    Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.

    In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company’s actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company’s Form 10-K for the fiscal year ended March 31, 2024. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements.

    For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.

    The MIL Network

  • MIL-OSI USA: Senator Reverend Warnock Presses USTR Nominee for Commitments to Protect Georgia’s Green Energy Economy

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Presses USTR Nominee for Commitments to Protect Georgia’s Green Energy Economy

    During a Thursday Finance committee hearing, Senator Reverend Warnock questioned Jamieson Greer during his nomination to be the United States Trade Representative (USTR)
    Senator Reverend Warnock highlighted the importance of Georgia’s clean energy economy and the thousands of jobs that support it 
    Greer is a partner in the International Trade team at King & Spalding, which is headquartered in Atlanta, Georgia
    Senator Reverend Warnock: “I’m excited about the investments in solar energy in Georgia. I’m also proud that Georgia, in many ways, is leading the country in building electric cars entirely in the United States, employing thousands of Georgians”

    Watch video of Senator Reverend Warnock’s questioning HERE
    Washington, D.C. – Yesterday, during a Senate Finance committee hearing on Jamieson Greer’s nomination to be the United States Trade Representative (USTR), U.S. Senator Reverend Raphael Warnock (D-GA) pressed Greer on his commitment to protecting and bolstering Georgia’s clean energy economy.
    During Senator Warnock’s line of questions, he also highlighted the importance of the boon to Georgia’s economy that the clean energy market provides.
    “Down near my hometown where the Kia plant opened, we’ve got about 9,000 more jobs that have been created in that area. A major economic boon,” said Senator Reverend Warnock. 
    Senator Warnock has continuously fought to deliver robust clean energy investments to communities across Georgia. Last year, heannounced over $700,000 in federal investments to help farmers, ranchers, and rural business owners upgrade their energy systems with sustainable solar and electric energy alternatives to help lower their energy costs. Additionally, the Senator played an instrumental role in securing landmark investments to expand the nation’s fleet of clean electric school buses, including delivering over $60 million for electric school buses for Georgia. In the Inflation Reeducation Act, Senator Warnock secured incentives for domestic solar manufacturing, which will help create more clean energy jobs, as well his plan to promote the creation of sustainable aviation fuel. 
    Watch the Senator’s full remarks and line of questioning HERE.
    See below a transcript of key exchanges between Senator Warnock and nominee Jamieson Greer:
    Senator Reverend Warnock (SRW): “In our meeting, we discussed the importance of the Inflation Reduction Act (IRA), and its clean energy investments in Georgia. I enjoyed our conversation very much. Welcome and congratulations to you, and to your family.”
    “We talked about these provisions in the IRA. The state of Georgia has seen growth in our advanced manufacturing sector, with both domestic companies and foreign companies making significant investments, due in large measure to the IRA’s clean energy investments, bringing a lot of jobs to Georgia.”
    “One of the things I’m very proud of as a lifelong native of Georgia is that little Dalton, Georgia known as the carpet capital of the world. If you are walking on a floor anywhere, there is a good chance you are walking on something that was created in Dalton, Georgia. But who would have imagined that Dalton, Georgia would become such a leader in the manufacturing of solar panels? This is due to the Korean solar manufacturer, Qcells, bringing thousands of jobs to Georgia, creating a domestic solar industry, almost entirely free of Chinese supply chains.” 
    “However, it needs trade protections to compete against a heavily subsidized Chinese industry. If confirmed as the nation’s trade representative, how would you work to protect and grow domestic solar and clean energy manufacturing to ensure our supply chain does not depend on China?” 
    Jamieson Greer (JG): “Thank you, senator. I’m glad to hear you express concern and interest in this, these are things I am concerned about too.”
    “To the extent that there is going to be energy products manufactured and used in the United States, it would be great to have them made here. And that we’re not using panels that come from China, and in some instances might include products of subsidies or forced labor. The first Trump Administration did a safeguard tariff. The Commerce Department for many years has had other tariffs in place and I think that those can be effective tools.”
    “You have testified to this, that we have new protections in the United States. Europe did not have these protections in place and they saw their solar industry go away. I’m very interested in maintaining and exploring those possibilities to ensure we have that production here.”
    SRW: “I appreciate that, and I look forward to continuing to have that conversation. I’m excited about the investments in solar energy in Georgia. I’m also proud that Georgia, in many ways, is leading the country in building electric cars, entirely in the United States, employing thousands of Georgians. Down near my hometown where the Kia plant opened, we’ve got about 9,000 more jobs that have been created in that area. A major economic boon.” 
    “President Trump and congressional Republicans have bragged about repealing federal investments in the green economy that have created these jobs. Jobs that have bipartisan support in my state. I support what we’re doing there, the Republican Governor supports it. This is a top bipartisan economic issue in Georgia. It’s about American manufacturing.” 
    “If confirmed, how will you use your position to protect the investments and thousands of jobs, jobs that foreign car companies have brought to Georgia?” 
    JG: “My role and my jurisdiction in the administration is to negotiate trade deals where appropriate and do trade enforcement as necessary which is certainly an area where I want to make sure any manufacturing you have doesn’t have to compete unfairly with foreign product.”
    “With respect to other incentives or other legislation, that is something that I believe the Treasury Department and the Energy Department, the President and Congress will determine the path forward.” 
    SRW: “Would you agree that if we seed that space, that it is not a net positive result for American businesses?”
    JG: “We need to have advance manufacturing in the United States as much as possible whether it is traditional or electric vehicles or solar panels.” 
    SRW: “So ideology around clean energy should not stop us from doing what is necessary.”
    JG: “If we are going to have manufacturers making clean energy, that makes sense, and broader energy policy, we should be making those things here.”

    MIL OSI USA News

  • MIL-OSI Security: Maryland Man Facing Federal Felony Charges For Illegally Operating A Drone During The National Football League Wild Card Game

    Source: Office of United States Attorneys

    Baltimore, Maryland – A federal criminal complaint has been filed charging Alexis Perez Suarez, 43, of Baltimore, Maryland, on federal felony charges related to flying a drone over M&T Bank Stadium during a National Football League Wild Card Game in Baltimore on January 11, 2025.

    The federal charges were announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI), Baltimore Field Office; Special Agent in Charge Greg Thompson of the U.S. Department of Transportation Office of Inspector General (DOT OIG), Mid-Atlantic Regional Office; and Colonel Roland L. Butler, Jr., Superintendent of the Maryland State Police (MSP).

    “We are very serious about temporary flight restrictions,” said U.S. Attorney Barron. “You will be charged and held accountable for any incursion into restricted airspace, including around sports and entertainment venues such as the Super Bowl.”

    “If you are going to fly a drone, you are responsible for learning all the laws and requirements to responsibly operate it. Failing to do so will not excuse you from the consequences of breaking the law,” said Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office.

    “Federal laws and regulations related to owning and operating drones are in place to protect the public and our nation’s airspace,” said Greg Thompson, Special Agent in Charge of DOT OIG’s Mid-Atlantic Region. “We will continue to partner with law enforcement and prosecutors to pursue those whose actions jeopardize public safety.”

    According to the affidavit filed in support of the criminal complaint, on January 11, 2025, the Federal Aviation Administration had put in place a temporary flight restriction (TFR) for M&T Bank Stadium in Baltimore during the NFL Wild Card game, which precluded the flight of any UAS, including flying a UAS under the Exception for Recreational Flyers.  A TFR temporarily restricts certain aircraft, including an UAS, from operating within a three nautical mile radius of the stadium. This is a standard practice for stadiums or sporting venues where a regular or postseason Major League Baseball, NFL, or NCAA Division I Game is occurring; or a NASCAR Cup, Indy Car, or Champ Series Race is occurring.  The TFR goes into effect one hour before the scheduled start time and lasts until one hour after the end of a qualifying event.

    During the game, the incursion of an unidentified and unapproved drone was deemed a serious enough threat that NFL Security temporarily suspended the game.  MSP Troopers and FBI Special Agents tracked the movement of the drone over the stadium and deployed it to the area where the drone landed in Baltimore, Maryland. Despite Suarez having left the scene, law enforcement was able to track down his whereabouts.

    Suarez stated that he purchased a DJI UAS for recreation and also claimed he used it for work. The drone was not registered, nor did Suarez possess a Remote Pilot certificate to operate it. Suarez allegedly flew the drone approximately 400 feet or higher directly over the NFL stadium.  According to the affidavit, while in flight, Suarez captured approximately seven photos of the Stadium while the game was going on and thousands of people were below his flight path.

    There is a zero-tolerance policy regarding UAS/drone use anywhere within the No Drone Zone established by the FAA. Anyone who attempts to fly a UAS/drone in any prohibited manner may be subject to arrest, prosecution, fines, and/or imprisonment. Members of the public are encouraged to report all suspicious activity. Law enforcement will be actively monitoring the airways for illegal UAS/drones and is committed to identifying, investigating, disrupting, and prosecuting the careless or criminal use of drones in the area. 

    If convicted, Suarez faces a maximum sentence of three years in federal prison for knowingly operating an unregistered UAS and for knowingly serving as an airman without an airman’s certificate.  Suarez faces a maximum of one year in federal prison for willfully violating United States National Defense Airspace.

    Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.  An initial appearance and arraignment will be scheduled later this month.

    A criminal complaint is not a finding of guilt.  An individual charged by criminal complaint is presumed innocent until proven guilty at a later criminal proceeding.

    U.S. Attorney Barron commended the FBI, DOT OIG, and MSP for their work in the investigation, and thanked the FAA Office of Security & Hazardous Materials Safety and the U.S. Customs and Border Protection for their substantial assistance.  Mr. Barron thanked Assistant U.S. Attorney Robert I. Goldaris, who is prosecuting the federal case.

    For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

     

    MIL Security OSI

  • MIL-OSI USA: Luján, Colleagues Launch Probe Into DOGE’s Interference with Department of Education, Access to Federal Student Loan Data

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    Musk’s Team May Have Obtained Access to Personal Information of Millions of Borrowers; Raises Concerns About Violations of the Law, Failure to Protect Sensitive Information

    “The millions of families who rely on the Department of Education to help them achieve the American Dream deserve answers about reports that an unelected billionaire and his team now have access to some of their most sensitive personal information.”

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) joined U.S Senator Elizabeth Warren (D-Mass.), Senate Minority Leader Chuck Schumer (D-N.Y.), and a group of their colleagues in sending a letter to Acting Secretary of the Department of Education, Denise Carter, launching a probe into recent reports that Elon Musk’s Department of Government Efficiency (DOGE) has infiltrated the Department of Education (ED) and that “DOGE staffers have gained access to federal student loan data, which includes personal information for millions of borrowers.”

    There are over 40 million federal student loan borrowers in the United States. ED’s student loan database contains millions of borrowers’ highly sensitive information, including Social Security numbers, marital status, and income data. 

    “This deeply troubling report raises questions about potential exposures of Americans’ private data, the abuse of this data by the Trump Administration, and whether officials who have access to the data may have violated the law or the federal government’s procedures for handling sensitive information,” wrote the senators.

    According to public reporting, “a handful of 19-to-24-year-old engineers linked to Musk’s companies, with unclear titles, could be bypassing regular security protocols” during DOGE’s infiltration of federal agencies. The senators also raised concerns that the access provided to DOGE-affiliated staff by the Department may violate the Privacy Act, which generally prohibits the disclosure of such information.

    “We are especially troubled by this reporting given President Trump’s stated pledge to abolish the Department,” concluded the lawmakers. “The millions of families who rely on ED to help them achieve the American Dream deserve answers about reports that an unelected billionaire and his team now have access to some of their most sensitive personal information.”

    Additional reporting suggests that DOGE has “fed sensitive data from across the Education Department into artificial intelligence software to probe the agency’s programs and spending.” The 16 senators requested answers from Acting Secretary Carter about DOGE’s access to federal student loan data and any other sensitive databases by February 13, 2025.

    In addition to Luján, Warren, and Schumer, the letter was joined by Senators Cory Booker (D-N.J.), Richard Durbin (D-Ill.), Jack Reed (D-R.I.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif), Richard Blumenthal (D-Conn.), Tammy Duckworth (D-Ill.), Mazie Hirono (D-Hawaii), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), and Ron Wyden (D-Ore.).

    The full text of the letter is available here.

