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Category: Business

  • MIL-OSI New Zealand: Finance – ASB adjusts mortgage rates

    Source: ASB

    ASB has today announced adjustments to its mortgage rates, following the bank’s reductions across fixed and floating mortgage rates last week. ASB’s latest changes include a 36-basis point reduction to its 6-month term, down to a market-leading rate of 6.39%.  

    ASB’s Executive General Manager Personal Banking Adam Boyd says “We know there’s strong appetite for shorter-term mortgages at the moment. Our drops to 6-month, one year and 18-month terms in response to movement in wholesale rates should appeal to our customers refixing, as well as those looking to buy a property.”

    ASB has also reduced some of its shorter-term term deposit rates by between 10 and 35 basis points, and increased its 4-and-5 year term deposits by 10 basis points each.

    All rate adjustments are effective immediately for new and current customers.

     

    Fixed home lending term

    Previous rate

    New rate

    Rate decrease

    6-month

    6.75%

    6.39%

    -0.36%

    1-year

    6.19%

    5.99%

    -0.20%

    18-month

    5.89%

    5.79%

    -0.10%

    4-year

    5.69%

    5.79%

    +0.10%

    5-year

    5.69%

    5.79%

    +0.10%

     

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: Greenpeace comment on the International Energy Agency World Energy Outlook 2024

    Source: Greenpeace

    The International Energy Agency (IEA) has released its latest World Energy Outlook report today, and Greenpeace Aotearoa executive director Russel Norman says it’s damning for Christopher Luxon and his ludicrous plans to restart oil and gas exploration and increase coal mining. (ref. https://www.iea.org/reports/world-energy-outlook-2024 )
    “The IEA report affirms that global demand for oil, gas, and coal is on track to peak by the end of this decade and warns that failure to accelerate the end of fossil fuels now will put the world on course for a catastrophic global average temperature rise of 2.4oC by the end of the century.
    “As floods, fires and storms ravage the world, and climate scientists run out of adjectives to describe how urgent the situation is, we have Christopher Luxon’s Government forging ahead with reckless plans to search for new oil and gas, dig up more coal and shelve every initiative to reduce emissions that they can.
    “We have an incredible opportunity right now in Aotearoa to move away from fossil fuels to a clean energy future powered by wind and solar that would mean more affordable energy and cleaner, safer towns and cities for New Zealanders, but the Luxon Government is threatening to take us back to to the dark ages.”
    The IEA report states that avoiding the worst impacts of the climate crisis will require at least doubling the global rate of energy efficiency improvements to provide larger emissions reductions by 2030, doubling current investment levels in renewable power, grids and battery storage, as well as implementing a fast and fair fossil fuel phaseout.
    Norman says that with some political will, New Zealand could be leading the way with an exciting transformation to a renewable energy future. (ref. https://www.greenpeace.org/aotearoa/story/two-energy-futures/ )
    “A recent report by the Ministry of Business and Innovation confirms that there is no need for new fossil fuels to ‘keep the lights on’ in New Zealand. Wind and solar are the cheapest sources of new electricity generation, and New Zealand has an abundance of both.
    “It’s time for the Government to step up and make the choice to lead Aotearoa into a clean energy future.”
    MBIE report
    https://www.mbie.govt.nz/assets/electricity-demand-and-generation-scenarios-report-2024.pdf

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Global: Canada’s medical cannabis system changed but didn’t disappear after recreational legalization

    Source: The Conversation – Canada – By Michael J. Armstrong, Associate Professor, Operations Research, Brock University

    When Canada legalized recreational cannabis use on Oct. 17, 2018, there were concerns about the potential impacts. Would it trigger greater cannabis use, boost economic growth or otherwise affect the country’s health, safety and finances?

    Patients already using cannabis legally for medical purposes were especially concerned. They worried that recreational legalization might prompt physicians to stop authorizing cannabis treatments. Or that cannabis producers would abandon the small medical market to pursue the larger recreational one.

    After recreational legalization, the medical cannabis system did see declines. Between June 2018 and December 2022, the number of registered patients fell 32 per cent, while product sales fell 29 per cent. Some people thought the medical cannabis system had failed or become obsolete.

    As someone who studies the business aspects of cannabis legalization, I wondered about these issues, too. It wasn’t clear how patients, producers or health-care providers would react to recreational legalization. Legal medical use itself had only become accessible a few years earlier.

    Accessing medical cannabis

    Canada began allowing medical use of cannabis in 1999. But it remained difficult to get until regulations changed during 2014-15.

    The new rules allowed any physician to authorize patients to use cannabis. Those patients could then register to buy products online from licensed cannabis producers. Online orders could not exceed a 30-day supply.

    (Instead of buying cannabis products, some patients grew their own plants instead. My research hasn’t examined that.)

    Under this new procedure, the number of patients registering to buy cannabis soared. They grew from 7,914 in June 2014 to 330,344 in June 2018, nearly one per cent of Canada’s population.

    However, registration levels differed greatly between provinces. In June 2018, registrations represented almost three per cent of Alberta’s population, versus only 0.1 per cent of Québec’s.

    Interestingly, less than half of registrants bought medical cannabis in any given month. Perhaps they simply didn’t need the full dose. Or maybe they found it too expensive, inconvenient or ineffective.

    June 2018 was also when the federal government passed its new cannabis legislation. The law took effect in October 2018, when recreational sales of dried cannabis and cannabis oils began. After initial product shortages were overcome, recreational cannabis sales grew rapidly as more stores opened, even during the COVID-19 pandemic. Consumer choice expanded in December 2019 when edibles and vapes became available.

    This is where my new study came in. I analyzed government data on patients’ use of Canada’s medical cannabis system between 2017 and 2022. This included how many patients registered, how often they placed orders, and how much cannabis they bought.

    Evolving system usage

    I found that as soon as parliament passed the new cannabis law, medical registrations began slowing down, despite recreational legalization still being four months away.

    But the response differed noticeably between provinces. For example, registrations kept growing steadily in Québec but plummeted rapidly in Alberta. Other provinces were in between.

    My data doesn’t say why those changes occurred. Perhaps Alberta, with its copious cannabis clinics, had many patients only mildly interested in using cannabis medically. Conversely, maybe Québec was still catching up with other provinces on medical use.

    When recreational sales started in October 2018, patient registrations seemed unaffected. Their average purchase sizes didn’t change either. But they bought medical cannabis slightly less often.

    This might have been due to retail convenience. At that time, medical producers and recreational stores were selling similar products: dried cannabis and cannabis oils. So, perhaps some patients started topping up their supplies occasionally at recreational stores but saw no reason to leave the online medical system completely.

    When edibles and other processed products began selling in December 2019, registrations dropped further. But the patients who remained bought medical cannabis slightly more often and in increasingly larger quantities.

    Product selections might explain this patient split. Perhaps producers with good edible products retained their customers and received larger orders from them. Conversely, maybe medical producers offering few edibles lost their patients to the recreational shops and their vast product assortments.

    In summary, Canada’s medical cannabis system experienced big changes after recreational legalization. But it didn’t disappear.

    Will other countries see similar outcomes if they allow recreational cannabis?

    A changing world

    In Europe, for example, The Netherlands is experimenting with recreational sales. Meanwhile, Germany has legalized recreational use but not retail sales. Will those countries experience medical cannabis changes like Canada did?

    Conversely, some countries barely tolerate even medical use. It is very difficult to legally obtain medical cannabis in the United Kingdom, for example, much like in Canada 20 years ago. And France has only conducted a few medical cannabis trials.

    Other countries, like Australia and New Zealand, are somewhere in between. They’re seeing rapid growth in legal medical use and illegal recreational use, but haven’t legalized recreationally. That’s roughly where Canada was 10 years ago.

    Will Canada’s medical and recreational cannabis experiences make these other countries more interested in legalization, or less? Either way, I hope they can learn from our experiences as they chart their own cannabis paths.

    Michael J. Armstrong 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. Canada’s medical cannabis system changed but didn’t disappear after recreational legalization – https://theconversation.com/canadas-medical-cannabis-system-changed-but-didnt-disappear-after-recreational-legalization-240796

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI Canada: Four National Film Board of Canada documentaries showcased at DOC NYC. Intimate non-fiction storytelling from the NFB, Canada’s Oscar-winning public film producer.

    Source: Government of Canada News (2)

    Four award-winning National Film Board of Canada (NFB) produced and co-produced documentaries will be featured at DOC NYC in New York City, from November 13 to December 1, 2024.

    October 10, 2024 – Toronto – National Film Board of Canada (NFB)

    Four award-winning National Film Board of Canada (NFB) produced and co-produced documentaries will be featured at DOC NYC in New York City, from November 13 to December 1, 2024.

    America’s largest documentary film festival, DOC NYC will host the NYC premieres of two NFB co-produced feature docs:

    • A Mother Apart (Oya Media Group/NFB) by Laurie Townshend accompaniesBrooklyn-based Jamaican-American poet and LGBTQ+ activist Staceyann Chin as she re-imagines the essential art of mothering—having been abandoned by her own mother;
    • 40 years after vanishing from public view, a trailblazing trans soul singer finally gets her second act in Any Other Way: The Jackie Shane Story (Banger Films/NFB) by Michael Mabbott and Lucah Rosenberg-Lee, executive produced by Elliot Page.

    The festival will also present the US premieres of two NFB shorts:

    Directors will be in attendance at the festival. All four films will be streaming at DOC NYC following their in-person premieres, with online screenings geo-restricted to the United States.

    More about the films

    Come As You Are section
    November 18, 2024, 6:00 p.m., Village East by Angelika
    November 19, 2024, 12:30 p.m., Village East by Angelika

    A Mother Apart by Laurie Townshend (89 min)
    Producers: Alison Duke and Ngardy Conteh George (Oya Media Group); Justine Pimlott (NFB)
    Press kit: mediaspace.nfb.ca/epk/a-mother-apart

    • How do you raise a child when your own mother abandoned you? In a remarkable story of healing and forgiveness, Staceyann Chin, renowned for performances in Def Poetry Slam and hit solo shows like MotherStruck!, radically re-imagines the essential art of mothering. In seeking her elusive mother—a trail that leads to Brooklyn, Montreal, Cologne and, finally, Jamaica—Staceyann and her daughter forge a new sense of home.
    • Winner of the Audience Award for Best Documentary, Best First Feature Award and Best Canadian Feature Award at the Inside Out 2SLGBTQ+ Film Festival, Toronto.
    • Laurie Townshend is a Toronto-based filmmaker, writer and educator. Her films centre on the human capacity to transform small acts of courage into quiet revolutions, as seen in the dramatic short The Railpath Hero (2013, TIFF Black Star Series), the unscripted series Human Frequency Streetdocs (2014) and the award-winning short doc Charley (2016).

    Sonic Cinema section
    November 19, 2024, 6:45 p.m., Village East by Angelika
    November 20, 2024, 4:00 p.m., Village East by Angelika

    Any Other Way: The Jackie Shane Story by Michael Mabbott and Lucah Rosenberg-Lee (99 min)
    Produced by Amanda Burt, Sam Dunn and Scot McFadyen (Banger Films); Michael Mabbott; Justine Pimlott (NFB)
    Executive produced by Scot McFadyen, Sam Dunn, Chanda Chevannes (NFB), Anita Lee (NFB), Elliot Page and Matt Jordan Smith (PAGEBOY Productions), Martin Katz, Nia Long and CJ Mac
    Press kit: mediaspace.nfb.ca/epk/any-other-way-jackie-shane

    • A star is reborn. With an outsize stage presence that eclipsed R&B greats like Etta James and Little Richard, soul singer Jackie Shane was the real deal. Jackie boldly carved a new path as one of music’s trailblazing Black trans performers—but on the edge of stardom, why did she suddenly leave the spotlight?
    • Any Other Way won the Out in the Silence Award at the Frameline International LGBTQ+ Film Festival in San Francisco, the Audience Award for Best Music Documentary at the Nashville Film Festival, and the DGC Special Jury Prize – Canadian Feature Documentary at Hot Docs, where it was also a Top 10 Audience Favourite.
    • Toronto filmmaker Michael Mabbott’s features The Life and Hard Times of Guy Terrifico (Best Canadian First Feature Award) and Citizen Duane both premiered at TIFF. His first documentary, Music Lessons, premiered at Hot Docs.
    • Lucah Rosenberg-Lee is a Toronto speaker, entrepreneur and filmmaker specializing in documentary and LGBTQ+ content. He has produced and directed a variety of projects including Passing and For Nonna Anna, which have screened at TIFF, Inside Out and Sundance.

    Shorts: Our Bodies section
    November 16, 2024, 11:15 a.m., Village East by Angelika
    November 17, 2024, 9:30 p.m., Village East by Angelika

    Am I the skinniest person you’ve ever seen? by Eisha Marjara (22 min)
    Press kit: mediaspace.nfb.ca/epk/am-i-the-skinniest-person-youve-ever-seen
    Producers: Joe Balass (Compass Productions); Ariel Nasr (NFB)

    • “Hey, let’s go on a diet together.” As kids in a small Quebec town, Eisha and Seema were more than sisters, they were soul mates, and a joint diet offered a shared sense of purpose. But their carefree project would take a dark turn, pushing Eisha to the very brink of death. Consumed by anorexia, she found herself battling her own fragile body—stranded between childhood and adulthood. Decades later, Eisha revisits her past in an exquisitely crafted work of auto-ethnography, evoking her unusual youth with aching lyricism.
    • The film has garnered the Betty Youson Award for Best Canadian Short Documentary at the Hot Docs Canadian International Documentary Festival, a short-films qualifying festivalfor the 97th Academy Awards. 
    • Montreal filmmaker Eisha Marjara has made several award-winning films, including Locarno’s Prix de la Semaine de Critique winner Desperately Seeking Helen. Venus (2017), a dramatic comedy, won the EDA Award for Best Feature at the Whistler Film Festival and Best Feature Film at Cinequest, among other accolades. Eisha also authored the acclaimed young adult novel Faerie and is in post-production on her next feature, Calorie.

    Hairy Legs by Andrea Dorfman (17 min)
    Producers: Liz Cowie and Rohan Fernando
    Press kit: mediaspace.nfb.ca/epk/hairy-legs

    • At the age of 13, deciding not to shave her legs led Andrea Dorfman to question and ultimately defy society’s expectations. With charm, warmth and humour, Dorfman’s film Hairy Legs captures the universality of girls exploring gender, curiosity and freedom as they evolve from spending exuberant, carefree days on their bicycles to facing and challenging stereotypes.
    • Winner of the Diversity Award (Film) at the Spark Animation Festival in Vancouver and an Honourable Mention – DGC Award for Best Canadian Animation at the Ottawa International Animation Festival.
    • Halifax filmmaker Andrea Dorfman has written and directed many award-winning documentaries, features and animated films, including the NFB-produced Flawed (2010), Big Mouth (2012) and feature doc The Girls of Meru (2018). Dorfman’s video collaborations with poet-musician Tanya Davis, How to Be Alone (2010) and How to Be at Home (2020), became YouTube sensations.

    – 30 –

    Stay Connected

    Online Screening Room: nfb.ca
    NFB Facebook | NFB Twitter | NFB Instagram | NFB Blog | NFB YouTube | NFB Vimeo
    Curator’s perspective | Director’s notes

    About the NFB

    Lily Robert
    Director, Communications and Public Affairs, NFB
    C.: 514-296-8261
    l.robert@nfb.ca

    MIL OSI Canada News –

    January 23, 2025
  • MIL-OSI: Targa Resources Corp. Releases Sustainability Report

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 16, 2024 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) announced today that its Sustainability Report for 2023 is now available on the Company’s website at https://www.targaresources.com/sustainability. The report advances Targa’s sustainability disclosures and provides a review of Targa’s performance for calendar year 2023 against various environmental, social, and governance topics that we believe are important to our industry and our business.

