NewzIntel.com

Category: Business

  • MIL-OSI China: Shawo radish industry fuels rural revitalization in N. China

    Source: China State Council Information Office

    Hao Lihong, general manager of Guli farm, an agricultural supply chain cooperative in north China’s Tianjin Municipality, shows the growth of Shawo radishes in Tianjin, north China, Jan. 3, 2025. (Xinhua/Song Rui)

    Rows of green Shawo radishes are growing well in a technology demonstration base covering an area of around 50 mu (about 3.33 hectares) in the suburb of north China’s Tianjin Municipality.

    It is currently the peak sales season for Shawo radishes, and most of the radishes in the greenhouses at the base are in cold storage, waiting to be distributed nationwide.

    “Via the Internet of Things and sensors in the greenhouses, the amount of watering, the temperature, humidity and light can be managed intelligently, increasing the quality of the radishes. The process of growing the radishes including seed selection, planting and maintenance is recorded in the smart system,” said Hao Lihong, general manager of Guli farm, an agricultural supply chain cooperative in Tianjin.

    Hao said that the smart planting technology would soon be introduced to more than 10 greenhouses in the area — allowing local farmers to plant in an automated way by using mobile phones.

    The Shawo radish is named after its growth localities in Xiaoshawo Village and Dashawo Village in Xinkou Town, Tianjin’s Xiqing District. Local Shawo radish growing dates back more than 300 years. The soil in these areas is sandy near the surface and sticky deeper down — making radishes grown there both crisp and sweet.

    In 2024, in order to promote the development of the Shawo radish industry, the district government made a plan and cooperated with towns, villages and enterprises to produce a well-known Shawo radish brand.

    “In the past, the radish planting here lacked both scale and standardization. The production facilities were old, while seeds were not standard. The taste of radishes grown by different people was different, which restricted the brand-inheritance potential of the Shawo radish,” Hao said.

    Notably, Guli farm and Dashawo Village have strengthened their cooperation efforts since last year. More than 300 contracted farmers have enjoyed technical training and guidance from experts with Tianjin Academy of Agriculture Sciences. They also did not need to find the sales channels by themselves, but instead sold radishes directly to Guli farm.

    Thanks to this cooperation model, Sun Guoqiang, a 62-year-old living in Dashawo Village, has benefited a lot. “The peak sales season for Shawo radishes is from December to February of the following year. By the end of 2024, all 25,000 kilograms of Shawo radishes in my five greenhouses had been purchased by Guli farm, earning me roughly 100,000 yuan (about 13,638 U.S. dollars),” Sun said.

    The price of the radishes has more than doubled compared with 2023, and Sun plans to expand his planting area this year to make even more money.

    In recent years, marketing activities to promote the Shawo radish brand have been implemented, boosting sales. In addition, a special promotion meeting focused on the Shawo radish was held in Beijing, while many Chinese cities including Changsha, Hangzhou and Guangzhou hosted exhibitions, where visitors could get a closer look at this special radish variety. Online and offline sales channels for this brand have been expanded recently, serving as another boost for the Shawo radish industry.

    “In 2024, we made a lot of efforts to expand the sales chain of Shawo radishes, and enhance their popularity and reputation through brand building and cultural tourism activities,” Hao said.

    This year, the company will cooperate with enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area to help farmers sell Shawo radishes to buyers in Hong Kong and Macao, Hao added.

    The Shawo radish industry has had a significant impact on Xinkou Town, boosting rural revitalization there.

    At present, the town has planted Shawo radishes across an area of about 7,000 mu — which is expected to yield an estimated output of around 32.5 million kilograms and an estimated sales value of 250 million yuan.

    According to Zhao Jun, the town’s Party secretary, the town plans to expand the cultivation scale of Shawo radishes and strengthen the development of both deep processing of agricultural products and tourism, adding that they would also try to make the Shawo radish industry a good model of rural revitalization by continuously extending the industry chain and strengthening the Shawo radish brand.

    MIL OSI China News –

  • MIL-OSI China: Nasdaq celebrates Chinese Lunar New Year with closing bell

    Source: China State Council Information Office

    Nasdaq, a major stock exchange in the world, celebrated the Chinese Lunar New Year on Monday afternoon by holding a closing bell ceremony in partnership with the Chinese Consulate General in New York.

    Marking the 16th year of celebrating the Spring Festival at Nasdaq, Chen Li, the Chinese consul general in New York, rang the closing bell at the Nasdaq MarketSite in Times Square, New York City, one of the most populous cities in the United States.

    “The Spring Festival embodies values of reunion, renewal and resilience, which are essential as we work together to deepen economic ties between China and the United States,” Chen said.

    It is also meaningful to celebrate these values here at the heart of the global commerce center, Chen added.

    “We welcome more investors and friends from the United States and beyond to explore opportunities in China… It is inspiring to see more Chinese enterprises listed on Nasdaq with the blessings of the Year of the Snake. I hope China-U.S. economic ties can be stronger and bring greater benefits to the world,” Chen said.

    “The Lunar New Year has always been a time to express gratitude for our partnerships and look forward to the opportunities that lie ahead in 2025,” said Robert H. McCooey, Jr., vice chairman of Nasdaq, at the ceremony.

    “Nasdaq’s commitment to China remains very strong and we are extremely proud to be the home of over 250 innovative Chinese companies who embody the entrepreneurial spirit that will help our two great nations continue to grow together,” said McCooey.

    According to the Chinese lunar calendar, the Spring Festival falls Wednesday this year, marking the beginning of the Year of the Snake.

    MIL OSI China News –

  • MIL-OSI USA: Sen. Scott Statement on Confirmation of Scott Bessent

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — Today, U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, issued the statement below following the confirmation of Scott Bessent to serve as U.S. Secretary of the Treasury:
    “Scott Bessent’s confirmation is great news for the pockets of American taxpayers. He understands the cataclysmic repercussions the middle class will face if provisions of the 2017 Tax Cuts and Jobs Act expire. With his great success as an entrepreneur, he will help ensure all Americans have the necessary tools to reach financial freedom. I am excited to work with the President and Secretary Bessent to unleash economic opportunity for all Americans!”

    MIL OSI USA News –

  • MIL-OSI Australia: Doorstop – Jerrabombera

    Source: Australia Government Ministerial Statements

    SUBJECTS: Cheaper Child Care; Wage rise for early educators; Universal early education; Fully funding public schools; $7,200 worse off under Peter Dutton; National Bullying Action Plan; The Middle East; Antisemitism; University governance; Local government 

    KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

    We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

    When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

    We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

    And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

    So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

    If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

    And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

    Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

    And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

    On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

    So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

    Happy to take some questions.

    JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

    CLARE: I won’t give you a date, but negotiations are going well.

    JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

    CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

    We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

    Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

    JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

    CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

    Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

    The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

    At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

    We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

    JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

    CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

    JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

    CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

    It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

    JOURNALIST: Is the absolute cap 25?

    CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

    JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

    CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

    We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

    And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

    That investment in health is not just about health, it has real education outcomes as well.

    JOURNALIST: Donald Trump overnight said that   sorry, a couple of days ago said that he proposed “cleaning”   unquote   “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

    CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

    JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

    CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

    JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

    CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

    JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

    CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

    The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

    Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10   sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

    So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

    JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?  

    CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

    JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

    CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

    JOURNALIST: Do you know how many though have hit that cap?

    CLARE: It’s too early to give you that number.

    JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

    CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

    Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

    JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

    CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

    There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

    JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

    CLARE: No.

    JOURNALIST: Are we any closer to a governance review   what’s the latest with the university governance review?

    CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

    JOURNALIST: Are you confident with the members of that panel?

    CLARE: I am.

    JOURNALIST: And then I might just Ms McBain something if that’s okay.

    CLARE: Sure.

    JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

    McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

    JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

    McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

    I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

    Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

    So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

    JOURNALIST: Thank you.

    MIL OSI News –

  • MIL-Evening Report: Australia’s drama dilemma: how taxpayers foot the bill for content that ends up locked behind paywalls

    Source: The Conversation (Au and NZ) – By Anna Potter, Professor in Digital Media and Cutural Studies, Queensland University of Technology

    Shutterstock

    Headlines about Screen Australia’s latest annual Drama Report have highlighted one particular figure: a 29% drop in total industry expenditure compared to the year before.

    But a closer look suggests this isn’t the most concerning finding. The report also reveals a significant chunk (42%) of the A$803 million spent on producing Australian TV drama in 2023–24 was funded by taxpayers.

    What’s more – watching half of the Australian TV drama hours broadcast in 2024 required a streaming subscription. Watching all of them required seven different subscriptions.

    With Australians’ funding of this commercial, for-profit sector on the rise, we can’t help but ask: what do Australian viewers get in return?

    Screen production challenged globally

    Screen sectors globally are experiencing significant downturns because of changes in audience behaviour and advertiser spending. Various analyses suggest between 14% and 25% of all viewing is now comprised of videos from YouTube, TikTok, Facebook and Instagram.

    Advertising revenue that once helped fund local drama has followed viewers to social media apps, imperilling Australia’s commercial broadcasters.

    Traditionally, commissions from the three commercial broadcasters have supported Australia’s drama production sector. However, in 2021 the government significantly watered-down their quota obligations. As a result, networks Seven, Nine and Ten commissioned just nine hours of new, non-soap drama in 2024.

    The loss of commercial broadcasters from the production ecosystem has radically changed the sector’s dynamics. Streamers such as Netflix and Stan are now the largest investors in Australian drama, followed by the ABC.

    Government subsidies for the sector have also grown considerably, partly due to rising production costs. Over the ten years leading up to 2023–24, federal spending on local TV drama production more than tripled, increasing by an average of 16.9% each year.

    Yet, during that same period, the hours of TV drama produced fell by an average of 5.7% each year. In other words, we’re spending more on less. And as mentioned above, much of this declining TV drama slate – which is heavily subsidised by government money – is ending up behind streamer paywalls.

    The problem with current policy

    Too much of Australia’s current screen funding is going towards stories that can’t be watched without a paid subscription.

    Also, many of these stories have little to no connection to Australia. For instance NBC Universal’s Young Rock, which was produced in Australia, is about the childhood of American celebrity Dwayne “The Rock” Johnson. Similarly, Nautilus, which Disney originally commissioned and which was made in Australia, is loosely based on Jules Verne’s maritime adventure novel, 20,000 Leagues Under The Sea.



    Read more:
    At $300m, Jules Verne-inspired Nautilus is the most expensive Australian-made show. But Disney+ was right to dump it

    Since the 2000s, our screen industry has become far more global than national. Current policy largely funds television projects through tax rebates on production budget. And any scripted production made in Australia (and with a certain minimum budget) is eligible for this funding.

    These rebates, combined with a lack of local content quotas for broadcasters and streamers, mean our current policy risks generously funding titles made by global corporations for international viewers.

    The 2024 Drama Report highlights a need to carefully consider whether Australia’s policy for the sector is delivering for Australians.

    It’s time to update the conditions of support, which were designed back when commercial broadcasters reliably commissioned some 300 hours of Australian drama each year. This is no longer the case.

    Solutions for more Australians stories

    So what needs to change? For a start, policy must offer greater support for dramas that tell compelling Australian stories in all their diversity.

    Such dramas, which deliver significant cultural value to audiences, should receive higher levels of rebates than international stories filmed in Australia. The ABC and the SBS could lead the way in commissioning this content, as per their charter obligations.

    The 2021 changes to Australian content regulations left the ABC as the principal provider of free local drama and children’s programs – but the ABC has limited resources. Rather than supporting international productions, local audiences might be better served if the government increased the ABC’s funding to produce minimum amounts of drama and children’s programs.

    We also have to bring Australian drama out from behind streamer paywalls if they receive any kind of government support. They should be made available to local audiences for free within two years of their release.

    This could be done through free-to-air television services, like ABC iView or SBS On Demand, or on a free platform built specifically for local content.

    Policymakers will need to define production sector sustainability in a 21st century context. Australia has historically had many small production companies. However, the steep decline in local drama being produced suggests only a few companies will remain viable in the long term.

    The scale of disruption facing local broadcasters and production companies needs to be matched by policy that’s fit for purpose, and which returns value to Australian communities.

    Anna Potter receives funding from the Australian Research Council.

    Amanda Lotz receives funding from the Australian Research Council.

    Marion McCutcheon receives funding from the Australian Research Council.

    – ref. Australia’s drama dilemma: how taxpayers foot the bill for content that ends up locked behind paywalls – https://theconversation.com/australias-drama-dilemma-how-taxpayers-foot-the-bill-for-content-that-ends-up-locked-behind-paywalls-246237

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Energy Sector – New risk management contracts improve market design

    Source: Electricity Retailers’ Association of New Zealand

     

    The Electricity Retailers’ Association of New Zealand (ERANZ) welcomes today’s launch of a new standardised super-peak hedge contract to be auctioned and brokered by Aotearoa Energy.

     

    A standardised super-peak hedge contract is a risk management tool for wholesale electricity buyers. It acts as an insurance policy against higher wholesale electricity prices during peak demand periods when weather-dependent generation may be low. These contracts will become even more important as market volatility increases with the embracing of more intermittent renewable energy sources.

     

    ERANZ Chief Executive Bridget Abernethy says the new contracts enable wholesale market participants to better manage higher prices when hydro, solar and wind generation may not be able to meet demand.

     

    “All electricity market participants in New Zealand know our wholesale electricity market is volatile due to our dependence on intermittent renewables, and this product could be very useful for consumers who don’t have load flexibility or have very lumpy consumption patterns.

     

    “We’re pleased to see the joint Electricity Authority-Commerce Commission Competition Taskforce launch this new product and look forward to this first trading event following extensive engagement with an industry-led representative panel.”

     

    Abernethy supports the implementation of the new product and says ERANZ looks forward to the market’s development of more liquidity, which will provide generators and large consumers with another way of managing the risk in their energy portfolios.

     

    “The Government’s recent Policy Statement on Electricity outlines an expectation that wholesale buyers and sellers have well-suited risk management arrangements in place.

     

    “By introducing standardised flexibility products, participants will have far greater transparency around future electricity prices, supporting better risk management and investment decisions.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Opposing Govt Policy – Hear our voice PM – the PSA’s campaign against asset sales begins today

    Source: PSA

    The PSA firmly rejects any return to selling state assets following today’s comments from the Prime Minister.
    Christopher Luxon said National may seek a mandate for asset sales at the next election. That comes days after ACT Leader David Seymour floated the prospect of privatisation of public health and other public services.
    “Not content with stripping the guts out of the public service, now we have a Prime Minister floating selling state assets – it’s a return to the failed policies of the past,” said Fleur Fitzsimons, Acting National Secretary for the Public Service Association for Te Pūkenga Here Tikanga Mahi.
    “If the Government thinks selling state assets will drive economic growth, then the public should be worried.
    “Have we not learnt from the past? Our history is littered with failed privatisations which required expensive bail outs and buy backs by taxpayers – remember the failures of Kiwi Rail, Air New Zealand and the Bank of New Zealand.
    “The PSA doubts the public’s mood for asset sales has shifted since the 2013 citizens initiated referendum where two thirds of voters rejected asset sales.
    “Asset sales are just a short-term sugar hit, and the public will be worse off. This is not simply a ‘recycling of assets’ as the PM puts it, but a loss of ownership and control. It’s wrong.
    “Let’s not repeat the mistakes of the past and keep the state’s silver in public hands. The PSA will be making its opposition to any return to the failed asset sales agenda of the past loud and clear.”
    The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Women struggle in the boardroom to promote social responsibility initiatives

    Source: University of South Australia

    28 January 2025

    It’s well documented that despite increasing awareness of gender equality, women remain underrepresented when taking a seat at leadership tables in the corporate world. But what about the challenges women face once they make it to the boardroom?