    MIL OSI USA News

  • MIL-OSI: Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2024 Results and 2025 Annual Meeting Date

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ill., Feb. 07, 2025 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.5 million, or $0.21 per basic and diluted common share, for the three months ended December 31, 2024, compared to net income of $0.2 million, or $0.08 per basic and diluted common share, for the three months ended December 31, 2023. For the twelve months ended December 31, 2024, the Company announced net income of $0.8 million, or $0.31 per basic and diluted common share, compared to net income of $1.7 million, or $0.66 per basic and diluted common share for the twelve months ended December 31, 2023. The loan portfolio, net of allowance, decreased to $301.7 million as of December 31, 2024 from $312.2 million as of December 31, 2023 as originations of $50.6 million were lower than payments and payoffs. Non-performing loans were $4.8 million at both December 31, 2024 and 2023. Due to the decrease in the loan balance, the ratio of non-performing loans to gross loans increased to 1.58% at December 31, 2024 from 1.52% at December 31, 2023.

    As announced on May 29, 2024, the Company initiated its sixth stock repurchase program approved by the Board of Directors since the Company completed its second step conversion in 2016. Under the current repurchase plan, as of December 31, 2024, the Company has repurchased a total of 127,332 shares of its common stock at an average price of $13.51 per share.

    “During the fourth quarter, we continued to diligently manage our wholesale funding sources in order to take advantage of lower interest rates on the short-end of the yield curve resulting from the Federal Reserve rate cuts that began in the third quarter of 2024,” said Craig M. Hepner, President and Chief Executive Officer. “Although our cost of funds remains elevated, we are pleased with the improvement in our net interest income and net interest margin that we saw in the fourth quarter We continue to focus on organic deposit growth in order to reduce our dependency on wholesale funding and lower overall interest expense. Although we did see a slight increase in mortgage origination activity in the fourth quarter, elevated interest rates on the longer end of the curve have kept mortgage rates at higher levels. This combined with the scarcity of existing home inventory in our primary markets has resulted in a suppressed level of mortgage banking activity throughout 2024. Although we did see a reduction in our overall loan portfolio during 2024, our asset quality has remained strong, and we are optimistic about our lending opportunities in 2025.”

    Mr. Hepner continued, “I am very pleased that in December we were able to successfully complete the stock repurchase plan announced earlier in the year. Through the stock repurchase plan and the payment of cash dividends, the Company returned over $2.8 million to our shareholders in 2024. The Board remains committed to serving as a source of liquidity to our shareholders and executing strategies to maximize overall shareholder value.”

    Comparison of Results of Operations for the Three Months Ended December 31, 2024 and December 31, 2023

    Net income for the three months ended December 31, 2024 was $0.5 million compared to $0.2 million for the three months ended December 31, 2023. Total interest and dividend income was $4.3 million for the three months ended December 31, 2024 compared to $3.9 million for the three months ended December 31, 2023 due to an increase in the average yield on interest-earning assets.    The yield on interest-earning assets increased by 0.54% to 5.15%.   Interest expense was $1.9 million for the three months ended December 31, 2024 compared to $1.6 million for the three months ended December 31, 2023 as our average cost of funds increased to 2.42% from 2.09%, with the majority of that increase resulting from the higher interest rate environment. Net interest income after provision for loan losses increased by $0.2 million to $2.5 million for the three months ended December 31, 2024 as compared to $2.3 million for the three months ended December 31, 2023. Total other income increased to $0.4 million for the three months ended December 31, 2024 from $0.3 million for the three months ended December 31, 2023. The origination of mortgage servicing rights, net of amortization, was approximately $40,000 higher due to a favorable adjustment to the value of the servicing portfolio during the fourth quarter of 2024. In addition, mortgage activity increased during the quarter resulting in an increase in gain on sale of loans as well as loan origination and servicing income.   Total other expenses were $2.2 million for the three months ended December 31, 2024 compared to $2.3 million for the three months ended December 31, 2023.

    During the third quarter of 2022, a multi-loan commercial relationship with outstanding balances totaling approximately $2.2 million was identified as being impaired, meaning that it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreements. Based on our initial analysis, a specific reserve of approximately $1.0 million was initially established for this relationship. After additional adjustments during the fourth quarter of 2022 which included some charge-offs and additional reserve requirements, this relationship as of December 31, 2022 had balances of $1.3 million with a specific reserve of $0.6 million. During 2023, we charged off $0.4 million against the reserve, the borrower paid off two loans, and the one additional loan in the relationship was downgraded to non-performing. There was no payment activity in 2024 although management continues to work to resolve the matter. The relationship as of December 31, 2024 has balances of approximately $0.7 million with a specific allocation of $0.2 million. Based on collateral values, management does not believe additional reserves are required.

    The Company recorded a recovery of approximately $64 thousand for the three months ended December 31, 2024 to decrease the Allowance for Credit Losses (ACL) position. During the three months ended December 31, 2023, there was a recovery of approximately $45 thousand. The ACL on loans was $4.3 million, or 1.41% of total gross loans, at December 31, 2024 compared to $4.4 million, or 1.38% of gross loans, at December 31, 2023. Net recoveries during the fourth quarter of 2024 were approximately $40 thousand compared to net recoveries of approximately $17 thousand during the fourth quarter of 2023. The current period adjustment to the ACL is the result of the quarterly calculation of Current Expected Credit Losses (CECL).    Although the required reserves on non-performing loans as of December 31, 2024 were higher than the required reserves as of December 31, 2023, the overall ACL position was lower due to the decrease in the size of the loan portfolio. Additionally, the workout of the troubled relationship identified in the third quarter of 2022 discussed above is progressing as planned.   

    The Company recorded income tax expense of $0.2 million for the three-month period ended December 31, 2024 as compared to $0.1 million for the three months ended December 31, 2023 as pre-tax income during the three months ended December 31, 2024 was higher as compared to pre-tax income in the three months ended December 31, 2023.

    Comparison of Results of Operations for the Twelve Months Ended December 31, 2024 and December 31, 2023

    Net income was $0.8 million for the twelve months ended December 31, 2024 compared to $1.7 million for the twelve months ended December 31, 2023. Total interest and dividend income was $16.2 million for the twelve months ended December 31, 2024 compared to $15.2 million for the twelve months ended December 31, 2023. Although earning assets decreased by $6.5 million, the average yield on interest-earning assets improved to 4.87% from 4.47% due primarily to the higher interest rate environment. Interest expense for the twelve months ended December 31, 2024 was $1.5 million higher due to the repricing of certificates of deposit and a shift in the deposit mix to higher costing term products. As a result, our cost of funds increased to 2.36% from 1.82%.   Due to the increase in interest expense, net interest income for the twelve months ended December 31, 2024 decreased to $8.9 million as compared to $9.4 million for the twelve months ended December 31, 2023.   Total other income decreased by $0.1 million during the twelve months ended December 31, 2024 to $1.2 million due primarily to the decline in value of the mortgage servicing rights portfolio.    Other expenses were $0.6 million higher, increasing to $9.2 million for the twelve months ended December 31, 2024 as compared to $8.6 million for the twelve months ended December 31, 2023. The increase was due primarily to the net realized loss of $0.6 million on the restructuring of the investment portfolio during the second quarter of 2024. During the second quarter of 2024, the Company executed a balance sheet management strategy designed to re-position the investment portfolio, generate additional liquidity and improve net interest income on a go-forward basis. Twenty-one investment securities were sold generating about $4 million of cash and a realized loss of $0.6 million. Proceeds were utilized to purchase more favorable investment securities and pay down higher cost wholesale funding.  

    The Company recorded a recovery of $150 thousand for the twelve-month period ended December 31, 2024 to decrease the ACL position. This compares to a recovery of $250 thousand for the twelve-month period ended December 31, 2023.  Net recoveries during the twelve months ended December 31, 2024 were approximately $40 thousand compared to net charge-offs of approximately $212 thousand during the twelve months ended December 31, 2023.  The current period adjustment to the ACL is the result of the quarterly calculation of CECL which was adopted as of January 1, 2023.

    We recorded income tax expense of approximately $0.3 million for the twelve months ended December 31, 2024 compared to $0.7 million for the twelve months ended December 31, 2023. This decrease is due primarily to lower pre-tax earnings in 2024 as compared to 2023.

    Comparison of Financial Condition at December 31, 2024 and December 31, 2023

    Total consolidated assets as of December 31, 2024 were $353.7 million, a decrease of $10.2 million, or 2.8%, from $363.9 million at December 31, 2023.  The decrease was due primarily to a decrease of $10.4 million in the net loan portfolio, a decrease of $2.2 million in the cash value of life insurance, $0.2 million in deferred tax assets, a decrease of $0.9 million in cash and cash equivalents and a decrease of $2.0 million in the securities available for sale.   These decreases were partially offset by an increase in federal funds sold of $4.5 million, an increase in loans held for sale of $0.2 million, an increase in other assets of $0.3 million and an increase of $0.4 million in accrued interest receivable.

    Cash and cash equivalents decreased $0.9 million, or 6.6%, to $12.5 million at December 31, 2024 from $13.4 million at December 31, 2023. The decrease in cash and cash equivalents was primarily the result of cash used in financing activities of $9.8 million exceeding cash provided by investing activities of $7.5 million and cash provided by operating activities of $1.4 million.

    Securities available for sale decreased $2.0 million, or 10.4%, to $16.8 million at December 31, 2024 from $18.8 million at December 31, 2023, due to calls, payments and maturities exceeding purchase activity.   

    Net loans decreased $10.5 million, or 3.3%, to $301.7 million at December 31, 2024 compared to $312.2 million at December 31, 2023 primarily due to a decrease of $6.3 million in one-to-four family loans, a decrease of $5.3 million in non-residential real estate loans, a decrease of $1.4 million in commercial loans and a decrease of $2.7 million in consumer loans. These decreases were partially offset by an increase of $5.5 million in multi-family loans. The allowance for credit losses on loans increased by $95 thousand from December 31, 2023 to December 31, 2024.  

    Total deposits increased $1.8 million, or 0.7%, to $282.9 million at December 31, 2024 from $281.1 million at December 31, 2023. During the twelve months ended December 31, 2024, certificates of deposit increased by $6.8 million, money market accounts increased by $1.4 million. and savings accounts increased by $1.1 million. Offsetting these increases slightly, interest-bearing checking accounts decreased by $6.3 million, and non-interest-bearing checking accounts decreased by $1.2 million.

    FHLB advances decreased $8.5 million, or 27.6%, to $22.3 million at December 31, 2024 compared to $30.8 million at December 31, 2023.

    Stockholders’ equity decreased $1.4 million, or 3.5%, to $40.2 million at December 31, 2024 from $41.6 million at December 31, 2023. The decrease reflects $1.7 million used to repurchase and retire 127,332 outstanding shares of Company common stock and $1.1 million in cash dividends. These decreases were partially offset by a $0.2 million increase in other comprehensive income due to an increase in fair value of securities available for sale, net income of $0.8 million for the twelve months ended December 31, 2024 and other increases of $0.5 million.

    Date of 2025 Annual Meeting of Shareholders

    The Company also announced today that the Company’s annual meeting of shareholders will be held on Wednesday, May 21, 2025.

    About Ottawa Bancorp, Inc.

    Ottawa Bancorp, Inc. is the holding company for OSB Community Bank which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. OSB Community Bank was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.myosb.bank.

    Cautionary Statement Regarding Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, market disruptions, our ability to pay future dividends and if so at what level, our ability to receive any required regulatory approval or non-objection for the payment of dividends from the Bank to the Company or from the Company to stockholders, and our efforts to maximize stockholder value, including our ability to execute any capital management strategies, such as the repurchase of shares of the Company’s common stock, and our ability to execute any controlled growth and balance sheet strategies designed to lower the cost of funds and enhance earnings and liquidity. Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under applicable law. 