    Highlights of Targa’s Sustainability Report for the 2023 calendar year include the following:

    • Decreased Gathering & Boosting (G&B) sector methane intensity by 19%;
    • Exceeded the original methane intensity goals established through the ONE Future participation;
    • Conducted aerial methane surveys at all gathering and processing assets;
    • Increased handheld camera methane monitoring to quarterly at all compressor stations and bi-monthly to all gas plants;
    • Exported approximately 5.6 billion gallons of liquefied petroleum gas (“LPG”) globally that can displace higher GHG-emitting fuels;
    • Realized continued safety performance with a 25% decrease in Employee Total Recordable Incident Rate since 2021;
    • Received nine (9) midstream safety recognition awards for exceptional safety records;
    • 95% of our new hires resided in the communities in which we operate;
    • 91% of Board of Directors are independent; 100% independent Audit, Compensation, Nominating and Governance, Risk Management, and Sustainability Committees;(1)
    • 36% of Board of Directors are women;(1) and
    • Board-level Sustainability Committee continues to oversee management’s implementation of strategy to integrate sustainability into various business activities to create long-term stakeholder benefits.

    Please refer to the full sustainability report for additional context regarding these highlights as well as other sustainability matters. The report references the Global Reporting Initiative (“GRI”) Standards, International Financial Reporting Standards’ (“IFRS”), Sustainability Accounting Standards Board’s (“SASB”) Oil & Gas Midstream Standard, and the Task Force on Climate-Related Financial Disclosures (“TCFD”). In addition, Targa engaged an external third party to perform an attest review engagement for certain greenhouse gas emissions and employee safety data metrics disclosed in Targa’s 2023 Sustainability Report for the year ended December 31, 2023.

    (1) As of May 17, 2024.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at http://www.targaresources.com.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance and capital spending. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics or any other public health crises, commodity price volatility due to ongoing or new global conflicts, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, the timing and success of business development efforts and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s Sustainability Report for 2023 and its filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network –

    January 23, 2025
  • MIL-OSI USA: Welch Convenes Housing Leaders, Developers in Addison County to Discuss Vermont’s Housing Crisis and Ways to Build Housing Faster 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    Participants Discussed the Barriers to Building Housing Quickly and More Affordably in Vermont 
    VERGENNES, VT – Today, Senator Peter Welch (D-Vt.) brought together housing developers, construction industry experts, and local and State leaders in Vergennes to discuss barriers to building housing quickly and more affordably in Vermont. They also discussed ways the State and federal governments can ease the housing shortage crisis, and what has been done to speed housing development for working families.  
    “With half of Vermonters spending more than a third of their income on housing, it’s clear why housing costs are an issue that is top of mind for folks in Vergennes and across the State. This is a great place to start a family, grow a business, and be part of an extraordinary community—but too many people, from young families to seniors, have been priced out of making that dream a reality,” said Sen. Welch. “This rural housing crisis cuts our state deep—it hurts our local economy, makes it harder to attract and retain workers, and it’s threatening the success of our hospitals. Vermont is modeling the changes necessary to solve this crisis, and we need to keep working together to break through the barriers to build faster and more affordably.” 
    Attendees discussed the programs and positive steps Vermont has taken to make it easier to build housing, and how to improve current programs or institute new programs to build more manufactured and modular housing. They also discussed ways to cut through red tape in the permitting process and lower the price of building and development.  
    Senator Welch was joined by Nate Formalarie, Deputy Commissioner, Vermont Department of Housing and Community Development; State Representative Matt Birong — Addison 3; Elise Shanbacker, Executive Director of Addison Housing Works; Maura Collins, Executive Director of Vermont Housing Finance Committee; Li Ling Young of Efficiency Vermont; Zeke Davisson from Summit Properties; and Aaron Stewart from Stewart Construction. The event was hosted at the Armory Lane Senior Housing, affordable apartments and community spaces for seniors owned and operated by Addison Housing Works.       
    A recent report from Vermont’s Department of Housing and Community Development found the State is “likely to need an additional 24,000 to 36,000 additional homes by 2029.” The same report found that between 2019 and 2023, single family homes increased in price by 38% and  mobile homes with land increased in price by 37%. 
    See photos from the event below:
    Recently, Senator Welch joined Senators Heinrich and Wyden in introducing the New Homes Tax Credit Act, which would provide tax credits to incentivize new investments and additional resources for home construction and renovations for working families. He also recently helped introduce the bicameral Homes Act, legislation that would help build and preserve as many as 1.3 million homes in small towns, big cities, and rural communities. This summer, he introduced a bill to help more working families in rural communities purchase a home through the USDA’s home loan program. 

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Security: Security News: Two CPAs Sentenced in Billion-Dollar Syndicated Conservation Easement Tax Scheme

    Source: United States Department of Justice 2

    Two accountants were each sentenced today to 20 months in prison for their roles in the promotion and sale of abusive syndicated conservation easement tax shelters.

    According to court documents and statements made in court, Victor Smith was a CPA and founding partner of an Atlanta-based accounting firm. Beginning at least in 2014 and through at least 2019, Smith promoted and sold tax deductions to his wealthy clients in the form of units in illegal syndicated conservation easement tax shelters organized and created by co-defendants Jack Fisher, James Sinnott and others. Smith, along with his firm, sold approximately $14 million in false tax deductions to their clients, causing a tax loss to the IRS of about $4.8 million. He earned $491,400 in commissions from Fisher and Sinnott for his role in the scheme.

    William Tomasello was a CPA at another accounting firm who, at least in 2015 and through at least 2019, also promoted and sold units to his wealthy clients in these same syndicated conservation easement tax shelters. Tomasello sold approximately $8.5 million in false deductions, causing a tax loss of about $2.3 million. He earned approximately $525,072 in commissions.

    The scheme entailed the creation of partnerships that would purchase land and land-owning companies and then donate conservation easements over that land or the land itself. Appraisers would value the land and the partnerships would then claim a charitable contribution tax deduction based on the appraised value of the conservation easement, resulting in tax deductions flowing to the wealthy clients who purchased units in the partnership. Many of these clients joined the tax shelters after the donation of the interest in land and after the close of the relevant tax year.

    Smith and Tomasello both knew that, contrary to law, these syndicated conservation easement tax shelters lacked economic substance and that their wealthy clients participated in these sham investments only to obtain a tax deduction and received only a tax benefit for their participation in the tax shelters.  For example, a client who purchased units in a partnership had to “vote” ostensibly on what to do with the partnership’s land. However, Smith and Tomasello knew that the “vote” held by the partnerships each year was just optics and that the land invariably would be donated largely as a conservation easement. Smith and Tomasello also knowingly instructed and caused their clients to falsely backdate documents — such as subscription agreements and checks — related to the illegal tax shelters.

    In addition to their prison sentences, U.S. District Court Judge Timothy C. Batten Sr. for the Northern District of Georgia ordered Smith to serve two years of supervised release and to pay $4,878,990.90 in restitution. Judge Batten ordered Tomasello to serve three years of supervised release, to perform 120 hours of community service and to pay $2,386,816.04 in restitution.   

    Seven additional defendants have previously pleaded guilty to criminal conduct related to the syndicated conservation easement tax shelter scheme of Fisher and Sinnott (who were convicted after trial). These other defendants include appraiser Walter Douglas “Terry” Roberts, accountant Stein Agee, CPA Corey Agee, CPA Ralph Anderson, CPA James Benkoil, CPA Herbert Lewis and CPA and Attorney Randall Lenz.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division, U.S. Attorney Ryan K. Buchanan for the Northern District of Georgia and IRS Criminal Investigation Chief Guy Ficco made the announcement. They also thanked U.S. Attorney Dena J. King for the Western District of North Carolina for her office’s assistance.

    IRS Criminal Investigation and the U.S. Postal Inspection Service investigated the case.

    Trial Attorneys Richard M. Rolwing, Parker Tobin, Jessica Kraft and Nicholas J. Schilling Jr. of the Tax Division and Assistant U.S. Attorney Christopher Huber, Deputy Chief of the Complex Frauds Section, for the Northern District of Georgia prosecuted the case.

    MIL Security OSI –

    January 23, 2025
  • MIL-OSI New Zealand: Reserve Bank of NZ releases its inaugural Climate-related Disclosure

    Source: Reserve Bank of New Zealand

    17 October 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has released its first voluntary Climate-related Disclosure – Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining our progress in understanding, monitoring, and managing climate-related risks.

    Assistant Governor Simone Robbers says climate change has the potential to present significant risks to both the financial system and the real economy, particularly during downturns.

    “This disclosure details the steps we are taking to enhance RBNZ’s resilience to risks while supporting the transition to a climate-resilient, low-emissions economy,” Ms Robbers says.

    Disclosing climate-related risks and opportunities is becoming a mainstream practice among private and public sector organisations globally, and we are committed to keep pace with industry best practice.

    “We are kaitiaki (guardians) of New Zealand’s financial ecosystem,” says Ms Robbers.

    “Anything that challenges the stability of the financial system and our economy, such as climate-related risks, is our core business. We will continue to demonstrate transparency in future disclosures, playing our part in building a climate resilient financial system.”

    Our disclosures are guided by the Network for Greening the Financial System (NGFS), which provides a framework tailored to meet the needs of central banks and supervisors. While the Aotearoa New Zealand Climate Standards (NZ CS) are well-suited for private sector entities, the NGFS approach allows us to address the distinct challenges we face.

    Ms Robbers has co-chaired the NGFS workstream ‘Net Zero for Central Banks’ alongside Paolo Angelini, Deputy Director General for Financial Supervision and Regulation for Banca D’Italia since 2022, which includes the subgroup on disclosures for central banks that we now co-lead alongside the Bank of England.

    Our inaugural disclosure is focused primarily on ‘baseline’ disclosures — the foundational information that the NGFS recommend central banks should provide. Going forward, we aim to incorporate more of the NGFS ‘building block’ disclosures, which relate to advanced components of central bank climate-related risk identification and management.

    More information:

    Climate-related Disclosure 2023/24 – Reserve Bank of New Zealand – Te Pūtea Matua (rbnz.govt.nz): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=33628c4ca7&e=f3c68946f8
    The Network of Central Banks and Supervisors for Greening the Financial System (NGFS): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=7def36dcdd&e=f3c68946f8

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: RBNZ releases its inaugural Climate-related Disclosure

    Source: Reserve Bank of New Zealand

    The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has released its first voluntary Climate-related Disclosure – Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining our progress in understanding, monitoring, and managing climate-related risks.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI New Zealand: Dream of starting own business leads student to enrol in business at EIT | EIT Hawke’s Bay and Tairāwhiti

    Source: Eastern Institute of Technology – Tairāwhiti

    4 mins ago

    James McKinley-Blake is currently in his second year of the Bachelor of Business Studies (Marketing and Management).

    James McKinley-Blake always had a dream of starting his own business, so he decided to act on it by enrolling in a business programme at EIT.

    James, who was born in Australia and grew up in Hawke’s Bay, decided to take a gap year to work in retail and ponder his future after completing his final year at Napier Boys’ High.

    “I was really interested in the arts and science and thought that’s what I wanted to do, but when I got to the end of my final year at school, I was a bit unsure of where I wanted to go to.”

    “I took a gap year to think about what I actually wanted to do before I hopped into making this decision. But during that time, I always had the passion to start up or eventually manage my own business.”

    “I thought business studies would be perfect. I saw that it was advertised at EIT and I thought, why not? Let’s do it, see what happens and I’m really enjoying it.”

    James, 20, is currently in his second year of the Bachelor of Business Studies (Marketing and Management) at EIT Hawke’s Bay and he is loving it.

    However his time at EIT got off to a tough start because the programme started the day before Cyclone Gabrielle struck, and the campus had been closed as a precaution. The classes were moved online and then moved off campus.

    “The lecturers were great. They handled it well and just got into it. But when we ended up getting back to campus, you could tell a significant difference with that interaction because, personally, I prefer that face-to-face interaction.”

    “Personally, I didn’t know what to expect with the business studies. I did go to an open day and heard about it for a bit, but when I got into it, it was a lot more than what I thought.”

    James says that he would have no hesitation in recommending the Bachelor of Business at EIT.

    “I may explore the sciences or arts a bit later in life, but at the moment just to build a steady foundation for my business, the business studies course is really enjoyable.”

    He says that he is interested in starting his own business within horticulture or agriculture, but is keeping his options open.

    He says he is also open to continuing  studying and may look to do the Postgraduate Diploma in Business at EIT after he finishes his degree.

    “James has already proven himself to be a conscientious student who is focused on his goals and impressed his lecturers with a positive and mature attitude,” says Russell Booth, Programme Co-ordinator for the Bachelor of Business Studies at EIT.

    “He has also been discussing with me ways he can expand his experience whilst at EIT through applying for the Prime Minister’s Scholarship and has volunteered his time to help other students as a valued peer mentor. James is already making his intentions clear that he intends on taking advantage of every opportunity he can whilst studying at EIT and for someone like James, we are more than happy to help in whatever way we can!” says Russell.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Security: Two CPAs Sentenced in Billion-Dollar Syndicated Conservation Easement Tax Scheme

    Source: United States Attorneys General

    Defendants Helped Clients File Tax Returns Claiming Millions in False Charitable Deductions

    Two accountants were each sentenced today to 20 months in prison for their roles in the promotion and sale of abusive syndicated conservation easement tax shelters.

    According to court documents and statements made in court, Victor Smith was a CPA and founding partner of an Atlanta-based accounting firm. Beginning at least in 2014 and through at least 2019, Smith promoted and sold tax deductions to his wealthy clients in the form of units in illegal syndicated conservation easement tax shelters organized and created by co-defendants Jack Fisher, James Sinnott and others. Smith, along with his firm, sold approximately $14 million in false tax deductions to their clients, causing a tax loss to the IRS of about $4.8 million. He earned $491,400 in commissions from Fisher and Sinnott for his role in the scheme.

    William Tomasello was a CPA at another accounting firm who, at least in 2015 and through at least 2019, also promoted and sold units to his wealthy clients in these same syndicated conservation easement tax shelters. Tomasello sold approximately $8.5 million in false deductions, causing a tax loss of about $2.3 million. He earned approximately $525,072 in commissions.

    The scheme entailed the creation of partnerships that would purchase land and land-owning companies and then donate conservation easements over that land or the land itself. Appraisers would value the land and the partnerships would then claim a charitable contribution tax deduction based on the appraised value of the conservation easement, resulting in tax deductions flowing to the wealthy clients who purchased units in the partnership. Many of these clients joined the tax shelters after the donation of the interest in land and after the close of the relevant tax year.

    Smith and Tomasello both knew that, contrary to law, these syndicated conservation easement tax shelters lacked economic substance and that their wealthy clients participated in these sham investments only to obtain a tax deduction and received only a tax benefit for their participation in the tax shelters.  For example, a client who purchased units in a partnership had to “vote” ostensibly on what to do with the partnership’s land. However, Smith and Tomasello knew that the “vote” held by the partnerships each year was just optics and that the land invariably would be donated largely as a conservation easement. Smith and Tomasello also knowingly instructed and caused their clients to falsely backdate documents — such as subscription agreements and checks — related to the illegal tax shelters.

