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Category: Business

  • MIL-OSI Asia-Pac: National Conference on Good Governance – Day 2 Concludes with Emphasis on Digital Transformation and Citizen-Centric Governance

    Source: Government of India (2)

    Posted On: 31 JAN 2025 7:55PM by PIB Delhi

    The National Conference on Good Governance in Gandhinagar, Gujarat, reinforced the government’s vision of technology-driven governance, process re-engineering, and proactive public service delivery. The conference, attended by senior officials, policymakers, and governance experts from across the country, showcased key innovations and successful governance models.

    Secretary, Department of Administrative Reforms and Public Grievances (DARPG), Shri V. Srinivas, commended the Government of Gujarat for its exemplary efforts in enhancing public service delivery through technology. He highlighted the Gujarat model of governance as a benchmark in bridging the gap between government and citizens through integrated service portals and digital innovations.

    A major highlight of the conference was the presentation of 16 award-winning projects from the Government of India and 9 award-winning projects from Gujarat, underscoring pioneering initiatives in smart governance infrastructure. Discussions focused on the implementation of integrated command and control centers, real-time urban service monitoring using IoT (Internet of Things), and AI-based predictive analytics for decision-making. These advancements are shaping the future of governance, ensuring efficient, transparent, and data-driven solutions for citizens.

    Dr. Jayanti Ravi, Additional Chief Secretary (Revenue), Government of Gujarat, highlighted Gujarat’s efforts in digitizing healthcare service delivery, particularly for frontline health workers. She emphasized the challenges faced by ASHAs (Accredited Social Health Activists), FLWs (Female Health Workers), and ANMs (Auxiliary Nurse Midwives) due to manual data collection and introduced TeCHO, a mobile and web-based application aimed at real-time data capture, automated alerts for high-risk cases, and beneficiary tracking. Launched by Hon’ble Prime Minister Narendra Modi, the platform has significantly improved healthcare data accuracy and coverage.

    Another key theme discussed was digital identity frameworks, including Aadhaar-based authentication, e-KYC services, and blockchain-enabled transactions, which have simplified welfare disbursements, licensing, and documentation while enhancing transparency and reducing corruption.

    In continuation of its commitment to governance reforms, the DARPG launched the biannual e-journal, ‘Minimum Government, Maximum Governance (Vol 1 & 2),’ showcasing National e-Governance Award-winning initiatives. Additionally, Union Minister Dr. Jitendra Singh and Gujarat’s Hon’ble Minister of Finance, Energy & Petrochemicals, Shri Kanubhai Desai, launched the State Collaboration Initiative (SCI) Portal, furthering cooperative governance across states.

    The conference reaffirmed the Centre-State collaboration in scaling digital governance innovations for more inclusive, efficient, and technology-driven public administration. Participants emphasized the importance of replicating successful governance models nationwide to strengthen service delivery and enhance citizen engagement. With continued policy reforms, digital initiatives, and AI-driven citizen services, India is poised to emerge as a global leader in next-generation governance transformation.

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    NKR/PSM

    (Release ID: 2098205) Visitor Counter : 42

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Evolve into strategic advisors, ethical guardians & innovators to stay relevant in this technology-driven environment: Raksha Mantri to CAs at World Forum of Accountants

    Source: Government of India

    Posted On: 31 JAN 2025 4:30PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh has called upon the Chartered Accountants (CAs) to evolve into strategic advisors, ethical guardians and innovators in order to stay relevant in the present dynamic & technology-driven environment. Addressing the inaugural session of the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI) in New Delhi on January 31, 2025, Shri Rajnath Singh termed ‘new set of skills, including critical thinking, emotional intelligence & adaptability’ as an essential requirement in today’s times.

    Underscoring the extraordinary pace of technological advancements, Raksha Mantri stated that the corporate landscape was once dominated by large, centralised organisations, and this status quo has been challenged by the active surge in the number of start-ups. He pointed out that transnational trade is now a reality, with organisations growing larger and more intricate, resulting in information explosion.

    “This dynamic environment demands constant innovation. The traditional ways of processing and analysing information are being challenged by new innovations whose value is still not clear. These realities mean that as accountants, you must not only learn continuously but also innovate and adapt to stay ahead of the curve. You are the guardians of trust, the gatekeepers of accountability, and ultimately, the custodians of prosperity in this ever-evolving world. The future not only demands expertise, but also courage & creativity to innovate and uphold the highest standards of your profession,” Shri Rajnath Singh told the CAs present on the occasion.

    Asserting that India is a resurgent power on the global stage and the businesses & reputation of Indian professionals are thriving internationally, Raksha Mantri acknowledged the recognition earned by the CAs for their trustworthiness and expertise. “For CAs, signature is not just a symbol, but also a representation of trust, integrity and professionalism. It has the ability to influence financial decisions, shape businesses and impact lives of one & all,” he added.

    Shri Rajnath Singh phrased ‘accountants’ as the sentinels of organisational transparency, tasked with disseminating crucial information about profits, losses, cash flows, balance sheets, assets and liabilities. He stated that being trustworthy, truthful, and maintaining integrity are fundamental individual values for any accountant, terming them as the cornerstone of the collective ethos that upholds the credibility of the entire financial ecosystem.

    Raksha Mantri lauded the dedication and commitment of CAs who, he said, have been instrumental in the growth of the country. To the accountants of friendly countries present on the occasion, he stated that India is open to business, and it means business. “We are willing to learn, adapt and share our expertise. We are ready to invest in our shared planetary future,” he said.

    The theme of the three-day event is ‘Accountability Meets Innovation (AI): For a Sustainable Planet’. It aims to deliberate on a number of themes, including the Future of Finance and Accounting, Accountancy as a Catalyst for Sustainable Development, Accountants as Business Advisors, Building Trust and Public Confidence, Accountants as climate change leaders, AI in Sustainability Reporting, Ethical AI in Accounting, AI-Driven Risk Management for Sustainability.

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    VK/SR/Savvy

    (Release ID: 2098015) Visitor Counter : 56

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: FEMA Schedules Additional Agriculture Recovery Centers

    Source: US Federal Emergency Management Agency 2

    strong>HICKORY, N.C. – Four more one-day Agricultural Recovery Centers are planned the first week of February to help North Carolina farmers recover from Helene damage. All are open 9 a.m. to 6 p.m.
    Feb. 3 in Mitchell County
    Mayland Community College
    Sam Phillips Center (next to vocational building)
    200 Mayland Dr.
    Spruce Pine, NC 28777
     
    Feb. 4 in Burke County:
    Burke County Agricultural Center
    130 Ammons Rd.
    Morganton, NC 28655
     
    Feb. 5 in Avery County:Avery Cooperative Extension
    661 Vale Rd.
    Newland, NC  28657
     
    Feb. 6 in Yancey County
    Yancey Senior Center
    503 Medical Campus Dr.
    Burnsville, NC 28714
     
    The walk-through events will provide information on addressing agricultural or rural needs that are not covered by standard programs offered by FEMA or the state and offer opportunities for farmers, ranchers, nursery owners, vineyards, honeybee growers and fish producers to meet with agricultural officials to learn about specific assistance available as they recover.  
    The centers have specifically trained representatives of FEMA, the U.S. Department of Agriculture, North Carolina Department of Commerce and Natural Resources, U.S. Small Business Administration, local Farm Service Agency officials and other government agencies, to assist agricultural workers with their recovery needs.  Please bring evidence of ownership, or photos of damaged or lost tools and equipment, along with estimated replacement costs to expedite your application.  You can learn more here: Help for Self-Employed.
    These events kicked off with four centers this week in McDowell, Henderson, Buncombe and Watauga counties.
     

    MIL OSI USA News –

  • MIL-OSI Video: Preventing the Sale of Forced Labor Goods – Combating Human Trafficking | CBP

    Source: United States of America – Federal Government Departments (video statements)

    U.S. Customs and Border Protection’s (CBP) forced labor enforcement mission supports ethical and humane trade while leveling the playing field for United States (U.S.) companies that respect fair labor standards. CBP is the only U.S. government agency, and one of the few in the world, with the legal authority to take enforcement action against goods produced with forced labor to prevent entry into domestic commerce.

    Forced labor is a violation of basic human rights. CBP is committed to identifying products made by forced labor and preventing them from entering the U.S.; therefore denying access to the U.S. economy for those that engage in the egregious human rights abuses associated with the use of forced labor.

    Eradicating the use of forced labor is a moral imperative. Additionally, forced labor is an unfair trade practice that undermines the ability of companies that treat workers fairly to compete in the global economy. CBP is determined not only to prevent goods made with forced labor from entering the United States, but also to do everything within our authority to stop them from being made in the first place.

    Instagram ➤ https://instagram.com/CBPgov
    Facebook ➤ https://facebook.com/CBPgov
    Twitter ➤ https://twitter.com/CBP
    Official Website ➤ https://www.cbp.gov

    #cbp
    #trade
    #lawenforcement
    #humantraffickingawareness

    https://www.youtube.com/watch?v=cbikzs9ku5w

    MIL OSI Video –

  • MIL-OSI NGOs: Exxon and Chevron’s billions in profits = a climate disaster for us all

    Source: Greenpeace Statement –

    OAKLAND, CA (January 31, 2025) – Today, Exxon and Chevron announced their Q4 2024 profits, bringing Exxon’s total profits for the year to more than $33 billion and Chevron’s total profits to more than $18 billion. In response, Greenpeace USA’s California Climate Campaign Director, Zachary Norris, said:

    “Exxon and Chevron and other international oil companies continue to rake in tens of millions of dollars in profit every single day. These greedy companies are drilling in our neighborhoods, poisoning our air and fueling deadly wildfires – all at the expense of Americans – in order to further line the pockets of the uber rich. Enough!  

    “The recent Los Angeles wildfires ravaged communities in California to the tune of more than $250 billion– which were fueled by climate change that has been fast tracked by the oil and gas industry. Exxon and Chevron’s massive profits are a slap in the face to these communities who have lost everything and now face finding the resources to rebuild. It is time for the polluters, including Exxon and Chevron, to pay up.

    “Oil and gas and the climate crisis are causing irreparable harm to communities and with each year that passes, it is becoming more disastrous.  The deadly wildfires in LA were fueled by the oil and gas industry and 2024 reached new levels in climate-driven disasters. These are not coincidences. It’s time everyone in this country connects the dots and holds polluters – with their billions in profit – accountable for their role in climate-driven disasters.” 

    Contact: Gigi Singh, Communications Manager at Greenpeace USA
    (+1)  631-404-9977, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI United Nations: Activities of Secretary-General in Switzerland, 20-24 January

    Source: United Nations General Assembly and Security Council

    On Monday, 20 January, United Nations Secretary-General António Guterres departed New York for Switzerland. He arrived in Davos on Tuesday morning to attend the annual World Economic Forum.

    On Tuesday evening, the Secretary-General participated in a leadership dialogue on digital and emerging technologies where he promoted the recently adopted Global Digital Compact as a tool that provides a new framework to help ensure that technology benefits all of humanity — guided by strong guardrails that minimize risks, while amplifying the benefits.  He called on the private sector, the philanthropic community and Member States to work together, with their relative strengths, to ensure that artificial intelligence (AI) serves its highest purpose:  advancing human progress, equality and dignity for all countries and all people.

    The Secretary-General finished the day by delivering remarks at a dinner organized by the Global Investors for Sustainable Development.

    Early on Wednesday morning, the Secretary-General delivered an address to the World Economic Forum.  He outlined how climate change and ungoverned AI are two profound threats that demand much more attention and intelligent collaboration than they are receiving as they threaten to upend life as we know it.

    He also used very pointed language at the parts of the private sector that are actively backtracking on climate goals.  You are short-sighted and on the wrong side of history, Guterres said.

    “To the corporate leaders who remain committed to climate action,” the Secretary-General went on to say, “your leadership is needed now, more than ever.  Do not back down.  Stay on the right side of history.”

    Regarding artificial intelligence, the Secretary-General underscored how, through the Global Digital Compact, the United Nations is working with Governments, industry, and civil society to ensure that AI becomes a tool of opportunity, inclusion and progress for all people.

    In remarks at a discussion afterwards with Børge Brende, President and CEO of the World Economic Forum, the Secretary-General said that we have witnessed in recent days in Gaza an example of robust diplomacy that should be recognized.  (See Press Release SG/SM/22528.)

    The Secretary-General also participated in the annual off-the-record “IGWELL” lunch organized by the World Economic Forum, and he also continued with a number of bilateral meetings, including Félix-Antoine Tshisekedi Tshilombo of the Democratic Republic of the Congo, the Prime Minister of the Kurdish Autonomous Province of Iraq, Masoud Barzani, and also the President of the Inter-American Development Bank, Ilan Goldfajn.

    The Secretary-General also participated in the annual off-the-record IGWELL lunch organized by the World Economic Forum.

    On Thursday and Friday, Mr. Guterres attended the annual retreat with his Special and Personal Representatives and Envoys before leaving Switzerland.