    Ottawa Bancorp, Inc. & Subsidiary
    Consolidated Balance Sheets
    December 31, 2024 and December 31, 2023
    (Unaudited)
      December 31,   December 31,
        2024       2023  
    Assets      
    Cash and due from banks $ 9,863,824     $ 3,511,709  
    Interest bearing deposits               2,651,481                  9,884,710  
    Total cash and cash equivalents             12,515,305             13,396,419  
           
    Federal funds sold   4,493,000        
    Securities available for sale   16,821,297               18,781,463  
    Loans, net of allowance for credit losses of $4,276,409 and $4,370,934      
    at December 31, 2024 and December 31, 2023, respectively   301,741,977             312,181,918  
    Loans held for sale                   232,000             –  
    Premises and equipment, net   6,005,515                 5,998,742  
    Accrued interest receivable                2,108,565                 1,700,911  
    Deferred tax assets   2,553,346                 2,799,503  
    Cash value of life insurance                528,129       2,717,888  
    Goodwill   649,869       649,869  
    Core deposit intangible                        –                    31,909  
    Other assets                6,002,358                 5,659,196  
    Total assets $ 353,651,361     $ 363,917,818  
           
    Liabilities      
    Deposits:      
    Non-interest bearing $ 22,663,274     $ 23,839,628  
         Interest bearing   260,276,358             257,246,330  
    Total deposits   282,939,632             281,085,958  
         Accrued interest payable                   853,122                    320,238  
    FHLB advances              22,250,000               30,750,000  
    Fed funds purchased                –                2,235,000  
    Long term debt   1,380,988                 1,700,000  
    Allowance for credit losses on off-balance sheet credit exposures                     79,199       94,136  
    Other liabilities                4,365,113                 4,400,892  
    Total liabilities   311,868,054             320,586,224  
    Commitments and contingencies      
    ESOP Repurchase Obligation                1,583,522                 1,691,975  
    Stockholders’ Equity      
    Common stock, $.01 par value, 12,000,000 shares authorized; 2,419,911 and      
         2,552,971 shares issued at December 31, 2024 and December 31, 2023, respectively                     24,199                      25,529  
    Additional paid-in-capital              22,898,558               24,738,476  
    Retained earnings   21,503,222               21,798,054  
    Unallocated ESOP shares   (358,737 )                 (682,192 )
    Unallocated management recognition plan shares   (70,193 )     (103,417 )
    Accumulated other comprehensive loss   (2,213,742 )             (2,444,856 )
        41,783,307                    43,331,594  
    Less:      
    ESOP Owned Shares                  (1,583,522 )     (1,691,975 )
    Total stockholders’ equity   40,199,785               41,639,619  
    Total liabilities and stockholders’ equity $ 353,651,361     $ 363,917,818  
                   
    Ottawa Bancorp, Inc. & Subsidiary
    Consolidated Statements of Operations
    Three and Twelve Months Ended December 31, 2024 and 2023
    (Unaudited)
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
          2024       2023       2024       2023  
    Interest and dividend income:              
    Interest and fees on loans   $ 4,001,163     $ 3,691,951     $ 15,222,823     $ 14,465,536  
    Securities:              
    Residential mortgage-backed and related securities             108,121       81,518           372,829           318,790  
    State and municipal securities     17,580                22,800             73,086           90,442  
    Dividends on non-marketable equity securities              36,900                34,243            131,615            87,416  
    Interest-bearing deposits            128,745                62,487           414,524            192,300  
    Total interest and dividend income         4,292,509       3,892,999       16,214,877       15,154,484  
    Interest expense:              
    Deposits     1,672,535       1,435,829          6,424,177          5,124,170  
    Borrowings           206,874              205,773           858,772           629,246  
    Total interest expense     1,879,409       1,641,602          7,282,949          5,753,416  
    Net interest income     2,413,100       2,251,397          8,931,928          9,401,068  
    Provision for (recovery of) credit losses – loans           (66,414 )     (34,565 )     (134,826 )          (193,138                 )
    Provision for (recovery of) credit losses – off-balance sheet credit exposures            1,942             (10,890 )     (14,937 )     (56,503 )
    Net interest income after provision for loan losses     2,477,572       2,296,852          9,081,691          9,650,709  
    Other income:              
    Gain on sale of loans           57,910               23,174          184,652          119,572  
    Loan origination and servicing income     159,383       131,283       596,315       564,984  
    Origination of mortgage servicing rights, net of amortization           52,774               13,501          (87,302 )         70,192  
    Customer service fees         117,823       137,819       467,832       494,372  
    Increase in cash surrender value of life insurance     11,671              9,328           51,159           45,863  
    Gain (Loss) on sale of foreclosed real estate            –                     –             –            5,653  
    Total other income         399,561       315,105       1,212,656       1,300,636  
    Other expenses:              
    Salaries and employee benefits     1,189,539          1,172,457       4,728,765       4,711,855  
    Directors’ fees     45,000            31,500            175,000             166,500  
    Occupancy     156,952       154,114            622,292            625,463  
    Deposit insurance premium           48,213            49,865       160,317           147,397  
    Legal and professional services         87,882           167,954            391,989            452,341  
    Data processing        310,084              318,507       1,213,852          1,239,742  
    Loss on sale of securities         –                    –            600,408        
    Loan expense          72,208           70,272            305,919            264,536  
    Other         289,996             345,048       1,020,670          1,017,637  
    Total other expenses     2,199,874       2,309,717       9,219,212       8,625,471  
    Income before income tax        677,259            302,240       1,075,135       2,325,874  
    Income tax expense     181,232       98,557       317,654       657,123  
    Net income   $ 496,027     $ 203,683     $ 757,481     $ 1,668,751  
    Basic earnings per share   $ 0.21     $ 0.08     $ 0.31     $ 0.66  
    Diluted earnings per share   $ 0.21     $ 0.08     $ 0.31     $ 0 66  
    Dividends per share   $ 0.110     $ 0.111     $ 0.441     $ 0.433  
                                     
    Ottawa Bancorp, Inc. & Subsidiary
    Selected Financial Data and Ratios
    (Unaudited)
                             
        At or for the   At or for the
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
        2024     2023     2024     2023  
    Performance Ratios:                        
    Return on average assets (5)   0.56 %   0.23 %   0.21 %   0.46 %
    Return on average stockholders’ equity (5)   4.88     1.97     1.85     4.04  
    Average stockholders’ equity to average assets   11.47     11.49     11.57     11.47  
    Stockholders’ equity to total assets at end of period   11.37     11.45     11.37     11.45  
    Net interest rate spread (1) (5)   2.72     2.52     2.52     2.72  
    Net interest margin (2) (5)   2.90     2.66     2.69     2.86  
    Other expense to average assets   0.62     0.64     2.61     2.39  
    Efficiency ratio (3)   78.21     90.02     90.88     80.60  
    Dividend payout ratio   52.38     138.75     137.08     65.96  
                             
      At or for the   At or for the
      Twelve Months Ended   Twelve Months Ended
      December 31,   December 31,
        2024       2023  
      (unaudited)
    Regulatory Capital Ratios (4):      
    Total risk-based capital (to risk-weighted assets)   18.17 %     17.86 %
    Tier 1 core capital (to risk-weighted assets)   16.92       16.61  
    Common equity Tier 1 (to risk-weighted assets)   16.92       16.61  
    Tier 1 leverage (to adjusted total assets)   12.06       12.29  
    Asset Quality Ratios:      
    Net charge-offs to average gross loans outstanding      0.01       0.07  
    Allowance for credit losses on loans to gross loans outstanding   1.41       1.38  
    Non-performing loans to gross loans (6)   1.58       1.52  
    Non-performing assets to total assets (6)   1.37       1.32  
    Other Data:      
    Book Value per common share $ 16.61     $ 16.32  
    Tangible Book Value per common share (7) $ 16.34     $ 16.05  
    Number of full-service offices   3       3  
           
    (1) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of funds on average interest-bearing liabilities.
    (2) Represents net interest income as a percent of average interest-earning assets.
    (3) Represents total other expenses divided by the sum of net interest income and total other income.
    (4) Ratios are for OSB Community Bank.
    (5) Annualized.
    (6) Non-performing assets consist of non-performing loans, foreclosed real estate and other foreclosed assets. Non-performing loans consist of all loans 90 days or more past due and all loans no longer accruing interest.
    (7) Non-GAAP measure. Excludes goodwill and core deposit intangible.

    Contact:
    Craig Hepner
    President and Chief Executive Officer
    (815) 366-5437

    The MIL Network

  • MIL-OSI USA: Senators Coons, Young reintroduce legislation to strengthen critical minerals supply chains

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.), Todd Young (R-Ind.), John Cornyn (R-Texas), and John Hickenlooper (D-Colo.) reintroduced the Securing Trade and Resources for Advanced Technology, Economic Growth, and International Commerce in (STRATEGIC) Minerals Act to strengthen America’s supply chain of critical minerals and rare earth elements (REEs).

    Critical minerals and REEs are essential for the production of many 21st century technologies, from cell phones to supercomputers to military weapons. Unfortunately, they are highly vulnerable to supply chain disruption, and China’s aggressive effort to control these resources presents a significant national and economic security risk. This bill would empower the president to negotiate and enforce sector-specific trade agreements exclusively focused on critical minerals and REEs with trusted partners and allies. Successful agreements would bolster cooperation, reduce trade barriers, and enhance the economic security of the U.S. and its partners. 

    “If America is to remain a superpower, we need resilient supply chains for critical minerals—and that means strong relationships with reliable trading partners around the world,” said Senator Coons. “The STRATEGIC Minerals Act will help us achieve that goal, and it’s one more way Congress is doing its part to position the U.S. to produce the technologies that will define the rest of the 21st century.”

    “Our nation depends on critical minerals for everything from consumer goods to defense technologies, and relying on foreign adversaries for these materials is a national security vulnerability we cannot afford,” said Senator Young. “Negotiating more trade agreements specific to critical minerals with trusted partners will help shore up our supply of these resources, protect American interests, and strengthen our national security.”

    “China dominates the critical minerals supply chain, which leaves America vulnerable to national security risks,” said Senator Cornyn. “By shoring up America’s critical minerals supply chain, this legislation would increase our competitiveness on the world stage, reduce our dependence on foreign adversaries, and foster greater trade with trusted allies.”

    “Critical minerals are key to our clean energy future and American innovation,” said Senator Hickenlooper. “China currently controls the supply chain for many of these essential resources. Our international allies will help us diversify our critical mineral supply and strengthen our national security.”

    Specifically, the STRATEGIC Minerals Act would:

    • Authorize the president, through the U.S. Trade Representative, to negotiate, enter into, and enforce specialized trade agreements focused on critical minerals and REEs, subject to congressional approval.
    • Set trade negotiation objectives to strengthen supply chains of critical minerals and REEs, aiming to reduce or eliminate trade barriers with trusted allies to ensure reliable access and reduce dependence on adversarial nations.
    • Exclude nonmarket economies like China and prevent foreign entities of concern from benefiting, allowing only trusted partners to participate in order to safeguard our national security.
    • Require the president to consult with Congress before initiating negotiations, providing details on objectives and potential impacts and ensuring legislative oversight.
    • Amend the Defense Production Act of 1950 to include certain businesses from countries party to such agreements in the definition of domestic sources under strict conditions, strengthening U.S. access to critical minerals essential for national security while prioritizing American interests.

    The STRATEGIC Minerals Act was originally introduced in the 118th Congress. This legislation builds on Senators Coons’ earlier efforts to reduce our reliance on China for critical minerals essential to national security. Last year, Senator Coons joined a group of his colleagues on the bipartisan Global Strategy for Securing Critical Minerals Act, which would ensure that the United States, its allies, and global partners can count on a diverse and secure end-to-end supply of critical minerals. In October, Senators Coons and Young introduced the Critical Minerals Future Act, which would establish a pilot program within the U.S. Department of Energy to financially support domestic critical mineral processing projects.

    The full text of the legislation can be found here.

    MIL OSI USA News

  • MIL-OSI USA: U.S. Senate Passes Resolution to Remember the Victims of DCA Plane Crash

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON – Today, the U.S. Senate passed a resolution introduced by U.S. Senators Jerry Moran (R-Kan.), Roger Marshall, M.D. (R-Kan.), Mark Warner (D-Va.) and Tim Kaine (D-Va.) to honor and remember the victims of the collision between American Airlines Flight 5342 and U.S. Army Aviation Brigade Priority Air Transport 25 on January 29, 2025, near Ronald Reagan Washington National Airport (DCA).

    The resolution reads:

    “The tragic collision resulted in the loss of 67 lives, including passengers, airline personnel, and members of the Armed Forces from Kansas, Virginia, North Carolina, Connecticut, Delaware, Georgia, Indiana, Maryland, Massachusetts, Mississippi, New York, Ohio, Rhode Island, South Carolina, Tennessee, and several countries.

     

    “The nation, and the world mourn the loss of those on board and recognize the profound impact this tragedy has on the families, friends, and colleagues of the victims.