    In addition to their prison sentences, U.S. District Court Judge Timothy C. Batten Sr. for the Northern District of Georgia ordered Smith to serve two years of supervised release and to pay $4,878,990.90 in restitution. Judge Batten ordered Tomasello to serve three years of supervised release, to perform 120 hours of community service and to pay $2,386,816.04 in restitution.   

    Seven additional defendants have previously pleaded guilty to criminal conduct related to the syndicated conservation easement tax shelter scheme of Fisher and Sinnott (who were convicted after trial). These other defendants include appraiser Walter Douglas “Terry” Roberts, accountant Stein Agee, CPA Corey Agee, CPA Ralph Anderson, CPA James Benkoil, CPA Herbert Lewis and CPA and Attorney Randall Lenz.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division, U.S. Attorney Ryan K. Buchanan for the Northern District of Georgia and IRS Criminal Investigation Chief Guy Ficco made the announcement. They also thanked U.S. Attorney Dena J. King for the Western District of North Carolina for her office’s assistance.

    IRS Criminal Investigation and the U.S. Postal Inspection Service investigated the case.

    Trial Attorneys Richard M. Rolwing, Parker Tobin, Jessica Kraft and Nicholas J. Schilling Jr. of the Tax Division and Assistant U.S. Attorney Christopher Huber, Deputy Chief of the Complex Frauds Section, for the Northern District of Georgia prosecuted the case.

    MIL Security OSI –

    January 23, 2025
  • MIL-OSI USA: Governor Cooper Issues Executive Order Increasing Unemployment Payments for North Carolinians in the Wake of Hurricane Helene

    Source: US State of North Carolina

    Headline: Governor Cooper Issues Executive Order Increasing Unemployment Payments for North Carolinians in the Wake of Hurricane Helene

    Governor Cooper Issues Executive Order Increasing Unemployment Payments for North Carolinians in the Wake of Hurricane Helene
    bconroy
    Wed, 10/16/2024 – 17:01

    Today, Governor Roy Cooper issued an emergency Executive Order authorizing the North Carolina Department of Commerce, Division of Employment Security, to increase the amount of weekly unemployment payments available to North Carolinians in the aftermath of Hurricane Helene.

    “As I’ve traveled for days around western North Carolina I’ve heard concern from many small business owners about their employees who are unemployed because their businesses are temporarily closed,” said Governor Cooper. “This Executive Order will increase unemployment benefits and help ease the financial burden for impacted North Carolinians as they work to recover from the storm.”

    As a result of this Order, weekly unemployment benefits will increase from a maximum of $350 a week to a maximum of $600 a week. Prior to the executive order, many low-income and part-time workers would have received less than the $350 weekly maximum. To ensure that these workers receive necessary benefits in the wake of Helene, the order will also increase benefits by $250 a week (up to the $600 cap) for all eligible workers. This order is tied to the State of Emergency for Hurricane Helene, and will remain in effect until the end of the Emergency or until it is rescinded.

    State unemployment benefits will still be capped at 12 weeks, but workers who lived or worked in the impacted North Carolina counties and are out of work due to the disaster will qualify for up to 26 weeks of federal benefits, to be paid through March 29, 2025 under the federal Disaster Unemployment Assistance program. To provide relief to employers impacted by Helene, and due to the extraordinary size of the trust fund balance, employers would not see any increase in unemployment taxes due to the increased benefit.

    While federal law requires the elevated state payment to apply statewide, the increased benefits would largely go to workers from counties impacted by Helene, with unemployment data through October 13th showing that workers from those counties make up 79% of new claims — 19,735 — since the disaster. This percentage is likely to increase as more counties are added to the disaster declaration.

    Only eight states have a lower weekly maximum unemployment benefit than North Carolina. The $350 cap was set in 2013 and has not been changed since, even as rising wages in the state continue to grow North Carolina’s Unemployment Insurance Trust Fund from which benefits are paid. Meanwhile, the balance in North Carolina’s Unemployment Insurance Trust Fund now stands at over $4.8 billion, the second-largest such fund in the United States.

    The Division of Employment Security, which administers both the traditional state unemployment benefits and federal disaster unemployment assistance benefits, estimates that, for every 10,000 North Carolinians who receive elevated state benefits, the additional cost to the Unemployment Insurance Trust Fund would be $2.5 million per week. If 50,000 North Carolinians from impacted counties received the full additional state benefit for all 12 weeks, the additional cost to the Trust Fund is estimated to be $150 million. Those same 50,000 workers would then be eligible for an additional 14 weeks of federal benefits, totaling an additional $175 million paid by the federal government.

    Many currently unemployed workers will likely return to work before receiving the full benefit they are entitled to claim, so the actual fiscal impact of the increased benefits is expected to be lower.

    The Division of Employment Security estimates that it may take between two and three weeks for impacted individuals to see the impact in their weekly benefit checks. The benefits for eligible claimants will be retroactive to September 29, 2024 and adjustment payments will be issued for benefit weeks going back to that date.

    The North Carolina Council of State unanimously concurred with this executive order, consistent with the North Carolina Emergency Management Act.

    Read the Executive Order here.

    Oct 16, 2024

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: The View from Space Keeps Getting Better  

    Source: NASA

    After 50 years of Landsat, discovery of new commercial and scientific uses is only accelerating

    The 30-acre pear orchard in the Sacramento-San Joaquin River Delta has been in Brett Baker’s family since the end of the Gold Rush. After six generations, though, California’s most precious resource is no longer gold – it’s water. And most of the state’s freshwater is in the delta. 
    Landowners there are required to report their water use, but methods for monitoring were expensive and inaccurate. Recently, however, a platform called OpenET, created by NASA, the U.S. Geological Survey (USGS), and other partners, has introduced the ability to calculate the total amount of water transferred from the surface to the atmosphere through evapotranspiration. This is a key measure of the water that’s actually being removed from a local water system. It’s calculated based on imagery from Landsat and other satellites. 
     “It’s good public policy to start with a measure everyone can agree upon,” Baker said. 
    OpenET is only one of the latest uses researchers and businesses continue finding for Landsat over 50 years after the program started collecting continuous imagery of Earth’s surface. NASA has built and launched all nine of the satellites before handing them over to USGS, which manages the program. 
    Some of the most pressing questions people ask about Earth are about the food it’s producing. Agriculture and adjacent industries are among the heaviest users of Earth-imaging data, which can help assess crop health and predict yields. 

    Even in this well-established niche, though, new capabilities continue to emerge. One up-and-coming company is using Landsat to validate sustainable farming practices by measuring carbon stored in the ground, which can be detected in the reflectance rate in certain wavelengths. This is how Perennial Inc. is enabling emerging markets for carbon credits, through which farmers get paid for maximizing their land’s storage of carbon. 
    The company is also discovering interest among food companies that want to reduce their environmental impact by choosing eco-conscious suppliers, as well as companies in the fertilizer, farm equipment, and agricultural lending businesses. 
    Landsat also enables countless map-based apps, studies of changes in Earth’s surface cover over half a century, and so much more. 

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI New Zealand: Employment – Workers call on bosses to cut the workplace chaos in 2025 if they want to get the best out of them – Survey

    Source: Qualtrics XM Institute

    New Qualtrics study reveals top employee experience trends in New Zealand for 2025

    Qualtrics today released the sixth annual Employee Experience Trends report, revealing critical insights into the state of employee experience and the modern workplace to help businesses and people leaders improve employee experience, boost productivity, and drive wellbeing in 2025.

    Drawing on 35,000 responses across 23 countries – including 1,065 from New Zealand – the study reveals employees are being held back by chaotic workplaces, dispels common workplace stereotypes of younger workers, a concerning level of employee trust in leaders, the importance of first and last impressions to employee success and brand image, and how AI inertia is creating organisational and operational risk.

    The 2025 Employee Experience Trends from Qualtrics:

    1. 2025’s best employers will make work less chaotic
    2. Young employees ARE optimistic
    3. Employee experiences are being ruined by entry and exit 
    4. Prioritising short-term gains costs long-term trust
    5. Employees outpace companies on AI adoption

     

    2025’s best employers will make work less chaotic

    As many companies have continued to change working models, systems, and processes for the modern workplace in the years since the pandemic, a disparity has emerged between business focuses and employee needs. Workers in New Zealand are more engaged when their employer’s culture and processes empower them to adapt to customer needs, and when there is a focus on having a positive impact in the world. However, more often than not organisations are failing to meet their employees’ expectations in these areas with workers rating these attributes as some of the lowest scoring areas. Growing pressure to increase productivity could also be having the opposite effect. Employees who feel under the pump are less engaged, have lower levels of well-being, and more likely to leave.

    “Over the past few years workers in New Zealand and across the globe have been dealing with relentless change. It’s no surprise many have reached their breaking point,” said Dr. Cecelia Herbert, Workplace Behavioural Scientist, Qualtrics XM Institute.

    “Work has somehow become even more chaotic since the pandemic as employers pursue short-term wins and try to adapt ways of working for modern realities. Yet for a number of years now the best employee experiences are about how and why work gets done – and these two aspects are the most impactful pathway to sustainable productivity and positive people outcomes.”

     

    Top 5 drivers of employee engagement

    % of employees favourable to driver

    I am proud of this organisation’s efforts to have a positive impact on the world

    66%

    This organisation’s processes enable me to effectively meet my customers’ needs

    72%

    I am encouraged to develop new and better ways of serving customers

    69%

    Senior leadership responds to feedback from employees

    60%

    Overall, I feel that my career goals can be met at this organisation

    65%

     

    Young employees ARE often the most optimistic and driven

    Contrary to popular belief, young employees are often a businesses’ most engaged, motivated, and optimistic. In fact, the only employee experience indicator where younger generations lag, unsurprisingly, is their intent to stay.

    “It’s time to end the scapegoating of young employees for workplace woes. These mindsets are crushing the optimism and fresh thinking younger workers bring to the workplace, creating a scenario that benefits no-one,” adds Dr. Herbert. “Younger workers live in and will inherit a very different world than generations of the past. Rather than bemoan their low intent to stay, leaders should focus on ways to nurture their growth and creativity, stretch their skills, and ultimately capture the enthusiasm to set the workforce up for success for generations to come.”

     

    Age

    Engagement

    Can challenge the traditional way of doing things

    Believe the organisation has an outstanding future

    Would recommend this organisation’s products / services

    Feel they can meet their career goals

    Feel paid fairly 

    Intent to stay 3+ years

    18-24 

    70%

    67%

    81%

    77%

    68%

    68%

    49%

    25-34

    67%

    64%

    71%

    73%

    69%

    62%

    46%

    35-44

    70%

    65%

    73%

    77%

    65%

    64%

    52%

    45-54

    62%

    55%

    66%

    74%

    55%

    58%

    59%

    55+

    61%

    48%

    70%

    75%

    61%

    63%

    53%

     

    Substandard first and last impressions hinder success

    The candidate and entry experience is one of the lowest rated employee journeys, which sets us up for engagement, wellbeing, and intent-to-stay issues further down the line. For instance, just 28% of employees with less than one-year tenure with their current employer plan to stay for 3+ years, compared to 46% of workers with 1-5 years and 67% of those with 5+ years. Employees often report a similar poor employee experience at the exit stage, meaning they are leaving with a negative perception.

    “Every organisation’s brand and reputation is heavily influenced by the stories people tell about applying for a job and what it was like working there. Getting these first and final impressions right are key strategic levers, but right now they are being overlooked, meaning employees are negatively impacted before they have even worked their first day,” said Dr. Herbert.

     

    Applying or interviewing for a job

    Starting a new job

    Changing roles within the organisation

    Leaving a job

    Exceeds expectations

    16%

    53%

    42%

    27%

    Below or greatly below expectations

    39%

    16%

    13%

    26%

     

    Short-term productivity pressure costs businesses long-term gains

    Slightly more than half of local workers (56%) believe their bosses will prioritise employee wellbeing over short-term business gains. This finding suggests a lack of trust in leaders by their employees, which needs critical attention if organisations are to positively influence employee experience indicators in 2025.

    “The relationship between employees and their leaders is getting more and more tense, fuelled by decisions to roll-back investments in DEI or sustainability, poorly managed workplace change, and more.  While trust is hard to earn and maintain during times of disruption and uncertainty, our study shows its impact is huge on both business and people-focused outcomes, which is why leaders need to know how to cultivate it in 2025,” said Dr. Herbert.

     

    Agree 2025

    Global

    Senior leaders in my organisation prioritise people’s wellbeing above immediate profit or gains (benevolence)

    56%

    56%

    Senior leaders in my organisation have the skills and knowledge needed to do their job well (competence)

    67%

    68%

    The behaviour of senior leadership is consistent with this organisation’s values (integrity)

    65%

    67%

     

    AI inertia creates risk as employees outpace companies on AI adoption

    Despite touting AI as the solution to lifting productivity, only 44% of employees in New Zealand say their organisation is providing AI enablement and training. A similar number (49%) say their company has AI guidelines, ethics or principles. Compounding the issue, 63% of workers believe decision makers understand new technologies well enough to manage them effectively. This lack of AI enablement and trust to deliver the change creates significant operational and organisational risk, with more than half of employees opting to use AI tools they’ve found themselves, and 41% using them daily or weekly.

    “It is not employee resistance holding back workplace progress with AI. The real inertia stems from the lack of the tools, training, and guidance employees need in the modern workplace. AI training and enablement must be a key strategic priority as its impact is exponential – from addressing security and operational risks, driving improved business outcomes, and ultimately creating an environment where employees and employers co-create the future of work,” said Dr. Herbert.

     

    Agree

    Global average

    My organisation provides training and enablement on the use of AI tools

    44%

    52%

    My organisation has clear principles, ethics or guidelines on the use of AI tools

    49%

    52%

    I am involved in deciding how my job will be done in the future

    54%

    59%

     

    For the full report and methodology, visit here: https://www.qualtrics.com/en-au/ebooks-guides/employee-experience-trends/

    About Qualtrics

    Qualtrics, the leader of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees. With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle. To learn more, please visit qualtrics.com.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI: Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Oct. 16, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2024 of $192,000 or $0.31 per diluted share, compared to earnings in 2023 of $371,000 or $0.61 per diluted share. Year to date the company reported net earnings of $808,000 for 2024 compared to $1,501,000 for 2023. Diluted earnings per share for the nine months ended September 30, 2024 were $1.32 compared to $2.46 for the nine months ended September 30, 2023. Total assets at September 30, 2024 were $256.9 million compared to total assets at September 30, 2023 of $244.3 million. Total Deposits at September 30, 2024 were $216.6 million compared to total deposits of $219.4 million at September 30, 2023. The company paid a total of $1.35 per share in dividends in the first nine months of 2024 compared to $3.85 in 2023. This included a special dividend of $2.50 per share in 2023.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    LOGANSPORT FINANCIAL CORP.
    SELECTED FINANCIAL DATA (Unaudited)
    (Dollars in thousands, except for share data)
     
              9/30/2024   9/30/2023
                   
    Total assets         $256,930   $244,277
                   
    Loans receivable, net         172,097   168,710
    Allowance for loan losses         2,859   2,941
    Cash and cash equivalents         11,384   4,749
    Securities available for sale         26,783   28,524
    Investment in Logansport Investments, Inc.         29,859   27,237
    Federal Home Loan Bank stock         3,150   3,150
    Equity Investment                    –               –
    Deposits         216,600   219,371
    FHLB Borrowings and note payable         15,000   5,000
    Shareholders’ equity         21,918   17,678
    Unrealized gain (loss) on securities         (5,756)   (9,914)
    Shares O/S end of period         611,597   611,334
    Non-accrual loans         3,288   572
    Real Estate Owned                    –               –
      Quarter ended 9/30
    Nine months ended 9/30 
       2024    2023    2024    2023
                   
    Interest income $2,852   $2,814   $8,894   $8,058
    Interest expense 1,570   1,420   4,657   3,343
    Net interest income 1,282   1,394   4,237   4,715
    Provision for loan losses -30   –   -79   –
    Net interest income after provision 1,312   1,394   4,316   4,715
    Gain on sale of Investments –   –   –   –
    Gain on sale of loans 99   87   260   135
    Gain on sale of REO –   –   –   –
    Total other income 257   293   889   840
    Gain (loss) on Logansport Investments, Inc. 175   172   527   658
    Gain on BOLI Settlement   –   –   –   –
    Total general, admin. & other expense 1,732   1,537   5,171   4,667
    Earnings before income taxes 111   409   721   1,681
    Income tax expense -81   38   -87   180
    Net earnings $192   $371   $808   $1,501
    Basic earnings per share $0.31   $0.61   $1.32   $2.46
    Diluted earnings per share $0.31   $0.61   $1.32   $2.46
    Weighted average shares o/s diluted 611,597   611,334   611,597   611,334
                   

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Oriental Rise Holding Limited Announces Pricing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Ningde, China, Oct. 16, 2024 (GLOBE NEWSWIRE) — Oriental Rise Holding Limited (“Oriental Rise” or the “Company”) (NasdaqCM: ORIS), an integrated supplier of tea products in mainland China, today announced the pricing of its initial public offering (the “Offering”) of 1,750,000 ordinary shares at a public offering price of $4 per ordinary share, for total gross proceeds of $7 million, before deducting underwriting discounts and offering expenses. The Offering is being conducted on a firm commitment basis. The ordinary shares are expected to commence trading on Nasdaq Capital Market under the ticker symbol “ORIS” on October 17, 2024.

