Category: Commerce

  • MIL-OSI China: Chinese, European auto industries have great cooperation potential: commerce minister

    Source: China State Council Information Office

    Auto industries in China and Europe have solid foundations and great potential for cooperation, Chinese Commerce Minister Wang Wentao said on Friday.

    China welcomes European car manufacturers to increase investments and deepen their presence in the Chinese market, Wang said during a video call with Ola Kallenius, president of the European Automobile Manufacturers’ Association (ACEA) and chairman of the board of management of Mercedes-Benz Group AG.

    Wang said that a proper settlement of the European Union’s anti-subsidy case against Chinese electric vehicles aligns with the interests of both China and Europe, as well as the broader expectations of the industry.

    The ACEA and Mercedes-Benz Group should continue to play an active role and urge the European Commission to make a political decision as soon as possible, Wang said, while also expressing the hope that the European side will work with China and reach a constructive solution acceptable to both sides at the earliest date possible.

    While expressing his support and expectation for the two sides to resolve differences through dialogue and consultation at an early date, Kallenius said that Mercedes-Benz Group will uphold its long-term commitment to the Chinese market and further deepen its cooperation with China.

    MIL OSI China News

  • MIL-OSI United Kingdom: Lights, Camera, Action! 40% business rates relief for film studios rolled out

    Source: United Kingdom – Executive Government & Departments

    From tomorrow (17 February), Local Authorities can begin rolling out local schemes for tax relief to help filmmakers produce the country’s next box office hits, rom-coms and cult classics.

    • Box-office boost for film studios as 40% relief on business rates roll out begins, lasting until 2034.
    • Creative sector, which includes film, is a vital industry of the future, worth over £120 billion to the UK economy, employing over 2.4 million people.

    Film studios are to receive business rates relief over the next nine years as the government rolls out a 40% reduction in business rates bills – to help drive growth and deliver the Plan for Change.

    From tomorrow (17 February), Local Authorities can begin implementing local schemes and awarding the tax relief to help filmmakers kickstart their journeys to producing the country’s next box office hits, cult classics and major rom-coms.

    The UK’s creative sector already employs over 2.4 million people and is worth over £120 billion to the economy. The start of the business rates relief for film studios rollout will help create the conditions to boost both of these.

    In October, the government confirmed that it would proceed with Film Studio Business Rates Relief that will be available for eligible studios in England until 2034, and, where applicable, will be backdated to 1 April 2024.

    Chancellor of the Exchequer, Rachel Reeves, said:

    The UK leads the world in creating great film and TV and we should all be immensely proud of the impact we’ve had across the globe.

    From the Avengers to Indiana Jones, the UK has drawn in some of cinema’s biggest names thanks to a combination of fantastic local talent and a world-leading creative sector as well as attractive tax incentives. 

    As part of the Plan for Change, we will continue to build the sector into a global beacon of home grown success, creating more jobs, more investment, and putting more money into working people’s pockets.

    This comes on top of a package of wider previous announcements for the creative industries announced on 17 January that included investments for start-up video game studios, grassroots music venues and creative businesses.

    The relief will maintain the UK’s status as a world leader in the creative industries and will help deliver the Plan for Change by going further and faster to kickstart economic growth so working people have more money in their pockets.

    The creative industries sector employs 2.4 million people and is worth £124.6 billion to the UK economy. Business rates relief forms part of the government’s wider strategy to support this vital growth sector, and forms a key part of our modern Industrial Strategy.

    The film and TV sector benefits from other generous tax reliefs. The Audio-Visual Expenditure Credit (AVEC) provides companies with a tax credit worth 34% of their UK production costs on a film or high-end TV programme, or 39% of their production costs on an animation or children’s TV programme.

    In addition, from 1 April 2025, film and high-end TV companies may claim a credit of 39% on their UK visual effects costs; and eligible films with budgets of under £15 million will be able to claim an enhanced 53% rate, known as the Independent Film Tax Credit.  

    Today (16 February), the UK film and TV industry will attend the BAFTA Film Awards that celebrate the many achievements of the sector and the significant cultural impact of British film and TV around the world.

    Culture Secretary Lisa Nandy said:

    The UK’s film industry is truly world class, producing global box office hits like Wicked and indie classics like Aftersun.

    The sector has huge potential for further economic growth and the government is ambitious for its future. Our new tax incentive, as well as other new measures like indie film tax reliefs and £25 million funding for a new film studio in Sunderland, will help ensure we can continue to create British content, international blockbusters and high quality jobs.

    Adrian Wootton OBE, Chief Executive of the British Film Commission:

    The British film and TV industry is a creative and economic powerhouse, and our film studios are a vital contributor to this success. Today’s confirmation of the Business Rates Relief for Film Studios in England is testament to Government’s recognition of this fact. The BFC is pleased that Government listened to the sector’s concerns and we are proud to have supported the development of this landmark intervention. We will continue to work with Government and stakeholders to secure the best possible long term solution for all parties.

    Harriet Finney, Deputy CEO and Director of Corporate & Industry Affairs, BFI said: 

    2024 saw a massive £5.6 billion of production spend in the UK, further confirming that our film and TV industries continue to be a powerful and vital growth industry. Our state-of-the-art studio spaces are central to that growth, so we welcome today’s announcement and the Government’s recognition of their crucial role in ensuring we can continue to make world-renowned UK film and TV and attract outstanding international productions, driving investment and creating jobs across the UK.

    Sara Putt, Chair, BAFTA said:

    The UK is a world-leading centre for film and TV production – our studios provide world-class facilities and the craft and production skills here are second to none, as showcased by the British-made films nominated in this year’s EE BAFTA Film Awards.  For those freelancers and crews to continue doing what they do best, it is vital that the UK remains competitive as a prospect for inward investment and continues to support a healthy talent pipeline to grow our domestic film and TV industry, so more UK talent and stories are celebrated at home and around the world.

    Simon Robinson, Chief Operating Officer of Warner Bros. Discovery Studios said:

    We welcome the Treasury’s announcement confirming its commitment to providing vital relief to business rates.  It will create a stable environment for long-term investment, including securing the Warner Bros. Studios Leavesden expansion, which will create 4,000 direct and indirect jobs, and the opportunity for continued growth of the industry in the UK and U.S.


    More information

    • The relief will be available on properties valued by the Valuation Office Agency (VOA) as film studios.
    • The 40% reduction is inclusive of Transitional Relief. The value of any Transitional Relief a studio receives will be deducted from the value of the film studio relief. This means that eligible film studios’ final bills will be no more than 60% of their gross bill. Studios will remain eligible for Improvement Relief in addition to this relief, which will mean that no ratepayer will face higher business rates bills for 12 months as a result of qualifying improvements to a property they occupy.
    • Film studios will not need to apply for the relief, as Local Authorities will award it to eligible properties. If in doubt, film studios should contact their local authority.

    Updates to this page

    Published 16 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Business Secretary fortifies UK steel industry

    Source: United Kingdom – Executive Government & Departments

    The Business Secretary launches the Plan for Steel Consultation, seeking views from stakeholders to inform development of the Steel Strategy.

    British steelmakers are being backed today by the Government as the Business Secretary launches the Plan for Steel Consultation. 

    This will look at the long-term issues facing the industry like high electricity costs, unfair trading practices, and scrap metal recycling – to protect jobs and living standards in the UK’s industrial heartlands. 

    Up to £2.5 billion will be put towards supporting the steel industry, as per the manifesto commitment, including via the National Wealth Fund. This could benefit regions across the UK – like Scunthorpe, Rotherham, Redcar, Yorkshire, and Scotland – which have a strong history of steel production. It will be spent on initiatives that will give the industry a long future – such as electric arc furnaces, or other improvements to UK capabilities. 

    This will drive growth in the economy – the priority of the Plan for Change – and protect our industrial heartlands for the long term. 

    But the Government is wasting no time in taking immediate action to support the industry. Just this week, Heathrow Airport announced a multimillion-pound investment, which will require 400,000 tonnes of steel – enough to build the Empire State Building.  

    This will give the industry a strong pipeline of business that will secure supply chains for years to come – and will drive economic growth as part of our Plan for Change. 

    This week the Government also simplified public procurement and aligned it with the Government’s missions, including the Industrial Strategy, to put UK firms – like the steel industry – in the best possible position to compete for and win public contracts. 

    That is on top of delivering a better deal for Port Talbot within weeks of taking office which will transform production at Port Talbot and deliver a modern Electric Arc Furnace, and implementing the British Industry Supercharger which will cut electricity costs for steel firms and bring prices more in line with international competitors. 

    This delivers on a manifesto commitment to secure the future of Britain’s steel industries – building on initiatives like the £22 billion investment in Carbon Capture Usage and Storage in Teesside and Merseyside – because the country’s industrial heartlands are too important to Britain’s heritage and will be supported by this Government.  

    Business Secretary Jonathan Reynolds, said: 

    The UK steel industry has a long-term future under this Government. We said that during the election, and we are delivering on it now.  

    The deal announced by Heathrow this week will secure a strong industry pipeline for years to come – and we are putting the full weight of Whitehall behind the industry to build on this success. 

    Britain is open for business, and this Government has committed up to £2.5 billion to the future of steel to protect our industrial heartlands, maintain jobs, and drive growth as part of our Plan for Change.

