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Category: Commerce

  • MIL-OSI USA: Following Passage of Republican Tax Bill, Cortez Masto Fights to Restore CFPB Funding, Protect Consumers from Scams

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) introduced the Stop the Scammers Act to restore critical Consumer Financial Protection Bureau (CFPB) funding and authorize the CFPB to reward whistleblowers who report wrongdoing. This legislation follows the passage of the Republican tax bill, which slashed CFPB funding in half and removed vital protections for victims of scams and fraud and people experiencing unfair, deceptive, and abusive practices from financial institutions.

    “The CFPB has proven to be a champion for everyday Americans, protecting them from scammers and predatory business practices,” said Senator Cortez Masto. “Slashing the CFPB’s funding is a short-sighted decision that will have long-lasting effects on working families and our financial markets. It’s important that we not only restore this funding but also give them more tools to keep us safe from scams.”

    The Stop the Scammers Act wouldencourage whistleblowers to come forward by allowing the CFPB to reward whistleblowers with financial compensation from the Civil Penalty Fund. The money for this fund comes directly from monetary penalties imposed on companies and individuals who violate federal consumer financial protection laws. The legislation would also allow whistleblowers to retain independent counsel and protect a whistleblower’s identity. The bill also restores CFPB funding to 12 percent of the Federal Reserve’s operating budget, ensuring the Bureau can carry out its mission and properly protect Americans.

    Read the full bill here. The Stop the Scammers Act has been cosponsored by Senate Democratic Leader Chuck Schumer (D-N.Y.), Banking Committee Ranking Member Elizabeth Warren (D-Mass.) and Senators Angela Alsobrooks (D-Md.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.),Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

    As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading voice fight fraud throughout her career. She sounded the alarm on increasing check fraud scams, which cost consumers millions of dollars each year. The Senator’s bipartisan legislation to deter disruptive and potentially harmful phone calls and texts was signed into law in 2020. Most recently, she called out the Trump Administration’s Internal Revenue Service Commissioner for his involvement in a tax fraud scheme in which he encouraged people to claim a fake Tribal tax credit.

    MIL OSI USA News –

  • MIL-OSI USA: Peters Helps Reintroduce Legislation to Make Child Care More Affordable and Accessible

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    Michigan Continues to Experience Acute Child Care Shortage

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) joined a group of his colleagues in reintroducing the Child Care for Working Families Act. This comprehensive legislation aims to make child care more affordable and accessible for hardworking families in Michigan and across the country. The bill would expand access to pre-K and support full-day, full-year Head Start programs that families rely on. Senator Peters proudly joined this legislation as an original cosponsor amid the Trump Administration’s drastic cuts to resources that help working families succeed, including cuts to health care, food assistance, and Head Start.

    “Lack of affordable child care is an ongoing crisis in Michigan. This issue impacts not only families but our entire economy,” said Senator Peters. “When parents struggle to find child care, they lose out on opportunities to provide for their family, while businesses lose out on talented workers. This bill would help ensure all families can find and afford quality child care, making a needed investment in our nation’s future.”

    A 2023 report from the U.S. Chamber of Commerce Foundation found that a child care shortage is hurting Michigan’s economy on numerous fronts, including reducing labor force participation, causing worker absenteeism, and curbing Michigan’s gross domestic product output. According to the report, between lost tax revenues and business earnings, Michigan loses nearly $3 billion in economic activity every year due to lack of child care access.

    Specifically, the Child Care for Working Families Act would:

    • Improve the quality of child care and expand families’ child care options: The bill would help address child care deserts by providing resources to help open new child care providers in underserved communities. It would also increase child care options for children who receive care during non-traditional hours and support child care for children who are dual-language learners, experiencing homelessness, and in foster care.
    • Support higher wages for child care workers: Child care workers would be paid wages comparable to elementary school teachers who have similar credentials and experience.
    • Expand access to high-quality pre-K: States would receive funding to expand high-quality preschool programs for 3- and 4-year-olds.
    • Better support Head Start programs by providing the funding necessary to offer full-day, full-year programming and increasing wages for Head Start workers.

    Senator Peters has long fought to improve access to affordable child care and support working families in Michigan. As a member of the Appropriations Committee, Peters recently secured resources in funding legislation advanced by the committee to help Central Montcalm Public School’s Early Childhood Center in Stanton, Michigan to provide more child care and educational services for the community. Earlier this year, Peters sent a letter to U.S. Secretary of Health and Human Services Robert F. Kennedy Jr., demanding answers about the closure of five regional Head Start Offices across the country, including Chicago’s Region 5 office, which serves Michigan’s Head Start centers. Peters made clear that this decision will negatively impact the early educational programs and child care support that children and families depend on.

    MIL OSI USA News –

  • MIL-OSI USA: IAM Union Reaches Landmark Tentative Labor Agreement with Boeing Covering 3,200 Defense Workers in St. Louis

    Source: US GOIAM Union

    IAM Union (International Association of Machinists and Aerospace Workers) Negotiators are unanimously recommending a new four-year contract affecting approximately 3,200 highly-skilled IAM Union members at Boeing facilities in St. Louis, St. Charles, Mo., and Mascoutah, Ill.

    The four-year agreement includes improvements throughout the contract, including:

    • Average wage increases of 40% over the life of the agreement 
    • Increases in progression rates
    • Strengthens current medical benefits
    • Increased pension multiplier
    • Overtime improvements
    • Work-life balance

    “Our negotiating committee worked tirelessly to negotiate a deal that represented the concerns of our membership,” said IAM District 837 Directing Business Representative Tom Boelling. “I couldn’t be more proud of the negotiating team and our membership.”

    “This contract puts money in members’ pockets, protects healthcare access, and ensures our members have a voice in future health decisions all while respecting the skill and dedication IAM workers bring to Boeing’s critical defense programs,” said IAM Union International President Brian Bryant.

    “This agreement reflects the strength of our membership and the power of solidarity,” said IAM Midwest Territory General Vice President Sam Cicinelli. “From the shop floor to the bargaining table, our members stood united and it paid off.”

    “We made it clear to the company that protecting our members’ futures was non-negotiable,” said IAM Resident General Vice President Jody Bennett. “With stronger pensions, real wage growth, and better work-life balance, we’ve delivered a contract that meets the moment.”

    IAM members assemble and maintain advanced aircraft and weapons systems, including the F-15, F/A-18, and cutting-edge missile and defense technologies. Their work plays a vital role in safeguarding national security and supporting U.S. and allied defense operations.

    The current agreement expires on July 27, 2025 and a contract ratification vote will be held the same day. 

    The International Association of Machinists and Aerospace Workers (IAM) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries across the United States and Canada.

    goIAM.org | @IAM_Union

    The post IAM Union Reaches Landmark Tentative Labor Agreement with Boeing Covering 3,200 Defense Workers in St. Louis appeared first on IAM Union.

    MIL OSI USA News –

  • MIL-OSI USA: Designations to Appellate Division Courts Announced

    Source: US State of New York

    overnor Kathy Hochul today announced six designations to the New York State Supreme Court, Appellate Division, in the First and Second Departments. Under New York’s Constitution, the Governor designates Justices of the Appellate Divisions from among the elected Justices of the State Supreme Court. This class is composed of highly skilled jurists who come from diverse personal and professional backgrounds, underscoring Governor Hochul’s commitment to ensuring New York State’s judiciary reflects the wide array of people who call New York home. The slate consists of four designations to the Appellate Division, First Department and two designations to the Appellate Division, Second Department.

    “These designations to the Appellate Division are part of my continued commitment to building a judiciary that embodies the highest standards of legal excellence and reflects the rich diversity of New York,” Governor Hochul said. “Each of these jurists brings a wealth of experience and perspective that will strengthen our courts and help ensure that justice is served fairly and equitably across our state.”

    As Justices of the Appellate Division, First Department:

    Honorable Troy Webber, Associate Justice

    Justice Troy K. Webber was elected to the Civil Court, New York County, in 1993 and assigned to the county of her birth, Bronx County. In 2002, she was elected to the Supreme Court. In 2009, Justice Webber was appointed Acting Surrogate in New York County, where she served for almost 2 years and then returned to Supreme Court, Bronx County. In 2016, Justice Webber was appointed to the Appellate Division, First Department.

    Justice Webber began her legal career as an Assistant District Attorney in New York County. She then served as a Law Assistant to a State Supreme Court Justice, Assistant New York State Attorney General and Deputy Bureau Chief at the New York City Law Department. Justice Webber was also a litigation associate at a law firm. Justice Webber is a graduate of New York University School of Law, where she serves on the Alumni Board of Directors.

    Justice Webber serves as Co-Chair of the Franklin H. Williams Judicial Commission and is a member of the Metropolitan Black Bar Association, the Association of Women Judges, the Judicial Friends, and the New York County Lawyers Association. She serves on the New York State Advisory Committee on Judicial Ethics, the Advisory Committee on Criminal Law and Procedure and is a member of the board of directors of JALBCA (Judges and Lawyers Breast Cancer Alert).

    Justice Webber participates in the Scales of Justice Academy, a summer legal educational program for underserved female high school students, as well as the Legal Outreach Program. She mentors students who attend NYU Law School, the City University of New York, John Jay College of Criminal Justice, and Fordham University School of Law and participates in moot court programs sponsored by NYU Law School and New York Law School. Justice Webber is also an adjunct professor in criminal justice at Monroe University.

    Honorable Saliann Scarpulla, Associate Justice

    Justice Saliann Scarpulla is a graduate of Boston University and Brooklyn Law School, cum laude. After law school, Justice Scarpulla clerked for the Hon. Alvin F. Klein in Supreme Court, New York County. When her clerkship concluded, Justice Scarpulla joined Proskauer Rose Goetz & Mendelsohn as a litigation associate. Justice Scarpulla later moved to the Federal Deposit Insurance Corporation as Senior Counsel in the New York Legal Services Office. From the FDIC Justice Scarpulla became Senior Vice President and Bank Counsel to Hudson United Bank.

    Justice Scarpulla returned to the New York State court system in 1999, as Principal Court Attorney to the Hon. Eileen Bransten. She was then elected to the New York City Civil Court in 2001, appointed to the New York State Supreme Court in 2009, and elected to the Supreme Court in 2012. From 2014 to 2020, Justice Scarpulla sat in the New York County Commercial Division, and she was responsible for all international commercial arbitration matters pending in the State Supreme Court. In 2020, Justice Scarpulla was appointed to the Appellate Division, First Department.

    Justice Scarpulla is a contributing author to the Commercial Litigation in New York State Courts treatise and has authored numerous articles on technology and commercial litigation. She is a frequent lecturer for, among others, the Association of the Bar of the City of New York, the New York County Lawyers Association, the New York State Bar Association, the American Bar Association, the Practicing Law Institute, and the New York State Judicial Institute. Justice Scarpulla has received the Louis J. Capozzoli Gavel award and the Thurgood Marshall award from the New York County Lawyers Association, the Rapallo/Scalia award from the Columbian Lawyers Association, and service awards from the National Association of Italian American Women and the New York Women’s Bar Association.

    Justice Scarpulla is active in several New York City and statewide bar associations and is a Business Court Representative to the American Bar Association and Co-Chair of the Artificial Intelligence, Blockchain, and Intellectual Property subcommittee. She is a member of New York’s Commercial Division Advisory Council, and the Co-Chair of the Council’s Subcommittee on Use of Technology in Commercial Division Cases. Justice Scarpulla also sits on the Chief Judge’s Alternative Dispute Resolution Advisory Committee, and, in October 2019, she was appointed for a term to the New York State Continuing Legal Education Board. Justice Scarpulla is a past Co-President and current Board member of Judges and Lawyers Breast Cancer Alert (JALBCA).

    Honorable Shlomo Hagler, Additional Justice

    Hon. Shlomo S. Hagler is the current Presiding Justice of the Appellate Term, First Department. He was appointed to the court in 2021. Justice Hagler began his judicial career in 1999, when he was appointed to New York City Housing Court. In 2003, he was elected to the New York City Civil Court, and in 2008, Justice Hagler was designated an Acting Justice of the Supreme Court, Civil Branch, New York County. As an Acting Justice, he established and presided over an “Innovative Guardianship Part” that combined the authority of the Supreme Court under the Mental Hygiene Law with that of the Housing Court. This initiative aimed to protect and empower vulnerable individuals within the community. In 2012, he was elected to the Supreme Court.

    Justice Hagler earned his undergraduate degree from Yeshiva University in 1988, and a Juris Doctor from the City University of New York Law School in 1991. He started his legal career as an associate at Bartlett, Bartlett & Ziegler, P.C., before serving as Court Attorney to Hon. Martin Shulman, currently an Associate Justice of the Appellate Division, First Department.

    Justice Hagler recently received an award celebrating his 25 years on the bench from the New York County Lawyers Association and in April 2025, received the Benjamin N. Cardozo award from the Jewish Lawyers Guild for excellence in the legal profession. He is also a member of the Board of Governors of the Jewish Lawyers Guild and the Gender Fairness Committee of the Supreme Court, New York County. Justice Hagler has given numerous lectures as a judicial panelist on various legal topics, including protecting tenants with disabilities in housing.

    Honorable Margaret Anne Pui Yee Chan, Additional Justice

    Justice Chan, elected in 2021 to the New York State Supreme Court, serves in the New York County Commercial Division resolving complex business disputes. Before her election, she was an Acting Justice from 2012, handling a wide range of cases from mass torts to constitutional litigation.

    Born in Hong Kong, she immigrated to Canada at age seven and then, at fourteen, to Brooklyn. When she was elected to the New York City Civil Court in 2006, she became the first Asian immigrant woman to become a New York judge. Before ascending to the bench, Justice Chan had an immigration and appellate practice in Manhattan’s Chinatown. Her partner was Benjamin Gim, who co-founded the Asian American Legal Defense & Education Fund.

    Justice Chan attended Brooklyn College full time, where she majored in economics while also working full-time. She later attended Touro Law Center on a scholarship and was the managing editor of the Law Review. She then completed five years as a senior court attorney at the Appellate Division, Second Department.

    Justice Chan serves on various court committees, including the Committee on AI and the Courts and Committee on Pattern Jury Instructions (PJI) – Civil. She also served as a Fordham University School of Law adjunct professor from 2018-2024, teaching legal research and writing and the judicial-externship seminar.

    As Justices of the Appellate Division, Second Department:

    Honorable Elena Goldberg Velazquez, Additional Justice

    Justice Elena Goldberg Velazquez was appointed to the Appellate Term, 9th and 10th Judicial Districts, in 2024, where she hears appeals from landlord-tenant court, small claims court, civil court and criminal court. Recently, Justice Goldberg Velazquez was elected as the President of the Latino Judges Association.

    In 2022, Justice Goldberg Velazquez was elected to the New York State Supreme Court, 9th Judicial District. Presently, she is assigned to Westchester County where she has presided over a variety of civil hearings and trials. Since her ascension to Supreme Court, she has also been published in the New York Law Journal. Prior to becoming a Supreme Court Justice, Justice Goldberg Velazquez was a Yonkers City Court Judge, where she handled criminal matters from arraignment to disposition, landlord-tenant matters (both residential and commercial), small claims and civil matters. She also presided over trials and felony hearings. In addition, while in City Court she was appointed as an Acting Family Court Judge presiding over the Integrated Domestic Violence Court.

    Prior to being elected to the bench, Justice Goldberg Velazquez worked at the Supreme Court, Appellate Division First Department for nearly a decade. Prior to working at the Appellate Division, Justice Goldberg Velazquez worked at private law firms handling primarily civil matters.

    Justice Goldberg Velazquez is an active member of her community, having founded and served as president of her local neighborhood association. She has served as the President of the Puerto Rican Bar Association, Chair of the Women’s Committee and Chair of the Young Lawyers Committee. She is presently a member of the New York State Bar Association, Hudson Valley Hispanic Bar Association, Puerto Rican Bar Association, New York Women’s Judges Association, Westchester County Bar Association, Westchester Women’s Bar Association and the Yonkers Lawyers Association.

    Justice Goldberg Velazquez is a graduate of CUNY School of Law, where she was the managing editor of the New York City Law Review and now serves on the Board of Visitors. She earned her Bachelors of Arts in Political Science and International Relations from Syracuse University where she graduated Pi Sigma Alpha. While at Syracuse, Justice Goldberg Velazquez was on the Dean’s List and a member of the nationally ranked Mock Trial Team.

    Justice Goldberg Velazquez resides in Westchester with her husband and two young daughters.

    Honorable Susan Quirk, Additional Justice

    Hon. Susan Quirk was elected to the Civil Court Bench in Brooklyn in 2016, where she served until 2018. She was then assigned to Brooklyn Family Court in 2018 to augment the bench in response to the enactment and implementation of the Raise the Age legislation, where she presided until 2022 when she was elected to the Supreme Court in Brooklyn where she currently presides over all types of criminal matters.

    Prior to becoming a judge, strongly attracted to both public service and the study of law, Judge Quirk began working as a paralegal in 1998 in the Kings County District Attorney’s Office while attending Brooklyn Law School in the evening. She graduated in 2004, receiving the distinction of being awarded the “Cali Excellence for the Future” Award for achieving the highest grade in Trial Advocacy. Upon being admitted to practice in 2005, Judge Quirk continued her career in public service by becoming an Assistant District Attorney in Brooklyn, where she served with distinction until 2013, when she was designated a Court Attorney Referee in Supreme Court, where she continued to serve the public as a Hearing Officer until her election to the bench.

    Active in the legal community, Judge Quirk is a member of the Supreme Court Justices Association of the City of New York; the Puerto Rican Bar Association; the Brooklyn Bar Association; the Brooklyn Women’s Bar Association; the Columbian Lawyers Association; the Catholic Lawyers Guild, Kings County Chapter; the Richmond County Bar Association; the Staten Island Women’s Bar Association, where she previously served on the Administrative Board; and the New York City Civil Court Judges Association, where she previously served as the Vice President for Richmond County.

    Judge Quirk is the proud mom of two young daughters, both of whom currently attend her alma mater, St. Joseph Hill Academy.

    MIL OSI USA News –

  • MIL-OSI USA: SEED Program Honors More Than 70 Students at Recognition Ceremony

    Source: US State of North Carolina

    Headline: SEED Program Honors More Than 70 Students at Recognition Ceremony

    SEED Program Honors More Than 70 Students at Recognition Ceremony
    lsaito

    Raleigh, NC

    Today, more than 70 high school students from southeastern North Carolina were recognized for successfully completing the SEED (Southeastern Education and Economic Development) Program, a unique career exploration initiative focused on advanced manufacturing and agriculture.

    “Every North Carolinian deserves a chance at success whether or not they want to pursue a traditional four-year degree,” said Governor Josh Stein. “Programs like SEED prepare students for careers in high-demand fields, giving them hands-on experience and industry-valued credentials. Congratulations to these students for their hard work in pursuit of a brighter future.”