    The Company has granted the underwriter an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 262,500 ordinary shares at the public offering price, less underwriting discounts and expenses. The Offering is expected to close on October 18, 2024, subject to customary closing conditions.

    The Company intends to use the proceeds from the Offering for: i) settlement of the outstanding amount for the acquisition of the contractual agreement rights of some of its existing tea gardens; ii) establishment and construction of its new production plant; iii) acquisition of new machinery and equipment; and iv) general corporate purposes and working capital.

    US Tiger Securities, Inc. is acting as sole book runner for the Offering. The Crone Law Group is acting as counsel to the Company. VCL Law LLP is acting as counsel to the underwriter with respect to the Offering.

    A registration statement on Form F-1, as amended (File No. 333-274976), relating to the Offering was previously filed with the Securities and Exchange Commission (“SEC”) by the Company, and subsequently declared effective by the SEC on September 30, 2024. The Offering is being made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained, when available, from US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.

    Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Oriental Rise Holding Limited

    Oriental Rise Holding Limited is an integrated supplier of tea products in mainland China. Our major tea products include (i) primarily-processed tea consisting of white tea and black tea, and (ii) refined white tea and black tea. Our business operations are vertically integrated, covering cultivation, processing of tea leaves and the sale of tea products to tea business operators (such as wholesale distributors) and end-user retail customers in mainland China. We operate tea gardens located in Zherong County, Ningde City in Fujian Province of mainland China. For more information, visit the Company’s website at https://ir.mdhtea.cn/.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Investor Relations:
    Sherry Zheng
    Weitian Group LLC
    Phone: 718-213-7386
    Email: shunyu.zheng@weitian-ir.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Crown LNG Announces Filing of First Half 2024 Financial Statements on Form 6-K

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 16, 2024 (GLOBE NEWSWIRE) — Crown LNG Holdings Limited (“Crown” or “Crown LNG” or the “Company”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, today announced that on October 16, 2024, Crown filed the unaudited financial statements of Crown LNG Holding AS, a wholly owned subsidiary of Crown, for the six-month period ended June 30, 2024 on Form 6-K with the U.S. Securities and Exchange Commission (“SEC”). The filing is available online through the SEC’s website.

    Crown LNG continues to execute against its strategic priorities – moving its India and Scotland projects toward Final Investment Decision, pursuing revenue generating M&A, and exploring possibilities for liquefied natural gas export facility development. These priorities were laid out and discussed in the Crown’s Corporate Update, which is available on the Crown LNG Investor page here.

    About Crown LNG Holdings Limited
    Crown LNG is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based (“GBS”) liquefaction and floating storage regasification units, as well as associated green and blue hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit http://www.crownlng.com/investors for more information.

    Crown LNG Contacts

    Investors
    Caldwell Bailey
    ICR, Inc.
    CrownLNGIR@icrinc.com

    Media
    Zach Gorin
    ICR, Inc.
    CrownLNGPR@icrinc.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI USA: Governor orders flags to half-staff in honor of Sen. John Arthur Smith

    Source: US State of New Mexico

    SANTA FE – Gov. Michelle Lujan Grisham has ordered all flags in the state of New Mexico to be flown at half-staff in honor of former state senator John Arthur Smith, who passed away on October 7. Flags will be lowered from sunrise on October 18 until sundown on October 21.

    Smith served the people of New Mexico for over three decades, representing District 35—which includes Dona Ana, Hidalgo, Luna, and Sierra Counties—from 1989 until his retirement in 2020. As the longtime chairman of the New Mexico Senate Finance Committee, he earned the respect of colleagues across the political spectrum, guiding the state’s fiscal policy with prudence and ensuring that funds were used wisely to benefit New Mexicans.

    Smith championed wise state investments in healthcare and education, particularly in his hometown of Deming, where he advocated for improved hospitals and schools. He also played a pivotal role in the creation of the Early Childhood Education and Care Department trust fund, laying the foundation for universal, high-quality childcare in New Mexico and serving as a national leader in early childhood education reform.

    “Senator John Arthur Smith’s dedication to our state, his financial expertise, and his commitment to improving the lives of New Mexicans will leave a lasting legacy,” said Lujan Grisham. “It is fitting to honor his life of public service through this period of mourning.”

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Congressman Castro Applauds FAA Plan to Approve Direct Flights from DCA to SAT

    Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

    October 16, 2024

    SAN ANTONIO — Today, Congressman Joaquin Castro (TX-20) released the following statement after the Federal Aviation Administration (FAA) announced a plan to grant San Antonio International Airport (SAT) one of the ten new direct flights slots from Washington D.C.’s Ronald Reagan National Airport (DCA). Castro, a longtime advocate for direct flights from SAT to DCA, worked to secure the additional direct flights as part of the FAA Authorization Act of 2024.

    “For years, I’ve been working with my colleagues in the San Antonio delegation to get our city a direct flight to the nation’s capital. Today’s announcement is a long-sought win for travelers, businesses, and the military families that call our city home. When finalized, these direct flights will make it easier for San Antonio’s business sector, including our growing cybersecurity industry, to work directly with the federal government to support job growth and economic development at home. I appreciate the Biden-Harris administration’s decision to bring these flights to San Antonio and I look forward to welcoming new travelers to my hometown.”

    Currently, 96 American cities with smaller populations than San Antonio offer direct flights to DCA, including Tulsa, Akron, Cedar Rapids (IA), and Pensacola (FL).

    Congressman Castro has worked consistently to secure federal funding and resources to expand San Antonio International Airport and make the airport an attractive partner for more direct flights. After working to pass the Bipartisan Infrastructure Investment and Jobs Act with approximately $1.2 billion for Texas airports, he was quickly able to secure $20 million of those funds for the construction of a Ground Load Facility at SAT to improve airport operations and capacity. As part of the FY2023 federal appropriations bill, he additionally secured $1.5 million to allow the airport to purchase three electric passenger buses and assorted infrastructure to transport passengers from the car rental facility and lower the airport’s carbon footprint.



    Previous Article

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI New Zealand: Business News – NZ-founded start-up Projectworks hits NZ$100m valuation in US$5 million Series A funding round

    Source: BetterAotearoa.com

    • Projectworks secures US$5m in Series A funding round
    • The round values the company at NZ$100m
    • New US-based CEO to turbocharge North American expansion
    • Funds will be used to build a Silicon Valley development team Wellington office to expand
    17 October 2024 New Zealand-founded startup Projectworks is turbocharging its North American expansion after a successful USD$5 million (NZD$8.2 million) Series A capital raise and the appointment of a US-based chief executive Mark Orttung.

    The latest round, which includes both existing and some new shareholders, values the company at NZ$100m – a stunning achievement in just five years. The management software company has experienced explosive growth since being founded in 2019 by Wellington entrepreneurs Julian Clarke, Matthew Hayter and Doug Taylor.

    Projectworks’ capital raise was led by U.S.-based Bridgewest Group, with contributions from Orttung and existing shareholders including local venture capital firm Punakaiki Fund and the founders.

    Dr. Masood Tayebi, Founder and Chief Executive Officer of Bridgewest Group said, “The growth that Projectworks has achieved is extraordinary and we look to continued success. They are well positioned in a market that is rapidly evolving, where opportunities are vast. They have a top-notch management team with their sights firmly set on growth and customer success. We are thrilled to have led and completed this Series A round to fuel its strategic expansion into the US.”

    New CEO for U.S. growth

    New CEO Mark Orttung joined Projectworks in March and says he came on board after being impressed with the founders and the company’s ambition.

    “Joining Projectworks was a natural fit. Its founders are innovators who think about problems differently, creating entirely fit-for-purpose solutions.

    “There is a huge opportunity for Projectworks in the US market and this injection of funding will fuel our expansion into the U.S., and meet significant demand in the mid-market services industries we serve.

    “The funding will be used for a number of initiatives, including to drive global customer acquisition, increase our investment in R&D, and build out a Silicon Valley-based product and engineering team.

    “This will all help create a powerful platform for Projectworks to expand throughout the U.S. and other markets.

    Hayter, former CEO and now President and Chief Product Officer, says, “Orttung’s appointment was made after I came to realise we have the product, the team, the market, and the timing to build a truly significant, global software business.”

    Orttung is well qualified, having held senior executive positions in many successful companies. His track record includes President and Chief Operating Officer of bill.com (now listed on the NYSE), founder and CEO of Nexient, one of America’s largest cloud-based services businesses (acquired by NTT Data in 2021) and leadership roles in GetThere and Genesys, both of which went to IPO.

    Kiwi built

    Projectworks’ exceptional performance won it 557th place in this year’s coveted Inc 5000 list, due to the company’s ~800% revenue growth within three years. Projectworks expects its growth to continue, with North America as its key future market.

    The Wellington-founded company attracted strong investor support early, including Bridgewest Group and local VC, Punakaiki Fund.

    Nadine Hill, partner at Punakaiki Fund, says: “Punakaiki Fund is a strong supporter of Projectworks. The team has done an incredible job of building momentum across the globe.

    “They embody our distinct preference for teams relentlessly focused on building world-class solutions.”

    Hayter, who remains in New Zealand, expects the Wellington team to expand to support the growth.

    “We’re incredibly proud of the impact Projectworks has on the lives and businesses of our customers. Mark is at the helm, I’m running product development and management, and we have the resources and team to keep spreading that impact across the global consulting industry.”

    Projectworks, which offers intuitive, innovative professional services automation software, is known for delivering fit-for-purpose solutions for service companies. It now provides over 500 mid-market consultancies around the world with a complete, easy-to-use platform that allows them to run more profitable projects and businesses.

    Notes

    About Projectworks

    Projectworks is professional services automation software that was founded in 2019, after being created from within a software services firm. It now provides over 500 mid-market consultancies around the world. Projectworks recently completed a strategic move to relocate its NZ  headquarters to the U.S. to meet increased demand in the North American markets.

    What customers say

    Cam Brookes, Founder and Managing Director of Kiandra says, “What we got with Projectworks was really aligned with the way we wanted our business to work. It’s truly a system built for services businesses. It is what we would have built if we were to have done it ourselves.”

    About Mark Orttung

    Mark Orttung joined Projectworks as CEO in March this year. Orttung, who is based in the San Francisco Bay Area, was previously COO at Bill.com, which builds fintech solutions for small and medium businesses, and CEO at Nexient, America’s largest 100% US-based software services partner, focused on Agile development and business acceleration. Orttung has been on the Projectworks board since January 2023.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-Evening Report: Social investment is back – and so are the risks of using data to target disadvantage

    Source: The Conversation (Au and NZ) – By Eileen Joy, Professional Teaching Fellow in Social Work, University of Auckland, Waipapa Taumata Rau

    Getty Images

    With the recent establishment of a new Social Investment Agency – described as a “driving project” for the government by Finance Minister Nicola Willis – it seems New Zealand has come full circle on this approach to social welfare.

    First championed by then finance minister Bill English in 2015, social investment was rebranded “social wellbeing” by Labour-led governments between 2017 and 2023. But Willis signalled before last year’s election that its time had come again.

    In a speech in 2022, she argued taxpayer money wasn’t being spent responsibly by the Labour administration, and that a targeted social investment approach was needed. During the 2023 election campaign, the National Party promised social investment would return.

    Essentially, the policy involves using data to calculate which groups of people cost the government the most over a lifetime. Interventions aimed at reducing that cost are then targeted at those people. The idea is that early investment saves later social costs.

    Right now, however, we don’t know the finer details of how Willis intends to implement the policy. But we do know how it worked in the past – and what lessons might be drawn from its earlier, short-lived implementation.

    An actuarial approach to welfare

    In New Zealand, the idea of social investment can be traced back to the fifth National government which held office for three terms between 2008 and 2017.

    In September 2015, English outlined his approach in a Treasury lecture, explaining how the government had commissioned Australian actuary firm Taylor Fry to calculate the lifetime welfare cost to the state of people on benefits.

    Typically, actuaries use statistics to calculate risk for insurance companies, information that is then used to set premiums. English said the Taylor Fry calculations would identify which beneficiary “is going to cost us the most money”.

    The answer was single parents receiving a benefit. Consequently, they were deemed most in need of direct government intervention, including giving an approved mentor control of their money.

    According to English’s version of social investment, data enabled the government to calculate the “forward liability” of its citizens, and target interventions accordingly.

    This is not the only way to define social investment, however, and other countries often adopt a more universal approach. For example, European models tend to focus on social equality and inclusivity rather than targeting specific groups.

    English’s model focused on applying benefit sanctions and conditions. The aim was to “reduce the lifetime public cost of the welfare-recipient population, thereby offering fiscal returns-on-investment, absorbed into public coffers”.

    A Social Investment Unit was created in 2016, followed by a Social Investment Agency in 2017. This was a standalone agency providing advice across government departments.

    Finance Minister Nicola Willis: social investment is a ‘driving project’ for the National-led government.
    Getty Images

    No accounting for structural disadvantage

    Official thinking about social investment predates the establishment of the unit and agency. In 2015, the second of two reports produced by an expert panel review of the Child, Youth and Family agency (now Oranga Tamariki) recommended a new child-centred social investment agency be created.

    The report’s analysis and advice focused on intervening early to reduce the risk of vulnerable children growing up to be beneficiaries, teen parents, substance users or prisoners (among other negative outcomes).

    It was suggested these potential future behaviours almost always stemmed from the actions (or inactions) of parents. Māori were identified as being especially costly due to their over-representation in child protection statistics. They were described as a “forward liability associated with poor outcomes”.

    The proposed response was early intervention and social investment. That would include the removal of very young children from whānau/families where they were perceived to be at high risk. The reasoning was that the predicted damage might then never eventuate, thereby saving taxpayer dollars.