    The Plan for Steel will help with the issues which have been holding the industry back for too long. It will look at ways to: 

    • Identify where there are opportunities to expand UK steelmaking to better support UK manufacturing, construction, infrastructure and growth – and secure UK jobs and livelihoods 

    • Protect the steel sector from unfair trading practices abroad 

    • Improve our scrap processing facilities so they can best support the steel-making of the future 

    • Encourage high usage of UK-made steel in public projects 

    To make the UK competitive globally, the Plan for Steel will examine the electricity costs for steel companies. 

    The Plan will also look at ways to improve the UK’s scrap metal processing capabilities, in light of the industry’s ongoing transition to electric arc furnace (EAF) steelmaking which recycles scrap steel by melting it to produce high-quality steel and other metals. 

    It will assess the UK’s primary steelmaking capabilities and primary production technologies with a commissioned independent review, currently being carried out by the not-for-profit Material Processing Institute, based in Teesside. 

    The Steel Strategy will also explore what can be done to protect the steel sector from unfair trading practices abroad and look at how it can attract and retain skilled talent in the UK. It will leverage the UK’s world-leading research and development capabilities to support the industry, aligning closely with the Government’s Trade Strategy, Strategic Defence Review and its upcoming Industrial Strategy. 

    The Government will work closely with the Steel Council towards the launch of the Steel Strategy in Spring, and the Council will continue to meet regularly following its publication to help drive investment into steelmaking communities across the country. 

    Gareth Stace, Director-General of UK Steel, commented: 

    “Developing the Steel Strategy must be a collaborative process, and the consultation is an open invitation for all stakeholders to help shape the future of UK steel. 

    “The Government’s commitment to our steel sector is both vital and welcome. A robust, bold, and ambitious Steel Strategy has the power to reverse the sector’s decline, particularly as we face increasing competition from imports benefiting from more favourable business conditions. By setting out a clear business plan and roadmap for investment, the Government can secure a brighter future for our industry, safeguard jobs, and support steelworkers and their families.” 

    Andy Prendergast, GMB National Secretary, said: 

    “After years of dithering, today’s plan provides desperately needed funding for our once proud, now beleaguered steel industry. 

    “As the world becomes more volatile, primary domestic steel making capacity is vital for both our economy and domestic security.” 

    Jon Bolton, Steel Council co-chair, said: 

    “Publishing a consultation so quickly after the launch of the Steel Council demonstrates the importance the government places on the steel strategy and the important role it plays as part of an Industrial Strategy.   

    “Thorough consultation is key, with a first round table held with steel consumers chaired by The Industry Minister where future market dynamics were discussed including the demand for Green Steel.   

    “This work will continue over the coming weeks and I urge all stakeholders to respond to the consultation, with the issuing of the Steel Strategy in the spring a key moment for the sector.” 

    Roy Rickhuss CBE, Community General Secretary, said:  

    “After a long era of neglect under the previous government, we welcome the government’s firm commitment to our steel industry.  

    “The new green paper sets out some of the main challenges and opportunities our steel sector will face over the years ahead – this consultation is an important step towards developing the government’s new steel strategy, and we look forward to engaging with the process at every step of the way.” 

    Notes to editors

    Updates to this page

    Published 16 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: Get Started with BexBack: 100x Leverage, No KYC, Double Deposit Bonus and $50 Welcome Bonus

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 15, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.

    What Is 100x Leverage and How Does It Work?

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    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

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    With BexBack’s deposit bonus

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    Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. 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. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:
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    https://www.globenewswire.com/NewsRoom/AttachmentNg/9eda6b7e-6b6d-4d19-8666-aed8c1e8ca31
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    https://www.globenewswire.com/NewsRoom/AttachmentNg/194b9f4a-91e6-41ca-9269-95d555c452a3

    The MIL Network

  • MIL-OSI USA: Senator Marshall to Secretary of Education Nominee Linda McMahon: How Do We Right the Ship of America’s Education System?

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. participated in the nomination hearing for President Donald Trump’s nominee to serve as the Department of Education Secretary, Linda McMahon, in the Senate Health, Education, Labor, and Pensions (HELP) Committee yesterday.
    Senator Marshall questioned McMahon on topics including biological boys in girls’ sports, combating antisemitism on college campuses, and Workforce Pell Grants. 
    McMahon is a proven business leader and a steadfast advocate for parents’ rights, successfully leading the Small Business Administration (SBA) to new heights during President Trump’s first Administration. Senator Marshall met with McMahon ahead of her confirmation hearing and believes she is the best fit to lead the Department of Education. As a first-generation college graduate and medical doctor, Senator Marshall understands firsthand the importance of education and is concerned about our current education system.

    [embedded content]

    You may click HERE or on the image above to watch Senator Marshall’s full remarks.
    Highlights from Ms. McMahon’s confirmation hearing include:
    On Ms. McMahon’s top priorities for the Department of Education: 
    Senator Marshall: “Mrs. McMahon, when I speak to youth, I typically talk about the three pillars of my life – faith, family, and education – and thanks to a strong faith, a loving family, and the public educators in my life, I was a first-generation college kid who got to live my American dream and become a physician and practice in rural medicine. So, this education thing is so important to all of us on both sides of the dais. I raised four kids in public schools, and unfortunately, I’ve seen the deterioration of the education system. And again, we have the most incredible teachers and coaches back home – and I’m grateful for all of them, but I think we’d all agree we’re going the wrong direction. Just really big picture: what would be your top priorities? How do we move? How do we change the ship’s direction?”
    Ms. McMahon: “The President has given a very clear directive that he would like to look in totality at the Department of Education, and believes that the bureaucracy of it should be closed – that we should return education to our states, that the best education is that closest to the kids, and that we should work with our local schools, with our superintendents, with our parents, to make sure that the education that our students are getting are the ones that is best for them. It’s not one-size-fits-all education policy throughout the country.”
    “I’m very hopeful that we will get back to the basics of education so that our children can read when they leave third grade and that eighth-grade students can have math and reading proficiency. Today, only one-third of high school students graduating can read proficiently. That means two-thirds can’t. We are failing our students. Our Department of Education, and what we are doing today, is not working, and we need to change it.”
    On biological boys competing in girls’ sports:
    Senator Marshall: “Mrs. McMahon, should boys – biological boys – be allowed to compete against girls in sports?”
    Ms. McMahon: “I do not believe that biological boys should be able to compete against girls in sports, and I think now that certainly not only have the people spoken, because that was something that President Trump ran very hard on, but also the court has spoken.”
    On combating antisemitism on college campuses:
    Senator Marshall: “Mrs. McMahon, I feel like antisemitism has become endemic in our universities. Would you be open to some type of an antisemitism commission to evaluate the progress of the universities on this issue?”
    Ms. McMahon: “Yes, I would, and I’d look forward to perhaps working with you or other members of the committee on such a commission.”
    On reforming Workforce Pell Grants to increase access: 
    Senator Marshall: “Let’s talk about Workforce Pell Grants for a second – and we can’t keep doing what we’re doing. The average starting salary for graduates from our community colleges and technical colleges back home is higher than our four-year universities, and their debt is close to zero, if not zero as well. Would you speak to that some more? What do you feel about more flexibility of Pell Grants?”Ms. McMahon: “I certainly would like to see workforce Pell Grants, and it goes through various stages of getting passed. But I definitely think that Workforce Pell Grants are something that could stimulate our economy, provide opportunity for those who want to participate in skilled-based learning, to have the opportunity – if we’d have short-term certificates of Pell Grants – that would get those students into the workplace faster if they want to be electricians, HVAC developers, and apprenticeships, and internships – all of that. In fact, in the first Trump Administration, I was part of – with SBA, working with the Department of Labor – making sure that there were more apprenticeship programs across the country, because those are very, very vital to the growth of not only our economy, but our businesses in general.”

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Ernst Holds USAID Accountable

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – In case you missed it, U.S. Senator Joni Ernst (R-Iowa) is working with President Trump’s Department of Government Efficiency (DOGE) to hold the U.S. Agency for International Development (USAID) accountable for stonewalling her investigations and hiding how they spent tax dollars.
    She recounted her experience in a Wall Street Journal op-ed here:
    “After keeping its spending records hidden from Congress and taxpayers, USAID employees are now protesting the review of the agency’s records by President Trump’s Department of Government Efficiency. It’s no surprise that Washington insiders are more upset at DOGE for trying to stop wasteful spending than at USAID for misusing tax dollars.”
    This week, Senator Ernst joined Fox News to discuss her work with DOGE:

    “I was privileged to meet with Vivek Ramaswamy and Elon Musk just after the fall election and gave them an eight-page memo that outlined a number of the ‘squeal’ initiatives that I have had over the last ten years. It outlined a blueprint to save $2 trillion within our federal government, and we have seen them act on those initiatives already.”
    “There are so many ways that we can save money. We’ve seen the fraud, waste, and abuse – the telework abuse that has happened in DC…We have to be able to do a deep dive and provide our taxpayers with good reasons why we are spending their money the way we do. Unfortunately, for many of these agencies, they cannot come up with a good reason why we are spending money the way we do.”
     