    The recognition ceremony, held at the University of Mount Olive, brought together students, educators, industry partners, and community leaders to celebrate the achievements of participants from five area community colleges: Wilson Community College, Lenoir Community College, Wayne Community College, Sampson Community College, and James Sprunt Community College.

    The SEED Program is a registered pre-apprenticeship with ApprenticeshipNC, offering students a structured pathway into high-demand careers through hands-on learning, industry credentials, and exposure to real-world job environments. As a pre-apprenticeship, the program sets students up for success in future apprenticeship opportunities and long-term employment.

    Made possible through generous funding from Smithfield Foods, SEED was created in partnership with the North Carolina Business Committee for Education (NCBCE), local school districts, community colleges, and regional employers. The program provides high school students with hands-on exposure to high-growth careers and helps build a sustainable talent pipeline for North Carolina’s workforce.

    “Smithfield is committed to investing in the future of agriculture and manufacturing by equipping young people with the skills and experiences they need to thrive,” said Jay Bennett, chief human resources officer for Smithfield Foods. “Through our support of the SEED program, we’re building meaningful partnerships with communities and helping students discover rewarding career paths that strengthen our industry and workforce.”

    “At Wayne Community College, we believe in the power of partnerships to transform lives and communities,” said Dr. Patricia Pfeiffer, President, Wayne Community College. “The SEED Program is a shining example of how education, industry, and public support can come together to create meaningful opportunities for our students. By giving them hands-on experiences and a clear path to future careers, we are not only preparing these young people for success but also strengthening the workforce and economy of eastern North Carolina.”

    Throughout the summer, students engaged in immersive experiences, including classroom instruction, industry tours, and technical simulations. The Advanced Manufacturing Academy was hosted by Wilson, Lenoir, and Wayne community colleges, while Sampson, James Sprunt, and Wayne community colleges led the Agricultural Academy.

    “Smithfield’s support helped bring this vision to life, giving students real-world experience in careers with long-term potential – right here in their home communities,” said Julia Wright, Board Chair of NCBCE. “We’re proud to recognize their dedication and growth through this program.”

    Each student received a certificate of completion during the ceremony, recognizing their commitment to personal growth, technical skill development, and work toward building a brighter future for themselves and their communities.

    SEED also provides financial support, covering stipends, supplies, and transportation to ensure students have the resources they need to succeed. In addition to the summer program, SEED supports career awareness for middle school students and offers professional development for teachers and counselors.

    The SEED program continues to grow, with plans to expand into additional counties and career pathways in the coming years.

    For more information on the SEED program, visit ncbce.org/seed.  

    Jul 24, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Secures $1.53 Million Settlement with One of Nation’s Largest Hospital Systems for Unlawful Training Repayment Agreements with Nurses

    Source: US State of California

    Settlement signals the steadfast commitment of California and its state partners to the robust enforcement of worker and consumer protection laws

    SAN FRANCISCO — California Attorney General Rob Bonta today announced a settlement with HCA Healthcare, Inc. and Health Trust Workforce Solutions, LLC (together, HCA), resolving allegations that HCA unlawfully required entry-level nurse employees to repay the cost of a mandatory training program if they did not remain employed with the company for two years. HCA is one of the nation’s largest hospital systems and has several hospitals in northern and southern California. Today’s settlement is the result of a years-long investigation by Attorney General Bonta and the attorneys general of Colorado and Nevada, working in partnership with the Biden Administration’s Consumer Financial Protection Bureau. The states’ investigation found that HCA violated California employment and consumer protection laws as well as the federal consumer financial protection laws by using training repayment agreement provisions (TRAPs) in nurses’ employment contracts. These TRAPs are a form of employer-driven debt, or debt obligations incurred by individuals through employment arrangements.

    “All too often, employer-driven debt forces workers to remain in jobs that they would otherwise leave. That’s not just wrong; it’s illegal under state and federal law. Workers must be able to pursue better pay and better working conditions — not be trapped by debt that their employer makes them take out,” said Attorney General Rob Bonta. “I’m grateful to my fellow attorneys general in Colorado and Nevada for their partnership. With today’s settlement, we are taking a stand for workers in our states by holding HCA Healthcare accountable — ensuring that all affected nurses are made whole financially, that the company pays a penalty for its wrongdoing, and that the company is subject to strong injunctive terms to deter future misconduct.” 

    “California Nurses Association and our national union, National Nurses United, want to thank Attorney General Bonta for his leadership in addressing this growing trend of employers, such as HCA, using debt repayment contracts to lock nurses and other workers into jobs,” said Sandy Reding, RN and a president of the California Nurses Association. “HCA, the largest for-profit hospital system in the country, has a shameful track record of using predatory stay-or-pay contracts, or Training Repayment Agreement Provisions (TRAPS), which handcuff nurses to our employers through the threat of serious financial consequences or ruin. No nurses and no other workers should be locked into a job under the weight of debt to their employer.”

    “The Attorney General has found that HCA’s StaRN scheme violated the law and exploited new nurses in the process. As the largest hospital system in the US, HCA should strive to make nursing a rewarding career, not punish new nurses by entrapping them in debt,” said Rosanna Mendez, Executive Director, SEIU 121RN. “Attorney General Bonta’s action demonstrates that he strongly supports California’s frontline healthcare workers, even when it means taking on a large and powerful corporation.”

    “The StaRN program put new nurses under HCA’s thumb, harming nurses’ morale at a time when we need them the most,” said Leo Perez, President, SEIU 121RN. “HCA is notorious for prioritizing profit over employee well-being. We are hopeful that this settlement will encourage them to reevaluate those priorities.”

    ”We stand with Attorney General Bonta in sending a clear message: Nurses should never be forced into debt just to launch their careers,” said Charmaine S. Morales, RN, President of United Nurses Associations of California/Union of Health Care Professionals. “As advocates who understand the real pressures nurses face, we support this settlement as a powerful step toward holding corporations accountable and protecting the dignity of our profession.”

    As a condition of employment at an HCA hospital, HCA generally requires that entry-level nurse employees complete the Specialty Training Apprenticeship for Registered Nurses (StaRN) Residency Program. The company has advertised StaRN as an avenue for entry-level RNs to get the education and training they need to land their first nursing jobs in an acute-care hospital setting, although StaRN does not provide nurses with education or training necessary for licensure as an RN. Until the Spring of 2023, HCA required that RNs hired through the StaRN program at facilities in several states, including California, sign a TRAP agreement in their new-hire paperwork. The TRAPs purported to require nurses to repay a prorated portion of the StaRN “value” if they did not work for HCA for two years. If a nurse left HCA before the end of the two-year period, then the TRAP loan was typically sent to debt collection.

    HCA imposed TRAPs on nurses who worked at their five hospitals in California: Good Samaritan Hospital in San Jose; Regional Medical Center in San Jose; Los Robles Regional Medical Center in Thousand Oaks; Riverside Community Hospital in Riverside; and West Hills Hospital & Medical Center in West Hills (no longer under HCA ownership).

    Under California’s settlement, HCA will:

    • Pay approximately $83,000 to provide full restitution to California nurses who made payments on their TRAP debt to HCA.
    • Be prohibited from imposing TRAPs on nurse employees and attempting to collect on the approximately $288,000 in outstanding TRAP debt incurred by California nurses who signed TRAPs with HCA.
    • Pay $1,162,900 in penalties to California. 

    HCA will pay a total of $2,900,000 in penalties under settlements filed in California, Colorado, and Nevada today. 

    Employer-driven debt refers to debt incurred by individuals through employment arrangements. This can include arrangements where an employer provides training, equipment, or supplies to a worker, but requires the worker to reimburse the employer for these expenses if the worker leaves their job before a certain date. Employer-driven debt has grown not only in the healthcare industry but also in the trucking, aviation, and the retail and service industries, among others. However, California workers are protected by state law that restricts the use of employer-driven debt, as Attorney General Bonta highlighted in a legal alert issued in July 2023 and a consumer alert in October 2024. Workers who believe their rights have been violated are encouraged to file a complaint at oag.ca.gov/report. 

    Attorney General Bonta is committed to ensuring California continues its vital work as a pillar of consumer protection enforcement and an outspoken advocate for robust federal protections. The settlement today comes on the heels of the 15th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in the wake of the 2008 financial crisis to protect consumers from abusive financial services practices. The Dodd-Frank Act also authorizes state attorneys general to enforce its provisions and thereby promote stability, accountability, and transparency in the United States financial system.

    Attorney General Bonta proudly supports Assembly Bill 692 (AB 692, Kalra), co-sponsored by the California Nurses Association, which would prohibit employment contracts that require workers to pay their employers a debt if they leave their job, regardless of whether that worker was fired, laid off, or quit.

    Pending court approval, a copy of the complaint can be found here and the judgment will be available here shortly. 

    MIL OSI USA News –

  • MIL-OSI USA News: Wide Acclaim for President Trump’s Visionary AI Action Plan

    Source: US Whitehouse

    Yesterday, the White House unveiled the Trump Administration’s transformative strategy to propel the United States into a new era of artificial intelligence dominance. Under President Donald J. Trump’s leadership, this groundbreaking blueprint establishes core tenets to accelerate innovation, fortify essential infrastructure, and assert U.S. leadership in diplomacy and security — cementing our position as the global AI powerhouse.

    As Nvidia CEO Jensen Huang put it: “America’s unique advantage that no country could possibly have is President Trump.”

    The AI Action Plan was immediately hailed across the technology industry:

    AI Innovation Association President Steve Kinard: “President Trump’s AI Action Plan is a bold path to global American leadership. Every American citizen, company, university and institution has a role to play. By prioritizing American workers, free speech, and security, it positions the U.S. to win the AI race and usher in a new era of prosperity and strength. The AI Innovation Association stands ready to support this initiative.”

    Alliance for the Future: “The White House just advanced a more unified national AI strategy. States with clear, effective AI policies will be better positioned for federal support. A strong step toward alignment, innovation, and leadership.”

    Amazon: “Amazon supports & continues to work at the state and federal level to establish consistent standards that promote the secure, responsible development of AI. We look forward to continued collaboration to fully realize AI’s potential in driving economic growth & tech advancement.”

    American Beverage: “We applaud President Trump’s action plan to ensure America’s continued leadership in the global pursuit of artificial intelligence innovation and infrastructure. Maintaining our edge in this technology is important to the growth of American manufacturing and the good-paying jobs manufacturers provide in communities across the country.”

    Chevron Corporation Chairman and CEO Mike Wirth: “President Trump’s American AI Action Plan is a bold and necessary step to ensure the United States leads the next great technological revolution. As I’ve said before, America has triumphed in every industrial era—from steel to energy—and we have the power and leadership to do it again in artificial intelligence. This plan recognizes that AI innovation doesn’t happen in a vacuum—it demands reliable, scalable energy and infrastructure. By streamlining permitting, investing in data centers, and unleashing American energy, the President is laying the foundation for a future where AI strengthens our economy, our national security, and our global leadership. Chevron stands ready to help power this future.”

    American Edge Project CEO Doug Kelly: “President Trump’s AI Action Plan is a giant leap forward in the race to secure American leadership in artificial intelligence. By prioritizing innovation, infrastructure, talent, and global reach, the plan confronts key barriers to American competitiveness, begins to fill long-standing gaps in our national strategy, and helps position the U.S. to beat China in this high-stakes tech race … Time is of the essence: China has had a national plan for global AI leadership since 2017, and is executing it relentlessly with talent, infrastructure, state-backed investment, and international influence. This is our moonshot moment. Now is the time for the country to rally together behind a shared, national mission to win the AI race. The stakes could not be higher.”

    American Innovators Network: “The American Innovators Network (AIN), a national organization representing American Little Tech companies, commends President Trump and his administration for their bold and decisive action to counter China’s growing influence in the global AI landscape. The new guidelines and recommendations unveiled today mark a pivotal moment in securing America’s dominance in this critical technological race, and we are grateful for President Trump’s leadership in prioritizing policies that empower innovation and strengthen our national competitiveness.”

    American Society of Association Executives President and CEO Michelle Mason: “President Trump’s Artificial Intelligence Action Plan strategically positions the United States as a global leader in the development and deployment of AI technology. ASAE applauds the focus on industry-driven training programs that equip workers with the skills they need to be successful in the workforce of tomorrow. ASAE’s members are eager to support efforts to create these training programs, and we encourage continued collaboration between the federal government and the association community.”

    Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “President Trump’s AI Action Plan will ensure America leads the world in innovation, economic freedom, and technological progress. By removing regulatory roadblocks, empowering innovative small business owners, and embracing open-source development, this plan puts the ingenuity of the American people—not bureaucrats—in the driver’s seat of the AI revolution. This move by the White House rightly course-corrects four years of Biden-era efforts to centrally control AI development and stifle American innovation. We applaud the administration’s commitment to protecting free speech and ensuring private-sector breakthroughs aren’t halted by burdensome regulation. It’s now time for Congress to work alongside the administration to codify these efforts in order to create generational change that will enable AI adoption across industries, remove permitting barriers to build infrastructure, and unleash innovation.” 

    Anthropic: “Today, the White House released ‘Winning the Race: America’s AI Action Plan’—a comprehensive strategy to maintain America’s advantage in AI development. We are encouraged by the plan’s focus on accelerating AI infrastructure and federal adoption, as well as strengthening safety testing and security coordination. Many of the plan’s recommendations reflect Anthropic’s response to the Office of Science and Technology Policy’s (OSTP) prior request for information … The alignment between many of our recommendations and the AI Action Plan demonstrates a shared understanding of AI’s transformative potential and the urgent actions needed to sustain American leadership. We look forward to working with the Administration to implement these initiatives while ensuring appropriate attention to catastrophic risks and maintaining strong export controls. Together, we can ensure that powerful AI systems are developed safely in America, by American companies, reflecting American values and interests.”

    Arm: “We commend the Administration’s actions to unleash investment in AI, semiconductors, and the energy to power it. Arm, together with our partners, is working rapidly to bring AI to all forms of computing. Today’s announcements will accelerate AI data center and cloud infrastructure deployment in particular, while advancing plans to promote exports of the U.S. AI stack and ensuring American technology innovation. We look forward to continuing to work with the Administration as it enacts and builds on today’s actions.” 

    Box CEO Aaron Levie: “America’s AI Action Plan is quite strong. It has a clear a mission to win the AI race and accelerate the development and use of AI by removing roadblocks or aiding adoption. Importantly, it focuses on the positive benefits of AI, which we’re all seeing every day.”

    Business Roundtable: “BRT supports the @WhiteHouse AI Action Plan’s efforts to strengthen infrastructure, advance permitting reform, invest in workforce development and develop clear frameworks that empower US businesses to accelerate AI innovation and adoption.”

    Business Software Alliance CEO Victoria Espinel: “The White House AI Action Plan offers a roadmap for the United States’ AI future anchored on the adoption of technology. The Business Software Alliance welcomes ‘America’s AI Action Plan’ for addressing a range of issues including talent and workforce development, infrastructure and data, and AI governance that serve as pillars for successful AI adoption and US competitiveness. BSA appreciates the Action Plan’s commitment to creating the essential conditions for widespread AI adoption. The Action Plan advances key BSA recommendations for AI talent, including developing an AI skills curriculum, improving access to training resources, and leveraging real-time workforce data. It emphasizes the development of critical infrastructure and reliable energy resources necessary to scale AI deployment. The Action Plan also reinforces the roles of the Center for AI Standards and Innovation (CAISI) and NIST in the development of standards and evaluation tools, a foundation for both domestic AI governance and in promoting international collaboration on AI. Additionally, the Action Plan streamlines government procurement processes, enabling public-sector agencies to more effectively access and adopt cutting-edge commercial AI solutions.”

    Center for Data Innovation Senior Policy Manager Hodan Omaar: “The AI Action Plan shows the Trump administration is serious about winning the global AI race. It marks a clear evolution from the President’s 2019 AI initiative and reflects just how dramatically the global AI landscape has shifted over the past six years. The plan rightly recognizes that beating China demands a comprehensive effort—unleashing infrastructure to fuel model development, removing regulatory frictions that slow development and deployment, and promoting the export of American AI technology. These steps put the United States on a path not only to benefit from AI today, but to remain the global leader in the future.”

    Connected Nation Chairman and CEO Tom Ferree: “This marks a transformational moment for American innovation. The release of the National AI Action Plan signals to the world that the United States intends not only to compete—but to lead—in the global race for artificial intelligence. We applaud the Trump Administration’s bold and comprehensive strategy, which rightly prioritizes accelerating innovation, unleashing infrastructure investment, and ensuring our nation’s AI capabilities are second to none. Connected Nation enthusiastically supports the plan’s focus on building out data center capacity, fast-tracking permitting, and expanding our skilled workforce. These are critical steps toward positioning the U.S. as the undisputed hub of next-generation computing.”

    Consumer Choice Center Head of Emerging Technology Policy James Czerniawski: “The AI Action Plan is a bold vision for the future of ensuring AI leadership by the Trump administration. The Golden Age of America is made possible when we position our innovators to be as successful as possible, ensuring American consumers can benefit from the AI revolution happening on our shores. The economy of tomorrow starts with the building blocks laid out in this action plan. The provision which reviews rulemaking of the Federal Trade Commission is especially encouraging, quashing legal theories that would complicate or slow American consumers gaining access to AI technologies. This is a world of difference from the hostile regulatory approach of the Biden Administration, and a welcome breath of fresh air for consumers who want cutting-edge tech.”

    Consumer Technology Association CEO Gary Shapiro: “Congratulations to @POTUS and the @WhiteHouse team on an AI Action Plan recognizing the U.S. must win the global AI race. The plan cuts red tape for innovators, boosts AI adoption across sectors, supports a future-focused AI workforce, and advances the American AI tech stack as the foundation for global tech growth.”

    Data Center Coalition President Josh Levi: “The Data Center Coalition thanks President Trump for releasing Winning the AI Race: America’s AI Action Plan—a bold framework to ensure the United States remains the undisputed global leader in artificial intelligence. The administration’s plan recognizes that developing a robust domestic data center industry is vital to promoting U.S. national security, global economic competitiveness, and continued American AI dominance … Today’s announcement is a major step forward, and we look forward to continuing to work with the administration and lawmakers to ensure the U.S. remains at the forefront of global innovation and digital resilience.”

    Dell Technologies CEO Michael Dell: “Proud to see the White House AI Action Plan accelerating innovation, building home‑grown AI infrastructure, and strengthening America’s security. 🇺🇸 Dell Technologies is all‑in—ready to power U.S. ingenuity, create jobs, and keep us leading the future. 🚀”

    GE Vernova Chief Corporate Officer, Chief Sustainability Officer, and Head of Government Affairs Roger Martella: “It was energizing to see the White House release its action plan today on how the U.S. can make significant strides with leading on #ArtificialIntelligence and #datacenters for the nation and its partners, advancing strategic efforts on a most critical part of the #innovation economy.”