    As my doctoral research found, no consideration in the report was given to the effects of systemic conditions such as poverty and the legacies of colonisation.

    Costs to the state

    The social investment model, with its emphasis on financial liability to the state, became a major influence on Oranga Tamariki’s practice.

    It led to an increase in the early removal of tamariki Māori, especially babies, from their birth families – as demonstrated in the 2019 Hawkes Bay “uplift” case, where social workers attempted to remove a Māori baby soon after birth.

    In 2017, the new Labour government promised a review of the Social Investment Agency, renaming it the Social Wellbeing Agency in 2020. The social development minister at the time, Carmel Sepuloni, said the agency would have a more holistic approach. Data would be only one of a number of considerations when delivering social services.

    But with the agency now reverting to its original name, the idea of using data to guide early intervention seems to be central again. It’s unclear, however, whether the actuarial approach of Bill English’s earlier model will return.

    Nicola Willis does seem to be aware of the criticism of the English-era model’s apparent focus on fiscal risk and returns. She has stressed that measuring other outcomes is also important.

    As yet, though, there is no indication the policy’s highly targeted approach to welfare will account for structural factors such as colonisation and poverty.

    Given the government’s drive to remove any special policy considerations based on te Tiriti of Waitangi/Treaty of Waitangi, the risk remains that some Māori will again come to be viewed as a “cost” to the state.

    Eileen Joy 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. Social investment is back – and so are the risks of using data to target disadvantage – https://theconversation.com/social-investment-is-back-and-so-are-the-risks-of-using-data-to-target-disadvantage-240799

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI USA: Governor Cooper Visits Yancey and Mitchell Counties to Survey Storm Damage as Federal, State, Local and Non-profit Partners Continue Unprecedented Response to Helene

    Source: US State of North Carolina

    Headline: Governor Cooper Visits Yancey and Mitchell Counties to Survey Storm Damage as Federal, State, Local and Non-profit Partners Continue Unprecedented Response to Helene

    Governor Cooper Visits Yancey and Mitchell Counties to Survey Storm Damage as Federal, State, Local and Non-profit Partners Continue Unprecedented Response to Helene
    mseets
    Wed, 10/16/2024 – 17:27

    Today, Governor Roy Cooper traveled to Pensacola and Bakersville where he was joined by FEMA Administrator Deanne Criswell, NCDPS Secretary Eddie Buffaloe and Commander of the State Highway Patrol Colonel Freddie Johnson to assess storm damage, witness relief operations and speak with those affected by Helene. In Pensacola, the Governor visited a supply distribution center operating at the Pensacola Volunteer Fire Department. In Bakersville, the Governor joined Mayor Charles Vines for a walking tour to see areas that sustained damage during the storm.

    “Today I was on the ground in Pensacola, Yancey County and Bakersville, Mitchell County, talking with folks affected by Helene and seeing how hard people are working to rebuild from this storm,” said Governor Cooper. “The people of Western North Carolina are strong, and we will keep working with them to surge resources and to recover and rebuild their communities.”

    The Major Disaster Declaration requested by Governor Cooper and granted by President Biden now includes the following North Carolina counties and designations which were added Tuesday night:

    • Cabarrus, Cherokee, Forsyth, Graham, Iredell, Lee, Nash, Rowan, Stanly, Surry, Union, and Yadkin counties for Individual Assistance,
    • Cabarrus, Cherokee, Forsyth, Graham, Iredell, Lee, Nash, Rowan, Stanly, Surry, Union and Yadkin counties for debris removal and emergency protective measures, including direct Federal assistance, under the Public Assistance program.
    • Swain County for permanent work (already designated for Individual Assistance and assistance for debris removal and emergency protective measures, including direct Federal assistance, under the Public Assistance program.

    The Major Disaster Declaration already includes 27 North Carolina counties (Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Polk, Rutherford, Swain, Transylvania, Watauga, Wilkes and Yancey) and the Eastern Band of Cherokee Indians.

    Also today, Governor Cooper issued an emergency Executive Order authorizing the North Carolina Department of Commerce, Division of Employment Security, to increase the amount of weekly unemployment payments available to North Carolinians in the aftermath of Hurricane Helene. As a result of this Order, weekly unemployment benefits will increase from a maximum of $350 a week to a maximum of $600 a week. Prior to the executive order, many low-income and part-time workers would have received less than the $350 weekly maximum. To ensure that these workers receive necessary benefits in the wake of Helene, the order will also increase benefits by $250 a week (up to the $600 cap) for all eligible workers. This order is tied to the State of Emergency for Hurricane Helene, and will remain in effect until the end of the Emergency or until it is rescinded.

    Law enforcement is working to ensure the safety of responders amid reports of threats and misinformation. FEMA officials remain in communities and are conducting operations to help people impacted by these storms recover as quickly as possible following reports of threats on the ground. Governor Cooper has directed the Department of Public Safety to work with local law enforcement to identify specific threats and rumors and coordinate with FEMA and other partners to ensure the safety and security of all involved as this recovery effort continues.

    North Carolina National Guard and Military Response

    Nearly 3,400 Soldiers and Airmen are working in Western North Carolina. Joint Task Force- North Carolina, the task force led by the North Carolina National Guard is made up of Soldiers and Airmen from 12 different states, two different XVIII Airborne Corps units from Ft. Liberty, a unit from Ft. Campbell’s 101st Airborne Division, and numerous civilian entities are working side-by-side to get the much-needed help to people in Western North Carolina.

    National Guard and military personnel are operating 12 aviation assets and approximately 1,200 specialized vehicles in Western North Carolina to facilitate these missions. The U.S. Army Corps of Engineers is helping to assess water and wastewater plants and dams. Residents can track the status of the public water supply in their area through this website.

    FEMA Assistance

    More than $102 million in FEMA Individual Assistance funds have been paid so far to Western North Carolina disaster survivors and approximately 181,000 people have registered for Individual Assistance. More than 2,000 households are now housed in hotels through FEMA’s Transitional Sheltering Assistance.

    Approximately 1,400 FEMA staff are in the state to help with the Western North Carolina relief effort. In addition to search and rescue and providing commodities, they are meeting with disaster survivors in shelters and neighborhoods to provide rapid access to relief resources. They can be identified by their FEMA logo apparel and federal government identification.

    North Carolinians can apply for Individual Assistance by calling 1-800-621-3362 from 7am to 11pm daily or by visiting www.disasterassistance.gov, or by downloading the FEMA app. FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs.

    Help from Other States

    More than 1,500 responders from 38 state and local agencies have performed 142 missions supporting the response and recovery efforts through the Emergency Management Assistance Compact (EMAC). This includes public health nurses, emergency management teams supporting local governments, veterinarians, teams with search dogs and more.

    Beware of Misinformation

    North Carolina Emergency Management and local officials are cautioning the public about false Helene reports and misinformation being shared on social media. NCEM has launched a fact versus rumor response webpage to provide factual information in the wake of this storm. FEMA also has a rumor response webpage.

    Efforts continue to provide food, water and basic necessities to residents in affected communities, using both ground resources and air drops from the NC National Guard. Food, water and commodity points of distribution are open throughout Western North Carolina. For information on these sites in your community, visit your local emergency management and local government social media and websites or visit ncdps.gov/Helene.

    Storm Damage Cleanup

    If your home has damages and you need assistance with clean up, please call Crisis Cleanup for access to volunteer organizations that can assist you at 844-965-1386.

    Power Outages

    Across Western North Carolina, approximately 11,000 customers remain without power, down from a peak of more than 1 million. Overall power outage numbers will fluctuate up and down as power crews temporarily take circuits or substations offline to make repairs and restore additional customers.

    Road Closures

    Some roads are closed because they are too damaged and dangerous to travel. Other roads still need to be reserved for essential traffic like utility vehicles, construction equipment and supply trucks. However, some parts of the area are open and ready to welcome visitors which is critical for the revival of Western North Carolina’s economy. If you are considering a visit to the area, consult DriveNC.gov for open roads and reach out to the community and businesses you want to visit to see if they are welcoming visitors back yet.

    NCDOT currently has approximately 2,000 employees and 900 pieces of equipment working on approximately 7,000 damaged road sites.

    Fatalities

    Ninety-five storm-related deaths have been confirmed in North Carolina by the Office of Chief Medical Examiner. This number is expected to rise over the coming days. The North Carolina Office of the Chief Medical Examiner will continue to confirm numbers twice daily. If you have an emergency or believe that someone is in danger, please call 911.

    Volunteers and Donations

    If you would like to donate to the North Carolina Disaster Relief Fund, visit nc.gov/donate. Donations will help to support local nonprofits working on the ground.

    For information on volunteer opportunities, please visit nc.gov/volunteernc

    Additional Assistance

    There is no right or wrong way to feel in response to the trauma of a hurricane. If you have been impacted by the storm and need someone to talk to, call or text the Disaster Distress Helpline at 1-800-985-5990. Help is also available to anyone, anytime in English or Spanish through a call, text or chat to 988. Learn more at 988Lifeline.org.

    If you are seeking a representative from the North Carolina Joint Information Center, please email ncempio@ncdps.gov or call 919-825-2599.

    For general information, access to resources, or answers to frequently asked questions, please visit ncdps.gov/helene.

    If you are seeking information on resources for recovery help for a resident impacted from the storm, please email IArecovery@ncdps.gov.

    ###

    Oct 16, 2024

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Disaster Recovery Center to Close in St. Charles Parish

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center to Close in St. Charles Parish

    Disaster Recovery Center to Close in St. Charles Parish

    BATON ROUGE, La. – The Disaster Recovery Center (DRC) serving Louisiana survivors of Hurricane Francine in New Sarpy will close permanently at 3 p.m., today, Oct. 16.

    The center is located at the Alan Arterbury Building, 14564 River Road, New Sarpy LA 70078.

    Additional locations in Ascension, Assumption, Lafourche, Jefferson, St. James, St. John the Baptist, St. Mary and Terrebonne parishes are open. To find the DRC nearest to you, visit DRC Locator (fema.gov).

    The centers will operate from 8 a.m. to 5 p.m., Monday through Saturday.

    Residents in all nine parishes can visit any DRC to meet with representatives of FEMA, the U.S. Small Business Administration, along with other community partners. No appointment is needed to visit the center. 

    The centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology. If you need a reasonable accommodation or sign language interpreter, please call 833-285-7448 (press 2 for Spanish).

    You do not have to visit a center to apply for FEMA disaster assistance. The quickest way to apply is by going online at disasterassistance.gov/.

    Additional options when applying include:

    • Download the FEMA App for mobile devices. 
    • Call the FEMA helpline at 800-621-3362 between 6 a.m. and 11 p.m. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.
    • To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube.

    For the latest information visit fema.gov/disaster/4817. Follow FEMA Region 6 social media at X.com/FEMARegion6 or on Facebook at facebook.com/femaregion6.

    alexa.brown
    Wed, 10/16/2024 – 22:08

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Sinema & Kelly Celebrate $1.7 Million CHIPS and Science Award for Maricopa Community College to Expand Semiconductor Technician Training

    US Senate News:

    Source: United States Senator Kyrsten Sinema (Arizona)

    The award is from the CHIPS and Science Act, which was negotiated by Arizona Senators Kyrsten Sinema and Mark Kelly to bring microchip manufacturing back to America, create jobs, and strengthen national security. 


    WASHINGTON
     – The U.S. Department of Commerce announced that Maricopa County Community College District (MCCCD) will receive $1.7 million to expand training programs for microchip manufacturing jobs in Arizona. The funding is a part of the CHIPS and Science law, led by Arizona Senators Kyrsten Sinema and Mark Kelly. 

    The funding was awarded through the National Semiconductor Technology Center (NSTC) Workforce Partner Alliance (WFPA) program – established by Sinema and Kelly’s CHIPS and Science law – and will enable MCCCD to continue leading transformative workforce development programs in Arizona aimed at closing crucial workforce and skills gaps across the U.S. semiconductor industry.

    “This investment from our bipartisan CHIPS and Science law will ensure Maricopa Community Colleges can continue providing talented Arizonans with the tools and training to thrive, protect our national security, and strengthen Arizona’s leadership in semiconductor manufacturing,” said Sinema.

    “As Arizona’s microchip industry continues to grow, there will be even more demand for a trained workforce ready to work the jobs of the future,” said Kelly. “This funding will allow Maricopa County Community College District to expand their Quick Start semiconductor technician training program—preparing more Arizonans with the skills they need to start great-paying careers without a four-year degree. By investing in our workforce, we’re strengthening Arizona’s position as a leader in microchip manufacturing and ensuring our nation’s competitiveness and security.”

    Currently offered at three of the system’s 10 colleges – Chandler-Gilbert Community College, Estrella Mountain Community College, and Mesa Community College – this funding will allow MCCCD to expand its Semiconductor Technician Quick Start training to Glendale Community College, ensuring geographic coverage for individuals seeking training throughout the Valley. Additionally, MCCCD will develop and implement the Maricopa Accelerated Semiconductor Training (MAST) program, building on the Quick Start program to provide course training for in-demand positions. 

    As the largest workforce training provider in the state, MCCCD’s expanded programming will prepare an additional 300 individuals for careers as semiconductor technicians in Arizona’s booming microchip industry, addressing the region’s growing demand for highly skilled workers and reinforcing Arizona’s position as a global microchip leader.

    Sinema and Kelly worked for nearly two years to negotiate and champion the CHIPS and Science Act, a $52 billion plan to boost domestic microchip manufacturing. Thanks to their leadership, Arizona is well positioned to become a global hub for microelectronics research, development, testing, manufacturing, and packaging. With new semiconductor facilities being constructed in Maricopa County, Arizona workers are already feeling the impact of this historic law.

    In June 2020, Sinema first introduced the CHIPS for America Act with Senators John Cornyn (R-Texas) and Mark Warner (D-Va.) to bring semiconductor manufacturing back to the United States. The CHIPS and Science Act included the funding to make Sinema’s CHIPS in America Act operational. Sinema was instrumental in passing the bipartisan CHIPS and Science Act into law, partnering with Republican Senator Todd Young (Ind.) to prevent the legislation from partisan collapse on the Senate floor.

    Since the passage of the CHIPS and Science Act, more than $60 billion in private investment for 38 semiconductor industry projects have been announced in Arizona.     

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI United Kingdom: Action to boost jobs and investment for clean energy in Scotland

    Source: United Kingdom – Executive Government & Departments 2

    UK government accelerates “skills passport” and with Scottish Government strikes deal for Great British Energy to work with Scottish public bodies.

    • Energy Secretary visits Aberdeen as UK and Scottish Governments partner to make billions available in funding across the UK including for Scotland’s clean energy industry

    • UK and Scottish Governments strike new deal for Great British Energy to work with Scottish public bodies to support clean energy supply chains

    • UK Government also confirms the speeding up of delivery of a ‘skills passport’ to support oil and gas workers to move into offshore wind

    The UK Government will take decisive action to help make available billions of pounds in funding across the UK including for Scotland’s clean energy industry, the Energy Secretary has pledged ahead of a visit to Aberdeen.  

    The Energy Secretary will visit Aberdeen with Great British Energy Chair Juergen Maier for the first time since the city was announced as the headquarters for the UK’s new publicly-owned energy company. 

    Following the visit, the UK Government is set to sign a new agreement with the Scottish Government today (Thursday 17 October) to boost Great British Energy’s ambitions to support clean energy supply chains and infrastructure.  