     

    “Be it resolved, that the Senate commemorates the 67 lives lost in the tragic collision of American Airlines Flight 5342 and United States Army Aviation Brigade Priority Air Transport 25 on January 29, 2025; offers heartfelt condolences to the families, loved ones, and friends of the victims; and expresses gratitude to the brave law enforcement and emergency medical personnel who responded to the collision.”

    The senators spoke on the Senate floor to recognize the victims of the crash. Their remarks can be found here. Read the full text of the resolution here.

    The senators were joined by Sens. Ted Cruz (R-Texas), Maria Cantwell (D-Wash.), Tammy Duckworth (D-Ill.), Ted Budd (R-N.C.), Thom Tillis (R-N.C.), Kirsten Gillibrand (D-N.Y.), Ed Markey (D-Mass.), Lisa Blunt Rochester (D-Del.), Marsha Blackburn (R-Tenn.), Chris Van Hollen (D-Md.), Angela Alsobrooks (D-Md.), Chuck Schumer (D-N.Y.), Todd Young (R-Ind.), Cindy Hyde-Smith (R-Miss.), Sheldon Whitehouse (D-R.I.), Jack Reed (D-R.I.), Chris Coons (D-Del.), Bernie Moreno (R-Ohio), Roger Wicker (R-Miss.), Elizabeth Warren (D-Mass.), Tim Scott (R-S.C.), Richard Blumenthal (D-Conn.), Raphael Warnock (D-Ga.), Bill Hagerty (R-Tenn.), Jim Banks (R-Ind.), Lisa Murkowski (R-Alaska), John Thune (R-S.D.) and Jon Husted (R-Ohio).

    MIL OSI USA News

  • MIL-OSI USA: Senate Commerce Committee Passes Sens. Moran, Klobuchar Legislation to Address Hidden Hotel Fees

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON – This week, the U.S. Senate Committee on Commerce, Science and Transportation unanimously passed the bipartisan Hotel Fees Transparency Act introduced by U.S. Senators Jerry Moran (R-Kan.) and Amy Klobuchar (D-Minn.) – co-chairs of the Senate Travel and Tourism Caucus. This legislation will lower costs and improve transparency by requiring anyone advertising a hotel room or short-term rental to clearly show the final price a customer will pay to book lodging, including any fees.

    “High prices are forcing Kansans to account for all their expenses, and many cannot afford to pay hidden fees at hotels or short-term lodging,” said Sen. Moran. “This commonsense legislation requires hotels to be straightforward about all their fees so consumers aren’t burdened with unexpected costs on their check.”

    “Traveling is expensive, and hidden fees make it difficult to compare prices and understand the true cost of a reservation,” said Sen. Klobuchar. “Our bipartisan bill will lower costs for hotel rooms and short-term rentals by increasing transparency and banning hidden fees.”

    The Hotel Fees Transparency Act is co-sponsored by Sens. Shelley Moore Capito (R-W.V.) and Catherine Cortez Masto (D-Nev.). It is endorsed by the American Hotel & Lodging Association, Consumer Reports, the National Consumers League and the Travel Technology Association

    MIL OSI USA News

  • MIL-OSI USA: Acting Chairman Travis Hill Expresses Support for Enhancing Flexibility with Respect to Customer Identification Program Requirements

    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 USA: Agriculture Recovery Center to Open Friday in Ashe County

    Source: US Federal Emergency Management Agency

    Headline: Agriculture Recovery Center to Open Friday in Ashe County

    Agriculture Recovery Center to Open Friday in Ashe County

    HICKORY, N.C. – A one-day Agriculture Recovery Center will operate in Ashe County Friday at Wilkes Community College-Ashe Campus (Kent Poe Hall) to help farmers recover from Tropical Storm Helene.Two other centers will operate this week in Avery and Yancey counties. All centers are open 9 a.m. to 6 p.m.These walk-through events will provide information on addressing agricultural or rural needs that are not covered by standard programs offered by FEMA or the state and offer opportunities for farmers, ranchers, nursery owners, vineyards, honeybee growers and fish producers to meet with agricultural officials to learn about specific assistance available as they recover.  The centers have representatives from FEMA, the U.S. Department of Agriculture, North Carolina Department of Commerce and Natural Resources, U.S. Small Business Administration, local Farm Service Agency offices and other government agencies.  Farmers are asked to bring documentation of ownership, photos of damaged or lost tools and equipment, along with estimated replacement costs to expedite an application.  For more information: Help for Self-Employed.The schedule: Feb. 5Avery County:Avery Cooperative Extension Office661 Vale Rd.Newland, NC  28657 Feb. 6Yancey CountyYancey County Senior Center503 Medical Campus Dr.Burnsville, NC 28714 Feb. 7Ashe CountyWilkes Community College-Ashe Campus (Kent Poe Hall)363 Campus Dr.West Jefferson, NC 28694
    joseph.arbid
    Fri, 02/07/2025 – 13:38

    MIL OSI USA News

  • MIL-OSI USA: In North Carolina, 153,000 Families Receiving FEMA Help

    Source: US Federal Emergency Management Agency 2

    strong>HICKORY, N.C. – In 39 counties, including the Eastern Band of Cherokee Indians, more than 153,000 households are being helped by FEMA assistance as they recover from Tropical Storm Helene.
    Four months after the catastrophic storm, individuals and families have received rental assistance, money for basic repairs to their homes, sheltering in hotels, temporary housing in FEMA-provided mobile homes and travel trailers, funds for replacement of essential personal property, money for serious needs, and other assistance.
    Here are some ways that FEMA is working with the state of North Carolina and local communities to provide support:

    2,596 households are currently staying in FEMA-paid hotels; 10,648 have checked out.
    3,284 households have received rental assistance.
    150 households are currently living in FEMA-provided temporary housing units.
    18,000 households have received money to make basic repairs to a damaged primary home.
    5,000 households have received funds to repair private roads and bridges.
    106,000 FEMA inspections have been issued to assess damage to primary residences.
    138,000 homes have been visited by FEMA Disaster Survivor Assistance crews.
    66,000 people have visited a Disaster Recovery Center.
    1,800 households have been provided three years of flood insurance, paid for by FEMA.

    FEMA is only one part of federal disaster recovery support for North Carolina. The National Flood Insurance Program has paid $123 million in claims resulting from Helene. The U.S. Small Business Administration has made $108.6 million in low-interest disaster loans to North Carolinians. The U.S. Army Corps of Engineers is working with the state and communities on debris removal. To date, 4 million cubic yards of debris has been removed from public rights of way, 2.8 million by state contractors and 1.2 million by federal contractors, and waterway debris removal is in full execution by the Corps of Engineers.

    MIL OSI USA News

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 07.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    7 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 07.02.2025

    Espoo, Finland – On 7 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,400,000 4.64
    CEUX
    BATE
    AQEU
    TQEX
    Total 1,400,000 4.64

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 7 February 2025 was EUR 6,492,780. After the disclosed transactions, Nokia Corporation holds 242,303,874 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI Economics: ECB publishes consolidated banking data for end-September 2024

    Source: European Central Bank

    7 February 2025

    Chart 1

    Total assets of credit institutions headquartered in the EU

    (EUR billions)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate of total assets of credit institutions headquartered in the EU

    Chart 2

    Non-performing loans ratio of credit institutions headquartered in the EU

    (EUR billions; percentages)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate non-performing loans ratio of credit institutions headquartered in the EU

    Chart 3

    Return on equity of credit institutions headquartered in the EU in September 2024

    (percentages)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate return on equity of credit institutions headquartered in the EU

    Chart 4

    Common Equity Tier 1 ratio of credit institutions headquartered in the EU in September 2024

    (percentages)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate Common Equity Tier 1 ratio of credit institutions headquartered in the EU

    The European Central Bank (ECB) has published consolidated banking data as at end-September 2024, a dataset for the EU banking system compiled on a group consolidated basis.

    The quarterly data provide information required to analyse the EU banking sector and comprise a subset of the information that is available in the year-end dataset. The September 2024 data cover 344 banking groups and 2349 stand-alone credit institutions and non-EU controlled subsidiaries and branches operating in the EU, accounting for nearly 100% of the EU banking sector’s balance sheet. They include an extensive range of indicators on profitability and efficiency, balance sheet composition, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency.

    Reporters generally apply International Financial Reporting Standards and the European Banking Authority’s Implementing Technical Standards on Supervisory Reporting. However, some small and medium-sized reporters may apply national accounting standards. Accordingly, aggregates and indicators may include some data that are based on national accounting standards, depending on the availability of the underlying items.

    In addition to data as of end-September 2024, the published figures also include a few revisions to past data.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes

    • These consolidated banking data are available in the ECB Data Portal.
    • More information about the methodology used to compile the data is available on the ECB’s website.
    • Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions.

    MIL OSI Economics

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend Luxembourg for Eliminating the Gender Pay Gap, Ask about Pension Payments for Women and Penalties for Traffickers

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the eighth periodic report of Luxembourg, with Committee Experts congratulating the State on eliminating the gender pay gap, and raising questions about pension payments for women and penalties for human traffickers.

    Ana Peláez Narváez, Committee Expert and Rapporteur for Luxembourg, congratulated Luxembourg on becoming the first country in the European Union to have eliminated the pay gap between men and women.  One Expert said Luxembourg’s wage gap was the lowest in the world.

    One Expert called for further efforts to achieve wage equality for women in part-time work and in the informal sector. Almost one-third of women worked part time; this affected the pension gap.  How was the State party working to address this gap?

    A Committee Expert said the State party’s sentences for trafficking were often lenient and judges rarely took away traffickers’ profits.  How would the State party ensure that penalties for trafficking reflected the gravity of the crime?  The Expert said the State party had not identified child trafficking victims for three years.  Would the State party include civil society in efforts to identify child victims?

    Introducing the report, Yuriko Backes, Minister for Gender Equality and Diversity, Defence, Mobility and Public Transport of Luxembourg, said the Luxembourg Government remained determined to stand up for women’s and girls’ rights, safety, freedom and access to equal opportunities.  The Committee could count on Luxembourg’s determination and support.

    On wage equality, Marc Bichler, Permanent Representative of the Grand Duchy of Luxembourg to the United Nations Office at Geneva and head of the delegation, said Luxembourg was the only country in the European Union to have eliminated wage inequality, but there was still a pay gap in favour of men for annual wages.  More efforts were needed to address this economic inequality, particularly regarding the high proportion of part-time work among women.  The role of equality officers in private companies with more than 15 employees was particularly important.

    The delegation added that the gender pension gap was large; to address this, a major reform of the pension system was underway.

    On trafficking, the delegation said that training had been provided to State officials and non-governmental organizations to improve the identification of and support for trafficking victims. Victims were officially identified by a specialised unit of the police, but non-governmental organizations could help identify victims.

    In concluding remarks, Mr. Bichler said the dialogue had been a valuable exercise that helped the State party to make progress in implementing the Convention and upholding the rights of women and girls.  There were pushbacks against women and girls’ rights globally, but Luxembourg was resolute in defending these rights.

    In her concluding remarks, Corinne Dettmeijer-Vermeulen, Committee Vice-Chair and acting Chair of the meeting, said that the dialogue with Luxembourg had provided further insight into the situation of women in the State party.  The Committee commended the State party for its efforts and called on it to implement the Committee’s recommendations for the benefit of all women and girls of Luxembourg.

    The delegation of Luxembourg consisted of representatives from the Ministry of Gender Equality and Diversity; Chamber of Deputies; Ministry of Justice; Ministry of Family Affairs, Solidarity, Living Together and Reception of Refugees; Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade; Ministry of Education, Children and Youth; Ministry of Internal Affairs; and the Permanent Mission of Luxembourg to the United Nations Office at Geneva.

    The Committee will issue the concluding observations on the report of Luxembourg at the end of its ninetieth session on 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Monday, 10 February to hold an informal meeting with representatives from non-governmental organizations and national human rights institutions from Belize, Congo, Sri Lanka and Liechtenstein, whose reports will be considered by the Committee next week.

    Report

    The Committee has before it the eighth periodic report of Luxembourg (CEDAW/C/LUX/8).

