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  • MIL-Evening Report: Why do dogs eat poo? A canine scientist explains

    Source: The Conversation (Au and NZ) – By Mia Cobb, Research Fellow, Animal Welfare Science Centre, The University of Melbourne

    nygi/Unsplash

    When miniature dachshund Valerie was captured after 529 days alone in the wilds of Australia’s Kangaroo Island, experts speculated she survived partly by eating other animals’ poo.

    While this survival tactic may have saved the resilient sausage dog, it highlights a behaviour that makes many dog owners cringe.

    This type of “recycling” is surprisingly common in our canine companions. But why would dogs, even those with full food bowls, choose to indulge in such a revolting habit?

    Here’s why some dogs can’t resist a faecal feast, known more technically as coprophagia.

    What is coprophagia?

    Coprophagia or coprophagy is the scientific term for eating faecal matter (poo). It’s a behaviour displayed across a number of animal species.

    Around half of all dogs try eating poo at some stage – either their own, another dog’s, or other animals’. Research suggests about one in four dogs have made it a regular habit.

    In wild canids like foxes and wolves, mothers will eat their puppies’ stools to keep dens clean and reduce scents that might attract predators.

    It’s also thought that eating fresh faeces could reduce the likelihood of intestinal parasites being spread, offering an evolutionary benefit to our dogs’ wild counterparts.

    Modern dogs still actively clean their puppies’ poo away in the first few weeks of life, a behaviour that puppies observe and can learn.

    Licking away ‘waste’ from their puppies is a normal maternal behaviour in dogs.
    Anurak Pongpatimet/Shutterstock

    Nutritional factors

    As unpalatable as it might seem to us, poo still contains considerable nutrients that offer valuable compounds as a food source when times are tough.

    Dogs do have different preferences to us in terms of texture, taste and odour of their food, so we should not be hasty to dismiss what might appeal to them.

    Medical reasons

    The links between diet, gut flora and diseases that might influence behaviours like coprophagia are still emerging. At this stage, there seems to be no apparent link with age or diet.

    There could be underlying health reasons for your dog seeking out a sneaky snack, so do mention it to your vet and get a health check if your dog is known to frequent the kitty litter box, for example.

    Punishment in toilet training, living conditions that don’t provide enough to do or room to explore (like kennel facilities), and psychological distress have all been linked to dogs eating their own poo.

    Shelters and kennel facilities are often built for hygiene and safety, not to keep dogs’ minds and bodies active.
    Evgenii Bakhchev/Shutterstock

    A strain on relationships

    Our typical response to seeing dogs eat any kind of poo ranges from disgust to concern. At best it makes us less likely to want a lick to the face, at worst it can really strain our human-animal bonds.

    One study from the United Kingdom showed that dogs eating their own poo after rehoming was in the top ten reasons for the adoption failing in the first four weeks when dogs were returned to the shelter.

    Dogs can potentially transmit parasites and bacteria to humans through licking, regardless of whether they eat poo. This serves as a good reminder to ensure your dog receives appropriate parasite control and encourage all household members to follow good hygiene practices, like washing hands before eating.



    Read more:
    Is it okay to kiss your pet? The risk of animal-borne diseases is small, but real

    Help, my dog keeps eating poo

    While Valerie’s tale of survival shows us coprophagia may be life-saving in extreme situations, most of our doggo companions aren’t facing wilderness survival challenges.

    Thankfully, coprophagia is often manageable.

    Understanding why our dogs might eat poo – whether based on evolutionary instinct, medical issues or psychological triggers – can help us address this canine behaviour with compassion rather than just disgust.

    If your dog indulges often, providing appropriate stimulation through regular exercise, social connection with people and other dogs, offering toys and safe chews can help. Sometimes, a trip to the vet might be needed to rule out any underlying health issues.

    Offering fun activities is one way to reduce the chance of your dog eating poo.
    Kojirou Sasaki/Unsplash

    Dogs reprimanded for toileting accidents might eat the evidence to avoid future punishment, creating a new problem behaviour. Instead, rewarding your puppy or dog for toileting in the right location (and giving them frequent opportunities to do so) is likely to establish toileting routines you will approve of, making coprophagia less likely.

    By the same token, dogs can’t eat what isn’t left lying around. Regular poo-pickups in your yard, dog park, kitty litter box and other likely locations will remove temptation and help set your dog up for success.

    If Valerie has taught us anything, it’s that what might be considered our dogs’ most revolting habits are actually remarkable adaptations that deserve our understanding and empathy, even if we can’t rally enthusiastic support.

    Mia Cobb 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. Why do dogs eat poo? A canine scientist explains – https://theconversation.com/why-do-dogs-eat-poo-a-canine-scientist-explains-234361

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Case, Bresnahan, Jr. Introduce Small Business Measure To Expand Employee Stock Ownership Plans

    Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

    (Washington, DC) – U.S. Representative Ed Case (D-Hawai‘i-01), along with U.S. Representative Robert Bresnahan, Jr. (R-Pennsylvania-08), today announced introduction of a bipartisan measure to assist small businesses to adopt Employee Stock Ownership Plans (ESOPs), which offer a tested solution to employment and business productivity, stability and ownership transfer.

    Their ESOP Funding For SBA Position Act 2025 is also co-sponsored by U.S. Representative Rashida Tlaib (D-Michigan-12).

    “ESOPs are a proven mechanism for allowing employees to become full stakeholders in their businesses,” said Case.

    “This wealth-generating and, especially for small family-owned businesses, retirement plan approach creates a more engaged and productive workforce by aligning employee interests with a company’s success. This model promotes a stronger sense of ownership and community and keeps investment and wealth in local economies, benefiting workers and their families.”

    “When employees share in ownership, they also share in success, which builds a business where everyone is invested, not just financially, but personally,” said Rep. Bresnahan, Jr.

    “ESOPs are vital to building succession plans to ensure these small businesses remain in their communities where they belong. This legislation will improve access to this program for thousands of businesses and millions of employees across the country, and I thank Rep. Case for his partnership on this crucial investment for small businesses.”

    Case continued: “In Hawai‘i, we’ve seen firsthand the benefits of ESOPs. Hawai‘i is home to the second-oldest ESOP chapter in the nation, underscoring the success and importance of employee-owned businesses in our state.

    “From that humble beginning, the Hawai‘i Chapter of the ESOP Association now represents over 45 ESOP companies and professional service providers in the state, which is a significant number considering our state’s size. These businesses, with the help of ESOPs, have continued to thrive, contributing to the local economy in ways that benefit families and the broader community.”

    “Despite this strong record of ESOPs in Hawai‘i and throughout the United States, many small businesses face challenges in navigating the complex process of establishing and maintaining an ESOP. They often lack expertise in tax considerations, regulatory compliance, stock valuation, and securing the necessary funding. Our measure expands the availability of that necessary expertise and advocacy to grow ESOPs further across our country.”

    Nationally, as of 2021 there were 6,247 ESOPs, with nearly 11 million workers and a little more than $2 trillion in ESOP assets, with average assets per employee of $165,000.

    Attachments:

    ·        Text of the measure is here

    ·        Rep. Case’s remarks on introduction of the measure are here

    ###

     

    MIL OSI USA News –

  • MIL-OSI Submissions: Energy – The U.S.-Africa Energy Forum (USAEF) to Spotlight African Energy Opportunities, U.S.-Africa Collaboration

    SOURCE: Energy Capital & Power

    U.S. and African energy leaders will gather at the U.S.-Africa Energy Forum in Houston this August to drive investment, forge strategic partnerships and deepen American engagement in key African markets

    HOUSTON, United States of America, April 29, 2025 – The U.S.-Africa Energy Forum (USAEF) returns to Houston with a bold agenda focused on catalyzing American investment and innovation across Africa’s most dynamic energy markets. Designed as a high-impact platform for government and private sector dialogue, USAEF brings together African energy stakeholders and leading U.S. companies to accelerate project development, capital deployment and technology transfer across the continent.

    The forum is set to open with a High-Level U.S.-Africa Energy Dialogue, bringing together senior policymakers, energy ministers and private sector leaders to set the tone for deeper cooperation and alignment on mutual priorities. This flagship session will be followed by a forward-looking panel discussion on Private Equity Driving a New Wave of African Business, exploring how U.S.-based investment firms are shaping Africa’s next chapter of energy growth. The agenda will also spotlight frontier opportunities; overlooked plays across the Middle East, North Africa and sub-Saharan Africa; and bold strategies to grow the U.S. footprint in Africa’s critical minerals and energy assets.

    Libya, the Republic of Congo, Nigeria and the Democratic Republic of the Congo (DRC) will take center stage during a series of Country-Focused Sessions highlighting strategic priorities, reform agendas and concrete investment opportunities. African governments and national oil companies will present their latest projects and policy frameworks, while American firms such as Chevron, ExxonMobil, SLB and ConocoPhillips will explore avenues to deepen partnerships in established markets like Nigeria and Libya, and tap into emerging opportunities in the Republic of Congo and the DRC.

    With major reforms and investment drives underway, these markets are fast becoming focal points for American engagement. Libya, North Africa’s powerhouse, has launched a 22-block licensing round as it works to revitalize its upstream sector and reach a production target of 1.6 million barrels per day (bpd), alongside multi-billion-dollar gas monetization and export projects.

    The Republic of Congo is aiming to scale production to 500,000 bpd, while advancing gas monetization under a new Gas Master Plan that invites international collaboration. In the DRC, reforms to the hydrocarbons code and a potential minerals-for-security agreement with the U.S. signal new entry points for American firms. Nigeria continues to stand out as a top-tier investment destination, targeting $10 billion in deepwater gas projects through new tax incentives and a planned auction of undeveloped blocks to boost exploration and production.

    With participation from key industry players and high-level delegations, USAEF affirms a shared commitment by African stakeholders to attract American capital and technology to bolster their respective energy markets. U.S. companies, in turn, are ready to expand their footprint, forge new alliances and unlock the full potential of Africa’s energy future.

    For tickets, sponsorship opportunities and more information, please contact sales@energycapitalpower.com. Join us in Houston this August to connect with the leaders shaping Africa’s energy landscape and experience the momentum that drives ECP’s events worldwide.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Appointments – Three Fellows Selected for 2025 Melvin MS Goo Writing Fellowship

    Source: East-West Center

    HONOLULU (Apr. 29, 2025) – The East-West Center is pleased to announce that historian John Delury and journalists Mengyu Dong and Sylvie Zhuanghave been selected as the 2025 recipients of the Melvin MS Goo Writing Fellowship. Supported by a generous endowment from the Melvin MS Goo Memorial Fund, the fellowship awards financial support via the East-West Center Foundation to individuals for projects that enhance understanding between the United States and China. 2025 projects will cover Chinese migration to the US via Central America, technological competition between the two nations, and US-China relations through a Roman Empire lens.

    About the Fellows

    John Delury, visiting professor of political science at John Cabot University in Rome

    An American historian of modern China and East Asian affairs, John Delury has authored two books and contributed numerous essays featured in Foreign Affairs, Foreign Policy, New Statesman, and The New York Times. As a Goo Fellow, Delury is developing a longform feature piece examining US-China relations through the lens of the Roman Empire. Delury is hopeful this piece “can enhance mutual understanding between the peoples of China and the United States at a critical moment in their relationship. Written from the vantage point of Rome, it’s an ambitious essay, and I am grateful for the fellowship’s support to make it possible.”
     
    Mengyu Dong, senior editor for China Digital Times

    Based in Northern California, journalist Mengyu Dong’s reporting on migrant communities has appeared in the BBC, Radio Free Asia, and Initium Media, among others. As part of the Goo Fellowship, Dong is writing a book chronicling the personal stories behind the latest wave of Chinese migration to the United States via Central America, known within the Chinese community as zouxian, or “the walk route.”
     
    Sylvie Zhuang, China desk reporter for South China Morning Post

    A Beijing-based journalist and former research consultant at the World Bank, Sylvie Zhuang reports on Chinese politics and US-China technological rivalry. Through the Goo Fellowship, she will explore how advancements in AI and space exploration impact human society and geopolitical power. Zhuang said she will also be examining tech rivalries “from the perspective of Chinese science fiction, which presents a unique set of philosophies, pointing to the hopes and fears of a shared future.”  

    “These projects mark an exciting and meaningful continuation of the Fellowship’s mission,” said East-West Center Goo Fellowship Coordinator Devon Grandy. “The selection committee was particularly pleased by the breadth of topics and distinctive approaches offered by this year’s cohort. We’re confident that their stories will resonate with audiences in the United States, China, and beyond.”

    “We are very pleased that we were able to award three excellent writing fellowships this year,” said Susan Kreifels, East-West Center Journalism Program Manager. “We believe each unique story will help serve Melvin MS Goo’s legacy of understanding between the people of China and the United States.”

    About the Melvin MS Goo Memorial Fund

    The Melvin MS Goo Memorial Fund was established through a gift of the Melvin MS Goo Revocable Living Trust to memorialize Mr. Goo’s intent for his legacy gift to enhance understanding between the United States and China. Melvin MS Goo was a veteran journalist who led a 34-year career in the United States and Asia prior to his passing in 2016. Born in Macau and graduating high school in Honolulu, Hawaiʻi, Mr. Goo worked for 18 years as a reporter, editor, and editorial writer at The Honolulu Advertiser. In 1977 he was awarded the prestigious Nieman Fellowship at Harvard University. Mr. Goo continued his career in Asia, rising to Chief News Editor at The Nikkei Weekly and later Editor-in-Chief at Taiwan News.
     
    The East-West Center, established by the US Congress in 1960, promotes better relations and understanding among the people and nations of the United States, Asia, and the Pacific through cooperative research, study, and dialogue. The Center is an independent, public, nonprofit organization with funding from the US government, and additional support provided by individuals, foundations, corporations, and governments in the region. The East-West Center Foundation is a private non-profit organization, established in 1982 to broaden and diversify private support for the Center.

    MIL OSI – Submitted News –

  • MIL-OSI USA: News 04/29/2025 Blackburn, Budd, Ricketts Introduce Bill to Make President Trump’s United States Investment Accelerator Permanent

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.), Ted Budd (R-N.C.), andPete Ricketts (R-Neb.) introduced the Investment Accelerator Act to codify President Trump’s Executive Order establishing the United States Investment Accelerator, which will help facilitate and accelerate investments above $1 billion. During the first 100 days of his second administration, President Trump has already spurred trillions of dollars of investment in U.S. manufacturing, production, and innovation.  
    “President Trump’s Investment Accelerator is supercharging capital investment in the United States, and he has already secured trillions of dollars in private investments during his second term,” said Senator Blackburn. “Our bill would make President Trump’s United States Investment Accelerator permanent by codifying his Executive Order into law, helping to secure our economic future, slash bureaucratic red tape, and make certain America remains the top destination for foreign and domestic investment.”
    “For far too long bureaucratic hurdles have limited our economic potential. Instead, we need to reduce regulatory barriers to facilitate and accelerate investment here at home,” said Senator Budd. “That’s why I am proud to stand with Senator Blackburn in introducing the Investment Accelerator Act. This bill will unleash economic prosperity by streamlining processes for foreign and domestic investment in the United States.”
    “President Trump wants to make America prosperous again. The Investment Accelerator Act will help him accomplish that goal,” said Senator Ricketts. “This legislation will cut bureaucratic red tape. It will support American workers and businesses that want to invest in our country.”
    INVESTMENT ACCELERATOR ACT
    The Investment Accelerator Act would permanently establish the United States Investment Accelerator to attract large investments in America by:
    Reducing regulatory burdens;
    Speeding up permitting;
    Coordinating responses to investor issues across federal agencies;
    Increasing access to national resources of the United States;
    Facilitating research collaborations with national labs;
    Working with state governments in all 50 states to reduce regulatory barriers;
    Overseeing the activity of the CHIPS Program Office; and
    Identifying any opportunity to assist foreign and domestic investors.
    Click here for bill text.
    RELATED

    MIL OSI USA News –

  • MIL-OSI: RecycLiCo Battery Materials Mutual Termination of Taiwan Joint Venture with Zenith Chemical Corporation

    Source: GlobeNewswire (MIL-OSI)

    SURREY, British Columbia, April 29, 2025 (GLOBE NEWSWIRE) — RecycLiCo Battery Materials Inc. (“RecycLiCo” or the “Company”) (TSX.V: AMY | OTCQB: AMYZF | FSE: ID4), a pioneer in sustainable lithium-ion battery recycling and upcycling technologies, today announced that the Company and its joint venture partner Zenith Chemical Corporation (“Zenith”) have jointly determined to abandon the construction of a battery recycling facility in Taiwan and have entered into a definitive Mutual Release and Termination Agreement (the “Agreement”) to unwind their previously established joint venture Company.

    Under the terms of the Agreement, RecycLiCo will sell to Zenith its entire interest in 3,000,000 common shares of the joint venture company, RecycLiCo Zenith Battery Materials Technology Co., for gross proceeds of USD $581,114.08. As additional consideration, Zenith will return to RecycLiCo 4,000,000 RecycLiCo common shares and 6,000,000 share purchase warrants previously issued under the Agreement. RecycLiCo has retained ownership of its technology. The Agreement was executed on April 28, 2025, and will close following receipt of required regulatory approval from the Department of Investment Review in Taiwan.

    The Agreement provides for the full and final settlement of all rights and obligations between the parties relating to the joint venture. Effective as of the closing date, Zenith will assume full ownership of the joint venture and will take steps to discontinue the use of the RecycLiCo name and dissolve the joint venture company pursuant to applicable Taiwanese regulations.

    “This decision reflects a mutual recognition by both Zenith and the Company of the evolving world economic and geopolitical environment,” said Richard Sadowsky, Interim Chief Executive Officer of RecycLiCo. “Market conditions are not what they were in 2022 when the original joint venture feasibility study was conducted. There have been changes in battery material supply streams and increased capitalization costs relative to the initial projections, which were prepared during a period of elevated lithium prices. We thank our partners at Zenith for their support and collaboration.”