    View more coverage of Ernst exposing the rogue agency: 
    RADIO IOWA | Iowa Senator Ernst says USAID shutdown the right move
    “Last summer, Ernst accused USAID of payroll fraud. On Sunday on the X Spaces broadcast, Ernst said Musk, with President Trump’s blessing, has made the right move in shutting down USAID, so ‘every dollar’ can be scrutinized.”
    DAILY CALLER | Joni Ernst Says USAID ‘Abused The System,’ Agency Threatened Her For Seeking Transparency
    “‘We need to know that those dollars are doing it and not going to fund terrorist organizations, not going to support a gender ideology in certain regions. We have to know that it’s going for a specific goal that is approved by Congress and, unfortunately, USAID has abused this system,’ Ernst said.”
    THE FEDERALIST | Ernst’s struggle to hold USAID accountable frustrated Musk who called the agency’s obstruction of her attempts to investigate ‘outrageous.’
    “Ernst first pressed USAID on how it used its tax dollars to pay the facilities and administrative costs outlined in Negotiated Indirect Cost Rate Agreements (NICRAs) in November 2022… Months later in November 2023, Ernst demanded that USAID Administrator Samantha Powers hand over crucial information about her agency’s spending — including sending billions of American tax dollars to fund pet projects and small businesses in Ukraine — but, as Ernst noted Sunday, was again ignored… Ernst’s struggle to hold USAID accountable frustrated Musk, who called the agency’s obstruction of her repeated attempts to investigate ‘outrageous.’”
    NY POST | Sen. Joni Ernst warns of ‘willful sabotage’ at USAID, cites millions in funding for Wuhan lab, terrorists and more
    “The Republican Hawkeye State senator and Senate DOGE Caucus chair, listed a slew of examples on social media this week on why ‘USAID is one of the worst offenders of waste in Washington’… In one example she highlighted, an inspector general discovered that Chemonics, a USAID contractor, overbilled the feds by ‘as much as $270 million through fiscal year 2019’ and was caught ‘possibly offering kickbacks to terrorist groups.’”
    FOX NEWS | USAID has ‘demonstrated pattern of obstructionism,’ claims top DOGE Republican in letter to Rubio
    “The Senate chair of the DOGE Caucus is exposing a ‘demonstrated pattern of obstructionism’ at the U.S.’ top aid agency in a letter to Secretary of State Marco Rubio. Sen. Joni Ernst, R-Iowa, outlined how the U.S. Agency for International Development (USAID) has been ‘stonewalling’ her office for years as she sought documents to ensure taxpayer dollars weren’t wasted at the agency, which is now under the microscope of billionaire Elon Musk’s Department of Government Efficiency (DOGE).”
    RED STATE | Joni Ernst Drops Devastating USAID Thread, and You Won’t Believe Where Your Money Has Been Going
    “Sen. Joni Ernst (R-IA) put out a thread on Tuesday and you won’t believe what your money has been going to.”
    DAILY MAIL | Congresswoman reveals ‘crazy’ USAID threatened her when she tried to curb its spending last year
    “The Iowa Republican tore into the agency…’They were trying to scare us away from continuing to dig into this,’ she added. Ernst wanted to know how much USAID was spending on administrative costs versus aid.”
    NATIONAL REVIEW | USAID’s Long Track Record of Wasteful, Left-Wing Spending Made It an Obvious First Target for Musk
    “Senator Joni Ernst (R., Iowa) pushed to suspend the flow of American taxpayer dollars to EcoHealth. ‘From funneling tax dollars for batty studies with the Wuhan Institute in China, to sending Ukrainians to Paris Fashion Week, USAID has been one of the worst offenders of waste in Washington.’”
    DAILY WIRE | ‘Beyond Repair’: Musk Says Trump Has Given The Go-Ahead To ‘Get Rid Of’ USAID
    “Musk made the comments during a discussion on X with Sen. Joni Ernst (R-IA) as they talked about the work of what Trump has called the Department of Government Efficiency (DOGE). Ernst said that any program administered by USAID that may actually benefit America should be moved under the jurisdiction of the State Department.”
    FOX DIGITAL | Senator sends message to Dems upset over Elon Musk’s DOGE team: ‘Get used to this’
    “We are going to find ways to focus our American taxpayer dollars on the things that they should be spent on, which is the American people and our interests… There are important [USAID] projects, we acknowledge that, but we have to disrupt the system, ferret out the waste and get back to what we should be doing. And that’s making sure that American interests are represented and supporting our allies and partners.”
    WASHINGTON EXAMINER | Joni Ernst spotlights ‘obstruction and lies’ by USAID’s wasteful spending
    “But what we found was extreme expenditures on the part of USAID with very little data-driven results. We have seen money funded in the Wuhan Institute of Virology through dollars steered by USAID on dangerous Coronaviruses. We saw how that turned out. We’ve seen funding going to Morocco for pottery classes, tourism in Lebanon of all places, even when the State Department was advising against travel.”
    FOX NEWS | ‘Sesame Street in Iraq’: USAID’s ‘wasteful and dangerous’ spending exposed by senator
    “Sen. Joni Ernst, R-Iowa, published a list of projects and programs she says the U.S. Agency for International Development (USAID) has helped fund across the years, highlighting it as ‘wasteful and dangerous’ spending that has gripped taxpayers until the Department of Government Efficiency (DOGE) stepped in… Ernst highlighted that the agency ‘authorized a whopping $20 million to create a Sesame Street in Iraq.’” 
    WASHINGTON EXAMINER | Joni Ernst backs Trump’s gutting of USAID
    “Sen. Joni Ernst (R-IA) is backing President Donald Trump in his effort to dismantle the United States Agency for International Development… Ernst outlined problems with the agency that she discovered in previous investigations. In addition to waste, corruption, and inefficiency, she also alleged a ‘demonstrated pattern of obstructionism’ in its dealings with the Senate… The Iowa senator went into detail regarding some of the excesses of USAID in an X thread, including a reported $2 million for pottery classes in Morocco, an undisclosed sum for Ukrainian models to attend fashion shows abroad, $2 million for tourism in Lebanon, $20 million for a Sesame Street in Iraq, and $9 million in humanitarian assistance for Syria that ended up in the hands of terrorists.”
    WASHINGTON TIMES | Sen. Joni Ernst applauds Secretary of State Rubio’s push to overhaul USAID and review its spending
    “Ms. Ernst has prided herself as a taxpayer advocate and authored the ‘Make ’Em Squeal’ awards targeting wasteful government spending. She is now heading up the Senate DOGE caucus, working with the Elon Musk-led Department of Government Efficiency. In a live X session with Mr. Musk this week, Ms. Ernst said a large chunk of the USAID money is spent on overhead costs and things not associated with its humanitarian mission… In the wake of this series of significant misjudgments and oversight obstruction by the USAID, it is of the utmost importance to conduct a full and independent analysis of the recipients of USAID assistance.”
    BREITBART | Sen. Joni Ernst Details USAID’s ‘Anti-American Agenda’ in Letter to Secretary of State Rubio
    “Ernst said that, through her oversight efforts, she discovered that USAID has signed onto agreements with grant recipients allowing the recipients to spend more than 25 percent of the total award on indirect costs of the grant, including ‘rent for a partner’s corporate headquarters, advocacy costs, and other miscellaneous expenses.’”
    KWQC | Ernst blasts USAID for obstructing investigations
    “In November 2023, Ernst began investigating USAID’s assistance to small businesses in Ukraine. Ernst wrote to Powers that she was steadfast in her support for weapons and munitions on the battlefields, but wanted accountability for the billions in non-military aid. In March 2024 she led a bipartisan effort to eliminate waste at the agency. In May 2024, USAID’s obstruction of her oversight efforts led Ernst to call for a probe of the agency’s implementing partners and recipients of aid by the Inspector General.”
    TV coverage of Senator Ernst’s efforts here:

    Watch Fox News’s full coverage of Ernst’s work here.
    “We got all kinds of threats from USAID because I was trying to exercise my oversight capacity in Congress. My staff and I had estimated was that 30 to 40% of the USAID’s awards would go to indirect costs. So their overhead, their rent, employees.”
     

    Watch Ernst’s full Fox News interview here.
    “I have been on USAID’s case for years now, going back several years where I was trying to investigate the expenditures for humanitarian aid, primarily when it came to the war in Ukraine. And what my team and I encountered was absolute obstruction and lies coming out of USAID. They did everything possible to stop me from accessing their records, to understand where our taxpayer money was going… We are going to find ways to focus our American taxpayer dollars on the things that they should be spent on, which is the American people and our interests.”

    Watch Ernst’s full Fox Business interview here.
    “However, we have seen such complacency with oversight and direction from USAID. Sometimes it takes a sledgehammer. And that’s exactly what Elon Musk is doing. He is going and he is dismantling it. It will be scrutinized. But I can guarantee you, if there are worthy projects that really benefit Americans and our objectives, that those programs, will be rebuilt, but they will have proper oversight within the State Department and in Congress.”

    Watch KCCI’s coverage of Ernst’s efforts here.
    “USAID is culpable for decades of unchecked, outlandish expenditures and that behavior must end now.”