    University of South Australia researchers have found that women encounter significant struggles when navigating power dynamics in leadership teams – specifically when it comes to driving corporate social responsibility (CSR) initiatives. This is despite many previous studies suggesting that having more women on boards will lead to stronger social outcomes.

    CSR is when a business makes a conscious effort to make the world a better place. It could be a small enterprise making a simple charity donation or large corporation giving a portion of its profits to a worthy cause.

    Researchers in UniSA’s Centre for Markets, Values and Inclusion, Associate Professor Wei Qian, Dr Kathy Rao and Dr Xin Deng conducted a study recently that revealed the power dynamics at play when CSR decisions are being considered by boards and companies.

    Twenty senior women directors and managers from both small and large companies were interviewed from a variety of industries including banking, metal and mining, health care, finance, telecommunication, real estate and insurance.

    Assoc Prof Qian says the women expressed biases and difficulties in promoting CSR to their boardroom colleagues.

    “When speaking with these women, we heard several examples of women finding it hard to navigate power imbalances when it comes to driving social initiatives. One participant said she was told she ‘wears her heart on her sleeve’ when she was expressing concerns about a social initiative and wanting the company to go in a certain direction,” Assoc Prof Qian says.

    “We found that when women leaders were assigned ‘soft’ tasks that are assumed to be less important, such as CSR projects, they were often either marginalised or completely silenced, making them less likely to challenge board decisions or have an impact on changing performance. This created discomfort and sometimes even an intimidating environment for women to raise CSR concerns or ideas.

    “Men predominantly hold the powerful positions, such as executive directors or chairs, and they dominate the ‘hard’ business issues.”

    Some women also explained how they had to take a gentler approach to advocacy, choose their words carefully and sometimes adjust their CSR ideas to make them more receptive to their male colleagues – often by reframing it as a business opportunity or a chance for the business to gain competitive advantage.

    One research participant explained, “The best example was talking about the climate change program. You have to build a good story, sort of start at the economic (s) … and work your way up to (it), and then (say) ‘by the way, this would be a good and responsible thing to do’.”

    Assoc Prof Qian says stereotypes play into the question of whether women are more receptive to CSR agendas, but overall, she believes women are more often associated with strong performance in environmental and social goals and community engagement.

    “Stereotypically, women are perceived as more emotional, sensitive, caring and empathetic towards others. In contrast men are viewed as more independent, masterful and assertive,” she says.

    “Women directors are keener to build connections that offer social support and foster a sense of belonging, which in turn can lead them to engage more in CSR activities,” she says. “This confirms that gender equality on boards matters.”

    The research involved participants from Australia and China, neither of which have gender quotas. The researchers say although the two countries are distinctive in terms of political, social and economic structures, female leaders experienced similar struggles in the boardroom when promoting CSR.

    …………………………………………………………………………………………………………………………

    Contact for interview: Associate Professor Wei Qian, UniSA E: Wei.Qian@unisa.edu.au
    Media contact: Melissa Keogh, Communications Officer, UniSA M: +403 659 154 E: Melissa.Keogh@unisa.edu.au

    MIL OSI News –

  • MIL-OSI: Madison Pacific Properties Inc. announces Federal Court of Appeal judgement on tax reassessments appeal

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 27, 2025 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Parent Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company announces judgement issued by the Federal Court of Appeal (“FCA”) on its tax reassessments appeal.

    As previously reported in the Parent Company’s Consolidated Financial Statements and MD&A, the Parent Company and certain subsidiaries had received from the Canada Revenue Agency (“CRA”) and Alberta Tax and Revenue Administration (“ATRA”) tax notices of reassessment for various taxation years. The reassessments denied the application and usage of certain non-capital losses, capital losses, deductions and investment tax credits arising from prior years. The Parent Company and its subsidiaries had filed notices of objection and notices of appeal to the reassessments with the CRA and ATRA.

    The appeal with the Tax Court of Canada (“TCC”) for the Parent Company was heard in 2020, 2022 and in 2023 (the “Appeal”). The TCC released its judgement on the Appeal in December 2023 in favour of the CRA’s position, confirming the CRA’s reassessments. The decision denied the Parent Company’s ability to use certain carryforward losses for certain taxation years within its 2009 to 2017 taxation years. Additional taxes payable for the reassessed years plus estimated interest and awarded legal costs totals approximately $6.6 million and as at August 31, 2024, the Parent Company had paid $6.1 million to the CRA for the taxes and estimated interest on the reassessments.

    In January 2024, the Parent Company filed a notice of appeal to the FCA to appeal the decision issued by the TCC on the Appeal (the “TCC Appeal”). On January 22, 2025, the TCC Appeal was heard by the FCA and on January 23, 2025 the FCA released its judgement dismissing the TCC Appeal. The Parent Company and its counsel are currently assessing whether to appeal the decision issued by the FCA. The Parent Company has also filed interest relief applications with the CRA to apply to waive arrears interest paid on the reassessments.

    For a review of the risks and uncertainties to which the Parent Company is subject, see its most recently filed annual and interim MD&A.

    For more information please contact:
           
    Contact: Mr. John DeLucchi   Ms. Bernice Yip
      President & CEO   Chief Financial Officer
    Telephone: (604) 732-6540   (604) 732-6540
           
    Address: 389 West 6th Avenue    
      Vancouver, B.C. V5Y 1L1    

    The MIL Network –

  • MIL-OSI: Scott M. Kelly Files Early Warning Report In Respect of Common Shares of Copland Road Capital Corporation

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Scott M. Kelly (“Kelly”), a director of Copland Road Capital Corporation (“Copland Road” or the Issuer”) today filed an Early Warning Report (“EWR”) on Form 62-103F1 pursuant to National Instrument 62-103 (Early Warning System and Related take-Over Bid and Insider Reporting Issues) reporting the disposition of 470,000 common shares (“Shares”) in the capital of Copland Road through the facilities of the Canadian Securities Exchange at a price of CAD $0.18 per Share for aggregate consideration of CAD $84,600 (the “Transaction”).

    Prior to the Transaction, Kelly exercised control or direction over 1,881,000 Shares of the Issuer, representing approximately 16.99% of the issued and outstanding Shares. Upon completion of the Transaction, Kelly exercises control or direction over 1,411,000 Shares of the Issuer, representing approximately 12.75% of the outstanding Shares.

    Kelly sold the Shares to reduce his shareholdings in the Company and to obtain the proceeds of sales to be used for other purposes. Kelly reserves the right to acquire further Shares, or dispose of some or all of the Shares, in the future, in each case either through the open market or through private transactions, depending on market conditions and other relevant factors.

    For further information regarding the Transaction, please see the EWR. A copy of the EWR is available on SEDAR+ or by emailing Kelly at info@copland-road.com.

    Neither the Canadian Securities Exchange nor the Canadian Investment Regulatory Authority accepts responsibility for the adequacy or the accuracy of this release.

    Scott M. Kelly

    c/o Copland Road Capital Corporation
    info@copland-road.com

    The MIL Network –

  • MIL-Evening Report: How the AFL and NRL have crept into cricket’s traditional summer timeslot

    Source: The Conversation (Au and NZ) – By Vaughan Cruickshank, Senior Lecturer in Health and Physical Education, University of Tasmania

    Most of Australia has four seasons each year.

    However, when it comes to sport, the Australian calendar has long been dominated by two seasons: cricket and football.

    Traditionally, cricket has been played from October to March when the weather is suitable, and Australian rules football and rugby league from April to September.

    But in recent years, a lack of international cricket in Australia after January – coupled with earlier start dates for the AFL and NRL seasons – has resulted in football receiving more local media coverage and attention from fans during the summer.

    For many Australian cricket fans, the season will be finished once the Big Bash League and women’s Ashes conclude in early February.

    In February and March, the Australian men’s and women’s cricket teams will play matches overseas and the Australian states will play each other in one-day and four-day games.

    However, the reduced media attention and free-to-air TV coverage of cricket in Australia means many sports fans turn their attention to other sports, usually football or rugby league.

    But has this always been the case?



    Read more:
    How is the Big Bash League faring after 14 years of ups and downs – and what’s next?

    Football seasons are getting longer

    Cricket has been played in Australia for more than 200 years. While Australian rules football was initially developed to keep cricketers fit through the winter, football competitions such as the AFL and NRL have now arguably become more dominant across the sporting calendar.

    The 2024 AFL season was the longest in the sport’s history. The 2025 season will be exactly the same length, stretching nearly seven months, from March 6 to September 27.

    The 2025 NRL season will be even longer. It starts in Las Vegas on March 2 and doesn’t finish until the Grand Final on October 5.

    The 2025 AFLW and NRLW seasons will also be the longest ever, finishing as late as November 30.

    Football seasons are starting earlier

    While an AFL Grand Final in late September and an NRL Grand Final leading into NSW’s Labour Day in early October are well established, the start of the season has been slowly creeping forward over the decades.

    Twenty years ago, the AFL season started in late March, 50 years ago it was early April, and 80 years ago it was late April. The first AFL (VFL) season in 1897 started on May 8.

    The start of the NRL season has also moved forward over time. The first NRL (NSWRL) season in 1908 started on April 20.

    While these historical season start dates did not overlap with the cricket season, that is no longer the case.

    This year, the AFL and NRL will have completed three premiership rounds before the Sheffield Shield final ends the Australian domestic cricket season in late March.

    And then there are the AFL and NRL pre-season competitions, with games starting as early as February 7.

    Why are football seasons getting longer?

    Some of the factors that have contributed to extensions of football seasons include:

    • the introduction of more teams that all need to play each other
    • revenue opportunities for broadcasters, venues and clubs, and
    • additional mid-season byes and rest periods.

    AFL and NRL players have cited fatigue because of the long seasons. Consequently, some players’ associations and coaches have advocated for shorter seasons.

    However, playing fewer games would likely mean less money for the AFL and NRL, and for players and clubs.

    Adding more teams to the AFL and NRL and extending the AFLW and NRLW seasons may allow for more flexibility with future season lengths, as football codes can be played any time of year.

    Unless your stadium has an expensive roof, cricket cannot because of the threat of rain.

    What does this mean for cricket?

    While Australians can still play both cricket and football at junior and community levels, this is no longer possible at representative levels because of the overlap between seasons.

    The encroachment of football into traditional cricket months means increased competition for players, often forcing talented young athletes to make a decision about which sport to pursue.

    Greater perceived opportunities to play at the elite level may convince some players to prioritise football.

    For example, the six Australian state cricket teams generally contract 20 to 25 players each season. In comparison, the 17 NRL teams each have 30 contracted players and the 18 AFL clubs can have 44 players in their squads.

    Current AFL players such as Stephen Coniglio, Caleb Serong and Brent Daniels all represented their state in underage cricket before choosing football. Manly lock Nathan Brown and retired star Braith Anasta are NRL examples.

    Luckily for cricket, current players such as Alex Carey (GWS under-18 captain 2010), Mitch Marsh (under-18 WA AFL team 2008) and Will Sutherland (under-18 Victorian Metro AFL team 2017) are examples of young players choosing cricket after successful underage football careers.

    Venue availability and scheduling conflicts

    The extended football seasons pose logistical challenges for venues. Iconic stadiums such as the Melbourne Cricket Ground (MCG) and Sydney Cricket Ground (SCG) traditionally host both cricket and football matches and now face increased scheduling pressure with the seasons overlapping.

    For instance, in 2024, the MCG only had a 22-day turnaround between hosting the AFL Grand Final and the Victoria vs NSW Sheffield Shield match.

    Hosting concerts at these venues increases revenue but also adds to scheduling difficulties.

    It all adds up to a difficult juggling act for venues, which will be made even trickier if the football codes creep even further into the traditional cricket season.

    Cricket, too, has a battle on its hands to stay relevant to fans, broadcasters, commercial partners and even participants as the AFL and NRL seasons continue to expand.

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

    – ref. How the AFL and NRL have crept into cricket’s traditional summer timeslot – https://theconversation.com/how-the-afl-and-nrl-have-crept-into-crickets-traditional-summer-timeslot-247330

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: David Seymour says Kiwis are too squeamish about privatisation – history shows why they lost the appetite

    Source: The Conversation (Au and NZ) – By Richard Shaw, Professor of Politics, Te Kunenga ki Pūrehuroa – Massey University

    Getty Images

    State asset sales have been a political dividing line in New Zealand for decades now, and it seems voters are again being asked to decide which side they’re on.

    In his state-of-the-nation speech last week, ACT Party leader David Seymour advised New Zealanders to “get past their squeamishness about privatisation” and ask themselves:

    If we want to be a first world country, then are we making the best use of the government’s half-a-trillion-dollars–plus worth of assets? If something isn’t getting a return, the government should sell it so we can afford to buy something that does.

    No doubt this appealed to ACT’s core constituency. But the available evidence suggests many New Zealanders view the privatisation of state assets with scepticism, not squeamishness.

    The most rigorous available data are from the New Zealand Election Study: just under 50% of those surveyed in 2020 either “somewhat” or “strongly” agreed with the proposition that “privatisation has gone too far”.

    Just over 9% either somewhat or strongly disagreed with that statement. In other words, those who oppose state asset sales comfortably outnumber those who support them.

    It seems reasonable to suggest this reflects the sizeable proportion of New Zealanders who remember the asset sales experience of the 1980s and 1990s under both Labour and National governments.

    Writing in 2000, during the heights of this bipartisan privatisation boom, economic analyst Brian Gaynor argued:

    By selling 100 per cent shareholdings in state assets, the New Zealand Government has allowed a small group of investors, mainly offshore, to make enormous profits. With just a little foresight these profits could have been kept for the benefit of domestic investors and taxpayers.

    At the same time, voters have watched levels of wealth inequality rise, and the transfer of public wealth into private hands. And while asset sales can improve efficiency, they can also reduce access to services for those on limited incomes or experiencing higher unemployment.

    Market failure

    Research has shown a clear majority of New Zealanders would prefer the government provides social services, especially in health and education.

    Just over 80% of New Zealanders trust the public service based on their own experiences. And levels of trust in the public service outstrip those in the private sector. All this suggests there is little appetite for a return to the days of peak privatisation.

    More broadly, some New Zealanders will also question Seymour’s assertion that state assets should provide a return on investment.