    By developing partnerships with Scottish public bodies in the clean energy sector – including Crown Estate Scotland, the Enterprise Agencies and the Scottish National Investment Bank – Great British Energy can deliver quickly and effectively, avoid duplication, and deliver maximum impact and value for money from Scottish projects. 

    Scotland has a strong pipeline of opportunities and is at the forefront of floating offshore wind development, and Great British Energy is in prime position to help accelerate this work by harnessing expertise in project development, investment and work with local communities. 

    Great British Energy has £8.3 billion of funding over this Parliament, and work is underway with the energy industry in Scotland to use this for public investment to create new private sector jobs and drive projects in Scotland.  

    Energy Secretary Ed Miliband said:  

    Scottish energy workers will power the United Kingdom’s clean energy future- including in carbon capture and storage, in hydrogen, in wind, and with oil and gas for decades to come as part of a fair transition in the North Sea.  

    Unlike in the past we’re also working closely with the Scottish Government with a new agreement to ensure our publicly owned company Great British Energy is primed to accelerate clean energy investment in Scotland.

    This follows the announcement in the summer of a partnership between Great British Energy and The Crown Estate, covering England, Wales and Northern Ireland, which could support the leveraging of up to £30-60 billion of private investment. 

    Ahead of the visit, the UK Government has also confirmed that oil and gas workers will be supported to move more easily into careers in the renewable sector, including offshore wind, as the UK government accelerates delivery of a ‘skills passport’.  

    The passport is an industry led initiative overseen by RenewableUK and Offshore Energies UK and supported by the UK and Scottish Governments which will align standards, recognise transferable skills and qualifications and map out career pathways for suitable roles. A digital tool for workers is set to be piloted by January 2025.   

    The UK Government’s Office for Clean Energy Jobs is working closely with Skills England to support other British workers on the energy transition, which by 2030 could create hundreds of thousands of new jobs across the UK.  

    Many of the skills required for the transition already exist, with research from Offshore Energies UK showing that 90% of oil and gas workers have transferable skills for offshore renewable jobs.  

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:  

    I welcome this collaborative agreement committing Great British Energy to work with our public bodies to maximise investment into Scotland.  Scotland already has a strong pipeline of clean energy and supply chain opportunities, is at the forefront of floating offshore wind development, and has a depth of knowledge and experience on community & local energy. We look forward to working with Great British Energy to ensure it delivers real benefits for the people of Scotland and a just energy transition.  

    To make sure that no offshore energy workers are left behind, the Scottish Government provided initial funding of £3.7 million between 2022 – 2024 for the development of the industry-led Skills Passport.

    Secretary of State for Scotland Ian Murray said:  

    The UK government will support our world class, world leading offshore workforce with the recognition they deserve and support the transition to renewable jobs in the future.  

    This is an area the UK Government and Scottish Government can and should work in partnership to deliver for Scotland and harness the potential we have to truly lead the world in renewables jobs. That’s why we have set out to reset the relationship between Scotland’s two governments to deliver better outcomes for Scots.  

    It should be easier to switch between oil and gas and renewables work offshore. The present situation, where training in one industry isn’t recognised in the other, cuts off opportunities for oil and gas workers. The fact some workers are paying out of their own pockets is scandalous. 

    We need to cut that red tape and deliver a skills passport that allows offshore workers to move flexibly back and forth between both industries in the years and decades to come.

    Great British Energy Chair Juergen Maier said: 

    The clean energy transition is a huge opportunity for Scotland, which is already at the cutting edge of technology like floating offshore wind, and Great British Energy is well positioned to help accelerate the development of key supply chains and infrastructure. 

    By working closely with the Scottish Government, alongside The Crown Estate in England, Wales and Northern Ireland, we can help to drive forward investment and create jobs across the country.

    RenewableUK’s Executive Director of Offshore Wind Jane Cooper said:  

    The upsurge in offshore wind jobs over the course of this decade and beyond creates excellent opportunities for highly-skilled oil and gas workers to bring their valuable experience to the clean energy sector. We’re working closely with our colleagues at Offshore Energies UK, and the UK and Scottish Governments, to make that transition as smooth as possible across all parts of the energy industry. The Energy Skills Passport is a great example of what we can achieve together and we’ll continue to look for other potential areas of work that can further support the transition of workers between sectors.

    David Whitehouse, Chief Executive Officer, Offshore Energies UK comments: 

    This package of announcements contains significant measures for firms, their workers and their supply chains across the UK. The skills passport is an important part of the toolkit industry is assembling in recognition of the integrated nature of the energy landscape. Those working in our domestic oil and gas sector have powered the country for the last fifty years and will play a critical role in our energy future. The sector is committed to working in partnership with government to leverage our industrial strengths to deliver a managed transition that creates opportunities for people and communities around the country.

    In Wales, the UK Government is already discussing how Great British Energy could work in partnership with their publicly-owned renewable energy developer, Trydan Gwyrdd Cymru, and other public bodies to deliver on shared priorities with the Welsh Government.  

    The UK Government is also working closely with the Northern Ireland Executive on opportunities for Northern Ireland, to help accelerate the clean energy transition across the United Kingdom. 

    Yesterday (Wednesday 16 October) the Energy Secretary also confirmed that Liz Ditchburn has been appointed as Chair of the North Sea Transition Authority, which regulates and influences the oil, gas, carbon storage and offshore hydrogen industries. Liz is a highly experienced public sector leader and will help to deliver the UK Government’s plans for a phased, responsible and prosperous energy transition in the North Sea. 

    Notes to editors

    The skills passport will show how these offshore workers’ skills and qualifications can be recognised by employers across various sectors, facilitating their smooth transition into the renewable energy sector. It will identify where oil and gas health and safety standards will be recognised in the offshore wind sector and map out different career pathways into the wind industry.   

    See figures on clean energy jobs.

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    Published 17 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI Australia: Joint press conference, Bendigo

    Source: Australian Treasurer

    LISA CHESTERS:

    It’s also an important milestone in Bendigo here, particularly in this particular precinct to officially open the Medicare Urgent Care Clinic and I’m so proud to have the Treasurer of Australia, a good friend of mine, Jim Chalmers here to do that official opening. I acknowledge also too all of our amazing health professionals that are here, our doctors, our nurses, our administrators, people who do bookings, we’ve got [indistinct] here. Thank you very much for joining us the CEO of Bendigo Health, the Primary Healthcare Network they’ve also joined us here today. And I know that we are having a press conference in the middle of what is a very busy day here at Bendigo Primary Care. Thank you for hosting us.

    This has been a long time coming for us here in Bendigo. As I was telling the Treasurer, it was the former Treasurer, Wayne Swan, who actually funded the initial funding for this building to be built. It was built under the former Labor government’s GP Super Clinic funding model and the idea back then, and I’m telling the former federal Member for Bendigo’s story Steve Gibbons, and [indistinct] who also served on the board for a while with the Primary Healthcare Network. The vision was for always for this to be a Medicare‑funded Urgent Care Clinic. The ability to do that after‑hours care, the ability to bulk bill where it wasn’t about your credit card, it was about your Medicare card, making sure that everybody in our postcode could have access to that primary care that they needed after‑hours.

    So, it took us a long time to get here. There was a period when we were in Opposition where we had funding cuts to Medicare, it made it very hard for doctors to bulk bill and very hard for clinics to stay open. But the investment that we’ve seen in Medicare has really turned that around and has brought us to where we are today. So, it’s a proud moment for us in Bendigo. It’s a proud moment for our health precinct, but it’s a really proud moment for us in federal Labor. We’re committed to Medicare and we’re reinvesting and strengthening Medicare each and every day, which is why I’m really proud to introduce the Treasurer of Australia here to officially open the Medicare Urgent Care part of this clinic. So welcome back to Bendigo, Jim.

    JIM CHALMERS:

    Thanks, Lisa. It’s very kind of you, Lisa, to invite me here and to introduce me to all of these healthcare super stars at the Urgent Care Clinic here in Bendigo for a very, very proud day for your wonderful local community, and for all of the people who are providing just first‑class healthcare for people of this community and the surrounding areas as well. It’s a real honour to be here as Treasurer. It’s a real honour to have funded so many of these Urgent Care Clinics around Australia. In our 3 Budgets we found $720 million to fund Urgent Care Clinics – 76 of them so far – including this one that we open today.

    One of the things that is really terrific about Urgent Care Clinics is the way that they help healthcare providers in communities like this one work as a team, take pressure off the local hospital, work with each other to provide the best standard of care that we can for the families and pensioners and people of communities like this one here in Bendigo.

    This one’s got a terrific vibe to it, a really amazing vibe to it, because you can tell the teamwork that makes it all work here in Bendigo. As I understand it, more than 800 presentations already. It’s only been open for a month or so, taking the pressure off Bendigo Hospital and providing a bit of peace of mind too for local families and local pensioners and others, knowing that they’ve got another option that they can come to when they’re looking for Healthcare and where they can stay out of the emergency department if that’s possible.

    Most importantly a massive thank you to all of you. It’s a really proud day, a really exciting day. Before we unveil the plaque, I just have to make some broader points as well. We’ve also got a national announcement that’s happening today and so I just wanted to touch on that.

    One of our motivations when it comes to the billions of dollars we’re investing in strengthening Medicare, and the $720 million we’re investing as part of that in Urgent Care Clinics is helping people with the cost of living. Out‑of‑pocket health costs are one of the big pressures on household budgets, and so what we’re trying to do as an Albanese Labor government is to try and take some of the sting out of these cost‑of‑living pressures that we know people are feeling right around Australia in communities like this one.

    So out‑of‑pocket health costs, but also the tax cuts for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper early childhood education, which is a real passion of Lisa’s, more rent assistance, getting wages moving again, fee‑free TAFE, strengthening Medicare, all of these things are about easing cost‑of‑living pressures. Easing cost‑of‑living pressures are the number one priority of the Albanese Labor government. That’s why we’re investing so substantially in easing out‑of‑pocket health costs, and that’s one of the reasons why Urgent Care Clinics are so important.

    But today we’re taking another step as well. Today we are announcing the next steps in banning unfair trade practices. A lot of businesses in our community do the right thing and they’ve got nothing to worry about, but we’re also seeing the troubling escalation in dodgy trading practices, whether it’s the way that people find it hard to get out of subscriptions, the way prices increase while people are making a transaction, the farming of people’s information, dodgy marketing practices like pretending that there’s a limited time that people can buy something online.

    There are a whole bunch of practices that we are worried about, which put additional pressure on people when it comes to the cost of living. So, we want to ban unfair trading practices. We’ve put in train the steps to do that today. Yesterday we talked about our intention, our willingness to ban surcharges on the use of debit cards. People shouldn’t have to pay huge fees to use their own money. Yesterday’s announcement was about debit cards, today we’re talking about banning unfair trading practices. This is all part of our efforts to deal with or address these cost‑of‑living pressures that people are under.

    From time‑to‑time people will say to us: how big a difference can you make in Medicare out‑of‑pocket health costs? How big a difference can you make with all of this competition policy, empowering the ACCC, banning surcharges on debit cards, cracking down on dodgy trading practices? The truth is we are coming at this cost‑of‑living challenge from every conceivable angle. Not with one or 2 policies, but the highest priority of this Albanese government dealing with cost‑of‑living pressures that we know people are facing in housing, in out‑of‑pocket health costs and in other areas as well. The highest priority for our government, and that’s why these Urgent Care Clinics are so important as well, as part of our efforts.

    Okay, tricky questions to Lisa, easy questions to me. I’m in your hands.

    JOURNALIST:

    I was just wondering if I start on just why – or if there is any particular urgent need that you’ve seen for this place [indistinct] prior to this opening? Was there an urgent need?

    CHESTERS:

    Yeah, definitely. This is one of the clinics that was funded for a short period by the state Labor government, and then our Health Minister – Mark Butler – let me know that negotiations were on that the federal government would take it over as part of its Medicare Urgent Care Clinic. We know that there had been pressure on EDs. Any parent that’s had to go up there with an urgent issue knows the wait times. Locally we knew it anecdotally, we also knew it through the data coming through that there was a lot of pressure on EDs. We also knew because the previous government cut so much money out of Medicare – and froze the Medicare rebate and froze the Medicare incentive – that doctors weren’t doing after‑hours services any more. So, the need was there, the data was there and that’s why I’m really proud that our government has prioritised this clinic, coming on board with the federal fund and becoming a federally funded Medicare Urgent Care Clinic.

    CHALMERS:

    I really want to pay tribute to Lisa Chesters here. Strengthening Medicare is one of Lisa’s reasons for being and one of our government’s reasons for being, and we know from Lisa’s advocacy for this local community just how important it is to build an Urgent Care Clinic here to take some of the pressure off the hospital. There’s an urgent need in a lot of communities around Australia for more bulk billing options and more Medicare‑supported doctors, and that’s why we’re building 76 of these and providing $720 million to keep them running. It’s obvious in communities like these the need, and we’re delighted to see the way that all the different parts of the health system are working together to make it a success already. It’s only been open for a month, but already hundreds of people who would otherwise be in the ED at the hospital are coming here to get first‑class treatment and that’s a great thing.

    JOURNALIST:

    Just on another local health issue, and then we can go to other matters. We got word earlier this month that Bendigo Health has flagged job cuts at some of the hospitals, 5,000‑odd staff. The Australian Nursing Midwifery Federation says there’s a major restructure but they understand 9 full‑time clinical nursing jobs will be lost. What do you say to those staff who believe there isn’t any investment into expanding the health workforce by the federal government?

    CHESTERS:

    It’s one of those ones we’ll have to take on notice. It really is a state government matter but what I will say is that I know that the state and federal government are constantly in discussions about how can we better fund our health and hospitals sector. It is something that I know that they’re working through methodically. They’ve engaged the unions in doing this in a fair and transparent process. It’s not new, but it really is one that the state government is working closely with the Bendigo Health on.

    JOURNALIST:

    What’s the difference between a federal Urgent Care Clinic and the state‑run Priority Care Clinic?

    CHESTERS:

    The federal government pays the bills for a Medicare Urgent Care Clinic. That’s essentially the big difference. Which is our role, it’s primary healthcare and it fits within the broader GP, Medicare scope of practice.

    JOURNALIST:

    And how – what does it work when a patient comes in? How do they present? What’s the process?

    CHESTERS:

    You can call, the majority of patients are encouraged to make a phone call to book themselves in. They first are triaged by the nurse or the team that answers the call. If it’s considered to be emergency, they’re encouraged to call an ambulance, 000, or go straight to EDs. But if it’s more an urgency care matter they make an appointment for them. They don’t have to be sitting here; they’re sent a reminder message and then just encouraged to be here about 20 minutes prior to the appointment and I’m hoping I got that right. Not that I’ve had to use the service yet. It’s because we use online, because we’re all used to using the phones and the booking system, it’s well organised. On the busier days it’s 10 til 10. Critical being that after‑hours after‑school opportunity, over the weekends. And it’s a service that’s proving to be very popular because it is where you can get a bulk‑billed GP appointment within 24 hours of needing one.

    JOURNALIST:

    Just on the announcement today, regarding putting an end to hidden in‑ticket purchases, like you promised to consider debit card surcharges, this is a promise that will mean there’ll be consultation down the road. When it’s possible your government may not be in power next year, why not just act now rather than push [indistinct] down the track?