    MIL OSI USA News

  • MIL-OSI USA: Following Longtime Efforts, Senator Reverend Warnock Applauds Howard University Receiving Top Research Classification

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Following Longtime Efforts, Senator Reverend Warnock Applauds Howard University Receiving Top Research Classification

    Howard University announced yesterday it had been conferred a Research One (R1) Carnegie Classification, which is widely considered to be the highest research activity classification among colleges and universities in the United States
    Senator Reverend Warnock introduced his bipartisan Increase America’s Research Capacity Act of 2023, which instructs the Department of Commerce and Comptroller General of the United States to conduct studies to identify how HBCUs can achieve R1 status
    The Senator successfully secured additional funding to ensure HBCU’s and Minority Serving Institutions (MSIs) had additional administrative support to secure federal STEM dollars in the CHIPS and Science Act
    Senator Reverend Warnock is a proud product of Atlanta HBCU Morehouse College and the only HBCU alum currently serving in the U.S. Senate
    A life-long advocate of HBCUs, last year, Senator Reverend Warnock delivered commencement speeches at Georgia’s Albany State University, Tennessee State University, and Johnson C. Smith University
    Senator Reverend Warnock has secured $267 million for Georgia’s HBCUs to date, part of $17 billion in federal investments delivered to HBCUs
    Senator Reverend Warnock: “HBCUs play a vital role helping shape the next generation, and this designation goes a long way in helping illustrate their importance to our nation and their ability to perform on par and above the level of any other institution in the country”

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), a proud HBCU graduate and a champion of HBCUs in the Senate, applauded the recent announcement that Howard University was named a Research One (R1) institution by the American Council on Education (ACE), making it the first and only Historically Black Colleges and Universities (HBCU) to achieve this status.

    “HBCUs play a vital role helping shape the next generation, and this designation goes a long way in helping illustrate their importance to our nation and their ability to perform on par and above the level of any other institution in the country,” said Senator Reverend Warnock. “We know that HBCUs have long punched well above their weight, I wouldn’t be where I am today without my HBCU, Morehouse College, and as the only HBCU alum currently serving om the Senate, I will continue fighting on behalf of these storied institutions so that they have the funding needed to develop and cultivating future world contributors and leaders.”

    Senator Warnock has long worked to support HBCUs and has led two efforts to support HBCUs in pursuit of the R1 designation. In 2023, Senator Reverend Warnock introduced his bipartisan bill, the Increase America’s Research Capacity Act of 2023, which instructs the Department of Commerce and Comptroller General of the United States to conduct studies to identify how HBCUs can achieve R1 status. Additionally, the Senator successfully secured additional funding to ensure HBCU’s and Minority Serving Institutions (MSIs) had additional administrative support to secure federal STEM dollars in the CHIPS and Science Act.

    Senator Warnock led an effort highlighting his concerns with the classification methodology for higher education, urging needed reforms. In the letter, Senator Warnock urged the American Council on Education, which oversees the Carnegie Classification of Institutions of Higher Education, to make needed reforms to its classification methodology for higher education to reflect the importance and potential of the nation’s Historically Black Colleges and Universities (HBCUs). Before Howard University’s announcement, there wasn’t a single HBCU with the R-1 classification.

    There are many incredible research institutions, especially MSIs and HBCUs, that do tremendous research, but are not recognized by the current methodology, which accounts for research dollars spent and the number of research faculty, but not necessarily research quality or utility,” Senator Warnock wrote to the American Council on Education in 2023. 

    As the proud product of an HBCU, Senator Warnock is deeply committed to doing all he can to ensure these institutions thrive. To date, Senator Warnock has secured more than $267 million for Georgia HBCUs and more than $17 billion in total for HBCU campuses across the country, and has helped spearhead bipartisan calls for robust funding for HBCUs. In 2023, Senator Warnock addressed HBCU faculty and staff and led the group in prayer at the 7th Annual HBCU Fly-In and outlined his priorities for these important institutions. He has worked to strengthen 1890 land grant institutions and minority serving institutions and pushed hard to secure robust funding for 1890 Land-Grant colleges and universities.

    The “R1” or “very high research activity” status is a designation created by the Carnegie Classification of Institutions of Higher Education, which is now being revamped by the American Council on Education (ACE). “R1” institutions have “very high research activity,” which is the highest designation of research activity.

    MIL OSI USA News

  • MIL-OSI China: Creative strategies to boost spending

    Source: China State Council Information Office

    Shanghai will make continued efforts this year to further improve the consumption environment, come up with more supply-side innovation, enrich consumption scenarios and provide more incentives to consumers to further boost spending, which is integral to sustained economic growth, said officials of the municipal government during a news briefing on Friday.

    Liu Min, deputy director of the Shanghai Municipal Commission of Commerce, said that more precise and effective policies will be rolled out to boost service consumption and new types of consumption.

    The debut, silver, nighttime and ticket office economies should seek substantial development to boost consumption demand, said Liu.

    Shopping carnivals will play an important role to boost consumption, according to Liu. “Shanghai Summer” International Consumption Season, which was inaugurated last year, will take place for the second time this summer to boost inbound consumption. Consumption activities related to the low-altitude economy will be held during this year’s “Shanghai Summer”, she said.

    Pudong New Area in eastern Shanghai is holding a shopping carnival from Jan 24 to Feb 28. During this period, consumers with a single invoice of 1,000 yuan ($138) or more for personal offline consumption made within the area can participate in lucky draws with winners getting to use an EV produced by the local carmaker IM Motors free for a year.

    Two women living in Pudong were the first two to win the lucky draw, the Pudong government said on Friday.

    The lucky draw helped the number of consumers rise by 8.7 percent year-on-year to 13 million at the 15 monitored shopping malls in Pudong.

    Efforts will be made to improve foreign tourists’ shopping experiences in the city, according to Ma Yinghui, deputy director of the Shanghai municipal government’s foreign affairs office.

    International Services Shanghai, a multilingual portal launched by the municipal government in early 2024, will update the latest service information and activity agenda during the major shopping carnivals such as “Shanghai Summer” and the annually-held May 5 Shopping Festival. The portal will explicitly explain consumption policies such as tax refund, she said.

    The International Experience Officer program which was launched by the local foreign affairs office last year will help major business districts and companies to further improve services provided to foreign tourists such as online shopping, e-maps, food delivery, courier services and online ticket booking for movies and exhibitions. About 100 foreigners from 37 countries have joined the program, said Ma.

    Soliciting new foreign investment and boosting consumption will be better coordinated, said Qiu Wei, chief engineer of the Shanghai Municipal Commission of Economy and Informatization.

    The local government will hold a promotion in the Japanese city of Osaka in late May, the first overseas promotion of its kind by the Chinese city. By facilitating the outbound reach of Chinese domestic brands, the event will help to demonstrate the charm of Shanghai brands while seeking more cooperation opportunities, she said.

    Consumption on information services will be another focal point. By organizing activities under such themes, the local government aims to drive consumption of online games, digital gadgets, as well as online audio and video services, by integrating new technologies such as metaverse, AI large language models and smart chips, according to Qiu.

    The Shanghai Legoland Resort is scheduled to open this summer, according to Shanghai Municipal Administration of Culture and Tourism.

    Apart from helping to hold key games such as 2025 Formula 1 Chinese Grand Prix and 2025 World Rowing Championships, the local administration of sports will issue 60 million yuan of sports consumption coupons, said the administration’s deputy head Xu Qi.

    MIL OSI China News

  • MIL-OSI New Zealand: Africa – Over 67 million screenings – AstraZeneca’s ‘Healthy Heart Africa’ celebrates 10 years of transforming Noncommunicable Disease (NCD) care

    SOURCE: AstraZeneca

    HHA aims to improve access to timely diagnosis and treatment, reducing the burden of this disease across communities.

    KAMPALA, Uganda, February 14, 2025/ — AstraZeneca’s (www.AstraZeneca.com) flagship health equity programme – Healthy Heart Africa (HHA), marks its 10th anniversary, celebrating successfully taking over 67 million blood pressure screenings and a decade of action against non-communicable diseases across Africa.

    Hypertension is a leading risk factor for cardiovascular diseases and accounts for a significant portion of noncommunicable disease (NCD) deaths globally. In Africa, over 27% of adults live with hypertension[1], far above the global average.

    Since its launch, HHA has conducted over 67 million blood pressure screenings, trained over 11,700 healthcare workers, and activated over 1,550 healthcare facilities across nine African countries in Kenya, Ethiopia, Ghana, Uganda, Côte d’Ivoire, Senegal, Rwanda, Nigeria and Tanzania including the Island of Zanzibar. These efforts have significantly improved access to hypertension diagnosis and treatment, saving countless lives.

    Ruud Dobber, Executive Vice President and President, BioPharmaceuticals Business Unit, AstraZeneca, said: “Healthy Heart Africa epitomises AstraZeneca’s commitment to equitable healthcare. In a decade, we’ve empowered millions to manage their heart health. Now, we’ve expanded to tackle chronic kidney disease, ensuring greater resilience in health systems across the continent.”

    The programme has started addressing chronic kidney disease (CKD), which is closely linked to hypertension and affects 15.8% of Africans.[2] Early detection and management are critical, as CKD often progress silently. HHA aims to improve access to timely diagnosis and treatment, reducing the burden of this disease across communities.

    This commemoration sets the stage for the upcoming World Health Organization’s High-Level Meeting on NCDs[3], reinforcing the urgency of collective action. One facet of the programme’s success is built on strong partnerships with governments, NGOs, and community leaders to deliver culturally tailored interventions.