    Aside from it not being possible to turn a profit on many of the assets a government needs to serve the needs of its citizens, there are costs associated with putting a market value on certain social goods and services.

    As Harvard political philosopher Michael Sandel has argued:

    [W]hen money comes increasingly to govern access to the essentials of the good life – decent health care, access to the best education, political voice and influence in campaigns – when money comes to govern all of those things, inequality matters a great deal.

    Furthermore, there is ample evidence of the ethical and operational shortcomings of applying the profit motive to public institutions such as prisons, hospitals and schools.

    Nor are markets themselves value-free, self-correcting mechanisms. In the material economy, they have a propensity to fail. When they do, the people who suffer most tend to be those least well positioned to defend themselves.

    That is why the state performs certain functions: to make sure those unable to pay for privately provided goods and services are not denied them.

    The nature and extent of what the state should provide is quite properly a matter for debate. But those decisions affect everyone and should be decided in the public domain, not left to the managers and owners of private companies.

    Prime Minister Christopher Luxon: open to a conversation about priviatisation.
    Getty Images

    Public versus private debt

    Seymour also suggested a return to asset sales was justified by the country’s current levels of public debt. He referred to “the other tribe” who are

    building a majority for mediocrity – who would love nothing more than to go into lockdown again, make some more sourdough, and worry about the billions in debt another day.

    But as the right-leaning Maxim Institute points out,

    the real risk in New Zealand is our very high levels of private debt, which includes household debt like mortgages, student loans, credit card, hire purchases, to buying a car in instalments […] Compared to our relatively low levels of public debt our current household debt stands at 95% of GDP.

    According to the Treasury, current public debt levels are “prudent”, although “an ageing population, climate change and historical trends mean governments have important choices to make”.

    The risk of renewed asset sales and privatisation is that public debt might be reduced but at the expense of private debt increasing.

    Prime Minister Christopher Luxon has responded by saying he was open to a conversation about selling state assets. While it was “not something on our agenda right now”, he said, he hinted National may campaign on it ahead of next year’s election.

    His other coalition partner, NZ First, has a long-held antipathy to selling local assets to offshore owners. And Luxon may also remember the result of the non-binding citizens-initiated referendum in 2013, when 67.3% opposed the potential sale of the state’s energy companies.

    A niche party such as ACT can safely take policy positions that have little appeal beyond its core supporters. But that’s not a luxury available to its major coalition partner, which started the year behind in the polls.

    On the other hand, National does not want to be outflanked any further by ACT. Asset sales, it seems, are destined to remain a perennial political fault line.

    Richard Shaw 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. David Seymour says Kiwis are too squeamish about privatisation – history shows why they lost the appetite – https://theconversation.com/david-seymour-says-kiwis-are-too-squeamish-about-privatisation-history-shows-why-they-lost-the-appetite-248308

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Graham Votes to Confirm Bessent as Treasury Secretary

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham

    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today released the following statement after the Senate confirmed South Carolina native Scott Bessent as the next Secretary of the U.S. Department of Treasury.

    Bessent grew up in Little River. He is the founder and CEO of Key Square Group and has been in the financial services business for over 35 years. Graham praised President Trump for nominating Bessent for the post and introduced him at his nomination hearing before the Senate Finance Committee.

    “It’s a very big day for South Carolina and our nation,” said Senator Graham. “Scott Bessent received strong bipartisan support to be the next Treasury Secretary. He will hit the ground running in support of President Trump’s America First Agenda. Scott is a great combination of academic excellence and real-world experience. It’s a long way to go from Little River to Secretary of the Treasury, and he has more than earned this prestigious position. Congratulations to Scott and his family as he begins this new, important journey.”

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Fischer Joins FOX Report to Discuss President’s Cabinet Nominees and Nuclear Deterrence

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    U.S. Senator Deb Fischer (R-Neb.) joined FOX Report with Jon Scott. She discussed the confirmation of President Trump’s Cabinet nominees and emphasized the importance of strengthening America’s nuclear deterrent. Senator Fischer also celebrated the recent confirmation of Pete Hegseth as Secretary of Defense and former South Dakota Governor Kristi Noem as Secretary of Homeland Security.

    During the interview, Senator Fischer highlighted the dangers posed by Democrats’ slow confirmation of Cabinet nominees, particularly those related to national security.

    Click the image above to watch a video of Sen. Fischer’s remarks

    Click here to download audio

    Click here to download video


    On Pete Hegseth’s Confirmation:  

    Jon Scott:     Nebraska Senator Deb Fisher, a member of the Armed Services Committee, the Appropriations and Commerce Committees as well. So, you’re going to be a very busy Senator in this upcoming term, Senator Fischer.

    First of all, let’s talk about the Hegseth nomination. He was even described by the Vice President as 90% dead early in the confirmation process, but he squeaked across the line with a tie-breaking vote by the Vice President. Give us your assessment. 

    Senator Fischer: Well, obviously the Secretary of Defense is an extremely important position in any administration. You know, this is one that should have been filled right away, and instead, the Democrats were doing a smear campaign trying to delay it as much as possible. 

    So, I was really, really happy that we were able to get Pete across the line last night. I was honored to attend his swearing-in earlier this morning at the Executive Office Building where he had his family, and a number of us from the Armed Services Committee were there for that. He’s going to do a great job. He showed that during his hearing. He had a good, solid hearing. I’ve had numerous conversations with him. I reviewed the materials that were out there. And this is the guy for the job who’s going to take care of our warriors. And he’s going to work to provide them with the resources they need so they can complete the missions they’re given.

    On Preparing America’s Warfighters: 

    Jon Scott: Well, it’s going to be his job to reform the Pentagon, but obviously you and the Senate, on the Armed Services Committee, are going to have a big voice in that. What do you see as the reforms that this Pentagon needs?

    Senator Fischer: Well, you know, we’ve had a number of discussions on that. The new Secretary has been very open about what he’s looking at. We have to look at recruitment and retention in our all-volunteer force. We have to make sure that we take care of the warfighters, that we have their backs. We need to train them so they have the proper readiness and training and can take on any situation. We need to make sure that we have a strong deterrent so that we don’t always have to send our military men and women into harm’s way. 

    Those are all things that the new Secretary has talked about. We’ve talked about working with him on that to be able to get those things done. You know, on Armed Services, I’m starting my 13th year on Armed Services Committee. Many of these issues come up over and over again. And I am hopeful that we have the commitment from the Secretary, we have the enthusiasm, we have the dedication to our warfighters from this man to get this done.

    On Returning to Peace Through Strength:

    Jon Scott:     Peace through strength, is a mantra that President Trump and Pete Hegseth have repeated over and over again. They want a military that is lethal and ready to move, but lethal enough that it’s going to deter our enemies. Do you see that happening? I mean, do you see us in that situation, early in the Trump term?

    Senator Fischer:     You know, I’m really excited that the President and the new Secretary have embraced that Reagan term. You know, peace through strength. The Secretary and I, we talked about the priority for our nuclear deterrent, our nuclear triad, that is the bedrock of our entire national security. 

    It’s for ourselves, but also for our allies. They depend upon our nuclear umbrella as well. So, we’re going through a modernization program of all three legs of that triad. And in my conversations with the Secretary, we have really, really focused on the need to stay up on schedule, on all three of those legs. And make sure we have not just the weapons needed, but that those platforms are all ready to go too. We cannot afford to fall behind on this. That is true deterrence, and it’s deterrence to be able to show the strength, to show the commitment. And I think we have this administration now that has stepped up, and they are going to do that.

    On the Dangers posed by Democrats’ Slow Confirmation of Cabinet Nominees: 

    Jon Scott: Former South Dakota Governor Christie Noem has been voted, confirmed to be Homeland Security Secretary. She may be taking the oath of office any minute now, and if she does, we’ll take our viewers there live, but give us your take on the pace of these confirmations.

    Senator Fischer:     Well, they’re slow, you know, this is really disappointing, but it’s also very dangerous that the Democrats are slow walking these nominations, especially these nominations that deal with our national security. 

    Secretary Noem when she is sworn in in a little bit, my neighbor to the north there is Governor Noem in South Dakota. She also is ready to start from day one. She’s going to be there, working with our border patrol, our other folks there on the southern border especially. And we’ve seen President Trump with his executive orders, step up right away, whether it’s with border chaos, whether it’s dealing with inflation prices out there, whether it’s dealing with our energy security, whether it’s dealing with our total national security package. So, we’re excited that she’s going to be sworn in here shortly.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin, Bipartisan Group of Colleagues Introduce Bill to Boost Transparency in Prescription Drug Advertisements

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WISCONSIN – U.S. Senator Tammy Baldwin (D-WI) and a bipartisan group of colleagues introduced the Drug-price Transparency for Consumers Act, a bill that would require price disclosures on advertisements for prescription drugs to empower patients and reduce Americans’ colossal spending on medications.

    “Big drug companies spend billions of dollars on advertising, and it takes patients paying high prices to pay for it. These ads often push patients to the most expensive drugs, not the most effective ones, and patients deserve some transparency,” said Senator Baldwin. “I am proud to work with my Democratic and Republican colleagues to shed light on Big Pharma’s tricks to gouge Wisconsinites and help lower costs.”

    The Government Accountability Office (GAO) has found that prescription drugs advertised directly to consumers accounted for 58 percent of Medicare’s spending on drugs between 2016 and 2018, while a 2023 study in the Journal of the American Medical Association found that two-thirds of advertised drugs offered “low therapeutic value.” By requiring direct-to-consumer (DTC) advertisements for prescription drugs to include a disclosure of the list price, patients can make informed choices when inundated with drug commercials and pharmaceutical companies may reconsider their pricing and advertising tactics. In recent years, the pharmaceutical industry has sued to keep the prices of their drugs out of their TV advertisements.

    Each year, the pharmaceutical industry spends $6 billion in DTC drug advertising to fill the airwaves with ads, resulting in the average American seeing nine DTC ads each day. Studies show that these activities steer patients to more expensive drugs, even when a patient may not need the medication or a lower-cost generic is available. Studies show that patients are more likely to ask their doctor, and ultimately receive a prescription, for a specific drug when they have seen ads for it.  For these reasons, most countries have banned DTC prescription drug advertising—the United States and New Zealand are the only industrialized nations to permit this practice.

    Additionally, a Kaiser survey found that 88 percent of Americans support this price disclosure policy for advertisements.

    Below are some key findings from the GAO report:

    • Two-thirds of pharma’s spending between 2016 and 2018 on DTC ads ($12 billion out of $18 billion total) was concentrated on just 39 drugs.  During this period, these advertised drugs accounted for 58 percent of Medicare’s spending on drugs ($320 billion out of $560 billion). 
    • In 2019, Humira had $500 million in DTC advertising, contributing to $2.4 billion in Medicare costs.
    • Among the top 10 drugs with the highest cost to Medicare, four were also in the top 10 for advertising spending (Humira, Eliquis, Keytruda, Lyrica).        

    This legislation is also co-sponsored by Senators Dick Durbin (D–IL), Chuck Grassley (R-IA), Angus King (I-ME), Joni Ernst (R-IA), Tina Smith (D-MN), Peter Welch (D-Vt.), Richard Blumenthal (D-CT), and Tommy Tuberville (R-AL).

    The legislation is endorsed by AARP, American Academy of Neurology, American College of Physicians, Patients for Affordable Drugs Now and Campaign for Sustainable Rx Pricing.

    MIL OSI USA News –

  • MIL-OSI New Zealand: PM emphasises importance of growth in 2025

    Source: New Zealand Government

    For the Government, 2025 will bring a relentless focus on unleashing the growth we need to lift incomes, strengthen local businesses and create opportunity.
    Prime Minister Christopher Luxon today laid out the Government’s growth agenda in his Statement to Parliament.
    “Just over a year ago this Government was elected by the people of New Zealand with a mandate to change course. Since then, we have made big changes and we are seeing promising signs of success, with inflation dropping and remaining low, interest rates starting to fall, and wages continuing to rise,” Mr Luxon says.
    “Business and consumer confidence is rising and average mortgage interest rates have now fallen for the first time in more than three years. Wages are rising faster than inflation, supporting a recovery in household incomes. Growth is also expected to resume, reaching 2.1 per cent in 2025 according to Treasury’s latest forecasts in the Half Year Economic and Fiscal Update. 
    “We need to act now to strengthen growth and productivity – both in the very near term and over the years to come.
    “In 2025, we will take action to end the culture of no – whether that’s through Fast Track, comprehensive RMA reform, rewriting our health and safety laws, enabling more mining, allowing our farmers to grow their businesses with much less red tape, or other changes designed to promote more growth and investment. 
    “In this Government’s first year in office we made tough decisions to ease the cost of living and laid the foundations for a stronger economy, rising incomes and more opportunities for New Zealanders to get ahead. 
    “This year we will continue to build on this early progress to make sure these green shoots of recovery grow into lasting improvements that benefit all New Zealanders,” Mr Luxon says.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Roadmap needed to navigate the edtech landscape

    Source: Australian Education Union

    28 January 2025

    The burgeoning national edtech market must be built around high-quality resources to establish a resilient baseline for the rapid infiltration of digital resources and learning applications, say Professor Leslie Loble AM and Dr Kelly Stephens, from University of Technology (UTS) Sydney Centre for Social Justice and Inclusion.

    Loble and Stephens are the authors of a new research paper, Towards high quality in Australian educational technology, which raises concerns about the dark side of artificial intelligence (AI), including data sovereignty and safety, equity and inclusion, inherent bias, and commercial interests.

    The paper addresses concerns about public school resourcing and teacher workloads, roles and relationships with students, and generative artificial intelligence (GenAI), which is capable of mimicking human content, ideas and data, adds a layer of complexity.

    Despite the rapid growth of the market and the proliferating number of publicly available edtech apps, which number around 500,000 on Apple and Google, with more still marketed directly to schools, there is “no independent, comprehensive source of information about the quality of digitally enabled education resources in Australia”, the paper says.

    “Schools, teachers, students and their parents can find themselves having to navigate a confusing market without the time, information, or technical expertise they need to answer critical questions like:

    • -Are these tools aligned to the Australian curriculum (or local variants) and to evidence-backed approaches to teaching and learning?
    • -Are they designed to benefit the full range of learners?
    • -Who owns the data and what does that mean for data sovereignty and safety?
    • -Is there evidence that they work, and for whom?

    “In worst-case scenarios, edtech is not only ineffectual, but dangerous,” the paper says.

    Stephens says robust quality assurance (QA) can alleviate burden from teachers and schools, who should not have responsibility for making detailed and sometimes technical judgements about
    a resource’s fitness for purpose.

    The need for GenAI literacy and training for leaders, teachers, support staff, students, parents, guardians and policymakers was among the 25 recommendations of a federal parliamentary committee report, Study buddy or influencer, released in September.

    GenAI “presents exciting opportunities and yet high-stakes risks for the Australian education system”, the House of Representatives Standing Committee on Employment, Education and Training acknowledged following its inquiry into the use of GenAI.