    Gecko Robotics: “Gecko Robotics welcomes the AI action plan published by the White House today. The United States must win the global AI race and will only do so by using artificial intelligence to supercharge energy production itself. At the same time, it is critical that we collect and use high-fidelity data to feed AI models, and we remain at the forefront of leading this charge.”

    General Catalyst Institute President Teresa Carlson: “Today, the Trump Administration unveiled their widely-anticipated AI Action Plan. Upon review, I am encouraged by their pro-growth approach that prioritizes American innovation, national security, and federal leadership over bureaucratic barriers. This policy was not crafted in a vacuum. It was part of an inclusive process, where earlier this year the General Catalyst Institute submitted views on behalf of startups as to how best deepen America’s AI leadership through transformative technologies.”

    Heritage Foundation Center for Technology and the Human Person Acting Director Wesley Hodges: “The AI Action Plan is a call for a new industrial renaissance, an ambitious strategy that the Administration should be commended for leading. It charts the course for building significant domestic compute infrastructure—from expanding energy capacity, to constructing data centers and increasing domestic advanced semiconductor manufacturing. At the same time, the plan also emphasizes that American AI technology must be developed free of ideological bias, and ensure working families are benefited and not left behind. We look forward to supporting the administration’s work to align this technology with human flourishing.”

    IBM Chairman and CEO Arvind Krishna: “IBM applauds the White House for its bold and timely AI Action Plan, which prioritizes open innovation, strengthens U.S. technological leadership, and proposes a supportive regulatory environment for AI development and deployment. The plan is a critical step towards harnessing AI for sustained economic growth and national competitiveness.”

    Information Technology Industry Council President and CEO Jason Oxman: “President Trump’s AI Action Plan presents a blueprint to usher in a new era of U.S. AI dominance. The administration’s vision takes essential steps to ensure the U.S. can win the global AI race by prioritizing U.S. energy production and infrastructure development to power AI’s growth, promoting U.S. AI leadership internationally by supporting the export of the full stack of American AI technologies to partners and allies, and accelerating adoption of AI across the public and private sectors. Importantly, the President’s Plan includes key directives for agencies and communicates clear U.S. policy objectives that will encourage widespread adoption and fuel U.S. technological and economic competitiveness. As agencies begin implementing the President’s plan, we encourage policymakers to invest in modernizing government technology and to leverage industry’s deep expertise to maintain America’s AI leadership.”

    Internet Works Executive Director Peter Chandler: “As the AI race accelerates globally, it’s encouraging to see policymakers recognize the need for bold investment in innovation, adoption, and infrastructure.  Middle Tech companies, many of whom are deployers and integrators of AI tools, are essential to ensuring that AI benefits reach small businesses, everyday users, and communities across the country. We welcome the Trump Administration’s emphasis on modernizing our digital and energy infrastructure and expanding support for open, responsible AI development and adoption.  To win the AI race, we need policy frameworks that are risk-based and right-sized—supporting trust, safety, and competition across the full tech ecosystem. Internet Works stands ready to partner with leaders at every level to shape an AI future that’s secure, innovative, and built for everyone.”

    Lightspeed Venture Partners Founder Ravi Mhatre: “In AI, you either own the frontier or get commoditized. The AI Action Plan helps ensure that America continues to build by streamlining regulation, identifying opportunities for AI to scale, and getting more energy online. It will help ensure America owns the future of AI while others still try to catch up to what we built yesterday.”

    Lumen Technologies: “Lumen Technologies supports the Administration’s AI Action Plan and its call for a unified framework to accelerate AI innovation and next-generation fiber infrastructure deployment across the U.S. As a leading networking services company building the digital backbone for AI, Lumen is investing heavily to meet the demands of AI-driven enterprises and public-sector modernization and understands the criticality of secure, high-performance networks. We applaud the efforts included in the plan by the FCC, OMB and OSTP that aim to reduce regulatory barriers to innovation, modernize permitting, and streamline the NEPA review process for critical fiber and data center infrastructure. Winning the AI future requires clear, consistent policies that accelerate nationwide deployment of network infrastructure and public-private partnerships that turn this plan into reality. Lumen stands ready to work with federal and state agencies to ensure America leads the AI revolution.”

    Meta Chief Global Affairs Officer Joel Kaplan: “The AI race is about the future of US economic power & national security. President Trump’s strong leadership on AI will help us keep our foot on the gas. We’re in the middle of a fierce competition with China for AI leadership. The White House’s AI Action Plan is a bold step to create the right regulatory environment for companies like ours to invest in America. @Meta is proud to be investing hundreds of billions of dollars in job-creating infrastructure across the US, including state-of-the-art data centers, creating American jobs in the process.”

    Micron Technology President and CEO Sanjay Mehrotra: “We support the White House’s AI Action Plan, which underscores the strategic importance of U.S. semiconductor manufacturing as critical infrastructure for the global AI economy. Memory is foundational to AI — powering technologies across data centers, automotive, telecommunications, defense, and consumer electronics. As the only U.S.-based memory manufacturer and a technology leader, Micron is investing $200 billion in manufacturing and R&D to create 90,000 American jobs and help ensure U.S. leadership in the AI era through a resilient and secure supply chain.”

    National Association of Manufacturers President and CEO Jay Timmons: “Reflecting President Trump’s vision for the United States to lead on artificial intelligence, the White House’s AI Action Plan underscores what manufacturers across the country already know: AI is no longer a future ambition—it is already central to modern manufacturing. For years, manufacturers have been developing and deploying AI-driven technologies—machine vision, digital twins, robotics and more—to make shop floors safer, strengthen supply chains and drive growth.”

    National Association of Realtors EVP and Chief Advocacy Officer Shannon McGahn: “We applaud the administration’s release of Winning the AI Race: America’s AI Action Plan, which reinforces the U.S. as a global leader in this transformative technology. It’s especially encouraging to see real estate infrastructure recognized as a cornerstone of America’s future. Housing is essential to economic strength and innovation, and we urge policymakers to apply the plan’s smart permitting strategies to help tackle today’s housing supply crisis.”

    National Association of Wholesaler-Distributors: “The National Association of Wholesaler-Distributors (NAW) applauds President Trump’s newly released AI Action Plan, which outlines a comprehensive and forward-looking approach to federal artificial intelligence (AI) policy. We are particularly encouraged to see several of NAW’s recommendations—submitted during the Administration’s Request for Information process in March—reflected in the plan … NAW looks forward to continuing to work with the Administration to ensure the outcomes from the Action Plan support further AI deployment and adoption across the wholesale distribution industry.”

    National Mining Association President and CEO Rich Nolan: “The administration’s recognition of the importance of existing power plants and prioritization of safeguarding them is clear acknowledgement that the coal fleet is essential to U.S. AI leadership. For the U.S. to guide and shape the AI revolution – and seize this tremendous opportunity – we need a grid and energy resources capable of shouldering the enormous new electricity demand now on our doorstep. Prioritizing the ongoing operation of essential coal plants – with the capacity to meet increased demand – combined with reforming our power markets around the goal of grid stability articulated in this action plan puts us firmly on the path for success.”

    NetChoice Director of Policy Patrick Hedger: “NetChoice applauds the White House’s AI Action Plan overall and is encouraged to see the focus on red tape reduction and investment in America’s future. From unleashing energy to embracing regulatory humility and ensuring our AI systems are adopted around the world, we look forward to working with the President to usher in the Golden Age of American innovation. The difference between the Trump administration and Biden’s is effectively night and day. The Biden administration did everything it could to command and control the fledgling but critical sector. That is a failed model, evident in the lack of a serious tech sector of any kind in the European Union and its tendency to rush to regulate anything that moves. The Trump AI Action Plan, by contrast, is focused on asking where the government can help the private sector, but otherwise, get out of the way.”

    Oil and Gas Workers Association: “President Trump’s EO for rapid buildout of data centers means more demand for reliable, affordable natural gas. Demand = Drilling … Drilling = Jobs … Thank you, @POTUS!”

    Palantir: “AI is the birthright of the country that harnessed the atom and put a man on the moon. With today’s AI Action Plan, the Trump Administration has written the source code for the next American century. Palantir is proud to support it.”

    QTS Co-CEO Tag Greason: “The Trump Administration’s AI Action Plan will advance efforts to ensure the United States maintains leadership in AI, including both technology development and critical digital infrastructure. As the digital infrastructure leader, QTS is focused on responsibly and sustainably building the future of our country and economy. We continue to listen and engage with the communities we call home with a steadfast commitment to providing job opportunities, fostering economic growth, working with local suppliers, and operating as trusted neighbors. This historic action and investment will directly benefit communities where we are developing data centers for AI.”

    Salesforce Inc. President and Chief Legal Officer Sabastian Niles: “We welcome the Administration’s strong emphasis on AI adoption, workforce readiness, and government modernization in today’s AI Action Plan. Trusted AI will be a cornerstone of national competitiveness, security, and continued American innovation.  Salesforce is committed to helping the public and private sectors harness its full potential.”

    Siemens USA President and CEO Barbara Humpton: “Excited to join business leaders today for the launch of The White House’s #AIActionPlan boosting American leadership in #AI and innovation to greater heights. Every day, Siemens USA is using #IndustrialAI to revitalize U.S. #manufacturing, build critical #infrastructure, and expand what’s humanly possible for American workers. We’re creating a new industrial tech sector that combines the real and digital worlds, thanks to Industrial AI, digital twins, software-defined automation, and more. Of course, no company can truly lead in AI without a solid foundation of trust. That’s why I was so pleased to see a framework for accelerating innovation while maintaining security included in the AI Action Plan. By focusing on secure infrastructure, industrial R&D, digital transformation, and workforce development, we can help manufacturers of all sizes join the next AI-driven industrial revolution. It’s an exciting time for Industrial AI, and I can’t wait to see where Siemens, our customers, and our partners will go next with this industry-changing technology.”

    Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “America’s AI future is a powerful and positive one that expands opportunities and unlocks new possibilities and industries. U.S. entrepreneurs are the driving force behind AI innovation, and small business owners are already benefitting from transformative AI tools. The possibilities and opportunities are boundless, but the U.S. must continue to lead and win the AI race. ‘America’s AI Action Plan’ lays out a strategy to make that happen. The plan embraces America’s innovative potential and addresses the incentives and hurdles to fully harness innovation, including the human and physical infrastructure required to cement U.S. leadership. SBE Council congratulates President Trump and the White House team for developing an extraordinary AI Action Plan, and we look forward to working with the Administration and Congress on its implementation.”

    Society for Human Resource Management: “The President’s plan is not just about technology—but about people. The emphasis is on a worker-first approach that addresses American competitiveness in an AI-driven workforce. The plan reflects a fundamental truth that SHRM has long championed: technology alone does not move the workplace forward—people do.”

    Software & Information Industry Association SVP for Global Public Policy Paul Lekas: “The AI Action Plan represents a meaningful strategy to support innovation and security, strengthen U.S. competitiveness, and ensure the benefits of AI are broadly shared. This plan provides the roadmap to cement the United States as the global leader in AI by supporting innovation and security, strengthening U.S. competitiveness, and ensuring the benefits of AI are broadly shared. We’re especially encouraged by the plan’s focus on workforce development and AI literacy as core elements of AI infrastructure. These are key components for building trust and ensuring all communities can participate in and benefit from AI’s potential.”

    Special Competitive Studies Project President Ylli Bajraktari: “Building on the foundational work of the National Security Commission on Artificial Intelligence (NSCAI), SCSP has consistently advocated for a comprehensive national strategy to secure America’s technological future. This AI Action Plan provides a critical component for winning the techno-economic competition of the 21st century. It correctly identifies that our national security and economic prosperity, as well as America’s global leadership position, are now intertwined with leadership in AI. We are committed to helping transform this strategic vision into enduring national policy.”

    TechNet CEO Linda Moore: “TechNet strongly supports the administration’s AI Action Plan and is especially grateful for their willingness to work with industry to establish best practices. This policy framework takes critical steps towards developing a strong domestic workforce, building critical AI infrastructure, launching public-private partnerships, removing regulatory barriers to innovation, strengthening the domestic AI stack, and enhancing U.S. global AI diplomacy. The AI Action Plan makes clear that countering Chinese influence and securing America’s leadership in the AI race are top priorities for the United States. We look forward to continuing to work closely with the administration on policies that advance AI innovation while safeguarding the public interest and ensuring America’s global AI dominance.”

    The James Madison Institute Director of National Strategy Edward Longe: “Trump’s AI action plan isn’t just federal policy—it’s a blueprint state lawmakers should follow immediately to root out the regulatory creep that’s strangling AI, even in red states.”

    U.S. Chamber of Commerce EVP and Chief Policy Officer Neil Bradley: “We applaud President Trump and his administration for issuing the AI Action Plan to strengthen U.S. global leadership in artificial intelligence. This forward-looking plan takes steps to accelerate innovation by fixing a regulatory landscape hobbled by conflicting state-level laws and activist-driven overreach, streamlining permitting for critical AI infrastructure, ensuring reliable and affordable energy for consumers and businesses, and advancing U.S. leadership in AI diplomacy. These proposed actions will position the United States to tackle our most pressing challenges and lead the global AI race by setting the gold standard for the development and deployment of responsible, transformative technologies. America is counting on this crucial technology to propel economic growth for all sectors, from small business to energy and health care, and the AI Action Plan presents a roadmap to unlock AI’s full potential. We will work with the administration to help implement this plan and foster a competitive, open, and innovation-driven AI ecosystem.”

    USTelecom President and CEO Jonathan Spalter: “The Trump Administration’s AI action plan is a turbo boost for American innovation. From clearing regulatory roadblocks to reforming outdated permitting to doubling down on security, this is the kind of bold leadership we need to win the AI race. But even the best-engineered AI needs a track built for speed—and that’s where fiber comes in. Fiber broadband is the fast lane for America’s AI future: powerful, secure, scalable, and built to go the distance, whether you’re in a big city or a heartland town. Broadband providers are tuned up, fully fueled, and ready to work with the Administration to help America stay a lap ahead in the competition for AI leadership.”

    Workday VP of Corporate Affairs Chandler Morse: “Workday has long advocated for federal action that drives critical AI innovation and builds trust. The Administration’s AI Action Plan, announced today, seeks to avoid excessive regulatory hurdles, elevate human potential through targeted and timely reskilling, and accelerate AI adoption at the federal level. This sends a strong message to federal agencies, the U.S. economy, and global stakeholders on the benefits of driving AI competitiveness.”

    xAI: “Today’s announcement by the White House is a positive step toward removing regulatory barriers and enabling even faster innovation for the benefit of Americans and for humanity as a whole. We are pleased to see the White House prioritize AI innovation.”

    Zoom Chief Global Affairs Officer Josh Kallmer: “Just got back from an inspiring day where I had the opportunity to be part of the conversation around the President’s #AI Action Plan. It was energizing to see so many leaders across industries coming together to talk about the future of AI in the U.S.”

    MIL OSI USA News –

  • MIL-OSI Analysis: Always on, always tired, sometimes rude – how to avoid the ‘triple-peak trap’ of modern work

    Source: The Conversation – UK – By Marc Fullman, Docotoral Researcher in Organisational Behaviour, University of Sussex Business School, University of Sussex

    A groaning inbox by 6am? Nanci Santos Iglesias/Shutterstock

    If your first task of the day is triaging a bulging inbox at 6am, you are not alone. A recent Microsoft report headlined “Breaking down the infinite workday” found that 40% of Microsoft 365 users online at this hour are already scanning their emails – and that an average worker will receive 117 emails before the clock rolls around to midnight.

    But that’s not all. By 8am, Microsoft Teams notifications outstrip email for most workers, and the typical employee is hit with 153 chat messages during the day.

    The report states that, while meetings swallow the prime 9am–11am focus window, interruptions arrive every two minutes throughout the day. This perpetual work overload means a third of professionals reopen their inbox to answer more emails at 10pm.

    In short, Microsoft’s telemetry of this “triple-peak” day (first thing, mid-morning and late at night) paints a vivid picture of a work rhythm that never stops.

    From an occupational psychology perspective, these statistics are more than curious trivia. They signal a cluster of psychosocial hazards.

    Boundary Theory holds that recovery depends on clear and solid boundaries – both psychologically and in terms of time – between work and the rest of life. Microsoft’s findings show those limits dissolving. This includes 29% of users checking email after 10pm.

    Similarly, a four-day diary study of Dutch professionals found that heavier after-hours smartphone use predicted poorer psychological detachment and exhaustion the next day.

    This can have wider consequences. When people are busy, rushed or harried, one of the first things to suffer is their regulation of online behaviour. Large-scale survey research shows that ambiguous or curt digital messages occur when we are depleted. These can obviously sap wellbeing in recipients.

    In a 2024 study of workers in the UK and Italy, incivility in emails between colleagues predicted work-life conflict and exhaustion via “techno-invasion”, as workers reported being exposed to an ongoing torrent of unpleasant messaging.

    So-called ‘techno-invasion’ could lead to work-life conflict and emotional exhaustion.
    fizkes/Shutterstock

    My ongoing doctoral research examines how workers respond to messages they receive, and exposes the nuance on different communication platforms. Among the 300 UK workers involved, identical messages were rated as more uncivil on email than on Teams, particularly when they were informal. Frustration on the part of a recipient (in terms of how they interpret a message) accounted for nearly 50% of perceived incivility on email, but only 30% on Teams.

    These findings suggest that choice of platform significantly influences how messages are received and interpreted. Using these insights, organisations can make informed decisions about communication channels, and potentially reduce workplace stress and improve employee wellbeing in the process.

    Microsoft suggests that AI “agent bosses” will rescue workers. These tools could summarise inboxes, draft replies and free up humans for higher-order work.

    The data, however, exposes a cultural contradiction. Managers tell staff to switch off, yet their appraisal spreadsheets tell a different story. In one set of experiments, the same bosses who praised weekend digital detoxing also ranked the detoxers as less promotable than colleagues who were glued to their inboxes.

    Little wonder Microsoft’s own data shows the same late-night peak, despite widespread wellbeing guidance to switch off after hours. Without changing how commitment is signalled and rewarded, faster tools risk accelerating the treadmill rather than dismantling it.

    What organisations can do

    1. Individual level – let people feel they have control

    Encourage “quiet hours” and teach employees to disable non-urgent notifications. Boundary-control research shows that when workers feel they have control over connectivity, it creates a buffer against fatigue caused by after-hours email.

    2. Team level – communication charters

    Teams should agree explicit norms for communication. This could include capping the numbers invited to meetings and insisting on agendas. Simple charters along these lines restore predictability for workers and cut “decision fatigue”.