    “The Company remains firmly committed to its global commercialization strategy and focus on flexible, capital-efficient growth. By eliminating the capital commitments associated with the joint venture, we have significantly strengthened our cash position and extended our financial runway to nearly a decade at current spending levels. We can now direct more resources toward enhancing our scientific and technical capacity and exploiting opportunities in our core growth markets, including potential strategic investments in companies with complementary technology.“

    About RecycLiCo        

    RecycLiCo Battery Materials Inc. is a battery materials company specializing in sustainable lithium-ion battery upcycling and materials production. RecycLiCo has developed advanced technologies that efficiently recover battery-grade materials from lithium-ion batteries, addressing the global demand for environmentally friendly solutions in energy storage. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese. RecycLiCo’s hydrometallurgical process turns lithium-ion battery waste into battery-grade cathode precursor, lithium hydroxide, and lithium carbonate for direct integration into the re- manufacturing of new lithium-ion batteries.

    For more information, please contact:
    Paola Ashton
    PRA Communications
    Telephone: 604-681-1407
    Email: pashton@pracommunications.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

    The MIL Network –

  • MIL-OSI China: China Chamber of Commerce to Africa established to foster broader Sino-African cooperation

    Source: People’s Republic of China – State Council News

    China Chamber of Commerce to Africa established to foster broader Sino-African cooperation

    ADDIS ABABA, April 29 — The China Chamber of Commerce to Africa (CCCA) was officially launched Monday in the Ethiopian capital of Addis Ababa, with the aim of fostering broader Sino-African cooperation and contributing to a closer China-Africa community with a shared future.

    Comprising 15 founding members, the CCCA spans a wide range of sectors, including agriculture, construction, manufacturing, telecommunications, energy, and healthcare. With membership expected to grow across both traditional and emerging industries, the chamber aims to strengthen economic ties and facilitate China-Africa economic cooperation.

    Addressing the launching event, Hu Changchun, head of the Chinese Mission to the African Union (AU), said the newly-launched chamber, under the mission’s guidance, will serve as a bridge to promote shared development between China, Africa, and the broader Global South.

    “The founding of the chamber will create better synergies for China-Africa economic cooperation, and enable our friendship to grow even stronger. I sincerely hope that the chamber will bring more members on board, ride the tide with all stakeholders, and contribute to strengthening economic and trade cooperation between China and Africa,” Hu said.

    According to data from the Chinese Mission to the AU, Chinese companies have long contributed to Africa’s development, building approximately 100,000 km of roads, 10,000 km of railways, 1,000 bridges, and 100 ports, while generating over 1 million jobs across the continent. These efforts have significantly improved logistical connectivity, integration of regional value chains, and people’s livelihoods on the continent.

    Moussa Mohamed Omar, deputy chief of staff of the AU Commission, said the establishment of the CCCA under the China-Africa strategic partnership symbolizes the win-win cooperation built on mutual respect and concrete results.

    Noting that Chinese companies are actively engaged in various development sectors in Africa, including infrastructure, energy, digital infrastructure, and logistics sectors, Omar said Chinese enterprises are significantly contributing to Africa’s development and employment creation.

    Wu Jiuyi, secretary-general of the CCCA and deputy general manager of China Civil Engineering Construction Corporation Ethiopia Branch, said the chamber is rooted in Africa to serve enterprises, foster partnership, and promote shared prosperity.

    “Today’s Africa is a land of boundless opportunities, and China stands as its most steadfast partner. We warmly welcome more outstanding Chinese enterprises to join the chamber and look forward to working with African partners to build consensus, pool strengths, and write a new chapter in China-Africa friendship,” he said.

    MIL OSI China News –

  • MIL-OSI USA: Shaheen: Trump’s First 100 Days Marred by Chaos, High Costs and Global Retreat

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) released the following statement marking President Trump’s first 100 days in office:  
    “On the campaign trail, Donald Trump promised to ‘immediately’ bring prices down, starting on day one. One hundred days in, it is painfully obvious—to the Granite Staters I serve, to working families across this country, to manufacturers and small businesses getting crushed by sweeping tariffs, to organizations that facilitate life-changing programs that our communities rely on—that President Trump has done the exact opposite. The President choosing to raise prices on everyday Americans is bad enough, but it’s much more insidious that it’s part of a larger strategy to give the wealthiest among us tax breaks that shortchange our hardworking friends, loved ones and neighbors. And the fact that President Trump is pairing those tax giveaways to the wealthiest while planning sweeping cuts to Medicaid that working families rely on is unconscionable. 
    “The President’s sweeping, indiscriminate tariffs that are driving costs through the roof also have dire national security and defense consequences. The reckless tariffs targeting our trading partners are driving our allies right into China’s arms – and with the integration of our defense supply chains, American manufacturing companies that supply the Pentagon and bolster our military readiness are facing higher prices and uncertainty. It follows an alarming trend of this administration putting America last on the global stage – because when we retreat, our adversaries step up to fill the void. 
    “On many occasions President Trump also promised to bring Russia’s war in Ukraine to an end within ‘24 hours’ of assuming office. One hundred days later, he has not come close. Instead, he’s parroted Putin’s talking points and given away key leverage in negotiations that leaves Ukraine hanging in the balance. The President appears to be much more interested in meaninglessly changing the name of the Gulf of Mexico and flirting with purchasing Greenland than he is in strengthening America’s leadership and influence. He’s opted instead to dismantle our diplomatic infrastructure, treat our allies like our adversaries and undo decades of progress, which has made America less safe, less secure and less prosperous. 
    “Simply put, President Trump’s first 100 days in office have been marred by chaos, incompetence, high costs and global retreat. From Elon Musk—the richest man in the world—slashing programs and jobs he doesn’t know the first thing about, to the Secretary of Defense disclosing sensitive operations on military strikes, to the administration flagrantly ignoring court orders and flouting the rule of law, the American people deserve better than an individual who creates and encourages crises at the expense of our country’s wellbeing. 
    “I remain ready to work with anyone – including my Republican colleagues – to help make meaningful progress on the number of pressing challenges facing New Hampshire, America and the world. Here’s hoping the President soon joins us.” 

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Reintroduces Bipartisan Bill to Build More Affordable Housing Nationwide

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    04.29.25
    Cantwell Reintroduces Bipartisan Bill to Build More Affordable Housing Nationwide
    Proposed expansion of the Low-Income Housing Tax Credit would result in approximately 53,100 additional housing units and 80,400 jobs in WA over 10 years
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, reintroduced the Affordable Housing Credit Improvement Act, a bipartisan bill that would expand the existing Low-Income Housing Tax Credit (LIHTC) program and increase the number of affordable homes built in the United States.
    “Housing inflation is up 4% over the past year nationally and 4.5% in the Pacific Northwest – and that was before homebuilders reported an additional 5.5% increase in costs due to tariffs this year. We need to do more to lower housing costs for everyone. Expanding and improving the Low-Income Housing Tax Credit will do just that by making it more affordable to build homes and lower rents,” Sen. Cantwell said.
    “It’s time for Congress to meet the housing crisis with the bold solutions it demands and that starts with increasing housing supply. Our bill will deliver some much-needed relief to families by supporting existing, successful federal housing programs and building over one million new units of affordable housing. I am all in to bring down costs and make housing more affordable for everyone no matter your zip code,” said U.S. Senator Ron Wyden (D-OR).
    The bill was co-introduced by Sens. Cantwell and Todd Young (R-IN). It has 30 total original cosponsors, with an equal split of Democrats and Republicans.
    Since 1986, the Housing Credit has paid for 90% of the federally-funded affordable housing construction across the country, and has financed 4 million affordable homes, including more than 100,000 in Washington state. The National Association of Homebuilders (NAHB) reports that building materials have increased in cost by an average of 5.5% due to enacted or anticipated tariffs since January 2025, underscoring the urgent need for this legislation.  Moreover, according to NAHB, 60% of builders reported that as a results of tariffs, their suppliers have already increased or announced increases of material prices – with tariffs increasing the cost of a typical home by $10,900.
    The bill would support the financing of 53,100 new affordable homes in the State of Washington by:
    Increasing the amount of credits allocated to each state. The legislation would increase the number of credits available to states by 50 percent for the next two years and make the temporary 12.5 percent increase secured in 2018 permanent—which already helped build more than 59,000 additional affordable housing units nationwide. According to the Washington State Housing Finance Commission, this change would finance three additional shovel-ready housing properties in Washington this year – one in King County, one in a non-King County metro area, and one in a non-urban county.
    Increasing the number of affordable housing projects that can be built using private activity bonds. This provision would stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure Housing Credit funding. As a result, projects would have to carry less debt, and more projects would be eligible to receive funding. According to the Washington State Housing Finance Commission, this improvement will double the number of affordable homes that can be built with this incentive. This would immediately green-light an additional 3,000 shovel-ready housing units in Washington evenly split between King County and the rest of the state.
    Improving the Housing Credit program to better serve at-risk and underserved communities. The legislation would also make improvements to the program to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans. 
    The bill would additionally generate 80,400 jobs and $9.07 billion in wages and business income in the State of Washington over the next decade.
    Sen. Cantwell has long advocated for the need to increase the availability of affordable housing and is the leading LIHTC advocate in the Senate. She previously introduced the Affordable Housing Credit Act in 2021 and in 2023, along with Rep. Suzan DelBene (D-WA, 01). Sen. Cantwell led efforts to build a bipartisan, bicameral coalition in support of that legislation. Last Congress, Sen. Cantwell’s legislation was joined by 308 Members – 58% of the entire Congress – including 170 Democrats and 139 Republicans.
    Since its creation, the Housing Credit has helped build or restore more than 100,000 affordable homes in the State of Washington. The economic activity that the credit generated has supported nearly 170,000 jobs and generated more than $19 billion in wages.
    Photos of Sen. Cantwell visiting housing developments across the State of Washington funded by the Low-Income Housing Tax Credit can be found HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Statement on Trump’s First 100 Days in Office

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    04.29.25
    Cantwell Statement on Trump’s First 100 Days in Office
    WASHINGTON, D.C. – Today marks 100 days since President Donald Trump took office. U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation, and senior member of the Senate Finance Committee, released the following statement:
    “The first 100 days of President Trump’s Administration have been so chaotic it’s hard to pick what actions will cause the most lasting damage.
    “Was it unilaterally launching chaotic trade wars across the globe with tariffs that harm American businesses and consumers?
    “Was it gutting the workforce at NOAA, where dedicated staff help us track climate change, monitor weather patterns, and fight devastating wildfires?
    “Was it ignoring due process — illegally detaining and deporting U.S. citizens and lawful permanent residents of the United States?
    “Was it slamming the brakes on vital scientific research that is helping us cure cancer and prevent another pandemic, while elevating a science denier to lead HHS?
    “Was it attacking the independent judiciary and threatening the rule of law?
    “Was it dismantling the Department of Education, which will have devastating impacts for students and schools across Washington state?
    “I know what we didn’t see: A single action that would lower costs for Americans.”

    MIL OSI USA News –

  • MIL-OSI USA: Murphy Op-ed For The Roosevelt Institute: A Good Life Starts In A Good Hometown

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    April 29, 2025

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Tuesday authored an op-ed for the Roosevelt Institute examining how the American economic system’s consolidation of corporate power and economic opportunity in a handful of big cities has hollowed out local communities and disconnected millions of people from the relationships that give life meaning. Murphy argues that progressives must start rebuilding power, connection, and identity in the neighborhoods and hometowns where most Americans actually live and stand up to concentrated corporate power.
    “Study after study finds that, far more than money or career success, the quality of our relationships makes the most impact on our likelihood to feel happy and fulfilled. Those relationships start in our hometowns. At their best, the physical places we live—the town, the neighborhood, the block—are places where people are embedded in a thick web of ties to family and friends that helps form the core of their identity and builds community,” Murphy wrote. “The world is becoming more connected, and lots of opportunity comes with having immediate access to anything and everything, anywhere and everywhere. But it can also feel overwhelming to have no limits on your existence. The flood of never-ending inputs can be dizzying and disabling. Being identified as a “global citizen”—one grain of sand in a desert of 8 billion—feels empty and meaningless to many.”
    Murphy argued that most people want the ability to live a meaningful and secure life in their hometowns, without having to relocate to a few major cities to find success: “Most Americans are not willing to simply give up their local identity and become citizens of the world. And not everyone sees value in chasing professional achievement across the country. Many Americans say our culture should define success as building a decent life in the place you were raised—the place your family has roots—rather than being forced to move to find career reward. More than half of young adults live within 10 miles of where they grew up, but increasingly the base of the progressive movement is higher income and more mobile. As a result, we’ve become disconnected from what most Americans want—an economy and culture built around thousands of independent healthy places, rather than a nationalized economy and culture where opportunity is concentrated in a few major cities.”
    Murphy underscored how concentrated corporate power is destroying the social and economic ties that hold communities together: “Rebuilding local communities is less about turning the dials of government spending and more about unrigging the system of concentrated economic power that holds them down. Big companies are easily able to move money, markets, and jobs overseas, giving them an advantage over workers and families who cannot move so readily. Business leaders who use accounting gimmicks to raise profits are not focusing on the innovation and investment that creates good jobs and raises living standards. Monopolies drive the small shops that help form local commercial identity out of business. Big Tech firms tilt their platforms to accumulate more power and profits at the expense of small business, in-person connection, and local journalism. Corporations fight tooth and nail to keep local workers from forming connection through labor unions.”
    Murphy concluded: “Where are we left when so many Americans feel they have to choose between their hometowns and economic opportunity and increasingly cannot find connection through a meaningful relationship to the place they live? Americans have fewer friends than we used to. We spend more time alone. Roughly half of American adults say they are lonely. We trust each other less than before, and we are losing faith in each other as partners in democratic governance. In 1997, Pew found that 64 percent of Americans trusted the wisdom of the American people to make political choices; only 39 percent felt the same by 2019. Creating a society where more Americans can live a good life starts by rebuilding power, vitality, connection, and unique identity at the neighborhood and community level. That means standing up to concentrated power and instead siding with the people in neighborhoods and towns across America who are working to build a better life for their families and communities.”
    Read the full op-ed HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Joins Sanders and Over 100 Lawmakers in Reintroduction of Medicare for All

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Joins Sanders and Over 100 Lawmakers in Reintroduction of Medicare for All

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) joined Senator Bernie Sanders (I-Vt.) and over 100 lawmakers in reintroducing the Medicare for All Act, historic legislation that would guarantee health care as a fundamental human right to all people in the United States regardless of income or background.

    Despite spending twice as much per person on health care as other wealthy nations, more than 85 million Americans are uninsured or underinsured, one out of every four Americans cannot afford their prescription drugs, over half a million people go bankrupt due to medically-related debt, and more than 60,000 die because they cannot afford to go to a doctor.

    “Every American deserves access to high quality, affordable health care, regardless of their zip code or tax bracket,” said Senator Padilla. “As the Trump Administration recklessly attacks essential public health services that millions of Californians and Americans across the country depend on, guaranteeing the fundamental right to health care is more important than ever. No American should go bankrupt because of medical costs, and Congress must do better to ensure that everyone has equitable access to care.”

    “The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Senator Sanders. “It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”

    Under this legislation, Medicare would provide comprehensive health care to every American with no premiums, no co-payments, and no deductibles. It would also expand Medicare to include dental, hearing, and vision care, and it would give every American the freedom to choose their doctors without endless paperwork or fighting their insurance company. The Congressional Budget Office has estimated that Medicare for All would save our health care system $650 billion a year. Further, researchers at Yale University have estimated that Medicare for All would save 68,000 lives a year.

    Senator Sanders, Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), and Representatives Pramila Jayapal (D-Wash.-07) and Debbie Dingell (D-Mich.-06) lead the legislation. Including Senator Padilla, the legislation has 16 cosponsors in the Senate and 104 cosponsors in the House. The total number of cosponsors represents an increase from last Congress and also includes Senators Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

    “Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”

    “We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Program. “With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”

    “As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president of Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else. Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”

    “Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said Mark Dimondstein, President of American Postal Workers Union. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal health care working people deserve. Medicare for All, health care as a human right, will make us all healthier and financially better off. A health care system that works for working people, not the profits of the insurance companies, is long overdue. It’s time for Medicare for All.”

    “Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table,” said Shawn Fain, President of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). “We’re sick of having to go on strike just to have decent health care. We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”

    “If you want to renew the public’s faith in our political system, pass the Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”

    “Health care is a right, not a privilege. The reintroduction of the Medicare for All Act is a crucial step toward ending a system that profits from people’s pain,” said Analilia Mejia and DaMareo Cooper, Co-Executive Directors of Popular Democracy. “Too many Americans are forced to choose between paying their rent and paying for life-saving medication, while corporations rake in billions. Medicare for All isn’t just a policy—it’s the lifeline working families desperately need. Our communities deserve a health care system that prioritizes people over profits. We will fight until we win the health care we deserve.”