    Helen McGuire, Global Program Leader, PATH, added:

    “Working on the Healthy Heart Africa (HHA) programme with AstraZeneca has been truly transformative. Seeing the scale-up and institutionalisation of integrated and expanded NCD services, particularly in countries like Ghana, has been immensely rewarding. The introduction of NCD indicators into national health information systems represents a major milestone, enabling better planning, resource allocation, and outcome monitoring.”

    Ministries of Health across Africa have championed HHA’s integration of hypertension care into national policies, ensuring sustainability and local ownership.

    Permanent Secretary Uganda Ministry of Health, Dr Diana Atwine Kanzira, said:

    “In Uganda, our partnership with Healthy Heart Africa has been instrumental in strengthening our response to non-communicable diseases (NCDs), now a major health challenge across Africa. Through this collaboration, we have raised awareness on risk factors, enhanced early detection, linked patients to care, and built the capacity of healthcare workers. By integrating hypertension data into our national health system and advancing digitalization, we are ensuring a seamless patient pathway, enabling progress tracking, and delivering life-saving care to our people.”

    With its proven model – the Healthy Heart Africa programme aims to expand to new regions, integrating climate-resilient healthcare solutions and prioritising early detection to prevent disease progression. Through such innovative partnerships, the programme aims to deliver care to those most in need.

    To read more about this programme, please read our Impact Report here Link (https://apo-opa.co/3QpqSJf).

    ________________________________
    [1] https://apo-opa.co/41gyyny.

    [2] https://apo-opa.co/4b7QzaX

    [3] https://apo-opa.co/4jRojxr

    AstraZeneca Data on File: Total Programme Numbers Since Start in 2014 to the end of December 2024

    More about:
    Path
    PATH is an international non-governmental organisation dedicated to improving health outcomes for vulnerable populations worldwide. Through innovation, partnerships, and a commitment to equity, PATH tackles pressing global health challenges, including non-communicable diseases, maternal and child health, and infectious diseases. Learn more at www.Path.org.

    AstraZeneca
    AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialisation of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries, and its innovative medicines are used by millions of patients worldwide. Please visit AstraZeneca.com and follow the Company on Twitter @AstraZeneca.

    References

    [1] https://apo-opa.co/41gyyny.

    [2] https://apo-opa.co/4b7QzaX

    [3] https://apo-opa.co/4jRojxr

    AstraZeneca Data on File: Total Programme Numbers Since Start in 2014 to the end of December 2024.

    MIL OSI New Zealand News

  • MIL-OSI USA: Policy Experts Agree: Significant Infrastructure Investments Needed in America’s Arctic—Alaska

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan

    02.14.25

    Sen. Sullivan Highlights Escalating Incursions by Adversaries Near Alaska

    WASHINGTON—Several Arctic policy experts at a hearing of the Senate Committee on Commerce, Science and Transportation (CST) testified strongly this week in support of increasing infrastructure investments in Alaska, which constitutes the entirety of America’s Arctic. While the hearing was focused on Greenland’s geostrategic importance to the United States, Sen. Dan Sullivan (R-Alaska), a member of CST, argued that Alaska offers every potential resource and national security benefit of Greenland, but has too often been treated like one big “national park” by Democratic administrations, most recently by the Biden administration. Sen. Sullivan made this argument in a recent Wall Street Journal op-ed titled, “Greenland is nice, but Alaska is better.”

    In his questioning of the experts, Sen. Sullivan highlighted the significant escalation in incursions by Russian and Chinese military aircraft and vessels in Alaska’s Air Defense Identification Zone (ADIZ) and Exclusive Economic Zone (EEZ). Each of the witnesses agreed with Sen. Sullivan that the increasing aggression toward Alaska by America’s adversaries warrants deploying new military assets to the state, including personnel, vessels, aircraft, ports and bases.

    Sen. Sullivan was optimistic about the prospect of further investments in Alaska given President Donald Trump’s focus on the state, including a comprehensive day-one executive order, “Unleashing Alaska’s Extraordinary Resource Potential,” which directed many of the Biden administration’s harmful policies and actions related to Alaska lands and resources to be rescinded and many policies of the first Trump administration to be reinstated.

    [embedded content]

    Officials testifying before the committee were Alexander Gray, senior fellow in national security affairs at the American Foreign Policy Council; Anthony Marchese, chairman of Texas Mineral Resources; Dr. Jennifer Mercer, section head for Arctic sciences at the National Science Foundation’s Office of Polar Programs; and Dr. Rebecca Pincus, director of the Wilson Center’s Polar Institute.

    Below is a full transcript of Sen. Sullivan’s exchanges in the CST hearing.

    SEN. DAN SULLIVAN: Thank you, Mr. Chairman, and thank you very much for holding this very important hearing. Arctic issues are something that, as the senator representing the only Arctic state in the country, I care deeply about. I appreciate the chairman focusing on this. I want to first mention, I think the idea of the President looking to purchase Greenland has already been mentioned by a number of the panelists. Other presidents have thought about this. I think it’s a wonderful idea if we can pull it off. Truman, Andrew Johnson, others did. But I also think it’s important to remember—this is an op-ed I wrote in the Wall Street Journal a couple of weeks ago saying—hey, Greenland’s nice, good to go if we can get it, but remember our Arctic state, Alaska. Because everything that people talk about with regard to Greenland we have in spades already in America—it’s called Alaska: Arctic location, strategic and critical minerals, oil and gas, the cornerstone of America’s missile defense. It’s all there. The problem is, as the panelists know, when Democrats get in power—Biden was the latest example—they want to turn Alaska into a national park, not recognizing our state for what it is, which is a strategic crown jewel for America. The father of the U.S. Air Force, General Billy Mitchell, in testimony before Congress in the mid-1930s, called Alaska the “most strategic place on the planet.” And it is. So that’s what we’re focused on. Don’t forget Alaska. Fortunately, unlike President Biden, President Trump has already made it very clear that he’s not going to forget Alaska. On day one, the president signed an executive order called “Unleashing Alaska’s Extraordinary Resource Potential.” I want to thank President Trump and his team for doing that. It goes into everything that this hearing has talked about: strategic minerals, oil and gas, natural gas, getting the military involved. We just introduced my legislation called the IRON DOME Act, which is all about missile defense. Alaska is the cornerstone of our country’s missile defense, and we can build that out even better. I appreciate what President Trump is already doing on Alaska. But it’s not as if our adversaries don’t recognize the strategic importance of Alaska or the Arctic. Next slide. This is what doesn’t make a lot of news in the Lower 48. In the last [few] years, we have had an enormous amount of Russian incursions into our airspace—America’s airspace—Alaska’s ADIZ, naval incursions into EEZ. Just in the past year, these are some depictions of this. This is another slide we have. This gives you all of the Russian-Chinese joint strategic bomber incursions in our ADIZ and, very disturbingly, joint naval task forces into our EEZ. Our adversaries clearly understand the Arctic. That’s a wind up to a question I want to ask the panelists. Mr. Gray, why don’t we start with you. Given this, how important is America’s Arctic? I’ve been talking to Secretary Hegseth, the President, and others in Alaska, not just for missile defense, but to push back on what is clearly happening. We had a meeting on what we’re going to be doing on the border. A lot of discussion with the President’s team on the northern border. This is the northern border, and our adversaries are all over it. In my view, what we need is a lot more infrastructure, a lot more military, a lot more missile defense, a lot more unleashing Alaska’s critical minerals, oil and gas. We couldn’t have a better partner right now with President Trump. The contrast between him and President Biden, who wanted to make my state a national park—he issued 70 executive orders—70—singularly focused on Alaska to shut us down. President Trump’s wiped that out. What’s your sense on how we need to respond to this in America’s Arctic, which is Alaska, and the potential that Greenland could add to this, because that’s the other part of the Arctic, not the Alaska part of the Arctic?

    GRAY: Senator, it’s incredibly important. I think we have to look at our hemisphere holistically, from the Aleutians to Greenland, from pole to pole, and have a—President Trump began this process in his first term—this holistic Arctic strategy that I was pleased to be involved in. We have to, from a military standpoint, we’ve talked about icebreakers, but we have to…

    SULLIVAN: Wait, just real quick, on icebreakers: Russia has 54, some of which are nuclear, many of which are weaponized. We have two and one is broken. Do you think that’s “peace through strength” when it comes to icebreakers? It isn’t. Continue. Sorry to interrupt you.

    GRAY: It’s obviously—the icebreakers are key, particularly when we think about what the adversaries are doing: nuclear-powered icebreakers, growing their fleet. When we think about the limited C-130 capacity that we have now for Arctic takeoff and landings, when we think about just the general attrition of Arctic warfighting capabilities since the end of the Cold War and the lack of investment in them, I know DOD will likely have its own Arctic strategy. We have to have Arctic warfighting capacity and deterrence as a much higher-level priority. I think your chart and what your state’s dealing with is a perfect example of why.