    3. Organisational level – redesign metrics

    Organisations could shift from visibility (green dots and instant replies) to outcome-based metrics for productivity. This removes the incentive for workers to stay online and aligns with evidence that autonomy is a key resource.

    4. Technological level – AI for elimination, not acceleration

    Workplaces should deploy AI assistants to remove low-value tasks (for example, sorting email or drafting minutes), not just speed them up. Then they should conduct workload audits to ensure the time saved is reinvested in deep work, not simply swallowed up by extra meetings.

    The Microsoft dataset is enormous, but there are two important points to note. First, European jurisdictions with “right to disconnect” laws may be missing from the figures. Second, some metrics (for example, interruptions) are calculated on the most active fifth of users, potentially overstating a typical experience.

    But if the numbers in Microsoft’s report feel familiar, that is precisely the point. The technology designed to liberate workers is now scripting their day minute-by-minute. Occupational psychology researchers warn that without deliberate boundary setting, rising digital job demands will continue to tax wellbeing and dull performance.

    AI can be a circuit breaker, but only if it is accompanied by cultural and structural change that gives employees permission to disconnect.

    The infinite workday is not a law of nature, it is a design flaw. Fixing it will take more than faster software – it will demand a collective decision to prize focus, recovery and civility as fiercely as workers currently prize availability.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Marc Fullman 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. Always on, always tired, sometimes rude – how to avoid the ‘triple-peak trap’ of modern work – https://theconversation.com/always-on-always-tired-sometimes-rude-how-to-avoid-the-triple-peak-trap-of-modern-work-261514

    MIL OSI Analysis –

  • MIL-OSI Security: Patio Furniture Company Grosfillex Inc. to Pay $4.9 Million to Resolve Allegations it Evaded Duties on Extruded Aluminum from the PRC

    Source: United States Attorneys General

    The Justice Department announced today that Grosfillex Inc. (Grosfillex), a patio furniture company located in Pennsylvania, has agreed to pay $4.9 million to resolve allegations that it violated the False Claims Act and other statutes by evading antidumping and countervailing duties (AD/CVD) on items made of extruded aluminum originating from the People’s Republic of China (PRC).

    The Department of Commerce assesses, and U.S. Customs and Border Protection (CBP) collects, antidumping and countervailing duties (AD/CVD) to level the playing field for domestic producers. Antidumping duties protect against foreign companies “dumping” products on U.S. markets at prices below cost, while countervailing duties offset foreign government subsidies. The settlement announced today resolves allegations that Grosfillex knowingly submitted, and caused to be submitted, false customs forms to CBP claiming that certain furniture parts made of extruded aluminum were not subject to AD/CVD. For a subset of such parts, the United States alleged that Grosfillex attempted to camouflage the aluminum extrusions by packaging the parts as sham furniture “kits.” In addition, for a different subset of such parts, Grosfillex knowingly failed to correct customs forms it had submitted previously, even after learning that the forms falsely stated to CBP that certain extruded aluminum parts were not subject to AD/CVD.

    “Antidumping and countervailing duties protect American companies from unfair subsidies and trade practices that harm domestic industries,” said Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “Today’s settlement demonstrates that the Justice Department will continue to actively pursue those who knowingly fail to pay customs duties.”

    “This settlement should serve as a warning that the United States Attorney’s Office for the Eastern District of Pennsylvania will use every tool available to combat fraud in international trade,” said U.S. Attorney David Metcalf for the Eastern District of Pennsylvania. “We will pursue those who seek an unfair advantage in U.S. markets by attempting to evade paying the customs, duties, or tariffs on foreign imports meant to level the playing field for U.S. manufacturers.”

    “The investigation into Grosfillex Inc. highlights our relentless dedication to enforcing our nation’s trade laws and protecting the integrity of our economy. By uncovering and dismantling intricate schemes to defraud the government, we ensure that all businesses operate on a fair and level playing field,” said Special Agent in Charge Edward V. Owens of Homeland Security Investigations (HSI) at the Philadelphia office of U.S. Immigration and Customs Enforcement. “The successful settlement of this case is a testament to the outstanding collaboration between HSI, CBP and the U.S. Department of Justice. We remain vigilant in our efforts to identify and hold accountable those who attempt to exploit our trade system for their benefit.”

    The allegations resolved by this settlement arose from a whistleblower lawsuit filed under the False Claims Act by Edward Wisner, a former employee of Grosfillex. Under the False Claims Act, private citizens can sue on behalf of the government and share in any recovery. Wisner will receive a $962,662.74 share of today’s settlement.

    The settlement was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Pennsylvania, with assistance from CBP.

    Trial Attorney Nelson Wagner in the Civil Division’s Commercial Litigation Branch, Fraud Section, and Assistant U.S. Attorney Mark Sherer for the Eastern District of Pennsylvania handled the matter.

    The pursuit of this matter illustrates the government’s emphasis on combating fraud, waste, and abuse. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential customs fraud can be reported to CBP at www.help.cbp.gov/s/tip.

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

    MIL Security OSI –

  • MIL-OSI USA: Lummis, Fitzgerald Introduce STUDENT Act to Reform National Education Association’s Federal Charter

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    Washington, D.C. –  Senator Cynthia Lummis (R-WY), along with Representative Scott Fitzgerald (R-WI), today introduced the STUDENT Act, legislation that would impose necessary limitations and conditions on the National Education Association’s (NEA) federal charter to bring it in line with other federally chartered organizations and redirect it toward its original purpose of supporting teachers in America. 

    The NEA, which received its federal charter through an act of Congress, has strayed far from its original educational mission. Despite claiming to be “non-partisan,” the nation’s largest union has repeatedly supported divisive political causes through endorsements and financial contributions that harm students’ education and undermine parental rights. Earlier this month, the NEA members voted to cut ties with the Anti-Defamation League (ADL) over its support for Israel. 

    “The NEA has exploited its federal charter to advance a radical political agenda that puts ideology before education,” said Sen. Lummis. “Wyoming parents and teachers deserve better than a union that prioritizes woke politics over student achievement. The resolution passed at the NEA Representative Assembly to cut ties with the Anti-Defamation League because of its support for Israel is abhorrent and does nothing to stem the rising tide of antisemitic incidents we’ve witnessed nationwide. Federal charters should be reserved for organizations that serve patriotic, charitable, historical, or educational purposes – not for unions that push divisive and antisemitic ideologies.”

    “The NEA long ago transformed from an educational association into a political machine, pushing a progressive agenda that puts activists ahead of students’ needs,” said Congressman Scott Fitzgerald. “The STUDENT Act reins in NEA’s federal charter, restores accountability, and demands a return to its original purpose: educating, not indoctrinating, American children.”

    “The National Education Association has failed to respect its duties as a federally chartered organization or as a steward of children’s education,” said Sen. Ricketts.  “Rather than promote educational outcomes, they promote a radical agenda that supports illegal immigration and teaches harmful gender ideology.  It is time for Congress to restore oversight of the entity it created and make sure young Americans receive the education they deserve.”

    “Rep. Fitzgerald and Sen. Lummis should be commended for their leadership in introducing the STUDENT Act, which would address some of the NEA’s most concerning conduct and make it more accountable to the public and even its own members,” said Freedom Foundation CEO Aaron Withe. “The Freedom Foundation is proud to stand with these courageous lawmakers in the fight to restore sanity to public education.”

    “The Endowment for Middle East Truth, EMET, is proud to endorse the STUDENT Act,” said Sarah Stern, President of the Endowment for Middle East Truth (EMET). “We solidly stand behind the ADL’s fight against the rising tide of antisemitism, which has skyrocketed in our country since October 7, 2023, as well as their position on Israel. We are appalled by the National Education Association’s blatant refusal to entertain the ADL’s professional, fair and balanced point of view, and that they have chosen to take a position that effectively condones Hamas’ atrocities against the Jewish people. It’s unfortunate that the NEA no longer works to fulfil its core mission of advancing an American bias-free education and has instead dedicated itself to political indoctrination and prejudice.”

    In addition to Senators Lummis and Ricketts, U.S. Senators Ted Cruz (R-TX), Jim Risch (R-ID), and Tim Sheehy (R-MT) are original cosponsors. 

    Background: 

    A 2023 Freedom Foundation report revealed that the NEA’s federal charter is unusually brief compared to other Title 36 federally-chartered organizations, allowing the union to operate with minimal oversight while enjoying taxpayer-funded benefits. 

    Key Provisions of the STUDENT Act:

    • Bans promotion of antisemitic beliefs, including harmful stereotypes about Jewish people, Holocaust denial or minimization, and hatred based on Jewish identity or connection to Israel
    • Prohibits the union from promoting or requiring adherence to critical race theory concepts.
    • Prohibits the NEA from engaging in electoral politics and lobbying, a restriction included in 60 percent of federal charters;
    • Eliminates the NEA’s exemption from Washington, D.C. property taxes 
    • Requires explicit member consent for all dues and fees 
    • Mandates comprehensive record-keeping and document accountability 
    • Directs all assets to the Department of Treasury if the NEA dissolves 
    • Prohibits discrimination and hiring quotas 
    • Prevents the NEA and its affiliates from calling strikes or work stoppages 
    • Requires all NEA officers to be U.S. citizens 
    • Establishes transparent governance standards 

    So far, the STUDENT Act has been endorsed by the following state and national organizations:

    • Alabama Policy Institute 
    • American for Fair Treatment 
    • Beacon Impact 
    • Buckeye Institute 
    • California Policy Center 
    • Center for the American Experiment 
    • Commonwealth Foundation 
    • Competitive Enterprise Institute 
    • Consumer Action for a Strong Economy 
    • Defense of Freedom Institute 
    • Endowment for Middle East Truth 
    • Foundation for Government Accountability 
    • Freedom Foundation 
    • Goldwater Institute 
    • Heartland Impact 
    • Heartland Institute 
    • Idaho Freedom Foundation 
    • Illinois Policy Institute 
    • Independent Women’s Voice 
    • Institute for Reforming Government Action Fund 
    • Institute for the American Worker 
    • John Locke Foundation 
    • Kansas Policy Institute 
    • Mackinac Center for Public Policy 
    • National Right to Work Committee 
    • Nevada Policy 
    • Palmetto Promise Institute 
    • Parents Defending Education Action 
    • Rio Grande Foundation 
    • Thomas Jefferson Institute for Public Policy 
    • Upper Midwest Law Center 
    • Yankee Institute 
    • Young America’s Foundation 

    Read the full bill text here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Employment – MBIE facing legal action over attempt to curb flexible work including working from home arrangements – PSA

    Source: PSA

    The PSA has just filed legal action with the Employment Relations Authority over MBIE’s disregard of existing flexible work arrangements including working from home which are protected under the PSA’s collective agreement with the Government department. 
    The Ministry for Business, Innovation and Employment (MBIE) has recently introduced a new Flexible Work Policy to align with the Government’s directive to restrict flexible work arrangements for public service workers including reducing days working from home. This directive is also itself subject to legal action by the PSA.
    “Cracking down on flexible work is the wrong approach from employers in 2025,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
    “Working from home and flexible work are generally a win-win for employers and employees, that’s why we are asking MBIE to stick with current flexible work arrangements and look for more ways to enable flexibility which we know is particularly valuable for women, people with disabilities and everyone with caring responsibilities.
    “The PSA originally raised objections to MBIE’s flexible work guidance in June 2025 and then tried to resolve this dispute through mediation, but this failed. MBIE hasn’t been willing to backdown, leaving the PSA with no choice but to take this step to protect the rights of MBIE staff included in existing agreements.
    “The collective agreement binds MBIE to supporting flexible work, so its new policy is simply unlawful. We are seeking a determination from the ERA that MBIE is violating the ‘flexible by default’ approach which forms part of its collective agreement with members.
    “Employees at MBIE have a right to flexible work arrangements which suit their individual circumstances unless there is a good business reason not to. Now MBIE is saying working from home and other arrangements must be re-negotiated, their position is that all new arrangements are to be reviewed every six months with the aim of reducing the number of days worked from home.
    “MBIE wants to meet individually with employees to tell them they need to make a new flexible work request which will be considered under the more restrictive policy,” said Fitzsimons.
    “MBIE can’t just change existing agreements which are protected under the collective.
    “This is a backward step, going against all international evidence and tr

    MIL OSI New Zealand News –

  • MIL-OSI: MSBFUND significantly increases its holdings of SOL tokens, injecting confidence into ecological development and driving a new round of value reassessment for the Solana chain

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, USA , July 24, 2025 (GLOBE NEWSWIRE) —

    In July 2025, the global compliant digital asset trading platform MSBFUND officially announced a large-scale increase in its holdings of Solana ecosystem token SOL, surpassing 2.5 million tokens and becoming a focal point in the industry. According to on-chain data, MSBFUND has recently completed multiple transactions to accumulate SOL, with a single-day net purchase exceeding 300,000 SOL. This move not only strengthens the platform’s foresight in mainstream public chain asset allocation but also sends a strong signal of ecological support to the market.

    MSBFUND stated that this strategic increase in SOL holdings is based on its high recognition and long-term confidence in the future development of the Solana ecosystem. As one of the most promising high-performance blockchains today, Solana continues to demonstrate strong developer attraction and application expansion capabilities in fields such as DeFi, GameFi, and NFTs, thanks to its ultra-high TPS and extremely low gas fees. Especially as competition within Layer 1 ecosystems becomes clearer, SOL’s value is undergoing a systematic reassessment.

    MSBFUND’s actions are not merely about asset allocation; the platform has initiated a three-pronged strategic deployment model that includes “SOL staking + DeFi custody + ecological investment.” By smart-staking its SOL holdings to obtain on-chain yields and leveraging professional custody mechanisms in the DeFi space, the platform is investing part of its funds into early Solana projects and infrastructure development. For instance, MSBFUND has partnered with well-known blockchain foundations such as StarBridge Foundation and MetaChain Growth Fund to establish a “SOL Ecosystem Incubation Fund,” with an initial scale of $30 million, focusing on emerging decentralized protocols and foundational components for blockchain games within the Solana network.

    Liam Carter, Chief Strategy Officer of MSBFUND, stated, “We not only see the appreciation potential of SOL as a main chain asset but also value the developer activity and technical scalability behind its ecosystem. This large-scale acquisition is part of MSBFUND’s long-term value allocation strategy, aimed at injecting sustained capital and confidence into the SOL ecosystem.”

    Several industry research institutions have noted that MSBFUND’s actions have boosted the market price of SOL to some extent. Data shows that within 48 hours of this announcement, SOL’s price increased by nearly 9%, trading volume doubled, and the market capitalization of several Solana ecosystem projects also rose, creating an on-chain “capital demonstration effect.”

    This round of accumulation by MSBFUND not only reflects its keen insight in asset allocation but also showcases the platform’s strategic foresight and ecological empowerment in the global digital financial landscape. As a globally compliant platform registered with the U.S. MSB (Money Services Business), MSBFUND has long served high-net-worth clients, family offices, and professional investment institutions.

    Adhering to the three core principles of “compliance, security, and professionalism,” MSBFUND continuously expands its R&D investments in technologies such as AI risk control, on-chain auditing, and intelligent trading, gradually building a leading global digital asset financial platform system. This firm increase in SOL holdings is not only a judgment on the future of the market but also a deep belief in and commitment to the long-term value of digital assets.

    Media Contact

    Company Name: MSB FUND

    Contact: Robert V. Adams

    Website: https://msbfund.com

    Email: Robert@msbfund.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI Canada: More support on the way to strengthen rural communities

    Rural and remote communities, First Nations and not-for-profit organizations can submit applications to fund projects that strengthen and diversify their economies.

    This is through the Rural Economic Diversification and Infrastructure Program (REDIP). The fourth intake opened on Thursday, July 24, 2025, and runs until Oct. 31, 2025. 

    In its first three years, REDIP will have invested as much as $142 million in more than 450 projects throughout B.C. that will create an estimated 7,000 jobs in rural areas. These projects promote economic diversification, resilience, clean-economy opportunities and infrastructure development.

    Communities can receive funding through four streams:

    • capacity – helps communities build internal capacity for economic development by providing up to $50,000 per year for up to three years and access to development funding of up to $100,000 to launch priority projects;
    • development – supports business planning, feasibility assessments and other developmental steps for business and economic diversification opportunities in rural B.C., up to $100,000;
    • implementation – supports the development of new economic infrastructure and the implementation of economic services, programming or operations directly related to diversification in rural communities, up to $1 million; and
    • community transition – supports communities experiencing a major economic change resulting from the loss of a major employer or linked to major projects in the province.

    Business BCeIDs are now required as part of the REDIP application process. As BCeID account registration can take several weeks, applicants are encouraged to register early at: https://www.bceid.ca/

    Learn More:

    For more information about the Rural Economic Diversification and Infrastructure Program and to see a list of approved REDIP projects from previous intakes, visit: https://gov.bc.ca/redip

    MIL OSI Canada News –

  • MIL-OSI: Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco

    Source: GlobeNewswire (MIL-OSI)

    Over 100 exciting talks are free for the Bay Area tech community to attend

    SAN FRANCISCO, July 24, 2025 (GLOBE NEWSWIRE) — Odoo, the leading provider of enterprise resource planning (ERP) and customer relationship management (CRM) open-source business management software, announced Google Cloud as a key technology partner for Odoo Connect 2025, taking place September 4–5 at Pier 27 on the Embarcadero in San Francisco. Google Cloud joins other partners including Avalara and the San Francisco Chamber of Commerce.

    “Google Cloud’s sponsorship is a testament to the growing momentum behind Odoo and the value of open-source solutions in today’s business landscape,” said Wilfried Juncker, Managing Director of Americas at Odoo. “We’re excited to welcome the Bay Area tech community to join a broader conversation on how technology can better serve businesses of all sizes.”

    Attendees can expect more than 100 talks led by Odoo experts, partners, and community members, covering a wide spectrum of topics from AI and automation to operations, marketing, and finance. The event will also feature over 40 exhibitors, creating space for collaboration, discovery, and meaningful networking. For those looking to deepen their skills, SmartClasses offer immersive, hands-on training with direct guidance from Odoo experts.

    The event will also showcase real-world case studies that highlight Odoo’s impact. For instance, Bay Alarm Medical, a medical alert company, integrated all functions including accounting, reporting, eCommerce, billing and payments, into Odoo to provide a complete and transparent view of all ongoing business processes. With Odoo as a central platform, Bay Alarm transformed its internal operations, improving visibility and efficiency to better serve customers, support informed decision-making, and position the company for long-term growth.

    Premium ticket holders will have access to exclusive benefits, including a private networking lounge, an invite-only dinner, and an after-party featuring a DJ and live band.

    Register now to join Odoo this fall: https://odoo.com/upraise.