    CHALMERS:

    Consultation is a good thing. We want to make sure that as we crack down on excessive fees and we crack down on dodgy trade practices that we’re doing that in a way that looks after the interests of consumers and small businesses, and makes sure that there aren’t unintended consequences. We’ve shown a real enthusiasm, a real willingness, a real commitment to crack down on the sorts of fees and practices which risk ripping people off. We have empowered and funded the ACCC to do their really important work and we’ve flagged the next steps that we’re taking when it comes to this. But I don’t think we should see consultation as a bad thing, consultation’s a good thing. We’re a government that works through issues in a considered and a methodical but ultimately in an impactful way. We know that people are at risk here when it comes to anti‑competitive behaviour and dodgy behaviour, and fees that they increasingly can’t afford, and so we’re acting on their interests and we’re making sure that we get it right.

    JOURNALIST:

    Look, I just want to confirm which industries the government are wanting to focus on in this crackdown. Are you looking at live music? There’s been some discussion about gym subscriptions.

    CHALMERS:

    We’re talking about a wide range of practices but including subscription traps – where it’s really hard to get out of a subscription, that happens across a number of different sectors. Drip pricing where there are hidden fees throughout the stages of a purchase. There are manipulative online practices, including where there’s a sense of urgency like a countdown timer to make people make rash decisions about what they want to buy. We’re worried about dynamic pricing which is where, during the actual course of the transaction the price keeps escalating. We’re worried about businesses which ask customers for too much information, in some cases much more than is necessary to buy the good or the service. We’re also worried about those instances where it’s hard to contact a business if you haven’t got the product that you were looking for or you had some other question after sale. These are the sorts of issues that we’re looking at. That obviously has relevance to a whole range of sectors – particularly those available for online purchasing. We’re not taking a very specific sector‑specific approach here. We’re looking at all of these potentially dodgy practices and making sure we can rub them out where we can.

    JOURNALIST:

    Given lock‑in subscriptions are a fundamental part of some business models, like gyms, how will you stop them, those businesses from being shuttered down completely?

    CHALMERS:

    We obviously want to see a healthy, profitable business sector but those profitable businesses can’t be making profits on the back of dodgy practices. Again, as a huge supporter of the business community in this country – and particularly the small business community, we want to make sure that there aren’t unintended consequences for the vast majority of businesses who do the right thing. But when some are tempted to do the wrong thing, we need to crack down on that. We need to make sure, when it comes to subscriptions, it can’t be incredibly easy to sign up to a subscription and incredibly difficult to get out of it. We get a lot of feedback about that. We want to work with the ACCC to crack down on that too.

    JOURNALIST:

    Look, do you think the timing of the PM’s decision to buy a new home is poor given an election is coming up? Many Australians are struggling to pay their mortgage or rent. I mean, look, I understand that the PM – people can buy property wherever they want, but I mean here, and particularly in Bendigo, we have a huge homelessness problem. The list of people waiting for social housing are at a 1,000 in this local area. I mean, what do you say especially to those who are sleeping rough and may see coverage of the PM buying such an expensive house on the Central Coast and, you know, wondering what this government’s on about?

    CHALMERS:

    I understand. The government’s highest priority is easing the cost of living and a big part of that is our housing agenda. Too many people are sleeping rough. Too few people can find an affordable place to rent or buy. It is becoming too hard for young people in particular to get a toehold in the housing market, and these are the motivations behind the $32 billion that we have invested through 3 Budgets in building more homes, to make it easier for more Australians to find a place to rent or find a place to buy. This is our highest priority, cost of living, and housing is an important part of that.

    When it comes to the decisions that the Prime Minister has made about his own personal arrangements, I do understand that there’s a lot of interest in it. We do understand, I think collectively, that Prime Ministers decisions like this are scrutinised. I would say a couple of things about that. First of all, I work incredibly closely with the Prime Minister. I work as closely, if not more closely than anybody else. I have seen first‑hand for myself his 100 per cent focus on easing the cost of living and building more homes for Australians and making the right economic decisions for the right economic reasons. I cannot fault for one second his commitment to easing the cost‑of‑living pressures that people confront and building more homes as the important part of that.

    He has made a decision with Jodie that they want to have a place which is closer to Jodie’s family. I think a lot of Australians would understand that aspect of it. Certainly, I understand that aspect of it. But his focus is on easing cost‑of‑living pressures for the whole country, I’ve seen that laser‑like focus for myself up close.

    JOURNALIST:

    In terms of the Urgent Clinics here Bendigo and other areas, is it going to help the healthcare system or is it just going to shuffle everything around and not take the pressure off?

    CHALMERS:

    It’s already taking pressure off the emergency department at Bendigo Hospital. One of the heartening things just meeting some of the professionals who have joined us today, some of them on their day off – we appreciate that – one of the things that really strikes you about this Urgent Care Clinic, and I’ve seen it in others, is the way that the whole health system, the whole local health ecosystem, works together to deliver great outcomes for people, often at the most stressful times.

    Lisa and I know, as parents, it’s so stressful when your kid is sick or your mum, and you want to make sure that there are options and the heartening thing, the inspiring thing frankly, about the work in clinics like this one and emergency departments is the way that the place is working together. I just heard really quite a remarkable thing about where, if one place is quieter than the other, there are calls between different parts of the health system to make sure that we’re getting people through. That’s exactly as we want it. That means that every single cent of these hundreds of millions of dollars we’re investing in Urgent Care Clinics is money well spent.

    JOURNALIST:

    Those that don’t have access to these Urgent Care Clinics, as such, what do you say to them if they’re struggling to get into their GPs, their EDs are full, you know, what do they do?

    CHALMERS:

    We’re building as many as we can afford to build. There are 76 of these now, that’s what $720 million is buying. Every community would like one and we are doing our best to put one in as many communities as we can – here in Bendigo, in my hometown, right around Australia. We know that there’ll always be a need for more investment in health. We’re enthusiastic about that, billions and billions of dollars of investment in strengthening Medicare to help ease out‑of‑pocket costs to give people peace of mind when they’re sick or when their loved ones are sick, and people should expect that to continue for as long as there’s a federal Labor government working closely with state governments like this one.

    JOURNALIST:

    Australian birth rates declined once again. Is this becoming a problem for our economy?

    CHALMERS:

    That has been a long‑term trend and there are reasons for that, including good reasons for it. As I’ve said before, it can be expensive to have kids, and people make their own decisions for their own reasons. My job, working closely with Lisa and other colleagues, is to make sure that people can have the choice of whether to have more kids or not. Our investment in early childhood education, our investment in healthcare, paying superannuation on paid parental leave, all of these decisions that we’ve taken as a government working closely with Katy Gallagher, the Women’s Minister and others, is about making it easier for people to have more kids if they want to. But we know that affordability is a big part of that challenge and that’s why our cost‑of‑living help is so important as well.

    JOURNALIST:

    Is the government talking to Westpac about the repeated outages that we’ve been seeing this week, affecting mobile and online banking? I believe there’s been 3 already this week for customers of Westpac and St George, BankSA.

    CHALMERS:

    We have been speaking with Westpac about these really concerning developments. They have had a number of outages in recent days, and when something like that happens it enlivens the cybersecurity part of our government. In the last couple of years we’ve gotten much better at working with private sector entities like Westpac and others who are the subject of various – whether it’s denial of service or other kinds of interruptions. But we do work closely, whether it’s with the banks or the other businesses and organisations, to make sure that when something happens like this, as unwelcome as it is, that we’re responding when we can and that also we’re keeping each other informed as things develop.

    JOURNALIST:

    Does more need to be done to secure crucial services for bank customers? I mean this is not unusual.

    CHALMERS:

    Unfortunately, this is a sign of the times. We are seeing more of these sorts of interruptions in an economy which is becoming increasingly digital and where the technological changes so fast we are at risk of some of these sorts of interruptions. We’ve got a colleague now, Andrew Charlton, who’s been appointed to oversee cybersecurity in particular, working closely with Tony Burke. Our whole government sees it as an important part of our responsibilities to make sure that we catch up and keep up with developments in this space because we don’t want to see people inconvenienced by these kinds of interruptions.

    JOURNALIST:

    I have just one more question, sorry. Just on the economy and from a business perspective, here in Bendigo, there’s been significant issues in the CBD for some time: for‑lease signs on shop fronts, particularly in the Hargreaves Mall. We hear from businesses and ABC Central Vic, that your government is not doing enough for small businesses. What do you say to people in regional communities like Bendigo who despair in the fact that they may not be able to sustain businesses or even keep shop fronts open until the end of the year?

    CHESTERS:

    The problem with the Bendigo Mall is a perpetual problem that we’ve had for decades, and anybody who says otherwise hasn’t lived in Bendigo for a long time. It’s long been identified that the challenges sometimes relate to the landlords and who they’re trying to attract into the businesses in the mall. We’ve also had some other issues in the mall. There’s quite a bit of construction going on. But this is one of those ones which local chambers of commerce, Be.Bendigo has worked with the City of Greater Bendigo to bring them all together to talk about ‘what’s the vibe? What do we want? Who do we want to prioritise to be our businesses?’ It really starts with the landlords, it starts with Be.Bendigo and it starts with local government. In terms of the federal government support that we have with small business, we’re doing what we can, whether it be the instant asset write‑off, whether it be helping people with their payroll, whether it be investing where we can, supporting people with skills, helping with apprentices, making sure that we’ve got the skilled workers that we need coming through our TAFE. This is the federal government making sure that we stay in our lane and our responsibility. This issue comes up every federal election, every state election, every local government election. But the answer is the same. It comes back to what are the landlords, what’s the vision, how are they working with our local chambers of commerce about who we want to attract in businesses in the CBD.

    JOURNALIST:

    I mean, Bendigo itself are driving hard the tourism dollar here. We’ve seen major events here. We are seeing a comedy festival here. People are travelling to this town in particular and wanting to come to Bendigo to see the lovely, you know, Bloom Festival and a couple of days ago it was beautiful. But seeing – walking a couple of shops – blocks down the street, it’s not such a great story. I mean, I think that there obviously needs to be a whole – is there not a whole – isn’t there more – shouldn’t there be more approach to ensure that the city is at least pleasurable for people to visit?

    CHESTERS:

    It is and people love coming to Rosalind Park. What the state government has done in reducing train fares to get people into town’s been fantastic. Any day on the weekend I love getting stopped and people asking me for directions because it means they’re not local. It means we’ve got people coming in. Last weekend was a big example of that. This weekend coming. The town is abuzz on the weekend and that’s what you want to have happen. I’m sure the landlords will get together with Be.Bendigo and City of Greater Bendigo to work it out. We are seeing a revival and a change of shops coming into the mall. This is one of those issues where if you get too many people involved in the discussion, it takes longer.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI USA: Durbin Announces New Resources To Address Child Lead Poisoning Risks In Chicago

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    10.16.24

    CHICAGO – Today, U.S. Senate Majority Whip Dick Durbin (D-IL) joined officials from CountyCare, Cook County Health, and the Cook County Department of Public Health to unveil new proactive measures taken by all five Medicaid managed care insurance companies (MCOs) in Illinois in response to a request by Durbin and U.S. Senator Tammy Duckworth (D-IL) to address lead poisoning risks to children in Chicagoland.

    In March, Durbin and Duckworth had urged MCOs to step up to address lead poisoning risks to children in Chicago by preemptively sending drinking water test kits, water filters, home visitors, and educational materials to all enrolled children in the city. As a result of these letters, CountyCare, the largest MCO in Cook County, agreed to the Senators’ request and sent educational materials as well as a coupon redeemable at local Jewel-Osco grocery stores for a free water filter to nearly 90,000 families in Cook County. The other four MCOs made similar commitments, including providing grants to primary care providers for lead tests and to local community organizations to distribute free water filters to low-income families.

    “Children continue to face the unacceptable risk of lead poisoning in the very place they call home,” said Durbin. “I sent letters with Senator Duckworth to the five Medicaid insurance companies in Illinois, calling upon them to take new, proactive measures to address this dire health risk. I applaud CountyCare for being the first to step up and implement innovative strategies to prevent the threat of lead exposure for low-income children. Today’s announced initiatives from all five insurance companies will support children’s health and provide some peace of mind for parents as we continue to work towards replacing lead pipes in our community.”

    “We appreciate the leadership of Senator Durbin and Senator Duckworth in addressing the number one environmental hazard that is 100 percent preventable. Collaboration is key in tackling public health issues, and efforts like this are crucial in preventing such problems whenever possible. Let’s continue working together to build healthier and safer communities,” said LaMar Hasbrouck, MD, Chief Operating Officer of the Cook County Department of Public Health. 

    “There is no safe level of lead exposure for children. Lead can cause serious and permanent health problems, including irreversible brain damage,” said Dr. Erik Mikaitis, Interim CEO of Cook County Health, which includes CountyCare, the largest Medicaid Managed Care Plan serving residents of Cook County. “I am grateful to Senator Durbin and Senator Duckworth for their leadership on this issue. By creating these new outreach strategies, we are strengthening our collaborative, multi-faceted approach to prevent, mitigate and treat lead exposure and keep children safe.”

    Today’s announcement comes during Children’s Health Month and ahead of National Lead Poisoning Prevention Week.  The Senators’ letters to CountyCare, Aetna, BlueCross, Meridian, and Molina followed the finding earlier this year that 129,000 Chicago children—68 percent of those younger than age six—were potentially exposed to lead in their home drinking water, due to the presence of lead pipes—given that Chicago has the highest number of lead pipes of any city in the country.  

    Medicaid, the federal-state health insurance program for low-income individuals, has a comprehensive benefit for kids—requiring all covered children to receive lead screenings at ages one and two. The Centers for Medicare and Medicaid Services (CMS) states that there is a specific and presumptive risk of lead exposure for children on Medicaid. Further, if a child tests for an elevated blood lead level, states are required to provide diagnostic and treatment services.

    Last week, the U.S. Environmental Protection Agency (EPA) announced its final Lead and Copper Rule Improvements (LCRI) to address lead in drinking water, which requires 100 percent lead pipe replacement in 10 years among other requirements to protect public health. In Illinois, the state reported more than one million lead service lines (LSLs), the most per capita in the nation, and replacing LSLs statewide is estimated to cost $11.6 billion. Illinois has received more than $578 million from the Bipartisan Infrastructure Law earmarked for LSLs from EPA. The Natural Resources Defense Council found that Illinois will benefit the most from lead pipe remediation, with up to $89 billion in avoided health costs.

    Earlier this year, Durbin reintroduced his Lead-Safe Housing for Kids Act, a bill to require the Department of Housing and Urban Development (HUD) to update its lead poisoning prevention measures to reflect modern science and ensure that families and children living in federally assisted housing are protected from the devastating consequences of lead poisoning. 

    -30-



    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Australia: Australia-Vietnam Foreign Ministers’ Meeting and Economic Partnership Meeting

    Source: Minister for Trade

    This week the Australian Government welcomes Deputy Prime Minister and Minister of Foreign Affairs of Vietnam, His Excellency Bui Thanh Son, and Minister of Planning and Investment of Vietnam, His Excellency Dr Nguyen Chi Dung to Adelaide.

    On Thursday, Minister Farrell and Minister Dung will hold the fourth Australia-Vietnam Economic Partnership Meeting to advance our shared goal of increasing two-way trade, tourism and investment, and deepening economic cooperation across Southeast Asia.

    On Friday, Minister Wong and Deputy Prime Minister Son will hold the sixth annual Australia-Vietnam Foreign Ministers’ Meeting to advance cooperation under our Comprehensive Strategic Partnership and address key regional challenges.

    Minister Farrell will also give a keynote address at the inaugural Australia Vietnam Policy Institute Conference on trade diversification opportunities in Southeast Asia.

    The meetings this week will deepen our partnership as we work together to implement our shared vision for a peaceful, stable, and prosperous region.

    Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:

    “The Australia-Vietnam relationship has never been stronger.

    “Our Comprehensive Strategic Partnership reflects the depth of cooperation and the ambition we hold for our future.

    “This meeting will build upon my visit to Hanoi last year, where we marked 50 years of diplomatic relations, underscoring the deep friendship and strategic trust between our countries.”

    Quotes attributable to the Trade & Tourism Minister, Don Farrell:

    “Trade between Australia and Vietnam is booming, which means more opportunities for our exporters, businesses, and workers.

    “Over the last three years, our two-way trade with Vietnam hit record highs of $79 billion, and Vietnam has become one of the fastest growing sources of international visitors to Australia since the pandemic.

    “Our Southeast Asia Economic Strategy is supporting Australian businesses to seize new opportunities in the region, and Vietnam is one of the many places right on our doorstep which holds a wealth of potential for our exporters.”

    MIL OSI News –

    January 23, 2025
  • MIL-OSI USA: Grassley Emphasizes Value ESOPs Bring Local Economies at IA-CEO Conference

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    POLK COUNTY, IOWA – U.S. Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, today delivered a keynote address at the 2024 Iowa CEO Employee Ownership Conference in Ankeny.

    Grassley discussed the future of our nation’s business landscape as the baby boomer generation enters retirement, as well as his longstanding support for Employee Stock Ownership Plans (ESOPs): “[…T]his tax-advantaged tool has helped boost productivity, create wealth among the workforce, expand prosperity and grow civic roots in communities across the country,” he said. 

    Download photos HERE. Grassley’s prepared remarks follow. 

    Iowa Center for Employee Ownership (IA-CEO)

    Employee Ownership Conference

    FFA Enrichment Center/DMACC Campus, Ankeny

    Wednesday, October 16, 2024

    Good morning. It’s good to be here with all of you.

    Thank you, Randy, for your work with the University of Northern Iowa (UNI), a school near and dear to my heart. And thank you for the invitation to speak about another subject near and dear to my heart: building prosperity for Iowans across our state.

    Now, typically, I wouldn’t be able to join you in person on a weekday in the middle of October. But since we’re in the thick of a presidential election year, Congress is out of session until after November 5th.

    As you know, we’re also in the thick of harvest season. This week, my son and grandson are on our family farm in New Hartford running the combine and hauling grain from the fields. 

    I’m the second generation of our fourth-generation family farm, so I understand what weighs on the minds of Iowans looking to pass on the reins of a farm or small business. Although, a farmer never really retires.

    Like most family farms in Iowa, a lion’s share of our small- and medium-sized businesses are owned by baby boomers. These operations are expected to change ownership in the next five to 10 years. Finding the future stewards of these farms and businesses is top of mind for communities across Iowa. 

    It will have tremendous impact on the tax base, population, school enrollment, jobs, economic vitality and social capital of the local and regional community.

    This year, I completed my 44th year holding question-and-answer sessions with Iowans in all 99 counties in our state. Two issues that regularly come up at my meetings with small businesses and manufacturers are workforce shortages and employee retention. 

    The workforce and succession planning are top of mind for so many small businesses in Iowa, including those of you here in this room. As the baby boom generation prepares to pass the torch, a sizeable segment of our state’s economy will hinge on the strategic transition of farms and businesses. 

    Changing ownership of a business the same family has owned and operated for decades is complicated. Potential buyers and sellers need to navigate a maze of issues, including complex family dynamics, taxes, financing and more. 

    A decade or so ago, the impending demographic shift was often referred to as the Silver Tsunami. Since 2011, roughly 10,000 Americans turn 65 every day. I would suggest the so-called tsunami has delivered rolling waves of changes, instead of catastrophic disruptions to health care, housing, transportation and community services. I attribute that to forward-thinkers, like those of you attending today’s conference. 

    We’ve seen across many sectors of the economy that not all of the demographic disruptions hit the fan at once. 

    That’s partially because people are staying in the workforce longer, by choice or financial necessity. 

    Like I said earlier, a farmer never really retires. The same often goes for a family-run business, perhaps due to the fact owners don’t always have a viable succession plan or buyer. Having a succession plan can give families, landowners and small businesses much-needed peace of mind. After putting years of sweat and investments into their farm or business, many Iowans are what we call cash-poor and asset-rich.  

    As we look ahead to this era of transition in business ownership, it’s important for leaders in government, business and academia to collaborate. Together, we can anticipate the challenges and embrace the economic opportunities this demographic shift will present. 

    From that standpoint, I applaud the efforts of your organization, in partnership with my alma mater, UNI.  

    I want to commend you for taking a proactive approach. You’re grabbing the bull by the horns to identify the obstacles and possibilities that lie ahead. By engaging stakeholders and raising public awareness, your efforts can help expand local economic vitality and prosperity for generations to come. 

    You understand that a majority of the businesses owned by baby boomers will close for good if a viable buyer isn’t found. Usually, a viable buyer is restricted by the sale price, or there simply isn’t a buyer available at all. 

    Let’s not underestimate the benefits your efforts will bring workers and the community. Day in and day out, workers help build and grow a company. When workers are able to capture financial equity in their employing business, it fosters an ownership culture that strengthens morale and reinforces roots in the community. 

    These dynamics sow the seeds for broader advantages for nearby schools, civic clubs, volunteer fire departments, places of worship, and more.

    If you think about it, your mission kills two birds with one stone. On the one hand, you provide an off-ramp for business owners to pull wealth from their business, monetizing the retirement nest egg they’ve feathered for decades. 

    On the other hand, you’re expanding ownership opportunity and offering a piece of the financial pie to the workforce, empowering employees to share in the fruits of their own labor. 

    As a former chairman of the Senate Finance Committee, fostering economic growth is central to my philosophy on tax policy. That includes my support for federal tax advantages for Employee Stock Ownership Plans. 

    Everything these days goes by an acronym, but “ESOPs” have been around for decades.  

    A century ago, big corporations like Proctor & Gamble, J.C. Penney and Sears Roebuck provided stock ownership through a tax vehicle Congress added to the federal tax code in 1921. 

    The iteration we have today sprang up in the 1950s, for the purpose of transitioning ownership of a company to its employees. 

    ESOPs were formally recognized in law in 1974 thanks to the efforts of Senator Russell Long – one of my predecessors at the helm of the Senate Finance Committee.  

    An ESOP allows companies to use IRS tax-qualified plans as a tool for business succession, and as a workplace empowerment tool to foster an ownership culture. They provide the seller better options to manage tax liabilities from the sale of the business rather than what many consider tax confiscation at the point of sale. 

    Senator Long once declared ESOPs would be the perfect elixir to the economy. In fact, he used the term “Geritol,” if anyone here remembers that once-popular vitamin supplement. 

    The good news is ESOPs have outlasted Geritol. For decades, this tax-advantaged tool has helped boost productivity, create wealth among the workforce, expand prosperity and grow civic roots in communities across the country. 

    When Congress passed the Tax Reform Act of 1984 that included tax-free, roll-over treatment, Washington cleared the path for privately held businesses to transfer ownership, unlocking a burst of economic activity and new ownership to the next generation of employees. 

    To this day, ESOPs are a preferred tool for business succession in America.  

    From my platform on the Senate Finance Committee, once again, I will have a front row seat at the tax policymaking table in the new Congress. With 2025 will come a major tipping point for the U.S. economy, as lawmakers and a newly elected president confront a tax cliff. The Tax Cuts and Jobs Act that I helped shepherd into law in 2017 is set to expire at the end of next year.  

    This package enacted across-the-board tax cuts for every American taxpayer. As a result, businesses and families kept more of their hard-earned money in their pockets. 

    That means Iowans got to save, spend and invest more of their own money. If the 2017 Trump tax cuts expire, we will say good-bye to trillions of dollars in tax breaks. 

    The 2017 tax law also unlocked opportunities for small business across our state – the engines of the nation’s economy. Whether a business was structured as a “C” corporation or subchapter “S,” the law lowered tax rates on their income. This tax cut applies to ESOPs with partial employee-ownership. 

    The law lowered the maximum corporate tax rate from 35 percent to a single marginal rate of 21 percent, empowering businesses to expand, hire more people or raise wages. 

    Just as importantly, for pass-through businesses the law lowered tax rates across the board and created a new 20 percent business income deduction. 

    Together, those reforms shrunk the top federal income tax rate from 39.6 percent to 29.6 percent. Farmers and small businesses operate on tight margins. These tax breaks make a tremendous difference on the bottom line.  

    I’m always on the lookout for ways to continue to build on the success of ESOPs. A provision I’ve long cosponsored to make ESOPs a more attractive option for S corporations was incorporated into the SECURE 2.0 Act, which Congress passed at the end of 2022. 

    I’ve written tax policy in the U.S. Senate for more than four decades and counting. I’ll let you in on a secret: When you tax something – anything – you get less of it. 

    Tax laws influence purchase decisions on items ranging from cars and clothes to farm machinery and investments. Just consider back-to-school tax-free shopping weekends. Or how states with no state income tax attract people from high-tax states. 

    On the flip side, high taxes on cigarettes, gambling and alcohol aim to limit those behaviors. Tax incentives operate the same way, informing research and development, college savings and homeownership. 

    I’m sure many of you want to know what’s going to happen on those expiring tax cuts in 2025. That crystal ball will get some clarity after November 5th. 

    In closing, I want you to know I agree ESOPs are a key instrument for communities to foster economic prosperity across our state. 

    Ownership is a core principle in America’s promise of prosperity — and freedom itself — that our nation’s Founders enshrined in our Constitution. 

    In my 99 county meetings, I’ve seen good things happening and economic vitality thriving in communities with ESOP-structured businesses. 

    ESOPs can provide that pathway to prosperity.  

    Business owners preparing to retire can get tax-advantaged cash in their pockets, after many years of building their business. 

    Employees can build equity in the company and find greater satisfaction on the job. 

    With your advocacy, communities can realize more opportunities to keep valued businesses thriving and tap into the ownership culture that attracts a dynamic workforce. 

    Thank you again for inviting me to speak to you today. I look forward to continuing this conversation and welcome your feedback. I’m happy now to open up the floor to questions. 

    -30-

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Cassidy Convenes Louisiana Energy Security Summit, Highlights Louisiana Investments and Future Economic Potential

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    BATON ROUGE – U.S. Senator Bill Cassidy, M.D. (R-LA) hosted the “Louisiana Energy Security Summit: Unleashing American Abundance in a Changing Global Landscape” at the Capitol Park Museum in Baton Rouge, bringing together leaders from the federal, state, and local government levels, industry, the research community, and elsewhere. 

    In his keynote address, Cassidy highlighted the geopolitical challenges confronting U.S. manufacturers operating internationally. Adversaries exploit lax environmental and labor standards to gain an unfair trade advantage over American companies. 
    “We are working to preserve the jobs we have in Louisiana and create more in the future,” said Dr. Cassidy. “We can do this by requiring that trade with countries like China be fair, and not allow them to pollute the atmosphere while we’re working to clean it.”
    “The Foreign Pollution Fee Act is a trade policy that rewards U.S. businesses and workers while penalizing foreign polluters. It creates a level playing field for American companies on the global stage. It’s a win for American workers, the U.S. economy, our national security, and the environment,” added Dr. Cassidy.
    The summit featured ten panels which explored protecting U.S. interests from unfair trade practices, Louisiana’s low emissions manufacturing advantage, and the role of natural gas in strengthening U.S. geopolitical influence. Panelists included presidents and CEOs from Entergy, First Solar, Buzzi UnicemUSA, Orsted, and Aluminum Technologies, former Trump administration officials, and leaders from Louisiana trade associations and major energy and Fortune 500 companies. 

    “We have the talent, we have the resources, we have the God-given location here in Louisiana with the Mississippi River, the Gulf, so much pipeline running underneath us, some of the greatest ports in the country, we’ve got all those tools. We just need to make sure we marry those with good policy,” said Louisiana Association of Business and Industry President Will Green. “If we do, we will be unstoppable here in Louisiana.”
    “This is an energy economy here in Louisiana. We send it out, and we bring it in. It’s a manufacturing powerhouse. This state embodies what we can achieve again, if we open our alliances and we shut down our adversaries,” said Former Chairman of the White House Council on Environmental Quality James Connaughton.
    “There is a market disadvantage for U.S. producers and manufacturers,” said Former Energy Deputy Secretary Mark Menezes. “This is basic fairness. As a consumer you have choices to make on products. You can choose a U.S.-made product or something that is imported. The choice is easy. And as a consequence of making that choice you address the fundamental fairness of this, you recognize the importance of the U.S. role, and you incentivize U.S. manufacturers to come back from China.”
    “Everyone in this room knows China has not relaxed. They have increased production and are flooding the market,” said Huntsman Corporation Vice President of Global Communications and Government Affairs Kevin Gundersen. “We have gotten away from [our] competitive advantage, and we have leaned into our disadvantage as a country. I think there needs to be a course correction.”  
    “We already import more than 26 million tons [of cement] per year. All of the countries where we import cement—they don’t have all the environmental regulations we do. They don’t have all the laws. They don’t have all the regulation, so we already have a disadvantage,” said Buzzi UnicemUSA President and CEO Massimo Toso. “So we do appreciate the effort by Senator Bill Cassidy and his colleague to put in place a carbon border adjustment mechanism.”
    “Non-market actors overseas, subsidies, and unfair trade practices make it cheaper to produce goods than companies like ourselves,” said CF Industries Vice President for Public Affairs Linda Dempsey. “We’ve got the best workers and the best standards, but the second piece really is flipping the switch on the trade rules.”
    “The cheap solar panels that are brought in from China don’t have the same standards of which we hold ourselves accountable to creating an unfair blade,” said First Solar CEO Mark Widmar. “Between American ingenuity, passion, creativity, and know-how, we can outcompete, but we need fairness.”
    Background
    Cassidy and U.S. Senator Lindsey Graham (R-SC) introduced their Foreign Pollution Fee Act to level the playing field with Chinese manufacturing and expand American production.
    Earlier this month, he released the 3rd episode of Bill on the Hill, where he highlights his Foreign Pollution Fee Act and discusses China’s growing economy and military coming at the expense of the American worker. After hearing fellow Americans share their concerns, Cassidy presented his plan to address the nexus between economic development, national security, and the environment. His Foreign Pollution Fee Act would even the playing field while holding China accountable.
    He penned editorials in Foreign Affairs, The Washington Times, and jointly in the USA Today Network discussing the geopolitical threat that China poses to U.S. global standing. Cassidy also joined Greta Van Susteren on Newsmax to discuss his foreign pollution fee, noting the competitive advantage China receives from intentionally ignoring environmental standards. 
    Last Spring, the Louisiana Senate and House of Representatives unanimously adopted a resolution urging Congress to pursue an industrial manufacturing and trade policy to counter competition from China. Learn more here. 
    Last Congress, Cassidy released a landmark energy policy outline in response to the Biden administration’s assault on domestic energy. The outline details how we can successfully reset U.S. energy policy, including Cassidy’s plan for an Energy Operation Warp Speed to cut permitting red tape and unleash domestic energy and manufacturing. In support of this complete vision and in addition to the Foreign Pollution Fee Act, Cassidy led Republican colleagues in opposition to a domestic carbon tax and introduced the first comprehensive judicial reform for permitting bill. He also pushed back on disastrous proposals from the Biden administration to limit development in the Outer Continental Shelf with the introduction of the WHALE Act and the Offshore Energy Security Act of 2023.

    MIL OSI USA News –

    January 23, 2025
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