    “Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”

    Senator Padilla has long been a leader in the fight to make health care more equitable in the United States. Last year, Padilla, Senator Hirono, and Senator Booker introduced the Health Equity and Accountability Act (HEAA) of 2024 to address health disparities among racial and ethnic minorities as well as women, the LGBTQ+ community, rural populations, and socioeconomically disadvantaged communities across the United States. Additionally, Padilla and Booker introduced the Equal Health Care for All Act, bicameral legislation that would make equal access to medical care a protected civil right to help address the racial inequities and structural failures in America’s health care system.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Employment – Home Support Workers to strike over poor pay, ‘broken’ system – PSA

    Source: PSA

    Nearly 1000 support workers from one of the country’s largest home support companies are walking off the job tomorrow to protest chronically low pay and a recent attempt by their employer to claw back staff conditions.
    Access Community Health support workers will strike from 12-2pm on Thursday, 1 May – International Workers’ Day – the same day as senior doctors and Auckland City Hospital’s perioperative nurses will also walk off the job.
    “For the first time in nearly 20 years, our members have overwhelmingly voted to take strike action,” Public Service Association Te Pūkenga Here Tikanga Mahi assistant secretary Melissa Woolley says.
    “Despite receiving increased public funding, Access Community Health have put up an insulting offer: no pay increase, introducing 90-day trials, reducing sick days, and taking away qualifications pay steps undermining the integrity of the 2017 care and support worker pay equity settlement.”
    Most workers are on minimum wage or slightly above, but none have received a pay increase for nearly two years.
    The strike follows a two-hour stop-work meeting undertaken by workers on 15 April.
    “Home support workers are an incredibly dedicated group of people – it takes a lot for them to walk off the job,” Woolley says.
    “But they recognise that the incredible strain on health workers is not acceptable or sustainable – as do New Zealand’s senior doctors and nurses, who are also striking tomorrow.
    “The fact that Access workers are all taking industrial action tomorrow alongside senior doctors and perioperative nurses really highlights how broken the system is.”
    An anonymous Access Community Health worker says that their work is hugely under-valued.
    “We are paid minimum wage to deliver essential care, 24/7 and 365 days a year. Our phones are always ringing because our employer cannot attract and retain staff at their current pay rates.
    “The sad thing is that while we are burnt out, we know that if we don’t provide the care then no-one will. At the end of the day, our clients are the ones that miss out.”
    Support workers play an essential role within healthcare, providing in-home care for everyone from the elderly to those with mobility issues or recovering from surgery.
    Their duties include using hoist equipment to lift clients, managing hygiene, administering medication, personal cares and liaising with other healthcare professionals on any changes in their clients.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Appointments – Banking Ombudsman Scheme gets three new directors

    Source: Banking Ombudsman Scheme

    The Banking Ombudsman Scheme is adding another director to its board and at the same time replacing two departing directors.
    Hon Heather Roy will become the board’s second independent director – along with chair Miriam Dean – following the recommendation of a recent review to add a sixth member to help ensure continued confidence in the impartiality of the scheme. The scheme’s constitution was amended late last year to enable the establishment of the new role.
    Simultaneously, Professor Jodi Gardner is replacing Kenina Court as one the board’s two consumer representatives, while Westpac Chief Executive Catherine McGrath takes over from ANZ Chief Executive Antonia Watson as one of the board’s two banking representatives.
    Ms Roy has been a professional director since leaving Parliament, where she served as Minister of Consumer Affairs in 2011. She was chair of Utilities Disputes Ltd until 2024.
    Professor Gardner is the Brian Coote Chair in Private Law at the Auckland Faculty of Law and her research focuses on the relationship between private law and social policy. She previously worked as a consumer advocate and a community lawyer specialising in consumer protection.
    Ms McGrath has more than 25 years’ experience in financial services.
    Ms Dean said the new additions would bring a wealth of expertise in governance, consumer rights, frontline banking and legal scholarship to the board’s decision-making.
    “The sector faces a variety of challenges, scam prevention, responding to financial hardship, access to services, open banking and new technology, and I am confident the new line-up will help the scheme contribute to resolving these challenges.”
    She said the three new members would start their duties at the next board meeting this month.
    About the scheme
    We offer a free and independent dispute resolution service. We look into complaints by customers about their banks. Sometimes we make formal decisions, but often we facilitate outcomes agreeable to the customer and the bank. We also offer information and guidance on banking matters.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Consumer NZ is seeking nominations for businesses that are the worst of the worst

    Source: Consumer NZ

    The Yeah, Nah Awards spotlight businesses that have excelled at letting consumers down. It’s accepting public nominations until 30 June.

    Acting head of research and advocacy, Jessica Walker, says the Yeah, Nah Awards Are about recognising the worst products and services in Aotearoa and putting pressure on poor-performing brands and companies to lift their game.

    “Been ripped off, lied to or burned by a business? We want to hear about it,” says Walker.

    “The Yeah, Nah Awards give people a chance to get those grievances off their chests and, more importantly, demand that businesses pull their socks up by calling them out for their bad behaviour.”

    Walker reflects on last year’s awards, noting the ‘winners’ received awards across a wide range of issues, like shrinkflation, greenwashing and overpriced products that underwhelm.  

    “New Zealand consumers put up with a lot,” she says.

    This year, the Consumer NZ team has noticed an increase in issues like dodgy sales strategies and manipulative marketing ploys.  

    “It seems everyone has experienced the frustration of signing up to a free trial only to be stuck with a subscription they don’t know how to cancel.”

    Walker warns of ‘mistake’ marketing, too.

    “That’s where a company’s social media account makes an announcement that, for example, they’re going into liquidation or their number-one-selling product is being discontinued. Then, after their customers rush to stock up, they find out it was a hoax.

    “That’s not on. That’s the kind of cooked behavior the Yeah, Nahs is here to call out.”

    Who was bad enough to win last year?  

    “Last year, Pam’s Value cream style corn won the Less Isn’t More Award for containing less than half corn. We get complaints about shrinkflation all the time – it really grinds peoples’ gears.”

    The advocacy organisation presented the Polished Turd Award to two brands of dog poo bags for their misleading claims about being compostable and “a more sustainable alternative”. Consumer’s investigation found it’s much more likely that the doggy doo and these bags are headed straight for landfill – rather than peoples’ backyard compost bins.

    Air New Zealand won the Taken for a Ride Award for cashing in on demand during the school holidays.

    “After analysing over 600 flights across an 18-week period, we found Air New Zealand’s flight prices go up significantly more compared with Qantas at times of peak demand. We think our national carrier could be giving families a better deal over the school break.”

    One model of Bosch heat-pump dryer received the Avoid at all Costs Award from Consumer’s test team.  

    “Our test team slapped this dryer with a ‘do not buy’ label for creating an appliance that takes more than double the time to dry a load than other cheaper driers.”

    Across the 178 businesses Consumer looked at over the last year, Westpac’s life insurance customers had the lowest level of satisfaction.

    “Westpac’s life insurance customers expressed a 33% customer dissatisfaction rate, which works out at one in three customers reporting experiencing a terrible time. As a result, Westpac won the Grave Disappointment Award.”

    Dob in products and services that have let you down by June 30!

    Walker is keen to remind New Zealanders that the Yeah, Nahs are about complaining, yes, but they’re also about demanding better too.

    “We’re not out here trying to ruffle feathers for the sake of it. Our members get trusted, independent advice about the best in class – from recommended products to top-performing services.

    “Ultimately, you deserve to get good, fair, honest value from the things you spend your money on – whether you’re buying the essentials or the nice-to-haves. And that’s what the Yeah, Nahs, and Consumer NZ, are all about.”

    Walker says her team will be accepting nominations from the public via Consumer’s website until Monday 30 June: https://consumernz.cmail20.com/t/i-l-fhjijlk-ijjdkdttjk-n/

    “You might have a real bee in your bonnet about your favourite brand of oats having recently shrunk in size. Or it could be that online subscription you’ve been trying to cancel for months now.

    “Whatever bewildering, baffling, doozy of a time you’ve had, tell us, and our team of experts and investigators will determine which nominees are worthy of the most quintessentially New Zealand expression of dissatisfaction: a Yeah, Nah.”  

    Winners will be announced in November 2025.

     

    Notes

    A team of Consumer investigators will determine which nominees are bad enough to be good contenders based on the awards’ judging criteria.  

    To be a contender for a Yeah, Nah Award, a product, business or service must meet one or more of the following criteria:  

    Failing a standard
    Stinging customers with hidden charges
    Using false claims or broken promises
    Selling products or services that aren’t up to scratch or good value for money
    Using unclear messaging that causes consumer confusion, frustration or just plain outrage.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine

    Source: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago

    GettyImages Getty Images

    Is it possible to reconcile increased international support for Ukraine with Donald Trump’s plan to end the war? At their recent meeting in London, Christopher Luxon and his British counterpart Keir Starmer seemed to think so.

    Starmer thanked New Zealand for its “support” for a “coalition of the willing” that would safeguard the implementation of a potential peace deal concluded by the Trump administration.

    But unless something drastically changes in the near future, all the signs point to the US president envisaging a Ukraine peace settlement on Russian president Vladimir Putin’s terms.

    According to that view, peace can only be achieved if Ukraine is prepared to accept that territories wholly or partially annexed by Russia now belong to Moscow.

    In 2014, Russia seized Crimea on the Black Sea. Following the illegal 2022 invasion, Russia claimed four parts of eastern and southern Ukraine as its own – Donetsk, Luhansk, Kherson and the Zaporizhzhia region.

    At the same time, Trump’s peace deal includes a provision that rules out NATO membership for Ukraine. This meets a key Russian demand that seeks to deny Ukraine’s sovereign right to choose its own security arrangements.

    According to Trump, Putin’s major concession is the promise that Russia will not annex the rest of Ukraine – something Moscow has been trying to do for the past three years.

    To accept this, however, liberal democracies such as New Zealand and Britain would be tacitly signalling they share common values and interests with the Trump administration and its apparent enthusiasm for a geopolitical partnership with Putin’s dictatorship.

    And in some ways, Trump’s Ukraine peace initiative is a bigger challenge for New Zealand than it is for Britain.

    Keir Starmer and Christopher Luxon speak to the media during a visit to a UK military base training Ukrainian troops, April 22.
    Getty Images

    Lessons of the past

    Like Britain, New Zealand fought in two world wars in the 20th century to advance, among other things, certain key international principles. These included state sovereignty and a prohibition on the use of force to change borders, principles subsequently enshrined in the United Nations Charter.

    But unlike Britain, New Zealand is a relatively small state that does not have a veto in the UN Security Council to protect its interests. Consequently, it is even more dependent on an international rules-based order for its security and prosperity.

    For New Zealand, Trump’s current Ukraine peace plan is a clear and present danger because it would set such a terrible precedent.

    Under the 1994 Budapest Memorandum, Ukraine gave up its nuclear weapons (left over from when it was part of the Soviet Union) in return for assurances from Russia, the US and UK that recognised Ukrainian independence and the inviolability of its existing borders.

    The Trump administration’s plan, however, insists Ukraine must accept the illegal and partial dismemberment of its territory to attain peace with Russia.

    Rewarding Russian aggression in this way is tantamount to a failure to learn the historical lessons of the 20th century. In particular, it seems to forget the period during the 1930s when Britain tried in vain to appease an expansionist Nazi regime in Germany.

    Trump’s peace plan basically endorses the idea that “might is right” and that it is fine for great powers or big countries to steal land from smaller countries.

    Adjusting NZ foreign policy

    In Trump’s top-down world view, multilateral institutions and international law are regarded as superfluous at best and an enemy at worst.

    In such a world, relatively small powers such as New Zealand, with “no cards to play” at the top table, must either submit to the dominance of great powers (including the US) or suffer the consequences.

    Moreover, there is a real risk that Trump’s stance toward Putin’s regime will be viewed as weakness by China, Russia’s most important backer. This could embolden Beijing to increasingly assert itself in the Indo-Pacific, including the Pacific Islands region, where New Zealand has core strategic interests.

    Trump’s plan for Ukraine brings into sharp focus what has already been evident from other recent trends: a domestic slide toward autocracy in Washington, the unilateral imposition of tariffs, and territorial threats against close allies Canada and Denmark.

    As European Union Commission President Ursula von der Leyen put it, “The West as we knew it no longer exists.”

    The transactional nature of Trump’s leadership – including that peace in Ukraine can be bought with mineral rights and territorial trade-offs – suggests the US can no longer be relied on to provide a security guarantee for liberal democracies in Europe or elsewhere.

    The current New Zealand government needs to find the self-confidence and resolve to admit Trump is backing Putin’s imperial project in Ukraine. And it needs to adjust its foreign policy accordingly.

    This does not mean Wellington should weaken its traditional friendship with the US.

    On the contrary, many Americans might expect and welcome the prospect of New Zealand clearly and publicly standing against their president’s dangerous alignment with an authoritarian regime at Ukraine’s expense.

    Robert G. Patman 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. Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine – https://theconversation.com/peace-in-our-time-why-nz-should-resist-trumps-one-sided-plan-for-ukraine-255495

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Miami Man Sentenced to 15 Years in Prison for Leading Payment Protection Program Fraud Scheme

    Source: Office of United States Attorneys

    MIAMI – Lazaro Verdecia Hernandez, 37, of Miami, was sentenced today to 15 years in federal prison for leading a scheme that involved obtaining fraudulent loans under the Paycheck Protection Program (PPP) and laundering the proceeds. 

    Verdecia and co-conspirator Heidi Cid submitted over 63 fraudulent PPP loan applications. In the loan paperwork, they made the applicants appear eligible for pandemic relief by falsifying the number of company employees and forging documents. As a result of the fake submissions, lenders disbursed over $14.5 million to bank accounts controlled by individuals who then withdraw the money and gave Verdecia, Cid, and another co-coconspirator, Yadier Rodriguez Arteaga, their cut.

    During earlier proceedings, Arteaga and Cid were adjudicated guilty and sentenced to federal prison terms: Arteaga to almost six years and Cid to 26 months.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Rafael Barros for the U. S. Secret Service (USSS); Special Agent in Charge Edwin S. Bonano for the Federal Housing Finance Agency, Office of Inspector General (FHFA OIG); and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Eastern Region, made the announcement.

    USSS Miami and FHFA OIG investigated the case with the assistance of the U.S. Small Business Administration Office of Inspector General (SBA OIG), Eastern Region. Assistant U.S. Attorneys Thomas Haggerty and Eli Rubin prosecuted the case.  Assistant U.S. Attorney Sarah Klco is handling asset forfeiture.

    The following cases were previously charged in relation to the fraud scheme:

    • U.S. v. Roberto Lopez, Kenia Carrillo, Lester Hedman Safont, Oreste Ruiz Linares, Honolio Navarro Caballero, Barbara Alvarez, Javier Pico, Alfredo Contrera, and Erisbel Gonzalez Gomez, Case No. 22-cr-20368; 

    • U.S. v. Nancy Bahos Serna, Case No. 23-cr-20310;

    • U.S. v. Jorge Trueba Lopez, Case No. 21-cr-20382;

    • U.S. v. Nancy Saavedra Torres, Case No. 21-cr-20225;

    • U.S. v. Giraldo Caraballo, Case No. 21-cr-20264;

    • U.S. v. Felix Martinez and Yailin Perez, Case No. 21-cr-20276;

    • U.S. v. Yoliesse Sarmiento Carrion, Case No. 22-cr-20530;

    • U.S. v. Osiel Rodriguez Furgel, Case No. 21-cr-20251; and

    • U.S. v. Leonardo Gonzalez Lopez, Case No. 23-cr-20113.

    Each of these defendants pled guilty, except for Javier Pico and Erisbel Gonzalez Gomez who are fugitives.

    Approximately 22 people were charged and convicted in the conspiracy.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On Sep. 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at https://www.justice.gov/usao-sdfl.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 23-cr-20421.

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    MIL Security OSI –

  • MIL-Evening Report: ‘A living collective’: study shows trees synchronise electrical signals during a solar eclipse

    Source: The Conversation (Au and NZ) – By Monica Gagliano, Research Associate Professor in Evolutionary Biology, Southern Cross University

    Zenit Arti Audiovisive

    Earth’s cycles of light and dark profoundly affect billions of organisms. Events such as solar eclipses are known to bring about marked shifts in animals, but do they have the same effect on plants?

    During a solar eclipse in a forest in Italy’s Dolomites region, scientists seized the chance to explore that fascinating question.

    The researchers were monitoring the bioelectrical impulses of spruce trees, when a solar eclipse passed over. They left their sensors running to record the trees’ response to the eclipse – and what they observed was astonishing.

    The spruce trees not only responded to the solar eclipse – they actively anticipated it, by synchronising their bioelectrical signals hours in advance.

    This forest-wide phenomenon, detailed today in the journal Royal Society Open Science, reveals a new layer of complexity in plant behaviour. It adds to emerging evidence that plants actively participate in their ecosystems.

    Lead author Monica Gagliano discusses the research findings.

    Do trees respond collectively?

    The research was led by Professor Alessandro Chiolerio of the Italian Institute of Technology, and Professor Monica Gagliano from Australia’s Southern Cross University, who is the lead author on this article. It also involved a team of international scientists.

    A solar eclipse occurs when the Moon passes between the Sun and Earth, fully or partially blocking the Sun’s light.

    An eclipse can inspire awe and even social cohesion in humans. Other animals have been shown to gather and synchronise their movements during such an event.

    But scientists know very little about how plants respond to solar eclipses. Some research suggests the rapid transitions from darkness to light during an eclipse can change plant behaviour. But this research focuses on the responses of individual plants.

    The latest study set out to discover if trees respond to a solar eclipse together, as a living collective.

    Alessandro Chiolerio and Monica Gagliano at the site of the study.
    Simone Cargnoni

    What the research involved

    Charged molecules travel through the cells of all living organisms, transmitting electrical signals as they go. Collectively, this electrical activity is known as the organism’s “electrome”.

    The electrical activity is primarily driven by the movement of ions across cell membranes. It creates tiny currents that allow organisms, including humans, to coordinate their body and communicate.

    The researchers wanted to investigated the electrical signals of spruce trees (Picea abies) during a partial solar eclipse on October 25, 2022. It took place in the Costa Bocche forest near Paneveggio in the Dolomites area, Italy.

    The study took place in the Dolomites in northeast Italy.
    Monica Gagliano

    The scientists set out to understand the trees’ electrical activity during the hour-long eclipse. They used custom-built sensors and wired them to three trees. Two were healthy trees about 70 years old, one in full sun and one in full shade. The third was a healthy tree about 20 years old, in full shade.

    They also attached the sensors to five tree stumps – the remnants old trees, originally part of a pristine forest, but which were devastated by a storm several years earlier.

    For each tree and stump, the researchers used five pairs of electrodes, placed in both the inner and outer layers of the tree, including on exposed roots, branches and trunks. The electrodes were connected to the sensors.

    This set-up allowed the scientists to monitor the bioelectrical activity from multiple trees and stumps across four sites during the solar eclipse. They examined both individual tree responses, and bioelectrical signals between trees.

    In particular, the scientists measured changes in the trees’ “bioelectrical potentials”. This term refers to the differences in voltage across cell membranes.

    The scientists attached electrodes and sensors to the trees to monitor their electrical activity.
    Zenit Arti Audiovisive

    What did they find?

    The electrical activity of all three trees became significantly more synchronised around the eclipse – both before and during the one-hour event. These changes occur at a microscopic level, such as inside water and lymph molecules in the tree.

    The two older trees in the study had a much more pronounced early response to the impending eclipse than the young tree. This suggests older trees may have developed mechanisms to anticipate and respond to such events, similar to their responses to seasonal changes.

    Solar eclipses may seem rare from a human perspective, but they follow cycles which can occur well within the lifespan of long-lived trees. The scientists also detected bioelectrical waves travelling between the trees. This suggests older trees may transmit their ecological knowledge to younger trees.

    Such a dynamic is consistent with studies showing long-distance signalling between plants can help them coordinate various physiological functions in response to environmental changes.