    MIL OSI United Nations News –

  • MIL-OSI USA: After Pressure From Warren, HHS Secretary Nominee RFK Jr. Will Amend Flawed Ethics Agreement

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    January 31, 2025
    Washington, D.C. – During Wednesday’s Senate Finance Committee hearing, U.S. Senator Elizabeth Warren (D-Mass.)questioned President Trump’s nominee for Secretary of Health and Human Services (HHS) Robert F. Kennedy, Jr. about his apparent conflicts of interest. Following pressure from Senate Democrats, RFK Jr., today in written responses to Senator Warren, agreed to amend his flawed ethics agreement (see Warren QFRs at the end of Part 2 and start of Part 3). 
    In response to this new information, Sen. Warren released the following statement:
    “After public pressure from Senate Democrats, Robert F. Kennedy Jr. has acknowledged dangerous conflicts of interest that would allow him to profit from an anti-vax lawsuit while serving as HHS Secretary. While he has now pledged in writing to fix his flawed ethics agreement, the answers he has provided to this committee also raise new questions about the scope of his conflicts.
    “Given these ongoing questions, RFK Jr.’s nomination must not move forward to any Senate vote until the details of his revised ethics agreement can be thoroughly reviewed. It’s also critical that the revised ethics agreement ensures that he cannot use his role as Health Secretary to open the floodgates to more anti-vaccine litigation and then cash in after he leaves office, including adopting a four-year post-employment ban on accepting any compensation from lawsuits involving any entity regulated by HHS.
    “It would be insufficient for RFK Jr. to only divest his interest in the Gardasil case while leaving the window open to profit from other anti-vax lawsuits, including future cases he could bring after leaving office.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Reverend Warnock Reminds Georgians of Looming Deadline to Apply for FEMA Assistance for Hurricane Helene Recovery 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Reminds Georgians of Looming Deadline to Apply for FEMA Assistance for Hurricane Helene Recovery 

    Deadline is February 7, 2025 for Georgians to apply for federal relief in the counties designated for Individual Assistance
    To date, FEMA has provided $290,000,000 in individual and household assistance to Georgians impacted by Hurricane Helene
    Senator Reverend Warnock: “As state and federal partners continue to process and administer federal funding to help local communities, I will remain vigilant in ensuring Georgians impacted by these devastating storms get the full assistance they are owed”

    Senator Warnock distributing bottled water to the Augusta community following Hurricane Helene in 2024
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) is reminding Georgians impacted by Tropical Storm Debby (August 4—20. 2024) and Hurricane Helene (September 24—October 30, 2024) in the counties designated for Individual Assistance that they have until February 7, 2025 to apply for FEMA assistance. To date, FEMA has provided $290,000,000 in individual and household assistance to Georgians impacted by Hurricane Helene.
    “I continue to pray for and work on behalf of all Georgians impacted by Hurricane Helene. I am proud we were able to pass major federal disaster relief for Georgia families and farmers recovering and I have been on the ground across the state helping to connect local communities to federal resources,” said Senator Reverend Warnock. “As state and federal partners continue to process and administer federal funding to help local communities, I will remain vigilant in ensuring Georgians impacted by these devastating storms get the full assistance they are owed.”
    The application period for federal disaster assistance ends on Friday, February 7, 2025. Counties approved for assistance for Hurricane Helene are: Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Dodge, Echols, Effingham, Elbert, Emanuel, Evans, Fulton, Glascock, Glynn, Hancock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, McIntosh, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Stephens, Taliaferro, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Ware, Warren, Washington, Wayne, Wheeler and Wilkes.
    Counties approved for assistance for Tropical Storm Debby are: Bryan, Bulloch, Chatham, Effingham, Evans, Liberty, Long and Screven.
    If a Georgian has storm-related expenses and lives or owns a business in one of the listed counties, they are encouraged to apply for disaster assistance. FEMA assistance can provide grants, and the U.S. Small Business Administration (SBA) may offer loans for temporary housing, home repairs and other disaster-related needs. For more information or to apply online with SBA, visit sba.gov/disaster. Additional information is also available by calling the Customer Service Center at (800) 659-2955 or via email to disastercustomerservice@sba.gov.
    Georgians can apply for FEMA assistance online at DisasterAssistance.gov. Georgians can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. Survivors can also contact the Georgia Call Center Monday through Saturday at 678-547-2861 for assistance with their application.
    To apply in person, visit a Disaster Recovery Center, where FEMA and SBA specialists can help you apply for assistance, upload documents, answer questions and provide information on available resources. Georgians may visit any open Disaster Recovery Center. For locations and hours, go online to fema.gov/drc. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.
    For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821. 

    MIL OSI USA News –

  • MIL-OSI USA: Kennedy introduces resolution to block Biden climate activism scheme

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)
    WASHINGTON – Sen. John Kennedy (R-La.) today introduced a joint resolution under the Congressional Review Act (CRA) to overturn the Biden administration’s final guidance on voluntary carbon credits.
    The Biden-era Commodity Futures Trading Commission (CFTC) final guidance would legitimize and pave the way for regulating the voluntary trade of carbon credits, also known as carbon offsets. Voluntary carbon credit schemes function by allowing companies to “offset” their own carbon dioxide emissions by funding purportedly “green” projects elsewhere. The state of California and much of Europe have adopted controversial laws that force certain companies to cut emissions, many of which opt to buy voluntary carbon credits.
    “The American people rejected Pres. Biden’s radical green agenda, but the last administration’s bureaucratic schemes could still force California- and European-style climate craziness on the rest of the country. Congress should join me in voting to stop radical policies that put unrealistic expectations on American businesses,” said Kennedy.
    The CRA allows Congress to overturn certain federal agency regulations and actions through a joint resolution of disapproval. If both houses of Congress approve such a joint resolution and the president signs it, or if Congress successfully overrides a presidential veto, the final guidance at issue becomes invalid.
    Sen. Tim Sheehy (R-Mont.) cosponsored the resolution.
    Text of the resolution is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene

    Source: US State of North Carolina

    Headline: Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene

    Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene
    bwood

    Raleigh, NC

    Today in Boone, Governor Josh Stein joined Dogwood Health Trust to announce a $30 million small business grant program to support businesses impacted by Hurricane Helene and bolster economic recovery. Small businesses with an annual revenue of up to and including $2.5 million are eligible to apply for grants up to $50,000 from the Western North Carolina Small Business Initiative grant program. 

    “Small businesses are the heart of western North Carolina and need our support to get through these slow winter months,” said Governor Josh Stein. “The Western North Carolina Small Business grant program will help small businesses with their urgent needs and support the region’s economic recovery. I am proud these state dollars are leveraging additional Dogwood Trust dollars, and I am grateful to Dogwood for its leadership.” 

    “As a private foundation committed to Western North Carolina’s health and wellbeing, Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts to provide grants to small businesses most impacted by the storm. These businesses are vital to the health of our communities,” said Dogwood President and CEO Dr. Susan Mims. “We are proud to expand our support alongside the state of North Carolina and encourage more philanthropic organizations to support this critical effort.” 

    Governor Stein also announced that the state is awarding $3 million to Baptists on Mission and $3 million to Habitat for Humanity NC to support their housing repair initiatives. Every day, both organizations are mobilizing hundreds of volunteers to repair and rebuild homes that are safe and habitable. 

    “Our volunteers are working day in and day out to get homeowners back into their homes as quickly as possible,” said Richard Brunson, Executive Director of Baptists on Mission. “We are grateful for Governor Stein’s support to ensure this work can continue to help the people of western North Carolina recover from this devastating storm.”

    “We have seen tremendous need across the western North Carolina region, and people want more than anything to be back in their homes,” said Marlowe Foster, President & CEO of Habitat for Humanity North Carolina. “We thank Governor Stein for recognizing the needs of this region and giving us the tools to continue helping families rebuild.” 

    In the wake of Helene, impacted businesses lost $13 billion in revenue. These grants will help businesses make payroll, pay operating expenses, and stabilize the local economy as tourism slowly ramps up again.

    Funds will be managed by Appalachian Community Capital, with the partnership of the Community Reinvestment Fund on the application process. Eligible businesses can apply through the portal here. Eligibility requirements are below: 

    • Businesses with an annual revenue of up to and including $2.5 million

    • Businesses in the 28 counties and the Eastern Band of Cherokee Indians that are covered by President Biden’s federal disaster declaration or in Dogwood Health Trust’s 18-county footprint, including:  Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin, Yancey.   

    Jan 31, 2025

    MIL OSI USA News –

  • MIL-OSI: Security Federal Corporation Announces Fourth Quarter and Annual Earnings and Financial Results for 2024

    Source: GlobeNewswire (MIL-OSI)

    AIKEN, S.C., Jan. 31, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the quarter and year ended December 31, 2024.

    The Company reported net income available to common shareholders of $3.0 million, or $0.94 per common share, for the quarter ended December 31, 2024, compared to $3.6 million, or $1.12 per common share, for the fourth quarter of 2023. Year-to-date net income available to common shareholders was $8.9 million, or $2.77 per common share, for the year ended December 31, 2024, compared to $10.2 million, or $3.14 per common share, for the year ended December 31, 2023. Both the quarterly and year-to-date decreases in net income available to common shareholders were primarily due to increases in the provision for credit losses and non-interest expense, as well as the payment of preferred stock dividends during 2024, which were partially offset by increases in net interest income and non-interest income.

    Fourth Quarter Financial Highlights

    • Net interest income increased $818,000, or 7.8%, to $11.3 million as the increase in interest income exceeded the increase in interest expense.
    • Total interest income increased $1.9 million, or 10.1%, to $20.2 million while total interest expense increased $1.0 million, or 13.0%, to $9.0 million during the fourth quarter of 2024 compared to the same quarter in 2023. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest-earning assets and interest-bearing liabilities.
    • Non-interest income increased $77,000, or 2.8%, to $2.8 million during the fourth quarter of 2024 compared to the same quarter in the prior year primarily due to an increase in gain on sale of loans.
    • Non-interest expense increased $472,000, or 5.2%, to $9.5 million during the quarter ended December 31, 2024, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits and cloud services.
      Quarter Ended
    (Dollars in Thousands, except for Earnings per Share) 12/31/2024   12/31/2023
    Total interest income $ 20,235   $ 18,384
    Total interest expense   8,982     7,949
    Net interest income   11,253     10,435
    Provision for credit losses   280     25
    Net interest income after provision for credit losses   10,973     10,410
    Non-interest income   2,847     2,770
    Non-interest expense   9,523     9,051
    Income before income taxes   4,297     4,129
    Provision for income taxes   879     513
    Net income   3,418     3,616
    Preferred stock dividends   414     –
    Net income available to common shareholders $ 3,004   $ 3,616
    Earnings per common share (basic) $ 0.94   $ 1.12
           

    Full Year Comparative Financial Highlights

    • Net interest income increased $2.6 million, or 6.6%, to $41.8 million when compared to the prior year primarily due to increases in interest income on loans and interest income from our overnight time deposit account with the Federal Reserve Bank, which were partially offset by an increase in interest expense on deposits.
    • Total interest income increased $12.3 million, or 19.0%, to $77.3 million while total interest expense increased $9.8 million, or 37.9%, to $35.5 million.
    • Non-interest income increased $857,000, or 9.1%, to $10.2 million primarily due to increases in gain on sale of loans, trust income and ATM and check card fee income.
    • Non-interest expense increased $2.2 million, or 6.2%, to $38.1 million primarily due to increases in salaries and employee benefits expense and cloud services.
      Year Ended
    (Dollars in Thousands, except for Earnings per Share) 12/31/2024   12/31/2023
    Total interest income $ 77,306   $ 64,977
    Total interest expense   35,479     25,729
    Net interest income   41,827     39,248
    Provision for credit losses   1,370     246
    Net interest income after provision for credit losses   40,457     39,002
    Non-interest income   10,247     9,390
    Non-interest expense   38,140     35,914
    Income before income taxes   12,564     12,478
    Provision for income taxes   2,757     2,288
    Net income   9,807     10,190
    Preferred stock dividends   926     –
    Net income available to common shareholders $ 8,881   $ 10,190
    Earnings per common share (basic) $ 2.77   $ 3.14
               

    Credit Quality

    • The Bank recorded a $1.5 million provision for credit losses on loans and a $110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $1.4 million during 2024 compared to a $601,000 provision for credit losses on loans and a $355,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $246,000 during 2023.
    • Non-performing assets were $7.6 million, or 0.47% of total assets, at December 31, 2024, compared to $6.8 million, or 0.44% of total assets, at December 31, 2023.
    • The allowance for credit losses as a percentage of gross loans was 1.98% at both December 31, 2024, and 2023.
    At Period End (dollars in thousands): 12/31/2024 9/30/2024 12/31/2023
    Non-performing assets $ 7,636     $ 6,770     $ 6,825  
    Non-performing assets to total assets   0.47 %     0.43 %     0.44 %
    Allowance for credit losses $ 13,894     $ 13,604     $ 12,569  
    Allowance for credit losses to gross loans   1.98 %     1.95 %     1.98 %
                           