    The recommendations included providing funding to set up virtual and physical hubs to provide expert and technical advice and support to institutions, regulating edtech companies and developers through a system-wide risks-based legal framework, and expediting the implementation of the Australian Framework for GenAI in Schools (released in January).

    Loble was an expert advisory panel member for the inquiry and is Chair of the Australian Network for Quality Digital Education (ANQDE), a cross-industry leadership group.

    “The good news is that the recommendations are substantively aligned with our QA report, and the committee has specifically called out the need to address the digital and educational divide, as well as safety and security,” she says.

    “They recognise the existing risks of these tools, which we need to mitigate, but also the risk of doing nothing – we need to be alert to both to avoid worsening Australia’s learning divide.”

    Quality assurance can support systems by providing a national process and avoiding unnecessary duplication of effort by states and territories. But states would still be able to “run their own ruler over a resource” if they wanted to assure themselves of alignment with any particular state-based criteria.

    “National quality standards mean this would be a less resource-intensive process if all the fundamentals have already been assessed,” she says.

    NSW Teachers Federation deputy president Amber Flohm agrees it would be “untenable to simply assume that school leaders, teachers and support staff possess the technical expertise, time, and resources to manage these risks on their own”.

    “Sufficient and effective regulation and scrutiny by education systems and government is the only way to ensure educational integrity, privacy and ethical concerns are balanced against commercial interests as the use of edtech and generative artificial intelligence becomes more widespread,” Flohm says.

    From trial to tool

    From Term 4, public teachers in NSW will have access to the department of education’s endorsed NSWEduChat GenAI tool, initially trialled for students in response to statewide bans on ChatGPT last year.

    The department says the trials, conducted in 50 schools, showed the tool could save time by producing student resources and automating administrative tasks, “giving teachers more time to focus on personalised learning and student interactions”.

    “NSWEduChat does not replace the valuable work of our teachers, it helps them to save time, tailor their resources, and focus on their critical work in the classroom,” says education minister Prue Car.

    Flohm says NSWEduChat was initially designed to assist with student tasks such as essay writing, and collect data on equity and data privacy, but cautions against the de-professionalisation of teachers.

    “When it comes to professional tools for teacher use, available technology should not determine what the solution is and then work back to the problem. Rather teachers should work out what they want AI to do to support their work,” she says.

    “The capacity of GenAI to create immediate lesson plans is obvious, and no doubt attractive to a time-poor profession. However, understanding how syllabus, curriculum and the associated pedagogies interact to benefit the growth of students’ knowledge and skills is the core of teachers’ intellectual labour, and this must never be reduced or outsourced to technology.”

    Testing the tools

    Though work is being done at all levels, national standards are needed, and teachers must be brought in to help with evaluation. They will need to ensure GenAI tools align with their schools’ needs, including student literacy and learning levels and backgrounds, and that teacher knowledge and skill is used to turn data into effective classroom practice.

    Dr Kelly Stephens says there is “currently nothing in the way of national standards, apart from ESA’s Safe Technology for Schools program, recently updated for GenAI”.

    She says evaluation is benefiting from reviews across diverse fields, including by teachers, edtech and learning media experts, child development scholars, instructional designers, K-12 subject matter experts, and school technology leaders.

    “Our consultations with teachers have suggested that rather than diminishing the importance of teacher professionalism, edtech highlights it.

    “This might include using an online curriculum application to help cater to a very broad range of learning levels in a classroom and rely on their breadth and depth of subject expertise to provide point-in-time support and monitoring of student progress,” says Stephens.

    “Or using generative image software to improve engagement with school and learning, build digital literacy and super-charge English language acquisition by recent migrants and refugees.”

    Equity and inclusion must remain a significant priority in the evaluation process, particularly as GenAI has the potential to increase disadvantage through cost, literacy and digital access.

    “If we drop our guard on this, there is every chance that better resourced students, families, schools and systems will be better equipped to assess, explore, and benefit from existing and emerging digital tools,” says Stephens.

    “This absolutely requires adequate and equitable resourcing at the school level. It also invites governments to consider how best to use other levers at their disposal, to bend the market toward equity, such as quality standards and procurement processes.”

    Statewide challenges

    AEU Victorian Branch vice president, secondary, Marino D’Ortenzio warns that despite the national framework for GenAI, there are different views on its use and implementation between jurisdictions in Australia. “For example, in NSW AI is permitted to be used to create newsletters, whereas in Victoria this is explicitly forbidden in the Victorian government school system policy.”

    D’Ortenzio says that as GenAI and machine learning systems become ubiquitous, system-wide training will be vital to prepare staff adequately and schools must be given the means to analyse impact on teacher workload.

    “We recognise that GenAI is here and, that students and teachers are using it. This means our approaches to learning tasks have already begun to alter. Teachers must be at the centre of decisions relating to AI and pedagogy in schools as it expands in its scope and use,” he says.

    “We know of schools that are changing the way they approach tasks to ensure that GenAI does not give students who use it an advantage. Some are returning to hand-written assessment pieces. Others are setting tasks that assume GenAI is going to be used, by getting students to identify how they might ask a GenAI model to produce a result, and then analysing the result to examine where they are flawed.

    “The department of education and training must be accountable for the implementation, use and decisions of GenAI in schools. This accountability should be set out in clear, publicly available guidelines for schools and their communities.”

    D’Ortenzio also says commercial businesses who see an opportunity for profit making must be deprioritised behind educational programs, pedagogical models, student development and student achievement.

    Ad-hoc regulation

    Use of AI technology in Queensland remains ad-hoc and regulation of platforms and guidelines for digital technology have not kept pace with change, says Queensland Teachers’ Union honorary vice president Josh Cleary.

    “There is an urgent need for the profession to adopt a decision-making framework and ensure there is industrial consultation that addresses the full suite of legal, professional and educational issues,” he says.

    When the Queensland Department of Education began consultation in 2020 it assumed teachers would familiarise themselves with new digital technologies outside of working hours.

    “The QTU successfully negotiated an allocation of additional funds for the purpose of releasing teachers to undertake training. The rollout of the professional training was not perfect, but the approach to consultation between the parties has significantly improved,” he says.

    Excessive data entry and unreasonable quantities of email are two common examples of work intensification that detract from teachers’ time to plan, implement, and evaluate effective teaching and learning practices, and the use of AI has so far added to teacher workloads rather than allow teachers to focus on what they do best: teaching students.

    “A future-focused pedagogy might use GenAI technology as a platform, but classrooms should not become subordinate to technology’s use. Teachers must be given training to help them ensure students learn to maintain a critical awareness of information and make discerning choices about the use of GenAI,” Cleary says.

    This article was originally published in the Australian Educator, Summer 2024

    MIL OSI News –

  • MIL-OSI USA: ON THE JOB FOR MICHIGAN: Port Director Paul LaMarre Emphasizes Senator Peters’ Efforts to Deliver Results for Port of Monroe

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 01.27.2025
    On the Job Video Series Highlights Senator Peters’ Efforts to Help Constituents and Communities Across Michigan

    WASHINGTON, DC – In a new video from U.S. Senator Gary Peters’ (MI) office, Captain Paul LaMarre III, Director of the Port of Monroe and President of the American Great Lakes Ports Association, emphasizes Peters’ efforts to help support the Port of Monroe and position it for long-term success. The video is part of the On the Job for Michigan series, which highlights Peters’ leadership and advocacy on behalf of constituents and communities across Michigan.  
    “Senator Peters has supported the Port of Monroe, not just from our efforts to create Michigan’s first marine container terminal, which will be known as Michigan’s Maritime Gateway, but he also championed a number of grant efforts that have led to improved infrastructure and equipment that will put the port at the cutting edge of the next generation of Great Lakes shipping,” said LaMarre.  

    Watch Captain LaMarre’s On the Job for Michigan video here. You can also see the video posted on X/Twitter. 
    “The Port of Monroe is a critical resource for our Michigan manufacturers and our partners across the Great Lakes Region,” said Senator Peters. “I’ll continue to work alongside Captain LaMarre to help strengthen operations and ensure the Port of Monroe continues to play an important role in transporting the commodities and products that families and businesses rely on every day.” 
      During his time in the Senate, Peters has prioritized strengthening Michigan’s shipping ports, including the Port of Monroe. Since 2020, Peters has helped to secure nearly $13 million in grant funding for the port, including investments to expand cargo capacity, purchase new crane equipment and upgrade cargo screening infrastructure. In 2024, LaMarre testified during a Commerce Subcommittee field hearing convened by Peters to examine the impact of the Bipartisan Infrastructure Law on Michigan’s transportation infrastructure. In 2021, Peters toured the Port of Monroe with Customs and Border Protection officials to discuss cargo clearance challenges facing the port.  
    Peters has also worked alongside LaMarre and other stakeholders to support Michigan’s maritime workforce. In 2023, Peters’ bipartisan Changing Age-Determined Eligibility to Student Incentive Payments (CADETS) Act was signed into law, expanding the Student Incentive Payment Program eligibility age for financial assistance to cadets who attended one of the six State Maritime Academies and commit to a post-graduation service obligation to include any qualified student who will meet the age requirements for enlistment in the U.S. Navy Reserve at their time of graduation.  
     

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Names Small Business of the Week, Myers Tree Farm

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Committee on Small Business and Entrepreneurship, today announced her Small Business of the Week: Myers Tree Farm of Des Moines County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “For over 35 years, Myers Tree Farm has rooted itself in the Sperry community, sprucing things up with their variety of houseplants, succulents, and home decor,” said Chair Ernst. “Home to over 5,000 Christmas trees, this family-owned and operated small business continues to bring holiday joy to families across Iowa!”
    In 1987, Robert and Patti Myers planted a group of Christmas trees on an acre of land in hopes to sell them and pay for their kids college education. After Chad graduated from Iowa State University in 1993 with a degree in horticulture, he joined the business full-time and eventually took over with his wife. The couple expanded Myers Tree Farm to include full-service landscaping and a potting shed that houses flowers, garden and vegetable plants, and succulents. In 2019, the Myerses fully renovated their barn to host weddings ceremonies. The business hosts an annual Fourth of July fireworks celebration that attracts over 5,000 people to the family farm. This year, Myers Tree Farm will celebrate 38 years in Iowa. 
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Section 106 affordable housing: call for next level support to new clearing service as registrations near 300 in first 50 days

    Source: United Kingdom – Executive Government & Departments

    Home builders and providers looking to sell or buy homes, built as part of Section 106 planning agreements, urged to maximise use of new service.

    Nearly 300 organisations from across England have signed up to the new Section 106 Affordable Housing Clearing Service to help unlock delivery.

    More than 70 housebuilders have registered to provide details of affordable homes they have planning permission to build, alongside private homes, but have been unable to find a buyer for.

    They join 140 Registered Providers (RPs) and more than 70 Local Authorities (LAs) who have already registered for the service as potential buyers, and are viewing available information about potential opportunities on a regular basis.

    Registered users, especially sellers, are urged to continue their support by providing crucial details in addition to basic registration information; such as site location, construction progress, number of homes and types of tenure.

    It is hoped the service, created and managed by Homes England in response to sector feedback, will play its part in facilitating and accelerating the sale of uncontracted and unsold affordable homes across England, excluding London.

    Homes England Chief Customer Officer Ian Workman, said:

    This is a relatively simple but potentially impactful service that means greater visibility of opportunities to get affordable homes sold and occupied. I would urge house builders in particular to register and add as much detail as they can.

    Over 200 registered providers and local authorities have already signed up, and regularly checking for potential opportunities to acquire homes for the communities they serve.

    Listening, acting and working hand-in-glove with partners is fundamental, if we are to move forward and find solutions together to the challenges the sector is facing.  I am grateful to all those who have helped to shape this service so far, with promising early signs of uptake.

    Housing Minister, Matthew Pennycook, said:

    We recognise the challenge posed by the reduced appetite of registered providers of social housing to buy affordable homes delivered under section 106 agreements.

    The new clearing service we have worked in partnership with Homes England to establish will help improve the functioning of the market and unblock the delivery of section 106 affordable housing.

    Hundreds of developers and providers have already come forward to engage with this new service and real progress is being made as a result.

    Cllr Adam Hug, LGA housing spokesperson said:

    Councils urgently want to deliver more affordable housing including those affordable homes agreed in Section 106 agreements with developers in local planning applications.

    This service is a positive step to promoting stalled sites to registered providers of affordable housing, and the LGA encourages all local authorities to engage with it. But it is just one tool which will help bring forward more affordable housing. Much more needs to be done.

    Kate Henderson, Chief Executive of the National Housing Federation, says:

    This clearing service is a welcome tool in tackling the current issue in the delivery of Section 106 affordable homes. Building new relationships between developers and social housing providers is important in overcoming the immediate challenges, as well as helping developers to understand the requirements of housing associations in the future.

    Housing associations are facing significant competing financial pressures, which is also impacting their ability to both buy Section 106 homes and build other new affordable homes. In the longer term, housing associations are committed to working in partnership with the government on a long-term housing strategy to rebuild their capacity and deliver more much needed social and affordable homes.

    Notes to editors

    1. Homes England is the government’s homes and regeneration agency. We drive the creation of more high-quality homes and thriving places so that everyone – no matter their background – has a place to live and thrive. We work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies  and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)
    2. A Section 106 agreement is a planning obligation that requires developers to contribute to local infrastructure and community facilities, such as affordable housing, schools, parks, or transport improvements, as a condition of planning permission.
    3. For more information about the service or to register visit: The Section 106 Affordable Housing Clearing Service – GOV.UK
    4. The service does not include London, where the Greater London Authority has responsibility for affordable housing delivery.
    5. For further information or interview requests please contact media@HomesEngland.gov.uk or 0207 874 8262.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots

    Source: United Kingdom – Executive Government & Departments

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK.

    • Prime Minister and Chancellor to tell leading CEOs that Britain is back and open for business.
    • Changes to pension rules will allow trapped surplus funds to be invested in the wider economy, fuelling economic growth.
    • Move is part of government action to remove blockages that are stopping growth – from regulation to planning processes.

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK. 

    Hosting a meeting with leaders of Britain’s biggest businesses in the City of London today (Tuesday 28 January), the Prime Minister and the Chancellor will set out the details of changes and tell some of the country’s leading CEOs that Britain is back and open for business.

    At the roundtable, the PM and Chancellor will outline how restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. 

    This follows action taken by the government last week to bring a renewed focus on growth from some of the UK’s biggest regulators, a shake-up to legal challenges on planning applications, and new “brownfield passports” to speed up housing in commuter hotspots.

    Prime Minister, Keir Starmer said: 

    The number one mission of my government is to secure growth, drive higher living standards for everyone, and get more money into people’s pockets.

    To achieve the change our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo. Today’s changes will unlock billions of investment, pushing forward in delivering my Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves said:

    I know this government and businesses are united on growth being the top priority for our economy, which is why I am fighting every day to tear down the biggest barriers to growth, taking on regulators, planning processes and opposition to this urgent mission.

