NewzIntel.com

Category: Business

  • MIL-OSI Asia-Pac: Bay area opportunities abound

    Source: Hong Kong Information Services

    There are a multitude of insole products on the market, but those designed specifically for foot shapes that cater to locals are rare. This is why Hong Kong youngster Mike Lo launched his own brand, aiming to create insoles that meet the precise needs of users.

    Mike’s vision extends beyond local development and he aspires to penetrate the vast market of Mainland cities within the Greater Bay Area.

    Encouraging entrepreneurship

    Establishing a company and developing products necessitates substantial funding.

    The Government is committed to encouraging and supporting Hong Kong youth in pursuing innovation and entrepreneurship. Recognising the needs of aspiring entrepreneurs like Mike, it launched the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area a few years ago.

    The scheme subsidises non-governmental organisations (NGOs) to implement youth entrepreneurship projects, providing seed funding for youth startups and assisting them in setting up business in both Hong Kong and cities within the bay area.

    The “StarAgent” programme launched by Po Leung Kuk is one of these subsidised projects. Through it, Mike’s company successfully secured a grant of $600,000.

    With the funding, he collaborated with a local university to conduct product development and trials, creating more suitable products for seniors suffering from conditions like plantar fasciitis, flat feet and diabetic foot.

    “We also used part of the funds to develop moulds and products in factories in the Mainland,” Mike said.

    After two years of trial and error, Mike ultimately launched his own version of pain-relieving insoles which help improve users’ walking and standing posture, alleviating discomfort in the feet, knees, and lower back.

    Community impact

    Having achieved success in product development, Mike remains committed to giving back to the community.

    He recently visited a public housing estate in Tuen Mun to measure the foot sizes of elderly residents, providing them with pain-relief insoles produced by his company.

    He also attended a foot health awareness event organised by Po Leung Kuk to share foot care knowledge with the elderly.

    Talking about his company’s development, Mike said he is currently planning to expand its business in the bay area.

    Field tour

    Po Leung Kuk Youth Affairs Department Supervisor Catherine Liu noted that young people venturing into other cities in the Mainland inevitably face numerous concerns, including networking issues, startup costs, and local rules and regulations.

    “Our aim is to help them overcome one hurdle after another.”

    In addition to providing up to $600,000 in funding, Po Leung Kuk offers a range of business incubation services, such as one-on-one professional consultations.

    Before young entrepreneurs enter the Mainland market in the bay area, the programme also organises various business seminars.

    Additionally, Po Leung Kuk takes them on visits to cities like Dongguan, Guangzhou, and Shenzhen. This helps them to familiarise themselves with startup hubs in Mainland cities of the bay area, allowing them to choose the most suitable place for their development.

    Multi-benefit case

    Tony Fung’s extended reality technology company also benefited from the programme and received funding to set up offices in both Guangzhou and Hong Kong. His Hong Kong office focuses on game development, while the one in Guangzhou handles cloud and web development, with the two complementing each other’s strengths.

    Specialised in combining various technologies such as artificial intelligence and augmented reality to create interactive experiences for entertainment and practical use, the content developed by the company involves community education, including themes such as mental health and drug abuse prevention, as well as e-sports.

    With the help of the entrepreneurship programme, Tony is moving forward to expand the firm’s client base throughout Guangzhou and other bay area cities, and engaging with local institutions to introduce services.

    Mutually reinforcing

    The Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area is a three-year programme. Under Secretary for Home & Youth Affairs Clarence Leung highlighted that the first round was extremely well-received.

    The authorities partnered with 16 NGOs to fund a total of 217 teams, with about 70 of them successfully establishing themselves in various innovation and entrepreneurial bases in Mainland cities. As a result, the Government has launched a second round of the scheme.

    Mr Leung said they saw a lot of young teams with a lot of ideas.

    “They put the ideas into practice. We felt that the funding scheme was very successful. That is why we have the second cohort that started last year.”

    In addition to this programme, Mr Leung added that the bureau also supports youth entrepreneurship through three other initiatives.

    These include the Funding Scheme for Experiential Programmes at Innovation & Entrepreneurial Bases, which allows young people to explore startup base operations and policies.

    Another strategy involves the Youth Start-up Internship Programme working in collaboration with the Hong Kong Science Park and Cyberport to provide internships at startup companies.

    One more avenue of support is led by the Alliance of Hong Kong Youth Innovation & Entrepreneurial Bases in the Greater Bay Area, which organises diverse activities in co-operation with institutions from Guangdong and Hong Kong.

    Collectively, the various initiatives backed by the bureau offer significant support to young entrepreneurs.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Arizona Couple Pleads Guilty to $1.2B Health Care Fraud

    Source: US State of California

    An Arizona couple pleaded guilty for causing over $1.2 billion of false and fraudulent claims to be submitted to Medicare and other health insurance programs for expensive, medically unnecessary wound grafts that were applied to elderly and terminally ill patients.

    According to court documents, Alexandra Gehrke, 39, and her husband, Jeffrey King, 46, both of Phoenix, conspired with others to orchestrate the massive scheme. Gehrke ran two companies, Apex Medical LLC and Viking Medical Consultants LLC, that contracted with medically untrained “sales representatives” to locate elderly patients, including hospice patients, who had wounds at any stage and order amniotic wound grafts from a specific graft distributor. Gehrke instructed and financially incentivized the sales representatives to order grafts only in sizes 4×6 centimeters or larger, even if the wound was much smaller, to maximize health insurance reimbursement. Gehrke, through companies she owned and controlled, received over $279 million in illegal kickbacks from the distributor of the grafts in exchange for the orders. Gehrke in turn paid the sales representatives tens of millions of dollars in unlawful kickbacks. Gehrke then referred the patients to a company co-owned by King, which contracted with nurse practitioners to apply the grafts. King’s company fraudulently billed Medicare, TRICARE (the health care program for U.S. service members and their families), CHAMPVA (the health care program for spouses and children of permanently disabled veterans), and commercial insurance plans for the grafts. Gehrke and King, who had no medical training, directed the nurse practitioners to suspend their own medical judgment and apply all grafts ordered by the sales representatives, even when medically unreasonable and unnecessary, which resulted in the application of grafts to infected wounds, wounds that had already healed, and wounds that were not responding to the grafts.

    From November 2022 through May 2024, Gehrke, King, and others, through companies they owned, operated, and controlled, submitted $1,212,005,778 in false and fraudulent claims to health insurance plans. This included over $960 million in false and fraudulent claims to the federal health care programs — Medicare, TRICARE, and CHAMPVA. The federal and private health care insurers paid $614,990,420 based on the false and fraudulent claims.

    In their plea agreements, Gehrke and King agreed to pay restitution in the amounts of $614,990,420 and $605,690,110, respectively. They also agreed collectively to forfeit over $410 million in funds that they obtained from the fraud. To date, the government has seized nearly $100 million in assets that Gehrke and King accumulated from the scheme, including bank account balances exceeding $68 million, four luxury vehicles valued over $980,000, $22 million of life insurance annuities, and jewelry and precious metals.

    Gehrke pleaded guilty on Oct. 24, 2024, to conspiracy to commit health care fraud and wire fraud. She is scheduled to be sentenced on Feb. 11 and faces a maximum penalty of 20 years in prison. King pleaded guilty on Jan. 31 to conspiracy to commit health care fraud and wire fraud and faces a maximum penalty of 20 years in prison. His sentencing date has not yet been scheduled. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; U.S. Attorney Gary M. Restaino for the District of Arizona; Acting Special Agent in Charge Sean Burke of the FBI Atlanta Field Office; Deputy Inspector General Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG); Director Kelly Mayo of the Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS); and Special Agent in Charge Kris Raper of the Department of Veterans Affairs Office of Inspector General (VA-OIG) South Central Field Office made the announcement.

    The FBI, HHS-OIG, DCIS, and VA-OIG investigated the case.

    Trial Attorney Shane Butland of the National Rapid Response Strike Force of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Matthew Williams for the District of Arizona are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Addresses New Hampshire Sea Grant’s Annual Research Symposium, Highlights Importance of Federal Funding for Coastal Communities

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Durham, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), former Chair and now senior member of the U.S. Senate Commerce, Justice and Science Appropriations Subcommittee, delivered remarks at New Hampshire Sea Grant’s Annual Research Symposium and highlighted the importance of federal funding for coastal communities. The New Hampshire Sea Grant Research Symposium is a showcase of recent projects which are supported by federal funding through the National Oceanic and Atmospheric Administration (NOAA)’s National Sea Grant College Program. The event provides a forum to discuss putting scientific research into action through applied research, education and engagement in local communities. You can view photos from the event here.
    “Sea Grant is a key driver of efforts to protect our coast that not only strengthens the health of our coastal areas, but also informs and improves how we utilize coastal resources to benefit our local communities and the coastal economy,” said Senator Shaheen. “Unfortunately, the current administration’s efforts to cut grants and loans that these communities rely on has caused chaos and panic, while fueling uncertainty about the future of these programs. We need to be focused on creating jobs and strengthening our economy, not gutting programs that help to do just that.”
    Based at the University of New Hampshire since 1980, New Hampshire Sea Grant is one of 34 Sea Grant programs in the U.S. under the umbrella of the National Oceanic and Atmospheric Administration (NOAA)’s National Sea Grant College Program. New Hampshire Sea Grant works to support a coastal environment that sustains healthy ecosystems, economies and people through integrated research, extension, education and communications efforts.
    As a senior member and former Chair of the U.S. Senate Commerce, Justice and Science Appropriations Subcommittee, Shaheen has long advocated for robust funding for the Sea Grant account, which directly supports the New Hampshire Sea Grant program. In the fiscal year (FY) 2024 government funding bill, Shaheen helped secure $80 million for the National Sea Grant College Program which directly funds the New Hampshire Sea Grant program. She also worked across party lines to secure, within that funding,  $2 million for lobster research, $1 million to train young fishermen and $1 million to support research into the impacts of PFAS and other emerging contaminants, efforts that will help ensure that New Hampshire’s coastal economy remains strong for future generations.

    MIL OSI USA News –

  • MIL-OSI Security: Arizona Couple Pleads Guilty to $1.2B Health Care Fraud

    Source: United States Attorneys General 7

    An Arizona couple pleaded guilty for causing over $1.2 billion of false and fraudulent claims to be submitted to Medicare and other health insurance programs for expensive, medically unnecessary wound grafts that were applied to elderly and terminally ill patients.

    According to court documents, Alexandra Gehrke, 39, and her husband, Jeffrey King, 46, both of Phoenix, conspired with others to orchestrate the massive scheme. Gehrke ran two companies, Apex Medical LLC and Viking Medical Consultants LLC, that contracted with medically untrained “sales representatives” to locate elderly patients, including hospice patients, who had wounds at any stage and order amniotic wound grafts from a specific graft distributor. Gehrke instructed and financially incentivized the sales representatives to order grafts only in sizes 4×6 centimeters or larger, even if the wound was much smaller, to maximize health insurance reimbursement. Gehrke, through companies she owned and controlled, received over $279 million in illegal kickbacks from the distributor of the grafts in exchange for the orders. Gehrke in turn paid the sales representatives tens of millions of dollars in unlawful kickbacks. Gehrke then referred the patients to a company co-owned by King, which contracted with nurse practitioners to apply the grafts. King’s company fraudulently billed Medicare, TRICARE (the health care program for U.S. service members and their families), CHAMPVA (the health care program for spouses and children of permanently disabled veterans), and commercial insurance plans for the grafts. Gehrke and King, who had no medical training, directed the nurse practitioners to suspend their own medical judgment and apply all grafts ordered by the sales representatives, even when medically unreasonable and unnecessary, which resulted in the application of grafts to infected wounds, wounds that had already healed, and wounds that were not responding to the grafts.

    From November 2022 through May 2024, Gehrke, King, and others, through companies they owned, operated, and controlled, submitted $1,212,005,778 in false and fraudulent claims to health insurance plans. This included over $960 million in false and fraudulent claims to the federal health care programs — Medicare, TRICARE, and CHAMPVA. The federal and private health care insurers paid $614,990,420 based on the false and fraudulent claims.

    In their plea agreements, Gehrke and King agreed to pay restitution in the amounts of $614,990,420 and $605,690,110, respectively. They also agreed collectively to forfeit over $410 million in funds that they obtained from the fraud. To date, the government has seized nearly $100 million in assets that Gehrke and King accumulated from the scheme, including bank account balances exceeding $68 million, four luxury vehicles valued over $980,000, $22 million of life insurance annuities, and jewelry and precious metals.

    Gehrke pleaded guilty on Oct. 24, 2024, to conspiracy to commit health care fraud and wire fraud. She is scheduled to be sentenced on Feb. 11 and faces a maximum penalty of 20 years in prison. King pleaded guilty on Jan. 31 to conspiracy to commit health care fraud and wire fraud and faces a maximum penalty of 20 years in prison. His sentencing date has not yet been scheduled. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; U.S. Attorney Gary M. Restaino for the District of Arizona; Acting Special Agent in Charge Sean Burke of the FBI Atlanta Field Office; Deputy Inspector General Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG); Director Kelly Mayo of the Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS); and Special Agent in Charge Kris Raper of the Department of Veterans Affairs Office of Inspector General (VA-OIG) South Central Field Office made the announcement.

    The FBI, HHS-OIG, DCIS, and VA-OIG investigated the case.

    Trial Attorney Shane Butland of the National Rapid Response Strike Force of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Matthew Williams for the District of Arizona are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: Prospera Energy Inc. Provides Update on Future Production Reporting Process

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 31, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

    Prospera is refining its production reporting process to provide greater consistency and enhanced transparency for shareholders. Moving forward, Prospera will apply the following standardized definitions in all production reporting:

    • Gross Production: Represents Prospera Energy’s working interest (operated or non-operated) before the deduction of royalties, excluding any royalty interests held by Prospera Energy.
    • Net Production: Represents Prospera Energy’s working interest (operated or non-operated) after deducting royalty obligations, including any royalty interests in production or reserves.

    These standardized terms are as outlined in ASC 51-324. Additionally, Prospera Energy will report gross production at the first point of sale. As a result, production figures will exclude both produced gas at the wellhead that is used in operations, and production volumes from partners who are in arrears, even when Prospera realizes cash proceeds from these volumes.

    In line with Prospera’s commitment of clear and consistent production data, the Company is also providing updates on previously reported production figures to ensure alignment with this reporting framework and standardized definitions:

    News Release Dated December 18, 2024, Titled:
    “Prospera Announces Monthly Operations Update and Increase to Term Loan”

    • The reported 686 boe/d for November 2024 represented wellhead production at 100% working interest, including JV partner production. 529 boe/d was PEI’s gross production at the first sales point over the same period.
    • The reported 803 boe/d for December 1 – 10, 2024 represented wellhead production at 100% working interest, including JV partner production. 622 boe/d was PEI’s gross production at the first sales point over the same period

    News Release Dated January 21, 2025, Titled:
    “Prospera Announces Monthly Operations Update”

    • The 661 boe/d reported for Dec 2024 reflects gross production at the first sales point.
    • The 682 boe/d reported for Jan 1-19, 2025 reflects gross production at the first sales point.
    • The 751 boe/d reported for Jan 16, 2025 reflects gross production at the first sales point.

    About Prospera

    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    For Further Information:
    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI USA: Cortez Masto, Finance Democrats Press RFK Jr. to Reject Big Pharma Pause on Medicare Negotiation

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Following Noncommittal Answer in Committee and Statement by CMS, Finance Democrats Press for Commitment to Continuing Medicare Drug Price Negotiation on Schedule

    Washington, D.C. – Senator Catherine Cortez Masto (D-Nev.) and all 12 Democratic members of the Senate Finance Committee sent a letter to Robert F. Kennedy Jr. pressing him to answer nearly a dozen questions regarding his views on Medicare drug price negotiation and confirm he will not pause negotiations, as CEOs representing the largest pharmaceutical companies have requested.

    “As a result of the Inflation Reduction Act, which passed without a single Republican vote, Medicare drug price negotiation is a powerful tool available right now to President Trump to make good on his long-standing promise to stand up to Big Pharma,” the senators wrote. “On behalf of the tens of millions of Americans who count on Medicare, Democrats on the Senate Finance Committee want to know whether the Trump Administration will follow through on negotiating with Big Pharma to deliver the lower costs promised to the American people.” 

    The letter, sent to Kennedy in his capacity as the nominee to be secretary of the Department of Health and Human Services (HHS), asks whether he will follow the Inflation Reduction Act’s statutory requirements related to Medicare drug price negotiation, whether the Trump administration will continue to defend the law in court against attacks by Big Pharma, and other questions. Earlier this month, the Centers for Medicare & Medicaid Services (CMS) released the list of the next set of drugs that will be negotiated by Medicare. Yesterday the agency, now run by the Trump administration, released a concerning statement that appeared to open the door to Big Pharma’s requests for changes in negotiations.

    “Contrary to what you suggested in today’s hearing, the Trump Administration’s statement is far from an embrace of drug price negotiation and appears to be opening the door to changes that could undermine Medicare’s ability to get the best price possible on drugs,” the senators continued.