    The two older spruce trees in the study had a much more pronounced early response to the impending eclipse than the young tree.
    Zenith Audiovisual Arts

    The researchers also detected changes in the bioelectrical responses of the stumps during the eclipse, albeit less pronounced than in the standing trees. This suggests the stumps were still alive.

    The research team then used computer modelling, and advanced analytical methods including quantum field theory, to test the findings of the physical experiment.

    The results reinforced the experimental results. That is, not only did the eclipse influence the bioelectrical responses of individual trees, the activity was correlated. This suggests a cohesive, organism-like reaction at the forest scale.

    The researchers also detected changes in the bioelectrical responses of the stumps during the eclipse.
    Zenit Arti Audiovisive

    Understanding forest connections

    These findings align with extensive prior research by others, highlighting the extent to which trees in forest ecosystems are connected.

    These behaviours may ultimately influence the forest ecosystem’s resilience, biodiversity and overall function, by helping it cope with rapid and unpredictable changes.

    The findings also underscore the importance of protecting older forests, which serve as pillars of ecosystem resilience – potentially preserving and transmitting invaluable ecological knowledge.

    This research is featured in a documentary, Il Codice del Bosco (The Forest Code), premiering in Italy on May 1, 2025.

    The findings underscore the importance of protecting older forests. Pictured: the Dolomites region.
    Zenith Audiovisual Arts

    Monica Gagliano received funding for this research from the Templeton World Charity Foundation.

    Prudence Gibson 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. ‘A living collective’: study shows trees synchronise electrical signals during a solar eclipse – https://theconversation.com/a-living-collective-study-shows-trees-synchronise-electrical-signals-during-a-solar-eclipse-255499

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Warner, Colleagues Introduce Legislation to Address Housing Affordability Crisis

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON —Today U.S. Sen. Mark R. Warner joined Sens. Todd Young (R-IN) and Maria Cantwell (D-WA) in introducing legislation to help build nearly 1.6 million new affordable homes over the next decade. The Affordable Housing Credit Improvement Act would lead to more affordable housing options for families and workers by expanding and strengthening the Low-Income Housing Tax Credit, our country’s most successful affordable housing program.
    Currently, nearly one-in-four renters, over 11 million families, spend more than half of their household income on rent, cutting into other essential expenses like child care, medication, groceries, and transportation. At the same time, over 600,000 Americans are experiencing homelessness on any given day, an increase over pre-COVID levels.
    Since its creation, the Housing Credit has built or restored more than 4 million affordable housing units, nearly 90 percent of all federally funded affordable housing during that time. Roughly nine million American households have benefitted from the credit, and the economic activity that it generated has supported 6.6 million jobs and spurred more than $746 billion in wages.
    “The Low-Income Housing Tax Credit is one of the most successful tools our country has to address the affordable housing crisis our communities are facing,” Sen. Warner said. “I’m proud to introduce bipartisan legislation to update and modernize this credit in order to build more homes, bring down costs, and tackle the growing demand for housing across the Commonwealth and the country.”
    More specifically, the Affordable Housing Credit Improvement Act would:
    Increase the number of credits available to states by 50 percent for the next two years and make the temporary 12.5 percent increase secured in 2018 permanent—which has already helped build more than 59,000 additional affordable housing units nationwide;
    Stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure Housing Credit funding. As a result, projects would have to carry less debt, and more projects would be eligible to receive funding; and
    Improve the Housing Credit program to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans.
    Joining Sens. Warner, Young, and Cantwell in introducing this legislation are Sens. Marsha Blackburn (R-TN) and Ron Wyden (D-OR). The Affordable Housing Credit Improvement Act was also recently introduced in the House of Representatives by U.S. Reps. Darin LaHood (R-IL-16), Suzan DelBene (D-WA-01), Claudia Tenney (R-NY-24), Don Beyer (D-VA-08), Randy Feenstra (R-IA-04), and Jimmy Panetta (D-CA-19).
    The ACTION Campaign and the Affordable Housing Tax Credit Coalition endorsed the bill.
    “The reintroduction of the Affordable Housing Credit Improvement Act is a vital step toward addressing our nation’s housing crisis. Expanding the Housing Credit is the most effective way to increase the supply of affordable housing, leveraging public-private partnerships to build and preserve homes for working families, seniors, and vulnerable communities. At a time when rents are rising and supply is lagging, strengthening the Housing Credit will ensure that more Americans have access to safe, stable, and affordable housing,” said co-chairs of the ACTION Campaign Ayrianne Parks and Jennifer Schwartz. “The ACTION Campaign thanks Senators Todd Young, Maria Cantwell, Marsha Blackburn, and Ron Wyden for their leadership.”
    “The overwhelming bipartisan support for the Affordable Housing Credit Improvement Act of 2025 underscores the critical need to increase the supply of affordable rental homes,” said Affordable Housing Tax Credit Coalition Chief Executive Officer Emily Cadik. “We thank Senator Todd Young, Senator Maria Cantwell, Senator Marsha Blackburn, and Senator Ron Wyden for their leadership and the 30 bipartisan cosponsors for supporting this commonsense solution to expand and strengthen the Low-Income Housing Tax Credit, a proven, pro-growth tool with a nearly 40-year record of leveraging private investment to fill a critical need.”
    This is the latest action in Sen. Warner’s longstanding efforts to make housing more affordable for Virginians. So far this year, he has already introduced the New Markets Tax Credit Extension Act, the Rural Historic Tax Credit Improvement Act, and the Historic Tax Credit Growth and Opportunity Act – all bipartisan bills to encourage redevelopment and new construction in communities across the country. He is also the lead sponsor of the Neighborhood Homes Investment Act – which would create a new tax incentive to build and preserve more than 500,000 affordable, single-family homes over ten years – and the lead author of the Low-Income First Time Homebuyers (LIFT) Act to help qualified, first-generation homebuyers build equity in their homes by offering a 20-year mortgage for roughly the same monthly payment as a traditional 30-year loan. Warner has also joined his colleagues in sponsoring the Downpayment Toward Equity Act, which would provide federal grants to assist first-generation homebuyers with qualifying expenses toward purchasing their first home, including down payment costs, closing costs, and costs to reduce the rates of interest.
    Full text of the bill is available here.
     

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Investors and local authorities gear up as AI Growth Zone delivery gathers speed

    Source: United Kingdom – Executive Government & Departments

    Press release

    Investors and local authorities gear up as AI Growth Zone delivery gathers speed

    Investors and local authorities mobilise as the government kickstarts the next phase for rolling out AI Growth Zones.

    Investors and Local Authorities mobilise for AI Growth Zones.

    • Hotbeds of AI development – with the first based in Culham – to unlock fresh investment and new jobs as the government delivers on its Plan for Change. 
    • After more than 200 initial expressions of interest from every corner of the UK, the formal qualifying process begins.

    Thousands of high-skilled jobs and billions of pounds in fresh investment – the cornerstone of this government’s Plan for Change – are up for grabs, with preparations now in full swing to announce the first hosts of flagship AI Growth Zones this summer. 

    Investors and local authorities will descend on TechUK in London today (30th April) as the government kickstarts its formal qualifying process – giving them the opportunity to discuss their proposals and learn more about the vision for AI Growth Zones with AI Minister Feryal Clark and the Prime Minister’s AI Adviser Matt Clifford. 

    The initial Expressions of Interest (EOI) which opened earlier this year saw more than 200 responses – demonstrating the appetite from all parts of the country to take on a leading role in the UK’s AI-powered future.  

    AI Growth Zones will revitalize local communities by attracting billions in private investment – sparking fresh jobs at the cutting edge of AI while also securing Britain’s position as a global leader in the technology. This will give regions across the country the opportunity to play a leading role in delivering the government’s Plan for Change.

    Streamlined planning approvals mean communities will be able to get spades in the ground quicker than ever before – fast-tracking the rollout of critical infrastructure from data centres to high-capacity energy connections. 

    Potential sites identified across the country through the EOI process include former industrial areas with land and infrastructure ready for redevelopment.

    Proposals should demonstrate access to large existing power connections of at least 500MW – enough energy to power 2 million homes – or set out a clear plan for how they will get there. The qualifying process will also examine other criteria, including site readiness, and local impact.  

    Minister for AI Feryal Clark said: 

    Just like coal and steam powered our past, AI is powering the future. Our AI Growth Zones will transform areas across the UK into engines of growth and opportunity – unlocking new jobs and revitalising communities across the UK. 

    This is our Plan for Change in action, ensuring the benefits of AI are felt in every region and securing the UK’s place as a world leader in this vital technology.

    The Prime Minister’s AI Adviser Matt Clifford said:

    The UK has an extraordinary opportunity in AI, but speed is everything. Today’s launch sends a clear signal to investors and local communities that we’ve already moved into high gear.

    I’m looking forward to discussing these proposals in more detail today as we continue to work alongside investors and local authorities to deliver a once-in-a-generation opportunity.

    To mark the launch, Minister Clark and Matt Clifford are leading a series of engagements today with leading investors and MPs to outline the government’s vision, bid timelines, and qualifying criteria. 

    The first additional sites will then be announced this summer with an ambition to start getting building work underway by the end of 2025.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Families to get more choice over home upgrades

    Source: United Kingdom – Executive Government & Departments

    Press release

    Families to get more choice over home upgrades

    Proposals to give families greater choice when upgrading their home’s heating as well as plans to create up to 18,000 training places for green jobs

    • Working families to get greater choice on upgrades to their home’s heating including new products, such as air-to-air heat pumps and heat batteries, as well as offering new heat pump purchase options.  

    • Plan to build a ‘clean power army’ receives a boost, with up to 18,000 professionals to be trained to retrofit homes, and install heat pumps, insulation, solar panels and heat networks.   

    • Comes as government invests £4.6 million in Copeland to manufacture more heat pump parts at home in the UK, supporting local jobs and boosting economic growth as part of the Plan for Change.

    Homeowners are set to have more choice over ways to access heating systems and bring down costs under proposals being considered as part of the Warm Homes Plan – helping to deliver on the government’s milestone of higher living standards as part of the Plan for Change. 

    Demand for heat pumps is surging, with the Boiler Upgrade Scheme – which offers up to £7,500 off the cost, enjoying its best month since opening, with 4,028 applications received in March 2025, up 88 per cent on the same month last year. Heat pumps can save families around £100 on their average energy bills when used with a smart tariff. 

    With more households wanting to make the upgrade to cleaner, homegrown energy, the government has today launched a new consultation on expanding the Boiler Upgrade Scheme to give families even greater choice to pick what works best for them. 

    Changes to the scheme could see families potentially access air-to-air heat pumps and electric heating technologies such as heat batteries, which are currently not eligible for grants under the scheme, alongside new purchase and ownership models which could spread the cost of a heat pump over several years, or give households the opportunity to lease one for a monthly fee instead. 

    As part of the government’s Plan for Change, even more households will be able to take up the offer of switching to low-carbon heating, while protecting the pounds in people’s pockets by making more options available. 

    The government has also set out plans to bolster the ‘clean power army’, training up to 18,000 more home retrofitters, to install heat pumps, insulation, solar panels and heat networks, alongside a major new deal to support the UK’s heat pump supply chain.   

    Minister for Energy Consumers Miatta Fahnbulleh said:  

    Our Warm Homes Plan will mean lower bills and warmer homes for millions of families – helping drive better living standards as part of the Plan for Change.   

    Following a record-breaking month for applications to our Boiler Upgrade Scheme, we are now proposing to give working families more choice and flexibility to pick the low-carbon upgrades that work best for them. 

    And on top of this, we are investing over £4 million in Copeland to continue building a homegrown heat pump industry and training up the army of skilled workers we need to achieve this.

    Copeland in Northern Ireland have been awarded £4.6 million to expand their manufacturing for heating compression technology – a key component of heat pumps, which can help protect family finances from the roller coaster of international gas markets by running on clean electricity. 

    This investment, backed by a multi-million pound investment from Copeland, will help to support the industries and jobs of the future, while unlocking economic growth, as part of the Prime Minister’s Plan for Change.  

    Ministers have also unveiled plans to train up to 18,000 skilled workers to install heat pumps, fit solar panels, install insulation and work on heat networks through the extension of the Heat Training Grant and launch of the Warm Homes Skills Programme.

    With three days to go until the government’s consultation on introducing higher minimum energy efficiency standards in private rented sector homes closes, ministers have issued a final call for tenants and landlords to make their views heard.  

    Under the proposals, all private landlords would be required to meet a higher standard of Energy Performance Certificate (EPC) C or equivalent in their properties – up from the current level of EPC E, by 2030.  

    This will deliver on the priorities of working people, in line with the Prime Minister’s Plan for Change, by requiring landlords to invest in measures such as loft insulation, cavity wall insulation or double glazing – ensuring homes are warmer and more affordable for tenants. Alongside higher standards & funding in the social rented sector, this could lift up to one million households out of fuel poverty by 2030. 

    Stakeholder reaction: 

    Charlotte Lee, CEO at the Heat Pump Association said: 

    Following a record year for UK heat pump sales in 2024, we warmly welcome today’s announcements which will continue to support growth in the sector and increased deployment of clean heating. 

    The additional funding to support those wishing to become qualified to install heat pumps and heat networks is especially welcome, alongside proposals to expand the Boiler Upgrade Scheme to make clean heating solutions an accessible option for more consumers.

    Jambu Palaniappan, CEO at Checkatrade said: 

    We fully support this latest Government investment in skills and training, and greater choice for homeowners.  

    At Checkatrade, we’ve seen the growing importance of green energy to consumers, and with our new Green Hub are more easily connecting them with skilled tradespeople to make their homes more energy-efficient.  

    The new funding is a key step towards empowering more people to enter the trade and a boost for the economy, helping to build long-term, sustainable careers for thousands across the UK.

    Verity Davidge, Director of Policy and Public Affairs at Make UK said: 

    As we continue to transition to a low-carbon economy it is critical we have the people and skills needed to make it happen.

    Today’s announcement is a positive step towards ensuring the workforce is equipped with these skills. Many of those trained will develop the transferable skills needed to support industry in its own quest to transition to net zero.

    Ned Hammond, Deputy Director (Customers) at Energy UK, said:

    Expanding the Boiler Upgrade Scheme and giving families greater choice in the types of low-carbon heating systems available to them is a really positive move. More flexibility in the way customers can pay for these technologies will also help make efficient and smart heating systems, such as heat pumps, heat batteries and heat networks, available to even more customers who are struggling with high energy bills and looking for an alternative to costly gas boilers. 

    The recent surge in demand for the Boiler Upgrade Scheme following the Government’s funding uplift is a clear signal of consumer appetite and what can be done with the right support in place – and it’s vital this level of investment continues.

    Underpinning this is the need for a skilled and dedicated installer supply chain, so it’s fantastic to see Government extending its support for skills and training as part of today’s announcement.

    The Government’s figures show that 71% of installers benefitting from the Heat Training Grant said it made all the difference in their decision to upskill into heat pump systems. Extending the subsidy out to 2030 would help further with bringing in the thousands of new entrants we need into the heat pump and heat networks sectors.

    Chris O’Shea, CEO of Centrica, said:

    As the UK’s largest installer of low carbon heating technologies, we are delighted with the Government’s proposals to expand the Boiler Upgrade Scheme to offer customers more choice on how to decarbonise their homes through greater financing, ownership and technology options.

    We can’t wait to add more to our Clean Power Army, the largest in the UK, using our award-winning academies and British Gas engineers to train installers across the UK.

    Garry Felgate, Chief Executive of The MCS Foundation, said: 

    Consumer confidence in low-carbon technologies is growing, with more households installing heat pumps across the UK than ever before. Today’s announcements will help to accelerate that trend, by ensuring more people can access heat pump grants and supporting the growth of the heat pump workforce.

    These steps are very welcome news, enabling lower bills, lower carbon emissions, and sustainable jobs.

    Sando Matic, Europe President for Copeland, said:

    This investment marks a pivotal step in advancing clean energy solutions and driving economic growth.

    By expanding our manufacturing capabilities for heating solutions here in Northern Ireland, Copeland is proud to play a key role in helping to reduce reliance on fossil fuels and supporting the energy transition to more sustainable, electricity-powered heating.

    Notes to Editors:  

    • Options being considered to help spread the installation cost of a heat pump include:   

    • Hire purchase, giving households the option to pay for a heat pump in instalments, meaning they would own the equipment at the end of their contract.  

    • Hire purchase plus, combining paying for a heat pump in instalments with a separate contract for an energy tariff, allowing providers to simplify costs into a single monthly payment.   

    • Leasing, offering households the option to lease a heat pump for a set amount of time, like leasing a car. At the end of the contract, households would either enter into another agreement to continue leasing the heat pump, or would replace it.  

    • Further information on the Heat Pump Investment Accelerator award to Copeland can be found here: Heat Pump Investment Accelerator Competition successful projects.  

    • The Warm Homes Skills Programme will deliver up to 9,000 training places across England, providing opportunities for people to develop skills in areas including fitting solar panels and installing insulation. More details can be found here: Warm Home Skills Programme. 

    • An extra £5 million will be provided to continue the Heat Training Grant until March 2026, supporting a further 5,500 heat pump installers and 3,500 heat network professionals. The Grant has already trained over 10,650 individuals up to the end of March 2025. More details can be found here: Apply for the Heat Training Grant: discounted heat pump training. 

    • More details on the Heat Training Grant: Heat Network training can be found here: Training providers: apply to offer the Heat Training Grant for heat networks 

    • The government’s consultation on minimum energy efficiency standards for private rented sector homes can be found here: Improving the energy performance of privately rented homes: consultation document

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Kelly backs legislation to stop EV mandates, de facto ban on gas-powered vehicles

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — Today, U.S. Rep. Mike Kelly (R-PA) joined Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, Congressman John Joyce (PA-13), Congressman Jay Obernolte (CA-23), and Congressman John James (MI-10), along with Members of the House Committee on Energy and Commerce, California Republicans, and Conference Chairwoman Lisa McClain on three Congressional Review Act resolutions that would undo harmful rules created under the Biden administration’s Environmental Protection Agency.

    These three Congressional Review Act resolutions would reverse radical regulations that established a de facto ban on the use of gas-powered vehicles, heavy trucks, and diesel engines over the next decade.

    “Pennsylvania drivers shouldn’t be subjected to California laws, plain and simple. This series of legislation rejects radical EV mandates and ensures drivers across the United States will be able to choose the vehicle that’s best for them, whether it’s gas-powered, electric, or a hybrid model,” Rep. Kelly said. 