    About Odoo
    Since its creation in 2002, Odoo has emerged as among the fastest growing integrated business solutions providers with more than 15 million users worldwide. With its range of integrated, scalable and functional applications, Odoo offers a comprehensive, modular suite that meets the specific needs of every business, making it a suitable solution for organizations of all sizes and sectors, from start-ups to large corporations.

    Odoo employs more than 6,000 people worldwide, and has built a partner network of over 8,000 organizations. Headquartered in Belgium, Odoo serves a global community of 13 million users. For more information, visit www.odoo.com.

    Media Contact
    Valeria Carrillo
    Public Relations for Odoo
    Odoo@upraisepr.com
    415-397-7600

    The MIL Network –

  • MIL-OSI USA: Gov. Kemp: Pilgrim’s to Build New Prepared Foods Facility, Creating 630 New Jobs in Walker County

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that Pilgrim’s, one of the world’s leading food companies, will invest $400 million to expand its footprint in Georgia. The company will build a new, multi-phase prepared foods facility in LaFayette, Walker County, supporting more than 630 new jobs at full capacity.

    “Georgia’s No. 1 industry of agriculture continues to drive growth with companies like Pilgrim’s creating quality jobs in communities like LaFayette,” said Governor Brian Kemp. “As our state’s economy continues to advance, we are excited to see these continued innovations and the opportunities they will bring for hardworking Georgians.”

    Pilgrim’s is a leading global provider of high-quality food products. Across the State of Georgia, the company currently supports an estimated 7,500 jobs and operates seven food production facilities, in addition to supporting facilities like feed mills and hatcheries.

    “Expanding the Pilgrim’s footprint in Georgia highlights our ongoing commitment to the region and our company’s long-term growth strategy,” said Fabio Sandri, Pilgrim’s CEO. “This significant investment will allow further growth of our prepared foods business by expanding brands like Just Bare, Pilgrim’s, and Gold Kist, and supporting increasing demand in retail and foodservice channels. We are also proud of our role in creating jobs and being a strong community partner.”

    The new facility, located at the Walker County Business Park in LaFayette, will produce a variety of fully cooked chicken products to support the growth of its fast-growing prepared foods business. The project is expected to get underway in the fall of 2025, and hiring is expected to begin in 2027, aligning with the expected completion of the first phase of construction. To learn more about Pilgrim’s, including where interested individuals can apply for jobs, visit jobs.pilgrims.com.

    “We welcome Pilgrim’s to Walker County and LaFayette,” said LaFayette Mayor and Chairman of the Walker County Development Authority Andy Arnold. “Pilgrim’s has a wonderful history of positive community involvement, and the creation of up to 630 jobs for our area is a game changer for many families. We look forward to our partnership.”

    “This is a tremendous opportunity for Walker County to provide stable jobs and long-term security for residents who want to work where they live,” said Chairwoman and CEO Angie Teems, Walker County Government. “Not only is this a well-respected company with a strong track record, but it already has a presence in our community through its partnerships with local poultry growers. Expanding their operations here is a natural next step that will strengthen our local economy and reinforce our county’s commitment to supporting hardworking families.”

    Senior Regional Project Manager Lori Dowdy represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with the Walker County Development Authority and Georgia Quick Start.

    “We are excited that Pilgrim’s continues to grow its footprint and drive economic opportunities here in Georgia,” said GDEcD Commissioner Pat Wilson. “Agriculture has long been the backbone of our economy, laying the groundwork for today’s thriving food and beverage sector. Critical industries like cold storage and logistics build on that legacy, generating jobs and opportunities across the state. Congratulations to Walker County for helping bring these new investments and possibilities to LaFayette.”

    About Pilgrim’s

    Pilgrim’s employs over 61,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland, and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.

    MIL OSI USA News –

  • MIL-OSI: Cegedim: Like-for-like revenues grew 2.8% in the first half

    Source: GlobeNewswire (MIL-OSI)

         

    PRESS RELEASE

    First-half financial information as of June 30, 2025
    IFRS – Regulated information – Not audited

    Cegedim: Like-for-like revenues grew 2.8% in the first half

    • Revenue grew 1.1% as reported and 2.8% LFL to €322.5 million in the first half of 2025.
    • The HR, marketing, health insurance, and digitalization businesses delivered the most solid growth.

    Boulogne-Billancourt, France, July 24, 2025, after the market close

    Revenue

      First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Life for like(1)(2)
    Software & Services 144.4 152.1 (5.1)% (1.5)%
    Flow 53.4 49.5 +7.8% +7.7%
    Data & Marketing 63.4 59.3 +6.9% +6.8%
    BPO 43.2 39.9 +8.1% +8.1%
    Cloud & Support 18.2 18.1 +0.3% +0.3%
    Cegedim 322.5 319.0 +1.1% +2.8%

    Cegedim’s consolidated first-half 2025 revenues rose to €322.5 million, up 1.1% as reported and 2.8% like for like(1) compared with the same period in 2024.

    The HR, marketing, health insurance, and invoice & procurement digitalization businesses delivered the most solid growth over the first half. The deconsolidation of INPS in the UK on December 10, 2024, following its voluntary placement in administration, weighed on reported growth at the Software & Services division and Group level.

    Analysis of business trends by division

    • Software & Services
    Software & Services First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Cegedim Santé 38.4 38.9 (1.3)% (5.7)%
    Insurance, HR, Pharmacies, and other services 87.5 86.7 +0.9% +1.0%
    International businesses 18.5 26.5 (30.3)% (3.2)%
    Software & Services 144.4 152.1        (5.1)% (1.5)%

    Revenues at Cegedim Santé fell 1.3% as reported in the first half, and 5.7% like for like. Visiodent contributed over the entire first half, vs just four months in 2024. Maiia software and the Claude Bernard database both performed well, whereas orders for more established offerings were somewhat subdued. Sales mainly slowed because a data service agreement came to an end in late 2024 and was renewed in the second quarter of 2025 at a lower rate.

    The division’s other French subsidiaries saw revenue growth of 0.9% as reported and 1.0% like for like. The division was propelled by a surge in HR business across all client segments and by Health insurance, thanks to robust project-based sales, with new signings and the start of projects won in 2024. On the other hand, business with pharmacists in France was a drag on growth.

    International businesses posted reported revenues down 30.3% owing to the deconsolidation of INPS in the UK from December 10, 2024, following its voluntary placement in administration. Like-for-like revenues fell 3.2%. The decline was again due to the UK: the Pharmacy First program in H1 2024 created a challenging comparison for pharmacy activities and a client of Activus, a UK subsidiary selling software for health and provident insurance for expats, went out of business. Even so, both businesses have clear prospects that will reverse the downward trend in the months ahead. Other international activities had a positive quarter—particularly in Spain—and remain on track.

    Flow First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(2)
    e-business 32.1 30.0 7.1% 7.0%
    Third-party payer 21.3 19.5 8.8% 8.8%
    Flow 53.4 49.5 7.8% 7.7%

    First-half growth in e-business, e-invoicing, and digitized data exchanges was 7.1% as reported and 7.0% like for like. Both of the division’s two main business lines contributed: “Invoicing & Procurement” (France and UK) and “Healthcare Flows” (notably in pharmaceutical supply chain security for hospitals).

    The Third-party payer business experienced 8.8% growth in H1. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings, a trend that began in the second half of 2024 and continued in H1 2025 with the signing of a fourteenth client.

    • Data & Marketing
    Data & Marketing First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Data 28.7 28.0 2.5% 2.3%
    Marketing 34.7 31.3 10.8% 10.8%
    Data & Marketing 63.4 59.3 6.9% 6.8%

    Data businesses were up 2.5% in the first half on the back of a strong performance in France, which offset a mixed showing abroad.

    The Marketing segment posted robust H1 growth of 10.8% owing to strong sales after new client wins and brisk business with existing clients.

    BPO First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Insurance BPO 31.2 28.7 8.8% 8.8%
    Business Services BPO 12.0 11.2 6.4% 6.4%
    BPO 43.2 39.9 8.1% 8.1%

    The Insurance BPO business grew by 8.8% over the first half, chiefly owing to its overflow business, which has been flourishing because it serves a critical need for clients.

    Business Services BPO (HR and digitalization) reported growth of 6.4% in the first half, again on the back of a popular compliance offering, which is winning new clients.

    • Cloud & Support
    Cloud & Support First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Cloud & Support 18.2 18.1 0.3% 0.3%

    Cloud & Support division revenues grew 0.3% in the first half. The non-renewal of a significant outsourcing contract in the second quarter was a drag on growth and obscured the fact that an expanded range of products backed by Cegedim’s sovereign cloud has been very successful.

    Highlights

    • SBTi validates Cegedim’s decarbonization targets

    The Science Based Targets initiative (SBTi) officially validated Cegedim Group’s greenhouse gas emission reduction targets on June 12, 2025. SBTi is the global standard for measuring companies’ carbon footprints and certifying their stated action plans for reducing emissions in line with the ambitious goals of the Paris Climate Agreement. Cegedim is now part of the select group of about 8,000 companies whose plans have been validated. This major step reflects the strong commitment of Cegedim’s senior management, also mobilizing all subsidiaries, to the sustainable development of the Group’s activities.

    • Switch to Euronext Growth

    At its meeting on June 13, 2025, the Board of Directors decided to move forward with the resolution approved that same day by the general shareholders’ meeting to transfer Cegedim’s shares to the Euronext Growth stock exchange. The Group is currently completing formalities so it can make the switch in early September 2025. The Group discussed the rationale for the move and its impacts in a press release dated June 13, 2025.

    • Conversion of the credit facility into a sustainability-linked loan

    On June 16, 2025, the Group negotiated an addendum with all of the parties to its loan agreement to add performance clauses related to 2030 ESG commitments, making this a sustainability-linked loan. By adhering to the annual Scopes 1 & 2 and Scope 3 decarbonization trajectory validated by SBTi, and by making progress on gender equality in senior management, the Group will be able to lower interest rate by up to 0.05 percentage points for the bank portion and by 0.10 to 0.40 percentage points for the non-bank portion. Conversely, failure to respect those commitments will increase the interest rate by a commensurate amount. The first milestone for applying this arrangement will be the 2025 ESG performance as reported in 2026.

    Significant transactions and events post June 30, 2025

    • Workforce restructuring at the pharmacy business

    The Group has decided to restructure the workforce at its pharmacy management software business in France, which will result in making around 100 positions redundant. By rethinking its organization and reconfiguring to align with market trends and client needs, the company hopes to return to a level of performance that ensures a solid foundation for its employees and allows it to innovate for its clients.
    After the semester close, the Group received approval from France’s regional labor and economics agency, DRIEETS, for the collective agreement it negotiated in the second quarter of 2025 with employee representatives. The Group is now determining what level of provision will be earmarked in the H1 2025 financial statements.

    To the best of the company’s knowledge, apart from the impact of the above items, there were no post-closing events or changes after June 30, 2025, that would materially alter the Group’s financial situation.

    Outlook

    Based on the currently available information, the Group expects 2025 like-for-like revenue(3) growth to be in the range of 2-4% relative to 2024. Recurring operating income should continue to improve, following a similar trajectory as in 2024.

    These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.

    ——————-

    WEBCAST ON JULY 24, 2025, AT 6:15 PM (PARIS TIME)
    The webcast is available at: www.cegedim.fr/webcast
    The H1 2025 revenues presentation is available here:
    https://www.cegedim.fr/documentation/Pages/presentation.aspx

    Financial calendar

    2025 September 25 after the close

    September 26 at 10:00 am

    October 23 after the close

    		 H1 2025 Earnings

    SFAF meeting

    Q3 2025 revenues

    Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

    Disclaimer
    This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on July 24, 2025, no earlier than 5:45 pm Paris time.
    The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2024 Universal Registration Document filled with the AMF on April 7, 2025, under number D.24-0233.

    About Cegedim:
    Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
    6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
    Cegedim SA is listed in Paris (EURONEXT: CGM).
    To learn more please visit: www.cegedim.fr
    And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

    Aude Balleydier
    Cegedim
    Media Relations
    and Communications Manager

    Tel.: +33 (0)1 49 09 68 81
    aude.balleydier@cegedim.fr

    		 Damien Buffet
    Cegedim
    Head of Financial
    Communication

    Tel.: +33 (0)7 64 63 55 73
    damien.buffet@cegedim.com

    		 Céline Pardo
    Becoming RP Agency
    Media Relations Consultant

    Tel.:        +33 (0)6 52 08 13 66
    cegedim@becoming-group.com

    		  

    ____________________________________________________________________________________________________________________________________________________

    Annexes

    Breakdown of revenue by quarter and division

    in millions of euros   Q1 Q2 Q3 Q4 Total
    Software & Services   72.4 72.0     144.4
    Flow   27.6 25.8     53.4
    Data & Marketing   29.9 33.5     63.4
    BPO   21.1 22.1     43.2
    Cloud & Support   10.3 7.8     18.2
    Consolidated Group revenue   161.3 161.2     322.5
    in millions of euros   Q1 Q2 Q3 Q4 Total
    Software & Services   74.4 77.8 75.6 80.1 307.8
    Flow   25.4 24.2 23.7 27.0 100.3
    Data & Marketing   27.0 32.3 28.2 38.4 125.9
    BPO   20.2 19.7 21.6 21.2 82.7
    Cloud & Support   9.0 9.1 7.7 12.0 37.8
    Consolidated Group revenue   155.9 163.1 156.8 178.7 654.5

    Revenue breakdown by geographic zone, currency, and division at June 30, 2025

    as a % of consolidated revenues   Geographic zone   Currency
      France EMEA
    ex. France    		 Americas   Euro GBP Other
    Software & Services   87.2% 12.7% 0.1%   91.0% 7.0% 2.0%
    Flow   91.7% 8.3% 0.0%   94.2% 5.8% 0.0%
    Data & Marketing   97.7% 2.3% 0.0%   98.2% 0.0% 1.8%
    BPO   100.0% 0.0% 0.0%   100.0% 0.0% 0.0%
    Cloud & Support   97.2% 2.8% 0.0%   97.2% 0.0% 2.8%
    Cegedim   92.3% 7.6% 0.1%   94.5% 4.1% 1.4%

    (1)   At constant scope and exchange rates.

    (2)   The positive currency impact of 0.1% was mainly due to the pound sterling. The negative scope effect of 1.8% was attributable to the deconsolidation of INPS as of December 10, 2024, which the consolidation of Visiodent starting March 1, 2024, only partly offset.
    (2)At constant scope and exchange rates.

    (3)At constant scope and exchange rates.

    Attachment

    The MIL Network –

  • MIL-OSI Africa: What makes a person cool? Global study has some answers

    Source: The Conversation – Africa – By Todd Pezzuti, Associate Professor, Business School, Universidad Adolfo Ibáñez

    From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.

    But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?

    In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?

    We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.

    Read more: What makes a person seem wise? Global study finds that cultures do differ – but not as much as you’d think

    The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.

    Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.

    These findings help settle a long debate about what it means to be cool today.

    A brief history of cool

    Early writing on coolness described it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.

    Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.

    Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.

    This is what makes someone cool

    Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.

    Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).

    This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.

    We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.

    What about South Africa and Nigeria?

    One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.

    In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.

    Read more: Which African countries are flourishing? Scientists have a new way of measuring well-being

    Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.

    Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.

    Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.

    Why does this matter?

    The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.

    Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.

    So what can we learn from this?

    For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.

    Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.

    And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.

    – What makes a person cool? Global study has some answers
    – https://theconversation.com/what-makes-a-person-cool-global-study-has-some-answers-261266

    MIL OSI Africa –

  • PM Modi, UK PM meet industry leaders following India-UK trade pact

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi and UK Prime Minister Keir Starmer met top business leaders from India and the United Kingdom on Thursday, following the signing of the historic India-UK Comprehensive Economic and Trade Agreement (CETA).

    Captains of industry from diverse sectors such as healthcare, pharmaceuticals, gems and jewellery, automobiles, energy, manufacturing, telecom, technology, IT, logistics, textiles, and financial services participated in the meeting. These sectors play a vital role in job creation and inclusive economic development across both countries.

    During the interaction, the two leaders acknowledged the growing momentum in bilateral trade and investment relations in recent years. They urged businesses to fully utilise the opportunities arising from the new trade pact, which is expected to significantly boost economic cooperation, investment flows, and innovation exchange.

    Both leaders reaffirmed their shared commitment to advancing economic growth through stronger bilateral collaboration. They observed that the CETA would not only strengthen business confidence in both economies but also contribute to the broader global economic landscape.

    As part of the engagement, Prime Minister Modi and Prime Minister Starmer visited a special showcase displaying flagship products and technological innovations from both countries. The exhibition featured high-quality consumer goods, gems and jewellery, engineering products, and advanced tech solutions, reflecting the dynamic capabilities of Indian and UK industries.

    Business leaders from both sides welcomed the agreement and voiced optimism about its impact. They said the CETA would usher in a new era in the India-UK Comprehensive Strategic Partnership, with enhanced cooperation not only in trade and economic sectors but also in emerging fields such as education, innovation, research, and healthcare.

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.2 million, or $0.85 per basic share and $0.82 per diluted share, for the three months ended June 30, 2025 compared to net income of $12.8 million, or $0.98 per basic share and $0.97 per diluted share, for the three months ended June 30, 2024. In addition, the Company reported net income of $21.7 million, or $1.65 per basic share and $1.60 per diluted share, for the six months ended June 30, 2025 compared to net income of $24.2 million, or $1.84 per basic share and $1.83 per diluted share, for the six months ended June 30, 2024.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are once again pleased to be able to report continued strong performance throughout our entire loan portfolio, with continuing focus on construction lending in high demand, high absorption sub-markets, as well as our growing cooperative building lending program throughout Manhattan, Brooklyn, the Bronx, and Queens. Despite the uncertainty throughout the national economy during the first half of the year, loan demand continues to increase with outstanding unfunded commitments exceeding $636 million at June 30, 2025.”

    Highlights for the three months and six months ended June 30, 2025 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.27%, a return on average shareholders’ equity ratio of 13.37%, and an efficiency ratio of 40.52% for the three months ended June 30, 2025. For the six months ended June 30, 2025, the Company reported a return on average total assets ratio of 2.20%, a return on average shareholders’ equity ratio of 13.18%, and an efficiency ratio of 41.08%.
    • Asset quality metrics continue to remain strong with no non-performing loans at either June 30, 2025 or December 31, 2024, and non-performing assets to total assets of 0.04% and 0.25% at June 30, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $4.7 million, or 0.26% of total loans at June 30, 2025 compared to $4.8 million, or 0.27% of total loans at December 31, 2024.
    • Total stockholders’ equity increased by $18.3 million, or 5.8%, to $336.7 million, or 17.06% of total assets as of June 30, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

    Balance Sheet Summary

    Total assets decreased $35.7 million, or 1.8%, to $2.0 billion at June 30, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in cash and cash equivalents of $18.9 million, net loans of $14.9 million, and real estate owned of $4.4 million, partially offset by an increase of $3.4 million in equity securities.