    The full letter can be found here.

    Senator Cortez Masto has worked to lower drug costs for Americans. She passed legislation to allow Medicare to negotiate lower drug prices and cap the cost of insulin at $35-a-month for Medicare recipients through the Inflation Reduction Act. She has introduced bipartisan legislation to improve transparency of Medicare Advantage plans and has pushed pharmacy benefit managers to help continue to lower prescription drug costs.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Fills Pettis County Clerk Vacancy

    Source: US State of Missouri

    JANUARY 31, 2025

    Jefferson City — Today, Governor Mike Kehoe announced the appointment of Megan Page, of Sedalia, as Pettis County Clerk.

    Ms. Page is the owner of Heckart, Meisenheimer, and Scrivner Morrow Funeral Homes as well as Memorial Park and Highland Sacred Gardens Cemeteries. She has considerable experience in finance and business management, having previously served as a bank manager, personal banker, teller, and mortgage loan officer. Beyond her professional expertise, Page has demonstrated a strong commitment to community involvement. From 2017 to 2020, she served as the 4th Ward Councilwoman for the City of Sedalia. She currently serves on several boards, including the Sedalia Area Chamber of Commerce, Business Network International, State Fair Community College Foundation Board, and the Boys & Girls Club of West Central Missouri Board.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Former Senior Adviser for the Federal Reserve Indicted on Charges of Economic Espionage

    Source: US State of North Dakota

    John Harold Rogers, 63, of Vienna, Virginia, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested today on charges that he conspired to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC).

    In furtherance of the conspiracy, allegedly made false statements to the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (FRB-OIG), and those false statements had a material impact on its investigation.

    “As alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting U.S. trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities,” said Devin DeBacker, head of the Justice Department’s National Security Division. “The Justice Department will continue to use all the tools at its disposal to disrupt economic espionage and protect our national security.”

    “President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic. As alleged in the indictment, this defendant leveraged his position within the Federal Reserve to pass sensitive financial information to the Chinese government, a designated adversary,” said U.S. Attorney Edward R. Martin Jr. for the District of Columbia. “Let this indictment serve as a warning to all who seek to betray or exploit the United States: law enforcement will find you and hold you accountable.”

    “As alleged in the indictment, Rogers betrayed his country while employed at the Federal Reserve by providing restricted U.S. financial and economic information to Chinese government intelligence officers,” said Assistant Director Kevin Vorndran of the FBI Counterintelligence Division. “This information could allow adversaries to illegally gain a strategic economic advantage at the expense of the U.S. This indictment sends a clear message that the FBI and our partners will hold accountable those who threaten our national security.”

    “The Chinese Communist Party has expanded its economic espionage campaign to target U.S. government financial policies and trade secrets in an effort to undermine the United States and become the sole superpower,” said Assistant Director in Charge David Sundberg of the FBI Washington Field Office. “Today’s indictment represents the FBI’s unwavering commitment to protect U.S. national security interests and U.S. jobs and bring to justice those who are willing to betray their country for personal gain.”

    “This indictment sends a clear message that those who deliberately misuse sensitive Federal Reserve information for their own personal gain and lie about it to investigators will be held accountable for their actions,” said Special Agent in Charge John T. Perez of the FRB-OIG, Headquarters Operations.

    According to the indictment, Rogers, a U.S. citizen with a Ph.D. in economics, worked as a Senior Adviser in FRB’s Division of International Finance of the FRB from 2010 until 2021, where he was entrusted with confidential FRB information. The confidential information that Rogers allegedly shared with his Chinese co-conspirators, who worked for the intelligence and security apparatus of China and who posed as graduate students at a PRC university, is economically valuable when secret.

    China holds a large amount of U.S. foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could allow China to manipulate the U.S. market, in a manner similar to insider trading. Gaining advance knowledge of U.S. economic policy, including advance knowledge of changes to the federal funds rate, could provide China with an advantage when selling or buying U.S. bonds or securities.

    The indictment alleges that, from at least 2018, Rogers allegedly exploited his employment with the FRB by soliciting trade-secret information regarding proprietary economic data sets, deliberations about tariffs targeting China, briefing books for designated governors, and sensitive information about Federal Open Market Committee (FOMC) deliberations and forthcoming announcements. He passed that information electronically to his personal email account, in violation of FRB policy, or printed it prior to traveling to China, in preparation for meetings with his co-conspirators.

    Under the guise of teaching “classes,” Rogers met with his co-conspirators in hotel rooms in China where he conveyed sensitive, trade-secret information that belonged to the FRB and the FOMC. In 2023, Rogers was paid approximately $450,000 as a part-time professor at a Chinese university.

    On Feb. 4, 2020, in response to questioning by the FRB-OIG, Rogers lied about his accessing and passage of sensitive information and his associations with his co-conspirators.

    Rogers is charged with conspiracy to commit economic espionage and with making false statements.

    The FBI Washington Field Office and FRB-OIG are investigating the case.

    Assistant U.S. Attorney Kimberly Paschall for the District of Columbia and Trial Attorneys Nicholas Hunter and Steve Marzen of the National Security Division’s Counterintelligence and Export Section are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Freddie Powell Sims: A Warm Welcome to the 2025 Legislative Session 

    Source: US State of Georgia

    By: Sen. Freddie Powell Sims (D – Dawson)

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium.

    This legislative biennium, I am honored to continue serving on the Senate Committee on Education and Youth as Secretary and on the Senate Committee on Regulated Industries and Utilities as an Ex-Officio. I am similarly honored to serve as a member on the Senate Committees on, Agriculture and Consumer Affairs, Appropriations, Interstate Cooperation, Natural Resources and the Environment, and Urban Affairs.

    During our first week of session, Governor Brian  Kemp delivered his annual State of the State address to a joint session of the Senate and House chambers. I look forward to supporting some of his proposals, including pay raises for teachers, state employees, and first responders and efforts to strengthen our healthcare workforce. We must ensure every Georgian has access to affordable healthcare, expand opportunities for quality public education, invest in renewable energy solutions, and tackle the growing need for affordable housing across the state. These priorities are essential for creating a Georgia where every family can thrive.

    The past two weeks have been busy at the Capitol. Despite the ice and snow that significantly affected Senate District 12 last week, we still have accomplished a great deal. While “Budget Week” was officially postponed, we have continued to hold crucial joint committee meetings to make up for lost time.

    On Tuesday, I recognized the Albany Chamber of Commerce and delegates from Southwest Georgia to the Senate Chamber. The Chamber’s dedication to bolstering the economy and employing numerous Southwest Georgians across District 12 has not gone unnoticed. I commend the Chamber for their work and thank them for making the long drive to spend the day at the Capitol.

    I am proud to have co-sponsored several pieces of legislation since the beginning of the Legislative Session, including Senate Bills (SB) 53 and 54. SB 53, sponsored by Sen. Emanuel Jones (D – Decatur), would increase public education on safe firearm storage for citizens. Senate Bill 54, also sponsored by Sen. Emanuel Jones, would establish a state-wide database for schools to use to report safety threats made to schools. Addressing gun violence is vital not only to the well-being of our students but to all Georgians. We must provide all students with the safest possible learning environment. It continues to be my honor and privilege to represent you under the Gold Dome. Your voice matters, and I encourage you to share your ideas and concerns as we work together to build a stronger, fairer Georgia.

    # # # #

    Sen. Freddie Powell Sims represents the 12th Senate District which includes Baker, Calhoun, Clay, Dougherty, Early, Miller, Mitchell, Quitman, Randolph, Stewart, Sumter, Terrell and Webster County. She may be reached at (404) 463-5259 or by email at freddie.sims@senate.ga.gov.

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

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Chuck Hufstetler: January Under the Gold Dome

    Source: US State of Georgia

    The Georgia General Assembly is back in session and it is a privilege to return to work under the Gold Dome, where I remain steadfast in my commitment to addressing the issues that matter most to Georgians across our great state.

    This legislative session is already off to a strong start. Governor Kemp has laid out a bold vision, focusing on initiatives that include increasing funding for school safety, enhancing our skilled workforce, announcing 100,000 million dollars in relief for families and businesses impacted by Hurricane Helene, and continuing to expand access to affordable healthcare for hardworking Georgians. By investing in high-demand, high-skill, and high-wage career opportunities, we are taking critical steps to secure Georgia’s economic future.

    After an uneventful week due to the snowfall in Atlanta and South Georgia, this week concludes the third week of the 2025 Legislative Session, and we’re staying focused on passing commonsense legislation that puts Georgia families, businesses and communities first.

    Last week’s snowstorm may have delayed budget hearings for a few days, but it didn’t slow us down. The General Assembly has been hard at work in joint sessions, carefully reviewing budget requests to ensure taxpayer dollars are spent wisely. Passing a balanced budget is not only our constitutional duty—it’s the foundation of a responsible government that serves its people.

    One of the most crucial budget proposals this session is Governor Brian P. Kemp’s plan to return $1 billion in surplus funds directly to taxpayers. Thanks to years of conservative budgeting and fiscal responsibility, we’re in a position to give back to the hardworking Georgians who keep our state running. This is just part of the $2.2 billion in statewide allocations designed to benefit families, businesses and communities across Georgia. I’m proud to support Gov. Kemp’s efforts to strengthen our economy by putting more money back in your pockets.

    Another key priority is ensuring communities hit hardest by Hurricane Helene have the resources they need to rebuild. Gov. Kemp has proposed $614.72 million in recovery funding, including $150 million for the Governor’s Emergency Fund to help with debris removal and housing assistance. Another $300 million will go to the Georgia Department of Transportation to restore roads and infrastructure. Many rural counties are still reeling from this storm, and we’re committed to making sure they get the support they need to recover and move forward.

    Back at the Capitol, we hit the ground running this week, advancing legislation that reflects our values and priorities. I’m especially proud to sponsor Senate Bill 34. I introduced Senate Bill 34 in anticipation of technology companies building AI databases in Georgia. AI databases use exorbitant amounts of electricity, and I have introduced this bill to prevent electric providers from including the electric fees of these databases in typical Georgia consumer rates.

    I am honored to be re-appointed as Chairman of the Senate Committee on Finance and Ex-Officio of the Senate Committee on Appropriations, in addition to serving as a member on the Senate Committees on Health and Human Services, Higher Education and Rules. I thank Lt. Governor Jones for these appointments, and I look forward to serving District 52 and Georgia on these committees

    Finally, I encourage students ages 12 to 18 to apply for the Senate Page Program. This is an excellent way for young people to see firsthand how the General Assembly works. If you know a student who might be interested, they can apply on the Senate website here.

    As always, I’m here to listen. If you have any questions, concerns, or ideas about our work at the Capitol, please don’t hesitate to reach out. It’s an honor to serve you, and I appreciate your trust as we work together throughout the remainder of the 2025 legislative session.

    # # # #

    Sen. Chuck Hufstetler serves as Chairman of the Senate Committee on Finance. He represents the 52nd Senate District which includes portions of Bartow, Floyd, and Gordon counties. He can be reached at (404) 656-0034 or via email at chuck.hufstetler@senate.ga.gov.

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

    MIL OSI USA News –

  • MIL-OSI USA: News 01/31/2025 Blackburn, Padilla, Issa, Colleagues Introduce Bill to Ensure Artists Receive Fair Compensation for Their Songs

    US Senate News:

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

    NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), Alex Padilla (D-Calif.), Thom Tillis (R-N.C.), and Cory Booker (D-N.J.) introduced the bipartisan American Music Fairness Act to ensure artists and music creators are paid for the use of their songs on AM/FM radio. This legislation would bring corporate radio broadcasters in line with all other music streaming platforms, which already pay artists for their music.

    “As the heart of country music and the birthplace of the blues, Tennessee has produced so many songwriters and artists that have undeniably made their mark on history, whether that be on Beale Street, Music Row, or the hills of East Tennessee,” said Senator Blackburn. “The United States is the only democratic country in the world in which artists are not paid for the use of their music on AM and FM radio. This legislation would close an outdated loophole that has allowed corporate broadcasters to take advantage of artists and their songs for decades.”

    “California’s artists enrich our country’s music scene, but our laws unfairly deny them the pay they deserve for their work on AM/FM radio broadcasts,” said Senator Padilla. “As we celebrate the accomplishments of our musical artists at the Grammy Awards in Los Angeles this weekend, we must also commit to treating them with the dignity and respect they deserve for the music they produce and we enjoy every day.”

    “Artists and music creators deserve to be fairly compensated for their work,” said Senator Tillis. “For too long, FM and AM radio stations have enjoyed the benefits of playing music without compensating the artists. This commonsense legislation makes an important step towards ensuring that our nation’s artists are recognized and paid for the value that they bring to our airwaves.”

    “America’s musical artists enrich our lives, yet they are denied royalties when their music is broadcast on AM/FM radio,” said Senator Booker. “This bipartisan legislation will close a loophole that keeps artists and creators from being paid for their work, while also ensuring that small and local stations are protected and preserved. Musicians bring joy and vibrancy to our country, and they should be compensated for their hard work.”

    Representative Darrell Issa (R-Calif.) is introducing companion legislation in the House of Representatives this week:

    “Now is the time for the United States to finally adopt the proven global standard of compensating our artists for music broadcast over the radio,” said Representative Issa. “AMFA represents a best effort to modernize our system and finally recognize and reward the artists for all they have given us. After significant progress last Congress, I thank my friend Senator Blackburn for her continued leadership and look forward to working with my colleagues on both sides of the aisle and on both ends of Capitol Hill to make this overdue reform a reality.”

    AMERICAN MUSIC FAIRNESS ACT:
    • The United States is the only democratic country in the world in which artists are not compensated for the use of their music on AM/FM radio. By requiring broadcast radio corporations to pay performance royalties to creators for AM/FM radio plays, the American Music Fairness Act would close an antiquated loophole that has allowed corporate broadcasters to forgo compensating artists for the use of their music for decades.
    • The American Music Fairness Act would:
      • Require terrestrial radio broadcasters to pay royalties to American music creators when they play their songs;
      • Protect small and local stations who qualify for exemptions – specifically those that fall under $1.5 million in annual revenue and whose parent companies fall under less than $10 million in annual revenue overall – by allowing them to play unlimited music for less than $500 annually; and 
      • Create a fair global market that ensures foreign countries pay U.S. artists for the use of their songs overseas.
    • In recognition of the important role of locally owned radio stations in communities across the U.S., the American Music Fairness Act also includes strong protections for small, college, and non-commercial stations.

    Click here for bill text.

    ENDORSEMENTS:

    The American Music Fairness Act is endorsed by the Recording Academy, SAG-AFTRA, the American Association of Independent Music, the MusicFirst Coalition, the Recording Industry Association of America, SoundExchange, and the American Federation of Musicians.

    “For more than a century, American artists and producers have been denied the basic right to earn compensation for their own creation broadcast on AM/FM Radio. The Recording Academy is grateful for the leadership of Reps. Issa and Nadler and Senators Blackburn and Padilla for introducing the American Music Fairness Act, and we urge Congress to finally pay creators for their work.” – Harvey Mason Jr., CEO of the Recording Academy

    “Just a few notes of a beloved song can transport you a million miles away. Popular music has helped define and reflect the culture in which we live, speaking to our evolving values and shared concerns. It’s outrageous that the recording artists, vocalists and musicians who bring it to life and enrich our lives receive no compensation from airplay on AM/FM radio. It’s downright un-American to exploit people and not pay them. The AMFA legislation will help close that loophole and restore fairness, so that artists are paid when their songs are played on AM/FM radio, just as they are in other mediums. Our gratitude to Reps Issa and Nadler and Sens. Padilla and Blackburn for taking leadership roles on this important legislation.” – Fran Drescher, President of SAG-AFTRA

    “The American Music Fairness Act is long overdue. The radio industry has no valid justification for refusing to compensate the recording artists who form the backbone of their business. Our laws align us with regimes like Iran and North Korea, allowing foreign broadcasters to exploit American musicians without paying them a dime. Congress must hold mega broadcasters accountable to put American musicians first. A2IM commits to working with our congressional champions to get it done.” – Dr. Richard James Burgess MBE, President and CEO of American Association of Independent Music

    “For too long, big radio companies have had a powerful hold on Washington, D.C. It’s time for Congress to stand up for artists, not big radio companies, and ensure working musicians – backup musicians and vocalists who work 9-to-5 jobs to make ends meet – can better earn a living. That means passing the American Music Fairness Act and ensuring that artists are finally compensated when their music plays on AM/FM radio.” – Former U.S. Senator Mark Pryor, Co-Chair of the MusicFirst Coalition

    “The American Music Fairness Act takes a smart, calibrated approach towards solving a decades old problem in the radio industry. When enacted into law, AMFA will ensure recording artists and copyright owners are paid fairly for recorded music regardless of the technology used to broadcast it while carefully protecting small and noncommercial stations to preserve truly local radio our communities depend upon. This practical, compromise legislation has previously passed the House Judiciary Committee with bipartisan support and we applaud Chairman Issa and his colleagues for working to advance this important legislation.” – Mitch Glazier, Chairman and CEO of the Recording Industry Association of America

    “Radio conglomerates operating thousands of AM/FM stations across the U.S., make billions in profits, employ legions of lobbyists, and spend millions each year to influence lawmakers, all while continuing to refuse to pay the artists whose songs they play on the airwaves. This unfair double standard is the result of a loophole – one that can only be closed by Congress by passing the American Music Fairness Act so artists are paid for the work they do.” – Michael Huppe, President & CEO of SoundExchange

    “The American Music Fairness Act (AMFA) will fix a broken and unfair system. Musicians deserve compensation when their work is played on terrestrial radio. On this issue, the United States is out of step with the rest of the free world. AMFA will correct that.  Thank you, Reps. Issa and Nadler, for recognizing the value of our work.” – Tino Gagliardi, International President of the American Federation of Musicians

    MIL OSI USA News –

  • MIL-OSI USA: DOE and Commerce Department Sign Memorandum of Understanding to Advance Safe, Secure, and Trustworthy Development and Use of AI

    Source: US Department of Energy

    WASHINGTON, D.C. — The U.S. Department of Energy (DOE) and the U.S. Department of Commerce (DOC), as represented by the National Institute of Standards and Technology (NIST), announced a memorandum of understanding (MOU) signed earlier this year to collaborate on safety research, testing, and evaluation of advanced artificial intelligence (AI) models and systems.  