    “The American people should choose what vehicle is right for them, not California bureaucrats. By submitting the three California waivers to Congress, Administrator Zeldin is ensuring that Congress has oversight of these major rules that impact every American,” said Chairman Guthrie. “The Committee has been committed to addressing this issue since California first attempted to create a de facto EV mandate. Energy and Commerce Republicans will continue to fight against far-left policies that would harm consumers and will now work to ensure that the Congressional Review Act process finally puts these issues to rest. Thank you to Congressman Joyce, Congressman Obernolte, and Congressman James for your work to ensure that families and businesses can continue to choose the vehicles they need.”

    “Since arriving in Washington, I have fought to protect consumer freedom and allow American families to choose the vehicle that best fits their budget and needs,” said Vice Chairman John Joyce, M.D. “The introduction of this resolution to overturn California’s ban on gas-powered vehicles is long overdue. Thank you to Chairman Guthrie and Chairman Capito for their leadership on this issue, and I look forward to seeing this legislation swiftly pass through Congress so President Trump can permanently protect the freedom of the open road for all Americans.”

    “As a representative of California, I’ve seen firsthand how burdensome regulations from the California Air Resources Board have hurt businesses and hardworking Americans by imposing costly mandates instead of allowing the market to drive innovation,” said Congressman Obernolte. “Congress must exercise its oversight authority to ensure these policies do not become the national standard. It is critical we protect jobs, supply chains, and the ability of consumers to choose what is best for them and their families.”

    “The Biden administration left behind comply-or-die Green New Deal mandates that threaten to crush our trucking industry and drive up costs for hardworking Americans,” said Congressman James. “I know — my family has a trucking company. Republicans are working hard to implement President Trump’s America First agenda, and the first step is repealing the rules and waivers that contributed to Bideninflation!” 

    “During the Biden administration, the Environmental Protection Agency (EPA) allowed a series of stringent, environmentally charged regulations on vehicles that would effectively overhaul the marketplace and steer consumers toward purchasing electric vehicles,” said Congressman Fulcher. “I am honored to join my colleagues in introducing a legislative package to repeal these overreaching federal mandates and preserve consumer freedom and choice in the automotive and heavy-duty truck markets,” 

    “California’s sweeping and unachievable emissions mandates are a direct assault on everyone who lives, works, or does business in our state,” said Congressman LaMalfa. “These regulations drive up costs, limit consumer choice, and force trucking and automotive industries into an impossible transition timeline. Californians are already paying some of the highest fuel and energy costs in the country. These rules are causing the cost of new and used cars and trucks to increase for everyone. If you want to buy an electric vehicle, buy one, but everybody else shouldn’t be forced into this mandate. The Federal Government cannot allow one state to destroy the American car and truck market. Instead of making life even more expensive, we should focus on what consumers want. I’m pleased to support this effort to stop California’s insanity and protect drivers and consumers across my state and the country.” 

    “The Newsom Administration’s irrational plan to ban gas-powered cars and trucks is an affront to the freedom of Californians and an economic burden to the whole country,” said Congressman Kiley. “The Biden Administration aided and abetted this insanity with special waivers. With the Congressional Review Act resolutions introduced today, we have an opportunity to return to economic reality and restore common sense.” 

    “Biden’s EPA waivers effectively allowed one state’s woke agenda to dictate national policy. It’s not the government’s role to decide what vehicle Americans must drive,” said Chairwoman McClain. “These waivers bypass Congress and ignore millions of Americans who rely on affordable, reliable transportation. Instead, we should have a little more faith in the American people to choose what’s best for them. It’s time we end this regulatory overreach.” 

    BACKGROUND

    Making these changes at a time when the United States is unprepared for a full transition to electric vehicles would have massive consequences for American communities. With states making up more than 40% of the auto market following California’s emissions standards, implementing Californias EV mandate would result in a nation-wide shift in the vehicles that are available for purchase, and in fact could lead to a shortage of the vehicles consumers need. 

    H.J. Res. 88, introduced by Congressman Joyce (PA-13), would reverse the EPA’s decision to approve a waiver granted to California allowing the State to ban the sale of gas-powered vehicles by 2035.

    H.J. Res. 89, introduced by Congressman Obernolte (CA-23), would put an end to the EPA’s decision to allow California to implement its most recent nitrogen oxide (NOx) engine emission standards, which create burdensome and unworkable standards for heavy-duty on-road engines.

    H.J. Res. 87, introduced by Congressman James (MI-10), would reverse the EPA’s decision to approve a waiver granted to California allowing the State to mandate the sale of zero-emission trucks.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Gomez Hosts Virtual Roundtable with Social Media Creators and Influencers, Pushes for Better Federal Support

    Source: United States House of Representatives – Congressman Jimmy Gomez (CA-34)

    Gomez pushes for better support for content creators and connects with gaming and digital influencers to reach young Americans

    LOS ANGELES, CA — Representative Jimmy Gomez (CA-34) today hosted a virtual roundtable with digital creators, influencers, and leaders in the gaming and anime space to discuss the growing role of the creator economy in shaping culture, driving innovation, and empowering young people. The conversation focused on financial security for creators, digital entrepreneurship, and educational opportunities through gaming to reach out to people aged 18–24. Gomez is also pushing the Small Business Administration (SBA) to better support content creators through better access to loans, tax resources, and protections for intellectual property.

    Participants included creators and influencers like Kenny Williams Jr., Angelina Darrisaw, David Echeverria, Ilan Shapiro, Ryan Johnson, John Cash, DJ Squid, and Bethany Simpson — representing millions of followers across platforms.

    “Content creators aren’t just building audiences — they’re building businesses, creating jobs, and driving a $250 billion economy,” said Rep. Jimmy Gomez. “We need small business programs that match that reality — not policies that make it harder for entrepreneurs to succeed.”

    “Representative Gomez isn’t just showing up — he’s leading the way,” said Michael Ceraso, an organizer and advocate with Winning Margins who moderated and invited creators to the event. “At a time when most politicians are scrambling to catch up with the digital world, Rep. Gomez is already building real partnerships with creators and pushing for the federal support they deserve. He understands that creators are small business owners, educators, and cultural leaders — and he’s fighting to make sure policy reflects that. This gathering wouldn’t have happened without his vision and commitment.”

    Ryan Johnson — founder and CEO of Cxmmunity Media, a company focused on eSports and video game career development for students of color — spoke about empowering creators, especially students at HBCUs. Rep. Gomez reflected on how platforms like Twitch and YouTube are shaping public opinion and stressed the importance of Democrats engaging directly with digital communities and young Americans.

    “Our company’s claim to fame is that we started the nation’s first eSports and video game league for HBCUs,” said Ryan Johnson, Founder and CEO of Cxmmunity Media. “We’ve been trying to find more strategic ways to not only tell stories but help and empower these creators to use their voices.”

    Rep. Jimmy Gomez represents LA, a global hub for the digital creator economy. As a member of the House Ways and Means Committee, he has been vocal about modernizing the tax code and small business support systems to meet the needs of today’s entrepreneurs. Today’s discussion builds on Rep. Gomez’s January listening session with leading social media influencers, held just days before a potential TikTok ban.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Transforming financial education in schools

    Source: New Zealand Government

    Financial education will be embedded as a core element of the refreshed social sciences curriculum for Year 1-10 students, set to be available for use from 2026, Education Minister Erica Stanford announced today. 

    “Embedding essential skills into the curriculum will ensure our young people are better prepared to make informed financial decisions in a complex financial world. This will positively impact their lives and the broader economy,” says Minister Stanford. 

    For younger students the curriculum will cover key financial skills, such as identifying needs versus wants, having a bank account, earning, spending and saving. Older students will gain the knowledge needed to understand more complex concepts, such as budgeting, investment, interest, taxes, and insurance to help to build lifelong financial skills. We have already included financial maths in the new maths curriculum, which is being delivered this year.   

    To support the implementation of financial education in the new curriculum, a variety of tools and resources, developed in collaboration with financial organisations, banks, and charitable trusts, will be available to schools, ensuring they can effectively deliver the curriculum.

    A new partnership between the Ministry of Education and the Retirement Commission will map the offerings from financial education providers against the updated curriculum.  The Retirement Commission’s work with providers will ensure consistent curriculum-aligned supports and resources, giving schools confidence in their delivery. 

    This resource map will be extended into senior secondary years with guidance and resources for Year 11-13 students, supporting schools to flexibly deliver ongoing financial education to their students. 

    “As the Minister responsible for the Retirement Commission, I absolutely believe that strengthening financial education is crucial to our Government’s focus on economic growth. We are all consumers, and financial literacy can set young Kiwis up to be savvy consumers – whether it’s knowing how to invest wisely, choose the best loan at a bank, or even identify a scam,” Commerce and Consumer Affairs Minister Scott Simpson says.  

    “We know that New Zealand parents have long called for financial education to be a priority. This curriculum update answers those calls, ensuring students are equipped with the knowledge to thrive in both personal and financial aspects of their lives,” says Minister Stanford. 

    This initiative marks a significant step forward in New Zealand’s education system, placing a strong emphasis on real-world skills that will empower students to take control of their financial futures. 

    Notes to Editor: 

    Providers working with the Retirement Commission include:  

    • Sorted in Schools (Retirement Commission) 
    • Banqer
    • MoneyTime
    • Life Education
    • Young Enterprise Trust
    • Savvy
    • Westpac
    • ASB
    • Kiwi bank
    • BNZ

    A draft of the updated social sciences learning area will be available in Term 4, 2025 for feedback. An updated version will be available for schools to use in 2026, and is planned to be required from 2027.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Hickenlooper, Bennet, Neguse Demand Commerce Department Reverse Planned Cuts to NOAA, Colorado-Based Research Centers

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper

    WASHINGTON – Today, U.S. Senators John Hickenlooper and Michael Bennet, along with Representative Joe Neguse, urged Secretary of Commerce Howard Lutnick to preserve funding for the National Oceanic and Atmospheric Administration (NOAA) and its Cooperative Institutes (CIs) following recent reports that the Trump administration plans to cut funding for NOAA in its upcoming budget proposal.

    “Cooperative Institutes are integral to solving some of our biggest problems and making all of us safer and better prepared for short-term and long-term hazards. Any plan to terminate funding for NOAA CIs would be detrimental not just to the people of Colorado, but to people across the entire country,” wrote the lawmakers.

    Colorado is the only state in the nation to house two CIs, which are academic and nonprofit research centers that provide invaluable support to NOAA’s mission.

    • The Cooperative Institute for Research in Environmental Sciences (CIRES), located at the University of Colorado Boulder, is the oldest and largest CI. It employs nearly 800 researchers, support staff, and students focused on research related to drought, wildfire, and space weather.
    • The Cooperative Institute for Research in the Atmosphere (CIRA), located at Colorado State University, employs nearly 200 individuals who are working to improve weather and fire forecasting.

    “We strongly condemn any such plan and believe terminating this funding would be extremely short-sighted and costly to the American people and economy in the long run,” continued the lawmakers. 

    Read their full letter HERE.

    MIL OSI USA News –

  • MIL-OSI USA: 04.29.2025 WTAS: Bipartisan, Bicameral TAKE IT DOWN Act to Criminalize the Spread of Deepfake Revenge Porn Heads to President Trump’s Desk

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    Washington, D.C. – Yesterday, the bipartisan, bicameral TAKE IT DOWN Act, introduced in the Senate by Commerce Committee Chairman Ted Cruz (R-Texas) and co-led by Sen. Amy Klobuchar (D-Minn.), passed the U.S. House of Representatives by a vote of 409-2 and heads to President Trump’s desk. The legislation unanimously passed the Senate in February.
    The TAKE IT DOWN Act criminalizes the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or “deepfake revenge pornography”), and requires social media and similar websites to implement procedures to remove such content within 48 hours of notice from a victim.
    The House companion was introduced by Reps. Maria Elvira Salazar (R-Fla.) and Madeleine Dean (D-Pa.).
    Here is what they are saying about the TAKE IT DOWN Act:

    TIME: Inside the First Major U.S. Bill Tackling AI Harms—and Deepfake Abuse
    “In January, however, Cruz was promoted to become the chair of the Senate Commerce Committee, giving him a major position of power to set agendas. His office rallied the support for Take it Down from a slew of different public interest groups. They also helped persuade tech companies to support the bill, which worked: Snapchat and Meta got behind it.
    “‘Cruz put an unbelievable amount of muscle into this bill,’ says Sunny Gandhi, vice president of political affairs at Encode, an AI-focused advocacy group that supported the bill. ‘They spent a lot of effort wrangling a lot of the companies to make sure that they wouldn’t be opposed, and getting leadership interested.’”

    THE DALLAS MORNING NEWS: House passes Ted Cruz bill cracking down on deepfake nudes
    “U.S. Sen. Ted Cruz’s bill targeting the publication of nonconsensual deepfake pornography will soon be federal law.
    “The House voted 409-2 Monday to approve the bill, which already passed the Senate, sending it to President Donald Trump’s desk.
    “Elliston was 14 years old in October 2023 when a classmate used an artificial intelligence program to turn innocent photos of her and her friends into realistic-looking nudes and distributed the images on social media.
    “They were only removed after they shared the story with Cruz and he pushed for action.
    “First lady Melania Trump participated in an event highlighting the issue and Elliston sat with her as a guest for the president’s joint address to Congress.
    “Trump gave Elliston a shout-out during the speech, saying he looked forward to signing Cruz’s proposal into law after the House passed it.”

    USA TODAY: With rare bipartisan support, Congress passes bill to outlaw deepfake pornography
    “A bill to criminalize AI-generated explicit images, or ‘deepfakes,’ is headed to President Donald Trump’s desk after sailing through both chambers of Congress with near-unanimous approval.
    “The Take It Down Act has enjoyed uncommon bipartisan support, along with a key endorsement from the first lady.
    “The newly-passed bill will require technology platforms to remove reported “non-consensual, sexually exploitative images” within 48 hours of receiving a valid request. Sens. Ted Cruz, R-Texas, and Amy Klobuchar, D-Minnesota, introduced the legislation in August.”

    The New York Times: House Passes Bill to Ban Sharing of Revenge Porn, Sending It to Trump
    “The legislation, introduced by Senators Ted Cruz, Republican of Texas, and Amy Klobuchar, Democrat of Minnesota, is the first internet content law to clear Congress since 2018, when lawmakers approved legislation to fight online sex trafficking. And though it focuses on revenge porn and deepfakes, the bill is seen as an important step toward regulating internet companies that have for decades escaped government scrutiny.”

    CBS NEWS: House passes “Take it Down Act,” sending revenge porn bill backed by Melania Trump to president’s desk
    “‘If you’re a victim of revenge porn or AI-generated explicit imagery, your life changes forever,’ Sen. Ted Cruz, a Texas Republican, said at a March 3 roundtable promoting the bill.
    “Cruz, who introduced the bill, recalled the experience of a teenage victim, Elliston Berry, whose classmate used an app to create explicit images of her and then sent them to her classmates. Berry’s mother had tried unsuccessfully to get Snapchat to remove the images for months before she contacted Cruz’s office for help.
    “‘It should not take a sitting senator or sitting member of Congress picking up the phone to get a picture down or video down,’ Cruz said.”

    CNN: House passes bill aimed at protecting victims of deepfake and revenge porn
    “Republican Sen. Ted Cruz of Texas introduced the bill, and a bipartisan group of lawmakers, including Democratic Sen. Amy Klobuchar of Minnesota and Rep. Madeleine Dean of Pennsylvania, have supported the effort.
    “According to Cruz’s office, the bill ‘would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or ‘deepfake pornography’), and require social media and similar websites to have in place procedures to remove such content upon notification from a victim.’”

    THE HILL: Bill criminalizing deepfake revenge porn passes House, heads to Trump’s desk
    “Cruz celebrated the bill’s passage on Monday, calling it a ‘historic win in the fight to protect victims of revenge porn and deepfake abuse.’
    “‘By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,’ he wrote in a statement.”
    More than 120 organizations representing victim advocacy groups, law enforcement, and tech industry leaders have voiced their support for the legislation, including Meta, Snap, Google, Microsoft, TikTok, X, Amazon, Bumble, Match Group, Entertainment Software Association, IBM, TechNet, the U.S. Chamber of Commerce, Internet Works, the Fraternal Order of Police, the National Center for Missing and Exploited Children (NCMEC), RAINN (Rape, Abuse, & Incest National Network), and the National Center on Sexual Exploitation (NCOSE).
    In March, Sen. Cruz and Rep. Salazar hosted a bipartisan roundtable with First Lady Melania Trump to hear from victims of revenge and deepfake pornography and urge the House to pass the bipartisan TAKE IT DOWN Act. During his State of the Union address, President Trump emphasized the bill’s importance and said, “I look forward to signing it into law.”
    Other notable endorsements came from the bipartisan Problem Solvers Caucus, a group of House lawmakers evenly split between Republicans and Democrats, and Paris Hilton, who called the bill “a crucial step toward ending non-consensual image sharing online.”
    During the 118th Congress, the bill unanimously passed the Senate Commerce Committee and the full Senate.
    BACKGROUND:
    While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized.
    In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII. 
    The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:

    Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
    Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement. 
    Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The Federal Trade Commission is charged with enforcement of this section. 
    Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.

    To read the bill text, click HERE.

    MIL OSI USA News –

  • MIL-OSI Russia: Government meeting (2025, No. 15)

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    1. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 788656-8 “On Amendments to Article 21 of the Federal Law “On Limited Liability Companies””

    The draft amendments take into account the comments and suggestions made during the consideration of the bill in the State Duma.

    2. On the draft federal law “On Amendments to Article 26 of the Federal Law “On Banks and Banking Activities” (in terms of providing information on transactions, accounts and deposits of individuals and legal entities for the purpose of implementing the powers to suspend transactions with cash, electronic money)

    The bill is aimed at increasing the efficiency and effectiveness of combating crimes committed using information and communication technologies.

    3. On the draft federal law “On Amendments to the Criminal Procedure Code of the Russian Federation”

    The bill is aimed at establishing legal grounds for extrajudicial suspension of transactions with cash, electronic money, and advance payments used in criminal activities.