    Cash and cash equivalents decreased $18.9 million, or 24.1%, to $59.4 million at June 30, 2025 from $78.3 million at December 31, 2024. The decrease in cash and cash equivalents was a result of a decrease in deposits of $191.2 million, partially offset by increases of $135.0 million in borrowings, decreases of $14.9 million in net loans, and increases of $3.4 million in equity securities.

    Equity securities increased $3.4 million, or 15.2%, to $25.3 million at June 30, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $3.0 million in equity securities during the six months ended June 30, 2025 and market appreciation of $351,000 due to market interest rate volatility during the six months ended June 30, 2025.

    Securities held-to-maturity decreased $218,000, or 1.5%, to $14.4 million at June 30, 2025 from $14.6 million at December 31, 2024 due to $128,000 in maturities and pay-downs of various investment securities.

    Loans, net of the allowance for credit losses, decreased $14.9 million, or 0.8%, to $1.8 billion at June 30, 2025 from $1.8 billion at December 31, 2024.   The decrease in loans consisted of decreases of $102.7 million in construction loans, $1.6 million in consumer loans, $482,000 in mixed-use loans, $475,000 in non-residential loans, and $74,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $85.9 million in multi-family loans of which $43.2 million is attributed to residential cooperative building loans and $4.3 million in commercial and industrial loans.

    During the six months ended June 30, 2025, we originated loans totaling $462.7 million consisting primarily of $338.8 million in construction loans, $95.4 million in multi-family loans of which $32.9 million is attributed to residential cooperative building loans, $27.8 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $338.8 million in construction loans had 41.6% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

    The allowance for credit losses related to loans decreased to $4.7 million as of June 30, 2025, from $4.8 million as of December 31, 2024. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $602,000, offset by recoveries totaling $434,000 and provision for credit losses totaling $62,000.  

    Premises and equipment increased $536,000, or 2.2%, to $25.3 million at June 30, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

    Federal Home Loan Bank stock increased $688,000, or 173.3%, to $1.1 million at June 30, 2025 from $397,000 at December 31, 2024 primarily due to an increase in borrowings from the Federal Home Loan Bank.

    Bank owned life insurance (“BOLI”) increased $336,000, or 1.3%, to $26.1 million at June 30, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

    Accrued interest receivable decreased $1.4 million, or 10.1%, to $12.1 million at June 30, 2025 from $13.5 million at December 31, 2024 due to a decrease of $14.9 million in the loan portfolio.

    Real estate owned decreased $4.4 million, or 85.0%, to $767,000 at June 30, 2025 from $5.1 million at December 31, 2024 due to the sale of a foreclosed property to an independent third party.

    Property held for investment was $1.4 million at both June 30, 2025 and December 31, 2024.

    Right of use assets — operating increased $382,000, or 9.6%, to $4.4 million at June 30, 2025 from $4.0 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the right of use assets.

    Other assets decreased $1.2 million, or 10.5%, to $10.4 million at June 30, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.2 million in tax assets and $118,000 in prepaid expenses, partially offset by an increase of $116,000 in suspense accounts.

    Total deposits decreased $191.2 million, or 11.5%, to $1.5 billion at June 30, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to a decrease in certificates of deposit of $251.5 million, or 25.1%, partially offset by increases in NOW/money market accounts of $56.4 million, or 23.2%, savings account balances of $3.3 million, or 2.4%, and non-interest bearing deposits of $2.2 million, or 0.8%.   The decrease of $251.5 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $134.2 million, or 26.2%, and a decrease in brokered certificates of deposit of $129.1 million, or 29.7%, partially offset by an increase in non-brokered listing services certificates of deposit of $11.7 million, or 35.0%.

    The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

    Advance payments by borrowers for taxes and insurance increased $804,000, or 49.7%, to $2.4 million at June 30, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

    Borrowings increased to $135.0 million at June 30, 2025 from none at December 31, 2024 due primarily to management’s strategy to diversify funding sources.

    Lease liability – operating increased $389,000, or 9.5%, to $4.5 million at June 30, 2025 from $4.1 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the lease liability.

    Accounts payable and accrued expenses increased $970,000, or 6.7%, to $15.5 million at June 30, 2025 from $14.5 million at December 31, 2024 due primarily to increases in accrued borrowing interest expense of $905,000, accounts payable of $666,000, deferred compensation of $312,000, suspense accounts for loan closings of $269,000, and the allowance for credit losses for off-balance sheet commitments of $175,000, partially offset by a decrease in accrued expense of $1.4 million.

    The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.9%, to $879,000 at June 30, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $74.5 million, or 13.3%, in off-balance sheet commitments since December 31, 2024.

    Stockholders’ equity increased $18.3 million, or 5.8% to $336.7 million at June 30, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $21.7 million for the six months ended June 30, 2025, an increase of $638,000 in earned employee stock ownership plan shares coupled with a reduction of $435,000 in unearned employee stock ownership plan shares, and the amortization expense of $894,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $5.4 million and $4,000 in other comprehensive loss.

    Results of Operations for the Three Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $25.1 million for the three months ended June 30, 2025, as compared to $26.2 million for the three months ended June 30, 2024. The decrease in net interest income of $1.1 million, or 4.4%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.2 million, or 5.5%, to $38.0 million for the three months ended June 30, 2025 from $40.2 million for the three months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 78 basis points from 8.89% for the three months ended June 30, 2024 to 8.11% for the three months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $64.9 million, or 3.6%, to $1.9 billion for the three months ended June 30, 2025 from $1.8 billion for the three months ended June 30, 2024.

    Interest expense decreased $1.1 million, or 7.5%, to $13.0 million for the three months ended June 30, 2025 from $14.0 million for the three months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 45 basis points from 4.33% for the three months ended June 30, 2024 to 3.88% for the three months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of  $41.9 million, or 3.2%, to $1.3 billion for the three months ended June 30, 2025 from $1.3 billion for the three months ended June 30, 2024.

    Our net interest margin decreased 44 basis points, or 7.6%, to 5.35% for the three months ended June 30, 2025 compared to 5.79% for the three months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded no credit loss expense for the three months ended June 30, 2025 compared to a credit loss expense reduction of $226,000 for the three months ended June 30, 2024.

    The credit loss expense reduction of $226,000 for the three months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $218,000 and a credit loss expense reduction for held-to-maturity investment securities of $8,000. The credit loss expense reduction for off-balance sheet commitments of $218,000 for the three months ended June 30, 2024 was primarily attributable to a reduction of $30.4 million in the level of off-balance sheet commitments and favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $485,000 during the three months ended June 30, 2025 as compared to charge-offs of $12,000 during the three months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $82,000 during the three months ended June 30, 2025 compared to no recoveries during the three months ended June 30, 2024. The recoveries of $82,000 during the three months ended June 30, 2025 comprised of recoveries from a previously charged-off unpaid overdraft on a demand deposit account.

    Non-Interest Income

    Non-interest income for the three months ended June 30, 2025 was $858,000 compared to non-interest income of $731,000 for the three months ended June 30, 2024. The increase of $127,000, or 17.4%, in total non-interest income was primarily due to increases of $71,000 in unrealized gain on equity securities, $48,000 in other loan fees and service charges, and $8,000 in BOLI income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 compared to an unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024. Both the unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 and the unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024 were due to market interest rate volatility during both periods.

    The increase of $48,000 in other loan fees and service charges was due to an increase of $60,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $14,000 in other loan fees and loan servicing fees. The increase in BOLI income of $8,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 10.6%, to $10.5 million for the three months ended June 30, 2025 from $9.5 million for the three months ended June 30, 2024. The increase resulted primarily from increases of $398,000 in salaries and employee benefits, $220,000 in real estate owned expense, $151,000 in outside data processing expense, $111,000 in other operating expense, $69,000 in occupancy expense, $32,000 in equipment expense, and $29,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.3 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, we had approximately $210,000 in tax exempt income, compared to approximately $199,000 in tax exempt income for the three months ended June 30, 2024. Our effective income tax rates were 27.6% for the three months ended June 30, 2025 and June 30, 2024.  

    Results of Operations for the Six Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $49.3 million for the six months ended June 30, 2025 as compared to $51.2 million for the six months ended June 30, 2024. The decrease in net interest income of $1.9 million, or 3.7%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.1 million, or 2.7%, to $76.2 million for the six months ended June 30, 2025 from $78.4 million for the six months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 75 basis points from 8.83% for the six months ended June 30, 2024 to 8.08% for the six months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $112.3 million, or 6.3%, to $1.9 billion for the six months ended June 30, 2025 from $1.8 billion for the six months ended June 30, 2024.

    Interest expense decreased $242,000, or 0.9%, to $26.9 million for the six months ended June 30, 2025 from $27.2 million for the six months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 34 basis points from 4.31% for the six months ended June 30, 2024 to 3.97% for the six months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of $95.7 million, or 7.6%, to $1.4 billion for the six months ended June 30, 2025 from $1.3 billion for the six months ended June 30, 2024.

    Net interest margin decreased 54 basis points, or 9.4%, to 5.23% for the six months ended June 30, 2025 compared to 5.77% for the six months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded a credit loss expense of $237,000 for the six months ended June 30, 2025 compared to a credit loss expense reduction of $391,000 for the six months ended June 30, 2024. The credit loss expense of $237,000 for the six months ended June 30, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

    The credit loss expense for loans of $62,000 for the six months ended June 30, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the six months ended June 30, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

    The credit loss expense reduction of $391,000 for the six months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $235,000, a credit loss expense reduction for loans of $145,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for off-balance sheet commitments of $235,000 for the six months ended June 30, 2024 was primarily attributed to a reduction of $27.2 million in the level of off-balance sheet commitments and favorable trends in the economy. The credit loss expense reduction for loans of $145,000 for the six months ended June 30, 2024 was primarily attributed to favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $602,000 during the six months ended June 30, 2025 as compared to charge-offs of $33,000 during the six months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $434,000 during the six months ended June 30, 2025 compared to no recoveries during the six months ended June 30, 2024. The recoveries of $434,000 during the six months ended June 30, 2025 comprised of recoveries of $350,000 with respect to a previously charged-off non-residential mortgage loan and $84,000 from previously charged-off unpaid overdrafts on demand deposit accounts.

    Non-Interest Income

    Non-interest income for the six months ended June 30, 2025 was $2.1 million compared to non-interest income of $1.3 million for the six months ended June 30, 2024. The increase of $808,000, or 62.9%, in total non-interest income was primarily due to increases of $453,000 in unrealized gain on equity securities, $326,000 in other loan fees and service charges, $17,000 in BOLI income, and $12,000 in miscellaneous other non-interest income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $351,000 on equity securities during the six months ended June 30, 2025 compared to an unrealized loss of $102,000 on equity securities during the six months ended June 30, 2024. Both the unrealized gain of $351,000 on equity securities during the 2025 period and the unrealized loss of $102,000 on equity securities during the 2024 period were due to market interest rate volatility during both periods.

    The increase of $326,000 in other loan fees and service charges was due to increases of $232,000 in other loan fees and loan servicing fees, $91,000 in ATM/debit card/ACH fees, and $3,000 in deposit account fees. The increase in BOLI income of $17,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.9 million, or 10.2%, to $21.1 million for the six months ended June 30, 2025 from $19.2 million for the six months ended June 30, 2024. The increase resulted primarily from increases of $980,000 in salaries and employee benefits, $332,000 in other operating expense, $251,000 in outside data processing expense, $238,000 in real estate owned expense, $108,000 in occupancy expense, and $43,000 in advertising expense, partially offset by a decrease of $4,000 in equipment expense.

    Income Taxes

    We recorded income tax expense of $8.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, we had approximately $415,000 in tax exempt income, compared to approximately $394,000 in tax exempt income for the six months ended June 30, 2024. Our effective income tax rates were 27.7% and 28.3% for the six months ended June 30, 2025 and 2024, respectively.

    Asset Quality

    Non-performing assets were $767,000 at June 30, 2025 compared to $5.1 million at December 31, 2024.   The non-performing assets consisted of one foreclosed property located in Pittsburgh, Pennsylvania. We sold one foreclosed property totaling $4.3 million located in the Bronx, New York on June 30, 2025 to a third-party buyer at no loss to the Company and in connection therewith we provided the financing to complete the multi-family project.

    Our ratio of non-performing assets to total assets remained low at 0.04% at June 30, 2025 as compared to 0.25% at December 31, 2024.

    The Company’s allowance for credit losses related to loans was $4.7 million, or 0.26% of total loans as of June 30, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at June 30, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at June 30, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 17.06% as of June 30, 2025.   At June 30, 2025, the Company had the ability to borrow $740.2 million from the Federal Reserve Bank of New York, $23.1 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2025, the Bank had a tier 1 leverage capital ratio of 15.87% and a total risk-based capital ratio of 14.99%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of June 30, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:  Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE:  (914) 684-2500
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
        June 30,   December 31,
        2025     2024  
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 19,042     $ 13,700  
    Interest-bearing deposits     40,331       64,559  
    Total cash and cash equivalents     59,373       78,259  
    Certificates of deposit     100       100  
    Equity securities     25,345       21,994  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $126, respectively)     14,398       14,616  
    Loans receivable     1,797,618       1,812,647  
    Deferred loan fees, net     (62 )     (49 )
    Allowance for credit losses     (4,724 )     (4,830 )
    Net loans     1,792,832       1,807,768  
    Premises and equipment, net     25,341       24,805  
    Investments in restricted stock, at cost     1,085       397  
    Bank owned life insurance     26,074       25,738  
    Accrued interest receivable     12,119       13,481  
    Real estate owned     767       5,120  
    Property held for investment     1,352       1,370  
    Right of Use Assets – Operating     4,383       4,001  
    Right of Use Assets – Financing     345       347  
    Other assets     10,370       11,585  
    Total assets   $ 1,973,884     $ 2,009,581  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits:            
    Non-interest bearing   $ 287,741     $ 287,135  
    Interest bearing     1,191,420       1,383,240  
    Total deposits     1,479,161       1,670,375  
    Advance payments by borrowers for taxes and insurance     2,422       1,618  
    Borrowings     135,000       –  
    Lease Liability – Operating     4,497       4,108  
    Lease Liability – Financing     628       609  
    Accounts payable and accrued expenses     15,500       14,530  
    Total liabilities     1,637,208       1,691,240  
                 
    Stockholders’ equity:            
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively     140       140  
    Additional paid-in capital     111,624       110,091  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (5,653 )     (6,088 )
    Retained earnings     230,345       213,974  
    Accumulated other comprehensive gain     220       224  
    Total stockholders’ equity     336,676       318,341  
    Total liabilities and stockholders’ equity   $ 1,973,884     $ 2,009,581  
                 
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024     2025   2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    INTEREST INCOME:                            
    Loans   $ 36,740     $ 38,634     $ 73,622     $ 75,337  
    Interest-earning deposits     1,027       1,385       2,108       2,585  
    Securities     272       218       516       436  
    Total Interest Income     38,039       40,237       76,246       78,358  
    INTEREST EXPENSE:                            
    Deposits     12,053       13,435       25,986       25,829  
    Borrowings     902       570       902       1,302  
    Financing lease     10       10       20       19  
    Total Interest Expense     12,965       14,015       26,908       27,150  
    Net Interest Income     25,074       26,222       49,338       51,208  
    Provision for (reversal of) credit loss     —       (226 )     237       (391 )
    Net Interest Income after Provision for (Reversal of) Credit Loss     25,074       26,448       49,101       51,599  
    NON-INTEREST INCOME:                            
    Other loan fees and service charges     611       563       1,351       1,025  
    Earnings on bank owned life insurance     170       162       336       319  
    Unrealized gain (loss) on equity securities     51       (20 )     351       (102 )
    Other     26       26       55       43  
    Total Non-Interest Income     858       731       2,093       1,285  
    NON-INTEREST EXPENSES:                            
    Salaries and employee benefits     5,650       5,252       11,583       10,603  
    Occupancy expense     743       674       1,489       1,381  
    Equipment     253       221       470       474  
    Outside data processing     758       607       1,494       1,243  
    Advertising     123       94       225       182  
    Real estate owned expense     247       27       277       39  
    Other     2,734       2,623       5,589       5,257  
    Total Non-Interest Expenses     10,508       9,498       21,127       19,179  
    INCOME BEFORE PROVISION FOR INCOME TAXES     15,424       17,681       30,067       33,705  
    PROVISION FOR INCOME TAXES     4,254       4,883       8,330       9,533  
    NET INCOME   $ 11,170     $ 12,798     $ 21,737     $ 24,172  
                                 
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025     2024     2025     2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                        
    Earnings per share – basic   $ 0.85     $ 0.98     $ 1.65     $ 1.84  
    Earnings per share – diluted     0.82       0.97       1.60       1.83  
    Weighted average shares outstanding – basic     13,216       13,084       13,204       13,119  
    Weighted average shares outstanding – diluted     13,568       13,181       13,563       13,205  
    Performance ratios/data:                        
    Return on average total assets     2.27 %     2.70 %     2.20 %     2.60 %
    Return on average shareholders’ equity     13.37 %     17.28 %     13.18 %     16.59 %
    Net interest income   $ 25,074     $ 26,222     $ 49,338     $ 51,208  
    Net interest margin     5.35 %     5.79 %     5.23 %     5.77 %
    Efficiency ratio     40.52 %     35.24 %     41.08 %     36.54 %
    Net charge-off ratio     0.09 %     0.00 %     0.01 %     0.00 %
                             
    Loan portfolio composition:                 June 30, 2025     December 31, 2024
    One-to-four family               $ 3,398     $ 3,472  
    Multi-family                 292,552       206,606  
    Mixed-use                 26,089       26,571  
    Total residential real estate                 322,039       236,649  
    Non-residential real estate                 28,971       29,446  
    Construction                 1,323,477       1,426,167  
    Commercial and industrial                 123,084       118,736  
    Consumer                 47       1,649  
    Gross loans                 1,797,618       1,812,647  
    Deferred loan fees, net                 (62 )     (49 )
    Total loans               $ 1,797,556     $ 1,812,598  
    Asset quality data:                        
    Loans past due over 90 days and still accruing               $ –     $ –  
    Non-accrual loans                 –       –  
    OREO property                 767       5,120  
    Total non-performing assets               $ 767     $ 5,120  
                             
    Allowance for credit losses to total loans                 0.26 %     0.27 %
    Allowance for credit losses to non-performing loans                 0.00 %     0.00 %
    Non-performing loans to total loans                 0.00 %     0.00 %
    Non-performing assets to total assets                 0.04 %     0.25 %
                             