    This partnership is a key example of the Biden-Harris Administration’s whole-of-government approach to ensuring the safe, secure, and trustworthy development and use of AI. This announcement follows the recent release of the first-ever National Security Memorandum on AI, which designated the U.S. AI Safety Institute (US AISI), which is housed within NIST, as a key hub of the U.S. government’s AI safety efforts and identifies a substantial role for DOE in helping the U.S. government understand and mitigate AI safety risks and improve the performance and reliability of AI models and systems. 

    “There’s no question that AI is the next frontier for scientific and clean energy breakthroughs, which underscores the Biden-Harris Administration’s efforts to push forward scientific innovation in a safe and secure manner” said U.S. Secretary of Energy Jennifer M. Granholm. “Across the federal government we are committed to advancing AI safety and today’s partnership ensures that Americans can confidently benefit from AI-powered innovation and prosperity for years to come.” 

    In addition to facilitating joint research efforts and information sharing, this agreement enables the Department of Energy and its National Laboratories to lend both their technical capacity and their subject matter expertise to the US AISI and NIST. 

    “By empowering our teams to work together, this partnership with the Department of Energy will undoubtedly help the U.S. AI Safety Institute and NIST advance the science of AI safety,” said U.S. Secretary of Commerce Gina Raimondo. “Safety is key to continued innovation in AI, and we have no time to waste in working together across government to develop robust research, testing, and evaluations to protect and advance essential national security priorities.” 

    Through this MOU, the DOE and DOC intend to evaluate the impact of AI models on public safety, including risks to critical infrastructure, energy security, and national security. Key focus areas include developing classified evaluations of advanced AI models’ chemical and biological risks, as well as developing and evaluating evaluate privacy enhancing technologies that aim to protect personal and commercial proprietary data. These efforts, combined with DOE’s AI testbeds, will help lay the foundation for a safe and innovative future for AI. 

    Read the full MOU here. 

    MIL OSI USA News –

  • MIL-OSI USA: DOE Announces Collaboration With Tribal Leaders To Reduce Greenhouse Gas Emissions and Strengthen National Security

    Source: US Department of Energy

    WASHINGTON, D.C. —  The U.S. Department of Energy (DOE) today announced the formation of the Tribal Fossil Energy and Carbon Management Working Group, administered by DOE’s Office of Fossil Energy and Carbon Management (FECM). Tribes play a critical role in helping the United States meet its energy security and climate obligations while working to develop their vast energy, critical minerals and materials, and carbon management potential. As part of this collaboration, the Working Group will provide ongoing advice and expertise to DOE on the best ways to assist Tribal decarbonization efforts and utilization of their natural resources. DOE’s technical assistance will help Tribes spur local economic development; provide workforce training for local, high-wage, middle class jobs; and support Tribal technical capacity for fostering energy, economic, and community development opportunities.

    “The U.S. Department of Energy recognizes that energy is foundational to Tribal self-determination, and we are proud to have Tribal leadership in, and partnership with DOE’s efforts to expand clean energy development,” said U.S. Secretary of Energy Jennifer M. Granholm. “Under the Biden-Harris administration, DOE has invested more money in Tribal clean energy projects than any administration and we are excited to build on this work with a new Working Group aimed at supporting Tribal capacity-building and investments in carbon management, methane mitigation and critical minerals that benefit Tribal communities.”  

    This Fossil Energy and Carbon Management Tribal Working Group marks the fourth working group the DOE has established to collaborate with Tribes. This latest working group will initially include representation from eight federally recognized Tribes with significant fossil energy reserves and reliance on revenue from those resources, including: Jicarilla Apache; Crow Nation; Navajo Nation; Caddo Nation; Hopi Nation; Southern Ute; Arctic North Slope Iñupiat; and Mandan, Hidatsa and Arikara (MHA) Nation. DOE anticipates the number of Tribes formally participating in the working group will grow over time.   

    “The Mandan, Hidatsa, and Arikara Nation is deeply honored to have hosted DOE and the forum participants for a site visit to our MHA Native Green Grow and Bakken operations,” said Chairman Mark N. Fox. “We extend our heartfelt thanks to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management and the U.S. Energy Association for bringing together such an important gathering. It was a privilege to showcase our innovative initiatives and share our vision for sustainable resource development on tribal lands. The MHA Nation looks forward to continued collaboration through the Tribal Working Group and exploring new opportunities with DOE to ensure that our energy resources are managed responsibly for the benefit of future generations.” 

    “The Caddo Nation is honored to join the FECM Tribal Working Group and participate in this vital initiative,” said Chairman Bobby Gonzalez. “As stewards of our land and resources, we recognize the importance of addressing methane emissions and are exploring new opportunities for mitigation. Our Nation is particularly excited to work with FECM and other partners such as the Oklahoma University along with engineers and chemist and industry leaders on innovative solutions like converting methane to hydrogen, which aligns with our long-term energy goals and our commitment to sustainable development and lower emissions. These discussions within [the] FECM Tribal Working Group will not only benefit our Nation but also help Indian Country and the broader Oklahoma community as we look toward a cleaner, more resilient future.” 

    “The Iñupiat Community of the Arctic Slope is eager to participate in the Tribal Working Group in collaboration with the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management,” said Director of Natural Resources Doreen Leavitt. “As stewards of the vast oil and gas resources on the Alaskan North Slope, we are committed to managing these resources in a way that honors our land and our people, while ensuring the well-being of future generations. We look forward to working together with FECM to explore sustainable practices that balance economic development with environmental protection, so that our communities can thrive for years to come.” 

    “We are committed to advancing practices that will bring long-term benefits to the Navajo Nation as well as other participating Tribes,” said Interim Tribal Co-Chair William D. McCabe. “Our participation in the [Tribal Carbon Management Strategies] forum strengthened our resolve to foster sustainable, responsible management of our natural resources. The Navajo Nation looks forward to actively collaborating within the Tribal Working Group and working alongside FECM to explore and leverage the full suite of technologies under the FECM umbrella. Together, we can harness these innovations to ensure that our resources are utilized in a way that brings economic growth, preserves our lands, and supports the prosperity and well-being of the Navajo people, now and for generations to come.”

    “The Southern Ute Indian Tribe is proud to participate in the Fossil Energy and Carbon Management Tribal Working Group,” said Demi Morishige, Designated Representative. “This partnership enables us to advocate for our community’s priorities and promote sustainable energy initiatives that reflect our unwavering commitment to Tribal sovereignty. We are eager to collaborate with our fellow tribal nations and the U.S. Department of Energy to develop solutions for a safe, affordable, and reliable carbon-neutral future. Our efforts will prioritize promoting economic development across all tribal communities.” 

    “The Crow Nation extends its heartfelt gratitude to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management and the U.S. Energy Association for the opportunity to participate in the Tribal Carbon Management Strategies Forum held in Medora, North Dakota. We are deeply honored to engage in these meaningful discussions about the future of energy, resource management, and economic development for our people. Our Nation is blessed with significant carbon resources, and we look forward to actively participating in the Tribal Working Group, where we can explore new avenues of cooperation with FECM. Together, we can ensure that the Crow Nation continues to utilize these resources in a manner that fosters prosperity for our people and protects the well-being of future generations.” 

    The Bipartisan Infrastructure Law provides more than $13 billion in funding to directly support Tribal communities and makes Tribes eligible to apply for or request billions in additional funding. The Inflation Reduction Act directs $720 million in climate resilience and energy funding to Tribes, as well as provides hundreds of billions in tax credits for which clean energy and industrial projects on Tribal lands and in Tribal communities are eligible. For this reason, the initial priorities proposed for the working group are to explore technical assistance and capacity-building to leverage these funding opportunities related to FECM’s portfolio and other DOE offices:   

    • Development of carbon capture, transport and storage facilities and infrastructure; 
    • Methane mitigation;   
    • Critical minerals production and processing; and  
    • Repurposing existing energy assets slated for retirement—such as coal, oil, and/or natural gas facilities and accompanying equipment and infrastructure. 

    As a next step, FECM plans to convene representatives of the participating Tribes for a series of virtual information briefings across these identified priorities to prepare for the first formal meeting of the working group in 2025.  

    FECM minimizes environmental and climate impacts of fossil fuels and industrial processes while working to achieve net-zero emissions across the U.S economy. Priority areas of technology work include carbon capture, carbon conversion, carbon dioxide removal, carbon dioxide transport and storage, hydrogen production with carbon management, methane emissions reduction, and critical minerals production. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website. 

    MIL OSI USA News –

  • MIL-OSI: Westhaven Gold Announces Management Changes

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 31, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) announces the formal departure, by mutual agreement, of Mr. Shaun J. Pollard from the Company effective January 31, 2025.

    Separately, Ms. Janice Davies has resigned as Corporate Secretary. Ms. Zara Boldt, CPA, CGA, who was appointed as interim CFO in September, will now serve in the combined role of CFO and Corporate Secretary.

    Mr. Pollard was one of Westhaven’s founders in 2010. He played a significant role in advancing Westhaven from a capital pool company to a premier, British Columbia based, gold-focused exploration company.

    The Board of Directors wishes to thank Mr. Pollard for his contributions to Westhaven’s success over the last 14 years and Ms. Davies for her service since 2019. 

    On behalf of the Board of Directors
    WESTHAVEN GOLD CORP.

    “Gareth Thomas”

    Gareth Thomas, President, CEO & Director is responsible for this announcement
    Telephone number: 604-681-5558 ext. 102

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    About Westhaven Gold Corp.

    Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com

    The MIL Network –

  • MIL-OSI: Pathfinder Bancorp, Inc. Announces Financial Results for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter results include EPS of $0.69, deposit growth, commercial loan growth, a gain on the sale of its insurance agency, and strong contributions from new and established
    Pathfinder Bank teams across Central New York

    OSWEGO, N.Y., Jan. 31, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the fourth quarter and year ended December 31, 2024.

    The holding company for Pathfinder Bank (“the Bank”) earned net income attributable to common shareholders of $4.3 million or $0.69 per share in the fourth quarter of 2024, including a benefit of approximately $1.4 million from a gain on the previously announced sale of its insurance agency, net of taxes and transaction-related expenses.

    The Company reported a net loss of $4.6 million or $0.75 per share in the third quarter of 2024, reflecting $9.0 million in provision expense that primarily resulted from a comprehensive loan portfolio review the Bank elected to undertake as part of its ongoing commitment to continuously improve its credit risk management approach, and net income of $2.5 million or $0.41 per share in the fourth quarter of 2023. For the full year, the Company earned net income of $3.8 million or $0.60 per share in 2024 and $9.3 million or $1.51 per share in 2023.

    Fourth Quarter and Full Year 2024 Highlights and Key Developments

    • Provision expense was $988,000 in the fourth quarter of 2024, compared to $9.0 million in the linked quarter and $265,000 in the fourth quarter of 2023, while the allowance for credit losses (“ACL) increased to 1.88% of loans from 1.87% on September 30, 2024 and 1.78% on December 31, 2023.
    • Net interest income was $10.8 million, compared to the $11.7 million in the linked quarter that benefited from a $887,000 catch-up interest payment, and $9.2 million in the fourth quarter of 2023. Full-year net interest income was $41.4 million in 2024 and $38.9 million in 2023.
    • Net interest margin (“NIM”) was 3.15% in the fourth quarter of 2024, compared to the 3.34% in the third quarter that benefited by 25 basis points from the catch-up interest payment, and 2.74% in the year-ago period.
    • Non-interest income was $4.9 million, including a gross, pre-tax gain of $3.2 million on the October 2024 sale of the Company’s insurance agency, compared to $1.7 million in the linked quarter and $1.3 million in the year-ago period. Full-year non-interest income was $9.6 million in 2024 and $5.2 million in 2023.
    • Non-interest expense was $8.5 million with $155,000 in October 2024 insurance agency transaction-related costs, $10.3 million in the linked quarter with $1.6 million in July 2024 branch acquisition-related costs, and $7.0 million in the year-ago period. Full-year non-interest expense was $34.4 million in 2024 and $29.4 million in 2023.
    • Pre-tax, pre-provision (“PTPP”) net income grew to $3.8 million, compared to $3.4 million in the linked and year-ago periods. PTPP net income, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses. Full-year PTPP net income was $13.5 million in 2024 and $14.7 million in 2023.
    • Total deposits were $1.20 billion at period end, growing by $8.1 million or 2.7% annualized from September 30, 2024 and $84.3 million or 7.5% from December 31, 2023. The Bank’s loan-to-deposit ratio was 76.3% on December 31, 2024.
    • Total loans were $919.0 million at period end, compared to $921.7 million on September 30, 2024 and $897.2 million on December 31, 2023. Commercial loans were $539.7 million at period end, $534.5 million on September 30, 2024 and $524.2 million on December 31, 2023.

    “Pathfinder’s core net interest income growth and net interest margin expansion were key contributors to fourth quarter earnings, and are a product of disciplined asset and liability pricing, the Bank’s valuable core deposit franchise, and our relationship-based commercial and retail lending in Central New York,” said President and Chief Executive Officer James A. Dowd. “In addition, we continue to invest in talent to serve middle market businesses throughout the Syracuse area, building on our foundation in this community. The East Syracuse branch acquired last summer, and our operations throughout the area, made important contributions to Pathfinder’s performance in the fourth quarter, and we look forward to further enhancing the breadth and depth of our commercial and other customer relationships in this important growth market.”

    Dowd added, “We also intend to maintain a sharp focus on managing operating expenses, along with our ongoing efforts to continuously enhance the Company’s proactive credit risk management approach. While there may be short-term variability in measures of operating efficiency and asset quality, our leadership team is fully committed to taking the steps necessary to make sustainable improvements over the long term and continue building franchise value for the benefit of our shareholders.”

    Net Interest Income and Net Interest Margin
    Fourth quarter 2024 net interest income was $10.8 million, a decrease of 7.8% from the third quarter of 2024, or a decrease of 0.2% when excluding an $887,000 third quarter catch-up interest payment associated with purchased loan pool positions. A decrease in interest and dividend income of $1.7 million was primarily attributed to average yield decreases of 44 basis points on loans including 39 basis points from the catch-up interest payment, 108 basis points on tax-exempt investment securities, and 28 basis points on taxable investment securities. The corresponding decreases in income from loan interest, tax-exempt investment securities, and taxable investment securities were $902,000, $24,000, and $337,000, respectively. A decrease in interest expense of $761,000 was attributed to intentional reductions in the cost of time deposits and other interest-bearing deposits, as well as reductions in borrowings expense.

    Net interest margin was 3.15% in the fourth quarter of 2024, compared to 3.34% in the linked quarter. The decrease was due to the 25 basis points of linked quarter NIM attributed to the third quarter 2024 catch-up interest payment.

    Fourth quarter 2024 net interest income was $10.8 million, an increase of 18.1% from the fourth quarter of 2023. An increase in interest and dividend income of $1.2 million was primarily attributed to average yield increases of 33 basis points on loans, 4 basis points on taxable investment securities, and 404 basis points on fed funds sold and interest-earning deposits. The corresponding increase in loan interest income, taxable investment securities, and federal funds sold and interest-earning deposits was $1.1 million, $152,000, and $13,000, respectively. A decrease in interest expense of $463,000 was attributed to changes in the Bank’s deposit mix, repricing of deposits in a lower rate environment, and reductions in borrowings expense.

    Net interest margin was 3.15% in the fourth quarter of 2024 compared to 2.74% in the same period the year prior. The increase of 41 basis points was driven by reductions in borrowing and funding costs.