    Balance Sheet Highlights and Capital Management

    • Total assets were $1.6 billion at December 31, 2024, an increase of $62.1 million, or 4.0%, during 2024.
    • Total loans receivable, net was $687.1 million at December 31, 2024, an increase of $64.6 million, or 10.4%, during 2024.
    • Investment securities decreased $39.9 million, or 5.7%, to $660.8 million at December 31, 2024, as maturities and principal paydowns of investments exceeded purchases during 2024.
    • Deposits increased $129.0 million, or 10.8%, during the year to $1.3 billion at December 31, 2024.
    • Borrowings decreased $77.1 million, or 45.3%, during the year to $93.0 million at December 31, 2024, primarily due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program and the redemption of our 10-year subordinated debentures in the amount of $16.5 million on their call date.
    • Common equity book value per share increased to $31.21 at December 31, 2024, from $27.69 at December 31, 2023.
    Dollars in thousands (except per share amounts) 12/31/2024 9/30/2024 12/31/2023
    Total assets $ 1,611,773     $ 1,576,326     $ 1,549,671  
    Cash and cash equivalents   178,277       132,376       128,284  
    Total loans receivable, net   687,149       686,708       622,529  
    Investment securities   660,823       672,054       700,712  
    Deposits   1,324,033       1,257,314       1,194,997  
    Borrowings   92,964       120,978       170,035  
    Total shareholders’ equity   182,389       185,082       172,362  
    Common shareholders’ equity   99,440       102,133       89,413  
    Common equity book value per share $ 31.21     $ 31.97     $ 27.69  
    Total risk-based capital to risk weighted assets (1)   19.96 %     19.21 %     19.49 %
    CET1 capital to risk weighted assets (1)   18.71 %     17.96 %     18.24 %
    Tier 1 leverage capital ratio (1)   9.88 %     10.27 %     9.83 %
    (1) – Ratio is calculated using Bank only information and not consolidated information
     

    Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

    Forward-looking statements:

    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

    The MIL Network –

  • MIL-OSI USA: Q&A: President’s Cabinet

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    Q: Why does the nation’s chief executive have a team of advisors known as the President’s Cabinet?

    A: During the Constitutional Convention in 1787, delegates hashed out how to organize the executive branch and whether the president would act independently or collaborate with a council of ministers. One proposal suggested a council comprised of the Speaker of the House, the President of the Senate and the Chief Justice of the Supreme Court. Ultimately, the delegates vested theexecutive power in a single person: the President of the United States. However, they also included constitutional guardrails unique to our system of checks and balances, granting the power of “advise and consent” to the Senate on appointments and treaties. So, while the president’s “Cabinet” is not spelled out in the Constitution, Article II, Section 2, clause 1 authorizes the president “may require the Opinion … of the principal Officer in each of the executive Departments, upon any Subject relating to the Duties of their respective Officers.” In other words, the president has the power to surround himself with a team of people to carry out the laws of the land.

    President George Washington created the first Cabinet and nominated four individuals for Secretary of the Treasury, Secretary of State, Secretary of War and Attorney General. Washington met regularly with his Cabinet to discuss core functions of the new federal government: money supply, diplomacy, defense, enforcement of laws and administration of justice. His successors followed this precedent to surround themselves with trusted advisors to “take Care that the Laws be faithfully executed.” The Cabinet has expanded over the years, most recently with creation of the Department of Homeland Security post-9/11. Today, the Cabinet includes the Vice President and heads of 15 executive departments, including the U.S. Attorney General; Secretaries of Agriculture; Commerce; Defense; Education; Energy; Health and Human Services; Homeland Security; Housing and Urban Development; Interior; Labor; State; Treasury; Transportation; and, Veterans Affairs. Also serving in Cabinet-level positions are the Administrators of the Environmental Protection Agency and Small Business Administration; Directors of the Central Intelligence Agency; National Intelligence; and, Office of Management and Budget; U.S. Ambassador to the United Nations; and the U.S. Trade Representative. Since the 113th Congress, Cabinet nominees are confirmed by a simple majority in the U.S. Senate. If approved, nominees are sworn in before beginning their duties.

    Q: What is the Senate’s role in the confirmation process?

    A: The Constitution gives the president and the Senate shared authority to make appointments to high-level positions in the federal government, including the federal judiciary and the president’s Cabinet. History shows the Senate extends deference to presidents selecting advisors to help them carry out the operations of the executive branch of government. In the 19th century, the Senate revised its rules to require the referral of nominations to the appropriate committees. A century later, Senate committees held public hearings and questioned nominees in person. As chairman of the Senate Judiciary Committee in the 119th Congress, I’ve led confirmation hearings for President Trump’s nominees to serve as the Attorney General and the Director of the FBI. From my assignments on the Senate Agriculture, Finance and Budget Committees, I’ve participated in confirmation hearings for the Secretaries of Agriculture, Treasury, Health and Human Services and Director of the Office of Management and Budget. It’s my policy to wait until after these hearings conclude to make my final decision on the nomination. The Senate’s “advise and consent” authority is one tool to keep check on the executive branch and has factored into the rejection or withdrawl of Cabinet nominees for centuries. At the same time, the Senate has a compelling interest not to impede the continuity of government from one administration to the next. It’s critical to the functioning of government to have these high-level officials in place. For Presidents Clinton, Bush and Obama, 84 percent of Cabinet secretaries nominated before Inauguration Day received quick Senate approval, an average of 2.4 days. After passing background checks, answering questions in writing, in private meetings and under the Senate microscope in public confirmation hearings and being referred favorably by the committees of jurisdiction, the president’s nominees deserve a timely vote in the U.S. Senate. The devastating collision on Jan. 29 over the Potomac River – the worst aviation crash in America in a quarter century – underscores the urgency to get the president’s team in place.

    MIL OSI USA News –

  • MIL-OSI: PrairieSky Royalty Announces Conference Call for 2024 Fourth Quarter and Year-End Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 31, 2025 (GLOBE NEWSWIRE) — PrairieSky will release its 2024 annual and fourth quarter results on Monday, February 10, 2025 after markets close. The news release detailing PrairieSky’s 2024 fourth quarter and year-end results will provide operating and financial information. Financial statements, management’s discussion and analysis and the annual information form will be available on PrairieSky’s website at www.prairiesky.com and on SEDAR+ at www.sedarplus.com.

    A conference call to discuss the results will be held for the investment community on Tuesday, February 11, 2025 beginning at 6:30 am MT (8:30 am ET). To participate in the conference call, you are asked to register at the link provided below. Details regarding the call will be provided to you upon registration.

    About PrairieSky Royalty Ltd.

    PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada. PrairieSky common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    PrairieSky Royalty Ltd.
    Investor Relations
    (587) 293-4000

    www.prairiesky.com

    PDF available: http://ml.globenewswire.com/Resource/Download/acc868d4-b4ba-4f59-a19e-2151de63a7a0

    The MIL Network –

  • MIL-OSI Security: U.S. Attorney’s Office Collects Nearly $3M for Taxpayers and Victims in 2024

    Source: Office of United States Attorneys

    Memphis, TN – Acting United States Attorney Reagan Fondren announced today that the U.S. Attorney’s Office for the Western District of Tennessee collected $2,932,631.57 in criminal and civil actions in Fiscal Year 2024. Of that amount, $2,635,982.75 was collected in criminal actions and $296,648. 82 was collected in civil actions.

    Additionally, the Western District of Tennessee worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $23,145.23 in cases pursued jointly by these offices.

    “The federal government has a responsibility to collect restitution for victims of crime. Our Criminal and Civil Divisions, including the Financial Litigation Program, work diligently to ensure that this mission is met,” said Acting U.S. Attorney Reagan Fondren.

    The U.S. Attorney’s Office in Tennessee’s Western District, working with partner agencies and divisions, also collected $2,688,743 in asset forfeiture actions in fiscal year 2024. 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.

    Several cases generated significant collection efforts in fiscal year 2024, including:

    U.S. v. Rosemary Covey and Morgan Stanley, 06-cr-20408 and 24-cv-2257. Covey was convicted of Bank Fraud and Access device fraud and ordered to pay restitution in the amount of $1,034,105.49. After years of minimal restitution payments, the USAO learned of a retirement account at Morgan Stanley. The USAO filed a Writ of Garnishment on defendant’s IRA and received $73,843.54 in proceeds that were applied to the restitution.

    U.S. v. Teresa T. Parsley, 07-cr-20035. Parsley was convicted of bank fraud and conspiracy to commit bank fraud. As a result, she was ordered to pay $3,829,605.29 in restitution. After she made only minimal payments, the U.S. Attorney’s Office recovered $143,845 from the proceeds of the sale of her home, which was applied to her restitution.

    The U.S. Attorney’s 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.

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Security: Columbus man sentenced to 17 years in prison for 4 armed robberies of postal carriers

    Source: Office of United States Attorneys

    COLUMBUS, Ohio – A Columbus man was sentenced in U.S. District Court today to 204 months in prison for four armed robberies of Postal carriers. 

    Thierno S. Bah, 22, of Columbus, used firearms and robbed postal carriers of their U.S. Postal Service keys on four occasions between December 2022 and May 2023. He was arrested in August 2023.

    “Seventeen years in federal prison is a serious consequence in line with the seriousness of this type of violent crime. We have held numerous individuals accountable in the Southern District of Ohio in recent years for their crimes against United States Postal Service carriers who are simply doing their jobs. As a result of our focused efforts and the vigorous investigations by our federal law enforcement partners, we’ve seen a decrease in new assaults,” said U.S. Attorney Kenneth L. Parker.

    Bah, who is also known as “Wopo” and “Wopoonese,” worked with others to steal service keys, which are then used to steal mail from USPS receptacles (a process known as “fishing”). Individuals then “cook” the mail by washing personal and business checks and other financial instruments to reflect new payees and new payment amounts. Bah and others would then recruit third parties to deposit the newly washed checks in their own accounts and split the profit.       

    The thefts occurred in Central Ohio on:

    • Dec. 29, 2022
    • Jan. 3, 2023 (two separate robberies on this date)
    • May 11, 2023

    Bah pleaded guilty in November 2023 and admitted to using a handgun to rob a postal carrier in German Village on Dec. 29, 2022. Bah pointed the handgun at the victim’s stomach and demanded his vehicle and service keys.

    On Jan. 3, 2023, Bah pushed a postal carrier into her mail truck while she was sorting mail in the back of the truck on East Columbus Street. He then pushed a gun into the victim’s side before stealing her keys.

    Later that day, Bah committed another armed postal robbery, this time in Whitehall. Bah approached the victim and pushed the handgun into her stomach before stealing her personal car keys and the USPS service keys.

    On May 11, 2023, Bah robbed a Postal worker at the Post Office Retail Store on West Broad Street. Bah approached the victim while she was outside on a break. Bah asked the victim for her keys, and when she asked, “What keys?” he pistol-whipped her in the head with his handgun. Bah forcibly accompanied the victim into the post office to retrieve her service keys.

    Kenneth L. Parker, United States Attorney for the Southern District of Ohio; Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; Lesley Allison, Inspector in Charge, U.S. Postal Inspection Service (USPIS); Columbus Police Chief Elaine Bryant; Westerville Police Chief Charles Chandler; and Whitehall Police Chief Mike Crispen announced the sentence imposed today by U.S. District Judge Algenon L. Marbley. Assistant United States Attorney Noah R. Litton is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Federal Jury Convicts Getaway Driver in Four Robberies of Suburban Chicago Financial Institutions

    Source: Office of United States Attorneys

    CHICAGO — A federal jury has convicted the getaway driver in the robberies of three banks and a credit union in the Chicago suburbs.

    TARANDLE LEE served as the driver while his friend, CHARLES LAWLER, entered the financial institutions and presented demand notes.  Together the pair robbed three banks and a credit union, while Lawler also robbed an additional bank by himself.

    The robberies were as follows:

    • Sept. 22, 2021: Lawler robbed BMO Harris Bank in Naperville, Ill.

    • Sept. 28, 2021: Lawler and Lee robbed Old Second Bank in Lisle, Ill.

    • Oct. 6, 2021: Lawler and Lee robbed Bank Financial in Westmont, Ill.

    • Jan. 3, 2022: Lawler and Lee robbed BMO Harris Bank in Woodridge, Ill.

    • April 14, 2022: Lawler and Lee robbed DuPage Credit Union in Downers Grove, Ill.

    After a week-long trial in federal court in Chicago, the jury on Wednesday convicted Lee, 45, of Bolingbrook, Ill., on all four robbery counts against him. Lawler, 54, of Villa Park, Ill., pleaded guilty prior to trial to the first three robberies and stipulated to his role in the final two.

    Lee faces up to 20 years in federal prison for each of the four robberies he committed, while Lawler faces up to 20 years for each of the three robberies to which he pleaded guilty.  U.S. District Judge Robert W. Gettleman has not yet set Lee’s sentencing date. Lawler is set to be sentenced on March 11, 2025.