    Bank’s Regulatory Capital ratios:                        
    Total capital to risk-weighted assets                 14.99 %     13.92 %
    Common equity tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 leverage ratio                 15.87 %     14.44 %
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Three Months Ended June 30, 2025   Three Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,754,363     $ 36,740     8.38 %   $ 1,687,029     $ 38,634     9.16 %
    Securities     37,839       265     2.80 %     33,438       199     2.38 %
    Federal Home Loan Bank stock     438       7     6.39 %     704       19     10.80 %
    Other interest-earning assets     83,135       1,027     4.94 %     89,736       1,385     6.17 %
    Total interest-earning assets     1,875,775       38,039     8.11 %     1,810,907       40,237     8.89 %
    Allowance for credit losses     (5,122 )                 (4,927 )            
    Non-interest-earning assets     95,651                   91,085              
    Total assets   $ 1,966,304                 $ 1,897,065              
                                         
    Interest-bearing demand deposit   $ 298,689     $ 2,401     3.22 %   $ 205,536     $ 1,930     3.76 %
    Savings and club accounts     141,238       761     2.16 %     158,292       982     2.48 %
    Certificates of deposit     815,000       8,891     4.36 %     884,626       10,523     4.76 %
    Total interest-bearing deposits     1,254,927       12,053     3.84 %     1,248,454       13,435     4.30 %
    Borrowed money     82,712       912     4.41 %     47,276       580     4.91 %
    Total interest-bearing liabilities     1,337,639       12,965     3.88 %     1,295,730       14,015     4.33 %
    Non-interest-bearing demand deposit     274,466                   285,368              
    Other non-interest-bearing liabilities     20,114                   19,641              
    Total liabilities     1,632,219                   1,600,739              
    Equity     334,085                   296,326              
    Total liabilities and equity   $ 1,966,304                 $ 1,897,065              
                                         
    Net interest income / interest spread         $ 25,074     4.23 %         $ 26,222     4.56 %
    Net interest rate margin                 5.35 %                 5.79 %
    Net interest earning assets   $ 538,136                 $ 515,177              
    Average interest-earning assets to interest-bearing liabilities     140.23 %                 139.76 %            
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Six Months Ended June 30, 2025   Six Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,761,069     $ 73,622     8.36 %   $ 1,649,686     $ 75,337     9.13 %
    Securities     37,298       500     2.68 %     33,643       396     2.35 %
    Federal Home Loan Bank stock     418       16     7.66 %     773       40     10.35 %
    Other interest-earning assets     88,277       2,108     4.78 %     90,644       2,585     5.70 %
    Total interest-earning assets     1,887,062       76,246     8.08 %     1,774,746       78,358     8.83 %
    Allowance for credit losses     (4,978 )                 (5,009 )            
    Non-interest-earning assets     96,071                   89,972              
    Total assets   $ 1,978,155                 $ 1,859,709              
                                         
    Interest-bearing demand deposit   $ 286,726     $ 4,846     3.38 %   $ 188,510     $ 3,483     3.70 %
    Savings and club accounts     140,077       1,491     2.13 %     170,531       2,184     2.56 %
    Certificates of deposit     888,136       19,649     4.42 %     847,606       20,162     4.76 %
    Total interest-bearing deposits     1,314,939       25,986     3.95 %     1,206,647       25,829     4.28 %
    Borrowed money     41,584       922     4.43 %     54,184       1,321     4.88 %
    Total interest-bearing liabilities     1,356,523       26,908     3.97 %     1,260,831       27,150     4.31 %
    Non-interest-bearing demand deposit     272,680                   288,639              
    Other non-interest-bearing liabilities     19,107                   18,865              
    Total liabilities     1,648,310                   1,568,335              
    Equity     329,845                   291,374              
    Total liabilities and equity   $ 1,978,155                 $ 1,859,709              
                                         
    Net interest income / interest spread         $ 49,338     4.11 %         $ 51,208     4.52 %
    Net interest rate margin                 5.23 %                 5.77 %
    Net interest earning assets   $ 530,539                 $ 513,915              
    Average interest-earning assets to interest-bearing liabilities     139.11 %                 140.76 %            

    The MIL Network –

  • MIL-OSI: Love Not War AI Unveils Mathematical Framework That Aligns Capitalism with Collective Good

    Source: GlobeNewswire (MIL-OSI)

    LONDON, UNITED KINGDOM, July 24, 2025 (GLOBE NEWSWIRE) — Love Not War AI today announced the launch of Progressive Utility Mechanics, a newly discovered mathematical framework created by innovator Valraj Singh Mann. This groundbreaking system offers a universal method for designing economic models in which individual financial success automatically enhances social welfare. The announcement marks the first implementation of the framework in a real-world application via the LVAI cryptocurrency, positioning it as a potential tool for addressing systemic issues like poverty, climate change, and inequality at scale.

    Unlike traditional economic systems that create tension between profit and purpose, Progressive Utility Mechanics create mathematically structured guarantees that individual success automatically generates increasing social benefit. The framework is going to be demonstrated through LVAI (Love Not War AI), the first cryptocurrency where charitable impact grows over time, but applications extend across all human economic organization – from corporate structures to government policy to international development.

    “We’ve developed the mathematical framework that may reshape how economic systems are designed across sectors,” said Mann. “For the first time in history, we can create mathematically structured mechanisms that align individual greed with collective good automatically. This isn’t just about cryptocurrency – it’s about demonstrating that capitalism can be inherently charitable, that economic growth can systematically reduce poverty, and that success can help everyone through what we’re calling ‘Mann Mechanics.’”

    Independent analysis confirms this represents the first mathematically structured mechanism demonstrating that economic systems can be designed to automatically strengthen social outcomes as they grow, potentially addressing root causes of global inequality, environmental degradation, and systemic poverty.


    HUMANITY’S GREATEST ECONOMIC CHALLENGE

    Throughout history, human societies have struggled with the fundamental tension between individual success and collective welfare. Traditional capitalism creates wealth but concentrates it, leading to inequality. Socialist systems promote equality but reduce prosperity. Regulatory approaches create compliance costs and economic drag. Charitable solutions depend on voluntary giving that decreases as wealth concentrates.

    “Every economic system in human history has forced a choice between individual freedom and collective good,” noted Mann. “We’ve developed a mathematically structured mechanism demonstrating that choice may be false – they can be systematically unified through progressive design.”

    The framework addresses systemic challenges affecting billions globally:

    • Global Poverty: 700+ million people in extreme poverty despite unprecedented global wealth
    • Climate Change: Economic incentives that reward environmental destruction over restoration
    • Inequality Crisis: Wealth concentration accelerating in every developed economy
    • Corporate Externalities: Profit maximization creating social and environmental costs
    • Aid Dependency: International development creating dependency rather than self-sufficiency
    • Government Inefficiency: Tax systems that reduce productivity while funding bureaucracy


    PROGRESSIVE UTILITY MECHANICS: THE UNIVERSAL SOLUTION

    Progressive Utility Mechanics (also known as “Mann Mechanics”) create economic systems where individual market participation automatically generates increasing social benefit through mathematically structured allocation mechanisms that strengthen over time.

    This framework transforms traditional zero-sum economic thinking into positive-sum systems where everyone’s success helps everyone else automatically, without coercion, regulation, or voluntary charity.

    Real-world applications include:

    • Progressive Impact Corporations: Business structures where shareholder profits automatically fund stakeholder benefits, making successful companies automatically beneficial to their communities

    • Self-Funding Development Programs: Economic zones where business success automatically generates poverty reduction funding, creating sustainable development without foreign aid dependency

    • Progressive Environmental Bonds: Investment vehicles where profit automatically funds environmental restoration, aligning financial returns with ecological recovery

    • Municipal Progressive Systems: City economies where business success automatically improves public infrastructure and services, creating self-improving urban environments

    • Progressive Education Funding: Systems where private success automatically enhances public education, leveling educational playing fields through market mechanisms

    “This framework could eliminate the need to choose between economic growth and social good,” observed one policy researcher. “Every successful business, every profitable investment, every economic gain automatically helps solve humanity’s greatest challenges.”


    GLOBAL IMPACT POTENTIAL

    Progressive Utility Mechanics address the mathematical core of humanity’s most pressing challenges:

    Poverty Elimination: Systems where economic success automatically generates anti-poverty funding may provide sustainable income support without government intervention or international aid dependency.

    Climate Solutions: Investment structures where environmental restoration becomes systematically profitable through progressive mechanics may help reverse ecological damage while generating returns.

    Inequality Reduction: Economic designs where success automatically levels playing fields may reduce wealth concentration without reducing prosperity or economic freedom.
    Corporate Transformation: Business models where profit maximization automatically optimizes social and environmental outcomes could revolutionize capitalism without regulatory coercion.

    International Development: Self-funding development programs could replace aid dependency with sustainable economic systems that strengthen as they succeed.

    “We’re not just talking about improving existing systems,” emphasized Mann. “We’re demonstrating that fundamentally different systems are possible – ones that may systematically address problems rather than creating them.”


    MATHEMATICAL PROOF OF CONCEPT: LVAI IMPLEMENTATION

    LVAI cryptocurrency will serve as the first mathematical proof that Progressive Utility Mechanics work in practice, demonstrating charitable impact that increases rather than decreases over time through three-phase evolution:

    • Phase 1: Economic growth automatically funds ecosystem expansion

    • Phase 2: Balanced allocation prevents stagnation while building social impact capacity

    • Phase 3: Unused economic capacity automatically becomes permanent charity endowment.

    The implementation includes institutional-grade security (94/100 audit rating) and has been mathematically verified to create stronger charitable impact as the system matures, demonstrating that economic success can be systematically aligned with social benefit through mechanism design.


    APPLICATIONS ACROSS HUMAN CIVILIZATION

    The discovery provides mathematical foundations for redesigning economic organization across all sectors:

    Corporate Governance: Progressive Impact Corporations where shareholders profit more as stakeholder outcomes improve, automatically aligning business success with social good.

    Municipal Economics: Progressive Economic Zones where local business success automatically funds public goods, creating self-improving communities without tax burden increases.

    International Relations: Progressive development frameworks where economic growth in developing nations automatically generates sustainable funding for infrastructure, education, and healthcare.

    Environmental Policy: Progressive conservation systems where land preservation and restoration become more profitable over time, creating economic incentives for ecological recovery.

    Educational Systems: Progressive funding mechanisms where private educational success automatically enhances public education quality, reducing inequality through market forces rather than redistribution.

    Healthcare Systems: Progressive health economics where medical innovation profitability automatically funds public health improvements, aligning pharmaceutical profits with population wellness.


    RESHAPING ECONOMIC THEORY

    Progressive Utility Mechanics (Mann Mechanics) represent the first mathematical framework proving that Adam Smith’s “invisible hand” – the foundational concept from the 18th-century economist known as the “Father of Modern Economics” – can be engineered rather than hoped for, creating guaranteed alignment between individual rational behavior and optimal collective outcomes.

    The innovation addresses fundamental questions that have challenged economists, philosophers, and policymakers:

    • Can capitalism be inherently fair? YES – through progressive design
    • Can individual greed serve collective good automatically? YES – through mathematical alignment
    • Can economic growth reduce rather than increase inequality? YES – through systematic progressive allocation
    • Can free markets solve social problems without government intervention? YES – through proper incentive design

    “This could be the most important breakthrough in economics since Adam Smith’s Wealth of Nations,” noted one academic researcher. “Mann Mechanics provide the missing mathematical framework for creating automatically beneficial economic systems, potentially establishing a new field of study alongside Nash Equilibrium – developed by John Nash, the Nobel Prize-winning mathematician portrayed in ‘A Beautiful Mind’ – and Keynesian Economics, created by John Maynard Keynes, the influential British economist whose theories shaped modern government economic policy.”


    POTENTIAL CIVILIZATIONAL SIGNIFICANCE

    If validated and widely implemented, Progressive Utility Mechanics may represent a significant advance in human economic organization since the development of market capitalism, potentially enabling:

    • Systematic poverty reduction through automatically self-funding anti-poverty systems
    • Climate change mitigation through profitable environmental restoration mechanisms
    • Inequality reduction without prosperity reduction through systematic leveling mechanisms
    • Corporate transformation from profit-maximizing to systematically beneficent entities
    • Government efficiency through market-based rather than bureaucratic social solutions

    “We’re exploring the potential to address humanity’s greatest challenges not through sacrifice or coercion, but by redesigning economic systems to systematically optimize for everyone’s benefit,” concluded Mann.


    PRIORITY ESTABLISHMENT

    This announcement establishes Valraj Singh Mann as the inventor of Progressive Utility Mechanics (Mann Mechanics) and creator of the mathematical framework for systematically aligning individual success with collective benefit. The innovation represents the first mathematically structured mechanism demonstrating that economic systems can be designed for systematic social optimization without reducing individual incentives or economic freedom.

    Comprehensive project documentation, including detailed whitepaper and technical specifications, is available at https://lovenotwar.ai


    ABOUT VAL MANN

    Valraj Singh Mann is the inventor of Progressive Utility Mechanics and creator of the mathematical framework for systematically aligning individual economic success with collective social benefit. Through breakthrough mathematical innovation, Mann has developed potential solutions to humanity’s greatest economic challenges while demonstrating that capitalism may be redesigned to be inherently beneficial to all participants.


    ABOUT PROGRESSIVE UTILITY MECHANICS

    Progressive Utility Mechanics (Mann Mechanics) represent a universally applicable mathematical framework for creating economic systems where individual success systematically generates increasing collective benefit. The principle provides potential applications across corporate governance, municipal economics, international development, environmental policy, and all forms of human economic organization.

    MEDIA CONTACT

    Ana Thapar
    Relations Manager
    Email: info@lovenotwar.ai
    Website: https://lovenotwar.ai
    New Community Channel: https://t.me/LoveNotWar_Base

    For global implementation discussions, academic collaboration, policy consultation, or interview requests, contact info@lovenotwar.ai with “Progressive Utility Framework” in the subject line.


    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements about potential applications of Progressive Utility Mechanics to global economic challenges. Implementation of any framework requires extensive testing, stakeholder collaboration, and adaptation to specific economic, legal, and cultural contexts. All projections represent potential applications based on mathematical modeling and require real-world validation.

    The MIL Network –

  • MIL-OSI: BexBack Launches 100x Leverage, Double Deposit Bonus, and No KYC – Empowering Everyday Traders to Achieve Financial Freedom

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues its upward trajectory, BexBack Exchange is setting a new standard in accessible trading with an unprecedented offer designed to empower both new and experienced traders. In the wake of Bitcoin’s remarkable surge, BexBack introduces an enticing promotional package featuring 100x leverage, a 100% deposit bonus, and the best part – NO KYC required.

    Breaking Down Barriers for Ordinary People

    BexBack has always been committed to providing opportunities that allow anyone, regardless of experience, to access the world of cryptocurrency trading. Now, with the introduction of 100x leverage, traders can control significantly larger positions while using minimal capital, enhancing their potential profits without needing substantial upfront investment. This high leverage option makes it possible for traders to capitalize on even the smallest price fluctuations, offering greater returns in a volatile market.

    Moreover, BexBack’s 100% deposit bonus gives users the opportunity to double their initial deposits, allowing them to increase their trading capital without having to deposit additional funds. Whether you are a newcomer or a seasoned investor, this bonus is designed to maximize trading potential and enhance the ability to leverage market volatility.

    NO KYC – Fast, Secure, and Anonymous Trading

    In a significant move to improve user experience, BexBack is also eliminating the KYC (Know Your Customer) requirements, ensuring fast, secure, and anonymous trading. This means that new users can register and begin trading within minutes, without the need to undergo lengthy verification processes. This commitment to privacy ensures that BexBack users can focus entirely on maximizing their trading potential without additional administrative hurdles.

    The Power of Leverage and Bonus to Achieve Financial Freedom

    For many people, achieving financial freedom may seem like an impossible dream, but with BexBack’s tools, it’s now within reach. With the added advantage of up to 100x leverage and double deposit bonuses, ordinary traders can amplify their earnings and increase their potential returns with little initial capital. This makes high-stakes crypto futures trading more accessible than ever before, allowing anyone to turn market volatility into wealth-building opportunities.

    Why Choose BexBack?

    1. 100x Leverage – Maximize your returns with up to 100x leverage on crypto futures.
    2. 100% Deposit Bonus – Double your trading capital immediately with every deposit.
    3. NO KYC – Trade anonymously without the need for extensive verification.
    4. Diverse Asset Support – Trade over 50 digital assets with ease.
    5. Instant Activation – Get started quickly without delays and start leveraging market movements.
    6. $50 Welcome Bonus: available to new users who meet the requirements.
    7. Comprehensive Customer Support – Our 24/7 multilingual support is always available to guide you.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Take Control of Your Financial Future

    Whether you are looking to diversify your portfolio or dive deeper into crypto futures trading, BexBack is giving you the tools to take control of your financial future. The combination of 100x leverage, double deposit bonuses, and NO KYC opens up opportunities for everyone, regardless of their trading background.

    Sign Up Now and Start Trading on BexBack — No KYC. No Hassles. Just high-leverage trading opportunities to maximize your profits.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f963b2d1-0380-42be-ac17-2b76312bd6e7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d4cf04a6-6926-489c-a3b1-dc71e66805b5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d6a167e5-8849-415e-a701-7c9096e04c43

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a978b0c8-8c1c-4dd9-a0bf-c5aea8479410

    The MIL Network –

  • MIL-OSI Submissions: What makes a person cool? Global study has some answers

    Source: The Conversation – Africa – By Todd Pezzuti, Associate Professor, Business School, Universidad Adolfo Ibáñez

    From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.

    But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?

    In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?

    We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.



    Read more:
    What makes a person seem wise? Global study finds that cultures do differ – but not as much as you’d think

    The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.

    Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.

    These findings help settle a long debate about what it means to be cool today.

    A brief history of cool

    Early writing on coolness described it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.

    Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.

    Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.

    This is what makes someone cool

    Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.

    Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).

    This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.

    We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.

    What about South Africa and Nigeria?

    One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.

    In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.



    Read more:
    Which African countries are flourishing? Scientists have a new way of measuring well-being

    Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.

    Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.

    Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.

    Why does this matter?

    The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.

    Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.

    So what can we learn from this?

    For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.

    Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.

    And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.

    Todd Pezzuti received funding from ANID Chile to conduct this research.

    – ref. What makes a person cool? Global study has some answers – https://theconversation.com/what-makes-a-person-cool-global-study-has-some-answers-261266

    MIL OSI –

  • MIL-OSI Submissions: What makes a person cool? Global study has some answers

    Source: The Conversation – Africa – By Todd Pezzuti, Associate Professor, Business School, Universidad Adolfo Ibáñez

    From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.

    But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?

    In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?

    We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.



    Read more:
    What makes a person seem wise? Global study finds that cultures do differ – but not as much as you’d think

    The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.

    Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.

    These findings help settle a long debate about what it means to be cool today.

    A brief history of cool

    Early writing on coolness described it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.

    Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.

    Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.

    This is what makes someone cool

    Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.

    Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).

    This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.

    We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.

    What about South Africa and Nigeria?

    One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.

    In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.



    Read more:
    Which African countries are flourishing? Scientists have a new way of measuring well-being

    Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.

    Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.

    Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.

    Why does this matter?

    The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.

    Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.

    So what can we learn from this?

    For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.

    Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.

    And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.

    Todd Pezzuti received funding from ANID Chile to conduct this research.

    – ref. What makes a person cool? Global study has some answers – https://theconversation.com/what-makes-a-person-cool-global-study-has-some-answers-261266

    MIL OSI –

  • MIL-OSI Australia: New taxpayer alert warns about GST refund fraud

    Source: New places to play in Gungahlin

    We’ve now published a new taxpayer alert – TA 2025/2: Arrangements designed to improperly obtain goods and services tax refunds. This alert strongly warns businesses against using arrangements where a business colludes with another related business to create fraudulent invoices, so they can attempt to claim large GST refunds. In many cases the invoice will overclaim GST credits on real goods or services that were provided. In the worst cases, invoices are completely fictitious.

    Deliberately exploiting the GST system to obtain a refund you’re not entitled to, or to avoid payment, is a criminal offence.

    We’re still seeing these arrangements occurring, despite warnings from the Serious Financial Crime Taskforce over the last 18 months about fraudulent GST refunds and false invoicing.

    Our data shows that the fraud is currently predominantly within the property and construction industry. We’ve also identified early signs of it proliferating in other industries, particularly by privately owned and wealthy groups.

    It’s a small number of businesses that are attempting to do this. However, they’re trying to fraudulently claim tens of millions of dollars – money that should instead be supporting vital services the Australian community relies on. Their behaviour:

    • disadvantages the vast majority of Australian businesses that are doing the right thing
    • tarnishes the reputation of the industries where those businesses operate
    • undermines the tax system.

    This is not related to the GST fraud scheme that was promoted through social media where individuals created fake businesses and lodged BAS statements to obtain GST refunds. These are real businesses creating fraudulent invoices to try to gain overinflated GST refunds.

    We’re equipped with resources, sophisticated data matching and analytics capabilities, and intelligence-sharing relationships to uncover even the most elaborate financial crime. Any businesses caught in these arrangements will face the full force of the law. Further:

    • If you’re a company director, you’re responsible for ensuring the company pays its GST in full and by the due date. If these obligations are not met, you can become personally liable for director penalties.
    • Promoter penalty laws may apply to any registered agent and adviser who promotes these arrangements. In some instances, cases will be pursued as criminal matters. The worst cases may result in imprisonment.

    What you can do

    We’re encouraging honest businesses, industry groups and the community to help us stamp out this behaviour. If you suspect another business of being involved in these arrangements, you can confidentially report to us by making a tip-off or by calling 1800 060 062.

    If you’re involved in a fraudulent arrangement, we strongly encourage you to come forward and make a voluntary disclosure rather than wait for us to contact you. If you cooperate early and make a voluntary disclosure, we may reduce the penalties imposed.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI USA: IAM District 776 Dedicates Union Hall to Fort Worth Native, Retired International President Robert Martinez Jr.

    Source: US GOIAM Union

    Most get a fond send off when retirement rolls around to their career, but in Texas they do everything big, including honors for legendary members of IAM District 776.

    The District had been working for months on a special tribute to International President Robert Martinez Jr., who retired in January 2024 after 43 years of service to the IAM and its members. Starting in 1980 as a member of Local 776A and an aircraft assembler, the U.S. Naval Air veteran rose to the highest position within the IAM, leading the organization for eight years and serving on the IAM Executive Council for 20 years of his storied career.

    District 776 took the steps to turn the atrium of the district’s meeting hall into a gallery of memorabilia from Martinez’s career. The space is filled with photographs, mementos, and awards to achievements of the IAM’s 14th International President. As the first Latino to join the IAM Executive Council, Martinez set standards and achieved milestones that moved the IAM forward in the labor movement. 

    “This hall, this district, and this union has meant the world to me and my family,” said Martinez. “This union gave me a purpose when I was 20 years old. It gave me a shot at the American dream, to make a living and support my family. Together, we have improved the lives of countless IAM members.”

    Martinez’s historic tenure steered the IAM through the COVID-19 crisis by championing airline and aerospace worker relief that saved hundreds of thousands of jobs. Martinez helped the IAM grow into new industries, including healthcare, and made the IAM the leading AFL-CIO affiliate in National Labor Relations Board union election victories from 2018 through 2022.

    At Martinez’s direction, the IAM also created groundbreaking membership programs that assist members and their families, as well as expanded opportunities for underrepresented groups to advance in the IAM. Martinez commissioned a new department to provide IAM members and their families who are military veterans with VA claims assistance free of charge, as well as an addiction services program and a women’s leadership initiative known as the Leadership Excellence Assembly of Dedicated Sisters, or IAM LEADS.

    The ceremony also honored District 776 President Directing Business Representative Paul Black and Business Representative Earnest Boone, both of have retired after 45 years of IAM membership. 

    International President Martinez extended a special note of gratitude to IAM Business Representative Joe Alviar and his wife, Linda, who were the primary architects of the atrium and the displays of the Martinez collection. 

    “Again I say thank you. It’s been a great honor,” said Martinez. “Our leadership, headed by our great International President Brian Bryant, has the IAM going in the right direction. I can’t wait to see where we’re going next, and I’m cheering all of you and our union on from retirement.”

    The post IAM District 776 Dedicates Union Hall to Fort Worth Native, Retired International President Robert Martinez Jr. appeared first on IAM Union.

    MIL OSI USA News –

  • MIL-OSI Economics: Martin Slouka to head up the Monetary and Financial Statistics Division

    Source: Czech National Bank

    Martin Slouka will become Director of the Monetary and Financial Statistics Division of the Czech National Bank’s Research and Statistics Department on 1 August 2025. The Bank Board decided on his appointment at its meeting on 24 July 2025.

    Martin Slouka graduated in statistical and insurance engineering from the Faculty of Informatics and Statistics of the Prague University of Economics and Business. He has been working at the CNB since 2005, specialising in statistics and data processing within the Monetary and Financial Statistics Division. He has held the positions of head of the Microdata Statistics Unit and Deputy Director of the Monetary and Financial Statistics Division since 2015. He has participated in numerous training courses abroad, including internships at the European Central Bank and other central banks in Europe and at the International Monetary Fund. He has represented the CNB in the ECB/ESCB working group for the development and collection of granular credit and credit risk data since 2019.

    Jakub Holas
    Director, Communications Division

    MIL OSI Economics –

  • MIL-OSI USA: Pingree, Massie Introduce Bipartisan PRIME Act to Empower Local Livestock Farmers, Meet Consumer Demand

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Representatives Chellie Pingree (D-Maine) and Thomas Massie (R-Ky.) reintroduced the Processing Revival and Intrastate Meat Exemption (PRIME) Act, bipartisan legislation to make it easier for small farms and ranches to serve consumers. The PRIME Act (H.R. 4700) would give individual states freedom to permit intrastate distribution of custom-slaughtered meat such as beef, pork, or lamb to consumers, restaurants, hotels, boarding houses, and grocery stores. 

    “Consumers at the grocery store increasingly want quality, locally-grown food, but existing regulations and supply chain vulnerabilities don’t make it easy for them to access. In rural states like Maine, farmers often have to drive hundreds of miles just to get their livestock processed. We can and must do more to bolster our local food systems,” said Pingree, a longtime farmer and member of the House Agriculture Committee. “The PRIME Act is a commonsense, bipartisan solution that strengthens infrastructure for local meat processing, supports family farms, and gives consumers easier access to locally raised food—along with greater transparency about where that food comes from.”

    “Consumers want to know where their food comes from, what it contains, and how it’s processed. Yet federal inspection requirements make it difficult to purchase food from trusted, local farmers,” said Massie. “It is time to open our markets to give producers the freedom to succeed and consumers the freedom to choose.”

    Current law exempts custom slaughter of animals from federal inspection regulations, but only if the meat is slaughtered for personal, household, guest, and employee use (21 U.S.C. § 623(a)). This means that in order to sell individual cuts of locally raised meats to consumers, farmers and ranchers must first send their animals to one of a limited number of USDA-inspected slaughterhouses. These USDA-inspected slaughterhouses are sometimes hundreds of miles away from farms and ranches, adding substantial transportation costs and increasing the chances of locally raised meat co-mingling with industrially produced meat. The PRIME Act would expand the current custom exemption and allow small farms, ranches, and slaughterhouses to thrive.

    Original co-sponsors of the PRIME Act include: Rep. Jodey Arrington (R-Texas), Rep. Michael Baumgartner (R-Wash.), Rep. Andy Biggs (R-Ariz.), Rep. Lauren Boebert (R-Colo.), Rep. Josh Brecheen (R-Okla.), Rep. Tim Burchett (R-Tenn.), Rep. Eric Burlison (R-Mo.), Rep. John Carter (R-Texas), Rep. Ben Cline (R-Va.), Rep. Michael Cloud (R-Texas), Rep. Andrew Clyde (R-Ga.), Rep. Warren Davidson (R-Ohio), Rep. Byron Donalds (R-Fla.), Rep. Brandon Gill (R-Texas), Rep. Jared Golden (D-Maine), Rep. Paul Gosar (R-Ariz.), Rep. Marjorie Taylor Greene (R-Ga.), Rep. Glenn Grothman (R-Wisc.), Rep. Harriet Hageman (R-Wyo.), Rep. Diana Harshbarger (R-Tenn.), Rep. Jared Huffman (D-Calif.), Rep. Laurel Lee (R-Fla.), Rep. Teresa Leger Fernandez (D-N.M.), Rep. Nancy Mace (R-S.C.), Rep. Celeste Maloy (R-Utah), Rep. Tom McClintock (R-Calif.), Rep. Mary Miller (R-Ill.), Rep. Cory Mills (R-Fla.), Rep. Blake Moore (R-Utah), Rep. Troy Nehls (R-Texas), Rep. Andy Ogles (R-Tenn.), Rep. Burgess Owens (R-Utah), Rep. Scott Perry (R-Pa.), Rep. Chip Roy (R-Texas), Rep. Maria Salazar (R-Fla.), Rep. Keith Self (R-Texas), Rep. Lloyd Smucker (R-Pa.), Rep. Victoria Spartz (R-Ind.), Rep. Tom Tiffany (R-Wisc.), Rep. Jill Tokuda (D-Hawaii), and Rep. David Valadao (R-Calif.). 

    Companion legislation, S.2409, has been introduced in the United States Senate by Senators Angus King (I-Maine) and Rand Paul (R-Ky.).

    Massie raises cattle on his off-the-grid farm in northeast Kentucky. Pingree raises grass-fed beef and chickens on her island farm in North Haven, Maine.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Representatives Massie and Pingree Introduce Bipartisan PRIME Act to Empower Local Livestock Farmers, Meet Consumer Demand

    Source: United States House of Representatives – Congressman Thomas Massie (4th District of Kentucky)

    For Immediate Release

    Contact:

    John Kennedy, 202-225-3465 (Massie)
    Gabrielle Mannino, 207-509-5904 (Pingree)


    Washington, D.C    .- Representative Thomas Massie (R-KY) and Representative Chellie Pingree (D-ME) announce the re-introduction of the PRIME (Processing Revival and Intrastate Meat Exemption) Act to make it easier for small farms and ranches to serve consumers. The PRIME Act (H.R. 4700) would give individual states freedom to permit intrastate distribution of custom-slaughtered meat such as beef, pork, or lamb to consumers, restaurants, hotels, boarding houses, and grocery stores. 

    “Consumers want to know where their food comes from, what it contains, and how it’s processed. Yet federal inspection requirements make it difficult to purchase food from trusted, local farmers,” said Rep. Thomas Massie. “It is time to open our markets to give producers the freedom to succeed and consumers the freedom to choose.”

     “Consumers at the grocery store increasingly want quality, locally-grown food, but existing regulations and supply chain vulnerabilities don’t make it easy for them to access. In rural states like Maine, farmers often have to drive hundreds of miles just to get their livestock processed. We can and must do more to bolster our local food systems,” said Rep. Chellie Pingree. “The PRIME Act is a commonsense, bipartisan solution that strengthens infrastructure for local meat processing, supports family farms, and gives consumers easier access to locally raised food—along with greater transparency about where that food comes from.”

    Current law exempts custom slaughter of animals from federal inspection regulations, but only if the meat is slaughtered for personal, household, guest, and employee use (21 U.S.C. § 623(a)). This means that in order to sell individual cuts of locally raised meats to consumers, farmers and ranchers must first send their animals to one of a limited number of USDA-inspected slaughterhouses. These USDA-inspected slaughterhouses are sometimes hundreds of miles away from farms and ranches, adding substantial transportation costs and increasing the chances of locally raised meat co-mingling with industrially produced meat. The PRIME Act would expand the current custom exemption and allow small farms, ranches, and slaughterhouses to thrive.

    Original co-sponsors of the PRIME Act include: Rep. Jodey Arrington (R-TX), Rep. Michael Baumgartner (R-WA), Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. John Carter (R-TX), Rep. Ben Cline (R-VA), Rep. Michael Cloud (R-TX), Rep. Andrew Clyde (R-GA), Rep. Warren Davidson (R-OH), Rep. Byron Donalds (R-FL), Rep. Brandon Gill (R-TX), Rep. Jared Golden (D-ME), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Glenn Grothman (R-WI), Rep. Harriet Hageman (R-WY), Rep. Diana Harshbarger (R-TN), Rep. Jared Huffman (D-CA), Rep. Laurel Lee (R-FL), Rep. Teresa Leger Fernandez (D-NM), Rep. Nancy Mace (R-SC), Rep. Celeste Maloy (R-UT), Rep. Tom McClintock (R-CA), Rep. Mary Miller (R-IL), Rep. Cory Mills (R-FL), Rep. Blake Moore (R-UT), Rep. Troy Nehls (R-TX), Rep. Andy Ogles (R-TN), Rep. Burgess Owens (R-UT), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Maria Salazar (R-FL), Rep. Keith Self (R-TX), Rep. Lloyd Smucker (R-PA), Rep. Victoria Spartz (R-IN), Rep. Tom Tiffany (R-WI), Rep. Jill Tokuda (D-HI), and Rep. David Valadao (R-CA). 

    Companion legislation, S.2409, has been introduced in the United States Senate by Senators Angus King (I-ME) and Rand Paul (R-KY).

    Massie raises cattle on his off-the-grid farm in northeast Kentucky. Pingree raises grass-fed beef and chickens on her island farm in North Haven, Maine.

    The text of the PRIME Act is available at this link. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Representatives Massie and Pingree Introduce Bipartisan PRIME Act to Empower Local Livestock Farmers, Meet Consumer Demand

    Source: United States House of Representatives – Congressman Thomas Massie (4th District of Kentucky)

    For Immediate Release

    Contact:

    John Kennedy, 202-225-3465 (Massie)
    Gabrielle Mannino, 207-509-5904 (Pingree)


    Washington, D.C    .- Representative Thomas Massie (R-KY) and Representative Chellie Pingree (D-ME) announce the re-introduction of the PRIME (Processing Revival and Intrastate Meat Exemption) Act to make it easier for small farms and ranches to serve consumers. The PRIME Act (H.R. 4700) would give individual states freedom to permit intrastate distribution of custom-slaughtered meat such as beef, pork, or lamb to consumers, restaurants, hotels, boarding houses, and grocery stores. 

    “Consumers want to know where their food comes from, what it contains, and how it’s processed. Yet federal inspection requirements make it difficult to purchase food from trusted, local farmers,” said Rep. Thomas Massie. “It is time to open our markets to give producers the freedom to succeed and consumers the freedom to choose.”

     “Consumers at the grocery store increasingly want quality, locally-grown food, but existing regulations and supply chain vulnerabilities don’t make it easy for them to access. In rural states like Maine, farmers often have to drive hundreds of miles just to get their livestock processed. We can and must do more to bolster our local food systems,” said Rep. Chellie Pingree. “The PRIME Act is a commonsense, bipartisan solution that strengthens infrastructure for local meat processing, supports family farms, and gives consumers easier access to locally raised food—along with greater transparency about where that food comes from.”

    Current law exempts custom slaughter of animals from federal inspection regulations, but only if the meat is slaughtered for personal, household, guest, and employee use (21 U.S.C. § 623(a)). This means that in order to sell individual cuts of locally raised meats to consumers, farmers and ranchers must first send their animals to one of a limited number of USDA-inspected slaughterhouses. These USDA-inspected slaughterhouses are sometimes hundreds of miles away from farms and ranches, adding substantial transportation costs and increasing the chances of locally raised meat co-mingling with industrially produced meat. The PRIME Act would expand the current custom exemption and allow small farms, ranches, and slaughterhouses to thrive.

    Original co-sponsors of the PRIME Act include: Rep. Jodey Arrington (R-TX), Rep. Michael Baumgartner (R-WA), Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. John Carter (R-TX), Rep. Ben Cline (R-VA), Rep. Michael Cloud (R-TX), Rep. Andrew Clyde (R-GA), Rep. Warren Davidson (R-OH), Rep. Byron Donalds (R-FL), Rep. Brandon Gill (R-TX), Rep. Jared Golden (D-ME), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Glenn Grothman (R-WI), Rep. Harriet Hageman (R-WY), Rep. Diana Harshbarger (R-TN), Rep. Jared Huffman (D-CA), Rep. Laurel Lee (R-FL), Rep. Teresa Leger Fernandez (D-NM), Rep. Nancy Mace (R-SC), Rep. Celeste Maloy (R-UT), Rep. Tom McClintock (R-CA), Rep. Mary Miller (R-IL), Rep. Cory Mills (R-FL), Rep. Blake Moore (R-UT), Rep. Troy Nehls (R-TX), Rep. Andy Ogles (R-TN), Rep. Burgess Owens (R-UT), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Maria Salazar (R-FL), Rep. Keith Self (R-TX), Rep. Lloyd Smucker (R-PA), Rep. Victoria Spartz (R-IN), Rep. Tom Tiffany (R-WI), Rep. Jill Tokuda (D-HI), and Rep. David Valadao (R-CA). 

    Companion legislation, S.2409, has been introduced in the United States Senate by Senators Angus King (I-ME) and Rand Paul (R-KY).

    Massie raises cattle on his off-the-grid farm in northeast Kentucky. Pingree raises grass-fed beef and chickens on her island farm in North Haven, Maine.

    The text of the PRIME Act is available at this link. 

    ###

    MIL OSI USA News –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

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