    Noninterest Income
    Noninterest income totaled $4.9 million in the fourth quarter of 2024, including the $3.2 million pre-tax gain on the insurance agency sale, which represents the gross amount that is required to be 100% consolidated within the Company’s financial statements, despite Pathfinder’s 51% interest in the business sold in October 2024. Noninterest income growth from the third quarter of 2024 was $3.2 million, or $30,000 when excluding the agency sale gain. Noninterest income growth from the fourth quarter of 2023 was $3.6 million, or $419,000 when excluding the agency sale gain.

    The insurance agency sold in October contributed $49,000 in revenue to noninterest income in the fourth quarter of 2024, $367,000 in the third quarter of 2024 and $303,000 in the fourth quarter of 2023.

    Compared to the linked quarter, fourth quarter 2024 noninterest income also included increases of $16,000 in loan servicing fees and $12,000 in service charges on deposit accounts, a decrease of $194,000 in earnings and gain on bank owned life insurance (“BOLI”) after recording a $175,000 third quarter net death benefit on BOLI, and a $36,000 decrease in debit card interchange fees. Noninterest income growth from the linked quarter also reflected an increase of $438,000 in net realized gains on sales and redemptions of investment securities and $104,000 in net realized gains on sales of marketable equity securities, as well as a decrease of $51,000 in gains on sales of loans and foreclosed real estate.

    Compared to the year-ago period, fourth quarter 2024 noninterest income also included increases of $103,000 in interchange fees, $68,000 in service charges on deposit accounts, $26,000 in loan servicing fees, and $3,000 in earnings and gain on BOLI. Noninterest income growth from the year-ago quarter also reflected increases of $248,000 increase in net realized losses on sales and redemptions of investment securities, $213,000 in net realized gains on sales of marketable equity securities, and $41,000 in gains on sales of loans and foreclosed real estate.

    Noninterest Expense
    Noninterest expense totaled $8.5 million in the fourth quarter of 2024, decreasing $1.7 million from the linked quarter and increasing $1.5 million from the year-ago period.

    Fourth quarter 2024 noninterest expense included $456,000 associated with the Company’s insurance agency sale in October 2024, including $155,000 in transaction-related items. The insurance agency incurred $308,000 of noninterest expense in the third quarter of 2024 and $216,000 in the fourth quarter of 2023.

    Third quarter 2024 noninterest expense included $1.6 million in transaction-related expenses for Pathfinder’s acquisition of the East Syracuse branch acquisition in July 2024.

    Salaries and benefits were $4.1 million in the fourth quarter of 2024, decreasing $839,000 from the linked quarter and increasing $446,000 from the year-ago period. The decrease from the linked quarter reflected elevated non-exempt-employee hours for projects related to the successful third quarter closing and integration of the East Syracuse branch acquisition, as well as some personnel vacancies that were open in the fourth quarter. The increase from the fourth quarter of 2023 was primarily attributed to increased headcount and lower salary deferrals than in the prior year period.

    Building and occupancy was $1.3 million in the fourth quarter of 2024, increasing $117,000 and $390,000 from the linked and year-ago quarters, respectively. These increases were due to ongoing facilities-related costs of approximately $322,000 associated with operating the branch acquired in July 2024.

    Professional and other services expense was $608,000 in the fourth quarter of 2024, decreasing $1.2 million from the linked quarter and increasing $120,000 from the year-ago period. The decrease from the third quarter of 2024 was primarily attributed to one-time costs associated with the East Syracuse branch acquisition. The increase from the fourth quarter of 2023 was primarily attributed to a $136,000 increase in technology project implementation services and other outsourced consulting services.

    Annualized noninterest expense, including transaction-related costs, represented 2.33% of average assets in the fourth quarter of 2024, compared to 2.75% and 2.01% in the linked and year-ago periods. The efficiency ratio, including transaction-related costs, was 69.42% in the fourth quarter of 2024, compared to 75.28% and 67.25% in the linked and year-ago periods. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

    Statement of Financial Condition
    As of December 31, 2024, the Company’s statement of financial condition reflects total assets of $1.47 billion, compared to $1.48 billion and $1.47 billion recorded on September 30, 2024 and December 31, 2023, respectively.

    Loans totaled $919.0 million on December 31, 2024, decreasing 0.3% during the fourth quarter and increasing 2.4% from one year prior. Consumer and residential loans totaled $380.9 million, decreasing 2.0% during the fourth quarter and increasing 1.9% from one year prior. Commercial loans totaled $539.7 million, increasing 1.0% during the fourth quarter and 3.0% from one year prior.

    With respect to liabilities, deposits totaled $1.20 billion on December 31, 2024, increasing 0.7% during the fourth quarter and 7.5% from one year prior. The Company also utilized its lower cost liquidity to reduce total borrowings, which were $88.1 million on December 31, 2024 as compared to $100.1 million on September 30, 2024 and $175.6 million on December 31, 2023.

    Shareholders’ equity totaled $121.9 million on December 31, 2024, increasing $1.6 million or 1.3% in the fourth quarter and increasing $2.4 million or 2.0% from one year prior. The fourth quarter 2024 increase primarily reflects a $4.5 million increase in retained earnings, partially offset by a $2.4 million increase in accumulated other comprehensive loss (“AOCL”) and a $481,000 decrease in additional paid in capital. The full-year 2024 increase in shareholders’ equity primarily reflects a $2.1 increase in retained earnings and a $461,000 decrease in AOCL, partially offset by a $364,000 decrease in additional paid in capital.  The noncontrolling interest included in equity on the Statements of Financial Condition was eliminated with the October 2024 sale of the 51% ownership interest in the Company’s insurance agency.

    Asset Quality
    Pathfinder’s asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.

    Nonperforming loans were $22.1 million or 2.40% of total loans on December 31, 2024, $16.2 million or 1.75% of total loans on September 30, 2024 and $17.2 million or 1.92% of total loans on December 31, 2023.

    Net charge offs (“NCOs”) after recoveries were $1.0 million or an annualized 0.44% of average loans in the fourth quarter of 2024, with gross charge offs for consumer loans, purchased loan pools, and one commercial loan offsetting recoveries in each of these categories. NCOs were $8.7 million or an annualized 3.82% of average loans in the linked quarter, following the loan portfolio review completed in September, and $108,000 or 0.05% in the prior year period.

    Provision for credit loss expense was $988,000 in the fourth quarter of 2024, reflecting NCOs in the period and qualitative factors in the Company’s reserve model. Third quarter of 2024 provision was $9.0 million, primarily to replenish commercial loan reserves and adjust the lifetime loss estimate for solar purchased loan pool positions following the loan portfolio review completed in September. Fourth quarter 2023 provision was $265,000.

    The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $17.2 million on December 31, 2024, compared to $17.3 million on September 30, 2024 and $16.0 million on December 31, 2023. As a percentage of total loans, ACL represented 1.88% on December 31, 2024, 1.87% on September 30, 2024, and 1.78% on December 31, 2023.

    Liquidity
    The Company has diligently ensured a strong liquidity profile as of December 31, 2024 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

    The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.20 billion on December 31, 2024, $1.20 billion on September 30, 2024, and $1.12 billion on December 31, 2023. Core deposits represented 76.87% of total deposits on December 31, 2024, 77.45% on September 30, 2024, and 69.83% on December 31, 2023. The Bank’s continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

    At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of $113.8 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $43.3 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

    Cash Dividend Declared
    On December 23, 2024, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

    In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by January 17, 2025 will be eligible for the dividend, which is scheduled for disbursement on February 7, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

    Evaluating the Company’s market performance, the closing stock price as of December 31, 2024 stood at $17.50 per share. This positions the dividend yield at an attractive 2.29%.

    About Pathfinder Bancorp, Inc.

    Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the commercial bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches averaging over $100 million in deposits per location, as well as diversified consumer, mortgage and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. At December 31, 2024, the Oswego-headquartered Company had assets of $1.47 billion, loans of $919.0 million, and deposits of $1.20 billion. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

    Forward-Looking Statements
    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

    This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial.

    Investor/Media Contacts
    James A. Dowd, President, CEO
    Justin K. Bigham, Senior Vice President, CFO
    Telephone: (315) 343-0057

    PATHFINDER BANCORP, INC.                              
    Selected Financial Information (Unaudited)                              
    (Amounts in thousands, except per share amounts)                              
                                   
        2024     2023  
    SELECTED BALANCE SHEET DATA:   December 31,     September 30,     June 30,     March 31,     December 31,  
    ASSETS:                              
    Cash and due from banks   $ 13,963     $ 18,923     $ 12,022     $ 13,565     $ 12,338  
    Interest-earning deposits     17,609       16,401       19,797       15,658       36,394  
    Total cash and cash equivalents     31,572       35,324       31,819       29,223       48,732  
    Available-for-sale securities, at fair value     269,331       271,977       274,977       279,012       258,716  
    Held-to-maturity securities, at amortized cost     158,683       161,385       166,271       172,648       179,286  
    Marketable equity securities, at fair value     4,076       3,872       3,793       3,342       3,206  
    Federal Home Loan Bank stock, at cost     4,590       5,401       8,702       7,031       8,748  
    Loans     918,986       921,660       888,263       891,531       897,207  
    Less: Allowance for credit losses     17,243       17,274       16,892       16,655       15,975  
    Loans receivable, net     901,743       904,386       871,371       874,876       881,232  
    Premises and equipment, net     19,009       18,989       18,878       18,332       18,441  
    Assets held-for-sale     –       –       3,042       3,042       3,042  
    Operating lease right-of-use assets     1,391       1,425       1,459       1,493       1,526  
    Finance lease right-of-use assets     16,676       16,873       4,004       4,038       4,073  
    Accrued interest receivable     6,881       6,806       7,076       7,170       7,286  
    Foreclosed real estate     –       –       60       82       151  
    Intangible assets, net     5,989       6,217       76       80       85  
    Goodwill     5,056       5,752       4,536       4,536       4,536  
    Bank owned life insurance     24,727       24,560       24,967       24,799       24,641  
    Other assets     25,150       20,159       25,180       23,968       22,097  
    Total assets   $ 1,474,874     $ 1,483,126     $ 1,446,211     $ 1,453,672     $ 1,465,798  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                              
    Deposits:                              
    Interest-bearing deposits   $ 990,674     $ 986,103     $ 932,132     $ 969,692     $ 949,898  
    Noninterest-bearing deposits     213,719       210,110       169,145       176,421       170,169  
    Total deposits     1,204,393       1,196,213       1,101,277       1,146,113       1,120,067  
    Short-term borrowings     61,000       60,315       127,577       91,577       125,680  
    Long-term borrowings     27,068       39,769       45,869       45,869       49,919  
    Subordinated debt     30,107       30,057       30,008       29,961       29,914  
    Accrued interest payable     234       236       2,092       1,963       2,245  
    Operating lease liabilities     1,591       1,621       1,652       1,682       1,711  
    Finance lease liabilities     16,745       16,829       4,359       4,370       4,381  
    Other liabilities     11,876       16,986       9,203       9,505       11,625  
    Total liabilities     1,353,014       1,362,026       1,322,037       1,331,040       1,345,542  
    Shareholders’ equity:                              
    Voting common stock shares issued and outstanding     4,742,841       4,719,788       4,719,788       4,719,788       4,719,288  
    Voting common stock     47       47       47       47       47  
    Non-Voting common stock     14       14       14       14       14  
    Additional paid in capital     52,750       53,231       53,182       53,151       53,114  
    Retained earnings     78,193       73,670       78,936       77,558       76,060  
    Accumulated other comprehensive loss     (9,144 )     (6,716 )     (8,786 )     (8,862 )     (9,605 )
    Unearned ESOP shares     –       –       (45 )     (90 )     (135 )
    Total Pathfinder Bancorp, Inc. shareholders’ equity     121,860       120,246       123,348       121,818       119,495  
    Noncontrolling interest     –       854       826       814       761  
    Total equity     121,860       121,100       124,174       122,632       120,256  
    Total liabilities and shareholders’ equity   $ 1,474,874     $ 1,483,126     $ 1,446,211     $ 1,453,672     $ 1,465,798  
                                             

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    SELECTED INCOME STATEMENT DATA:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Interest and dividend income:                                          
    Loans, including fees   $ 52,705     $ 47,348     $ 13,523     $ 14,425     $ 12,489     $ 12,268     $ 12,429  
    Debt securities:                                          
    Taxable     22,319       17,500       5,312       5,664       5,736       5,607       5,092  
    Tax-exempt     1,920       1,947       445       469       498       508       506  
    Dividends     620       573       164       149       178       129       232  
    Federal funds sold and interest-earning deposits     793       295       82       492       121       98       69  
    Total interest and dividend income     78,357       67,663       19,526       21,199       19,022       18,610       18,328  
    Interest expense:                                          
    Interest on deposits     30,050       23,265       7,380       7,633       7,626       7,411       7,380  
    Interest on short-term borrowings     4,176       2,688       700       1,136       1,226       1,114       1,064  
    Interest on long-term borrowings     733       850       136       202       201       194       231  
    Interest on subordinated debt     1,966       1,941       490       496       489       491       494  
    Total interest expense     36,925       28,744       8,706       9,467       9,542       9,210       9,169  
    Net interest income     41,432       38,919       10,820       11,732       9,480       9,400       9,159  
    Provision for (benefit from) credit losses:                                          
    Loans     11,106       2,991       988       9,104       304       710       316  
    Held-to-maturity securities     (94 )     (98 )     (4 )     (31 )     (74 )     15       (74 )
    Unfunded commitments     (39 )     37       4       (104 )     60       1       23  
    Total provision for credit losses     10,973       2,930       988       8,969       290       726       265  
    Net interest income after provision for credit losses     30,459       35,989       9,832       2,763       9,190       8,674       8,894  
    Noninterest income:                                          
    Service charges on deposit accounts     1,436       1,249       405       392       330       309       336  
    Earnings and gain on bank owned life insurance     854       630       169       361       167       157       164  
    Loan servicing fees     375       307       96       79       112       88       69  
    Net realized (losses) gains on sales and redemptions of investment securities     (71 )     62       249       (188 )     16       (148 )     2  
    Gain on asset sale 1 & 2     3,169       –       3,169       –       –       –       –  
    Net realized gains (losses) on sales of marketable equity securities     197       (255 )     166       62       (139 )     108       (47 )
    Gains on sales of loans and foreclosed real estate     187       181       39       90       40       18       (2 )
    Loss on sale of premises and equipment     (13 )     –       –       (36 )     –       –       –  
    Debit card interchange fees     875       616       265       300       191       119       161  
    Insurance agency revenue 1     1,073       1,304       49       367       260       397       303  
    Other charges, commissions & fees     1,479       1,096       299       280       234       689       332  
    Total noninterest income     9,561       5,190       4,906       1,707       1,211       1,737       1,318  
    Noninterest expense:                                          
    Salaries and employee benefits     17,810       15,920       4,123       4,959       4,399       4,329       3,677  
    Building and occupancy     4,118       3,563       1,254       1,134       914       816       864  
    Data processing     2,471       2,018       721       672       550       528       499  
    Professional and other services     3,686       2,019       608       1,820       696       562       488  
    Advertising     604       671       218       165       116       105       155  
    FDIC assessments     916       885       231       228       228       229       222  
    Audits and exams     539       735       123       123       123       170       259  
    Insurance agency expense 1     1,281       1,033       456       308       232       285       216  
    Community service activities     130       200       19       20       39       52       49  
    Foreclosed real estate expenses     102       111       20       27       30       25       35  
    Other expenses     2,760       2,240       771       803       581       605       580  
    Total noninterest expense     34,417       29,395       8,544       10,259       7,908       7,706       7,044  
    Income (loss) before provision for income taxes     5,603       11,784       6,194       (5,789 )     2,493       2,705       3,168  
    Provision (benefit) for income taxes     398       2,362       558       (1,173 )     481       532       590  
    Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.     5,205       9,422       5,636       (4,616 )     2,012       2,173       2,578  
    Net income attributable to noncontrolling interest 1     1,445       129       1,352       28       12       53       42  
    Net income (loss) attributable to Pathfinder Bancorp Inc.   $ 3,760     $ 9,293     $ 4,284     $ (4,644 )   $ 2,000     $ 2,120     $ 2,536  
    Voting Earnings per common share – basic and diluted   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Series A Non-Voting Earnings per common share- basic and diluted   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Dividends per common share (Voting and Series A Non-Voting)   $ 0.40     $ 0.36     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.09  

    1 Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements.
    2 The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    FINANCIAL HIGHLIGHTS:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Selected Ratios:                                          
    Return on average assets     0.26 %     0.67 %     1.17 %     -1.25 %     0.56 %     0.59 %     0.72 %
    Return on average common equity     3.06 %     8.09 %     14.09 %     -14.79 %     6.49 %     7.01 %     8.72 %
    Return on average equity     3.06 %     8.09 %     14.09 %     -14.79 %     6.49 %     7.01 %     8.72 %
    Return on average tangible common equity 1     3.23 %     8.43 %     15.54 %     -15.28 %     6.78 %     7.32 %     9.01 %
    Net interest margin     3.01 %     2.95 %     3.15 %     3.34 %     2.78 %     2.75 %     2.74 %
    Loans / deposits     76.30 %     80.10 %     76.30 %     77.05 %     80.66 %     77.79 %     80.10 %
    Core deposits/deposits 2     76.87 %     69.83 %     76.87 %     77.45 %     67.98 %     69.17 %     69.83 %
    Annualized non-interest expense / average assets     3.17 %     2.11 %     2.33 %     2.75 %     2.19 %     2.16 %     2.01 %
    Commercial real estate / risk-based capital 3     186.73 %     162.21 %     186.73 %     189.47 %     169.73 %     163.93 %     162.21 %
    Efficiency ratio 1     71.86 %     66.74 %     69.42 %     75.28 %     74.08 %     68.29 %     67.25 %
                                               