    The Prime Minister and Chancellor will tell CEOs from some of the UK’s most successful companies that that the government is seeking to create the best possible conditions for the private sector to thrive. They will promise to work in partnership with businesses, to deliver high-quality jobs across the country, and the economic growth that will fund the schools, hospitals and roads that we all rely on.

    Pension trustees and the sponsoring employers could then use this money to increase the productivity of their businesses – to boost wages and drive growth or unlock more money for pension scheme members. 

    High growth and more productive businesses boost the size of the economy which in turn will fund our vital public services.

    This more efficient approach demonstrates that the government has been listening to business, and will give businesses more flexibility, allowing trapped surplus funds to be invested into the wider UK economy, or given to scheme members as additional benefits.

    Where trustees agree to share a portion of scheme surplus with a sponsoring employer, the employer may choose to invest these funds in their core business, for example to purchase equipment or supplies, and/or provide additional benefits to members of the pension scheme.

    Approximately 75% of schemes are currently in surplus, worth £160 billion, but restrictions have meant that businesses have struggled to invest them.

    These reforms build on the Chancellor’s Mansion House reforms which will create pension megafunds as part of the biggest set of pension reforms in decades, unlocking billions of pounds of investment in exciting new businesses and infrastructure and local projects.     

    Over £1.1 trillion is held by pension funds in the UK and defined contribution pension schemes are set to manage £800 billion worth of assets by the end of the decade. This Government is determined to encourage these pension funds to deliver investment and drive economic growth – which is the only way to make people better off.    

    Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said:

    Unlocking surplus capital from defined benefit schemes has the potential to both boost UK growth by opening up investment opportunities for companies and their stakeholders, as well as the possibility of higher pensions for scheme members. With around £1.1 trillion in assets, defined benefit schemes already make a significant contribution to the funding of the UK economy and public services. 

    With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Saving Association, said: 

    The PLSA backs surplus release, with the right protections in place to ensure member benefits are secure. Surpluses could be used to increase DB scheme benefits or could be redirected to fund contributions to sponsoring employers’ defined contribution workplace schemes.

    Lowering the legislative threshold for allowing returns of surplus could potentially encourage trustees, in conjunction with their employers, to adopt a more ambitious mindset and take on slightly riskier investment strategies for their DB assets, including greater investment in UK assets.

    Patrick Heath-Lay, Chief Executive Officer for The People’s Pension, said:

    It is positive news to see the government is looking at the pension industry as a whole. This will help unlock more of the £2.9trillion that is held in UK pension savings, to benefit savers and the economy alike.

    We look forward to other pension schemes following our plans and outlining how they will invest in private markets.

    The roundtable discussion will focus on the government’s partnership approach to growth with business, including how regulation can better support the Growth Mission, and the role of business in achieving the UK’s ambitions in AI which the Prime Minister unveiled earlier this month. Every regulator has a role to play in the Growth Mission and the Chancellor is hosting a series of roundtables with the 17 regulators that the Prime Minister wrote to in December, to discuss their proposals to support growth in the coming year. 

    The meeting with CEOs comes days after the Chancellor’s return from the World Economic Forum, where she pitched Britain’s investment credentials and let global business leaders know that the UK is open for business again. She championed early reforms to planning, pensions, and regulation that make it easier to do business in Britain and remove barriers investors from overseas face.

    On Wednesday, the Chancellor will make a speech where she will set out plans to push through further planning reforms to get Britian building again, rip up regulatory barriers so we can encourage more investment into the UK and announcements to boost trade and investment.

    The government will set out the details of the surplus policy in its response to the Options for Defined Benefits consultation, due this Spring.

    Further information: 

    • Currently DB scheme surplus can only be accessed where schemes passed a resolution by 2016, so not all schemes can access surplus even if trustees and sponsors both want to do so. 
    • Legislative changes could enable all DB schemes to change their rules to permit surplus extraction where there is trustee-employer agreement. This allows trustees to assess the suite of options available in striking a deal with employers on how best scheme members can also benefit – linked to improving member outcomes. 
    • Trustees have an overarching fiduciary duty to act in the best interests of their members. When considering surplus extraction, trustees must fund the scheme and invest its assets in a way that leads to members receiving their full benefits.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots

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

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK.

    • Prime Minister and Chancellor to tell leading CEOs that Britain is back and open for business.
    • Changes to pension rules will allow trapped surplus funds to be invested in the wider economy, fuelling economic growth.
    • Move is part of government action to remove blockages that are stopping growth – from regulation to planning processes.

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK. 

    Hosting a meeting with leaders of Britain’s biggest businesses in the City of London today (Tuesday 28 January), the Prime Minister and the Chancellor will set out the details of changes and tell some of the country’s leading CEOs that Britain is back and open for business.

    At the roundtable, the PM and Chancellor will outline how restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. 

    This follows action taken by the government last week to bring a renewed focus on growth from some of the UK’s biggest regulators, a shake-up to legal challenges on planning applications, and new “brownfield passports” to speed up housing in commuter hotspots.

    Prime Minister, Keir Starmer said: 

    The number one mission of my government is to secure growth, drive higher living standards for everyone, and get more money into people’s pockets.

    To achieve the change our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo. Today’s changes will unlock billions of investment, pushing forward in delivering my Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves said:

    I know this government and businesses are united on growth being the top priority for our economy, which is why I am fighting every day to tear down the biggest barriers to growth, taking on regulators, planning processes and opposition to this urgent mission.

    The Prime Minister and Chancellor will tell CEOs from some of the UK’s most successful companies that that the government is seeking to create the best possible conditions for the private sector to thrive. They will promise to work in partnership with businesses, to deliver high-quality jobs across the country, and the economic growth that will fund the schools, hospitals and roads that we all rely on.

    Pension trustees and the sponsoring employers could then use this money to increase the productivity of their businesses – to boost wages and drive growth or unlock more money for pension scheme members. 

    High growth and more productive businesses boost the size of the economy which in turn will fund our vital public services.

    This more efficient approach demonstrates that the government has been listening to business, and will give businesses more flexibility, allowing trapped surplus funds to be invested into the wider UK economy, or given to scheme members as additional benefits.

    Where trustees agree to share a portion of scheme surplus with a sponsoring employer, the employer may choose to invest these funds in their core business, for example to purchase equipment or supplies, and/or provide additional benefits to members of the pension scheme.

    Approximately 75% of schemes are currently in surplus, worth £160 billion, but restrictions have meant that businesses have struggled to invest them.

    These reforms build on the Chancellor’s Mansion House reforms which will create pension megafunds as part of the biggest set of pension reforms in decades, unlocking billions of pounds of investment in exciting new businesses and infrastructure and local projects.     

    Over £1.1 trillion is held by pension funds in the UK and defined contribution pension schemes are set to manage £800 billion worth of assets by the end of the decade. This Government is determined to encourage these pension funds to deliver investment and drive economic growth – which is the only way to make people better off.    

    Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said:

    Unlocking surplus capital from defined benefit schemes has the potential to both boost UK growth by opening up investment opportunities for companies and their stakeholders, as well as the possibility of higher pensions for scheme members. With around £1.1 trillion in assets, defined benefit schemes already make a significant contribution to the funding of the UK economy and public services. 

    With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Saving Association, said: 

    The PLSA backs surplus release, with the right protections in place to ensure member benefits are secure. Surpluses could be used to increase DB scheme benefits or could be redirected to fund contributions to sponsoring employers’ defined contribution workplace schemes.

    Lowering the legislative threshold for allowing returns of surplus could potentially encourage trustees, in conjunction with their employers, to adopt a more ambitious mindset and take on slightly riskier investment strategies for their DB assets, including greater investment in UK assets.

    Patrick Heath-Lay, Chief Executive Officer for The People’s Pension, said:

    It is positive news to see the government is looking at the pension industry as a whole. This will help unlock more of the £2.9trillion that is held in UK pension savings, to benefit savers and the economy alike.

    We look forward to other pension schemes following our plans and outlining how they will invest in private markets.

    The roundtable discussion will focus on the government’s partnership approach to growth with business, including how regulation can better support the Growth Mission, and the role of business in achieving the UK’s ambitions in AI which the Prime Minister unveiled earlier this month. Every regulator has a role to play in the Growth Mission and the Chancellor is hosting a series of roundtables with the 17 regulators that the Prime Minister wrote to in December, to discuss their proposals to support growth in the coming year. 

    The meeting with CEOs comes days after the Chancellor’s return from the World Economic Forum, where she pitched Britain’s investment credentials and let global business leaders know that the UK is open for business again. She championed early reforms to planning, pensions, and regulation that make it easier to do business in Britain and remove barriers investors from overseas face.

    On Wednesday, the Chancellor will make a speech where she will set out plans to push through further planning reforms to get Britian building again, rip up regulatory barriers so we can encourage more investment into the UK and announcements to boost trade and investment.

    The government will set out the details of the surplus policy in its response to the Options for Defined Benefits consultation, due this Spring.

    Further information: 

    • Currently DB scheme surplus can only be accessed where schemes passed a resolution by 2016, so not all schemes can access surplus even if trustees and sponsors both want to do so. 
    • Legislative changes could enable all DB schemes to change their rules to permit surplus extraction where there is trustee-employer agreement. This allows trustees to assess the suite of options available in striking a deal with employers on how best scheme members can also benefit – linked to improving member outcomes. 
    • Trustees have an overarching fiduciary duty to act in the best interests of their members. When considering surplus extraction, trustees must fund the scheme and invest its assets in a way that leads to members receiving their full benefits.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Awards and Recognition – Site Safe Announces 2025 Health and Safety Award Finalists

    Source: Site Safe

    Site Safe today announced the finalists for its 2025 Health and Safety Awards, celebrating excellence in workplace safety across Aotearoa New Zealand.
    The finalists, representing a diverse range of industries, will now compete at the largest health and safety event of the year, the Evening of Celebration, for top honours at a gala evening held at the Due Drop Event Centre in Auckland on 5 March 2025, attended by hundreds of industry leaders and safety professionals.
    “We are incredibly proud to announce these outstanding finalists,” said Brett Murray, Chief Executive of Site Safe.
    “The record number of entries received this year underscores the importance industry places on effectively managing health and safety risks in their workplaces. It’s inspiring to see the dedication and innovation showcased by these individuals, teams, and organisations.”
    The judging panel, comprised of respected industry representatives and safety professionals, were highly impressed by the calibre of entries.
    The judges commented, “Selecting the finalists was a challenging task, as the level of innovation, dedication, and positive impact demonstrated by all applicants was truly exceptional.”
    Here are the 2025 Site Safe Award Finalists:
    The  Safety Innovation Award:
    • Beon  Energy Solutions: Beon’s new Pile Extractor revolutionises solar farm construction by safely and efficiently removing piles. Unlike traditional methods, which are dangerous and inefficient, the Pile Extractor is operated by one person, applies controlled forces, and eliminates the need for heavy machinery. This innovation enhances worker safety, increases productivity, and promotes a safer work culture within the renewable energy sector.
    • Fulton  Hogan: The SH1 Brynderwyns Recovery Project faced challenges due to the terrain, environmental concerns, and a major slip. Despite these obstacles, the team innovated, employing remote-controlled machinery to safely clear unstable slopes. This approach ultimately ensured a safer and more efficient recovery effort.
    • Traffic  Safe NZ: Traffic Safe developed a robotic system to eliminate the dangerous manual placement of road cones. This system uses cameras, sensors, and a robotic arm mounted on a truck to automatically deploy and retrieve cones, significantly reducing worker risk.
    The  Safety Leadership Award:
    • The  DEI team, New Zealand Defence Force: Defence Estate and Infrastructure (DEI) manages health and safety for numerous contractors across NZ. DEI developed the CHESS framework, outlining minimum H&S requirements for all contractors, with a focus on high-risk work. This framework is successfully implemented and fully supported by NZDF leadership. DEI prioritises H&S in all projects, striving to ensure all personnel return home safely each day.
    • Yolanda  Oosthuizen – Horizon Energy Group: As the Horizon Energy Group GM for HSEQ, Yolanda has led safety, wellness, quality, and sustainability. She champions their ESG agenda, fostering a Switched-ON safety culture. Her focus is on visionary leadership, aligning safety with organisational goals. Effective communication and measurable impact drive initiatives like the implementation of the ecoPortal Safety System. She also mentors’ future leaders, positioning Horizon as an industry leader in safety and sustainability.
    • Jamie  Greentree – Kinetic Electrical Wellington: Jaime started an electrical business with minimal health and safety focus initially. However, post-COVID, Jaimie prioritised compliance, investing in staff training and achieving a NZ Certificate in Workplace Health and Safety Practice (Level 3). As the sole director, Jaimie led this change, influencing other franchisees. As a small business, he adapted to the economic climate by diversifying.
    The  Safety Contribution Award (Team):
    • Canterbury  Aluminium Ltd: Chris and Nicky Averill acquired Canterbury Aluminium in 2022, prioritising staff health and safety. They believe a strong health and safety culture leads to happy staff and satisfied clients. The company’s Health & Safety Committee fosters a collaborative environment where all employees are encouraged to prioritise safety in their work. This award nomination recognises the committee’s efforts to improve health and safety outcomes for all staff.
    • Mason  Clinic Project – Southbase: Southbase Construction implemented numerous safety initiatives on the Mason Clinic project, fostering a strong safety culture. These measures included Wellbeing and Suicide Prevention, Health15 Program, Collaboration with Safety Brands and Organisations, Working at Height/Dropped Objects, Emergency Scenario Drills, and Health and Safety Recognition.
    • Tradestaff  Group Ltd: Tradestaff’s Safety Team has successfully fostered a safety-first culture within the construction sector. They’ve addressed challenges specific to on-hire labour, including short-term placements and diverse demographics. By focusing on candidates, clients, and consultants, they’ve implemented initiatives that promote safer onsite outcomes and drive cultural change in health and safety.
    The  Safety Contribution Award (Individual):
    • Glen  Sturgess, Naylor Love: Glen is a dedicated Health & Safety Champion. He consistently goes above and beyond to ensure site safety. Glen excels in logistics, effectively communicating safe movement of vehicles and personnel.
    • Shelley  Compston – Apprentice Training Trust: Shelley is a Health & Safety Co-ordinator and excels in improving workplace safety. She fosters a strong safety culture, inspires colleagues, and drives continuous improvement. Through effective collaboration and communication, she encourages best practices among hosts, staff, and apprentices. Shelley’s leadership, innovation, and dedication to protecting workers are exemplary.
    • Mark  Nicholas – Accent Construction: Mark utilises weekly toolbox meetings to upskill his construction team beyond basic safety. He develops workshops and bulletins on diverse topics like site access, hot works, and mental wellbeing. These initiatives enhance worker awareness and knowledge, leading to a stronger safety culture within the company and among subcontractors. Workers are better equipped to identify and manage hazards onsite.