    The convictions were announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  Valuable assistance was provided by the Downers Grove, Ill. Police Department, Bellwood, Ill. Police Department, Woodridge, Ill. Police Department, and Villa Park, Ill. Police Department.  The government is represented by Assistant U.S. Attorneys Alejandro G. Ortega and Jonathan L. Shih.

    MIL Security OSI –

  • MIL-OSI Security: LiveCare Inc. Agrees To Pay Up To $4.9 Million To Resolve False Claims Act Allegations

    Source: Office of United States Attorneys

    United States Attorney Roger B. Handberg announces today that LiveCare Inc., located in Venice, Florida, has agreed to a settlement of up to $4.9 million to resolve allegations that the company violated the Anti-Kickback Statute and False Claims Act by unlawfully paying a marketing service for referrals of Medicare beneficiaries. 

    LiveCare provides remote patient monitoring (“RPM”) services to patients with Type 2 diabetes.

    “Violations of the Anti-Kickback Statute undermine the integrity of our healthcare system,” said U.S. Attorney Roger B. Handberg. “The United States Attorney’s Office for the Middle District of Florida will hold providers participating in the federal health care system accountable for these violations in order to preserve program funds and ensure the provision of appropriate services to patients.”

    “Kickback schemes waste valuable Medicare funds and undermine the integrity of medical decision-making,” said Acting Special Agent in Charge Ricardo M. Carcas of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “Our agency will continue to thoroughly investigate health care fraud, including the emerging area of allegations related to remote patient monitoring.”

    The civil settlement includes the resolution of claims brought by private individuals, on behalf of the United States, under the qui tam (commonly known as “whistleblower”) provisions of the False Claims Act. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery if the government takes over the case and obtains judgment against or reaches a monetary agreement with the defendant.

    This matter was investigated by the U.S. Department of Health and Human Services Office of the Inspector General. It was handled by Assistant United States Attorney Sean Keefe.

    The claims resolved by this settlement are allegations only, and there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI Security: Culver City Man Agrees to Plead Guilty to Recklessly Crashing Drone into Super Scooper Firefighting Aircraft During Palisades Fire

    Source: Office of United States Attorneys

    LOS ANGELES – A Culver City man agreed to plead guilty to recklessly operating a drone that crashed into and damaged a Super Scooper firefighting aircraft fighting the Palisades Fire earlier this month, the Justice Department announced today.

    Peter Tripp Akemann, 56, has agreed to plead guilty to one count of unsafe operation of an unmanned aircraft. This morning federal prosecutors filed a criminal information charging Akemann with the misdemeanor offense that carries a prison sentence of up to one year in federal prison.

    In a plea agreement also filed this morning, Akemann agreed to plead guilty to the criminal offense and admitted to his reckless and illegal conduct in flying the drone that posed an imminent safety hazard to the Super Scooper crew. As a result of the drone collision, the firefighting aircraft was taken out of service for a period of time and was not able to continue its firefighting mission. As part of the plea agreement, Akemann agreed to pay full restitution to the Government of Quebec, which supplied the plane, and an aircraft repair company that repaired the plane. Akemann also agreed to complete 150 hours of community service in support of the 2025 Southern California wildfire relief effort.

    “This defendant recklessly flew an aircraft into airspace where first responders were risking their lives in an attempt to protect lives and property,” said Acting United States Attorney Joseph T. McNally. “This damage caused to the Super Scooper is a stark reminder that flying drones during times of emergency poses an extreme threat to personnel trying to help people and compromises the overall ability of police and fire to conduct operations. As this case demonstrates, we will track down drone operators who violate the law and interfere with the critical work of our first responders.”

    “Lack of common sense and ignorance of your duty as a drone pilot will not shield you from criminal charges,” said Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “Please respect the law, respect the FAA’s rules and respect our firefighters and the residents they are protecting by keeping your drone at home during wildfires.”

    Akemann is expected to make his initial appearance this afternoon in United States District Court in downtown Los Angeles. 

    According to the plea agreement, while the wildfire was burning in and around Pacific Palisades on January 9, Akemann drove to the Third Street Promenade in Santa Monica and parked his vehicle on the top floor of the parking structure. He then launched a drone and flew it towards Pacific Palisades to observe damage caused by the Palisades Fire.

    Akemann flew the drone at least 2,500 meters (more than 1.5 miles) toward the fire and lost sight of the drone. As Akemann was flying the drone, it collided with a Government of Quebec Super Scooper carrying two crewmembers attempting to fight the blaze. The impact caused an approximately 3-inch-by-6-inch hole in the left wing. After landing, maintenance personnel identified the damage and took the aircraft out of service for repairs.

    At the time of the collision, the Federal Aviation Administration had issued temporary flight restrictions that prohibited drone operations near the Los Angeles County wildfires that erupted earlier this month.

    As a result of the collision, the Government of Quebec and an aircraft repair company incurred costs of at least $65,169 to repair the plane.

    The FBI investigated this matter. The Department of Transportation’s Office of Inspector General, the Federal Aviation Administration, the Los Angeles Fire Department, and the California Department of Forestry and Fire Protection (CALFIRE) provided substantial assistance.

    Assistant United States Attorneys Kedar S. Bhatia and Ian V. Yanniello of the Terrorism and Export Crimes Section are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI: Uncertainty remains over capital gains changes: CPA Canada

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, Jan. 31, 2025 (GLOBE NEWSWIRE) — The federal government’s decision to delay implementation of proposed changes to the capital gains inclusion rate provides temporary relief for taxpayers. However, amid growing economic uncertainty, CPA Canada believes it should consider rescinding the proposed changes entirely.

    “This decision reflects the concerns that CPA Canada has consistently raised with the Minister of Finance,” says John Oakey, CPA Canada’s vice-president of tax.

    “The retroactive impact on the proposed legislation with a prorogued parliament was creating significant uncertainty for taxpayers and their advisors.”  

    “Through our advocacy, we’ve emphasized the need for tax policy, along with its implementation, that provides clarity and stability for Canadian taxpayers—especially during times of economic uncertainty.”

    The proposed changes combined with prorogation of parliament have created significant uncertainty for taxpayers. While delayed implementation provides temporary relief, the fate of the changes to the capital gains remains unknown.

    To arrange an interview with our tax expert, please contact media@cpacanada.ca.

    The MIL Network –

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

    Source: International Monetary Fund

    January 31, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Samoa on January 16, 2025 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Samoa’s economic recovery has been remarkable. Following a 15 percent contraction over 3 years during the pandemic, GDP growth rebounded to 9.2 percent in FY2023 and accelerated further to 9.4 percent in FY2024, driven by a quick recovery in the tourism sector. Inflation has declined from double digit levels in FY2023 to 2.9 percent year-on-year in October 2024. The fiscal surplus increased further to 10.1 percent of GDP in FY2024, supported by robust grant flows, buoyant tax revenues, and restrained expenditures, including low capital spending amid capacity constraints. The current account moved to a surplus in FY2024 which, combined with continued strong grant inflows, supported a significant increase in foreign reserves.

    GDP growth is projected to remain robust at 5.5 percent in FY2025, driven by an anticipated pickup in public investment and the preparations and hosting of the Commonwealth Heads of Government Meeting (CHOGM). Inflation is expected to rise moderately amid the ongoing economic recovery. While the near-term outlook remains favorable, growth is expected to slow to the historical average of around 2 percent in the medium term. Furthermore, risks to the outlook are skewed to the downside amid heightened global uncertainties and potential pressures on inflation, including from significant excess liquidity in the banking system.

    Executive Board Assessment

    In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

    Samoa’s near-term economic outlook remains favorable. GDP growth in FY2025 is projected to remain well above pre-pandemic levels, supported by the preparations and hosting of CHOGM and the envisaged expansionary fiscal stance. Inflation is expected to rise moderately as the economic recovery continues. GDP growth is expected to converge towards the historical average of about 2 percent over the medium-term. Risks to the outlook are tilted to the downside, including from a slowdown in key trading partners amid heightened global uncertainty, as well as upside risks to inflation from external and domestic sources.

    Samoa’s recent policy mix has helped build significant economic buffers but has also presented challenges. Large fiscal surpluses have improved debt dynamics, resulting in an upgrade to Samoa’s debt distress rating from high to moderate in the IMF-WB DSA, but low capital spending is undermining the economy’s productive capacity. The tight fiscal stance, coupled with high grants and remittance inflows and the exchange rate peg, has resulted in the emergence of a large current account surplus with the external sector assessed to be substantially stronger than the level implied by fundamentals and desired policy settings. The resulting large build up in foreign reserves has also created excess liquidity in the banking system.

    An expansionary fiscal stance will support the economy, while fiscal reforms can improve the effectiveness of policy and mitigate risks. The focus in the near term should be overcoming capacity constraints to execute much needed public investment, including climate-related projects.

    Maintaining PFM controls over the DDP, including through the election cycle, remains a priority. Improving fiscal data and implementing further PFM reforms can also help improve policy formulation, implementation, and credibility. Fully reversing the pandemic-era utility tariff cuts, while implementing any support for low-income households transparently through the budget, can help address lingering weakness in some SOEs while protecting the vulnerable.

    Monetary policy normalization should continue, with an aim to guide interest rates higher. The exchange rate peg remains the appropriate nominal anchor. However, to guard against domestic inflation risks, monetary policy should aim to reduce excess liquidity to reasonable levels and push real short-term rates to positive territory.

    Further strengthening financial supervision and regulation, including for PFIs, should be a priority. Financial sector risks have declined relative to the pandemic but require continued monitoring. Priorities for the banking system include operationalizing the emergency liquidity assistance framework and enhancing prudential standards. Upgrading governance and prudential regulations for PFIs is also needed to contain potential risks. Establishing an online credit registry will help advance financial inclusion.

    A multi-pronged approach can help mitigate CBR pressures. Strengthening the AML/CFT legal framework and implementing effective risk-based supervision will help prepare Samoa for its APG mutual evaluation in 2027. Ensuring the timely rollout of the e-KYC facility and the National Digital ID will help improve customer due diligence. Given low ML/TF risks from remittance payments, effort should be made to streamline regulatory and supervisory requirements on both sides of main remittance corridors.

    Overcoming significant structural challenges which impede the medium-term growth potential will require concerted reform efforts. Key priorities include attracting foreign investment, reducing trade facilitation costs, and mitigating the impact of the pickup in the seasonal workers program, including by enhancing human capital and raising labor force participation rates.

    Table 1. Samoa: Selected Economic and Financial Indicators 1/

    Proj.

    2020/21

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    2026/27

    2027/28

    2028/29

    Output
    and
    Inflation

    (12-month percent change)

    Real GDP

    -7.0

    -5.4

    9.2

    9.4

    5.5

    2.8

    2.1

    2.0

    2.0

    Nominal GDP

    -7.5

    0.0

    18.0

    14.9

    8.7

    6.0

    5.2

    5.0

    5.1

    Consumer price
    index
    (end of period)

    4.1

    10.8

    10.7

    0.8

    3.5

    2.6

    3.0

    3.0

    3.0

    Consumer price
    index
    (period average)

    -3.0

    8.7

    12.0

    3.6

    3.1

    3.0

    3.0

    3.0

    3.0

    Central Government Finances

    (In percent of GDP)

    Revenue
    and grants

    36.5

    38.5

    34.1

    36.0

    33.0

    32.0

    31.5

    31.5

    31.4

    Of which: Grants

    6.8

    9.4

    4.5

    6.2

    4.2

    4.0

    4.0

    4.0

    4.0

    Expenditure

    34.7

    33.1

    31.0

    25.9

    33.1

    33.5

    33.4

    33.5

    33.6

    Of which: Expense

    31.3

    32.2

    27.5

    25.7

    27.9

    28.3

    28.2

    28.3

    28.2

    Of which: Net acquisition
    of non-financial assets

    3.4

    0.9

    3.5

    0.3

    5.2

    5.2

    5.2

    5.2

    5.4

    Overall balance

    1.7

    5.4

    3.0

    10.1

    -0.1

    -1.5

    -1.9

    -2.0

    -2.2

    Gross debt outstanding

    46.3

    43.7

    33.3

    27.7

    22.5

    19.3

    20.4

    21.5

    22.6

    Money
    and
    Credit Aggregates

    (12-month percent change)

    Broad
    money (M2)

    8.1

    2.2

    16.3

    7.7

    7.5

    6.0

    6.0

    6.0

    6.0

    Private
    sector
    credit, commercial banks

    1.5

    0.2

    -2.6

    3.5

    4.0

    5.0

    5.0

    5.0

    5.0

    Private
    sector
    credit,
    other financial corporations

    -0.9

    4.9

    2.9

    8.2

    …

    …

    …

    …

    …

    Private
    sector
    credit,
    total
    financial system

    2.0

    0.6

    -0.1

    3.7

    …

    …

    …

    …

    …

    Private Sector Credit

    (In percent of GDP)

    Commercial banks

    53.1

    53.2

    43.9

    39.5

    …

    …

    …

    …

    …

    Total financial system

    94.0

    94.6

    80.1

    72.3

    …

    …

    …

    …

    …

    Bank Financial Soundness

    Regulatory capital to risk-
    weighted assets, ratio

    28.1

    28.8

    33.2

    29.0

    …

    …

    …

    …

    …

    Non-performing loans to
    total gross loans, ratio

    3.7

    4.6

    4.7

    4.6

    …

    …

    …

    …

    …

    Balance of Payments

    (In percent of GDP)

    Current account balance

    -14.5

    -11.3

    -3.3

    4.0

    -0.5

    -1.2

    -1.3

    -1.6

    -2.0

    Merchandise exports,
    f.o.b.