    4. On the draft federal law “On Amendments to Article 187 of the Criminal Code of the Russian Federation”

    The bill is aimed at improving legal mechanisms for combating crimes committed using electronic means of payment and access to them, which are used to circulate funds obtained through criminal means.

    5. On the draft federal law “On Amending Article 5 of the Federal Law “On Concession Agreements””

    The draft law was developed with the aim of granting state and (or) municipal unitary enterprises the authority to participate on the side of the concession grantor in obligations under the concession agreement, including the transfer to the concessionaire of the right to own and use the property of the air transport infrastructure, without formalizing the intermediate transfer of this property to the concession grantor.

    6. On the allocation of budgetary appropriations to Rosmorrechflot in 2025 from the reserve fund of the Government of the Russian Federation for the purpose of financial support for the implementation of urgent work to localize emergency zones in the areas where parts of the tankers Volgoneft-212 and Volgoneft-239 sank as a result of their wreck in the Kerch Strait on December 15, 2024

    The adoption of the draft order will ensure the localization and elimination of possible oil spills from tankers that sank as a result of the wreck in the Kerch Strait on December 15, 2024.

    7. On the draft federal law “On the All-Russian public organization “Russian Red Cross””

    The draft federal law was developed with the aim of defining the legal status of the Russian Red Cross, the main areas of its activities, and the procedure for interaction with state authorities and local governments.

    8. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 797740-8 “On Amending Article 32.4 of the Code of the Russian Federation on Administrative Offenses”

    The draft amendments were prepared in order to clarify the procedure for the disposal of confiscated unmarked goods.

    9. On the allocation of budgetary appropriations from the reserve fund of the Government of the Russian Federation to the Ministry of Education of Russia in 2025 for the provision of subsidies from the federal budget to the budgets of individual constituent entities of the Russian Federation for the implementation of regional projects that provide for measures to create educational and industrial clusters in individual constituent entities of the Russian Federation within the framework of the federal project “Professionalism”

    The draft order is aimed at ensuring the expansion of the federal project “Professionality”.

    Moscow, April 29, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Silicon Motion Announces Results for the Period Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • First quarter of 2025 sales decreased 13% Q/Q and decreased 12% Y/Y
      • SSD controller sales: 1Q of 2025 decreased 10% to 15% Q/Q and decreased 20% to 25% Y/Y
      • eMMC+UFS controller sales: 1Q of 2025 decreased 15% to 20% Q/Q and decreased 0% to 5% Y/Y
      • SSD solutions sales: 1Q of 2025 decreased 20% to 25% Q/Q and decreased 35% to 40% Y/Y
    • Announced new $50 million share repurchase program

    Financial Highlights

      1Q 2025 GAAP 1Q 2025 Non-GAAP*
     • Net sales $166.5 million (-13% Q/Q, -12% Y/Y) $166.5 million (-13% Q/Q, -12% Y/Y)
     • Gross margin 47.1% 47.1%
     • Operating margin 5.9% 8.9%
     • Earnings per diluted ADS $0.58 $0.60

    * Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

    TAIPEI, Taiwan and MILPITAS, Calif., April 30, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended March 31, 2025. For the first quarter of 2025, net sales (GAAP) decreased sequentially to $166.5 million from $191.2 million in the fourth quarter of 2024. Net income (GAAP) decreased to $19.5 million, or $0.58 per diluted American depositary share (“ADS”) (GAAP), from net income (GAAP) of $21.6 million, or $0.64 per diluted ADS (GAAP), in the fourth quarter of 2024.

    For the first quarter of 2025, net income (non-GAAP) decreased to $20.3 million, or $0.60 per diluted ADS (non-GAAP), from net income (non-GAAP) of $29.4 million, or $0.87 per diluted ADS (non-GAAP), in the fourth quarter of 2024.

    All financial numbers are in U.S. dollars unless otherwise noted.

    First Quarter of 2025 Review

    “Despite the challenging macro environment in the first quarter of 2025, we executed our plan and delivered quarterly revenue at the high end of our guided range and delivered another quarter of gross margin expansion,” stated Wallace Kou, President and CEO of Silicon Motion. “Our industry leading PCIe Gen 5 controller experienced stronger than expected demand during the quarter, partially driven by growing AI inference demands from white box server makers leveraging more mainstream hardware components. Our eMMC and UFS controllers also experienced better than expected demand given a rebound in the smartphone market and our ongoing market share gains. While the near-term remains challenging given the broader economic challenges associated with tariffs and potential trade wars, we remain focused on delivering strong, sustainable long-term growth through product diversification; expanding into new markets; and growing market share across our portfolio of consumer, enterprise, automotive, industrial and storage solutions.”

    Key Financial Results

    ($ in millions, except per ADS amounts) GAAP Non-GAAP
    1Q 2025 4Q 2024 1Q 2024 1Q 2025 4Q 2024 1Q 2024
    Revenue $166.5 $191.2 $189.3 $166.5 $191.2 $189.3
    Gross profit $78.4 $87.6 $85.1 $78.4 $87.9 $85.2
    Percent of revenue 47.1% 45.8% 45.0% 47.1% 46.0% 45.0%
    Operating expenses $68.6 $69.9 $67.2 $63.6 $58.3 $62.5
    Operating profit $9.8 $17.7 $18.0 $14.9 $29.6 $22.6
    Percent of revenue 5.9% 9.3% 9.5% 8.9% 15.5% 12.0%
    Earnings per diluted ADS $0.58 $0.64 $0.48 $0.60 $0.87 $0.64


    Other Financial Information

    ($ in millions) 1Q 2025 4Q 2024 1Q 2024
    Cash, cash equivalents, and restricted cash—end of period $331.7 $334.3 $349.3
    Routine capital expenditures $7.0 $7.3 $5.0
    Dividend payments $17.0 $16.8 $16.8
    Share repurchases $24.3 — —

    During the first quarter of 2025, we had $11.7 million of capital expenditures, including $7.0 million for the routine purchases of testing equipment, software, design tools and other items, and $4.7 million for building construction in Hsinchu, Taiwan.

    Returning Value to Shareholders

    On February 6, 2025, we announced that our Board of Directors had authorized a new program for the Company to repurchase up to $50 million of our ADSs over a six-month period. In the first quarter of 2025, we repurchased $24.3 million of our ADSs at an average price of $56.96 per ADS.

    Business Outlook

    “We are rapidly expanding our market opportunities as we invest in new products and enter new markets, which we anticipate will drive improved revenue and profitability for many years to come. In 2025, we expect to benefit from the introduction of several new products, including our 8-channel PCIE Gen 5 controller, our 4-channel PCIe Gen 5 controller targeting the mass market that will be introduced in late 2025, our higher-end UFS 4.1 and new low-cost UFS 2.2 controllers that will ramp in the second half of 2025. We introduced our first MonTitan enterprise/AI-class products at the end of 2024, and we expect these to ramp-up production with our first customers in the second half of 2025. Additionally, we continue to expand our automotive product portfolio and our market share across multiple applications. While the near-term environment remains challenging given the macro environment, including the potential impact of tariffs and potential trade wars, we continue to believe we will see a strong rebound in the consumer markets in the second half of 2025, enhanced by our new product introductions, and we continue to target a revenue run rate of $1 billion as we exit the year.”

    For the second quarter of 2025, management expects:

    ($ in millions, except percentages) GAAP Non-GAAP Adjustment Non-GAAP
    Revenue $175 to $183
    +5% to 10% Q/Q    		 — $175 to $183
    +5% to 10% Q/Q
    Gross margin 47.0% to 48.0% Approximately $0.1* 47.0% to 48.0%
    Operating margin 6.6% to 9.2% Approximately $3.1 to $4.1** 8.9% to 10.9%

    * Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
    ** Projected operating margin (non-GAAP) excludes $3.1million to $4.1 million of stock-based compensation and dispute related expenses.

    Conference Call & Webcast:

    The Company’s management team will conduct a conference call at 8:00 am Eastern Time on April 30, 2025.

    Conference Call Details
    Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI5c69a4c2d96041b59a2bf8a51cec1881

    A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

    Discussion of Non-GAAP Financial Measures

    To supplement the Company’s unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

    Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

    • the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
    • the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
    • a better understanding of how management plans and measures the Company’s underlying business; and
    • an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

    The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

    Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

    Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments. 

    Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

    Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items, which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

    Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

    Silicon Motion Technology Corporation
    Consolidated Statements of Income
    (in thousands, except percentages and per ADS data, unaudited)
     
      For Three Months Ended
      Mar. 31,   Dec. 31,   Mar. 31,
      2024   2024   2025
      ($)   ($)   ($)
    Net Sales 189,311   191,160   166,492
    Cost of sales 104,191   103,560   88,125
    Gross profit 85,120   87,600   78,367
    Operating expenses          
    Research & development 54,392   54,156   55,026
    Sales & marketing 6,304   7,360   7,115
    General & administrative 6,474   8,350   6,460
    Operating income 17,950   17,734   9,766
    Non-operating income (expense)          
    Interest income, net 3,066   3,768   2,929
    Foreign exchange gain, net 588   1,046   373
    Realized/Unrealized gain(loss) on investments (1,608)   956   3,296
    Subtotal 2,046   5,770   6,598
    Income before income tax 19,996   23,504   16,364
    Income tax expense (benefit) 3,980   1,935   (3,099)
    Net income 16,016   21,569   19,463
               
    Earnings per basic ADS 0.48   0.64   0.58
    Earnings per diluted ADS 0.48   0.64   0.58
               
    Margin Analysis:          
    Gross margin 45.0%   45.8%   47.1%
    Operating margin 9.5%   9.3%   5.9%
    Net margin 8.5%   11.3%   11.7%
               
    Additional Data:          
    Weighted avg. ADS equivalents 33,508   33,690   33,634
    Diluted ADS equivalents 33,701   33,814   33,827
               

        

    Silicon Motion Technology Corporation
    Reconciliation of GAAP to Non-GAAP Operating Results
    (in thousands, except percentages and per ADS data, unaudited)
       
      For Three Months Ended
      Mar. 31,   Dec. 31,   Mar. 31,
    2024   2024   2025
    ($)   ($)   ($)
    Gross profit (GAAP) 85,120   87,600   78,367
    Gross margin (GAAP) 45.0%   45.8%   47.1%
    Stock-based compensation (A) 72   162   73
    Restructuring charges –   164   –
    Gross profit (non-GAAP) 85,192   87,926   78,440
    Gross margin (non-GAAP) 45.0%   46.0%   47.1%
               
    Operating expenses (GAAP) 67,170   69,866   68,601
    Stock-based compensation (A) (3,093)   (9,585)   (4,738)
    Dispute related expenses (1,532)   (1,999)   (277)
    Operating expenses (non-GAAP) 62,545   58,282   63,586
               
    Operating profit (GAAP) 17,950   17,734   9,766
    Operating margin (GAAP) 9.5%   9.3%   5.9%
    Total adjustments to operating profit 4,697   11,910   5,088
    Operating profit (non-GAAP) 22,647   29,644   14,854
    Operating margin (non-GAAP) 12.0%   15.5%   8.9%
               
    Non-operating income (expense) (GAAP) 2,046   5,770   6,598
    Foreign exchange loss (gain), net (588)   (1,046)   (373)
    Realized/Unrealized loss (gain) on investments 1,608   (956)   (3,296)
    Non-operating income (expense) (non-GAAP) 3,066   3,768   2,929
               
    Net income (GAAP) 16,016   21,569   19,463
    Total pre-tax impact of non-GAAP adjustments 5,717   9,908   1,419
    Income tax impact of non-GAAP adjustments (147)   (2,049)   (610)
    Net income (non-GAAP) 21,586   29,428   20,272
               
    Earnings per diluted ADS (GAAP) $0.48   $0.64   $0.58
    Earnings per diluted ADS (non-GAAP) $0.64   $0.87   $0.60
               
    Shares used in computing earnings per diluted ADS (GAAP) 33,701   33,814   33,827
    Non-GAAP adjustments 26   181   20
    Shares used in computing earnings per diluted ADS (non-GAAP) 33,727   33,995   33,847
               
    (A)Excludes stock-based compensation as follows:          
    Cost of sales 72   162   73
    Research & development 2,143   6,670   3,003
    Sales & marketing 347   978   862
    General & administrative 603   1,937   873
               
    Silicon Motion Technology Corporation
    Consolidated Balance Sheet
    (In thousands, unaudited)
               
      Mar. 31,   Dec. 31,   Mar. 31,
      2024   2024   2025
      ($)   ($)   ($)
    Cash and cash equivalents 294,814   276,068   275,140
    Accounts receivable (net) 186,154   233,744   206,693
    Inventories 253,316   199,229   180,903
    Refundable deposits – current 49,610   54,645   53,015
    Prepaid expenses and other current assets 17,944   31,187   32,102
    Total current assets 801,838   794,873   747,853
    Long-term investments 15,489   17,326   20,636
    Property and equipment (net) 174,420   188,398   193,603
    Other assets 32,529   30,739   29,310
    Total assets 1,024,276   1,031,336   991,402
               
    Accounts payable 64,810   17,773   23,048
    Income tax payable 10,702   13,107   14,782
    Accrued expenses and other current liabilities 135,425   168,624   130,277
    Total current liabilities 210,937   199,504   168,107
    Other liabilities 59,883   59,548   50,968
    Total liabilities 270,820   259,052   219,075
    Shareholders’ equity 753,456   772,284   772,327
    Total liabilities & shareholders’ equity 1,024,276   1,031,336   991,402
               
    Silicon Motion Technology Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
       
      For Three Months Ended
      Mar. 31,   Dec. 31,   Mar. 31,
      2024   2024   2025
      ($)   ($)   ($)
    Net income 16,016   21,569   19,463
    Depreciation & amortization 5,608   7,256   7,225
    Stock-based compensation 3,165   9,747   4,811
    Investment losses (gain) & disposals 1,608   (956)   (3,309)
    Changes in operating assets and liabilities (18,586)   (43,774)   22,082
    Net cash provided by (used in) operating activities 7,811   (6,158)   50,272
               
    Purchase of property & equipment (10,749)   (10,836)   (11,661)
    Proceeds from disposal of properties –   3   13
    Purchase of long-term investments –   (4,173)   –
    Disposal of long-term investments –   4,432   –
    Net cash provided by (used in) investing activities (10,749)   (10,574)   (11,648)
               
    Dividend payments (16,808)   (16,814)   (16,956)
    Share repurchases –   –   (24,291)
    Net cash used in financing activities (16,808)   (16,814)   (41,247)
               
    Net increase (decrease) in cash, cash equivalents & restricted cash (19,746)   (33,546)   (2,623)
    Effect of foreign exchange changes 35   (717)   37
    Cash, cash equivalents & restricted cash—beginning of period 368,990   368,596   334,333
    Cash, cash equivalents & restricted cash—end of period 349,279   334,333   331,747
               

    About Silicon Motion:

    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    Forward-Looking Statements:
    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China, including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

    The MIL Network –

  • MIL-OSI: GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) — GBank Financial Holdings Inc. (the “Company”) (OTCQX: GBFH), the parent company of GBank (the “Bank”), today reported net income for the quarter ended March 31, 2025 of $4.5 million, or $0.31 per diluted share, compared to $5.2 million, or $0.37 per diluted share during the fourth quarter of 2024, and $3.7 million, or $0.29 per diluted share, for the first quarter of 2024.

    First Quarter 2025 Financial Highlights (Unaudited)

    • Net income of $4.5 million and diluted earnings per share of $0.31
    • Net revenue(1)of $17.4 million, an increase of 31.4% compared to the first quarter of 2024
    • SBA Lending and Commercial Banking loan originations of $133.0 million, compared to $136.6 million for the first quarter of 2024
    • Gain on sale of loans of $2.5 million on loans sold of $68.7 million, compared to gain on sale of loans of $2.1 million on loans sold of $68.6 million for the first quarter of 2024
    • Credit card charge transactions of $105.6 million and net interchange fees of $2.0 million, compared to $1.1 million and $20 thousand, respectively, for the first quarter of 2024
    • Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately $1.1 million to date
    • Net interest margin of 4.47%
    • Total deposit growth of $189.0 million, or 23.4% compared to March 31, 2024
    • Total on-balance sheet guaranteed loans of $245.6 million, compared to $263.5 million as of March 31, 2024
    • Non-performing assets, excluding guaranteed portions, of $5.7 million, representing 0.48% of total assets

    Edward M. Nigro, Executive Chairman, stated, “While quarterly net revenues(1) increased 31% over the first quarter of 2024, our first quarter noninterest income, driven by the increased monetization of Gaming FinTech operations, increased 51% year-over-year with noninterest revenue exceeding $5 million. And in just these last two weeks, GBFH received SEC approval of its S-1 filing and was approved to commence trading on NASDAQ – we have been busy.”

    Registration Statement on Form S-1

    On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-1 (the “Form S-1”) related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockholders and issued in the Company’s Private Placement Offering (the “Offering”) which closed on October 11, 2024.

    The Company is not currently offering or selling new shares of common stock, and there will be no change to the issued and outstanding number of shares of common stock of the Company in connection with the Form S-1. Copies of the prospectus included in the Registration Statement may be obtained from the Company by request or by visiting
    https://www.sec.gov/Archives/edgar/data/1791145/000147793225002363/gbfh_s1.htm.

    Financial Results

    Income Statement

    Net interest income totaled $11.9 million for the first quarter of 2025, reflecting an increase of $105 thousand, or 0.9%, compared to $11.8 million for the fourth quarter of 2024, and an increase of $1.1 million, or 10.1%, compared to the first quarter of 2024.

    The increase in net interest income from the fourth quarter was driven by a favorable reduction in the cost of deposits, partially offset by lower interest income on loans. The favorable decrease in the cost of deposits of $305 thousand was the result of (i) the redemption of $20 million of certain higher-cost callable brokered deposits during the quarter having a weighted-average interest rate of 4.95%, (ii) rate decreases on interest-bearing deposits resulting from the 50 basis point decrease in the federal funds rate enacted during the fourth quarter 2024 by the Federal Open Market Committee (“FOMC”), and (iii) the non-recurring effect of accelerated recognition of certain premiums on brokered certificates of deposits during the fourth quarter of 2024 totaling $170 thousand. The favorable decrease in the cost of deposits was partially offset by a decrease in interest income on loans of $395 thousand primarily due to the full-quarter impact of the previously mentioned 50 basis point decrease in the federal funds rate on the Bank’s variable rate loan portfolio. Interest income for the first quarter of 2025 reflects the net effect of the reversal of $100 thousand of interest accruals, deferred fees, and deferred costs attributable to $2.8 million of commercial loans placed on nonaccrual status during the first quarter of 2025. Comparatively, the fourth quarter of 2024 reflects the net effect of the reversal of $342 thousand of interest accruals, deferred fees, and deferred costs attributable to $12.4 million of commercial loans placed on nonaccrual status.