    Presentation of Report

    YURIKO BACKES, Minister for Gender Equality and Diversity, Defence, Mobility and Public Transport of Luxembourg, said women’s rights, gender equality and diversity were essential to the wellbeing and healthy functioning of society.  Ms. Backes said she tried very hard to make sure that both gender and diversity aspects were considered throughout her Government portfolios.  She was the first woman to hold the positions of Minister of Defence and Minister of Finance in Luxembourg.  This demonstrated that there was work ahead when it came to shaping a world where equality was a reality on all levels. 

    Women and girls were differently and disproportionally affected by climate disasters, armed conflicts and pandemics.  The only way to sustainably change this was to opt for gender-responsive policymaking across all fields.  The empowerment of women and girls and Sustainable Development Goal five needed to be front and centre across all areas of action.  The Luxembourg Government remained determined to stand up for women’s and girls’ rights, safety, freedom and access to equal opportunities.  The Committee could count on Luxembourg’s determination and support.

    MARC BICHLER, Permanent Representative of Luxembourg to the United Nations Office at Geneva and head of the delegation, said Luxembourg had had a Ministry in charge of equality issues for 30 years.  It had adapted over time, expanding its mandate to address lesbian, gay, bisexual, transgender and intersex persons and diversity.  The 2023-2028 coalition agreement maintained the promotion of equality between women and men as a cross-cutting priority of the Government’s political action.  This work would be guided in the coming years by the national action plan for equality between women and men.

    Luxembourg was currently placed seventh in the European Union in the Gender Equality Index. The proportion of women on the management boards of public institutions was 38.64 per cent, an increase of more than 10 points since 2015.  The rate of women representing the State on these boards stood at 43.61 per cent in 2024, exceeding the initial target of 40 per cent.  The private sector had only 23 per cent women on the boards of large companies, but the trend was upward and indicated improvements to come.  The Government remained firmly committed to continuing its efforts to promote balanced representation.  It was also working with civil society to include men as actors and beneficiaries of equality policies. 

    Luxembourg was the only country in the European Union to have eliminated wage inequality, but there was still a pay gap in favour of men for annual wages.  More efforts were needed to address this economic inequality, particularly regarding the high proportion of part-time work among women. The role of equality officers in private companies with more than 15 employees was particularly important.

    The fight against domestic violence and gender-based violence remained priorities of the Luxembourg Government.  Despite political and legislative progress, this was a daily reality in Luxembourg, affecting women and girls, as well as men and boys in all their diversity.  The total number of victims had increased significantly over the years, from 2,882 in 2015 to 4,793 in 2023.  Women accounted for an average of 71 per cent of victims each year.  In 2023, their number reached 3,218, which represented an increase of more than six per cent compared to 2022.  Luxembourg adopted a strategy in November 2021 to improve the protection against domestic violence and to strengthen the national machinery.  It had created an integrated national centre for victims of all forms of violence, which would facilitate their holistic care, bringing together legal aid, medical aid and psychological assistance.  The centre would open in April and would provide assistance to victims 24/7.

    Luxembourg was in the process of developing a national action plan on gender-based violence, which would support more comprehensive care to victims of different forms of gender-based violence.  It was, in collaboration with civil society, convening several awareness raising campaigns on this topic, including the annual “Orange Week” event, which brought together many actors to stand in solidarity with women and girls who were victims of violence.  A specific system had also been set up to provide consultations and therapeutic care to perpetrators to break the cycle of violence.  Since ratifying the Istanbul Convention, Luxembourg had been firmly committed to monitoring its implementation in a cross-cutting manner.

    A new Grand-Ducal regulation of 2023 strengthened the role of the “Prostitution Commission” to monitor prostitution and to combat pimping and trafficking in human beings. The inclusion of State experts as well as civil society would allow the commission to carry out timely and comprehensive follow-up.  Luxembourg had approved a bill on the prohibition of virginity examinations and certificates, the ban on hymenoplasty, and the abolition of the reflection period for the voluntary termination of pregnancy.  In addition, in 2023, an adaptation to the Penal Code introduced a new definition of rape based on the notion of consent.  The State was currently finalising its second action plan on women, peace and security.

    Luxembourg aimed to uphold a modern and egalitarian society in which every citizen could find their place, regardless of their gender.

    MANDY MINELLA, Deputy Head of the Committee Department, Chamber of Deputies of the Grand Duchy of Luxembourg, said the Chamber of Deputies of Luxembourg was a crucial actor in combatting discrimination against women.  The Chamber supported Orange Week, lighting its buildings in orange during the week.  Meetings on gender equality were held regularly.  A working group on gender equality had been set up to develop a strategy for promoting gender equality within the Chamber.  The status of members of parliament had been reformed to recognise the status of pregnant members.  The Chamber needed to represent and respect the rights and opinions of all and meet the expectations of its people.

    LAURA CAROCHA, Human and Social Sciences Expert, Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights, welcomed the efforts made by the Luxembourg State to combat discrimination against women since the last report, while noting persistent shortcomings, including a social system that kept women in a subordinate position to men.  Luxembourg’s policy favoured a “neutral” approach that was not gender sensitive.  Ms. Carocha urged politicians to openly acknowledge this systemic patriarchal domination and to make the deconstruction of this mechanism a priority. 

    It was imperative that the Government implemented the principle of gender mainstreaming in a cross-cutting manner in all its policies.  Luxembourg’s equality efforts lacked an intersectional approach and the Government rarely addressed multiple and intersecting forms of discrimination.  To implement such an intersectional approach, it was essential to have detailed data, disaggregated by gender, age, ethnicity, disability and education level.  This would allow the State to identify shortcomings in policies and better understand and target the needs of women.

    Questions by a Committee Expert 

    ANA PELÁEZ NARVÁEZ, Committee Expert and Rapporteur for Luxembourg, said that Luxembourg ranked twentieth in the Human Development Index and was the first country in the European Union to have eliminated the pay gap between men and women. The State party had ratified the Istanbul Convention and the International Labour Organization Convention on forced labour, and introduced legislation to combat multiple forms of discrimination over the reporting period.  However, the revised Constitution of 2021 drew a distinction between Luxembourg nationals and non-nationals and lacked protections against forced labour and trafficking.  How did the State party justify the amendments to the Constitution? Would the State party eliminate the distinction between Luxembourg nationals and non-nationals?

    Luxembourg had adopted a law creating the position of a family judge, an act on the provision of legal aid, and an act amending the Criminal Code to strengthen the response to sexual abuse of minors.  The Committee was concerned about the barriers inhibiting access to justice for women.  What measures were in place to overcome these barriers?  Why had the Centre for Legal Treatment not been given the power to initiate legal proceedings on behalf of victims?

    The Committee commended the State party’s national action plan on business and human rights. However, funds deposited in certain banks in Luxembourg may have come from the exploitation of human beings overseas, particularly women.  What rules were imposed on companies domiciled in the State party?  How did the State party address extraterritorial violations?

    Responses by the Delegation

    The delegation said Luxembourg adopted a neutral approach in its legislation on discrimination. The State believed that women’s rights were human rights.  The neutral approach was grounded on the principle of gender equality.

    Each person in Luxembourg who was subject to criminal proceedings benefited from procedural guarantees, regardless of their residence status or nationality.  These guarantees covered access to a lawyer, the presumption of innocence and, to an extent, legal aid.

    Civil suits could be filed in Luxembourg by victims of discrimination by private enterprises. Luxembourg was transposing European Union guidelines on its supply chains, promoting due diligence for companies and organising public events related to business and human rights. Since 2017, Luxembourg had been working to implement and align with the United Nations Guiding Principles on Business and Human Rights, conducting consultations with private entities and civil society.  Companies in the banking and insurance sector had provided positive feedback regarding the implementation of the Guiding Principles.  The financial sector was aware of its obligations.  The State was working to address its extraterritorial obligations to provide remedies to the victims of human rights violations occurring overseas.

    The revised Constitution stated that people in Luxembourg were equal before the law. Non-Luxembourg nationals could not vote in legislative elections but could vote in municipal elections.

    Questions by Committee Experts 

    A Committee Expert commended Luxembourg’s commitment to gender equality, human rights, and to dismantling stereotypes.  The State party had demonstrated its commitment to the women, peace and security agenda through its women, peace and security national action plan.  What was the status of the second iteration of the plan? Was feminism still a part of foreign policy?

    Various sources had criticised the Ministry of Gender and Equality’s neutral approach.  The Committee hoped that its policies would address structural gender inequalities.  There were concerns regarding the depth of the analysis of the Observatory for Gender Equality.  What measures were in place to increase the depth of its analysis?

    ANA PELÁEZ NARVÁEZ, Committee Expert and Rapporteur for Luxembourg, said that the State party had established voluntary quotas in some areas, including minimum quotas of 40 per cent representation of one sex on political bodies and 30 per cent representation on the boards of State agencies.  There were concerns that these measures were gender-neutral and not mandatory, and that they did not encourage the representation of vulnerable groups of women.  What efforts were being taken by the State party to improve its temporary special measures and to make its quotas mandatory?

    Responses by the Delegation

    The delegation said the State party was striving to eliminate gender equality with ad-hoc programmes targeted at underrepresented genders.  There were programmes targeting violence against women and preparing women to defend themselves.  The legal framework was neutral but the actions taken by the Government were not.

    Luxembourg would work proactively on gender mainstreaming in the field of defence. The second iteration of the women, peace and security national action plan would be adopted this year in March. It would promote the role of women in peace and security initiatives.

    If political parties did not meet the 40 per cent representation quota for each sex, their funding was reduced.  The State party was raising the awareness of political parties and candidates on the importance of equality.  A database with profiles of women who wished to become board members of associations would soon be launched to promote women’s representation.

    Questions by Committee Experts

    A Committee Expert congratulated the State party on its plan to launch the second iteration of the women, peace and security initiative this March.  No non-governmental organizations from Luxembourg had interacted with the Committee during this review process.  How would the State party encourage civil society to provide alternative reports in future sessions?

    Another Committee Expert said that gender stereotypes in the media had not been sufficiently addressed, and women accounted for only around one fourth of all media workers. How was the Government addressing these issues?  How was the State party conducting gender impact assessments, as recommended by the Committee in 2018?  How did legislation and policies address sterilisation and irreversible medical procedures against intersex children?  Had the State party considered broadening the statute of limitations for rape, which was limited to 10 years?  Did the State party plan to establish psychological violence as a stand-alone crime?  Training on gender-based violence was not provided to judges.  How would the State party improve data collection on court cases involving gender-based violence?  Why had retrospective analysis of femicides not been conducted?

    One Committee Expert said that the State party’s definition of trafficking in persons did not align with international standards.  Would it amend this legislation?  Sentences were often lenient and judges rarely took away traffickers’ profits or granted remedies to victims.  How would the State party ensure that penalties for trafficking reflected the gravity of the crime and ensure that victims received adequate compensation?  What was the timeline for implementation of the national action plan on trafficking in persons?  How would the plan integrate gender-specific aspects of trafficking?  The State party had not identified child trafficking victims for three years.  Would the State party include civil society into efforts to identify child victims, and prevent the inappropriate penalisation of trafficking victims?  The Committee welcomed the State party’s policies addressing prostitution.  Were there plans to decriminalise prostitution?

    Responses by the Delegation

    The delegation said that the State party valued permanent collaboration with civil society. The Ministry of Equality paid 80 per cent of its budget to civil society to promote the rights of vulnerable groups, particularly women.  Luxembourg hosted around 100 non-governmental organizations, despite its small population of 600,000, and these groups had contributed to various Government policies. Non-governmental organizations did not always have the resources needed to travel overseas to participate in dialogues with the Committee.

    An internal assessment of the first women, peace and security national action plan had been conducted and lessons learned would be included in the second plan.  The second plan would place greater emphasis on cooperation with civil society.

    The Government was engaging in dialogue with the media sector to improve the representation of women. The Advertising Ethics Commission received complaints related to discrimination and sexism.  Awareness raising campaigns were being carried out on sexism, discrimination and violence in the media.  A working group on hate speech had been set up that cooperated with the police force and associations working with perpetrators.  The digital service act strived to combat illicit content and encouraged platforms to delete such content swiftly.

    The law on femicide was revised in 2023.  There had yet to be any rulings handed down based on this legislation.  There were plans to collect statistics on femicide. The national action plan on gender-based violence was based on the Istanbul Convention and had been developed to strengthen protections and services for victims, as well as training on gender-based violence.  The State party would address psychological violence in the national action plan on all forms of gender-based violence and would consider establishing a law on this form of violence.