    The  Mental Health and Wellbeing Award:

    • Workforce  Central Dunedin: Dunedin Hospital Outpatients workers enjoy exceptional onsite care. Services include free haircuts, health screenings, physio, GP consultations, and mental health support. Recreational activities like cornhole and billiards are provided. The site promotes a positive work-life balance and worker well-being through initiatives like Maori Language Week and Suicide Awareness Day. Workers consistently praise the unique and supportive environment.
    • Anita  Teo-Tavita – Programmed: Anita leads the Programmed Mental Health First Aid training, both internally and in the community. She’s a key figure in promoting worker wellbeing, taking a holistic approach. Anita not only facilitates training but also supports workers with initiatives outside of work hours, demonstrating her commitment to their overall wellbeing.
    • Tūpore: At Tūpore, prioritising mental wellbeing is core. They have created a supportive whanau culture, with initiatives like the “Raranga Oranga” role and the Big Buds programme. These efforts, combined with tikanga Māori practices and community partnerships, foster a thriving and connected workforce. This focus on mental health has significantly improved employee wellbeing and reduced the impact of high suicide rates in Hawke’s Bay.

    The  Future Safety Leader Award:

    • Aimee  Daw – Programmed: Aimee, initially a HSEQ Administrator at AIMs, quickly advanced to HSEQ Coordinator at Programmed, providing key HSEQ support. Despite her short tenure and lack of HSEQ background, her contributions have been significant, particularly in improving safety systems and processes. She is recognized for her dedication, resilience, and impactful safety leadership.
    • Fern  Harper – Naylor Love: Fern’s outstanding contributions to health & safety and her dedication, leadership, and commitment to safety excellence have inspired others. Fern’s inclusive approach and proactive nature make her an exceptional Emerging Practitioner in the field of health and safety.
    • Fiona  Brabant – Cook Brothers Construction: Fiona, or Fi, is a passionate Health & Safety leader at Cook Brothers Construction in Queenstown and Wanaka. Joining recently, she prioritises team wellbeing, viewing colleagues as people, not just workers. Her background in health drives innovation and motivation. From onsite care to wellness initiatives, Fi strives to ensure everyone returns home safely, despite the challenges.

    The Site Safe Awards recognise and celebrate individuals, teams, and organisations that have made significant contributions to improving workplace safety in New Zealand. These awards provide valuable recognition and inspire others to prioritise safety in their workplaces. About Site Safe Site Safe is a leading provider of health and safety training and consultancy services in New Zealand. We are committed to empowering New Zealanders to work safely and return home safely every day. For more information about Site Safe’s Evening of Celebration, click HERE: https://www.sitesafe.org.nz/about/news-and-events/events/2025-auckland-evening-of-celebration/

    MIL OSI New Zealand News –

  • MIL-OSI: Purpose Investments Files Preliminary Prospectus for the World’s First Solana ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the pioneer behind the world’s first Bitcoin ETF and Ether ETF, is pleased to announce that it has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of Purpose Solana ETF.

    The Purpose Solana ETF seeks to invest substantially all of its assets in long-term holdings of Solana and to provide holders of ETF Units with the opportunity for long-term capital appreciation.

    “At Purpose, we are committed to pioneering innovation and bridging the gap between traditional and decentralized finance to unlock new opportunities for investors,” said Som Seif, founder and CEO of Purpose Investments. “We have long believed in the transformative potential of crypto and decentralized finance and have taken a thoughtful, measured approach to making these innovations accessible to investors. In 2021, we led the way with the world’s first spot Bitcoin ETF, followed shortly by the first Ether ETF. With the continued evolution of the Solana blockchain network, we believe now is the time to provide investors with direct exposure to Solana, further expanding access to this emerging digital asset ecosystem.”

    “We are committed to providing investors with access to this exciting opportunity in a simple, secure, and efficient manner through the ETF structure,” added Vlad Tasevski, Chief Innovation Officer of Purpose.

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    A preliminary simplified prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy shares of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose or at www.purposeinvest.com.

    Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Files 2024 Annual Report

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) announced today that the Company’s annual report for the fiscal year ended November 30, 2024 is available online at www.kaynefunds.com. To request a hard copy of this report, free of charge, please call 877-657-3863 or email cef@kayneanderson.com.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network –

  • MIL-OSI USA: Senator Marshall Joins Newsmax National Report: RFK Jr. Will Execute President Trump’s Agenda

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Newsmax: National Report to discuss CIA Director John Ratcliffe’s recent release of declassified COVID-19 origins documents confirming the intelligence community’s long-suspected lab leak theory, as well as former President Joe Biden’s preemptive pardoning of Covid Czar Dr. Anthony Fauci. Senator Marshall has been an advocate in calling for transparency around the lab leak theory and the Biden Administration’s lack of transparency. 
    Additionally, Senator Marshall shared his support for President Trump’s Secretary of Health and Human Services (HHS) Nominee, Robert F. Kennedy, Jr., as he prepares for his confirmation hearings this week in the Senate Finance and Health Committees. As the leader and founder of the Senate Make America Healthy Again Caucus, Senator Marshall discussed how RFK Jr. will combat America’s chronic disease epidemic. 
    You may click HERE or on the image above to watch Senator Marshall’s full interview. 
    Highlights from Senator Marshall’s interview include:
    On CIA Director John Ratcliffe Releasing Classified Covid Origin Reports: 
    “I think number one is this is a sign of President Trump’s more transparency model. But look, most of the evidence, the preponderance of the evidence, supports that this virus came from a lab in Wuhan China, partially funded by Dr Fauci. We’ve known that for years. Look, China’s had five years to show us some type of an intermediate species, how this virus could have came from a bat, to some type of an animal, and then to humans. We’ve known from day one that this was very suspicious.”
    “This is just transparency. Promises made, promises kept. President Trump has promised that he would make everything more transparent. Here’s John Ratcliffe implementing that plan.” 
    On President Biden’s pre-emptive pardoning of Dr. Fauci: 
    “Once again, what are they hiding? And of course, he did this with the entire Biden cartel as well. He pardoned them from future charges, which is just unheard of.”
    “I think there’s going to be a preponderance of evidence coming out showing that Dr. Fauci is partially responsible for the 1 million Americans that died due to COVID, that he funded the research to develop this COVID virus, and it was then accidentally leaked from a lab in Wuhan, China. It’s a horrible, horrible [precedent] for the President to do this.”
    On President Trump’s Nominee for HHS Secretary, Robert F. Kennedy Jr.: 
    “I don’t agree with RFK Jr. on everything, but I fully support him. I think he’s absolutely going to be a game-changer. I think there’s a groundswell of people, Americans who support RFK Jr. as well – and we need those people to reach out to their senators this week as RFK Jr. goes into nomination hearings. He actually has two hearings going forward, so we need folks to reach out and say ‘this is why we support him.’”
    “Look, RFK Jr. is going to execute the President’s agenda. There’s some things in the past that RFK Jr. and I disagree with, but he’s going to put those beside him and focus on making America healthy again, and that’s all President Trump’s goal is here.”
    “60% of Americans have some type of a chronic disease, and mostly that’s determined by what they eat and the toxins they’re exposed to. So I’m just looking forward to working with RFK Jr. again. He’s going to be a game changer and is going to give us an opportunity to address some of these challenges. He’s going to do a great job.”

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: STANDING AT ALTON’S RESTAURANT IN CHEEKTOWAGA WITH EGG & GROCERY PRICES RISING DUE TO BIRD FLU OUTBREAK CALLS ON FEDS TO SURGE ‘BIOSECURITY’ AND GET ALL HANDS ON DECK TO HELP FARMS CONTAIN…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Says Egg Prices Already Increased $2 Per Dozen In Last Two Months And Could Get Worse If New Admin Doesn’t Surge Efforts To Beat Bird Flu; Farmers Do Not Have Resources To Contain Bird Flu Alone, Says Feds Must Ramp Up Efforts NOW Before Prices Climb Higher
    With Millions Of Birds Impacted Last Month, And More Bird Flu Being Found In NY Just Last Week, Schumer Says Biosecurity And Increased Fed Response Is Key To Isolate & Contain Bird Flu And Lower Grocery Costs
    Schumer: With New Admin, We Can’t Afford To Scramble To Keep Bird Flu Mitigation Going—Or Egg & All Grocery Prices Could Surge
    Amid the increasing price of eggs in Western NY and across Upstate New York amid the bird flu outbreak, U.S. Senator Chuck Schumer today stood at Cheektowaga’s beloved Alton’s Restaurant and called on HHS and the USDA to surge funding and get all hands on deck for coordinated federal response to stop the spread causing sky-rocketing egg prices and lower costs for families, diners, and local bakeries.
    “Alton’s has been a staple in Western New York for over 40 years, but recently restaurants like Alton’s and families in Buffalo have been shell-shocked by higher egg and grocery prices. Egg prices are skyrocketing because of bird flu, driving costs up for families, farms, diners, and small businesses. In November, a dozen eggs cost about $4 in NY which is already high, but now the average is nearly $6, and with bird flu getting worse this problem could quickly spiral into a crisis,” said Senator Schumer. “Last year I secured millions to help contain this disease and we need the new administration to surge biosecurity efforts to beat back bird flu. We need a robust, coordinated federal response to crack down on bird flu and I am committed to working in a bipartisan way with the new administration to get grocery prices lower and that starts with getting a handle on bird flu. The health of our livestock, our restaurants, and Western NY families’ wallets depend on it.”
    For decades, Alton’s has been a beloved cornerstone of Western New York’s culinary scene, serving hearty Greek-American comfort food for breakfast, lunch, and dinner. Since opening its doors in 1982, the Cheektowaga-based restaurant, owned by Milton Koutsandreas, has built a loyal following with its warm atmosphere and home-cooked meals. However, like many local businesses across the region, Alton’s has felt the strain of rising costs, particularly the significant increase in egg prices. Just a few months ago they were able to get 30 dozen eggs for $50 a case, and now the diner is seeing prices climb to $180 a case.
    Some grocery stores are limiting the number of egg cartons consumers can purchase, and the price of eggs in New York State has increased from $4.23 in November to $6.10 as of January 10 according to the U.S. Department of Agriculture. Roughly 8% of egg supply has been affected by the avian flu nationwide, and experts say prices could increase an additional 20% in 2025 if the bird flu keeps spreading.
    Schumer added, “I’ll be pushing for more federal resources in the upcoming budget bill to stop the bird flu, and the feds need to continue prioritizing biosecurity, get all hands on deck for containing bird flu. This will give farmers the resources to isolate, sanitize, and purchase the protective equipment they need.”
    More than 20 million egg-laying chickens died last quarter because of bird flu, and last week Long Island’s last commercial duck farm was forced to kill thousands of ducks after health officials detected cases of bird flu, forcing the farm to cease operations. An outbreak in Georgia last week showed how the virus can spread, and Schumer highlighted the need for federal coordination to prevent further spread and support farms in New York and across the country. With infections across the country, there have been fewer eggs available, and decreased supply has led to increasing prices at grocery stores.
    “As a restaurant manager, I know firsthand how crucial affordable ingredients are to keeping our business running and our customers happy. Eggs are a staple in so many of the dishes we serve, and rising prices significantly affect our costs and prices – something we always try to avoid,” said Alton’s Restaurant General Manager Audrea Arricale. “I want to thank Senator Chuck Schumer for taking the issue of excessively high food costs seriously.”
    “Stable egg prices are critical for the success of Cheektowaga’s local businesses, especially restaurants and grocery stores, which are already navigating the challenges of inflation,” said Cheektowaga Chamber of Commerce President and CEO James Burns. “Senator Schumer’s push to strengthen biosecurity and support farmers in fighting bird flu is essential to keeping costs down for both businesses and families in our community.”
    “I thank Senator Schumer for standing up for basic, common sense public health efforts. As the COVID-19 pandemic showed, we need everyone, from global partners and academia to local health departments in the fight together against illnesses like H5N1 highly pathogenic avian flu, which is a looming threat to the public’s health, our economy and our food security,” said Erie County Executive Mark Poloncarz.
    “I thank Senator Schumer for his efforts to advance a practical solution to an issue that has a concrete impact on all of us. Resources are already in the federal budget and should be expended to address the issue,” said Cheektowaga Town Supervisor Brian Nowak.
    Schumer said that the federal government must invest in biosecurity efforts including isolation, sanitation, and more personal protective equipment (PPE). The senator called on the U.S. Department of Agriculture (USDA), U.S. Department of Health and Human Services (HHS), Centers for Disease Control and Prevention, and National Institutes of Health, among other federal agencies, to engage in a coordinated federal response to manage this bird flu outbreak. HHS invested $300+ million dollars before the new administration took office and the USDA has said that preparedness is the key to keeping Americans healthy and our country safe. Schumer said that as Congress continues to negotiate the Farm Bill, which regulates the federal budget for agricultural-related programs, the new Congress and the new administration must continue to prioritize investing in helping farms detect and contain bird flu.
    “The bottom-line here is that we do not want farmers, the feds, or consumers at the grocery store to scramble with this threat of bird flu sustaining into 2025. We want to try and keep grocery prices in check, and that means keeping the new Congress and the new administration laser-focused on ending this latest bird flu outbreak,” said Schumer.
    Under the Biden administration, the CDC made plans to award approximately $111 million in funding to enhance our ability to monitor the bird flu at the local, state and national levels, including $103 million to increase monitoring of individuals exposed to infected animals, testing, and outreach to high-risk populations (such as livestock workers) and $8 million to manufacture, store, and distribute influenza diagnostic test kits for virologic surveillance. The NIH made plans to award approximately $11 million in funding for additional research into potential medical countermeasures for the bird flu.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: AI sensors on fridges and kettles helping vulnerable people to live independently

    Source: United Kingdom – Executive Government & Departments 2

    Councils are leveraging AI and technology to enhance public services, save money, and improve living standards, aligning with government plans for £45 billion in efficiency savings under the Plan for Change.

    10 records of how local councils use AI to help local residents and save money.

    • From estimating budgets and improving care, to getting people new bins more quickly, new records reveal how councils are using AI and tech to help local residents and save money
    • Follows government announcing plans to put technology to work across public services, targeting £45 billion in efficiency savings
    • Innovations demonstrate the potential for AI and technology to improving public services and living standards, delivering on Plan for Change

    Local councils are picking up the AI mantle to help unleash this revolutionary technology across the UK – to turbocharge the Plan for Change and deliver a decade of national renewal.

    The latest transparency data – published by the Department for Science, Innovation and Technology (DSIT) – shows that councils are wasting no time in putting the weight of the public sector behind AI and finding new and innovative ways to make it work for working people.

    It shows that AI is being used to identify when a pensioner has had a fall, to stop people fall into rent arrears, to map which houses need loft insulation, to give people bigger bins, and – instead of taking people’s jobs – to help them find work in social care.

    The publication of records follows the Technology Secretary setting out a blueprint for how his department will help the public sector use technology to transform public services, targeting £45 billion in potential productivity savings.

    The plan will see a new team, housed in the Department for Science, Innovation and Technology (DSIT), cut across barriers to join up public services, including those provided by local councils, so people do not have to tell dozens of organisations the same thing.