    The increase in net interest income when compared to the first quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

    Investment securities yield was 4.94% for the first quarter of 2025, compared to 4.74% for the fourth quarter of 2024 and 4.16% for the first quarter of 2024. The increase in investment securities yield when compared to the previous linked quarter and to the same quarter of 2024 was driven by the purchase of $72.9 million of investment securities over the previous twelve months to replace certain lower-yielding U.S. Treasury securities that matured during 2024.

    The Company’s net interest margin for the first quarter of 2025 decreased to 4.47%, compared to 4.53% for the fourth quarter of 2024 and 4.85% for the first quarter of 2024. The decrease in net interest margin when compared to the fourth and first quarters of 2024 is reflective of the full-quarter impact of the 50 basis point decrease in the federal funds rate enacted in during the fourth quarter of 2024 by the FOMC on variable rate loans, investment securities, and interest bearing cash balances and interest income reversals relating to loans placed on nonaccrual status during the quarter.

    The Company recorded a provision for credit losses on loans of $710 thousand for the first quarter of 2025, a decrease of $627 thousand compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. The provision for credit losses on loans recorded in the first quarter of 2025 reflects quarterly growth in non-guaranteed loans of $24.4 million.

    Non-interest income was $5.5 million for the first quarter of 2025, compared to $5.8 million for the fourth quarter of 2024, and $2.4 million for the first quarter of 2024. The $301 thousand decrease in non-interest income when compared to the fourth quarter of 2024 was driven by a $1.5 million decrease in income from gain on sale of loans due to a decrease in average pretax gain on sale margin and lower sales volume quarter-over-quarter. The decrease in gain on sale of loans was partially offset by an increase in credit card net interchange fees of $1.1 million quarter-over-quarter due to increased credit card transaction volume. The $3.1 million increase in non-interest income when compared to the first quarter of 2024 was driven by (i) an increase in credit card net interchange fees of $2.0 million, (ii) a $643 thousand increase in loan servicing income as the first quarter of 2024 reflected the write-off of certain loan servicing assets totaling $401 thousand relating to the repurchase of the guaranteed portion of previously sold SBA loans, and (iii) a $454 thousand increase in income from gain on sale of loans.

    Net revenue(1) totaled $17.4 million for the first quarter of 2025, representing a decrease of $196 thousand, or 1.1%, compared to $17.6 million for the fourth quarter of 2024. Net revenue(1) for the first quarter of 2025 increased $4.2 million, or 31.4%, when compared to $13.2 million for the first quarter of 2024.

    Non-interest expense was $10.9 million during the first quarter of 2025, compared to $9.7 million for the fourth quarter of 2024 and $8.4 million for the first quarter of 2024. The Company’s efficiency ratio was 62.8%, compared to 55.4% for the fourth quarter of 2024 and 63.4% for the first quarter of 2024. The increase in non-interest expense from the fourth quarter of 2024 is primarily due to an increase of $587 thousand in employee compensation costs attributable to higher commission expenses related to loan production. The increase in non-interest expense also reflects extraordinary legal, professional, and audit fees incurred to date totaling $1.1 million associated with the preparation and filing of the registration statement with the Securities and Exchange Commission on Forms S-1 and S-1/A, approximately $786 thousand of these expenses were incurred during the first quarter of 2025. Additionally, data processing expenses increased $201 thousand when compared to the fourth quarter of 2024 related mainly to higher credit card volume. The increase in non-interest expense from the first quarter of 2024 was driven by a $1.1 million increase in employee compensation costs due to increased staffing levels, as well as a $1.5 million increase in other expenses due to the previously mentioned legal, professional, and audit fees associated with the registration statement filing and increases in data processing, supplies, and other non-interest expenses to support the growth of the organization.

    Income tax expense was $1.2 million for each of the quarters ended March 31, 2025 and December 31, 2024, and $1.1 million for the first quarter of 2024. The Company’s effective tax rate was 21.4% for the quarter ended March 31, 2025 compared to 19.1% for the quarter ended December 31, 2024 and 23.1% for the quarter ended March 31, 2024. The fluctuations in the effective tax rate are largely driven by the timing and volume of certain stock-based compensation transactions resulting in tax benefits to the Company, as well as the timing and volume of state tax adjustments.

    Net income was $4.5 million for the first quarter of 2025, a decrease of $774 thousand from $5.2 million for the fourth quarter of 2024, and an increase of $769 thousand from $3.7 million for the first quarter of 2024. Diluted earnings per share totaled $0.31 for the first quarter of 2025, compared to $0.37 for the fourth quarter of 2024 and $0.29 for the first quarter of 2024. Earnings per share and other share-based metrics have been impacted by the shares issued in the previously mentioned Offering.

    The Company had 175 full-time equivalent employees as of March 31, 2025, compared to 169 full-time equivalent employees as of December 31, 2024, and 150 full-time equivalent employees as of March 31, 2024.

    Balance Sheet

    Total loans, net of deferred fees and costs were $843.4 million as of March 31, 2025, compared to $816.0 million as of December 31, 2024, and $733.6 million as of March 31, 2024. Loans, net of deferred fees and costs increased $27.4 million during the first quarter of 2025 as increases in commercial real estate loans more than offset decreases in commercial and industrial and residential loans. The increase in loans, net of deferred fees and costs of $109.8 million from March 31, 2024 was primarily driven by increases of $97.7 million in commercial real estate loans. Total guaranteed loans as a percentage of loans(1) were 24.2% as of March 31, 2025, compared to 24.7% as of December 31, 2024, and 29.8% as of March 31, 2024.

    The Company’s allowance for credit losses totaled $9.0 million as of March 31, 2025, compared to $9.1 million as of December 31, 2024 and $7.1 million as of March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.07% as of March 31, 2025, compared to 1.12% as of December 31, 2024, and 0.97% as of March 31, 2024. The allowance for loan losses as a percentage of total loans, excluding guaranteed portions(1), was 1.41% as of March 31, 2025, compared to 1.48% as of December 31, 2024, and 1.38% as of March 31, 2024.

    Deposits totaled $995.9 million as of March 31, 2025, an increase of $60.9 million from $935.1 million as of December 31, 2024, and an increase of $189.0 million from $806.9 million as of March 31, 2024. By deposit type, the increase from the prior quarter was driven by an increase of $40.7 million in certificates of deposit and a $23.3 million increase in savings and money market accounts. From March 31, 2024, certificates of deposit increased by $83.9 million, and savings and money market accounts increased by $80.5 million. Noninterest-bearing deposits totaled $242.7 million as of March 31, 2025, an increase of $3.0 million from $239.7 million as of December 31, 2024, and an increase of $26.3 million from $216.3 million as of March 31, 2024.

    The Company’s ratio of loans to deposits was 84.7% as of March 31, 2025, compared to 87.3% as of December 31, 2024, and 90.9% as of March 31, 2024.

    The Company held no short-term borrowings as of March 31, 2025 or December 31, 2024, compared to short term borrowings of $10.0 million as of March 31, 2024. As of March 31, 2025, the Company had approximately $488.3 million in available borrowing capacity from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines.

    Subordinated notes totaled $26.1 million as of March 31, 2025 and December 31, 2024, compared to $26.0 million as of March 31, 2024.

    Stockholders’ equity was $146.6 million as of March 31, 2025, compared to $140.7 million as of December 31, 2024, and $102.6 million as of March 31, 2024. The increase in stockholders’ equity from December 31, 2024 is attributable to increases in retained earnings resulting from net income earned during the quarter. The increase in stockholders’ equity since March 31, 2024 was driven by the previously mentioned Offering, net income earned during the previous twelve months, as well as an increase in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BankCard Services, LLC (“BCS“) during the second quarter of 2024.

    The Company’s common equity to tangible assets ratio was 12.3% as of March 31, 2025, compared to 12.5% as of December 31, 2024, and 10.6% as of March 31, 2024. The Bank’s Tier 1 leverage ratio was 14.2% as of March 31, 2025, compared to 12.9% as of December 31, 2024, and 13.0% as of March 31, 2024. The increase in the Bank’s Tier 1 leverage ratio was the result of the downstream of $15.0 million in additional capital from the holding company to the Bank during the first quarter of 2025. The Company’s book value per share was $10.27 as of March 31, 2025, an increase of 4.1% from $9.87 as of December 31, 2024, and an increase of 28.4% from $8.00 as of March 31, 2024. The increase in tangible book value per share from December 31, 2024 is attributable to net income and increases in additional paid in capital resulting from certain stock-based compensation activity during the quarter. The increase since March 31, 2024 is attributable to net income, the Offering, and the increases in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter of 2024.

    Total assets increased 6.0% to $1.190 billion as of March 31, 2025, from $1.122 billion as of December 31, 2024, and increased 23.5% from $963.4 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily driven by increases in loans and interest-bearing deposits with banks. The increase in total assets from March 31, 2024 was primarily driven by increases in loans, interest bearing deposits with banks, and investment securities.

    Asset Quality

    The provision for credit losses on loans totaled $710 thousand for the first quarter of 2025, compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. Net loan charge-offs in the first quarter of 2025 totaled $828 thousand, or 0.39% of average net loans (annualized), compared to net loan charge-offs of $157 thousand, or 0.07% of average net loans (annualized) in the fourth quarter of 2024 and no net loan charge-offs or recoveries during the first quarter of 2024.

    Nonaccrual loans increased $5.1 million during the quarter to $19.2 million as of March 31, 2025, and increased $13.1 million from $6.1 million as of March 31, 2024. Loans past due 90 days and accruing interest totaled $1.2 million as of March 31, 2025, compared to $40 thousand as of December 31, 2024, and $33 thousand as of March 31, 2024. The balance of loans past due 90 days and accruing of $1.2 million at March 31, 2025 was comprised of one commercial real estate loan totaling $1.1 million and certain credit card balances totaling $49 thousand.

    The Company held no other real estate owned as of March 31, 2025 or 2024, or December 31, 2024.

    Total non-performing assets totaled $20.4 million as of March 31, 2025, an increase of $6.2 million from $14.2 million as of December 31, 2024, and an increase of $14.2 million from $6.1 million as of March 31, 2024. Non-performing assets, excluding guaranteed portions, totaled $5.7 million as of March 31, 2025, an increase of $839 thousand from $4.8 million as of December 31, 2024 and an increase of $4.1 million from $1.6 million as of March 31, 2024.

    Loans past due between 30 and 89 days and accruing interest totaled $14.9 million as of March 31, 2025, an increase of $3.0 million from $11.8 million as of December 31, 2024, and an increase of $11.4 million from $3.4 million as of March 31, 2024. The guaranteed portion of loans past due between 30 and 89 days and accruing interest totaled $11.9 million as of March 31, 2025.

    The ratio of total non-performing assets to total assets was 1.71% as of March 31, 2025, compared to 1.26% as of December 31, 2024, and 0.64% as of March 31, 2024. The ratio of non-performing assets, excluding guaranteed portions, to total assets(1) was 0.48% as of March 31, 2025, compared to 0.43% as of December 31, 2024, and 0.16% as of March 31, 2024.

    Other Financial Highlights

    SBA Lending and Commercial Banking

    SBA Lending and Commercial Banking loan originations totaled $133.0 million for the first quarter of 2025, compared to $120.0 million for the fourth quarter of 2024 and $136.6 million for the first quarter of 2024. Loan sale volume decreased to $68.7 million during the first quarter of 2025, compared to $98.5 million for the fourth quarter of 2024, and increased slightly from $68.6 million during the first quarter of 2024. Gain on sale of loans decreased 36.5% to $2.5 million, compared to $4.0 million for the fourth quarter of 2024, and increased 21.8% from $2.1 million for the first quarter of 2024. The average pretax gain on sale of loans margin was 3.69% for the first quarter of 2025, compared to 4.06% for the fourth quarter of 2024 and 3.04% for the first quarter of 2024.

    Gaming FinTech

    GBank’s partner, BCS, has been actively developing its pipeline of Pooled Player and Pooled Consumer Accounts “Powered by PIMS and CIMS”™. BCS is currently onboarding three new programs. BCS is working with two gaming operators as a part of the latest Product Express partnership with MasterCard and i2c announced during the third quarter of 2024. One client is a cash access service provider in the casino industry and the other is a social gaming operator. Both are working to onboard their prepaid issuing program through this partnership. These programs are expected to be active early in the second quarter of 2025. BCS has executed an additional card issuing agreement with a client offering prepaid access services for cashless venues nationwide. This program went live in the first quarter of 2025. Additionally, the BoltBetz slot machine application is now expected to be fully live in the second quarter of 2025.

    BCS and GBank now have seventeen active payment and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for three new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $37.1 million for the first quarter of 2025, compared to $30.5 million for the fourth quarter of 2024.

    The Bank launched its GBank Visa Signature® Card in the second quarter of 2023 for prime and super-prime consumers, offering one percent cash rewards on gaming transactions and two percent cash rewards on all other purchases.

    Credit card charge transactions were $105.6 million for the first quarter of 2025, compared to $51.7 million for the fourth quarter of 2024 and $1.1 million for the first quarter of 2024. Credit card balances were $2.3 million as of March 31, 2025, compared to $1.6 million as of December 31, 2024 and $542 thousand as of March 31, 2024. Through March 31, 2025, and since launch, the Bank has processed over $172 million in gaming transactions through its credit card product.

    GBank continues to develop and improve its operational credit card systems, including the internal implementation of application landing pages and internal customer service resources. These efforts are a continuation of the Company’s ongoing strategy to ultimately manage all systems directly as opposed to relying on outsourced third parties. Direct control over these critical resources has become more important as we focus are executing on new marketing agreements, create significant additional social media presence, and require related product systems with the ability to perform on a mass scale. Implementation and testing of these initiatives is currently underway with completion anticipated during the third quarter of 2025, which is expected to cause slowing growth in credit card transactions and growth over the short-term.

    Non-Voting Equity Investment in BankCard Services, LLC

    On June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BCS. This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.

    Earnings Call

    The Company will host its first quarter 2025 earnings call on Wednesday, April 30, 2025, at 10:00 a.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

    Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

    • ZOOM Conference ID 826 3030 7240
    • Passcode: 549549

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    Click here to learn more about GBank Financial Holdings Inc.

    Notice Regarding Disclosures and Forward-Looking Statements

    This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    GBank Financial Holdings Inc.
    9115 West Russell Road, Suite 110
    Las Vegas, Nevada 89148
    https://www.gbankfinancialholdings.com/

    FIRST QUARTER 2025 FINANCIAL RESULTS (UNAUDITED)

    Quarter Highlights:
    Net Income Earnings per
    diluted share    		 Net revenue(1) Net interest margin On-balance sheet guaranteed loans Book value per common share
    $4.5 million $0.31 $17.4 million 4.47% $245.6 million $10.27
    CEO COMMENTARY:
    “Our results reflect a continuation of strong earnings, with Company revenues absorbing elevated one-time costs, including SEC related audit, accounting, and legal expenses, which have now totaled approximately $1.1 million to date,” stated T. Ryan Sullivan, President/CEO
    LINKED QUARTER BASIS QTD YEAR-OVER-YEAR
    FINANCIAL HIGHLIGHTS:
    • Net income of $4.5 million and earnings per diluted share of $0.31, compared to $5.2 million and $0.37, respectively
    • Net interest income of $11.9 million, an increase of 0.9%, or $105 thousand
    • Net income of $4.5 million and earnings per diluted share of $0.31, compared to $3.7 million and $0.29, respectively
    • Net interest income of $11.9 million, an increase of 10.1%, or $1.1 million
    • Gain on sale of loans of $2.5 million, a decrease of 36.5%, or $1.5 million
    • Gain on sale of loans of $2.5 million, an increase of 21.8%, or $454 thousand
    • Noninterest income of $5.5 million, a decrease of 5.2%, or $301 thousand
    • Noninterest income of $5.5 million, an increase of 127.2%, or $3.1 million
    • Net revenue(1) of $17.4 million, a decrease of 1.1%, or $196 thousand
    • Net revenue(1) of $17.4 million, an increase of 31.4%, or $4.2 million
    • Noninterest expense of $10.9 million, an increase of 12.2%, or $1.2 million
    • Noninterest expense of $10.9 million, an increase of 30.2%, or $2.5 million
    FINANCIAL POSITION RESULTS:
    • On-balance sheet guaranteed loans of $245.6 million, an increase of 5.0%, or $11.6 million
    • On-balance sheet guaranteed loans of $245.6 million, a decrease of 6.8%, or $18.0 million
    • Total deposits of $996.0 million, an increase of 6.5%, or $60.9 million
    • Total deposits of $996.0 million, an increase of 23.4%, or $189.0 million
    • Stockholders’ equity of $146.6 million, an increase of 4.2%, or $5.9 million
    • Stockholders’ equity of $146.6 million, an increase of 42.9%, or $44.0 million
    LOANS AND ASSET QUALITY:
    • Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 1.26%
    • Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.43%
    • Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 0.64%
    • Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.16%
    • ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.48%
    • ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.38%
    KEY PERFORMANCE METRICS:
    • Net interest margin decreased to 4.47%, compared to 4.53%
    • Net interest margin decreased to 4.47%, compared to 4.85%
    • Loan originations of $133.0 million, an increase of 10.9%, or $13.0 million
    • Loan originations of $133.0 million, a decrease of 2.7%, or $3.6 million
    • Return on average assets and equity was 1.61% and 12.59%, compared to 1.93% and 15.13%, respectively
    • Return on average assets and equity was 1.61% and 12.59%, compared to 1.59% and 14.67%, respectively
    • Book value per share of $10.27, an increase of 4.1% from $9.87
    • Book value per share of $10.27, an increase of 28.4% from $8.00
    GBank Financial Holdings Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
                                       