    __________

    SULLIVAN: First, going back to this chart, I want to get a sense of why you think this has been a pretty dramatic increase from Russia and China in unprecedented joint naval and strategic bomber task forces into our airspace, into our water EEZ? And related to that, Mr. Gray, you talked about presence. You can’t have presence without infrastructure. I think it’s high time that we start looking at more infrastructure to be able to address this. We’re going to have a hearing with the NORTHCOM commander in the Armed Services Committee tomorrow. I’m going to talk a lot about looking at potential bases. There’s an incredible Navy base out here, the Adak Naval Base. It was closed during a BRAC. That could be a great sub base, Naval air station base, surface warship base. Huge refueling capacity right there flanking the Russians, Chinese. Very strategic. We’re trying to get a strategic port built in Nome, Alaska, but otherwise, we have very little infrastructure from which to launch military, economic, icebreaker capabilities. So maybe just a quick question for all the panelists. Do we need more infrastructure in America’s Arctic? I’m not talking Greenland. This hearing is about strategic interests in the Arctic. We’re an Arctic nation solely because of that great state, Alaska. What’s your sense, for all the panelists, on infrastructure in the Arctic to combat what is a very aggressive move by our adversaries? By the way, just talking to the NORTHCOM commander, we had one of the busiest times ever in terms of aggressive incursions, joint Chinese-Russian operations. That’s unprecedented. He thinks this year, it’s going to be even more. We’ve got to be ready for protecting America. Now, what’s the sense of the panel on infrastructure in America’s Arctic?

    GRAY: Senator, I couldn’t agree more. We have to have more infrastructure, not just from a defensive presence standpoint to protect our homeland, but also from a power projection standpoint. We’ve allowed our Arctic infrastructure, in addition to a lot of just our general defense industrial infrastructure, to atrophy. I think this would be a huge way to boost our capacity to deter in the Arctic.

    SULLIVAN: Great. Mr. Marchese, do you have a view on that?

    MARCHESE: Senator, I couldn’t agree with you more. You’re preaching to the converted. We, in my opinion, need significantly more infrastructure spending, not only in Alaska, but in the United States. There’s nothing wrong with fishing at your feet. We have everything we need here. It’s great that we’re going to Greenland, but let’s concentrate on what we can control, which is United States investment.

    SULLIVAN: Great. Thank you. Dr, Mercer?

    MERCER: Thank you for the question, sir. As I said before, America is the world’s leader in scientific research. That’s certainly true in the polar regions. We rely heavily, in order to be the leader in research in the polar regions, on Coast Guard icebreakers, the LC-130 aircraft, the C-17 aircraft, the Space Base Pituffik in Greenland. As I noted in my opening testimony, we’re in the design process to recapitalize and modernize Summit Station at the center of the Greenland ice sheet.

    SULLIVAN: Great. Thank you. Dr. Pincus?

    PINCUS: Thank you, Senator. I agree that we are seeing increased adversary presence in the region because they perceive weakness on their part. And so they’re pressing us there.

    SULLIVAN: By the way, it’s not on this chart. I have another one that shows they’re—I think some of the witnesses said this earlier—they’re building up their infrastructure, particularly military, but also energy and critical mineral infrastructure, in a huge way in the Arctic. We’re still kind of, I agree, exuding weakness.

    PINCUS: I would also note that we face multiple challenges in Alaska. In addition to extending and expanding our presence there, we have challenges with coastal erosion and some of the permafrost issues. So there’s money that needs to be put into current DOD installations to harden them. We’re also seeing the expansion of wildland fires and other novel challenges. I think efficient spending decisions to get as much bang for our buck is important, so we can meet the full range of national security through economic and community concerns related to that really wide range of challenges. I would put the Coast Guard at the top of the list, because it’s got a broad mission set and its assets can be utilized for a lot of different purposes. Obviously, DoD assets can be applied to civil disasters as well. And then, new technology that can help us respond effectively and juggle competing demands, whether it’s from a massive wildfire, a big coastal storm, like some of the storms we’ve seen in western Alaska, or military challenges. We have to do all of those at the same time. It’s a real big problem set and I appreciate you flagging it.

    SULLIVAN: Good. Thank you.

    MIL OSI USA News

  • MIL-OSI USA: Crapo Backs Effort to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo, Chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-South Dakota) and 44 additional Senate colleagues in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax.  The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

    “Small businesses are the lifeblood of Idaho’s economy, and family farmers, ranchers and entrepreneurs have often worked lifetimes to grow their businesses,” said Crapo.  “The death tax can be a devastating blow to American families who want to pass down their farm or small business to the next generation.  It’s time to permanently provide relief from this unfair tax.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune.  “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    The legislation is supported by the Idaho Cattle Association and the Idaho Farm Bureau.

    “The Idaho Cattle Association supports full repeal of the ‘Death Tax,’” said Cameron Mulrony, Executive Vice President of the Idaho Cattle Association.  “The long-term success of our historic industry has been predicated on the ability to provide profitability and transfer over generations.  The repeal of this tax is critical in the continual success of multi-generational operations and the legacy of our industry.”

    “The Idaho Farm Bureau Federation applauds efforts to permanently repeal the Death Tax,” said Bryan Searle, President of the Idaho Farm Bureau.  “One of the best ways to support multi-generation family farms and ranches is to not penalize the new generation. Farm Bureau thanks Senators Thune and Crapo for leading on this important issue.”

    Additional co-sponsors of the legislation include U.S. Senators Jim Risch (R-Idaho), Jim Banks (R-Indiana), John Barrasso (R-Wyoming), Marsha Blackburn (R-Tennessee), John Boozman (R-Arkansas), Katie Britt (R-Alabama), Ted Budd (R-North Carolina), Shelley Moore Capito (R-West Virginia), John Cornyn (R-Texas), Tom Cotton (R-Arkansas), Kevin Cramer (R-North Dakota), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Montana), Joni Ernst (R-Iowa), Deb Fischer (R-Nebraska), Lindsay Graham (R-South Carolina), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tennessee), Josh Hawley (R-Missouri), John Hoeven (R-North Dakota), Cindy Hyde-Smith (R-Mississippi), Ron Johnson (R-Wisconsin), Jim Justice (R-West Virginia), John Kennedy (R-Louisiana), James Lankford (R-Oklahoma), Mike Lee (R-Utah), Cynthia Lummis (R-Wyoming), Roger Marshall (R-Kansas), Mitch McConnell (R-Kentucky), Dave McCormick (R-Pennsylvania), Jerry Moran (R-Kansas), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Oklahoma), Pete Ricketts (R-Nebraska), Mike Rounds (R-South Dakota), Eric Schmitt (R-Missouri), Rick Scott (R-Florida), Tim Scott (R-South Carolina), Tim Sheehy (R-Montana), Thom Tillis (R-North Carolina), Tommy Tuberville (R-Alabama), Roger Wicker (R-Mississippi) and Todd Young (R-Indiana).  Representative Randy Feenstra (R-Iowa) introduced companion legislation in the U.S. House of Representatives.

    The bill is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

    MIL OSI USA News

  • MIL-OSI USA: Baldwin Introduces Year-Round E15 Bill to Cut Costs at the Pump, Support Wisconsin Farmers

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) and a bipartisan group of her colleagues introduced the Nationwide Consumer and Fuel Retailer Choice Act of 2025. The legislation would allow the year-round, nationwide sale of E15 which will help lower costs at the pump and support Wisconsin agriculture.

    “Homegrown biofuels cut costs at the pump for Wisconsin families while supporting our farmers and increasing our energy independence from foreign oil,” said Senator Baldwin. “I am proud to work with my Democratic and Republican colleagues to ensure cleaner E15 fuel is available year-round, support our agricultural communities, and move our Made in Wisconsin economy forward.”

    Senator Baldwin has long championed increasing the use of biofuels to reduce prices at the pump and support Wisconsin’s farmers, producers, and rural communities. In 2023 and 2024, Senator Baldwin successfully pushed the Biden administration to allow E15 fuel to be sold during the summer months.

    The bill is led by Senator Deb Fischer (R-NE) and also co-sponsored by Senators Tammy Duckworth (D-IL), Shelley Moore Capito (R-WV), Amy Klobuchar (D-MN), John Thune (R-SD), Pete Ricketts (R-NE), Dick Durbin (D-IL), Jerry Moran (R-KS), Chuck Grassley (R-IA), Roger Marshall (R-KS), Joni Ernst (R-IA), Tina Smith (D-MN), and Mike Rounds (R-SD).

    The legislation is endorsed by American Petroleum Institute, Renewable Fuels Association, Growth Energy, National Corn Growers Association, National Farmer Union, and National Association of Convenience Stores.

    Full text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI USA News: Wins Come All Day Under President Donald J. Trump

    Source: The White House

    It was another week filled with endless wins for the American people under President Donald J. Trump.