    Other Selected Data:                                          
    Average yield on loans     5.83 %     5.26 %     5.87 %     6.31 %     5.64 %     5.48 %     5.55 %
    Average cost of interest bearing deposits     3.08 %     2.45 %     2.94 %     3.11 %     3.21 %     3.07 %     3.10 %
    Average cost of total deposits, including non-interest bearing     2.59 %     2.07 %     2.44 %     2.59 %     2.72 %     2.61 %     2.63 %
    Deposits/branch 4   $ 100,366     $ 101,824     $ 100,366     $ 99,684     $ 100,116     $ 104,192     $ 101,824  
    Pre-tax, pre-provision net income 1   $ 13,478     $ 14,652     $ 3,764     $ 3,368     $ 2,767     $ 3,579     $ 3,431  
    Total revenue 1   $ 47,895     $ 44,047     $ 12,308     $ 13,627     $ 10,675     $ 11,285     $ 10,475  
                                               
    Share and Per Share Data:                                          
    Cash dividends per share   $ 0.40     $ 0.36     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.09  
    Book value per common share   $ 19.90     $ 19.59     $ 19.90     $ 19.71     $ 20.22     $ 19.97     $ 19.59  
    Tangible book value per common share 1   $ 18.10     $ 18.83     $ 18.10     $ 17.75     $ 19.46     $ 19.21     $ 18.83  
    Basic and diluted weighted average shares outstanding – Voting     4,714       4,653       4,732       4,714       4,708       4,701       4,693  
    Basic and diluted earnings per share – Voting 5   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Basic and diluted weighted average shares outstanding – Series A Non-Voting     1,380       1,380       1,380       1,380       1,380       1,380       1,380  
    Basic and diluted earnings per share – Series A Non-Voting 5   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Common shares outstanding at period end     6,123       6,100       6,123       6,100       6,100       6,100       6,100  
                                               
    Pathfinder Bancorp, Inc. Capital Ratios:                                          
    Company tangible common equity to tangible assets 1     7.57 %     7.86 %     7.57 %     7.36 %     8.24 %     8.09 %     7.86 %
    Company Total Core Capital (to Risk-Weighted Assets)     15.70 %     16.17 %     15.70 %     15.55 %     16.19 %     16.23 %     16.17 %
    Company Tier 1 Capital (to Risk-Weighted Assets)     12.04 %     12.30 %     12.04 %     11.84 %     12.31 %     12.33 %     12.30 %
    Company Tier 1 Common Equity (to Risk-Weighted Assets)     11.55 %     11.81 %     11.55 %     11.33 %     11.83 %     11.85 %     11.81 %
    Company Tier 1 Capital (to Assets)     8.69 %     9.35 %     8.69 %     8.29 %     9.16 %     9.16 %     9.35 %
                                               
    Pathfinder Bank Capital Ratios:                                          
    Bank Total Core Capital (to Risk-Weighted Assets)     14.70 %     15.05 %     14.70 %     14.52 %     16.04 %     15.65 %     15.05 %
    Bank Tier 1 Capital (to Risk-Weighted Assets)     13.44 %     13.80 %     13.44 %     13.26 %     14.79 %     14.39 %     13.80 %
    Bank Tier 1 Common Equity (to Risk-Weighted Assets)     13.44 %     13.80 %     13.44 %     13.26 %     14.79 %     14.39 %     13.80 %
    Bank Tier 1 Capital (to Assets)     9.69 %     10.11 %     9.69 %     9.13 %     10.30 %     10.13 %     10.11 %

    1 Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
    2 Non-brokered deposits excluding certificates of deposit of $250,000 or more.
    3 Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
    4 Includes 11 full-service branches and one motor bank for December 31 and September 30, 2024, respectively. Includes 10 full-service branches and one motor bank for all periods prior.
    5 Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.

    The above information is preliminary and based on the Company’s data available at the time of presentation.
        Years Ended December 31,     2024     2023  
    ASSET QUALITY:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Total loan charge-offs   $ 10,183     $ 4,221     $ 1,191     $ 8,812     $ 112     $ 68     $ 211  
    Total recoveries     345       355       171       90       46       38       103  
    Net loan charge-offs     9,838       3,866       1,020       8,722       66       30       108  
    Allowance for credit losses at period end     17,243       15,975       17,243       17,274       16,892       16,655       15,975  
    Nonperforming loans at period end     22,084       17,227       22,084       16,170       24,490       19,652       17,227  
    Nonperforming assets at period end   $ 22,084     $ 17,378     $ 22,084     $ 16,170     $ 24,550     $ 19,734     $ 17,378  
    Annualized net loan charge-offs to average loans     1.09 %     0.43 %     0.44 %     3.82 %     0.03 %     0.01 %     0.05 %
    Allowance for credit losses to period end loans     1.88 %     1.78 %     1.88 %     1.87 %     1.90 %     1.87 %     1.78 %
    Allowance for credit losses to nonperforming loans     78.08 %     92.73 %     78.08 %     106.83 %     68.98 %     84.75 %     92.73 %
    Nonperforming loans to period end loans     2.40 %     1.92 %     2.40 %     1.75 %     2.76 %     2.20 %     1.92 %
    Nonperforming assets to period end assets     1.50 %     1.19 %     1.50 %     1.09 %     1.70 %     1.36 %     1.19 %
                                                             
        2024       2023  
    LOAN COMPOSITION:   December 31,     September 30,     June 30,     March 31,     December 31,  
    1-4 family first-lien residential mortgages   $ 251,373     $ 255,235     $ 250,106     $ 252,026     $ 257,604  
    Residential construction     4,864       4,077       309       1,689       1,355  
    Commercial real estate     377,619       378,805       370,361       363,467       358,707  
    Commercial lines of credit     67,602       64,672       62,711       67,416       72,069  
    Other commercial and industrial     89,800       88,247       90,813       91,178       89,803  
    Paycheck protection program loans     113       125       136       147       158  
    Tax exempt commercial loans     4,544       2,658       3,228       3,374       3,430  
    Home equity and junior liens     51,948       52,709       35,821       35,723       34,858  
    Other consumer     72,710       76,703       75,195       77,106       79,797  
    Subtotal loans     920,573       923,231       888,680       892,126       897,781  
    Deferred loan fees     (1,587 )     (1,571 )     (417 )     (595 )     (574 )
    Total loans   $ 918,986     $ 921,660     $ 888,263     $ 891,531     $ 897,207  
                                             
        2024     2023  
    DEPOSIT COMPOSITION:   December 31,     September 30,     June 30,     March 31,     December 31,  
    Savings accounts   $ 128,752     $ 129,053     $ 106,048     $ 111,465     $ 113,543  
    Time accounts     360,586       352,729       368,262       378,103       377,570  
    Time accounts in excess of $250,000     142,473       140,181       117,021       114,514       95,272  
    Money management accounts     11,583       11,520       12,154       11,676       12,364  
    MMDA accounts     239,016       250,007       193,915       215,101       224,707  
    Demand deposit interest-bearing     101,080       97,344       128,168       134,196       119,321  
    Demand deposit noninterest-bearing     213,719       210,110       169,145       176,434       170,169  
    Mortgage escrow funds     7,184       5,269       6,564       4,624       7,121  
    Total deposits   $ 1,204,393     $ 1,196,213     $ 1,101,277     $ 1,146,113     $ 1,120,067  
                                             

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    SELECTED AVERAGE BALANCES:   2024     2023     Q4     Q3     Q4  
    Interest-earning assets:                              
    Loans   $ 903,941     $ 899,605     $ 920,855     $ 914,467     $ 896,439  
    Taxable investment securities     423,475       379,600       412,048       415,751       403,411  
    Tax-exempt investment securities     30,861       30,318       34,918       30,382       27,941  
    Fed funds sold and interest-earning deposits     16,379       11,730       5,115       42,897       11,630  
    Total interest-earning assets     1,374,656       1,321,253       1,372,936       1,403,497       1,339,421  
    Noninterest-earning assets:                              
    Other assets     102,582       100,319       112,654       103,856       102,940  
    Allowance for credit losses     (16,670 )     (17,870 )     (17,145 )     (16,537 )     (17,359 )
    Net unrealized losses on available-for-sale securities     (9,769 )     (13,600 )     (8,534 )     (9,161 )     (15,653 )
    Total assets   $ 1,450,799     $ 1,390,102     $ 1,459,911     $ 1,481,655     $ 1,409,349  
    Interest-bearing liabilities:                              
    NOW accounts   $ 101,336     $ 92,223     $ 102,862     $ 102,868     $ 87,210  
    Money management accounts     11,679       14,116       11,371       11,828       12,518  
    MMDA accounts     227,597       239,182       257,429       227,247       231,957  
    Savings and club accounts     118,965       124,617       128,169       127,262       115,984  
    Time deposits     517,352       480,867       504,008       514,049       505,554  
    Subordinated loans     30,002       29,815       30,076       30,025       29,883  
    Borrowings     114,471       105,471       68,391       122,129       124,780  
    Total interest-bearing liabilities     1,121,402       1,086,291       1,102,306       1,135,408       1,107,886  
    Noninterest-bearing liabilities:                              
    Demand deposits     184,572       172,950       206,521       195,765       169,340  
    Other liabilities     21,923       16,037       29,491       24,856       15,858  
    Total liabilities     1,327,897       1,275,278       1,338,318       1,356,029       1,293,084  
    Shareholders’ equity     122,902       114,824       121,593       125,626       116,265  
    Total liabilities & shareholders’ equity   $ 1,450,799     $ 1,390,102     $ 1,459,911     $ 1,481,655     $ 1,409,349  
                                             
        Years Ended December 31,     2024     2023  
    SELECTED AVERAGE YIELDS:   2024     2023     Q4     Q3     Q4  
    Interest-earning assets:                              
    Loans     5.83 %     5.26 %     5.87 %     6.31 %     5.55 %
    Taxable investment securities     5.42 %     4.76 %     5.32 %     5.59 %     5.28 %
    Tax-exempt investment securities     6.22 %     6.42 %     5.10 %     6.17 %     7.24 %
    Fed funds sold and interest-earning deposits     4.84 %     2.51 %     6.41 %     4.59 %     2.37 %
    Total interest-earning assets     5.70 %     5.12 %     5.69 %     6.04 %     5.47 %
    Interest-bearing liabilities:                              
    NOW accounts     1.10 %     0.58 %     1.19 %     1.09 %     1.02 %
    Money management accounts     0.11 %     0.11 %     0.11 %     0.10 %     0.10 %
    MMDA accounts     3.52 %     2.80 %     3.23 %     3.54 %     3.72 %
    Savings and club accounts     0.26 %     0.22 %     0.26 %     0.25 %     0.26 %
    Time deposits     3.98 %     3.27 %     3.90 %     4.09 %     3.89 %
    Subordinated loans     6.55 %     6.51 %     6.52 %     6.61 %     6.61 %
    Borrowings     4.29 %     3.35 %     4.89 %     4.38 %     4.15 %
    Total interest-bearing liabilities     3.29 %     2.65 %     3.16 %     3.34 %     3.31 %
    Net interest rate spread     2.41 %     2.47 %     2.53 %     2.70 %     2.16 %
    Net interest margin     3.01 %     2.95 %     3.15 %     3.34 %     2.74 %
    Ratio of average interest-earning assets to average interest-bearing liabilities     122.58 %     121.63 %     124.55 %     123.61 %     120.90 %
                                             

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    NON-GAAP RECONCILIATIONS:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Tangible book value per common share:                                          
    Total equity               $ 121,860     $ 120,246     $ 123,348     $ 121,818     $ 119,495  
    Intangible assets                 (11,045 )     (11,969 )     (4,612 )     (4,616 )     (4,621 )
    Tangible common equity (non-GAAP)                 110,815       108,277       118,736       117,202       114,874  
    Common shares outstanding                 6,123       6,100       6,100       6,100       6,100  
    Tangible book value per common share (non-GAAP)               $ 18.10     $ 17.75     $ 19.46     $ 19.21     $ 18.83  
    Tangible common equity to tangible assets:                                          
    Tangible common equity (non-GAAP)               $ 110,815     $ 108,277     $ 118,736     $ 117,202     $ 114,874  
    Tangible assets                 1,463,829       1,471,157       1,441,599       1,449,056       1,461,177  
    Tangible common equity to tangible assets ratio (non-GAAP)                 7.57 %     7.36 %     8.24 %     8.09 %     7.86 %
    Return on average tangible common equity:                                          
    Average shareholders’ equity   $ 122,902     $ 114,824     $ 121,593     $ 125,626     $ 123,211     $ 121,031     $ 116,265  
    Average intangible assets     6,468       4,629       11,907       4,691       4,614       4,619       4,623  
    Average tangible equity (non-GAAP)     116,434       110,195       109,686       120,935       118,597       116,412       111,642  
    Net income (loss)     3,760       9,293       4,284       (4,644 )     2,000       2,120       2,536  
    Net income (loss), annualized   $ 3,760     $ 9,293     $ 17,043     $ (18,475 )   $ 8,044     $ 8,527     $ 10,061  
    Return on average tangible common equity (non-GAAP) 1     3.23 %     8.43 %     15.54 %     -15.28 %     6.78 %     7.32 %     9.01 %
    Revenue, pre-tax, pre-provision net income, and efficiency ratio:                                          
    Net interest income   $ 41,432     $ 38,919     $ 10,820     $ 11,732     $ 9,480     $ 9,400     $ 9,159  
    Total noninterest income     9,561       5,190       4,906       1,707       1,211       1,737       1,318  
    Net realized (gains) losses on sales and redemptions of investment securities     (71 )     62       249       (188 )     16       (148 )     2  
    Gain on asset sale     3,169       –       3,169       –       –       –       –  
    Revenue (non-GAAP) 2     47,895       44,047       12,308       13,627       10,675       11,285       10,475  
    Total non-interest expense     34,417       29,395       8,544       10,259       7,908       7,706       7,044  
    Pre-tax, pre-provision net income (non-GAAP) 3   $ 13,478     $ 14,652     $ 3,764     $ 3,368     $ 2,767     $ 3,579     $ 3,431  
    Efficiency ratio (non-GAAP) 4     71.86 %     66.74 %     69.42 %     75.28 %     74.08 %     68.29 %     67.25 %

    1 Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
    2 Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities and gain on sale of insurance agency
    3 Pre-tax, pre-provision net income equals revenue less total non-interest expense
    4 Efficiency ratio equals noninterest expense divided by revenue

    The above information is preliminary and based on the Company’s data available at the time of presentation.

    The MIL Network –

  • MIL-OSI: Territorial Bancorp Inc. Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • The Company’s tier one leverage and risk-based capital ratios were 11.68% and 28.96%, respectively, and the Company is considered to be “well-capitalized” at December 31, 2024.
    • Ratio of non-performing assets to total assets of 0.09% at December 31, 2024.

    HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, reported a net loss of $1.72 million, or $0.20 per diluted share, for the three months ended December 31, 2024. Results reflect $1.53 million of pre-tax merger-related expenses.

    The Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on February 28, 2025, to stockholders of record as of February 14, 2025.

    Hope Bancorp, Inc. Merger Agreement

    As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (NASDAQ: HOPE) (Hope Bancorp) and the Company signed a definitive merger agreement. Under the terms of the merger agreement, Company stockholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Company common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.60 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial stockholders.

    Upon completion of the transaction, Hope Bancorp intends to maintain the Territorial franchise in Hawaii and preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to the local communities. The branches will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.

    The transaction is subject to regulatory approvals and the satisfaction of other customary closing conditions.

    Interest Income

    Net interest income decreased by $2.21 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023. Total interest income was $17.91 million for the three months ended December 31, 2024, compared to $17.69 million for the three months ended December 31, 2023. The $217,000 increase in total interest income was primarily due to a $274,000 increase in interest earned on loans and a $245,000 increase in interest earned on other investments. The $274,000 increase in interest income on loans resulted from a 14 basis point increase in the average loan yield, partially offset by a $20.63 million decrease in the average loan balance. The increase in interest income on other investments is primarily due to a $28.86 million increase in the average cash balance with the Federal Reserve Bank of San Francisco (FRB), offset by a 45 basis point decrease in the average interest rate paid on cash balances. The increases in interest income on loans and other investments during the quarter were partially offset by a $302,000 decrease in interest on investment securities, which occurred because of a $40.21 million decrease in the average securities balances.