                          Linked Quarter   Quarter YOY
                          3/31/25 vs. 12/31/24   3/31/25 vs. 3/31/24
    ($’s in 000, except per share data) Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024   $ Var   % Var   $ Var   % Var
    Assets                                  
    Cash and Due From Banks $ 6,701     $ 9,262     $ 5,798     $ 5,409     $ 8,334     $ (2,561 )   -27.6 %   $ (1,633 )   -19.6 %
    Interest-Bearing Deposits With Other Financial Institutions   140,270       114,860       65,160       82,749       45,844       25,410     22.1 %     94,426     206.0 %
    Total Cash and Cash Equivalents   146,971       124,122       70,958       88,158       54,178       22,849     18.4 %     92,793     171.3 %
                                       
    Investment Securities:                                  
    Available For Sale, at Fair Value   71,468       65,609       39,381       2,330       2,588       5,859     8.9 %     68,880     2661.5 %
    Held to Maturity, at Amortized Cost   39,903       40,569       46,043       56,520       86,999       (666 )   -1.6 %     (47,096 )   -54.1 %
                                       
    Loans Held For Sale   41,313       32,649       68,317       40,489       44,901       8,664     26.5 %     (3,588 )   -8.0 %
    Loans, Net of Deferred Fees and Costs:                                  
    Commercial and Industrial   56,885       64,000       53,490       50,498       46,863       (7,115 )   -11.1 %     10,022     21.4 %
    Commercial Real Estate – Non-owner Occupied   672,379       630,551       607,864       583,463       546,408       41,828     6.6 %     125,971     23.1 %
    Commercial Real Estate – Owner Occupied   81,768       88,802       86,785       106,595       110,065       (7,034 )   -7.9 %     (28,297 )   -25.7 %
    Construction and Land Development   3,201       2,934       2,161       529       386       267     9.1 %     2,815     729.3 %
    Multifamily   19,011       17,374       17,398       17,420       17,037       1,637     9.4 %     1,974     11.6 %
    Residential   7,619       10,584       12,025       13,443       12,281       (2,965 )   -28.0 %     (4,662 )   -38.0 %
    Consumer   2,502       1,713       1,276       909       549       789     46.1 %     1,953     355.7 %
    Total Loans, Net of Deferred Fees and Costs   843,365       815,958       780,999       772,857       733,589       27,407     3.4 %     109,776     15.0 %
    Less: Allowance for Credit Losses   (8,997 )     (9,114 )     (7,934 )     (7,342 )     (7,088 )     117     -1.3 %     (1,909 )   26.9 %
    Total Net Loans   834,368       806,844       773,065       765,515       726,501       27,524     3.4 %     107,867     14.8 %
                                       
    Loan Servicing Asset   9,231       8,976       8,046       7,698       7,124       255     2.8 %     2,107     29.6 %
    Restricted Investment in Bank Stock   4,652       4,652       4,652       4,652       3,222       –     0.0 %     1,430     44.4 %
    All Other Assets   42,106       38,943       37,540       43,992       37,937       3,163     8.1 %     4,169     11.0 %
    Total Assets $ 1,190,012     $ 1,122,364     $ 1,048,002     $ 1,009,354     $ 963,450     $ 67,648     6.0 %   $ 226,562     23.5 %
    Liabilities                                  
    Non-Interest Bearing Demand $ 242,650     $ 239,672     $ 229,875     $ 220,438     $ 216,307     $ 2,978     1.2 %   $ 26,343     12.2 %
    Interest Bearing Demand   62,035       68,132       65,623       65,120       63,740       (6,097 )   -8.9 %     (1,705 )   -2.7 %
    Savings and Money Market   280,056       256,724       244,091       222,115       199,549       23,332     9.1 %     80,507     40.3 %
    Certificates of Deposit   411,201       370,552       343,931       332,695       327,326       40,649     11.0 %     83,875     25.6 %
    Total Deposits   995,942       935,080       883,520       840,368       806,922       60,862     6.5 %     189,020     23.4 %
                                       
    Short-Term Borrowings   –       –       –       12,000       10,000       –     0.0 %     (10,000 )   -100.0 %
    Subordinated Debt   26,107       26,088       26,070       26,051       26,032       19     0.1 %     75     0.3 %
    Operating Lease Liability   6,299       4,839       5,032       5,221       5,409       1,460     30.2 %     890     16.5 %
    Other Liabilities   15,048       15,657       16,997       14,769       12,521       (609 )   -3.9 %     2,527     20.2 %
    Total Liabilities   1,043,396       981,664       931,619       898,409       860,884       61,732     6.3 %     182,512     21.2 %
                                       
    Equity                                  
    Common Stock   1       1       1       1       1       –     0.0 %     –     0.0 %
    Additional Paid-in Capital   78,718       77,571       57,287       56,966       53,322       1,147     1.5 %     25,396     47.6 %
    Retained Earnings   68,906       64,437       59,192       54,177       49,501       4,469     6.9 %     19,405     39.2 %
    Accumulated Other Comprehensive Loss   (1,009 )     (1,309 )     (97 )     (199 )     (258 )     300     -22.9 %     (751 )   291.1 %
    Total Stockholders’ Equity   146,616       140,700       116,383       110,945       102,566       5,916     4.2 %     44,050     42.9 %
    Total Liabilities & Stockholders’ Equity $ 1,190,012     $ 1,122,364     $ 1,048,002     $ 1,009,354     $ 963,450     $ 67,648     6.0 %   $ 226,562     23.5 %
                                       
    Book Value Per Common Share $ 10.27     $ 9.87     $ 8.91     $ 8.49     $ 8.00     $ 0.40     4.1 %   $ 2.27     28.4 %
                                       
    GBank Financial Holdings Inc.
    Condensed Consolidated Income Statements
    (Unaudited)
                       
      Three Months Ended
    ($’s in 000, except per share data) Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
    Interest Income                  
    Loans $ 16,836     $ 17,231     $ 17,347     $ 16,360     $ 15,330  
    Deposits With Other Financial Institutions   1,192       1,099       1,367       1,165       972  
    Investment Securities   1,281       1,177       924       868       1,014  
    Other Interest Bearing Balances   100       103       102       96       74  
    Total Interest Income   19,409       19,610       19,740       18,489       17,390  
                       
    Interest Expense                  
    Deposits   7,230       7,535       7,194       6,848       6,198  
    Short-term Borrowings and Subordinated Debt   285       286       287       293       390  
    Total Interest Expense   7,515       7,821       7,481       7,141       6,588  
                       
    Net Interest Income   11,894       11,789       12,259       11,348       10,802  
    Provision for Credit Losses – Loans   (710 )     (1,337 )     (570 )     (283 )     –  
    Provision for Credit Losses – Unfunded Commitments   (11 )     (13 )     (8 )     (12 )     (20 )
    Net Interest Income after Provision for Credit Losses   11,173       10,439       11,681       11,053       10,782  
                       
    Other Income                  
    Gain on Sales of Loans   2,537       3,998       2,838       3,163       2,083  
    Loan Servicing Income   703       597       566       534       60  
    Service Charges and Fees   56       54       48       41       41  
    Net Interchange Fees   2,003       947       284       146       20  
    Other Income   164       168       166       282       201  
    Total Other Income   5,463       5,764       3,902       4,166       2,405  
                       
    Noninterest Expenses                  
    Salaries and Employee Benefits   6,400       5,813       5,495       5,752       5,290  
    Occupancy Expenses   392       398       404       417       447  
    Other Expenses   4,115       3,509       3,156       2,963       2,637  
    Total Noninterest Expenses   10,907       9,720       9,055       9,132       8,374  
                       
    Income Before Provision For Income Taxes   5,729       6,483       6,528       6,087       4,813  
    Provision For Income Taxes   (1,224 )     (1,239 )     (1,513 )     (1,411 )     (1,112 )
    Net Income Before Equity Investment Loss   4,505       5,244       5,015       4,676       3,701  
    Net Loss Attributable to Equity Investment   (35 )     –       –       –       –  
    Net Income $ 4,470     $ 5,244     $ 5,015     $ 4,676     $ 3,701  
                       
    Earnings Per Share $ 0.31     $ 0.37     $ 0.38     $ 0.36     $ 0.29  
    Earnings Per Share (Diluted) $ 0.31     $ 0.37     $ 0.38     $ 0.36     $ 0.29  
                       
    GBank Financial Holdings Inc.
    Average Balances, Rates, and Interest Income and Expense
    (Unaudited)
                                               
              For the Three Months Ended
              March 31, 2025   December 31, 2024   March 31, 2024
    (Dollars in thousands)   Average       Yield/   Average       Yield/   Average       Yield/
              Balance   Interest   Rate(2)   Balance   Interest   Rate(2)   Balance   Interest   Rate(2)
    ASSETS:                                    
      Interest Bearing Deposits   $ 102,628   $ 1,192   4.71 %   $ 85,424   $ 1,099   5.12 %   $ 66,100   $ 972   5.91 %
      Investment Securities:                                    
        Taxable     105,222     1,281   4.94 %     98,712     1,177   4.74 %     98,084     1,014   4.16 %
      Loans and Loans Held For Sale     866,690     16,836   7.88 %     846,583     17,231   8.10 %     727,786     15,330   8.47 %
      Restricted Investment in Bank Stock     4,652     100   8.72 %     4,652     103   8.81 %     3,222     74   9.24 %
        Total Earning Assets     1,079,192     19,409   7.29 %     1,035,371     19,610   7.53 %     895,192     17,390   7.81 %
                                               
      Cash and Due From Banks     6,216             5,938             5,935        
      Other Assets     39,177             38,753             33,602        
          Total Assets   $ 1,124,585           $ 1,080,062           $ 934,729        
                                               
    LIABILITIES & SHAREHOLDERS’ EQUITY                                    
      Deposits:                                    
        Interest-bearing Demand   $ 65,693   $ 355   2.19 %   $ 64,453   $ 385   2.38 %   $ 65,303   $ 393   2.42 %
        Money Market and Savings     264,085     2,411   3.70 %     255,068     2,496   3.89 %     186,372     1,759   3.80 %
        Certificates of Deposit     385,704     4,464   4.69 %     359,285     4,654   5.15 %     309,221     4,046   5.26 %
          Total Interest-Bearing Deposits     715,482     7,230   4.10 %     678,806     7,535   4.42 %     560,896     6,198   4.44 %
                                               
      Short-Term Borrowings     –     –   0.00 %     2     –   0.00 %     7,583     104   5.52 %
      Subordinated Debt     26,095     285   4.43 %     26,076     286   4.36 %     26,021     286   4.42 %
          Total Interest-Bearing Liabilities     741,577     7,515   4.11 %     704,884     7,821   4.41 %     594,500     6,588   4.46 %
                                               
      Noninterest-bearing Deposits     218,874             214,880             220,767        
      Other Liabilities     20,139             22,403             18,003        
      Shareholders’ Equity     143,995             137,895             101,459        
          Total Liabilities & Shareholders’ Equity   $ 1,124,585           $ 1,080,062           $ 934,729        
                                               
      Net Interest Income       $ 11,894           $ 11,789           $ 10,802    
                                               
      Total Yield on Earning Assets           7.29 %           7.53 %           7.81 %
      Cost on Interest-Bearing Liabilities           4.11 %           4.41 %           4.46 %
      Average Interest Spread           3.18 %           3.12 %           3.35 %
      Net Interest Margin           4.47 %           4.53 %           4.85 %
      Net Interest Margin (Bank Only)           4.58 %           4.64 %           4.98 %
    GBank Financial Holdings Inc.
    Additional Financial Information
    (Unaudited)
                         
        Three Months Ended
    ($’s in 000, except per share data)   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
                         
    Key Performance Metrics                    
    Return on Average Assets-Net Income (2)     1.61 %     1.93 %     1.96 %     1.90 %     1.59 %
    Return on Average Stockholders’ Equity(2)     12.59 %     15.13 %     17.29 %     17.59 %     14.67 %
    Efficiency Ratio     62.84 %     55.38 %     56.03 %     58.86 %     63.41 %
    Net Interest Margin(2)     4.47 %     4.53 %     5.00 %     4.82 %     4.85 %
    Net Revenue(1)   $ 17,357     $ 17,553     $ 16,161     $ 15,514     $ 13,207  
    Common Equity / Assets     12.3 %     12.5 %     11.1 %     11.0 %     10.6 %
    Tier 1 Leverage Ratio – Bank     14.23 %     12.90 %     13.08 %     12.88 %     13.03 %
                         
    Selected Loan Metrics                    
    Guaranteed Portion of Loans Held for Sale   $ 41,313     $ 32,649     $ 68,317     $ 40,489     $ 44,901  
    Guaranteed Portion of Loans Held for Investment     204,239       201,267       203,027       215,382       218,619  
    Total Guaranteed Loans     245,552       233,916       271,344       255,871       263,520  
    Guaranteed Loans as a Percent of Loans(1)     24.2 %     24.7 %     26.0 %     27.9 %     29.8 %
                         
    Asset Quality                    
    Total nonaccrual loans   $ 19,220     $ 14,128     $ 5,381     $ 6,470     $ 6,096  
    Loans past due 90 days and still accruing     1,153       40       27       1,142       33  
    Other real estate owned     –       –       –       –       –  
    Total non-performing assets     20,373       14,168       5,408       7,612       6,129  
    Non-performing assets: guaranteed portion     14,687       9,321       3,838       5,396       4,572  
    Non-performing assets: non-guaranteed portion     5,686       4,847       1,570       2,216       1,557  
                         
    Non-performing assets to total assets     1.71 %     1.26 %     0.52 %     0.75 %     0.64 %
    Non-performing assets, excluding guaranteed, to total assets(1)     0.48 %     0.43 %     0.15 %     0.22 %     0.16 %
    Net charge-offs (recoveries)   $ 828     $ 157     $ (22 )   $ 29     $ –  
                         
    Loans past due 30-89 days and accruing   $ 14,853     $ 11,822     $ 12,390     $ 1,054     $ 3,428  
    Loans past due 30-89 days and accruing: guaranteed portion   $ 11,915     $ 8,713     $ 8,535     $ –     $ 1,028  
    Loans past due 30-89 days and accruing: non-guaranteed portion   $ 2,938     $ 3,109     $ 3,855     $ 1,054     $ 2,400  
                         
    Allowance for Credit Losses (ACL)   $ 8,997     $ 9,114     $ 7,934     $ 7,342     $ 7,088  
    Nonaccrual loans   $ 19,220     $ 14,128     $ 5,381     $ 6,470     $ 6,096  
    ACL to nonaccrual loans     47 %     65 %     147 %     113 %     116 %
    ACL to nonaccrual loans, excluding guaranteed(1)     168 %     190 %     514 %     130 %     465 %
    ACL to loans     1.07 %     1.12 %     1.02 %     0.95 %     0.97 %
    ACL to loans, excluding guaranteed(1)     1.41 %     1.48 %     1.37 %     1.32 %     1.38 %
                         
    Book Value                    
    Stockholders’ Equity   $ 146,616     $ 140,700     $ 116,383     $ 110,945     $ 102,566  
    Common shares outstanding     14,271       14,252       13,067       13,061       12,824  
    Book value per common share   $ 10.27     $ 9.87     $ 8.91     $ 8.49     $ 8.00  
    Employees – FTE     175       169       159       155       150  
    GBank Financial Holdings Inc.
    Reconciliation of Non-GAAP Financial Measures
    (Unaudited)
                         
        Three Months Ended
    ($’s in 000, except per share data)   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
                         
    Net Revenue(3)                    
    Net Interest Income   $ 11,894     $ 11,789     $ 12,259     $ 11,348     $ 10,802  
    Non-Interest Income     5,463       5,764       3,902       4,166       2,405  
    Net Revenue   $ 17,357     $ 17,553     $ 16,161     $ 15,514     $ 13,207  
                         
    Guaranteed Loans as a Percent of Loans(4)                    
    SBA and USDA Guaranteed Loans   $ 204,239     $ 201,267     $ 203,027     $ 215,382     $ 218,619  
    Loans, Net of Deferred Fees and Costs     843,365       815,958       780,999       772,857       733,589  
    Guaranteed Loans as a % of Loans     24.2 %     24.7 %     26.0 %     27.9 %     29.8 %
                         
    Non-performing assets, excluding guaranteed, to total assets(4)                    
    Non-performing assets   $ 20,373     $ 14,168     $ 5,408     $ 7,612     $ 6,129  
    Less: SBA and USDA guaranteed portions of non-performing assets     14,687       9,321       3,838       5,396       4,572  
    Non-performing assets, excluding guaranteed portions     5,686       4,847       1,570       2,216       1,557  
    Total assets     1,190,012       1,122,364       1,048,002       1,009,354       963,450  
    Non-performing assets, excluding guaranteed, to total assets     0.48 %     0.43 %     0.15 %     0.22 %     0.16 %
                         
    Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed(4)                
    Nonaccrual loans   $ 19,220     $ 14,128     $ 5,381     $ 6,470     $ 6,096  
    Less: SBA and USDA guaranteed portions of nonaccrual loans     13,859       9,321       3,838       833       4,572  
    Nonaccrual loans, excluding guaranteed portions     5,361       4,807       1,543       5,637       1,524  
    ACL to nonaccrual loans, excluding guaranteed     168 %     190 %     514 %     130 %     465 %
                         
    ACL to loans, excluding guaranteed(4)                    
    Loans, net of deferred fees and costs   $ 843,365     $ 815,958     $ 780,999     $ 772,857     $ 733,589  
    Less: SBA and USDA guaranteed portions of loans     204,239       201,267       203,027       215,382       218,619  
    Loans, excluding guaranteed     639,126       614,691       577,972       557,475       514,970  
    ACL to loans, excluding guaranteed     1.41 %     1.48 %     1.37 %     1.32 %     1.38 %
      (1)  See Reconciliation of Non-GAAP Financial Measures      
      (2) Ratios are annualized on an actual/actual basis          
      (3) We believe this non-GAAP measurement presents trends in income generation of the Company.     
      (4) We believe these non-GAAP measurements provide useful metrics regarding the at-risk assets of the Company.      

    The MIL Network –

  • MIL-OSI: iRhythm Technologies to Present at the Bank of America Securities 2025 Health Care Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, prevent, and predict disease, today announced the company will be participating in the upcoming Bank of America Securities 2025 Health Care Conference.

    iRhythm’s management is scheduled to present on Tuesday, May 13, 2025, 3:40 p.m. Pacific Time/6:40 p.m. Eastern Time. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    The MIL Network –