    The Government was working to protect the gender identity of intersex persons and was following Council of Europe regulations on the prevention of irreversible medical procedures against intersex persons.

    In Luxembourg, it was enough to prove that a person had the potential of exploiting an individual to hold them criminally liable for trafficking.  Training had been provided to State officials and non-governmental organizations to improve the identification of and support for trafficking victims.  Victims were officially identified by a specialised unit of the police, but non-governmental organizations and the labour inspectorate could help identify victims.  Street walks were carried out to identify victims of trafficking and provide support to women in prostitution.  Sex workers were not criminalised; clients were criminalised if they knew that the sex worker was a minor or a victim of trafficking.

    Questions by Committee Experts

    Another Committee Expert commended the efforts Luxembourg had made to promote gender equality, including its quota of 40 per cent representation in political bodies. Despite high representation at the national level, women’s representation in municipal governments was around 20 per cent.  What measures were in place to bridge the gender gap in municipalities?  The 2022 law aiming to enhance the participation of foreign nationals in elections was note-worthy.  How did the State party ensure that foreigners were meaningfully included in public life?  Were there targeted initiatives encouraging women to pursue careers in Luxembourg’s foreign service?  Women only made up around 12 per cent of Luxembourg’s military.  What measures were in place to increase their representation in security and military sectors?  Women also accounted for just 23 per cent of board members of private companies.  Were there plans to extend quotas to private sector boards?

    One Committee Expert commended the State’s progress in advancing the rights of women and girls in education.  Primary and secondary education was free for all children in Luxembourg, and compulsory education had recently been extended to 18 years.  Could the State party provide disaggregated data on women working in science, technology, engineering and maths fields?  How was the State party encouraging study in these subjects? The Committee welcomed that the State party had endorsed the Safe Schools Declaration.  How was the State party supporting the international community in the effective implementation of the Declaration?  What measures were in place to support vulnerable women in education? How was the State preventing online violence, ensuring the responsible use of digital technology, and working to close the digital gender gap?

    Responses by the Delegation

    The delegation said underrepresentation of women in decision making fora was a key challenge for the Government.  Funding was reduced for political parties that did not uphold quotas.  Individuals could nominate themselves to political positions in smaller municipalities; this led to greater gender imbalances. The State party aimed to achieve gender parity in Government, and better representation of women and wage equality in the private sector, and recruitment campaigns for the armed forces targeted at women.  The diplomatic corps was made up of around 150 agents, 76 per cent of whom were men. In recent years, the number of female diplomats had increased and this trend was likely to continue.

    The State had a service providing training for children on cyberbullying.  When it identified sexual harassment material online, it referred the material to legal services.  Raising awareness about online risks was a priority for the Government. 

    Questions by a Committee Expert 

    A Committee Expert commended the State party for eliminating the pay gap between men and women.  Luxembourg’s wage gap was the lowest in the world.  The Committee called for further efforts to achieve wage equality for women in part-time work and in the informal sector. Almost one-third of women worked part time; this affected the pension gap.  How was the State party working to address this gap?  The Committee was concerned that the act on persons with disabilities excluded persons with disabilities who did not meet requirements for support to access the labour market.  Had Luxembourg criminalised workplace sexual harassment and adopted measures to implement appropriate sanctions?  Would it ratify International Labour Organization Convention 190?

    Responses by the Delegation

    The delegation said Luxembourg considered sexual harassment to be a serious form of violence.  It would be addressed in the national action plan against gender-based violence.  Victims of gender-based violence and discrimination in the workplace could seek support from a specialised service within the labour inspectorate.  Measures were in place to support single parents, who were prioritised in the provision of affordable housing.  The gender pension gap was large; to address this, a major reform of the pension system was underway.

    Questions by Committee Experts 

    A Committee Expert said Luxembourg had an admirable universal healthcare system.  To access free services, individuals needed to prove their identity and that they had lived in Luxembourg for at least three months. How many applications were objected to and on what grounds?  The Expert welcomed the national programme for the promotion of sexual and reproductive health.  What progress had been made in strengthening this programme?  The Committee welcomed the national action plan on the rights of lesbian, gay, bisexual, transgender and intersex persons, but was concerned that involuntary surgeries continued to be imposed on intersex persons.  When would the State party abolish this practice?

    The high rate of tobacco use among women was a major issue in the State party, leading to various health complications. What public health measures had been taken to discourage smoking, especially for women?

    One Committee Expert commended the State party’s financial support for women and support for women investors. What measures were in place to educate self-employed women on the pension regime?  Were there digital tools that facilitated women’s integration in pension programmes?  More than one in seven workers in Luxembourg was at risk of poverty.  How was the State party addressing this?  Were there measures to help unemployed women to access benefits and training?  Did the State party have regulations on safeguarding women’s rights in investments?  How did the State party ensure adequate reparation for human rights violations by companies?  What steps had been taken to promote women-owned businesses?  What strategies were planned to boost women’s access to financial services, bonds and loans?  What percentage of businesses were owned by women?  How was the State party helping women and girls to strengthen their digital competencies, collecting disaggregated data on access to loans and credit, and providing financial support services that reached women who lacked digital skills?

    The State party was commended for promoting women’s participation in sports entrepreneurship.  What measures were in place to prevent gender stereotypes in sport?

    Responses by the Delegation

    The delegation said all individuals in Luxembourg had access to the universal health coverage system.  The Government worked to streamline gender in all healthcare policies.  It was raising awareness amongst healthcare practitioners regarding differences in treatment between men and women.

    The national action plan on lesbian, gay, bisexual, transgender and intersex persons would address the issue of involuntary sterilisations.  The State party would assess legal provisions that addressed this issue in other countries. A national action plan to prevent smoking that considered the specific needs of women was being drafted.

    Sport was an area in which there was inequality between men and women in terms of renumeration and presence in the media.  The Government was drafting a national strategy on equality in sport.  Violence against women in sport was being addressed by the National Centre for Victims of Violence.

    A gender finance taskforce had been set up to support women to access the finance sector and loans.  Schools were educating girls on the financial sector. The Ministry of the Family funded a project that supported women’s incorporation into business networks and entrepreneurship support programmes.

    Luxembourg had around 20 observatories collecting disaggregated data on various topics.  The Government was stressing the importance of collecting data disaggregated by sex.  A digital gateway had been setup that promoted women’s and girls’ digital skills. An annual day of digital inclusion was also held to promote the inclusion of women and girls in the digital sphere.

    Questions by Committee Experts 

    A Committee Expert thanked the State party for its legal advocacy on behalf of Afghan women.  Luxembourg was Europe’s first financial centre.  Several businesses in Luxembourg continued to make investments in the fossil fuel industry.  Would the State party adopt stricter environmental regulations for businesses?  The State party had thus far contributed eight million euros to the Loss and Damage Fund.  Investments needed to be made with a human rights approach, including investments in green bonds.  The State party needed to contribute more to the Loss and Damage Fund in a way that addressed the needs of women.

    Women in solitary confinement had meagre access to education and work, despite legislation enshrining the rights of such women to State services.  How would the State party address this?

    Responses by the Delegation

    The delegation said the financial sector was one of the biggest contributors to Luxembourg’s gross national income.  It was one of the first sectors to implement the United Nations Guiding Principles on Business and Human Rights.  The Government had called on the Union of Luxembourg Businesses, which included businesses from the financial sector, to implement the Guiding Principles.  The European Union had adopted a directive on business and human rights that Luxembourg was transposing into law. Employers in the financial sector were aware of regulations related to women’s rights and sanctions that were implemented when those regulations were not respected.

    The Government was committed to supporting climate action in developing countries; it had pledged 120 million euros toward this at a recent Conference of the Parties.  Funds dedicated to climate action included a gender perspective. In 2016, the Luxembourg Stock Exchange decided to open a “green exchange”, which applied stringent criteria for green investment.  This exchange today had over one trillion United States dollars’ worth of sustainable climate assets.  Many sustainable assets addressed the protection of women’s rights.  The Stock Exchange had signed a Memorandum of Understanding with United Nations Women in 2022 to advance projects and investments that promoted women’s empowerment.

    Questions by Committee Experts 

    A Committee Expert asked how many women had requested the grant provided to women divorcees.  Had the State party conducted studies into the effectiveness of shared custody agreements?  Same-sex couples experienced barriers to accessing adoption services.  How was the State party addressing this?  The practice of surrogacy was not sufficiently regulated.  How did the State party protect surrogate mothers and children?  How did the State party support such children to investigate their origins?

    The legal distinction between “legitimate” and “natural” children created discrimination.  Were there plans to remove this distinction?

    ANA PELÁEZ NARVÁEZ, Committee Expert and Rapporteur for Luxembourg, asked how many children of Luxembourg lived in institutions and foster families in the State and abroad.

    Responses by the Delegation

    The delegation said a draft bill on adoption was currently being assessed.  It addressed adoptions by cohabiting couples and investigations into the lineage of children who were abandoned by their parents.  There were around 1,000 children and adolescents of Luxembourg in institutions and foster families, including 76 children and adolescents who had been placed in institutions abroad.  The distinction between legitimate and natural children still existed in legislation but in reality, there was little difference between these.  The draft bill on the right to lineage removed the distinction. Assessments of this bill were still underway.

    Concluding Remarks 

    MARC BICHLER, Permanent Representative of Luxembourg to the United Nations Office at Geneva and head of the delegation, thanked the Committee for the interactive dialogue.  This had been a valuable exercise that helped the State party to make progress in implementing the Convention and upholding the rights of women and girls.  There were pushbacks against women and girls’ rights globally, but Luxembourg was resolute in defending these rights.  The State party would continue to work to implement the Convention.

    MARYSE FISCH, First Government Counsellor, Ministry of Gender Equality and Diversity of the Grand Duchy of Luxembourg, thanked the Committee for its advice, which helped the State party to improve.  Luxembourg highly valued the Convention, which was mentioned in the coalition agreement and the national action plan on equality.

    MANDY MINELLA, Deputy Head of the Committee Department, Chamber of Deputies of the Grand Duchy of Luxembourg, said the Chamber of Deputies was committed to equality and would conduct a gender audit and develop a strategy to promote gender equality, inclusive language, and gender mainstreaming.  The Chamber was discussing issues, including childcare and provisions for breastfeeding women.  There were plans to overhaul the Chamber’s regulations with a gender perspective. The Committee’s recommendations would be carefully reviewed in the Chamber.

    CORINNE DETTMEIJER-VERMEULEN, Committee Vice-Chair and acting Chair of the meeting, said that the dialogue with Luxembourg had provided further insight into the situation of women in the State party.  The Committee commended the State party for its efforts and called on it to implement the Committee’s recommendations for the benefit of all women and girls of Luxembourg.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW25.005E

    MIL OSI United Nations News

  • MIL-OSI United Nations: High Commissioner for Human Rights: Civilians in the East Democratic Republic of the Congo are Trapped in a Spiral of Violence in this Crushing Conflict

    Source: United Nations – Geneva

    Human Rights Council Opens Special Session on the Situation of Human Rights in the Democratic Republic of the Congo

    The Human Rights Council this morning opened its thirty-seventh special session on the situation of human rights in the Democratic Republic of the Congo. 

    Volker Türk, United Nations High Commissioner for Human Rights, said since the beginning of the year, the M23 armed group, supported by the Rwanda Defence Forces, had intensified its offensive in the provinces of North and South Kivu.  If nothing was done, the worst may be yet to come for the people of the eastern Democratic Republic of the Congo, but also beyond the country’s borders.  Once again, civilians were trapped in a spiral of violence in this crushing conflict.  Since 26 January, nearly 3,000 people had lost their lives and 2,880 had been wounded.  Sexual violence had been an appalling feature of this conflict for a long time and was likely to worsen in the current circumstances.  The fighting had exacerbated a chronic humanitarian crisis, which was the upshot of persistent human rights violations.  