    Interest Expense and Provision for Credit Losses

    As a result of prolonged increases in short-term interest rates, total interest expense increased by $2.42 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023. Interest expense on deposits increased by $2.51 million for the three months ended December 31, 2024, primarily due to an increase in interest expense on certificates of deposit (CD) and savings accounts. Interest expense on CDs rose by $1.61 million for the three months ended December 31, 2024, due to a 17 basis point increase in the average cost of CDs and a $132.90 million increase in the average CD balance. Interest expense on savings accounts rose by $892,000 for the three months ended December 31, 2024, due to a 58 basis point increase in the average cost of savings accounts which was partially offset by a $72.23 million decrease in the average balance. The increase in the average cost of CDs and savings accounts occurred as interest rates were raised in response to the increases in market interest rates over that period. The increase in the average balance of CDs and the decrease in the average balance of savings accounts occurred as customers transferred balances from lower rate savings accounts to higher rate CDs. Interest expense on Federal Home Loan Bank (FHLB) borrowings declined by $285,000 for the three months ended December 31, 2024, as the Company paid off $82.00 million in advances from the FHLB during 2024. Interest expense on Federal Reserve Bank (FRB) borrowings rose by $230,000 for the three months ended December 31, 2024, as the Company obtained a $50.00 million advance from the FRB in the fourth quarter of 2023 to enhance the Company’s liquidity and to fund deposit withdrawals. The FRB advances were paid off during the three months ended December 31, 2024.

    The Company had a $51,000 provision for credit losses for the three months ending December 31, 2024, compared to a $144,000 provision for the three months ending December 31, 2023. The decrease in the provision for credit losses was due to a decrease in the mortgage loan portfolio, which was partially offset by an increase in provision related to growth in the consumer loan portfolio.

    Noninterest Income

    Noninterest income increased by $139,000 for the three months ended December 31, 2024 compared to the three months ended December 31, 2023, primarily due to a $129,000 decrease in pension expenses related to an increase in the return on the pension plan’s assets.

    Noninterest Expense

    Noninterest expense increased by $1.42 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, primarily due to a $1.34 million increase in general and administrative expenses. General and administrative expenses included $1.53 million of merger-related legal and consulting expenses. Federal Deposit Insurance Corporation (FDIC) premium expense rose by $141,000 for the quarter because of an increase in the FDIC insurance premium rates. The increase in other general and administrative expenses and FDIC premiums was offset by a $170,000 decrease in occupancy expense during the quarter. The decrease was due to a one-time reversal of a previously accrued charge.

    Income Taxes

    Income tax benefit for the three months ended December 31, 2024 was $1.28 million with an effective tax rate of (42.53)% compared to income tax expense of $61,000 with an effective tax rate of 15.44% for the three months ended December 31, 2023. The change from income tax expense to income tax benefit was primarily due to a $3.40 million change in net operating income during the quarter.

    Balance Sheet

    Total assets were $2.17 billion at December 31, 2024 and $2.24 billion at December 31, 2023. Investment securities, including available for sale securities, decreased by $41.74 million to $664.16 million at December 31, 2024 from $705.90 million at December 31, 2023. The decrease in investment securities occurred because of principal repayments on mortgage-backed securities. Loans receivable decreased by $21.89 million to $1.29 billion at December 31, 2024 from $1.31 billion at December 31, 2023. The decrease in loans receivable occurred as loan repayments and sales exceeded new loan originations. Cash and cash equivalents decreased by $3.14 million to $123.52 million at December 31, 2024 from $126.66 million at December 31, 2023 due to repayments of advances from the FHLB, FRB and repurchase agreements, which were offset by increases in deposits and principal repayments on mortgage-backed securities and on loans receivable.

    Deposits increased by $81.06 million from $1.64 billion at December 31, 2023 to $1.72 billion at December 31, 2024. The increase in deposits is primarily due to deposits from state and local governments. The increase in deposits was used with principal repayments on mortgage-backed securities and loans receivable to pay off $82.00 million of maturing FHLB advances, $50.00 million of FRB advances and $10.00 million of repurchase agreements.

    Asset Quality

    Credit quality continues to be extremely important as the Company adheres to its strict underwriting standards. The Company had $1.22 million in delinquent mortgage loans 90 days or more past due at December 31, 2024, compared to $227,000 at December 31, 2023. Non-performing assets totaled $1.93 million at December 31, 2024, compared to $2.26 million at December 31, 2023. The ratio of non-performing assets to total assets was 0.09% at December 31, 2024, compared to 0.10% at December 31, 2023. The allowance for credit losses was $5.11 million at December 31, 2024, compared to $5.12 million at December 31, 2023, representing 0.40% of total loans at December 31, 2024, compared to 0.39% of total loans at December 31, 2023. The ratio of the allowance for credit losses to non-performing loans was 264.56% at December 31, 2024, compared to 226.59% at December 31, 2023.

    About Us

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

    Forward-looking statements

    This earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

    • statements of our goals, intentions and expectations;
    • statements regarding our business plans, prospects, growth and operating strategies;
    • statements regarding the asset quality of our loan and investment portfolios; and
    • estimates of our risks and future costs and benefits.

    These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

    • factors related to the proposed transaction with Hope Bancorp, including the receipt of regulatory approvals, and other customary closing conditions;
    • general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
    • competition among depository and other financial institutions;
    • inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
    • adverse changes in the securities markets;
    • changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
    • changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • our ability to successfully integrate acquired entities, if any;
    • changes in consumer demand, spending, borrowing and savings habits;
    • changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
    • changes in our organization, compensation and benefit plans;
    • the timing and amount of revenues that we may recognize;
    • the value and marketability of collateral underlying our loan portfolios;
    • our ability to retain key employees;
    • cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
    • technological change that may be more difficult or expensive than expected;
    • the ability of third-party providers to perform their obligations to us;
    • the ability of the U.S. Government to manage federal debt limits;
    • the quality and composition of our investment portfolio;
    • the effect of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event;
    • changes in market and other conditions that would affect our ability to repurchase our common stock; and
    • changes in our financial condition or results of operations that reduce capital available to pay dividends.

    Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

    Contact: Walter Ida
    (808) 946-1400

    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Statements of Operations (Unaudited)
    (Dollars in thousands, except per share data)
               
        Three Months Ended   Year Ended
        December 31,   December 31,
        2024
    		   2023   2024   2023
    Interest income:                    
    Loans   $ 12,280     $ 12,006   $ 48,820     $ 47,043  
    Investment securities     4,104       4,406   16,857     17,918  
    Other investments     1,524       1,279   6,628     4,127  
    Total interest income     17,908       17,691   72,305     69,088  
                         
    Interest expense:                    
    Deposits     8,731       6,223   31,389     19,484  
    Advances from the Federal Home Loan Bank     1,569       1,854   6,899     6,636  
    Advances from the Federal Reserve Bank     384       154   2,173     183  
    Securities sold under agreements to repurchase     15       46   152     154  
    Total interest expense     10,699       8,277   40,613     26,457  
                         
    Net interest income     7,209       9,414   31,692     42,631  
    Provision (reversal of provision) for credit losses     51       144   73     (3 )
                         
    Net interest income after provision (reversal of provision) for credit losses     7,158       9,270   31,619     42,634  
                         
    Noninterest income:                    
    Service and other fees     285       305   1,170     1,327  
    Income on bank-owned life insurance     257       227   1,007     855  
    Net gain on sale of loans     —       —   19     10  
    Other     200       71   415     279  
    Total noninterest income     742       603   2,611     2,471  
                         
    Noninterest expense:                    
    Salaries and employee benefits     5,181       5,109   19,787     20,832  
    Occupancy     1,539       1,709   6,858     6,910  
    Equipment     1,320       1,278   5,307     5,156  
    Federal deposit insurance premiums     386       245   1,667     982  
    Other general and administrative expenses     2,474       1,137   7,325     4,388  
    Total noninterest expense     10,900       9,478   40,944     38,268  
                         
    (Loss) Income before income taxes     (3,000 )     395   (6,714 )   6,837  
    Income tax (benefit) expense     (1,276 )     61   (2,415 )   1,810  
    Net (loss) income   $ (1,724 )   $ 334   $ (4,299 )   $ 5,027  
                         
    Basic (loss) earnings per share   $ (0.20 )   $ 0.04   $ (0.50 )   $ 0.58  
    Diluted (loss) earnings per share   $ (0.20 )   $ 0.04   $ (0.50 )   $ 0.57  
    Cash dividends declared per common share   $ 0.01     $ 0.05   $ 0.08     $ 0.74  
    Basic weighted-average shares outstanding     8,630,432       8,575,902   8,610,706     8,636,495  
    Diluted weighted-average shares outstanding     8,630,432       8,603,843   8,610,706     8,684,092  
                         
    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
                 
        December 31,   December 31,
        2024    2023 
    ASSETS            
    Cash and cash equivalents   $ 123,523     $ 126,659  
    Investment securities available for sale, at fair value     18,492       20,171  
    Investment securities held to maturity, at amortized cost (fair value of $513,499 and $568,128 at December 31,2024 and 2023, respectively)     645,669       685,728  
    Loans receivable     1,286,662       1,308,552  
    Allowance for credit losses     (5,114 )     (5,121 )
    Loans receivable, net of allowance for credit losses     1,281,548       1,303,431  
    Federal Home Loan Bank stock, at cost     8,542       12,192  
    Federal Reserve Bank stock, at cost     3,189       3,180  
    Accrued interest receivable     5,800       6,105  
    Premises and equipment, net     7,278       7,185  
    Right-of-use asset, net     12,523       12,371  
    Bank-owned life insurance     49,645       48,638  
    Income taxes receivable     2,082       344  
    Deferred income tax assets, net     1,877       2,457  
    Prepaid expenses and other assets     9,547       8,211  
    Total assets   $ 2,169,715     $ 2,236,672  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits   $ 1,717,663     $ 1,636,604  
    Advances from the Federal Home Loan Bank     160,000       242,000  
    Advances from the Federal Reserve Bank     —       50,000  
    Securities sold under agreements to repurchase     —       10,000  
    Accounts payable and accrued expenses     19,403       23,334  
    Lease liability     17,967       17,297  
    Advance payments by borrowers for taxes and insurance     6,331       6,351  
    Total liabilities     1,921,364       1,985,586  
                 
    Stockholders’ Equity:            
    Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding     —       —  
    Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding            
    8,832,210 and 8,826,613 shares at December 31, 2024 and 2023, respectively     88       88  
    Additional paid-in capital     48,367       48,022  
    Unearned ESOP shares     (1,957 )     (2,447 )
    Retained earnings     206,693       211,644  
    Accumulated other comprehensive loss     (4,840 )     (6,221 )
    Total stockholders’ equity     248,351       251,086  
    Total liabilities and stockholders’ equity   $ 2,169,715     $ 2,236,672  
                 
    Territorial Bancorp Inc. and Subsidiaries
    Selected Financial Data (Unaudited)
                       
                  Three Months Ended
                  December 31,
                    2024       2023  
                       
    Performance Ratios (annualized):            
      Return on average assets         -0.32 %     0.06 %
      Return on average equity         -2.75 %     0.53 %
      Net interest margin on average interest earning assets   1.39 %     1.78 %
      Efficiency ratio (1)           137.09 %     94.62 %
                       
                  At   At
                  December   December
                    31, 2024       31, 2023  
                       
    Selected Balance Sheet Data:            
      Book value per share (2)       $ 28.12     $ 28.45  
      Stockholders’ equity to total assets       11.45 %     11.23 %
                       
                       
    Asset Quality                
    (Dollars in thousands):              
      Delinquent loans 90 days past due and not accruing $ 1,219     $ 227  
      Non-performing assets (3)       $ 1,933     $ 2,260  
      Allowance for credit losses       $ 5,114     $ 5,121  
      Non-performing assets to total assets       0.09 %     0.10 %
      Allowance for credit losses to total loans       0.40 %     0.39 %
      Allowance for credit losses to non-performing assets   264.56 %     226.59 %
                       
                       
    Note:                
                       
    (1) Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income
    (2) Book value per share is equal to stockholders’ equity divided by number of shares issued and outstanding
    (3) Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs

    The MIL Network –

  • MIL-OSI USA: Welch Slams Trump Tariffs: “Donald Trump has just raised prices for every working American.” 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.) released the following statement after the White House confirmed President Trump is expected to put new tariffs on imports from Canada, Mexico, and China on Saturday:  
    “Donald Trump has just raised prices for every working American. He has threatened jobs and set our nation up for retaliation and years of painful trade disputes. On Monday in St. Albans, Vermont—only 15 miles from the northern border—I brought together Vermont businesses and local leaders to hear directly from them about how another Trump Trade War would hurt our state. It was clear: Donald Trump’s policy of chaos is one that Vermont can’t afford.  
    “We need a ‘Do No Harm’ approach when it comes to tariffs and trade policy—especially when we’re talking about our biggest trading partner, Canada. Vermont’s and Canada’s economies are closely intertwined, and our families, farmers, and businesses will suffer because of these reckless 25% tariffs. These actions are reckless, counterproductive, and destructive. A trade war is not the answer.”  
    The White House has not provided the public with an exemption process ahead of the February 1st start date. The White House announced it plans to put a 25% tariff on imports from Canada and Mexico, as well as a 10% tariff on imports from China. 
    On Monday, Senator Welch convened Vermont businesses and state and local leaders for a roundtable discussion on President Trump’s threats to reignite a trade war with Canada and other U.S. trade allies by imposing dramatic tariffs on goods imported from Canada. Sen. Welch was joined by the Vermont Chamber of Commerce; the Vermont Association of General Contractors; Manufacturing Solutions, Inc.; H20 Innovation; A.N. Deringer, Inc.; Poulin Grain; Green Mountain Power; Vermont State Treasurer Mike Pieciak; Brett Long, Deputy Commissioner, Vermont Department of Economic Development; and Tim Smith, the Mayor of St. Albans. 
    Attendees at the roundtable spoke about the impact of the tariffs on their businesses and their concerns regarding President Trump’s rhetoric regarding trade since taking office last week.  
    Vermont sells more goods to Canada than the next six largest foreign markets combined. In 2023, Vermont exported $150 million just in food and agricultural products to Canada. In many cases, Vermont manufacturers buy imports from Canada to manufacture into products.  However, the ability of Vermont’s small manufacturing businesses to absorb a 25% increase in costs on parts or raw materials is limited. Tariffs on Canada and Mexico could result in layoffs or higher homebuilding costs, increased costs of grain for farmers, and more expensive equipment for maple producers.  
    Tariffs could also increase the cost of utilities for Vermonters. According to preliminary estimates, a 25% tariff on goods from Canada could increase customer rates for natural gas by 10% (based on firm customer rates). Electricity rates could increase by 2.5% in Vermont and by 5% for New England wholesale electricity prices.   

    MIL OSI USA News –

  • MIL-OSI New Zealand: Activist News – Government ministers and Human Rights Commission give green light to Destiny Church assaults against Palestine solidarity protest this weekend – PSNA

    Source: Palestine Solidarity Network Aotearoa (PSNA)

    The Palestine Solidarity Network Aotearoa is alarmed Winston Peters and the Human Rights Commissioner have given the green light to Destiny Church assaults against Palestinian support protests this weekend.

     

    PSNA has been contacted by police to say that Brian Tamaki’s Destiny Church has just issued direct threats to ‘shut down’ PSNA if the government and police won’t do it for them.

     

    Tamaki has done this several times over the past 16 months but PSNA Chair John Minto says the orchestrated claims of antisemitism against PSNA this past week have encouraged Brian Tamaki to now believe he could get away with unleashing violence against peaceful protests against the ongoing Israeli genocide in Gaza and the Occupied West Bank.

     

     

    “We are most concerned about our supporters in smaller centres.  We have about 30 local protests in support of Palestinian rights over the next two days.  It just takes two or three Destiny Church adherents to get it into their heads that they are doing God’s work and turn up to beat up our people.

     

    Minto says he can understand why Tamaki thinks he is licenced to carry out his threats.

     

    “Our government still has not uttered one word condemning Israeli genocide.  But when we say we want to tell Israeli soldiers who are on holiday here that they are not welcome in Aotearoa, then the Human Rights Commissioner distorts this into the threats of violence and the Foreign Minister falls into line behind him.”

     

    “We did not advocate violence. We are not encouraging nor are we promoting violence – even against Israelis guilty of participating in genocide having a happy holiday here.”

     

    “In particular we are concerned that the Human Rights Commissioner Stephen Rainbow is leading the claims against Palestinian human rights supporters.”

     

    “Rainbow was a prominent champion of Israeli apartheid before the was appointed Human Rights Commissioner.”

     

    “Only a year ago he was writing such articles for the Israel Institute NZ, entitled “With every chant, Israel’s case grows stronger” condemning “kaffiyeh wearing antics of Labour and Green MP’s of late.”

     

    “Rainbow has not parked his Zionist apartheid politics at the door of the Human Rights Commission.  He is misusing his high status semi-judicial position to openly promote on behalf of Israel – as a state committing genocide – by misrepresenting PSNA.’

     

    “No wonder Brian Tamaki and his Destiny Church think the government will turn a blind eye to Destiny Church escalating into physical attacks.”