    4.1

    3.8

    4.6

    3.5

    3.4

    3.5

    3.5

    3.5

    3.7

    Merchandise imports, f.o.b.

    37.8

    41.4

    47.1

    41.3

    43.0

    42.9

    42.7

    42.5

    42.5

    Services
    (net)

    -3.9

    -2.9

    10.8

    17.6

    16.4

    16.0

    16.0

    16.0

    16.0

    Of which: Tourism receipts

    0.0

    0.0

    16.4

    21.0

    21.9

    21.5

    21.5

    21.5

    21.5

    Income
    (net)

    -1.7

    -2.6

    -1.3

    -2.3

    -2.7

    -2.8

    -2.8

    -2.8

    -2.8

    Current transfers
    (net)

    24.8

    31.7

    29.6

    26.4

    25.4

    25.1

    24.6

    24.1

    23.7

    External Reserves and Debt

    Gross
    official reserves (million
    U.S.
    dollars) 2/

    288.5

    303.2

    401.7

    494.3

    503.8

    506.2

    523.9

    542.9

    557.5

    (in months
    of next
    year’s imports)

    7.9

    6.4

    8.3

    9.0

    8.8

    8.5

    8.5

    8.3

    8.2

    External
    debt (in percent of GDP)

    46.1

    43.6

    33.3

    25.9

    20.9

    17.8

    19.0

    20.3

    21.5

    Exchange Rates

    Market rate (tala/U.S. dollar,
    period average)

    2.57

    2.61

    2.73

    2.76

    …

    …

    …

    …

    …

    Real
    effective exchange
    rate

    -0.5

    6.4

    9.2

    -0.6

    …

    …

    …

    …

    …

    (12-month percent change) 3/

    Memorandum items:

    Nominal GDP
    (million 
    tala)

    2,169

    2,170

    2,562

    2,943

    3,200

    3,391

    3,568

    3,748

    3,938

    GDP per capita (U.S. dollars)

    4,136

    4,032

    4,498

    5,070

    5,474

    5,728

    5,945

    6,160

    6,440

    Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.

    1/ Fiscal years July-June.

    2/ Incorporates August 2021 SDR allocation.

    3/ Increase signifies appreciation.

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

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    MIL OSI Economics –

  • MIL-OSI Global: The Austin 7 is back – a short history of the iconic British car that changed the automotive industry

    Source: The Conversation – UK – By Tom Stacey, Senior Lecturer in Operations and Supply Chain Management, Anglia Ruskin University

    In perhaps one of the greatest brand comeback stories in automotive since the Fiat 500 in 2007, British car company Austin announced the return of the Austin Arrow.

    Its name is an unashamed reference to one of the most memorable Austin 7 models – first introduced in the 1920s the Arrow was the original “everyman sportscar”, before the muscle cars (think of the Dodge Challenger) of the US became popular in the 1960s. Now reimagined as an electric Vehicle (EV), the Arrow is designed and made in the UK and aims to be to 2020s consumers what the original was 90 years ago.

    A number of cars are synonymous with the British car industry. In fact, as a small nation, Britain punches above its weight when it comes to classic automobile brands – The Mini, the Range Rover, London black cabs, James Bond’s Aston Martins, and even the London red bus. However, if one car can be credited for creating the dawn of the motor vehicle in the UK, it would be the diminutive Austin 7.

    The car was created in the 1920s at the time when Austin was struggling. New laws were pushing manufacturers to produce smaller, less powerful cars. But Austin’s board of directors didn’t support a cheap, small car with low profit margins. Austin was known for its larger, luxury products.

    However, Sir Herbert Austin and his 18-year-old apprentice Stanley Edge decided to secretly create a small car. Thank god they didn’t heed the board, because they ended up creating the greatest democratising automotive product Britain had ever seen (until they repeated it with the Austin Mini).

    The reason why products such as the Austin 7 come to define their period is rarely due to their technical prowess or exhilarating performance – it’s because they bring to the masses a technology that is both useful and traditionally seen as out of reach.

    The Austin 7 was a bit like the iPhone. There were smartphones that came before it, like the Sony Ericsson p800. However, these were considered expensive and out of reach for the average consumer. The Iphone did the same thing but at a cheaper price and so came to be the definitive smartphone.

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

    With the Austin 7, Herbert Austin’s team applied the key lessons from Ford’s Model T – creating a simple, modestly powered car with just enough features for mass appeal while incorporating clever design elements that earned the respect of car enthusiasts.

    When the Austin 7 was unveiled in July 1922, it was priced at just £165, when an Austin 20 was between £600 and £700. At a time when the average British worker earned around £5 per week, the only real affordable car had been Ford’s basic and utilitarian Model T at around £250.

    The 7’s ingenious design was the key to its success. With a shared base frame for the car, it could be a four-seater family car, a stylish coupe, or even a racing car.

    This cheap, tiny car not only was a legend in its own right and familiar around the world, but it influenced other legends too.

    Colin Chapman, the founder of Lotus Cars, based his first Lotus 1 on the Austin 7. What is less known is that German car manufacturer BMW built Austin 7s under licence in the 1920s and 30s but called them “Dixis”. Nissan did the same in Japan in the pre-war period. Such licensing deals helped set up both manufacturers’ future success as the powerhouses they are today.

    Austin 7s were produced all over Europe, Asia and even in Australia. The 7 was also produced in the US as the “American Bantam” and its design contributed to the “Willy’s Jeep”, one of the US’s most famous vehicles.

    Ultimately, the beginning of the second world war marked the end of Austin 7 production as the Austin factory at Longbridge, near Birmingham, needed to be repurposed to produce munitions. When the war ended, tastes for vehicles had changed and factories started to produce more modern designs, and not those from the 1920s, marking the end of a British automotive icon in 1939.

    Now it’s back, thanks to the engineer John Stubbs who bought the Austin brand after noticing the brand and trademarks were available. The rights to these had been owned by the Nanjing Automobile Group, which bought MG Rover when it collapsed in 2005. However, Nanjing had let these lapse and Stubbs bought them for £170 in 2015.

    The new Essex-based Austin Motor Company aims to recreate this classic brand, tugging at the heartstrings of those looking nostalgically at Britain’s automotive heyday. The announcement featured images of fun, cheap (£31,000) and light cars driving around the B-roads of Britain, or perhaps being taken to a racetrack for an amateur competition, harking back to earlier days. However, this car is thoroughly modern, featuring an electric motor.

    The new Austin Arrow is not meant to be the usable “everyman” car the original 7 was. For starters, to be compliant with quadricycle (a micro car with less than 6kW of power and an unladen mass no more than 425 kg) legislation it is limited to 60mph as a top speed and the range will be a maximum of 100 miles on one charge.

    However, as that fun, racy, open-top car that it’s predecessors were, it very much captures the spirit of the original Austin 7 Arrow.

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

    – ref. The Austin 7 is back – a short history of the iconic British car that changed the automotive industry – https://theconversation.com/the-austin-7-is-back-a-short-history-of-the-iconic-british-car-that-changed-the-automotive-industry-248712

    MIL OSI – Global Reports –

  • MIL-OSI Global: Leonardo da Vinci’s incredible studies of human anatomy still don’t get the recognition they deserve

    Source: The Conversation – UK – By Michael Carroll, Reader / Associate Professor in Reproductive Science, Manchester Metropolitan University

    Wikimedia, CC BY-SA

    The mere mention of Leonardo da Vinci evokes genius. We know him as a polymath whose interests spanned astronomy, geology, hydrology, engineering and physics. As a painter, his Mona Lisa and Last Supper are considered works of mastery.

    Yet one great achievement that frequently goes unrecognised is his studies of human anatomy. More than 500 years after his death, it’s time this changed.

    Leonardo is thought to have been born on April 15 1452 in Anchiano, a small hamlet near the town of Vinci, close to Florence. His mother was a 16-year-old peasant girl called Caterina di Meo Lippi, and his father was Ser Piero da Vinci, a 26-year-old notary.

    Being illegitimate, the young Leonardo was only permitted an elementary education in reading, writing and arithmetic. He was also barred from becoming a notary, but this worked out to his advantage. Instead of being constrained by life as an officiate, he was free to be creative and explore the world of nature, satisfying his insatiable appetite for knowledge.

    The human anatomy became one of his great interests. This was seeded during his time as an apprentice in Andrea del Verrocchio’s bottega (studio) in Florence, where studying the human form was crucial for achieving realistic depictions.

    Creating detailed anatomical drawings required precise sketching skills and the ability to accurately depict the structures being studied. As Leonardo’s fascination grew, he would delve deeper into anatomy as a discipline.

    Pioneers

    This traces back to the 2nd-century Greek physician Galen of Pergamum, whose anatomical descriptions were mostly based on insights he had gained through dissecting animals and studying wounded gladiators. However, he did no human dissections – they were illegal during his time – and many of his extrapolations from animal to human anatomy were wrong.

    Galen dissecting a monkey, Veloso Salgado (1906).
    wikimedia

    It wasn’t until the 14th century that anatomy and medical science advanced thanks to the start of systematic human cadaver dissections. The physician Mondino de Liuzzi, who practised the first public dissections of human cadavers at the University of Bologna, published the first modern anatomical text, Anathomia Corporis Humani, in 1316.

    The text was mostly descriptive in nature, like that of Galen, lacking drawings to illustrate anatomy. Subsequent texts on the subject during the 14th and early 15th centuries did contain drawings, but these were basic and unrealistic.

    Leonardo advanced this discipline through his remarkable observational skills, knowledge of perspective and, most notably, his outstanding drawing abilities. His anatomical sketches were unlike anything seen before. For example, his sketches of the muscles of the arms and human skull are comparable to illustrations in today’s medical anatomy texts.

    Sketches of human muscles, 1515.
    Italian Renaissance Art, CC BY-SA

    According to Leonardo’s biographer, Giorgio Vasari, the artist “was one of the first who, with Galen’s teachings, began to bring honour to medical studies and to shed real light upon anatomy, which had until that time been shrouded in the deepest shadows of ignorance”.

    Leonardo was the first to depict a detailed study of the human spine, showing its natural curvature and correctly numbered vertebrae. He drew and described nearly all the bones and muscles of the body in beautiful detail, as well as investigating their biomechanics.

    His studies on the heart combined both experimentation and observation. Using an ox’s heart to understand blood flow though the aortic valves, Leonardo poured molten wax into the surrounding cavities to make a wax cast, from which a glass model of the heart was made. He then pumped water mixed with grass seeds through this model to visualise the flow pattern. From this experiment, he concluded that the vortex-like flow of blood through the aortic valves was responsible for closing them during each heartbeat.

    Sketches of the heart, c1507.
    MAG, CC BY-SA

    Over 450 years later, in 1968, scientists used dyes and radiography methods to observe this blood flow and prove that Leonardo was correct. A study in 2014 using MRI (magnetic resonance imaging) also demonstrated that he had provided a strikingly precise depiction of these vortex-like flows.

    Shortcomings

    Leonardo may have dissected around 30 human corpses during his lifetime. Most took place at the Santa Maria Nuova hospital in Florence, and later at the Santo Spirito hospital in Rome. The fact he didn’t have more human cadavers to study probably helps to explain why he also got things wrong.

    In addition, Leonardo was very influenced by Galen, through his readings of both Mondino de Liuzzi and the Persian writer Avicenna (c980-1037), while also dissecting animals such as dogs, cattle and horses to fill in human anatomical gaps.

    This approach is evident in his study of the male and female reproductive system, as I found when carrying out a detailed review of his work in this area. Misconceptions included the presence of three channels in the penis for semen, urine and “animal spirit”. The prostate gland is also missing in all his sketches of the male reproductive system. Meanwhile, he made the uterus spherical (derived from cow dissections), and similarly misrepresented the fallopian tubes and ovaries.

    Even then, Leonardo still got a lot right. He correctly depicts the position of the foetus in the uterus, and the umbilical cord anatomy. He also correctly argued that penile erections were caused by blood engorgement and not by air or “vital spirits” flowing into the penis, as suggested by Galen.

    Sketch of baby in the womb, c1510-1513.
    Wikimedia, CC BY-SA

    Where he got things wrong, Leonardo’s shifting focus may also have played a part. His restlessness, disorganised notes and unfinished work suggest ADHD (attention deficit hyperactivity disorder). Equally, this may also explain his boundless curiosity and incredible creativity.