    Mr. Türk called on all parties to lay down their weapons and resume dialogue within the framework of the Luanda and Nairobi processes.  In the meantime, all parties to the conflict must respect international human rights law and international humanitarian law.  The M23, Rwandan forces and all those supporting them must facilitate access to humanitarian aid.  Air, land and lake routes must be reopened to establish humanitarian corridors and guarantee the safety of humanitarian actors.  In these circumstances, it was crucial to establish the facts and bring the perpetrators to justice.  An independent and impartial investigation must be opened up into human rights violations and abuses, and violations of international humanitarian law, committed by all parties 

    Surya Deva, Chair of the Coordination Committee of the Special Procedures, said the intensification of hostilities, particularly in North Kivu, following the renewed offensive by the Rwandan-backed M23 armed group, had led to widespread violence, forced displacement and serious violations of international human rights and humanitarian law.  The scale and severity of the violence had reached unprecedented levels.  The humanitarian consequences were devastating.  Mr. Deva called for all parties to the conflict to adhere to their obligations under international humanitarian and human rights law; for the immediate cessation of attacks against civilians; for the protection of civilian infrastructure; and for unimpeded access for humanitarian actors to deliver assistance to those in need.  

    Bintou Keita, Special Representative of the Secretary-General in the Democratic Republic of the Congo and Chief of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo (MONUSCO), said this conflict had continued for 30 years, and the population continued to live in fear.  The attacks and pillaging against the United Nations and the Blue Helmets were condemned.  It was urgent to restore peace and allow for a lasting rebuilding of the region.  The Democratic Republic of the Congo and Rwanda must pursue diplomatic negotiations, particularly in the context of the Luanda process.  Unless compelling measures were taken to cease the escalation of violence, there would be grave consequences.  Ms. Keita hoped the session would pave the way to an end to the conflict and inclusive and sustainable development.

    Patrick Muyaya Katembwe, Minister of Communication and Media of the Democratic Republic of the Congo, speaking as a country concerned, expressed deep gratitude to the Human Rights Council for holding the Special Session, a response to the urgent situation and massive human rights violations and attacks on civilians in North and South Kivu.  Acts of unacceptable brutality compounded by unspeakable brutalities, like attacks against civilians, forced displacement, murders, rape, forced conscription of children and others were the responsibility of Rwanda as it supported its proxies.  Peacekeeping forces, as well as humanitarian facilities, had been targeted, undermining their ability to protect civilians.  The Democratic Republic of the Congo called for the establishment of an international commission of inquiry to investigate the human rights violations in the country, establish the truth as to who was responsible, and issue recommendations for holding them to account.  

    James Ngango, Permanent Representative of Rwanda to the United Nations Office at Geneva, speaking as a country concerned, said the current session was called for at a time when the situation was evolving rapidly.  A chance should be given to regional initiatives to bear fruit before taking up the situation in the United Nations.  The Democratic Republic of the Congo had unilaterally decided to expel the East African Community Force, a peacekeeping force, replacing it with the Southern African Development Community Mission with an offensive mandate.  The current situation was due to imposing a military solution to a political problem.  Rwanda opposed the attempts of the Democratic Republic of the Congo at portraying Rwanda as being responsible for the instability in that country, as this was a well-known deflection tactic used to escape being accountable for the atrocities Kinshasa and its allied armed forces were perpetrating against its own citizens.  Rwanda would respond appropriately to the actions of the Democratic Republic of the Congo.

    Speaking in the discussion, some speakers said they were deeply concerned about the escalating violence in the eastern Democratic Republic of the Congo and urged the M23 to stop its advance and withdraw immediately.  Alarm was expressed about reports of widespread violations and abuses of human rights and international humanitarian law by multiple actors, including sexual and gender-based violence, the recruitment and use of child soldiers, and extrajudicial executions.  Innocent civilians, including women and children, were enduring extreme suffering due to widespread violence, displacement, and deprivation of essential services such as food, water, and healthcare.  Many speakers spoke in support of the establishment of an independent fact-finding mission to investigate serious human rights violations and breaches of international humanitarian law. 

    Speaking in the discussion were Sweden on behalf of the Nordic-Baltic countries, European Union, Morocco, Kenya, France, North Macedonia, Spain, Ghana, Germany, Switzerland, Albania, Cyprus, Belgium, Costa Rica, Burundi, Japan, Brazil, Republic of Korea, China, Ethiopia, Mexico, Netherlands, South Africa, Algeria, Gambia, Kyrgyzstan, Bulgaria, Malawi, Bolivia, Colombia, Liechtenstein, Luxembourg, Ireland, Russian Federation, Republic of Moldova, United Kingdom, Egypt, Sierra Leone, Italy, Holy See, Austria, Ukraine, Cameroon, Uruguay, Uganda, Canada, Australia, Paraguay, Türkiye, Guatemala, Zambia, Pakistan, India, Mauritania, Angola, Malta, Peru, Zimbabwe, Timor-Leste, Slovenia, Tanzania, and South Sudan. 

    Also speaking were Human Rights Watch, International Federation for Human Rights Leagues, World Organization against Torture, Rencontre Africaine pour la defense des droits de l’homme, Interfaith International, Centre du Commerce International pour le Développement, Amnesty International, International Bar Association, International Federation of ACAT (Action by Christians for the Abolition of Torture), International Catholic Child Bureau, International Human Rights Council, and TRIAL International. 

    The session was called for by the Democratic Republic of the Congo and was supported by 27 Member States of the Council and 21 Observer States.

    The next meeting of the special session of the Human Rights Council will be at 3 p.m. on Friday, 7 February, when it will conclude the session after adopting a resolution on the situation of human rights in the east of the Democratic Republic of the Congo. 

    Keynote Statements

    VOLKER TÜRK, United Nations High Commissioner for Human Rights, said his Office had long been sounding the alarm about this crisis, and he was deeply disturbed to see the violence escalate once again.  Since the beginning of the year, the M23 armed group, supported by the Rwanda Defence Forces, had intensified its offensive in the provinces of North and South Kivu.  If nothing was done, the worst may be yet to come, for the people of the eastern Democratic Republic of the Congo, but also beyond the country’s borders.  There had been attacks by the M23 and their allies, with heavy weapons used in populated areas, and intense fighting against the armed forces of the Democratic Republic of the Congo and their allies.  This raised serious concern in terms of respect for human rights and international humanitarian law. 

    Once again, civilians were trapped in a spiral of violence in this crushing conflict.  Since 26 January, nearly 3,000 people had lost their lives and 2,880 had been wounded.  Sexual violence had been an appalling feature of this conflict for a long time and was likely to worsen in the current circumstances.  According to judicial authorities, during the prison break from Muzenze Prison in Goma on 27 January, at least 165 female prisoners were raped.  Most of them were subsequently killed in a fire, the circumstances of which remain unclear.  The High Commissioner said his team was also currently verifying multiple allegations of rape, gang rape and sexual slavery throughout the conflict zones.  Hundreds of human rights defenders, journalists and members of civil society had reported that they had been threatened or were being pursued by the M23 and Rwandan forces.  

    Mr. Türk was also very concerned about the proliferation of weapons and the high risk of forced recruitment and conscription of children.  The fighting had exacerbated a chronic humanitarian crisis, which was the upshot of persistent human rights violations.  More than 500,000 people had been displaced since the beginning of January, in addition to the more than 6.4 million already displaced.  The risk of violence escalating throughout the sub-region had never been higher.  All those with influence over the parties involved, be they States or non-state actors, must step up their efforts to avert a conflagration and to support peace processes. 

    Mr. Türk called on all parties to lay down their weapons and resume dialogue within the framework of the Luanda and Nairobi processes.  In the meantime, all parties to the conflict must respect international human rights law and international humanitarian law.  The M23, Rwandan forces and all those supporting them must facilitate access to humanitarian aid.  Air, land and lake routes must be reopened to establish humanitarian corridors and guarantee the safety of humanitarian actors. 

    In these circumstances, it was crucial to establish the facts and bring the perpetrators to justice.  An independent and impartial investigation must be opened up into human rights violations and abuses, and violations of international humanitarian law, committed by all parties.  The military path was not the answer to the roots of this conflict.  States must ensure that any support, financial or otherwise, did not fuel serious human rights violations.  All those with influence must act urgently to put an end to this tragic situation.

     SURYA DEVA, Chair of the Coordination Committee of the Special Procedures, said the intensification of hostilities, particularly in North Kivu, following the renewed offensive by the Rwandan-backed M23 armed group, had led to widespread violence, forced displacement, and serious violations of international human rights and humanitarian law.  The scale and severity of the violence had reached unprecedented levels.  The humanitarian consequences were devastating, as those displaced often found themselves with no access to shelter, water, sanitation, food, medical care or education.  Women and children were particularly at risk, facing heightened exposure to gender-based violence and trafficking for purposes of sexual slavery. There was also concern for the devastating impact on children, who were at serious risk of all six grave violations against children in armed conflict.

    Mr. Deva called for all parties to the conflict to adhere to their obligations under international humanitarian and human rights law; for the immediate cessation of attacks against civilians; for the protection of civilian infrastructure; and for unimpeded access for humanitarian actors to deliver assistance to those in need.  All parties involved in the conflict should refrain from supporting or using mercenary-related actors, as they would prolong the conflict. 

    The international community had a moral and legal obligation to act decisively. Member States should increase humanitarian funding to ensure the continued provision of essential services and assistance to displaced populations.  Coordinated diplomatic efforts must be intensified to support peace negotiations and to hold accountable those responsible for violations of international human rights and humanitarian law. 

    The international community should step up efforts to support humanitarian operations, ensuring that adequate resources were allocated to assist displaced populations and those affected by violence.  Women should be fully included in conflict resolution and peacebuilding efforts. There must be independent investigations into all reported human rights violations, including attacks on civilians, sexual and gender-based violence, and other abuses perpetrated during the conflict. 

    BINTOU KEITA, Special Representative of the Secretary-General in the Democratic Republic of the Congo and Chief of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo (MONUSCO), said this conflict had continued for 30 years, and the population continued to live in fear.  The attacks and pillaging against the United Nations and the Blue Helmets were condemned.  Since the beginning of the year, an unprecedented advance of the M23 and the Rwandan forces had been seen, preceded by violent clashes between the two sides, injuring thousands, and with alarming mid- and long-term consequences.  The risks of gender-based violence and violence against children were of great concern.  Violations and abuse of human rights had increased, and the humanitarian situation declined.  Agricultural and mining activities were paralysed. 

    Fighting impunity against the serious crimes committed could be impeded due to the damage done to the judicial forces in Goma.  It was urgent to restore peace and allow for a lasting rebuilding of the region.  The Democratic Republic of the Congo and Rwanda must pursue diplomatic negotiations, particularly in the context of the Luanda process.  Unless compelling measures were taken to cease the escalation of violence, there would be grave consequences. 

    The clashes in densely settled areas, including Goma, had had devastating consequences on the human population, with an increase in crime and violence.  Civil society actors and human rights defenders were a major population at risk.  The suspension of social networks was an infringement of the right to information. In a region with a sensitive history, ethnically motivated attacks remained a serious concern.  The humanitarian situation in Goma was catastrophic.  The international community must advocate for humanitarian access to Goma immediately. Ms. Keita hoped the session would pave the way to an end to the conflict and inclusive and sustainable development. 

    Statements by Countries Concerned

    PATRICK MUYAYA KATEMBWE, Minister of Communication and Media of the Democratic Republic of the Congo, speaking as a country concerned, expressed deep gratitude to the Human Rights Council for holding the special session, a response to the urgent situation and massive human rights violations and attacks on civilians in North and South Kivu, the result of attacks and offenses by the Rwandan Defence Forces and their M23 and AFC proxies. Indiscriminate attacks had deliberately targeted the vulnerable, a flagrant violation of international obligations.  Areas of shelter had been turned into military targets, imperilling the lives of thousands of innocent people.

    Acts of unacceptable brutality compounded by unspeakable brutalities, like attacks against civilians, forced displacement, murders, rape, forced conscription of children and others were the responsibility of Rwanda as it supported its proxies.  Peacekeeping forces, as well as humanitarian facilities, had been targeted, undermining their ability to protect civilians.  The Democratic Republic of the Congo called for the establishment of an international commission of inquiry to investigate the human rights violations in the country, establish the truth as to who was responsible, and issue recommendations for holding them to account. 

    It was vital to strengthen early-warning mechanisms and prevent further escalations of violence.  There must be immediate and unfettered humanitarian access to evacuate the injured and reduce the risk of the spread of epidemics. The Council must hold Rwanda accountable for its war crimes and crimes against humanity.  It was vital that international pressure be applied to Rwanda so that it ceased to support the armed groups and withdrew from Congolese territory. 

    The Democratic Republic of the Congo remained ready to work with all regional and international actors to put a stop to this crisis and an end to the suffering in the east of the country, calling on Rwanda to act responsibly and take immediate measures to cease supporting armed groups. 