    The team will first start by looking at services used by people with long term health conditions across organisations like the NHS, Department for Work and Pensions, local councils and more.

    As the digital centre of government, the Department for Science, Innovation and Technology (DSIT) will champion innovation, like that shown by the London Borough of Sutton, and help to spread it around the country so it can be used to improve public services and drive the Government’s Plan for Change.

    Speaking from a trip to see the Tech Enabled Care solution in Sutton, AI and Digital Government Minister Feryal Clark said:

    AI has immense potential to make our lives easier and improve public service. The technology we are together sharing with the public today includes shining examples of innovation that does everything from speeding up crucial applications for bigger bins, to helping people live independently.

    Being transparent with the detail of how we are putting AI to work in public services is crucial to our plans to use technology to improve public services, which is a key part of our Plan for Change.

    Other initiatives include AI-enabled fridge sensors and connected kettles are being used to detect changes in the daily routines of vulnerable people that could indicate a decline in health and ultimately lead to a fall, thanks to technology used by the London Borough of Sutton.

    Helping people who would otherwise need additional care, the technology uses sensors to spot changes in behaviour, like missed meals, a skipped cup of tea or whether a door has been left open for too long, before AI analysis is used to detect whether something might be wrong. An alert is then sent to close family members or carers so they can stop by to check on how they are and offer additional support if needed.

    Details of the technology, which was developed by Loughborough tech company The Access Group and Medequip Connect, have been released today alongside nine other public sector organisations setting out how they use AI and algorithmic tools. 

    Councillor Marian James, Lead Member for People Services at the London Borough of Sutton said:

    Research shows that people live well for longer when they can maintain their sense of independence and dignity by remaining in their own home. That’s why we are using the latest digital technology to enable our residents to continue living their lives independently within the comfort of their own home, but with the peace of mind that support is available when they need it. 

    The pressures facing our adult social care services show no sign of easing, so I’m proud the Council is taking this forward-thinking approach to find solutions that will reduce the pressure on the system, as well as being beneficial for our residents.

    Among the records published today, West Berkshire Council also shared how it is using technology to help residents get a bigger black bin more quickly, if they are eligible.

    A tool, built entirely in-house by the council, takes in information from an online application form, like the number of people living in a home, and the number of children in nappies, to automatically rule out people who might not be eligible for a bigger bin.

    Though, people whose applications are declined can still appeal the crucial decision, and have a human quickly look at their request. By speeding up the processing of requests, it makes sure families with newborns can get a bigger bin to handle the increased waste much more quickly.

    Other records published today detail chatbots used to help people apply for social care qualifications in Wales, and algorithmic tools to help councils more accurately predict the cost of adult care, so they can better manage their budgets.

    Minister of State for Care, Stephen Kinnock said:

    Around a third of adults over 65 will have at least one fall a year. This can be devastating and doesn’t just risk broken bones, but a loss of confidence and independence in older people.

    I am determined that we harness cutting-edge technology to protect them – and this groundbreaking AI will help to stop accidents before they happen and cut down on hospital visits.

    Our Plan for Change will drive forward this kind of innovation, transform the NHS, and ensure people can live safely and independently.

    Andy Sparkes, Managing Director, Local Government, The Access Group, said:

    We’re delighted to support Sutton Council’s ambitious approach to AI and technology-enabled care, which offers a personalised service that enables individuals to live independently for longer.

    AI and machine learning have the potential to enable all local authorities to shift their approach to care from the traditional reactive model to a more proactive approach that allows for early intervention. By scaling these proven examples of success, councils can reduce the pressure on current services and empower residents to remain in their homes for as long as possible.

    Notes to editors

    Full list of transparency records in this bundle.

    Dorset City Council

    Formulate for Adult Care – estimates financially sustainable personal budgets for adults with eligible care and support needs.

    Camden Council

    RentSense AI Tool Pilot – analyses council housing tenants’ rent transactions to prioritise arrears cases for management.

    Ealing Council

    Adult Social Care Annual Financial Expenditure Forecast – forecasts annual adult social care expenditure more accurately to make it easier for services to allocate budgets.

    Greater London Authority

    London Building Stock Model 2 – predicts missing information about London’s properties to help inform housing improvement programmes and decisions that reduce carbon emissions and energy bills.

    London Borough of Sutton

    Access Assure, Technology Enabled Care (TEC) – helps residents live independently by monitoring their data and alerting carers and family/friends where necessary.

    Social Care Wales

    Qualifications Chatbot – helps anyone with an interest in social care qualifications find appropriate qualification and information to work in the social care, early years, and childcare sector in Wales.

    Warwickshire County Council

    Domestic EPC Estimates – estimates domestic energy performance certificates (EPC) of households that have a missing EPC to help support better outcomes for citizens.

    West Berkshire Council

    Apply for a Larger Rubbish Bin – assesses whether applicants for a larger household waste container meet the minimum threshold set out in the council’s policy to provide a faster, improved service.

    London Borough of Barnet

    Ami Chatbot – a chatbot on the council’s website to provide better customer experience.

    Bristol City Council

    Not in Education, Employment, or Training (NEET) – assesses the risk of an individual becoming NEET to enable safeguarding professionals deliver timely and targeted interventions and support.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: New Report Highlights Transformational First Year of Colorado Universal Preschool, Reaching Nearly 70% of Eligible Four-Year-Olds

    Source: US State of Colorado

    DENVER — The Colorado Universal Preschool Annual Report, submitted to the Colorado Legislature as part of SMART Act requirements, highlights how the program’s inaugural year transformed early childhood education by providing high-quality, voluntary preschool to every child in the year before kindergarten. Read the report here. 

    “Free preschool is saving Colorado families an average of $6,100 every single year and helping our kids get the best possible start in life. This report shows that we are reaching the vast majority of young learners and we are committed to continue serving even more students,” said Governor Jared Polis. 

    In its first year, Colorado Universal Preschool served 43,479 children, reaching nearly 69% of the state’s eligible four-year-olds—a milestone that positions Colorado among the top states for preschool access nationwide. 

    “This success underscores Colorado’s commitment to children and families,” said Dr. Lisa Roy, Executive Director of CDEC. “Universal preschool is strengthening families and providing a solid foundation for our youngest learners to thrive.” 

    Key Wins for Colorado Families Enrolled in Colorado Universal Preschool in 2023-24:

    • Lowering Families’ Costs: The program saved families an average of $6,100 annually on preschool expenses, providing critical financial relief for other costs. 
    • Expanding Family Choice: With more than 1,900 providers statewide, families had the flexibility to choose from community-based, school-based, and home-based preschool settings. 
    • Serving Diverse Needs: Nearly 50% of children came from low-income households, with over 11,000 children also classified as being multilingual, experiencing ‘homelessness’, or having a disability. 
    • Strengthening the Sector: The program distributed $239.4 million to providers, enhancing sustainability and incentivizing sector growth. 

    “The impact of Colorado’s Universal Preschool program is profound,” said Michael Gaal, Superintendent of Colorado Springs School District 11. “District 11 is proud to be the largest provider of Universal Preschool serving more than 1000 preschoolers in El Paso County, with 31 of our 33 elementary schools offering the program. By investing in early childhood education, Colorado is setting the foundation for success. This program will not only benefit our students today, but its impact will continue to be felt for years to come.” 

    The report outlines ongoing challenges, including provider shortages in certain regions and workforce gaps. In response, the program has expanded full-day preschool (30 hours/week) for children in poverty and is launching a Provider Resource Bank to improve quality and accessibility statewide.

     “Colorado Universal Preschool is building a national model of excellence while addressing local needs,” Dr. Roy added. “We look forward to partnering with families, providers, and communities to create even greater opportunities for Colorado’s children.” 

    Apply Now for The 2025-26 School Year Submit an application by February 5, 2025 to be included in the first family-to-provider matching round. Learn more, explore preschool options, and apply online at UPK.Colorado.Gov. 

    Assistance is available: 

    💻Visit: Help.Upk.Colorado.Gov 

    📧Email: universalpreschool@state.co.us 

    📲Call: 303-866-5223 (Monday–Friday, 8 a.m.–8 p.m. MST). Interpreters available in 100+ languages.

    MIL OSI USA News –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JANUARY 28, AT 9:30 AM CENTRAL TIME

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2025 of $14.7 million, an increase of $2.5 million, or 20.2%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.30 per fully diluted common share for the second quarter of fiscal 2025, an increase of $0.23 as compared to the $1.07 per fully diluted common share reported for the same period of the prior fiscal year.

    Highlights for the second quarter of fiscal 2025:

    • Earnings per common share (diluted) were $1.30, up $0.23, or 21.5%, as compared to the same quarter a year ago, and up $0.20, or 18.2% from the first quarter of fiscal 2025, the linked quarter.
    • Annualized return on average assets (“ROAA”) was 1.21%, while annualized return on average common equity was 11.5%, as compared to 1.07% and 10.6%, respectively, in the same quarter a year ago, and 1.07% and 10.0%, respectively, in the first quarter of fiscal 2025, the linked quarter.
    • Net interest margin for the quarter was 3.36%, as compared to 3.25% reported for the year ago period, and 3.37% reported for the first quarter of fiscal 2025, the linked quarter. Net interest income increased $3.7 million, or 10.6% compared to the same quarter a year ago, and increased $1.5 million, or 4.0%, from the first quarter of fiscal 2025, the linked quarter.
    • Noninterest income was up 21.7% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the prior comparable quarter, and down 4.3% from the first quarter of fiscal 2025, the linked quarter.
    • Gross loan balances as of December 31, 2024, increased by $60.5 million, or 1.5%, as compared to September 30, 2024, and by $295.1 million, or 7.9%, as compared to December 31, 2023.
    • Cash equivalent balances as of December 31, 2024, increased by $70.5 million as compared to September 30, 2024, but decreased by $71.0 million as compared to December 31, 2023.
    • Deposit balances increased by $170.5 million, or 4.2%, as compared to September 30, 2024, and by $225.1 million, or 5.6%, as compared to December 31, 2023. The increase compared to the linked quarter was primarily due to seasonal inflows of deposits from agricultural and public unit depositors.
    • Tangible book value per share was $38.91, having increased by $4.26, or 12.3%, as compared to December 31, 2023.
    • The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due a $380,000 adjustment of tax accruals attributable to completed merger activity.

    Dividend Declared:

    The Board of Directors, on January 21, 2025, declared a quarterly cash dividend on common stock of $0.23, payable February 28, 2025, to stockholders of record at the close of business on February 14, 2025, marking the 123rd consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

    Conference Call:

    The Company will host a conference call to review the information provided in this press release on Tuesday, January 28, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 230612. Telephone playback will be available beginning one hour following the conclusion of the call through February 1, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 279309.

    Balance Sheet Summary:

    The Company experienced balance sheet growth in the first six months of fiscal 2025, with total assets of $4.9 billion at December 31, 2024, reflecting an increase of $303.4 million, or 6.6%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash and cash equivalents, and AFS securities.

    Cash and cash equivalents were a combined $146.1 million at December 31, 2024, an increase of $84.7 million, or 137.9%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth and AFS securities purchases during the period. AFS securities were $468.1 million at December 31, 2024, up $40.2 million, or 9.4%, as compared to June 30, 2024.

    Loans, net of the allowance for credit losses (ACL), were $4.0 billion at December 31, 2024, increasing by $175.0 million, or 4.6%, as compared to June 30, 2024. The Company noted growth primarily in drawn construction, 1-4 family residential, commercial and industrial, agricultural production loan draws, owner occupied commercial real estate, and agriculture real estate loan balances. This was somewhat offset by a decrease in loans secured by non-owner occupied commercial real estate, multi-family property, and consumer loans. The table below illustrates changes in loan balances by type over recent periods:

                                             
    Summary Loan Data as of:      Dec. 31,        Sep. 30,        June 30,        Mar. 31,        Dec. 31,  
       (dollars in thousands)   2024     2024     2024     2024     2023  
                                             
    1-4 residential real estate   $ 967,196     $ 942,916     $ 925,397     $ 903,371     $ 893,940  
    Non-owner occupied commercial real estate     882,484       903,678       899,770       898,911       863,426  
    Owner occupied commercial real estate     435,392       438,030       427,476       412,958       403,109  
    Multi-family real estate     376,081       371,177       384,564       417,106       380,632  
    Construction and land development     393,388       351,481       290,541       268,315       298,290  
    Agriculture real estate     239,912       239,787       232,520       233,853       238,093  
    Total loans secured by real estate     3,294,453       3,247,069       3,160,268       3,134,514       3,077,490  
                                             
    Commercial and industrial     484,799       457,018       450,147       436,093       443,532  
    Agriculture production     188,284       200,215       175,968       139,533       146,254  
    Consumer     56,017       58,735       59,671       56,506       57,771  
    All other loans     3,628       3,699       3,981       4,799       7,106  
    Total loans     4,027,181       3,966,736       3,850,035       3,771,445       3,732,153  
                                             
    Deferred loan fees, net     (202 )      (218 )     (232 )     (251 )     (263 )
    Gross loans     4,026,979       3,966,518       3,849,803       3,771,194       3,731,890  
    Allowance for credit losses     (54,740 )     (54,437 )     (52,516 )      (51,336 )     (50,084 )
    Net loans   $ 3,972,239     $ 3,912,081     $ 3,797,287     $ 3,719,858     $ 3,681,806  
       

    Loans anticipated to fund in the next 90 days totaled $172.5 million at December 31, 2024, as compared to $168.0 million at September 30, 2024, and $140.5 million at December 31, 2023.

    The Bank’s concentration in non-owner occupied commercial real estate, as defined for regulatory purposes, is estimated at 316.9% of Tier 1 capital and ACL at December 31, 2024, as compared to 317.5% as of June 30, 2024, with these loans representing 41.0% of gross loans at December 31, 2024. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 33 loans totaling $24.2 million, or 0.60% of gross loans at December 31, 2024, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

    Nonperforming loans (NPLs) were $8.3 million, or 0.21% of gross loans, at December 31, 2024, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPAs) were $10.8 million, or 0.22% of total assets, at December 31, 2024, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in the total dollar of NPAs reflects an increase in NPLs, which was largely offset by a reduction in other real estate owned due to property sales. The increase in NPLs was primarily attributable to the addition of three unrelated loans collateralized by single-family residential property, totaling $1.4 million.

    Our ACL at December 31, 2024, totaled $54.7 million, representing 1.36% of gross loans and 659% of NPLs, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of NPLs, at June 30, 2024. The Company has estimated its expected credit losses as of December 31, 2024, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. The Company decreased the allowance attributable to classified hotel loans that have been slow to recover from the COVID-19 pandemic due to updated collateral appraisals, which provided a more favorable assessment than the Company’s prior period estimates. Additionally, provision for credit loss (PCL) was required due to loan growth in the second quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.02% (annualized) during the current period, as compared to 0.10% for the same period of the prior fiscal year.

    Total liabilities were $4.4 billion at December 31, 2024, an increase of $279.7 million, or 6.8%, as compared to June 30, 2024.