    Despite his shortcomings, Leonardo’s anatomical studies were centuries ahead of their time, rivalling modern standards. His work in this area might have been more appreciated had he published it in a book: he had planned one, and is said to have been collaborating with the Renaissance physician and professor, Marc’Antonio della Torre.

    Unfortunately, this was cut short with Marc’Antonio’s death in 1511. Leonardo died in 1519 at the age of 67, and while his gifts to the world have received endless attention, his important contributions to anatomy remain overshadowed, and deserve greater recognition.

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

    – ref. Leonardo da Vinci’s incredible studies of human anatomy still don’t get the recognition they deserve – https://theconversation.com/leonardo-da-vincis-incredible-studies-of-human-anatomy-still-dont-get-the-recognition-they-deserve-248708

    MIL OSI – Global Reports –

  • MIL-OSI Global: DeepSeek claims to have cured AI’s environmental headache. The Jevons paradox suggests it might make things worse

    Source: The Conversation – UK – By Peter Howson, Assistant Professor in International Development, Northumbria University, Newcastle

    William Stanley Jevons also invented an early computer. University of Manchester Libraries / wiki, CC BY-SA

    AI burns through a lot of resources. And thanks to a paradox first identified way back in the 1860s, even a more energy-efficient AI is likely to simply mean more energy is used in the long run.

    For most users, “large language models” such as OpenAI’s ChatGPT work like intuitive search engines. But unlike regular web-searches that find and retrieve data from anywhere along a global network of servers, AI models return data they’ve generated from scratch. Like powering up a nuclear reactor to use a calculator, this tailored process is very inefficient.

    One study suggests the AI industry will be consuming somewhere between 85 and 134 terrawatt-hours (TWh) of electricity by 2027. That’s a similar amount of energy as the Netherlands consumes each year. One prominent researcher predicts that by 2030, over 20% of all electricity produced in the US will be feeding AI data centres (huge warehouses filled with computers).

    Big tech firms have always claimed to be heavy investors in wind and solar energy. But AI’s appetite for 24/7 power means most are developing their own nuclear options. Microsoft even plans to revive the infamous Three Mile Island power plant, scene of America’s worst ever civil nuclear accident.

    Despite Google’s ambitious target of being carbon neutral by 2030, the company’s AI developments mean its emissions have climbed 48% in the past few years. And the computing power needed to train these models increases tenfold each year.

    However, Chinese start-up DeepSeek claims to have created a fix: a model that matches the performance of established US rivals like OpenAI, but at a fraction of the cost and carbon footprint.

    An environmental game changer?

    DeepSeek has created a powerful open-source, relatively energy-lite model. The company claims it spent just US$6 million renting the hardware needed to train its new R1 model, compared with over $60 million for Meta’s Llama, which used 11 times the computing resources.

    DeepSeek uses a “mixture-of-experts” architecture, a machine-learning method that allows the model to scale up and down depending on the complexity of prompts. The company claims its model can also store more data and be trained without the need for huge amounts of expensive processor chips.

    Compared with its US rivals, DeepSeek promises to do more with less.
    Chitaika / shutterstock

    In reaction, US chip manufacturing and energy stocks plummeted following investor concerns that AI companies would rethink their energy-intensive data centre developments. As the world’s largest supplier of specialist AI processors, Nvidia saw its share price fall by US$589 billion, the biggest one-day loss in Wall Street history.

    Paradoxically, as well as upsetting the performance of US tech stocks, improving the energy efficiency of AI platforms could actually worsen the industry’s environmental performance as a whole.

    With tech stocks crashing, Microsoft CEO Satya Nadella tried to bring a longer-term perspective: “Jevons paradox strikes again!” he posted on X. “As AI gets more efficient and accessible, we will see its use skyrocket, turning it into a commodity we just can’t get enough of.”

    The Jevons paradox

    The idea that energy efficiency isn’t always a good thing for Earth’s resources has been around for well over a century. In 1865, a young Englishman named William Stanley Jevons wrote “The Coal Question”, a book in which he suggested that Britain’s place as an industrial superpower might soon come to an end, due to its rapidly depleting coal reserves.

    But to Jevons, frugality was not the solution. He argued: “It is wholly a confusion of ideas to suppose that the economical use of fuel is equivalent to a diminished consumption. The very contrary is the truth.”

    According to Jevons, any increase in resource efficiency generates an increase in long-term resource consumption, rather than a decrease. Because greater energy efficiency has the effect of reducing energy’s implicit price, it increases the rate of return – and demand.

    Jevons offered the example of the British iron industry. If technological advancements helped a blast furnace produce iron with less coal, profits would rise and new investment in iron production would be attracted. At the same time, falling prices would stimulate additional demand. He concluded: “The greater number of furnaces will more than make up for the diminished [coal] consumption of each.”

    More recently, the economist William Nordhaus applied this idea to the efficiency of lighting since the dawn of human civilisation. In a paper published in 1998, he concluded that in ancient Babylon, the average labourer might need to work more than 40 hours to purchase enough fuel to produce the equivalent amount of light emitted by a modern lightbulb for one hour. But by 1992, an average American would need to work for less than half a second to produce the same.

    Throughout time, efficiency gains haven’t reduced the energy we expend on lighting or shrunk our energy consumption. On the contrary, we now generate so much electric light that areas without it have become tourist attractions.

    Warming and lighting our homes efficiently, driving our cars, mining Bitcoin and, indeed, building AI models are all subject to the same so-called rebound effects identified in the Jevons paradox. And this is why it will be impossible to ensure a more efficient AI industry actually leads to an overall reduction in energy use.

    A Sputnik moment

    In the 1950s, the US was horrified when the Soviets launched Sputnik, the first space satellite. The emergence of a more efficient rival caused America to allocate more resources to the space race, not less.

    DeepSeek is Silicon Valley’s Sputnik moment. More efficient AI will probably mean more distributed and powerful models, in an arms race that is no longer made up only of US tech giants. AI offers superpower status, and the floodgates may now be fully open for the UK and other global competitors, as well as China.

    What’s for certain is that in the long term, the AI industry’s appetite for energy and other resources is only going to increase.

    Peter Howson has received research funding from the British Academy.

    – ref. DeepSeek claims to have cured AI’s environmental headache. The Jevons paradox suggests it might make things worse – https://theconversation.com/deepseek-claims-to-have-cured-ais-environmental-headache-the-jevons-paradox-suggests-it-might-make-things-worse-248720

    MIL OSI – Global Reports –

  • MIL-OSI Global: Can aching joints really predict the weather? Exploring the science behind the stormy debate

    Source: The Conversation – UK – By Michelle Spear, Professor of Anatomy, University of Bristol

    For centuries, people have claimed that their aching joints can predict changes in the weather, often reporting increased discomfort before rain or cold fronts. Given the scale and duration, there is a sense of legitimacy to these anecdotes – but this phenomenon remains scientifically contentious.

    From shifts in barometric pressure to temperature fluctuations, many theories attempt to explain how environmental factors might influence joint pain. But is there an anatomical basis for this claim, or is it simply an enduring weather-related myth? Are our joints any more reliable than the Met Office?

    At the heart of this debate lies barometric pressure, also known as atmospheric pressure – the force exerted by air molecules in the Earth’s atmosphere. While invisible, air has mass, and the “weight” pressing down on us fluctuates with altitude and weather systems.

    Higher barometric pressure often signals fair-weather conditions with clear skies and calm winds, whereas lower pressure typically precedes unsettled weather, such as cloudy skies, precipitation and humidity.

    Moveable joints are intricate structures cushioned by synovial fluid, the viscous liquid that lubricates joints, and encased in capsules rich in nerve endings. In healthy joints, these components should allow smooth, pain-free movement. However, when joints are compromised by cartilage damage (as in osteoarthritis) or inflammation (as in rheumatoid arthritis), even subtle changes in the environment may be acutely felt.

    One leading hypothesis suggests that changes in barometric pressure may directly influence joint discomfort. When atmospheric pressure drops ahead of storms, it can allow inflamed tissues within joints to expand slightly, increasing stress on surrounding nerves and amplifying pain. Conversely, rapid increases in pressure, characteristic of fair-weather systems, may compress already sensitive tissues, leading to discomfort in some people.

    Scientific studies offer some support for these claims, though results remain mixed. For instance, a 2007 study published in the American Journal of Medicine found a slight but significant correlation between dropping barometric pressure and increased knee pain in osteoarthritis patients. However, this pattern is not universally observed across all joint conditions.

    A 2011 systematic review in Arthritis Research & Therapy examined the relationship between weather and pain in rheumatoid arthritis patients. It revealed highly variable responses: while some people reported increased pain under low-pressure conditions, others noted no change. A few even experienced discomfort during high-pressure fronts.

    More recently, a [2019 citizen-science project] called Cloudy with a chance of pain used app-based pain tracking to explore this connection. The study found a modest association between falling pressure and heightened joint pain, but it also highlighted substantial individual differences in how people perceive weather-related pain.

    These findings suggest that while changes in barometric pressure may influence joint pain for some, responses are far from uniform and depend on a complex interplay of factors, including the individual’s underlying joint condition and overall pain sensitivity.

    Why responses differ

    Barometric pressure rarely acts in isolation. Fluctuations in temperature and humidity often accompany pressure changes, complicating the picture.

    Cold weather can have a pronounced effect on joints, particularly in people with existing joint conditions. Low temperatures cause muscles to contract and become stiffer, which can lead to reduced flexibility and a greater risk of strain or discomfort.

    Ligaments, which connect bones to one another, and tendons, which anchor muscles to bones, may also lose some of their elasticity in colder conditions. This decreased pliability can make joint movement feel more restricted and exacerbate pain in conditions like arthritis.

    Cold weather can also cause blood vessels to narrow — particularly in the extremities, as the body prioritises maintaining core temperature. This reduced blood flow can deprive affected areas of essential oxygen and nutrients, slowing the removal of metabolic waste products like lactic acid, which may accumulate in tissues and exacerbate inflammation and discomfort.

    For people with inflammatory conditions, the reduced circulation can aggravate swelling and stiffness, especially in small joints like those in the fingers and toes.

    Cold also slows the activity of synovial fluid. In lower temperatures, the fluid becomes less effective at reducing friction, which can heighten joint stiffness and make motion more painful, particularly for people with degenerative conditions such as osteoarthritis.

    Sudden temperature changes may also play a role. Rapid shifts can challenge the body’s ability to adapt, which might worsen pain in people with chronic conditions. Similarly, high humidity can intensify sensations of heat or dampness in already inflamed areas, further complicating the experience of pain.

    However, isolating a single variable – whether humidity, temperature or pressure –proves difficult because of the interplay of overlapping factors.

    Responses to weather also depend on individual factors, including the extent of joint damage, overall pain sensitivity and psychological expectations. This variability makes it difficult to link a single meteorological factor to a biological response.

    Still, the evidence suggests that people with joint conditions tend to be more attuned to environmental changes, particularly pressure fluctuations.

    While the relationship between weather and joint pain remains an imperfect science, the collective evidence indicates that there may be some truth to the age-old belief. For those with chronic joint conditions, shifts in barometric pressure and accompanying weather changes might indeed serve as nature’s warning system – albeit one that’s far from foolproof.

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

    – ref. Can aching joints really predict the weather? Exploring the science behind the stormy debate – https://theconversation.com/can-aching-joints-really-predict-the-weather-exploring-the-science-behind-the-stormy-debate-247728

    MIL OSI – Global Reports –

  • MIL-OSI Global: DeepSeek: what you need to know about the Chinese firm disrupting the AI landscape

    Source: The Conversation – UK – By Stuart Mills, Assistant Professor of Economics, University of Leeds

    Before January 27 2025, it’s fair to say that Chinese tech company DeepSeek was flying under the radar. And then it came dramatically into view.

    Suddenly, everyone was talking about it – not least the shareholders and executives at US tech firms like Nvidia, Microsoft and Google, which all saw their company values tumble thanks to the success of this AI startup research lab.

    Founded by a successful Chinese hedge fund manager, the lab has taken a different approach to artificial intelligence. One of the major differences is cost.

    The development costs for Open AI’s ChatGPT-4 were said to be in excess of US$100 million (£81 million). DeepSeek’s R1 model – which is used to generate content, solve logic problems and create computer code – was reportedly made using much fewer, less powerful computer chips than the likes of GPT-4, resulting in costs claimed (but unverified) to be as low as US$6 million.

    This has both financial and geopolitical effects. China is subject to US sanctions on importing the most advanced computer chips. But the fact that a Chinese startup has been able to build such an advanced model raises questions about the effectiveness of these sanctions, and whether Chinese innovators can work around them.

    The timing of DeepSeek’s new release on January 20, as Donald Trump was being sworn in as president, signalled a challenge to US dominance in AI. Trump responded by describing the moment as a “wake-up call”.