     

    Minto says Palestinian New Zealanders will be feeling our government and institutions are sanctioning violence against them.

     

    “Many Palestinians in this country have lost immediate family in the massive Israeli onslaught on Gaza over the past 16 months.  They are well aware the New Zealand Foreign Minister has been absolutely silent about any blame on Israel.  Yet he is instantly quick to condemn local human rights groups which these Palestinians belong to.”

     

    “To send a message of reassurance to Palestinian New Zealanders and hopefully restrain Tamaki, Paul Goldsmith, as Rainbow’s minister, must at the very least immediately suspend Rainbow as Human Rights Commissioner.”

     

    John Minto

    National Chair

    Palestine Solidarity Network Aotearoa

    MIL OSI New Zealand News –

  • MIL-OSI USA: Hoeven: Army Corps Issues More than $10 Million Contract to Complete Southern Embankment

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    01.31.25

    Corps Issues Last Major Contract to Finish Federal Portion of Fargo-Moorhead Region’s Flood Protection Project

    WASHINGTON – Senator John Hoeven today announced that the U.S. Army Corps of Engineers has awarded a more than $10 million contract to construct Reach SE-5, the last of 7 reaches required to complete the 21-mile long Southern Embankment.

    • This reach, which is located in Minnesota, will include reconstructing portions of 180th Avenue, its intersection with Highway 75 and the Wolverton Creek crossing.
    • The funding is made available under the $437 million Army Corps’ award that Hoeven secured in 2022.
    • This comes as the last major Corps contract being awarded for the Fargo-Moorhead region’s flood protection project, marking a major milestone as the federal portion of the project nears completion.

    “Awarding this final contract to complete the Southern Embankment is achieving a major milestone in protecting the entire Fargo-Moorhead region against the threat of flooding,” said Hoeven. “Numerous efforts have to be tied together in order to make this permanent flood protection a reality. That’s why it was critical that we not only secure full federal funding now to provide certainty over the long-term, but also advance this as the Corps’ first major P3 project. This approach, which is serving as model for Army Corps projects across the country, provided the flexibility needed to build the various aspects of the project concurrently.”

    Today’s milestone follows Hoeven’s efforts to:

    • Pass 16 acts of Congress, including:
      • 9 legislative provisions, such as the project authorization in 2014 and a new construction start authorization in 2016.
    • 7 separate appropriations to fund the project’s construction.
    • Fully fund the $750 million federal cost share.
      • Prior to this, Hoeven helped renegotiate the Project Partnership Agreement to increase the federal funding commitment from $450 million.
    • Advance this as the first major Army Corps project to utilize the public-private partnership (P3) split-delivery model and a Water Infrastructure Finance and Innovation Act (WIFIA) loan.
    • Coordinate efforts across four federal agencies.
    • Provide funding and flexibility to concurrently raise I-29 and begin excavating the Red River Control Structure to keep the project on schedule.
    • Resolve the easement issue on lands purchased with Hazard Mitigation Grant Program (HMGP) funding, allowing the project to use an alternative route.

    MIL OSI USA News –

  • MIL-OSI USA: Merritt: Kicking off the 2025 Legislative Session 

    Source: US State of Georgia

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium. Over the next 40 legislative days, I’m committed to fighting for policies that create a more equitable and inclusive Georgia for all its residents.

    I am honored to continue serving on the Senate Committees on Government Oversight, Health and Human Services, Insurance and Labor, Natural Resources and the Environments and Urban Affairs where we will address pressing issues such as healthcare reform, firearm violence, and increasing literacy.

    As we enter the heart of the legislative session this week, the work under the Gold Dome is moving full speed ahead. Even as ice and snow swept across South Georgia and Atlanta last week, our commitment to serving the people of Georgia never wavered.

    When we returned to the Capitol this past Monday, we hit the ground running. Some highlights included Chamber of Commerce Day. I want to thank the Gwinnett Chamber of Commerce for joining Tuesday’s General Assembly at the Capitol. I appreciate all the Chamber does for Gwinnett County’s economy, small businesses, and emerging business leaders and entrepreneurs. These events are always exciting, and it’s refreshing to see so many Georgians getting involved in our state government.

    As budget hearings for the next fiscal year continue over the remainder of the legislative session in the form of committee meetings, we have a critical opportunity to shape investments that will directly impact our communities. Governor Brian Kemp’s proposed budget includes $50 million in security grants for individual schools—an essential step toward keeping students safe. However, proper school safety goes beyond physical security; it requires a commitment to addressing the broader issues affecting student well-being. I will continue advocating for a budget that supports working families, invests in underserved communities, and ensures every Georgian has the opportunity to succeed at every turn.

    My fellow Senators and I recognize that our constituents and families deserve to send their children to school without fear, and that is why we are introducing legislation to tackle school gun violence in Georgia. I am proud to co-sponsor SB 49, introduced by Sen. Elena Parent, which aims to address gun violence by making it a punishable offense in Georgia to allow children access to firearms. This legislation would require parents to take greater responsibility for securely storing their firearms, reducing children’s exposure to guns and helping keep our schools safe.

    On Tuesday, Senate Democrats announced several key legislative priorities for this session. We introduced SB 50, a bipartisan effort to close health insurance gaps, expand access to mental health and maternal care and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. We believe every Georgian deserves reliable, accessible healthcare, and we will continue pushing for solutions that lower costs and expand coverage. In the coming weeks, we will introduce bills to raise the state minimum wage, improve public schools, and expand access to affordable childcare. Our focus remains on legislation that puts people first, and I am proud to sponsor legislation that does just that.

    I encourage students between the ages of 12 and 18 to apply to spend a day as a Senate Page. This program allows students to participate actively in the legislative process at our State Capitol for a day during the legislative session. This program is an invaluable experience, and I encourage my younger constituents to participate. Interested students may apply for the program here.

    The weeks ahead will be eventful, with key debates and legislation shaping Georgia’s future. I’m committed to keeping you informed and ensuring your voice is heard. Thank you for your trust—I encourage you to stay engaged as we work toward a stronger, fairer Georgia.

    ####

    Sen. Nikki Merritt represents the 9th Senate District which includes portions of Gwinnett County. She may be reached at (404) 463-2260 or via email at nikki.merritt@senate.ga.gov

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

    MIL OSI USA News –

  • MIL-OSI USA: COLUMN: Walker: Weeks Two and Three Under the Gold Dome

    Source: US State of Georgia

    By: Sen. Larry Walker, III (R–Perry)

    The third week of the 2025 Legislative Session has wrapped up, and we’re staying focused on passing commonsense legislation that puts Georgia families, businesses and communities first.

    Last week’s snowstorm may have delayed budget hearings for a few days, but it didn’t slow us down. The General Assembly has been hard at work in joint sessions, carefully reviewing budget requests to ensure taxpayer dollars are spent wisely. Passing a balanced budget is not only our constitutional duty—it’s the foundation of a responsible government that serves its people.

    One of the most crucial budget proposals this session is Governor Brian P. Kemp’s plan to return $1 billion in surplus funds directly to taxpayers. Thanks to years of conservative budgeting and fiscal responsibility, we’re in a position to give back to the hardworking Georgians who keep our state running. This is just part of the $2.2 billion in statewide allocations designed to benefit families, businesses and communities across Georgia. I’m proud to support Gov. Kemp’s efforts to strengthen our economy by putting more money back in your pockets.

    Another key priority is ensuring communities hit hardest by Hurricane Helene have the resources they need to rebuild. Gov. Kemp has proposed $614.72 million in recovery funding, including $150 million for the Governor’s Emergency Fund to help with debris removal and housing assistance. Another $300 million will go to the Georgia Department of Transportation to restore roads and infrastructure. Many rural counties are still reeling from this storm, and we’re committed to making sure they get the support they need to recover and move forward.

    Back at the Capitol, we hit the ground running this week, advancing legislation that reflects our values and priorities. One of the bills I’m proud to sponsor, Senate Bill (SB) 35, would increase the number of days’ notice that a policyholder must be given before his or her homeowners’ insurance policy is not renewed. The previous 30 days’ notice of nonrenewal is not enough time for the homeowner to avoid any lapses in coverage or properly address concerns with their insurance company. With this in mind, SB 35’s proposed 60 days’ notice will give Georgians and their insurance agent sufficient time to find replacement coverage and make sure that their home is protected.

    I’m also proud to support Senate Bill (SB) 52. This legislation, also known as the Timberlands Recovery, Exemption and Earnings Stability (TREES) Act, would allow local governments to provide tax relief for the timber industry. Timber is one of Georgia’s most important industries, and communities like those in the 20th Senate District depend on timber as an agricultural investment and a source of tax revenue. The devastation wrought by Hurricane Helene has left that industry in desperate need of relief, and with the TREES Act, we will waive the timber harvest tax in hurricane ravaged counties to help these communities recover from the catastrophe of this unprecedented storm.

    As committee meetings pick up, we’re working hard on issues that matter most to our communities, from protecting our schools to strengthening local infrastructure. I chaired the first meeting of the Senate Committee on Insurance and Labor this week, and I look forward to the committee’s regular meetings in the coming weeks.

    Finally, I encourage students ages 12 to 18 to apply for the Senate Page Program. This is an excellent way for young people to see firsthand how the General Assembly works. If you know a student who might be interested, they can apply on the Senate website here.

    As always, I’m here to listen. If you have any questions, concerns, or ideas about our work at the Capitol, please don’t hesitate to reach out. It’s an honor to serve you, and I appreciate your trust as we work together throughout the remainder of the 2025 legislative session.

    # # # #

    Sen. Larry Walker serves as Secretary of the Majority Caucus and Chairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County.  He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.

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

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office Collects More than $4M in Civil and Criminal Actions Plus Nearly $2M in Forfeited Assets in Fiscal Year 2024

    Source: Office of United States Attorneys

    TULSA, Okla. – U.S. Attorney Clint Johnson announced today that the Northern District of Oklahoma (NDOK) collected $4,029,804.93 in criminal and civil actions in Fiscal Year 2024. Of this amount, $2,572,450.48 was collected in criminal actions, and $1,457,354.45 was collected in civil actions. Additionally, the NDOK worked with partner agencies and divisions to collect $1,726,442 in asset forfeiture actions in FY 2024.

    “The Asset Recovery Unit and Asset Forfeiture teams consist of federal prosecutors, investigators, and professional support staff. In 2024, they collected more than $4 million on behalf of victims and collected nearly $2 million in assets, said U.S. Attorney, Clint Johnson. “Both teams diligently work to recover court ordered restitution to victims and process court ordered forfeiture. This funding not only impacts the Crime Victims Fund, but also goes towards law enforcement programs.”   

    Examples of Asset Recovery…
    In March 2024, the Northern District recovered $106,994.94 in U.S. v. Shane Hannaford, 21-CR-111. A veteran of the U.S. Marines, Hannaford devised a fraudulent investment scheme, defrauding fellow veterans he had served with in Iraq. Hannaford pled guilty to Bank Fraud, and the Court ordered him to pay $806,607.14 in restitution to his victims. The Northern District captured a significant payment towards restitution by intercepting proceeds from Hannaford’s sale of his home.

    In September 2024, the Northern District recovered $287,521.53 in U.S. v. Keven Ellis Partin, 19-CR-121. Partin pled guilty to Offering or Paying Healthcare Kickbacks. The Court ordered him to pay $338,805 in restitution to Department of Labor, TRICARE, Department of Veteran Affairs, and Medicare. Through liens and other enforcement tools, the Northern District recovered full restitution for these federal agencies.

    In May 2024, the Northern District of Oklahoma recovered $62,000 in U.S. v. Leslie Ellen Mansfield, 23-CR-170. Mansfield, an attorney, oversaw special needs trust accounts for intellectually challenged adults. Mansfield pled guilty to Bank Fraud, and the Court ordered her to pay $137,240.95 in restitution. The Northern District recovered full restitution for the living victims.

    Examples of Asset Forfeiture…
    In March 2024, the Northern District recovered $35,000 in U.S. v. Jesus Salazar-Lares, et al., 22-CR-339. In Aug. 2024, Salazar-Lares and others, traveled from Chicago to Tulsa and delivered more than 10 pounds of methamphetamine.  Salazar-Lares pled guilty to distribution of methamphetamine. The court authorized the seizure of $35,000 in cash.

    In April 2024, the Northern District recovered $84,788.42 in U.S. v. Melvin Brown, 22-CR-419. From July 2020 through May 2021, Brown conspired with others to distribute cocaine. Romero pled guilty to drug conspiracy. The court authorized the seizure of Romero’s bank account that had approximately $84,788.42.

    In June 2024, the Northern District recovered $620,000 in U.S. v. Jose Romero, et al., 22-CR-339. From Oct. 2019 through Oct. 2022, Romero conducted financial transactions with funds received through drug trafficking. Romero pled guilty to 18 counts of money laundering. The court authorized the forfeiture of $20,297 in cash, 18 vehicles, one firearm, approximately $50,076.31 from seized bank accounts, and four real estate properties.

    The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

    Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes. 

    MIL Security OSI –

  • MIL-OSI: Capital Southwest Announces U.S. Federal Income Tax Treatment of 2024 Dividends

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Jan. 31, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today the U.S. federal income tax treatment of its 2024 dividends.

    U.S. Federal Income Tax Treatment of 2024 Dividends

    Capital Southwest paid dividends totaling $2.53 per share that are attributable to the tax year ended December 31, 2024, with 100.00% of those dividends comprised of ordinary income, including net short-term capital gains. The Company has posted information regarding the U.S. federal income tax characteristics of its dividends that are attributable to 2024 on its website (http://www.capitalsouthwest.com/tax-information).

    The amounts shown in the table below represent the final classification of the Company’s 2024 dividends. This information supersedes any estimated information you may have received during the year. Calendar-year 2024 dividends are classified as follows:

    Form 1099-DIV Reporting Box 1a Box 1a and Box 1b Box 2a Non-U.S. Shareholder Non-U.S. Shareholder
    Record Date Payment Date Distribution per Share Ordinary Dividend Per Share (i) Qualified Dividends Per Share (i), (ii) Long-Term Capital Gain Per Share (iii) % of Interest-Related and Short-Term Capital Gain (iv) % of Distributions Exempt from U.S. Withholding Tax (v)
    03/15/24 03/29/24 $ 0.6300   $ 0.6300   $ –   $ –   92.89 % 92.89 %
    06/14/24 03/28/24 $ 0.6300   $ 0.6300   $ –   $ –   92.89 % 92.89 %
    09/13/24 09/30/24 $ 0.6400   $ 0.6400   $ –   $ –   92.89 % 92.89 %
    12/13/24 12/31/24 $ 0.6300   $ 0.6300   $ –   $ –   92.89 % 92.89 %
        $ 2.5300   $ 2.5300   $ –   $ –      
                   
      % of Total Dividend            
      Paid Per Share   100.00 %   100.00 %   0.00 %   0.00 % 92.89 % 92.89 %
                                       

    (i) Form 1099-DIV Box 1a includes the combined amounts of the columns “Ordinary Dividend Per Share” and “Qualified Dividends Per Share,” contained within table above.

    (ii) The portion of the dividend reported in Box 1a treated as Qualified Dividend is reported on Form 1099-DIV in Box 1b.

    (iii) Net Capital Gain Dividend is reported on Form 1099-DIV in Box 2a.

    (iv) The Company designates the above percentages of each of the total dividends by payment date as Interest-Related Dividend and Short-Term Capital Gain Dividend in accordance with Sections 871(k) and 881(e) under the Internal Revenue Code (the “Code”).

    (v) The percentages designate the portion of Capital Southwest’s dividends received by Non-U.S. Residents and Foreign Corporation Shareholders that constitute Interest-Related Dividends, Short-Term Capital Gains Dividends, and Net Capital Gain Dividends to total amount of the dividends derived which generally are exempt from U.S. withholding tax for these periods for Non-U.S. Residents and Foreign Corporation Shareholders.

    Non-U.S. residents and foreign corporation shareholders (“Non-U.S. Shareholders”) in a regulated investment company (“RIC”), such as Capital Southwest, are exempt from U.S. withholding tax on both “interest-related” dividends and short-term capital gains in accordance with Sections 871(k) and 881(e) of the Code. In addition, Non-U.S. Shareholders in a RIC are also exempt from U.S. withholding tax on long-term capital gains. Approximately 92.89% of Capital Southwest’s 2024 dividends relate to interest and short-term capital gains.  See the “Tax Treatment of 2024 Dividends for Non-U.S. Shareholders” posted on the Company’s website for more details (http://www.capitalsouthwest.com/tax-information).

    Dividends distributed to Non-U.S. Shareholders may have been withheld to pay U.S. federal income tax. Non-U.S. Shareholders should contact their tax advisor with any questions regarding this information, and its application to any claim for refund of taxes paid to the U.S. Internal Revenue Service.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.5 billion in investments at fair value as of September 30, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien, and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

    The MIL Network –

  • MIL-OSI Canada: Amid global uncertainty, minister meets with economic forecast council

    Source: Government of Canada regional news

    The impacts of potential U.S. tariffs are adding uncertainty to the global and domestic outlook, but private-sector forecasters indicate British Columbia is well positioned to take on whatever comes next.