    Deposits were $4.2 billion at December 31, 2024, an increase of $267.6 million, or 6.8%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases primarily in certificates of deposit and savings accounts, as customers continued to move balances into high yield savings accounts and special rate time deposits in the relatively high rate environment. Public unit balances totaled $565.9 million at December 31, 2024, a decrease of $28.7 million compared to June 30, 2024, but an increase of $55.4 million, as compared to $510.5 million at September 30, 2024. Public unit balances increased compared to September 30, 2024, the linked quarter, due to seasonal inflows, but decreased year-to-date due to the loss of a large local public unit depositor. Brokered deposits totaled $254.0 million at December 31, 2024, an increase of $80.3 million as compared to June 30, 2024, but a decrease of $19.1 million compared to September 30, 2024, the linked quarter. Year-to-date, the Company increased brokered deposits due to more attractive pricing for brokered certificates of deposit relative to local market rates and the need to meet seasonal loan demand, and to build on-balance sheet liquidity. The average loan-to-deposit ratio for the second quarter of fiscal 2025 was 96.4%, as compared to 96.3% for the quarter ended June 30, 2024, and 94.3% for the same period of the prior fiscal year. The loan-to-deposit ratio at period end December 31, 2024, was 95.6%. The table below illustrates changes in deposit balances by type over recent periods:

                                   
    Summary Deposit Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
    (dollars in thousands)   2024   2024   2024   2024   2023
                                   
    Non-interest bearing deposits   $ 514,199   $ 503,209   $ 514,107   $ 525,959   $ 534,194
    NOW accounts     1,211,402     1,128,917     1,239,663     1,300,358     1,304,371
    MMDAs – non-brokered     347,271     320,252     334,774     359,569     378,578
    Brokered MMDAs     3,018     12,058     2,025     10,084     20,560
    Savings accounts     573,291     556,030     517,084     455,212     372,824
    Total nonmaturity deposits     2,649,181     2,520,466     2,607,653     2,651,182     2,610,527
                                   
    Certificates of deposit – non-brokered     1,310,421     1,258,583     1,163,650     1,158,063     1,194,993
    Brokered certificates of deposit     251,025     261,093     171,756     176,867     179,980
    Total certificates of deposit     1,561,446     1,519,676     1,335,406     1,334,930     1,374,973
                                   
    Total deposits   $ 4,210,627   $ 4,040,142   $ 3,943,059   $ 3,986,112   $ 3,985,500
                                   
    Public unit nonmaturity accounts   $ 482,406   $ 447,638   $ 541,445   $ 572,631   $ 544,873
    Public unit certificates of deposit     83,506     62,882     53,144     51,834     49,237
    Total public unit deposits   $ 565,912   $ 510,520   $ 594,589   $ 624,465   $ 594,110
     

    FHLB advances were $107.1 million at December 31, 2024, an increase of $5.0 million, or 4.9%, as compared to June 30, 2024.

    The Company’s stockholders’ equity was $512.4 million at December 31, 2024, an increase of $23.6 million, or 4.8%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $1.0 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $16.4 million at December 31, 2024 compared $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.

    Quarterly Income Statement Summary:

    The Company’s net interest income for the three-month period ended December 31, 2024, was $38.1 million, an increase of $3.7 million, or 10.6%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets and an 11-basis point increase in the net interest margin, from 3.25% to 3.36%, as the 32-basis point increase in the yield on interest-earning assets was partially offset by a 22-basis point increase in cost of interest-bearing liabilities.

    Loan discount accretion and deposit premium amortization related to the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $987,000 in net interest income for the three-month period ended December 31, 2024, as compared to $1.5 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed nine basis points to net interest margin in the three-month period ended December 31, 2024, compared to 14 basis points during the same period of the prior fiscal year, and as compared to a nine basis point contribution in the linked quarter, ended September 30, 2024, when the net interest margin was 3.37%.

    The Company recorded a PCL of $932,000 in the three-month period ended December 31, 2024, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $501,000 provision attributable to the ACL for loan balances outstanding and a $431,000 provision attributable to the allowance for off-balance sheet credit exposures.

    The Company’s noninterest income for the three-month period ended December 31, 2024, was $6.9 million, an increase of $1.2 million, or 21.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to the Company’s realization of a $682,000 loss on sale of AFS securities in the year-ago period, as well as increases in deposit account charges and related fees, other loan fees, and wealth management fees. These increases were partially offset by lower net realized gains on sale of loans, which were primarily driven by a reduction in gains on sale of Small Business Administration (SBA) loans, and lower loan late charges.

    Noninterest expense for the three-month period ended December 31, 2024, was $24.9 million, an increase of $1.0 million, or 4.3%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to increases in compensation and benefits, legal and professional fees, other noninterest expense, and occupancy expenses. The increase in compensation and benefits expense was primarily due to a trend increase in employee headcount, as well as annual merit increases. Legal and professional fees were elevated due to consulting fees tied to internal projects, recruiter costs, and the settlement of a legal matter. Other noninterest expense increased due to increased expenses associated with SBA loans and costs for employee travel and training. Lastly, occupancy and equipment expenses increased primarily due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. Partially offsetting these increases from the prior year period are lower data processing and telecommunication expenses, and a reduction in intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the prior quarter.

    The efficiency ratio for the three-month period ended December 31, 2024, was 55.3%, as compared to 58.5% in the same period of the prior fiscal year. The change was attributable to net interest income and noninterest income growing faster than operating expenses.

    The income tax provision for the three-month period ended December 31, 2024, was $4.5 million, an increase of $1.4 million, or 43.3%, as compared to the same period of the prior fiscal year. The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due to an adjustment of tax accruals attributable to completed merger & acquisition activity.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    Southern Missouri Bancorp, Inc.
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
     
                                     
    Summary Balance Sheet Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands, except per share data)   2024   2024   2024   2024   2023  
                                     
    Cash equivalents and time deposits   $ 146,078   $ 75,591   $ 61,395   $ 168,763   $ 217,090  
    Available for sale (AFS) securities     468,060     420,209     427,903     433,689     417,406  
    FHLB/FRB membership stock     18,099     18,064     17,802     17,734     18,023  
    Loans receivable, gross     4,026,979     3,966,518     3,849,803     3,771,194     3,731,890  
    Allowance for credit losses     54,740     54,437     52,516     51,336     50,084  
    Loans receivable, net     3,972,239     3,912,081     3,797,287     3,719,858     3,681,806  
    Bank-owned life insurance     74,643     74,119     73,601     73,101     72,618  
    Intangible assets     75,399     76,340     77,232     78,049     79,088  
    Premises and equipment     96,418     96,087     95,952     95,801     94,519  
    Other assets     56,738     56,709     53,144     59,997     62,952  
    Total assets   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992   $ 4,643,502  
                                     
    Interest-bearing deposits   $ 3,696,428   $ 3,536,933   $ 3,428,952   $ 3,437,420   $ 3,451,306  
    Noninterest-bearing deposits     514,199     503,209     514,107     548,692     534,194  
    Securities sold under agreements to repurchase     15,000     15,000     9,398     9,398     9,398  
    FHLB advances     107,070     107,069     102,050     102,043     113,036  
    Other liabilities     39,424     38,191     37,905     46,712     42,256  
    Subordinated debt     23,182     23,169     23,156     23,143     23,130  
    Total liabilities     4,395,303     4,223,571     4,115,568     4,167,408     4,173,320  
                                     
    Total stockholders’ equity     512,371     505,629     488,748     479,584     470,182  
                                     
    Total liabilities and stockholders’ equity   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992   $ 4,643,502  
                                     
    Equity to assets ratio     10.44 %     10.69 %     10.61 %     10.32 %     10.13 %
                                     
    Common shares outstanding     11,277,167     11,277,167     11,277,737     11,366,094     11,336,462  
    Less: Restricted common shares not vested     46,653     56,553     57,956     57,956     49,676  
    Common shares for book value determination     11,230,514     11,220,614     11,219,781     11,308,138     11,286,786  
                                     
    Book value per common share   $ 45.62   $ 45.06   $ 43.56   $ 42.41   $ 41.66  
    Less: Intangible assets per common share     6.71     6.80     6.88     6.90     7.01  
    Tangible book value per common share (1)     38.91     38.26     36.68     35.51     34.65  
    Closing market price     57.37     56.49     45.01     43.71     53.39  
                                     

    (1)   Non-GAAP financial measure.

                                     
    Nonperforming asset data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands)   2024   2024   2024   2024   2023  
                                     
    Nonaccrual loans   $ 8,309   $ 8,206   $ 6,680   $ 7,329   $ 5,922  
    Accruing loans 90 days or more past due     —     —     —     81     —  
    Total nonperforming loans     8,309     8,206     6,680     7,410     5,922  
    Other real estate owned (OREO)     2,423     3,842     3,865     3,791     3,814  
    Personal property repossessed     37     21     23     60     40  
    Total nonperforming assets   $ 10,769   $ 12,069   $ 10,568   $ 11,261   $ 9,776  
                                     
    Total nonperforming assets to total assets     0.22 %     0.26 %     0.23 %     0.24 %     0.21 %  
    Total nonperforming loans to gross loans     0.21 %     0.21 %     0.17 %     0.20 %     0.16 %  
    Allowance for credit losses to nonperforming loans     658.80 %     663.38 %     786.17 %     692.79 %     845.73 %  
    Allowance for credit losses to gross loans     1.36 %     1.37 %     1.36 %     1.36 %     1.34 %  
                                     
    Performing modifications to borrowers experiencing financial difficulty   $ 24,083   $ 24,340   $ 24,602   $ 24,848   $ 24,237  
                                     
                                   
        For the three-month period ended
    Quarterly Summary Income Statement Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
    (dollars in thousands, except per share data)      2024   2024   2024   2024   2023
                                   
    Interest income:                                   
    Cash equivalents   $ 784   $ 78   $ 541   $ 2,587   $ 1,178
    AFS securities and membership stock     5,558     5,547     5,677     5,486     5,261
    Loans receivable     63,082     61,753     58,449     55,952     55,137
    Total interest income     69,424     67,378     64,667     64,025     61,576
    Interest expense:                              
    Deposits     29,538     28,796     27,999     27,893     25,445
    Securities sold under agreements to repurchase     226     160     125     128     126
    FHLB advances     1,099     1,326     1,015     1,060     1,079
    Subordinated debt     418     435     433     435     440
    Total interest expense     31,281     30,717     29,572     29,516     27,090
    Net interest income     38,143     36,661     35,095     34,509     34,486
    Provision for credit losses     932     2,159     900     900     900
    Noninterest income:                              
    Deposit account charges and related fees     2,237     2,184     1,978     1,847     1,784
    Bank card interchange income     1,301     1,499     1,770     1,301     1,329
    Loan late charges     —     —     170     150     146
    Loan servicing fees     232     286     494     267     285
    Other loan fees     944     1,063     617     757     644
    Net realized gains on sale of loans     133     361     97     99     304
    Net realized losses on sale of AFS securities     —     —     —     (807     (682
    Earnings on bank owned life insurance     522     517     498     483     472
    Insurance brokerage commissions     300     287     331     312     310
    Wealth management fees     843     730     838     866     668
    Other noninterest income     353     247     974     309     380
    Total noninterest income     6,865     7,174     7,767     5,584     5,640
    Noninterest expense:                              
    Compensation and benefits     13,737     14,397     13,894     13,750     12,961
    Occupancy and equipment, net     3,585     3,689     3,790     3,623     3,478
    Data processing expense     2,224     2,171     1,929     2,349     2,382
    Telecommunications expense     354     428     468     464     465
    Deposit insurance premiums     588     472     638     677     598
    Legal and professional fees     619     1,208     516     412     387
    Advertising     442     546     640     622     392
    Postage and office supplies     283     306     308     344     283
    Intangible amortization     897     897     1,018     1,018     1,018
    Foreclosed property expenses     73     12     52     60     44
    Other noninterest expense     2,074     1,715     1,749     1,730     1,852
    Total noninterest expense     24,876     25,841     25,002     25,049     23,860
    Net income before income taxes     19,200     15,835     16,960     14,144     15,366
    Income taxes     4,547     3,377     3,430     2,837     3,173
    Net income     14,653     12,458     13,530     11,307     12,193
    Less: Distributed and undistributed earnings allocated                              
    to participating securities     61     62     69     58     53
    Net income available to common shareholders   $ 14,592   $ 12,396   $ 13,461   $ 11,249   $ 12,140
                                   
    Basic earnings per common share   $ 1.30   $ 1.10   $ 1.19   $ 1.00   $ 1.08
    Diluted earnings per common share     1.30     1.10     1.19     0.99     1.07
    Dividends per common share     0.23     0.23     0.21     0.21     0.21
    Average common shares outstanding:                              
    Basic     11,231,000     11,221,000     11,276,000     11,302,000     11,287,000
    Diluted     11,260,000     11,240,000     11,283,000     11,313,000     11,301,000
                                   
                                     
        For the three-month period ended  
    Quarterly Average Balance Sheet Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands)      2024   2024   2024   2024   2023  
                                     
    Interest-bearing cash equivalents   $ 64,976   $ 5,547   $ 39,432   $ 182,427   $ 89,123  
    AFS securities and membership stock     479,633     460,187     476,198     472,904     468,498  
    Loans receivable, gross     3,989,643     3,889,740     3,809,209     3,726,631     3,691,586  
    Total interest-earning assets     4,534,252     4,355,474     4,324,839     4,381,962     4,249,207  
    Other assets     291,217     283,056     285,956     291,591     301,415  
    Total assets   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553   $ 4,550,622  
                                     
    Interest-bearing deposits   $ 3,615,767   $ 3,416,752   $ 3,417,360   $ 3,488,104   $ 3,341,221  
    Securities sold under agreements to repurchase     15,000     12,321     9,398     9,398     9,398  
    FHLB advances     107,054     123,723     102,757     111,830     113,519  
    Subordinated debt     23,175     23,162     23,149     23,137     23,124  
    Total interest-bearing liabilities     3,760,996     3,575,958     3,552,664     3,632,469     3,487,262  
    Noninterest-bearing deposits     524,878     531,946     539,637     532,075     572,101  
    Other noninterest-bearing liabilities     31,442     33,737     35,198     33,902     31,807  
    Total liabilities     4,317,316     4,141,641     4,127,499     4,198,446     4,091,170  
                                     
    Total stockholders’ equity     508,153     496,889     483,296     475,107     459,452  
                                     
    Total liabilities and stockholders’ equity   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553   $ 4,550,622  
                                     
    Return on average assets     1.21 %     1.07 %     1.17 %     0.97 %     1.07 %
    Return on average common stockholders’ equity     11.5 %     10.0 %     11.2 %     9.5 %     10.6 %
                                     
    Net interest margin     3.36 %     3.37 %     3.25 %     3.15 %     3.25 %
    Net interest spread     2.79 %     2.75 %     2.65 %     2.59 %     2.69 %
                                     
    Efficiency ratio     55.3 %     59.0 %     58.3 %     61.2 %     58.5 %

    The MIL Network –