    From a financial point of view, the most noticeable effect may be on consumers. Unlike rivals such as OpenAI, which recently began charging US$200 per month for access to their premium models, DeepSeek’s comparable tools are currently free. They are also “open source”, allowing anyone to poke around in the code and reconfigure things as they wish.

    Low costs of development and efficient use of hardware seem to have afforded DeepSeek this cost advantage, and have already forced some Chinese rivals to lower their prices. Consumers should anticipate lower costs from other AI services too.

    Artificial investment

    Longer term – which, in the AI industry, can still be remarkably soon – the success of DeepSeek could have a big impact on AI investment.

    This is because so far, almost all of the big AI companies – OpenAI, Meta, Google – have been struggling to commercialise their models and be profitable.

    Until now, this was not necessarily a problem. Companies like Twitter and Uber went years without making profits, prioritising a commanding market share (lots of users) instead.

    And companies like OpenAI have been doing the same. In exchange for continuous investment from hedge funds and other organisations, they promise to build even more powerful models.

    These models, the business pitch probably goes, will massively boost productivity and then profitability for businesses, which will end up happy to pay for AI products. In the mean time, all the tech companies need to do is collect more data, buy more powerful chips (and more of them), and develop their models for longer.

    But this costs a lot of money.

    Nvidia’s Blackwell chip – the world’s most powerful AI chip to date – costs around US$40,000 per unit, and AI companies often need tens of thousands of them. But up to now, AI companies haven’t really struggled to attract the necessary investment, even if the sums are huge.

    DeepSeek might change all this.

    By demonstrating that innovations with existing (and perhaps less advanced) hardware can achieve similar performance, it has given a warning that throwing money at AI is not guaranteed to pay off.

    For example, prior to January 20, it may have been assumed that the most advanced AI models require massive data centres and other infrastructure. This meant the likes of Google, Microsoft and OpenAI would face limited competition because of the high barriers (the vast expense) to enter this industry.

    Money worries

    But if those barriers to entry are much lower than everyone thinks – as DeepSeek’s success suggests – then many massive AI investments suddenly look a lot riskier. Hence the abrupt effect on big tech share prices.

    Shares in chipmaker Nvidia fell by around 17% and ASML, which creates the machines needed to manufacture advanced chips, also saw its share price fall. (While there has been a slight bounceback in Nvidia’s stock price, it appears to have settled below its previous highs, reflecting a new market reality.)

    Nvidia and ASML are “pick-and-shovel” companies that make the tools necessary to create a product, rather than the product itself. (The term comes from the idea that in a goldrush, the only person guaranteed to make money is the one selling the picks and shovels.)

    The “shovels” they sell are chips and chip-making equipment. The fall in their share prices came from the sense that if DeepSeek’s much cheaper approach works, the billions of dollars of future sales that investors have priced into these companies may not materialise.

    ‘When we find some gold we can invest in AI.’
    Everett Collection/Shutterstock

    For the likes of Microsoft, Google and Meta (OpenAI is not publicly traded), the cost of building advanced AI may now have fallen, meaning these firms will have to spend less to remain competitive. That, for them, could be a good thing.

    But there is now doubt as to whether these companies can successfully monetise their AI programmes.

    US stocks make up a historically large percentage of global investment right now, and technology companies make up a historically large percentage of the value of the US stock market. Losses in this industry might force investors to sell off other investments to cover their losses in tech, leading to a whole-market downturn.

    And it shouldn’t have come as a surprise. In 2023, a leaked Google memo warned that the AI industry was exposed to outsider disruption. The memo argued that AI companies “had no moat” – no protection – against rival models. DeepSeek’s success may be the proof that this is true.

    Richard Whittle receives funding from the ESRC, Research England and was the recipient of a CAPE Fellowship.

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

    – ref. DeepSeek: what you need to know about the Chinese firm disrupting the AI landscape – https://theconversation.com/deepseek-what-you-need-to-know-about-the-chinese-firm-disrupting-the-ai-landscape-248621

    MIL OSI – Global Reports –

  • MIL-OSI Global: Exploring bacopa: the science behind the latest brain health trend

    Source: The Conversation – UK – By James Goodwin, Professor in the Physiology of Ageing, Loughborough University

    Koldunov/Shutterstock

    As I’ve grown older and experienced the vagaries of my ageing memory, I’ve often reflected on the possibility of a miracle cure that would rejuvenate it. As if in answer to my wishful thinking, not one but several reports recently appeared simultaneously in the scientific news, highlighting a trending solution of which I was blissfully unaware.

    A welter of articles – The Times of India, MSN, New York Post and others – spoke of an Indian herb called bacopa, or to give it its full botanical name, Bacopa monnieri, an aquatic flower. This wave of publicity resulted in a massive spike in interest: 2,000 monthly searches on Google and a weekly average of 13,000 views on TikTok.

    The reason for its global popularity? A new study which concluded that ingesting bacopa brought significant improvements in both memory and cognition skills (concentration, alertness, reasoning and mental flexibility).

    All types of memory were improved – short-term memory (verbal and spatial), working memory and episodic memory (memory of everyday events).

    The researchers also reported other brain health-related benefits. Anxiety and cortisol levels in the blood were significantly reduced, and sleep quality and serum BDNF were increased by taking a bacopa supplement (BDNF is a naturally produced protein in the brain that stimulates the production of new brain cells in every decade of our life). If I had wanted a miracle, perhaps I had found it.

    But one swallow doesn’t make a summer. And neither should a single study set a law in stone.

    So, curious as to the weight of evidence, I delved deeper. My search led me to a surprising source – Ayurvedic medicine.

    Over many thousands of years, this traditional Indian medical system has expounded the benefits of bacopa. Bacopa is a medhya rasayana, meaning a class of herbs believed to improve mental health, memory and intellect, and promote rejuvenation and longevity.

    It would be true to say that millions of people over the centuries have relied on this supplement for health and mental health benefits. However, history and tradition teach us many things, but not all of them are true. And, therefore, I asked myself: what of the scientific evidence?

    One of the earliest papers on the effects of taking bacopa was in 2008. And though, over the years, it stimulated several more studies favourable to the use of bacopa, the picture of its effectiveness is mixed.

    It’s true to say that most of the papers – many of them using the gold standard method of a randomised controlled trial – find that bacopa is positive for improved memory and reduced anxiety. And there is a biological explanation.

    Bacopa extract contains many potent substances called “bacosides” that have, among other effects, antioxidant, anti-inflammatory and anxiolytic (anxiety-reducing) properties. But by no means do all studies show that bacopa improves memory and anxiety. In fact, in 2021 a review of bacopa research stated that there are only limited studies (six to date) to establish the memory-enhancing and brain-protecting effects of bacopa.

    Safety

    Then I asked myself, is it safe? I turned to the US Food and Drug Administration (FDA). If there is an issue with safety and side-effects, the FDA would know.

    The FDA has not approved bacopa as a drug and therefore has not made any statements as to its safety or efficacy. However, the way in which a supplement is marketed can lead to the FDA categorising it as a drug. For example, in 2024, a US company selling veterinary products was censured because their marketing of one of them intended it to be used in the cure of chronic seizures and epilepsy in dogs.

    The FDA can investigate, censor or fine – without limit – any company which says that its supplement acts like a drug by implying it can be used to prevent, mitigate, treat or cure any illness.

    There is a very fine line here. For example, marketing such as, “the control of blood pressure” may lead to a US federal investigation. A company in Houston, Texas, making medical claims for bacopa was given 15 days in a warning letter by the FDA to correct their marketing or face sanctions including fines.

    The FDA states: “Dietary supplements are regulated by the FDA as food, not as drugs. However, many dietary supplements contain ingredients that have strong biological effects which may conflict with a medicine you are taking or a medical condition you may have.”

    Such effects are known in bacopa because it inhibits an important brain chemical called acetylcholine and therefore could counteract cholinergic drugs for conditions such as dementia, glaucoma and urinary retention.

    It is generally safe for most people, but is inadvisable where there are thyroid conditions, asthma, COPD, genital problems, stomach ulcers or if pregnant.

    What are we to make of all this? All that glisters is not gold. And the wisdom of the ages is not irrevocable. There may be a frenzy of popularity in the media but that makes bacopa neither effective nor safe.

    The moral here is that before spending your hard-earned money on a promising product that has been seized upon by millions, you should pause, read, research, think and then, based on real evidence, commit – one way or the other. After all, since the days of Newton, science has served us pretty well.

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

    – ref. Exploring bacopa: the science behind the latest brain health trend – https://theconversation.com/exploring-bacopa-the-science-behind-the-latest-brain-health-trend-247154

    MIL OSI – Global Reports –

  • MIL-OSI Global: Marianne Faithfull: the singer with an inimitable voice was a Romantic poet at heart

    Source: The Conversation – UK – By Stephanie Hernandez, PhD Candidate, Literature and Music, University of Liverpool

    Marianne Faithfull, the London-born singer with an inimitable voice, has passed away at the age of 78. She was known for many things: she was a pop star, an actress and a muse. But she was probably best known for her voice.

    When she first entered the world of pop in 1964, her high-pitched tones rang with mellifluous vibrato. As she grew older and lived an increasingly excessive lifestyle, she developed a rasp – a quality borne of her unique experiences.

    Faithfull’s final musical releases were works that incorporated Romantic poetry in different ways. She Walks in Beauty (2021) is a spoken-word album of canonical Romantic poetry by the likes of Lord Byron, Percy Shelley and John Keats. Songs of Innocence and Experience 1965-1995 (2022) is a chronological retrospective of her career which uses the name of William Blake’s poetry collection (1789) as its title.

    As a PhD student focused on the legacy of Romanticism in 1960s and 1970s popular music, I’ve closely examined Faithfull’s engagement with Romantic literature throughout her career. These final two albums represent a beautiful culmination of her artistic journey, and are a testament to her unique voice and strong poetic influences.

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    Songs of Innocence and Experience 1965-1995, like Blake’s poetry collection, is broken up into the sections Innocence and Experience.

    The Innocence portion of the album covers Faithfull’s youth, featuring early hits such as This Little Bird. Her early sound incorporated baroque pop instrumentation, including harps, harpsichord and horn arrangements (Come and Stay with Me), as well as folk styles with the acoustic guitar at the centre of the sound (Cockleshells).

    Faithfull’s voice in this section portrays her as an “innocent” girl in pop stardom, as its high pitch and pure tone embody a sense of naivete that is also reflected in her lyrics about young love, such as in Come and Stay With Me:

    We’ll live a life no one has ever known
    But I know you’re thinking that I’m hardly grown
    But oh thank God, at last and finally
    I can see you’re gonna stay with me

    There is a noticeable shift in the Innocence section of the album with the song Sister Morphine. As the song was made in collaboration with her then-boyfriend, Mick Jagger, it features a noticeably more rock sound in contrast to her previous pop productions. You can also hear subtle changes in Faithfull’s voice: it cracks and sounds strained in places.

    The song’s lyrics (“Please, Sister Morphine, turn my nightmares into dreams”) reflect the darker side of the mythologised “swinging sixties” lifestyle and its drug culture, which Faithfull has come to symbolise.

    Blake’s Songs of Innocence features a piper as the presiding narrator over the poems. In contrast, Songs of Experience is meant to be heard through the voice of an ancient bard, as established in Introduction to the Songs of Experience:

    Hear the voice of the Bard!
    Who Present, Past, & Future sees
    Whose ears have heard,
    The Holy Word
    That walk’d among the ancient trees.

    The Experience section of Faithfull’s album features music from Broken English (1979) and her re-recording of As Tears Go By, from Strange Weather (1987). The songs in this portion of the album exhibit her completely transformed voice: from piper to bard, it is deeper, raw and more weathered as a result of her struggles with addiction and bouts of illness. This brought a distinct edge to her music, marking a new phase in her career.

    Beyond the qualities of her voice, Faithfull’s song selection reflects Blake’s notions of Experience. Strange Weather (“Will you take me across the Channel / London Bridge is falling down”) aligns with Blake’s London geographically and thematically, as both explore entrapment and decay. Faithfull’s depiction of societal monotony, as in “Strangers talk only about the weather / All over the world / It’s the same …” echo Blake’s “charter’d street(s)” and “mind-forg’d manacles”.

    Faithfull’s connection to Romantic poetry is most overt in She Walks in Beauty, which she made with Warren Ellis (Australian composer and member of Nick Cave and the Bad Seeds). In this album, she recites Romantic poetry set to Ellis’s music.

    The poems she selected to recite are all by male poets and many feature voiceless female subjects, such as Byron’s She Walks in Beauty or Thomas Hood’s The Bridge of Sighs. On the album’s liner notes, Faithfull described how she related with these women, particularly Alfred, Lord Tennyson’s Lady of Shalott.