    At their annual meeting with the finance minister on Friday, Jan. 31, 2025, the 13 independent private sector forecasters from across Canada that make up B.C.’s Economic Forecast Council (EFC) noted that, like all provinces, B.C.’s economic outlook is affected by global and domestic forces, including federal immigration targets. Forecasters reaffirmed that in the absence of tariffs, they had expected steady economic growth for B.C.

    Members said a diverse export network and a resource-rich environment give B.C. an advantage over other provinces, while some were encouraged by B.C.’s work to date to address housing supply, skills training and affordability challenges.

    “We are in times of significant global uncertainty, and we can expect this instability to continue through the next four years,” said Brenda Bailey, Minister of Finance. “Our approach is to stand up for British Columbians by strengthening our economy, and continuing to diversify our trading network, while supporting the people that need it most. Our Economic Forecast Council has noted that while the uncertainty of threats from the south can make the planning and budgeting process more challenging than typical, with a diverse economy, B.C. remains well-positioned to attract new investment, skilled workers, and development opportunities. While there are challenges ahead, we have everything we need here to thrive.”

    The Economic Forecast Council estimates that real GDP in B.C. grew by 1.2% in 2024, higher than the Province’s projection in the Fall 2024 Economic and Fiscal Update. In early January, the council forecast B.C. real GDP growth of 1.9% in 2025, in line with the ministry’s outlook, and steady economic growth of 2.0% annually on average through 2029. These projections do not fully include the impact of potential U.S. tariffs.

    Economic Forecast Council members will have an opportunity to revise their forecasts before the budget.

    B.C.’s finance minister meets each year with the Economic Forecast Council, whose forecasts and feedback help inform the Province as it prepares the next provincial budget. The budget will be released on March 4, 2025.

    Learn More:

    To access the Fall 2024 Economic and Fiscal Update, visit: https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports

    MIL OSI Canada News –

  • MIL-OSI USA: CFTC Staff Issues Supplemental Letter Regarding No-Action Position on Reporting, Recordkeeping Requirements

    Source: US Commodity Futures Trading Commission

    CFTC Staff Issues Supplemental Letter Regarding No-Action Position on Reporting, Recordkeeping Requirements | CFTC

    /PressRoom/PressReleases/9042-25
    Skip to main content

    January 31, 2025

    WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations. This position is in response to a request from KalshiEX LLC, a designated contract market, and Kalshi Klear LLC, a derivatives clearing organization, to modify CFTC Letter No. 24-15 to remove the condition prohibiting third-party clearing by participants and to cover fully-collateralized variable payout contracts. 
    The Divisions will not recommend the Commission initiate an enforcement action against KalshiEX LLC, Kalshi Klear LLC, or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions and variable payout contract transactions executed on or subject to the rules of KalshiEX LLC and cleared through Kalshi Klear LLC, subject to the terms of the no-action letter. The supplemental letter also removes the condition in CFTC Letter No. 24-15 that prohibits Kalshi participants from clearing contracts through a third-party clearing member.

    -CFTC-

    MIL OSI USA News –

  • MIL-OSI USA: DBEDT NEWS RELEASE: $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    Posted on Jan 31, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    FOR IMMEDIATE RELEASE

    January 31, 2025

    HONOLULU — Governor Josh Green, M.D., has released $6.3 million to the Department of Business, Economic Development and Tourism (DBEDT) to support a tourism recovery campaign to address the continued economic impacts from the August 2023 Maui wildfires and the expected downturn due to the January 2025 Southern California wildfires. Governor Green, at the request of DBEDT Director James Kunane Tokioka, has released a restriction from within the DBEDT budget.

    The campaign will be a continuation of the state’s Maui economic recovery efforts and with the current California wildfires, also manage the anticipated impacts to the state’s largest source market for visitors. Governor Green and DBEDT Director Tokioka met with members of the Hawai‘i Hotel Owners and Operators Roundtable and Hawai‘i Hotel Alliance for industry input.

    “I want to acknowledge the leadership of the Hawai‘i Hotel Owners and Operators Roundtable and Hawai‘i Hotel Alliance who discussed this idea with DBEDT Director Tokioka and I to provide resources to support the state’s tourism recovery,” said Governor Green.

    “We are all aware of the sustained effects of the Maui wildfires on our state’s tourism industry and the continued slump in West Maui hotel occupancies,” said DBEDT Director Tokioka. “As we also foresee that visitor arrivals will be impacted by the Los Angeles wildfires, the tourism recovery campaign is intended to drive the visitor traffic needed to sustain local businesses and support jobs. We look forward to working on the next steps with our industry partners.”

    About the Department of Business, Economic Development and Tourism (DBEDT)

    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation-sector job growth.

    # # #

     

     

    Media Contact:

     

    Laci Goshi

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 31.01.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    31 January 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 31.01.2025

    Espoo, Finland – On 31 January 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 872,093 4.49
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.49

    * 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 31 January 2025 was EUR 3,912,384. After the disclosed transactions, Nokia Corporation holds 236,030,991 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.

    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 Europe: Miha Švent appointed as EIB Representative to Bosnia and Herzegovina

    Source: European Investment Bank

    • The EU Bank announces appointment of its new representative and remains committed to strengthening Bosnia and Herzegovina’s sustainable connectivity, climate action, energy security, and market competitiveness.
    • To date, EIB Global has provided €3.5 billion in affordable financial support and technical assistance to the country for strategic projects.

    The European Investment Bank (EIB Global) has appointed Miha Švent as its new representative for Bosnia and Herzegovina (BiH). Under the new stewardship, the EU bank will remain committed to supporting the country’s green transition, connectivity and progress on its EU accession path to build on the achievements made during the tenure of the outgoing EIB representative, Sandrine Friscia, whose mandate ended in 2024.

    Miha Švent brings nearly 30 years of experience in international development, public infrastructure financing and private business development. Prior to this appointment, he was a senior member of the EIB Advisory Department, where he led the advancement of advisory partnerships with international financial institutions, governments and development banks. Before joining the EIB, he worked for the European Bank for Reconstruction and Development, leading business advisory programmes in the Western Balkans and other regions. A Slovenian national, he holds master’s degrees from the Universities of Sheffield and Ljubljana.

    EIB Vice-President Robert de Groot, who is responsible for the Western Balkans, stated: “With the European Commission and our partners in Bosnia and Herzegovina, we are supporting projects that lead to improved road safety, a more secure and diversified energy supply, better water supply across municipalities, modern healthcare facilities, and new jobs. With €3.5 billion invested so far, we have increased the country’s climate and economic resilience, while creating conditions for more successful regional and EU market integration. Now, with the EU’s Growth Plan and our new representative, we hope to propel these initiatives even further.”

    Expressing his vision for the role, Miha Švent, the new EIB representative for Bosnia and Herzegovina, said: “I am honoured to take on this new role and look forward to further strengthening cooperation with all our partners in the country. Coming from the EIB advisory team, I would like to emphasise the importance of technical support in preparing strategic projects, which is often a prerequisite for accessing available EU funds, including grants under the Western Balkans Investment Framework. Therefore, as well as providing favourable financing, our priority for the country remains to strengthen the capacities of local project management teams, develop and implement new viable investments for the benefit of people and local businesses.”

    Among the milestones achieved in EIB-supported projects in 2024, the Herzegovina Bridge was inaugurated last September – the largest bridge on Corridor Vc in BiH, spanning nearly 1 km across the Neretva river. Additionally, Sarajevo has new state-of-the-art trams, 40 years after they were replaced, as part of the urban transport rehabilitation project.

    Background information:

    About the EIB and EIB Global

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local people, companies and institutions through our offices around the world.

    About the EIB in BiH

    The EU bank has been active in BiH since 1977. To date, it has invested €3.5 billion, mostly in support of the transportation sector and small and medium businesses. For more information regarding the EIB’s projects in BiH, please refer to: https://www.eib.org/en/projects/regions/enlargement/the-western-balkans/bosnia-herzegovina/index.htm

    The EIB is one of the leading international financiers in the Western Balkans. For detailed information on the EIB’s activities in the Western Balkans, visit www.eib.org/en/publications/the-eib-in-the-western-balkans.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Text of Vice-President’s address at the 3rd National Conference of Deaf-blind on ‘Advocacy for Education and Employment’ (Excerpts)

    Source: Government of India

    I must share our joy, joy of myself and Dr Sudesh Dhankhar right from the time we came here. Our energy level has gone up. Our happiness has risen. We feel blessed to be at this place. I congratulate the Institute and others that have converged to hold this third national seminar on very important subject, Deaf-Blind on advocacy for education and employment. Education and employment, both are fundamental. Boys and Girls, loss of physical vision, I have seen can be compensated. But you have that vision which matters to us. When that vision is perverted, dangers emanate.

    What I have seen here when there was an address, I was overwhelmed, not only by what I saw but the response thereof. My deep sense of gratitude to all those who have come together and thought leaders professionals, change makers to contribute to this great cause of humanity. This collective will generate inclusivity and compassion. Rights appreciation about those who are challenged or differently-abled is fundamental. They have enormous talent and potential. They have infinite capacity to contribute. They require some handholding. Let me remind you by quoting a couplet from our great epic Ramcharitmanas. The couplet is in Uttar kand “पर हित सरिस धर्म नहिं भाई। पर पीड़ा सम नहिं अधमाई॥“In translation it means it is ultimate religiosity. It is highest the Dharma, if you alleviate suffering of someone, if you minimise pain of someone, if you hand hold someone. And it is extreme painful irreligiousityअधर्म if you inflict some kind of pain in anybody. We must draw our lessons. Let all our actions be marked by empathy, compassion. I have no doubt that the enormous potential of the differently challenged or physically challenged whom the Prime Minister has rightly given a name Divyang. Divyang is expression of divinity. A greatest respect to human being. The nation will flourish with your participation. History is a proof that disability has not tamed human spirit. Human spirit that which is in you cannot be tamed, you can overcome daunting situations. Mountains have been climbed. Rivers have been crossed. Records have been set in Paralympics. I have had the good fortune to see in India International Paralympic Games.

    The talent which is there in this group, the group before me is a source of inspiration and motivation for all who think they are abled because they have vision, they can hear, they can speak. As I said you are the gifted once with the real vision that vision is a precious jewel. Let me tell you the greatest scientist of our generation who changed understanding of physics, professor, Stephen Hawkins he was challenged and who does not know Helen Keller. She had difficulty in speaking and listening, but she turned out to be one of the greatest authors. I see all around Stephen Hawkins and Helen Kellers in our country. I have seen them myself. Our mission, therefore has to be very clear and that is in our Constitution. We have to provide a life of dignity, purpose and fulfilment. Fortunately, Prime Minister Narendra Modi is committed in mission mode to serve the cause of Divyang.

    He has got them in vote, in elections, in governance, in every walk of life. He has created policies that allow our Divyang to fully exploit their potential, their talent and realise their dreams. Let me tell you some of the schemes that make us proud, inclusive governance and Viksit Bharat is not possible without your participation. Democracy will be incomplete and suffer a great void without your satisfaction to use your talent. In 2016, as was indicated by our friend and the nation passed Rights of Person with disabilities. This was in 2016, the third year of Prime Minister‘s regime. The purpose was to facilitate their voting, special queues, voting from home, braille features on EVMs and numerous other initiatives. This has increased quality of participation in our democratic process. Election commission of India has gone a great length to enhance it. Reservation in education increased in premier institutions also from 3 to 5%. I am personally aware and delighted when a Divyang gets into Indian foreign service, Indian Administrative Service. Indian Sign Language Research and Training Centre set up in 2015 and National Institute of Mental Health Rehabilitation in 2019 are steps in the right direction.

    Centre for disability sports is being set up at Gwalior for specially abled citizens. Boys, and girls, Paralympics that are in four categories dealing with different disabilities are now global event in which Indian participation is getting glorified. Accessible India campaign, Sugamya Bharat Abhiyan launched in 2015, the result is all institutions. The infrastructure has to be friendly for Divyangjans.This as a matter of fact is a social responsibility which I am happy to note is being discharged by everyone.

    We all need to converge to bring out the best in our divyangjan. This requires special educators, special curriculum and methodologies. It is time, we employ technology, artificial intelligence, advanced technologies, so that this very valuable category of human resource can optimally perform.

    One of the most delightful moment which me and my wife, Dr. Sudesh had when we went to an autism school in Delhi, the school initiated by Rashmi Das. She took up the challenge in a passion mode, in a mission mode. She executed the project which is world class. It is there that I came to know that autism is a different kind of a challenge where you require a different kind of ecosystem. I have no doubt Rashmi Das Institute in Autism will soon be world class because we need to not only hand hold, emotionally hand hold. We need to give company to them. It is only a matter of time when we will find their touch of hand with us will convey energy to us. They will give us more than they will take from us.We need to be highly sensitive to their health requirements. We need to evolve a mechanism that engages in a system which is efficient, seamless, helpful, affirmative and productive for them. We must always ensure they must not have isolation. They must have company. That will be soothing either side. Sometimes they may require counseling, but who does not require counseling?And therefore, community engagement not with a sense of sympathy, but with a sense of empathy. Community engagement on a level playing field. Community engagement which allows them to express themselves in music, in art, in games, in sports and other aspects. I am sure all steps will be taken because government has provided futuristic affirmative policies to hand hold this category.

    Our journey to build inclusive Bharat, developed Bharat, A Bharat of our dreams cannot fructify unless your dreams are satisfied.On your own, you are capable to catalyze your dreams but others should not come in the way. In this great effort, NGOs have a greater role to play. The role should not be cosmetic or surface scratching. The role must be achievement oriented. CSR funds must be committed for development of this category. Let each one of us contribute because each one of us has a role to play. As policymakers, we have two distinguished Parliamentarians and Deputy Chairmen of the Rajya Sabha here. Great role as policymakers, as educators, advocates, caregivers, or simply as compassionate human beings. Let us discharge this divine obligation and ensure that the world is a good place to live for our dear Divyangjans.

    Let me conclude by a quote from Mahatma Gandhi: I quote, “The best way to find yourself is to lose yourself in the service of others.” Unquote. Let us dedicate ourselves to the service of those who look for us, who look us for support and solidarity, not sympathy.

    On my own behalf and that of my wife, Dr. Sudesh Dhankhar I can assure you in our own way we will look for opportunities to contribute and will be in touch with this Institute.

    I wish all of you a great future because no nation in the world has risen in last 10 years as Bharat has risen. The jump that Bharat has taken by economic upsurge, infrastructure growth, deep technological penetration, and improvement in the lives of ordinary people by toilet, by gas connection, by piped water, by connectivity of rail, road, air. And this makes our Bharat at the moment most aspirational country in the world that challenge requires every human resource in the country gets opportunity of expression, your expression and dialogue with you will define a sense of our civilization. Helping this category Divyang will turn out to be nectar for the persons who are doing it.

    I am grateful. My best wishes to all of you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Notification of Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025

    Source: Government of India (2)

    Notification of Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025

     Aadhaar Authentication expanded to government and private entities for providing various services in the public interest boosting innovation, knowledge, and public service enhancement

    Amendments to enhance the scope for residents in availing many new services seamlessly w.r.t E-Commerce, Travel, Tourism, Hospitality, and Health Services

    Amended Rules to promote the ease of living and livelihood

    Posted On: 31 JAN 2025 8:18PM by PIB Delhi

    Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025 under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 have been notified by the Ministry of Electronics and Information Technology (MeitY) today. This amendment has been done to help in improving transparency and inclusivity in the decision-making process.

    Expanding Aadhaar Authentication for Ease of Living

    The amendment seeks to enhance the scope and utility of Aadhaar authentication to further promote good governance, social welfare, innovation, and knowledge dissemination allowing the usage of Aadhaar for improving service delivery and thereby enhancing ease of living for residents and enabling better access to various services for them. The amendment would help people seamlessly avail the services of e-commerce, travel, tourism, hospitality and health sector etc. being provided by entities other than government entities also.

    The amendment enables both government and non-government entities to avail Aadhaar authentication service for providing various services in the public interest for related specific purposes like enablement of innovation, spread of knowledge, promoting ease of living of residents and enabling better access to services for them. This will help both the service providers as well as the service seekers to have trusted transactions.

    Streamlined approval process for Aadhaar Authentication requests

    Any entity seeking Aadhaar authentication will be required to apply with the details of intended requirements to the concerned ministry or department of the Central or the State government in a format being made available on a portal for this purpose. The applications will be examined by UIDAI and MeitY will issue the approval based on the recommendation of UIDAI. The concerned ministry or department of the Central or State Government will notify the entity for Aadhaar usage after receiving confirmation from MeitY.

    This amendment is expected to enhance access to efficient and streamlined Aadhaar-enabled services for individuals. It will encourage the development of innovative digital solutions leveraging Aadhaar authentication and strengthen partnerships between the government and other entities for improved governance solutions.

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    Dharmendra Tewari/Kshitij Singha

    (Release ID: 2098223) Visitor Counter : 41

    MIL OSI Asia Pacific News –