    Here are only a few of the many victories from the past week:

    • President Trump brought home an American citizen wrongfully detained in Russia and another American detained in Belarus — the tenth and eleventh hostages freed since he took office.
      • Michael McFaul, U.S. Ambassador to Russia under President Obama, reacted to Marc Fogel’s release and said: “Hallelujah! Fantastic news! Praise be to President Donald Trump … This is just fantastic news for anybody who cares about patriotic Americans.”
    • President Trump restored a 25% tariff on steel imports and elevated the tariff to 25% on aluminum imports to protect these critical American industries from unfair foreign competition.
      • The Steel Manufacturers Association released a statement applauding “President Trump for putting the American steel industry and its workers first by imposing a 25 percent tariff on all steel imports. President Trump understands that America’s steel industry is the backbone of our economy. A thriving domestic steel industry is critical to U.S. national, energy and economic security.”
      • The president of the Aluminum Association said: “We appreciate President Trump’s continued focus on strong trade actions to support the aluminum industry in the United States.”
      • Colorado Springs-based, family-owned Western Steel, Inc., praised the move: “What we hope that the tariffs will bring is some sort of stability to U.S. pricing. It allows a little bit more money to be made … on the intermediate level like us.”
    • President Trump unveiled a plan for fair and reciprocal trade, making clear to the world that the United States will no longer tolerate being ripped off.
      • The Renewable Fuels Association said: “The Brazilian tariff on U.S. ethanol now stands at 18 percent and has virtually eliminated all market access for U.S. ethanol producers. We thank President Trump for taking this action and hope this reciprocal tariff will help encourage a return to free and fair ethanol trade relationship with Brazil.”
    • President Trump spoke with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy in pursuit of finally securing peace.
    • President Trump hosted Jordan’s King Abdullah II, who announced the Kingdom will accept 2,000 sick children from Gaza “as quickly as possible.”
    • President Trump joined Indian Prime Minister Narendra Modi to announce new deals between the two countries on immigration, trade, energy, and artificial intelligence.
    • The Department of Energy approved the first liquefied natural gas project since the prior administration banned LNG exports last year.
    • President Trump declared all foreign policy must be conducted under the President’s direction, ensuring career diplomats reflect the foreign policy of the United States at all times.
    • President Trump paused enforcement of the overregulation of American business practices abroad, which negatively impacted national security.
    • Hamas agreed to free additional Israeli hostages after President Trump declared “all hell is going to break out” if the terrorist group delayed.
    • Taiwan pledged to boost its investment in the United States amid President Trump’s tariffs.
    • President Trump received his highest ever approval rating in a CBS News poll — with 70% of Americans agreeing he is keeping his promises.
    • President Trump attended Super Bowl LIX in New Orleans, becoming first sitting President to do so and bringing back tradition of pre-Super Bowl interviews.
    • Illegal border crossings have hit lows not seen in decades.
    • Hundreds of illegal aliens from Venezuela were repatriated back to their own country on Venezuelan-owned planes.
    • Illegal aliens have started turning around in droves amid the Trump Administration’s crackdown on dangerous illegal immigration.
    • The Department of Homeland Security “clawed back” tens of millions of dollars in funds paid by rogue FEMA officials to house illegal aliens in luxury New York City hotels.
    • President Trump instructed the Secretary of the Treasury to stop production of the penny, which costs 3.69 cents to make.
    • Director of National Intelligence Tulsi Gabbard, Secretary of Health and Human Services Robert F. Kennedy, Jr., and Secretary of Agriculture Brooke Rollins were confirmed by the Senate — continuing the Trump Administration’s rapid pace of confirmations.
    • President Trump signed an executive order barring COVID-19 vaccine mandates in schools that receive federal funding.
    • President Trump established the National Energy Dominance Council to advise on achieving energy dominance.
    • President Trump established the Make America Healthy Again Commission, which redirects the national focus to promoting health rather than simply managing disease.
    • President Trump signed an executive to end the use of paper straws.
    • President Trump shut down the Biden-era “Climate Corps” work program.
    • President Trump secured the resignations of 75,000+ federal workers, or approximately 3.75% of the federal workforce, in an effort to eliminate inefficiency at taxpayer expense.
    • President Trump commenced his plan to downsize the federal bureaucracy and eliminate waste, bloat, and insularity — including an order that agencies hire no more than one employee for every four employees who leave.
    • The Trump Administration ordered the Consumer Financial Protection Bureau — the brainchild of Elizabeth Warren, which funneled cash to left-wing advocacy groups — to halt operations.
    • President Trump ended the wasteful Federal Executive Institute, which had become a training ground for bureaucrats.
    • President Trump ordered the immediate dismissal of the Board of Visitors for the Army, Air Force, Navy, and Coast Guard following years of woke ideologies infiltrating U.S. service academies.
    • Secretary of Defense Pete Hegseth restored Fort Liberty, North Carolina, to “Fort Bragg,” in honor of a World War II hero.
    • President Trump instructed EPA Administrator Lee Zeldin to terminate Biden-era regulations restricting water flow and mandating inadequate lightbulb standards.
    • President Trump proclaimed “Gulf of America Day” after the Department of the Interior officially changed the name on its mapping databases.
      • Google Maps and Apple Maps both updated their apps to reflect the new name.
    • The Department of Justice filed suit against the State of New York and its elected officials over their willful failure to follow federal immigration law.
    • The Environmental Protection Agency canceled tens of millions of dollars in contracts to left-wing advocacy groups and announced an investigation into a scheme by Biden EPA staffers to shield billions of dollars from oversight and accountability.
    • The Department of Education announced an investigation into the Minnesota State High School League and California Interscholastic Federation for violation of federal anti-discrimination law by allowing men to compete in women’s sports.
    • The Federal Bureau of Investigation discovered 2,400 additional records on the assassination of President John F. Kennedy, which were never provided to the board tasked with reviewing and disclosing the documents. The discovery happened due to President Trump’s executive order calling for the declassification of JFK assassination documents.
    • The Department of Veterans Affairs implemented a new flag policy to promote the prominence of the American flag and ensure consistency among its facilities.
    • President Trump was unanimously elected as Chairman of The Kennedy Center Board of Trustees and fired a slew of the Center’s board members over their obsession with perpetuating radical ideologies.
    • U.S. crude oil stockpiles continued to rise, which they have done every week since President Trump took office.
    • Chicago Lurie Children’s Hospital paused sex change surgeries for minors in response to President Trump’s executive order ending the radical practice.
    • Taxpayer-funded PBS closed its DEI office and Disney dropped two of its DEI programs after President Trump’s executive order reining in such discriminatory practices.

    MIL OSI USA News

  • MIL-OSI USA News: Establishing the National Energy Dominance Council

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

         Section 1.  Policy.  America is blessed with an abundance of natural resources and is a leader in energy technologies and innovation that are critical to the economic prosperity and national security of the American people, as well as our partners and allies.  We must expand all forms of reliable and affordable energy production to drive down inflation, grow our economy, create good-paying jobs, reestablish American leadership in manufacturing, lead the world in artificial intelligence, and restore peace through strength by wielding our commercial and diplomatic levers to end wars across the world.  By utilizing our amazing national assets, including our crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water, and critical minerals, we will preserve and protect our most beautiful places, reduce our dependency on foreign imports, and grow our economy — thereby enabling the reduction of our deficits and our debt.
    It shall be the policy of my Administration to make America energy dominant.

         Sec2.  Establishment.  There is hereby established within the Executive Office of the President the National Energy Dominance Council (Council).

         Sec3.  Membership.  (a)  The Secretary of the Interior shall serve as Chair of the Council.  The Secretary of Energy shall serve as Vice Chair of the Council.
    (b)  In addition to the Chair and the Vice Chair, the Council shall consist of the following members:
    (i)      the Secretary of State;
    (ii)     the Secretary of the Treasury;
    (iii)    the Secretary of Defense;
    (iv)     the Attorney General;
    (v)      the Secretary of Agriculture;
    (vi)     the Secretary of Commerce;
    (vii)    the Secretary of Transportation;
    (viii)   the Administrator of the Environmental Protection Agency;
    (ix)     the Director of the Office of Management and Budget;
    (x)      the United States Trade Representative;
    (xi)     the Deputy Chief of Staff for Policy;
    (xii)    the Assistant to the President for Economic Policy;
    (xiii)   the Assistant to the President for National Security Affairs;
    (xiv)    the Assistant to the President for Domestic Policy;
    (xv)     the Chairman of the Council on Environmental Quality;
    (xvi)    the Chairman of the Council of Economic Advisers;
    (xvii)   the Director of the Office of Science and Technology Policy; and
    (xviii)  the heads of such other executive departments and agencies (agencies) as the President may, from time to time, designate.

         Sec4.  Functions.  (a)  The Chair shall convene and preside over meetings of the Council, in consultation with the Office of the Chief of Staff, provided that in his absence the Vice Chair shall preside.
    (b)  The Council shall:
    (i)    advise the President on how best to exercise his authority to produce more energy to make America energy dominant;
    (ii)   advise the President on improving the processes for permitting, production, generation, distribution, regulation, transportation, and export of all forms of American energy, including critical minerals;
    (iii)  provide to the President a recommended National Energy Dominance Strategy to produce more energy that includes long-range goals for achieving energy dominance by cutting red tape, enhancing private sector investments across all sectors of the energy-producing economy, focusing on innovation, and seeking to eliminate longstanding, but unnecessary, regulation;
    (iv)   advise and assist the President in facilitating cooperation among the Federal Government and domestic private sector energy partners; and
    (v)    advise the President on facilitating consistency in energy production policies included in the Strategy developed under subsection (b)(iii) of this section.
    (c)  In performing the advisory functions listed under subsection (b) of this section, the Council, through the Chair, shall, when appropriate, coordinate with the Assistant to the President for Economic Policy, the Assistant to the President for Domestic Policy, and the Assistant to the President for National Security Affairs.  The functions of the Council shall report to the Office of the Chief of Staff.
    (d)  Within 100 days of the date of this order, and from time to time thereafter as deemed appropriate by the Chair, the Council shall:
    (i)    recommend to the President a plan to raise awareness on a national level of matters related to energy dominance, such as the urgency of reliable energy; the improvements in technology achieved through reliable energy sources; the national security concerns with removing reliable and affordable energy sources; the jobs supported by the energy sector; and the regulatory constraints driving up the cost of reliable energy to consumers;
    (ii)   advise the President regarding the actions each agency can take under existing authorities to prioritize the policy objective of increasing energy production, such as rapidly and significantly increasing electricity capacity; rapidly facilitating approvals for energy infrastructure; approving the construction of natural gas pipelines to, or in, New England, California, Alaska, and other areas of the country underserved by American natural gas; facilitating the reopening of closed power plants; and bringing Small Modular Nuclear Reactors online;
    (iii)  provide to the President a review of markets most critical to power American homes, cars, and factories with reliable, abundant, and affordable energy;
    (iv)   advise the President regarding incentives to attract and retain private sector energy-production investments;
    (v)    advise the President on identifying and ending practices that raise the cost of energy; and
    (vi)   consult with officials from State, local, and Tribal governments and individuals from the private sector to solicit feedback on how best to expand all forms of energy production.