    The Lady of Shalott is a woman cursed to live alone in a tower near Camelot – unable to look directly at the world, forced to weave what she sees in the mirror. Faithfull uses the Lady to reflect on the pressure she felt to conform to the expectations imposed on her by the press and music industry. There is a parallel between the Lady’s forced isolation and her struggles with being controlled and defined by external forces, as she explained:

    Do I identify with the Lady? Oh yeah, always. I’m nothing like the Lady of Shalott, but I guess I wanted to be … When Mick Jagger wrote the lyrics for As Tears Go By, he knew this poem. There’s a bit he always said he used from here, the thing about ‘it was the closing of the day’.

    In the liner notes, Faithfull also mentioned that her love of poetry was thanks to her English teacher at St Joseph’s Convent in Reading, Mrs Simpson, and to Palgrave’s Golden Treasury, an anthology of English poetry, which she had bought as a teenager.

    Faithfull’s lifelong interest in literature came to fruition in her two final projects. They exemplify how she was a pop star, muse and chanteuse – and also a Romantic.

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

    – ref. Marianne Faithfull: the singer with an inimitable voice was a Romantic poet at heart – https://theconversation.com/marianne-faithfull-the-singer-with-an-inimitable-voice-was-a-romantic-poet-at-heart-248805

    MIL OSI – Global Reports –

  • MIL-OSI USA: What They Are Saying: Gov. Kemp Unveils Plan to Tackle Tort Reform and Stabilize Insurance Costs for Hardworking Georgians

    Source: US State of Georgia

    ATLANTA, GA – In front of what AJC Political Reporter Greg Bluestein described as “one of the most crowded press conferences I’ve seen in years at the Gold Dome,” Governor Brian Kemp laid out his plan to level the playing field in our courtrooms, ban hostile foreign powers from taking advantage of consumers and legal proceedings, stabilize insurance costs for businesses and consumers, increase transparency and fairness, and ensure Georgia continues to be the best place to live, work, and raise a family.

    The announcement has since received praise from, leaders and members of the Georgia General Assembly, doctors, industry partners, and other stakeholders.

    Read more of what they are saying:

    Lieutenant Governor Burt Jones

    “My position on this important issue has always been the same. If we want to continue to be the #I state in which to do business, we must foster a business-friendly climate. We have to work together to ensure that we put families and consumers first by tackling the hidden costs we all pay thanks to Georgia’s current tort laws. I look forward to working with those in the General Assembly to move these bills through the legislative process.”

    Senator John F. Kennedy

    “Georgia’s current legal environment raises prices and undermines the ability of job creators to start and grow their business.

    @GovKemp’s tort reform legislation will level the playing field in our courts and stabilize costs for families and consumers. I look forward to working alongside my colleagues to get this meaningful tort reform across the finish line.”

    House Speaker Pro Tempore Jan Jones

    “…@GovKemp announced plans for lawsuit reform that will reduce insurance costs, helping business owners keep the lights on, while preserving citizens’ rights to legal relief. I look forward to discussing these issues and enabling Georgia to stay competitive.”

    Georgia House Republican Caucus

    “The Georgia House stands ready to support @GovKemp’s efforts this session to bring meaningful judicial reform to our state and ease burdens on our state’s job creators!”

    Caylee Noggle – President, Georgia Hospital Association

    “Georgia Hospital Association members and their physicians applauded our elected leaders, including Office of Governor Brian P. Kemp , Lieutenant Governor Burt Jones , and Speaker Jon Burns, today in support of common sense, fair tort reforms that will rebalance the system and protect access to healthcare, improve patient safety and outcomes, and preserve our workforce.”

    Chris Clark – President/CEO, Georgia Chamber of Commerce

    “…Georgia took an important step forward to curb lawsuit abuse, to protect families, small business and our economic competitiveness. The Georgia Chamber of Commerce and our 50,000 members and their millions of hard working Georgians team members will work day and night for bipartisan legislation that ensures our legal system is focused on justice and not jackpots!”

    Katie Kirkpatrick – President & CEO, Metro Atlanta Chamber

    “MAC supports Governor Kemp for his strong commitment to enacting meaningful tort reform. As a top legislative priority for the Metro Atlanta Chamber, we know the critical importance of this effort to address key challenges faced by businesses and healthcare providers. Governor Kemp’s proposed legislative package aims to bring balance to legal proceedings and create parity with neighboring states.”

    Marsha Poorak – CEO, Southern Electric Company, LLC

    “Businesses in our state showed up strong this morning to support Governor Kemp’s tort reform efforts!  It was incredible standing on the steps behind him with medical professionals, construction workers, convenience store owners, and many more… The turnout demonstrated what we already know: tort reform is desperately needed by almost every industry in our state.”

    Georgia Child Care Association

    “Child care centers across Georgia are facing skyrocketing insurance premiums—some increasing over 20% annually. These rising costs make it harder for centers to stay open and affordable for families.

    The Georgia Child Care Association (GCCA) supports civil justice reforms to address the financial strain caused by excessive lawsuits and large settlements. Our goal is to strike a balance that ensures fair outcomes while reducing unnecessary financial burdens on child care providers.”

    Georgia Restaurant Association

    “We’re standing with Governor Kemp for Legal Reform! 💪

    GRA members proudly supported Governor Brian Kemp as he unveiled a new legislative package for comprehensive tort reform. This bill will protect both business owners and consumers from frivolous lawsuits, ensuring a more fair legal system. We look forward to to collaborating with the governor to advance this critical legislation!”

    Georgia Health Care Association/Georgia Center for Assisted Living

    “We commend Gov. Kemp for prioritizing these important reform efforts, which will promote accountability and help ensure resources are directed where they are most needed – toward providing high-quality care for residents and patients.”

    Georgia Association of Manufacturers 

    “As the only Association in the state focused solely on manufacturers, GAM strongly supports Governor Kemp’s tort reform initiative.”

    Georgia Motor Trucking Association

    “The time for change in Georgia is now. We are proud to stand in support of @GovKemp’s tort reform bill and fight for ALL Georgians.”

    Georgia Retailers

    “Thank you @GovKemp for your leadership! Your proposed reforms will protect responsible retailers and restore fairness and common sense. We are proud to stand with you!”

    Georgia REALTORS

    “GAR leadership and our advocacy staff joined Governor Kemp’s press conference supporting his tort reform legislative package, which aims to address Georgia’s challenging legal environment. GAR will continue working alongside state leadership to advance meaningful tort reform that promotes a fair legal system and economic growth across our state.”

    Georgia Senior Living Association

    “The Georgia Senior Living Association is grateful to Governor Brian Kemp, Lt. Governor Burt Jones, Speaker John Burns, and Insurance Commissioner John King for their support of the people and businesses in Georgia. Now is the time for GSLA action…”

    The Georgia Hotel & Lodging Association (GHLA)

    “The Georgia Hotel & Lodging Association (GHLA) and the hotel industry across our state fully support Governor Brian Kemp’s initiatives to bring much-needed litigation and insurance reforms to Georgia. Unchecked jury verdicts, soaring insurance premiums, and limited access to adequate coverage are placing an unsustainable burden on businesses, driving up operational costs, and jeopardizing the future of our industry. These proposed reforms are critical to restoring fairness and predictability, ensuring that Georgia continues to be a premier destination for both business and tourism”

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Sheikh Rahman: Weeks 2 & 3 of the Legislative Session 

    Source: US State of Georgia

    As we enter the heart of the legislative session, 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.

    We hit the ground running when we returned to the Capitol this past Monday. Some highlights included the Senate Democratic Caucus Press Conference, Alpha Kappa Alpha Sorority Inc. Day and Chamber of Commerce Day. I am always excited to see these events full of Georgians getting involved in our state government.

    As budget hearings for the next fiscal year continue over the remainder of session, 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.

    On Tuesday, the Senate Democratic Caucus announced several key legislative priorities for this session. We introduced Senate Bill 50, a bipartisan effort to close health insurance gaps, expand mental health and maternal care access, 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.

    I am pleased to have worked across the aisle and cosponsored several pieces of bipartisan legislation, including Senate Bill 9, or the “Ensuring Accountability for Illegal AI Activities Act.” Sponsored by Sen. John Albers (R—Roswell), SB 9 would create sentencing penalties for individuals who utilize artificial intelligence to develop obscene materials that could endanger vulnerable members of our population. 

    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.

    # # # #

    Senator Sheikh Rahman represents the 5th Senate District which includes portions of Lawrenceville, Norcross, Duluth, Tucker and Lilburn in Gwinnett County. He may be reached at (404) 463-5261 or by email at sheikh.rahman@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: Combined General Meeting of January 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – January 31, 2025 – The Combined Annual General Meeting of Atos SE shareholders convened to approve the 2023 financial statements was held today at the Company’s registered office, chaired by Philippe Salle, Chairman of the Board of Directors until today and Chairman and Chief Executive Officer as of February 1, 2025.

    Broadcast live on the Atos website, the Annual General Meeting was a key opportunity to inform and exchange views with shareholders, who approved all the resolutions submitted to the vote.

    In particular, the Annual General Meeting approved the statutory and consolidated financial statements for the 2023 financial year.

    Detailed voting results and a replay of the Annual General Meeting will be available on the Atos website (under Investors – Annual General Meeting).

    Changes to the Board of Directors composition

    The Annual General Meeting approved all the ratifications of appointments submitted to it. In particular, the ratification of Philippe Salle’s appointment was approved by 94.18% of the votes cast.

    The shareholders approved the renewal of Sujatha Chandrasekaran’s term of office as Director, and the appointments of Joanna Dziubak and Hildegard Müller as new Directors.

    At the close of the Annual General Meeting, the Board of Directors noted the end of Mandy Metten’s term of office as the second Director representing employees, with the Board reduced to eight members (excluding the Director representing employees), and the expiry of the terms of office of Alain Crozier, Katrina Hopkins, Monika Maurer and Astrid Stange.

    On the recommendation of the Nomination and Governance Committee, the Board of Directors has decided to appoint Mandy Metten as a censor to the Board of Directors, with effect from today, subject to ratification by the next Annual General Meeting.

    The Board again noted the resignation of Jean Pierre Mustier from his duties as Chief Executive Officer and Director of the Company with effect from today. The Board also reiterated its unanimous decision of October 14, 2024 to combine the roles of Chairman and Chief Executive Officer, and to appoint Philippe Salle as Chairman and Chief Executive Officer with effect from February 1, 2025. The Board would like to thank Jean Pierre Mustier, who remarkably steered the Group’s restructuring, for his unfailing commitment and contribution to the Group’s success, as well as for the exemplary transition he implemented with Philippe Salle.

    At the close of the Annual General Meeting and the Board of Directors, the Atos Board of Directors comprised nine Directors, of whom 75% are independent Directors1 and 62.5% are women2, and one censor:

    • Philippe Salle, Chairman and Chief Executive Officer
    • Laurent Collet-Billon*, Vice-Chairman of the Board of Directors
    • Elizabeth Tinkham*, Lead Independent Director
    • Sujatha Chandrasekaran*
    • Joanna Dziubak*
    • Farès Louis, Director representing employees
    • Françoise Mercadal-Delasalles*
    • Jean-Jacques Morin*
    • Hildegard Müller
    • Mandy Metten, censor

    * Independent Directors

    The Board of Directors has also amended its Internal Rules3, in particular to strengthen the duties and resources of the Lead Independent Director, whose appointment is now mandatory when the roles of Chairman and Chief Executive Officer are combined. The matters reserved to the Board of Directors have also been extended.

    Changes to the Board Committees composition

    Taking into account its renewed composition, the Board has restructured its committees, as of today, on the recommendation of the Nomination and Governance Committee:

    • Audit Committee: Jean-Jacques Morin* (Chair); Laurent Collet-Billon*; Joanna Dziubak*; Sujatha Chandrasekaran*
    • Nomination and Governance Committee: Elizabeth Tinkham* (Chair); Sujatha Chandrasekaran*; Farès Louis; Joanna Dziubak*
    • Remuneration Committee: Laurent Collet-Billon* (Chair); Farès Louis; Françoise Mercadal-Delasalles*; Hildegard Müller
    • CSR Committee: Françoise Mercadal-Delasalles* (Chair); Hildegard Müller; Farès Louis

    * Independent Directors

    Philippe Salle, Chairman of the Board of Directors of Atos SE, said: “I am delighted by the confidence expressed by our shareholders. With a more compact and strengthened Board of Directors, we are fully mobilized and focused on deploying the Group’s new strategy. On behalf of the entire Board of Directors, I would like to thank the Directors whose terms of office have ended for their commitment and contribution to Atos during this critical period.”

    ***

    About Atos

    Atos is a global leader in digital transformation with c. 82,000 employees and annual revenue of c. €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea), and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations: David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Individual shareholders: 0805 65 00 75
    Press contact: globalprteam@atos.net

    1 In accordance with article 10.3 of the AFEP-MEDEF Code, the Director representing employees is not taken into account in determining the percentage of independent members.

    2 In accordance with the law, the Director representing employees is not taken into account in determining the parity ratio on the Board of Directors.

    3 Available on the Atos website, under Investors – Corporate Governance.

    Attachment

    The MIL Network –