    JAMES NGANGO, Permanent Representative of Rwanda to the United Nations Office at Geneva, speaking as a country concerned, said the current session was called for at a time when the situation was evolving rapidly.  A chance should be given to regional initiatives to bear fruit before taking up the situation in the United Nations.  The Democratic Republic of the Congo had unilaterally decided to expel the East African Community Force, a peacekeeping force, replacing it with the Southern African Development Community Mission with an offensive mandate.  The current situation was due to imposing a military solution to a political problem. This was due to the preservation of the Democratic Forces for the Liberation of Rwanda that had perpetrated genocide in Rwanda and then fled to the Democratic Republic of the Congo, where they continued to spread their genocidal ideology, and also to the marginalisation of the Kinyarwanda-speaking Congolese communities, particularly Tutsi, by the Democratic Republic of the Congo.

    There had been no condemnation of the Democratic Republic of the Congo leadership.  There was no special session of the Human Rights Council when a Special Rapporteur had warned about war crimes and crimes against humanity in the Democratic Republic of the Congo previously.  Rwanda opposed the attempts of the Democratic Republic of the Congo at portraying Rwanda as being responsible for the instability in that country, as this was a well-known deflection tactic used to escape being accountable for the atrocities Kinshasa and its allied armed forces were perpetrating against its own citizens.  Rwanda would respond appropriately to the actions of the Democratic Republic of the Congo. 

    Discussion

    Some speakers said they were deeply concerned about the escalating violence in eastern Democratic Republic of the Congo and urged the M23 to stop its advance and withdraw immediately.  Rwanda must cease its support for the M23 and withdraw its armed forces.  Rwanda’s military presence in the Democratic Republic of the Congo was strongly condemned as a clear violation of international law, the United Nations Charter, and the territorial integrity of the Democratic Republic of the Congo.

    Alarm was expressed about reports of wide-spread violations and abuses of human rights and international humanitarian law by multiple actors, including sexual and gender-based violence, the recruitment and use of child soldiers, and extrajudicial executions.  Innocent civilians, including women and children, were enduring extreme suffering due to widespread violence, displacement, and deprivation of essential services such as food, water, and healthcare.  Reports of explosive weapons used in populated areas and attacks on internally displaced person sites were particularly alarming.

    Some speakers said all sides must prioritise the protection of civilians, ensure safe and unhindered humanitarian access, and fully respect their obligations under international law, including human rights law and international humanitarian law.  For decades, the area had witnessed instability and conflict, for a range of causes.  Reports of grave human rights violations, including summary executions, demanded immediate attention.  The attacks on peacekeepers constituted violations of international law.  The Rwandan Government must respect the territorial integrity of the Democratic Republic of the Congo, which latter must cease cooperation with the Democratic Forces for the Liberation of Rwanda. 

    All parties must reopen negotiations, respect international law, and honour their commitments made under the Nairobi and Luanda process, committing fully to the peace process.  All allegations of human rights violations and abuses must be investigated, and perpetrators held accountable for their crimes.  An independent fact-finding mission must be established to investigate all accounts.  Acts of violence targeting civilians and civilian infrastructure were condemned, and must come to an end. 

    The role of the Blue Helmets was essential, speakers said, and they must be protected, with several speakers expressing condolences to the families of those Blue Helmets who paid the ultimate price in defence of the fundamental rights of the Congolese people.  The United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo (MONUSCO) must ensure the protection of civilians, and a speaker called for its mandate to be supported and renewed further. The international community must strengthen its support for peacekeeping operations and humanitarian assistance. A sustainable solution demanded coordinated efforts, including dialogue, reconciliation, and development initiatives that fostered stability and social cohesion.

    A number of speakers said this was a critical juncture in the region, with a potential for over-spill in the region as a whole. Dialogue and cooperation must be encouraged and supported, including through the Luanda and Nairobi processes. The deliberations in the Council must not undermine these, and instead support a return to peace, with the discussions aimed at building consensus and agreement.  Political fragmentation must be addressed in Rwanda, with an end put to public negative ethnic discourse, and the international community must work together to build a just and peaceful world.  The Council must address the challenges under its mandate.  Members of the Council must work to ensure that there was no further deterioration of the situation. 

    The M23 must immediately withdraw from the territories under its control, a speaker said, and there must be a return to the negotiating table: all efforts must be made to put an end to the humanitarian disaster. All those involved in the conflict must put an end to human rights violations and protect the rights and lives of civilians.  The population was exhausted from the decades of suffering.  Rwanda must withdraw its support for the M23, which must immediately cease its attacks and withdraw. 

    Some speakers said the sovereignty and territoriality of the Democratic Republic of the Congo must be protected and supported, and many speakers supported this, urging all sides to respect it and for the international community to support it.  All armed groups must lay down their weapons and withdraw from the sovereign territory of the Democratic Republic of the Congo, and respect the United Nations Charter, engage in dialogue, and work towards re-establishing peace and stability in the country.  There was a risk of this igniting the Great Lakes region, a speaker said, supporting the peaceful coexistence of nations. 

    Many speakers spoke in support of the establishment of an independent fact-finding mission to investigate serious human rights violations and breaches of international humanitarian law committed in North and South Kivu, in the eastern Democratic Republic of the Congo, as stipulated in the proposed resolution.  The humanitarian community must rally support to protect the most vulnerable segments of the population, in particular women and children.   The fact-finding mission must be fully funded and staffed appropriately, a speaker urged.  Given the sheer scale of human suffering, the Council could not afford to turn a blind eye to the earnest appeal of the country concerned to ensure that the perpetrators of these heinous crimes were held accountable.

    Profound alarm was expressed with regard to the increasing risk of violence against women and girls and the recruitment of children into the conflict.  It was imperative that those responsible for human rights violations and atrocities were brought to justice.  There was no military solution to the crisis, and only a political, negotiated solution could bring an end to the situation.  Those who put their economic interests above human dignity must cease to do so.  Peace and security must be brought to the region. 

    At this critical juncture, all parties must exercise restraint, de-escalate tensions, and prioritise dialogue to prevent further loss of life, uphold international humanitarian law and human rights, ensure the protection of civilians, and safeguard fundamental freedoms.  It was vital to ensure immediate and unimpeded access to humanitarian aid for the civilian population. 

    It was crucial that the Human Rights Council provided necessary support for thorough investigations into grave human rights violations and abuses, with a view to bringing the perpetrators to justice and ensuring comprehensive accountability.  A sustained and inclusive dialogue was crucial to achieving a long-term and peaceful resolution to the crisis.  Diplomatic negotiations were, a speaker said, the only way to resolve the situation. All parties must respect international humanitarian law, and must support the mediation efforts made both internationally and regionally.  A political solution must be found that respected the independence and territoriality of the Democratic Republic of the Congo. 

    The need for the Council to make efforts to alleviate the sufferings of victims of human rights violations and abuses was crucial, and all parties involved must respect their obligations under international humanitarian law and international human rights law.  There must be an immediate end to hostilities and a permanent solution found through peaceful means and inclusive dialogue among all parties concerned, and speakers pointed out the need for “African solutions to African problems”, supporting the Luanda and Nairobi processes.  African regional solutions were fully supported by several speakers, who spoke of the efforts of the Southern African Development Community Mission. 

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

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  • MIL-OSI Asia-Pac: National Inaugural Event to Celebrate 75th Anniversary of the National Sample Survey (NSS) Vigyan Bhawan, New Delhi – 7th February 2025

    Source: Government of India (2)

    Posted On: 07 FEB 2025 8:03PM by PIB Delhi

    The Ministry of Statistics and Programme Implementation (MoSPI), Government of India celebrated the 75th anniversary of the National Sample Surveys (NSS) with a special event at Vigyan Bhawan, New Delhi, on 7th February 2025. This milestone marks the start of a series of initiatives across the country, aimed at highlighting the vital role NSS data plays in evidence-based policymaking, raising awareness about the importance of data for nation-building, and engaging stakeholders from all walks of life.

    The event started with welcome address by Smt. Geeta Singh Rathore, Director General (NSS), followed by testimonials from eminent personalities, Dr. C. Rangarajan, Former RBI Governor, Dr. Rajiv Laxman Karandikar, National Statistical Commission (NSC) Chairman and Dr. S.P. Mukherji, Centenary Professor, University of Calcutta. A documentary was presented, highlighting the journey of NSS surveys over the past 75 years and its evolution.

    The event was inaugurated by Rao Inderjit Singh, Hon’ble MoS for Statistics & PI. In his inaugural speech, Hon’ble Minister, highlighted how crucial NSS has been in shaping India’s development through data-driven policymaking. He pointed out how NSS surveys have influenced key areas like employment, consumption, health, and education, driving critical policy decisions. He emphasized the government’s ongoing commitment to advancing NSS, integrating new technologies, and ensuring it remains relevant in the years to come. The Minister also called for more innovation and collaboration within the statistical system for more inclusive, data-driven policy formulation.

    Shri Amitabh Kant, India’s G20 Sherpa, delivered an inspiring keynote address on celebrating NSS’s 75 years of impact on India’s growth. He emphasized the importance of data in driving informed policymaking and national progress. Shri Kant highlighted how NSS data has shaped India’s economic and social policies and called for continued innovation in the statistical field to keep data a powerful tool for growth, inclusivity, and competitiveness. He urged that innovation and adoption of new technologies will make India globally more relevant.

    In the opening remarks, Dr. Saurabh Garg, Secretary of MoSPI congratulated NSS for its role in providing the reliable data that drives India’s policymaking. He recognized the National Statistical Office (NSO) for its tireless efforts in improving data access and reducing delays in survey results. Dr. Garg highlighted the major initiatives of NSO, MoSPI, like generating monthly labour market indicators from PLFS and incorporating provision for providing data at district level. Also initiative of short duration surveys for catering the specific needs of various stakeholders was also emphasized.

    During the event, the Hon’ble Minister unveiled two Diamond Jubilee publications on the Journey of NSS 75 Years for Household/Enterprise Surveys.  These publications highlight the evolution of survey methodologies and are invaluable resources for researchers, policymakers, and academics. The event also recognized outstanding performers from the National Statistics Office (NSO) with the Karmayogi awards. A Nukkad Natak performed by the NSS team has given the glimpses of field work for NSS surveys

    After the inaugural session, the event featured expert-led discussions on two important topics. The first panel, titled “Future Ready Indian Statistical System for Viksit Bharat @ 2047,” was moderated by Dr. Dalip Singh, ADG, ESD, MoSPI with panelists: Prof. Chetan Ghate, Director, Institute of Economic Growth (IEG), Dr. Shalabh, Professor, Department of Mathematics and Statistics, IIT Kanpur, Ms. Aditi Chaubal, Associate Professor, IIT Bombay and Mr. Marcin Piatkowski, Program leader, Prosperity, The World Bank. The discussion tackled key issues like data gaps, the role of AI and Machine Learning in surveys, real-time data generation, and the need for stronger public-private sector partnerships. From the discussion it is emerged that NSS should adopt newer technologies in the field of survey and explore alternative data to leverage demographic dividend to achieve the target of Viksit Bharat.

    The second discussion, “The Importance of Alternative Data Sources in Shaping Economic Policies,” was moderated by Shri. Praveen Srivastava, Former Secretary & CSI, MoSPI with panelists Ms. Debjani Ghosh, Distinguished Fellow, NITI Aayog, Dr. Ashish Kumar, Former DG, MoSPI, Dr. Himanshu, Associate Professor, JNU, Prof. Abhiroop Mukhopadhyay, ISI, Delhi and Dr. Rajesh Shukla, MD&CEO, PRICE. The discussion explored the growing role of alternative data in policymaking and how it can be integrated into India’s national statistical system. The discussion emphasized the importance of creating a centralized architecture to integrate data from various stakeholders. It also highlighted the need to improve engagement with academic institutions and researchers. For better data utilization, the focus was on enhancing the interoperability of different data sources. Additionally, there was a suggestion to enrich the NSS (National Sample Survey) data by calibrating it with alternative data sources.

    Around 1200 participants attended the event, including policymakers, researchers, officers from State DES, NSS officers including field officials from across India and representatives from international organizations. The event truly showcased how crucial NSS data is to India’s statistical framework and its role in shaping the nation’s path toward becoming a Viksit Bharat by 2047.

    Suggestions and feedback are welcome at nssocpd.coord@mospi.gov.in

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