         Sec5.  Administration.  (a)  The Council shall have such staff and other assistance as may be necessary to carry out its functions.
    (b)  Agencies shall cooperate with the Council and provide such assistance, information, and advice to the Council related to policies that affect energy dominance as the Chair or, at the Chair’s direction, the Vice Chair, shall reasonably request, to the extent permitted by law.

         Sec6.  Representation on the National Security Council.  The Secretary of the Interior, as Chair of the Council, shall serve as a standing member of the National Security Council.

         Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    THE WHITE HOUSE,
        February 14, 2025.

    MIL OSI USA News

  • MIL-OSI: Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended December 31, 2024 of $930,000 or $0.07 per basic and diluted share, compared to a net loss of $1.2 million or $0.09 per basic and diluted share for the comparable prior year period. The Company reported a net loss for the year ended December 31, 2024 of $2.2 million or $0.17 per basic and diluted share compared to net income of $643,000, or $0.05 per basic and diluted share, for the prior year. 

    On April 24, 2024, the Company announced it had received regulatory approval to repurchase up to 237,090 shares of its common stock, which was approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The program does not have a scheduled expiration date and the Board of Directors may suspend or discontinue the program at any time. As of December 31, 2024, 188,047 shares have been repurchased under this program at a cost of $1.4 million.

    Other Financial Highlights:

    • Total assets increased $32.2 million, or 3.4%, to $971.5 million at December 31, 2024 from $939.3 million at December 31, 2023, largely due to an increase in cash and cash equivalents and other assets, offset by a decrease in net loans and premises and equipment.
    • Cash and cash equivalents increased $27.3 million, or 109.5%, to $52.2 million at December 31, 2024 from $24.9 million at December 31, 2023, as increases in deposits and borrowings and loan and security maturities outpaced loan growth.
    • Securities decreased $1.2 million, or 0.9%, to $140.3 million at December 31, 2024 from $141.5 million at December 31, 2023.
    • Net loans decreased $3.0 million, or 0.4%, to $711.7 million at December 31, 2024 from $714.7 million at December 31, 2023 due to decreases in residential and construction loans, offset by an increase in commercial real estate loans.
    • Total deposits at December 31, 2024 were $642.2 million, increasing $16.9 million, or 2.7%, as compared to $625.3 million at December 31, 2023, primarily due to a $14.7 million increase in interest-bearing deposits and by a $2.1 million increase in non-interest bearing checking accounts. The average rate paid on deposits increased 31 basis points to 3.73% for 2024 from 3.42% for 2023 due to higher interest rates and an increase in NOW accounts, which increased $14.1 million, or 34.0%, to $55.4 million at December 31, 2024 from $41.3 million at December 31, 2023. The yield on such accounts also increased 63 basis points to 2.53% for 2024 from 1.90% for 2023.
    • Federal Home Loan Bank advances increased $4.5 million, or 2.7% to $172.2 million at December 31, 2024 from $167.7 million as of December 31, 2023.

    The Bank completed a balance sheet restructuring consisting of two key transactions in the fourth quarter of 2024. The Bank entered into a sale-leaseback transaction whereby the Bank sold three of its branch offices resulting in a $9.0 million pre-tax gain. Subsequently, the Bank realized a pre-tax loss of $8.9 million on the sale of approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average life of approximately 5.5 years and a weighted average yield of 1.89%. The Bank reinvested $32.7 million of these proceeds into securities with a weighted average life of approximately 29.6 years and a weighted average yield of 5.60%. As of December 31, 2024 all securities were classified as available for sale and marked to market.

    Kevin Pace, President and Chief Executive Officer, said, “We were able to accomplish a key piece of our strategic plan this quarter. The sale-leaseback transaction gave us the ability to dispose of underperforming legacy investments without deteriorating regulatory capital. We were able to utilize this strategy to strengthen our balance sheet and improve future earnings. Reinvesting those funds in securities and loans at current market rates, as well as paying down higher cost borrowings, will provide both short- and long-term benefits. 

    “Uncertainty around rates continues to be a necessary consideration when planning for growth. The repositioning will help with this process while improving our net interest margin. We were able to achieve modest asset and deposit growth for the year while remaining focused on prudent lending practices. The high cost of funds, in particular in our competitive market, continued to pressure earnings. As we continue with our current stock buyback program, we remain committed to adding shareholder value.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended December 31, 2024 and December 31, 2023

    Net income increased by $248,000, or 21.0%, to a net loss of $930,000 for the three months ended December 31, 2024 from a net loss of $1.2 million for the three months ended December 31, 2023. This increase was primarily due to an increase of $1.0 million in interest income, a $1.3 million decrease in non-interest expense and a decrease of $998,000 in income tax expense, offset by a $1.5 million increase in interest expense.

    Interest income increased $1.0 million, or 10.7%, from $9.6 million for the three months ended December 31, 2023 to $10.6 million for the three months ended December 31, 2024 due to higher yields on interest-earning assets and higher average balances. 

    Interest income on cash and cash equivalents increased $46,000, or 31.7%, to $191,000 for the three months ended December 31, 2024 from $145,000 for the three months ended December 31, 2023 due to a $4.1 million increase in the average balance to $13.5 million for the three months ended December 31, 2024 from $9.4 million for the three months ended December 31, 2023, reflecting the increase of liquidity due to lower loan originations. Due to rate cuts enacted in the third and fourth quarter of the year, the yield on cash and cash equivalents decreased 47 basis points from 6.08% for the three months ended December 31, 2023 to 5.61% for the three months ended December 31, 2024.

    Interest income on loans increased $299,000, or 3.6%, to $8.5 million for the three months ended December 31, 2024 compared to $8.2 million for the three months ended December 31, 2023 due primarily to 16 basis point increase in the average yield from 4.57% for the three months ended December 31, 2023 to 4.73% for the three months ended December 31, 2024 and by a $3.0 million increase in the average balance to $717.4 million for the three months ended December 31, 2024 from $714.4 million for the three months ended December 31, 2023.

    Interest income on securities increased $612,000, or 58.8%, to $1.7 million for the three months ended December 31, 2024 from $1.0 million for the three months ended December 31, 2023 primarily due to a $42.1 million increase in the average balance to $175.3 million for the three months ended December 31, 2024 from $133.2 million for the three months ended December 31, 2023 and due to a 65 basis point increase in the average yield from 3.12% for the three months ended December 31, 2023 to 3.77% for the three months ended December 31, 2024.

    Interest expense increased $1.5 million, or 22.1%, from $6.6 million for the three months ended December 31, 2023 to $8.1 million for the three months ended December 31, 2024 due to higher costs on interest-bearing liabilities and by a $58.9 million increase in the average balance of interest-bearing liabilities from $747.0 million for the three months ended December 31, 2023 to $805.9 million for the three months ended December 31, 2024. During the three months ended December 31, 2024, the use of the cash flow hedges reduced the interest expense by $280,000.

    Interest expense on interest-bearing deposits increased $954,000, or 18.2%, to $6.2 million for the three months ended December 31, 2024 from $5.2 million for the three months ended December 31, 2023. The increase was due to a 61 basis point increase in the average cost of deposits to 4.02% for the three months ended December 31, 2024 from 3.41% for the three months ended December 31, 2023. The increase in the average cost of deposits was due to the higher interest rate environment. The average balances of certificates of deposit increased $4.7 million to $501.8 million for the three months ended December 31, 2024 from $497.1 million for the three months ended December 31, 2023 while NOW and money market accounts and savings accounts decreased $148,000 and $430,000 for the three months ended December 31, 2024, respectively, compared to the three months ended December 31, 2023.

    Interest expense on Federal Home Loan Bank borrowings increased $513,000, or 37.1%, from $1.4 million for the three months ended December 31, 2023 to $1.9 million for the three months ended December 31, 2024. The increase was due to an increase in the average balance of borrowings of $54.8 million to $192.2 million for the three months ended December 31, 2024 from $137.4 million for the three months ended December 31, 2023, which was partially offset by a decrease in the average cost of 7 basis points to 3.92% for the three months ended December 31, 2024 from 3.99% for the three months ended December 31, 2023 as new borrowings in the second half of the year were at slightly lower rates. At December 31, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Net interest income decreased $439,000, or 14.9%, to $2.5 million for the three months ended December 31, 2024 from $2.9 million for the three months ended December 31, 2023. The decrease reflected a 27 basis point decrease in our net interest rate spread to 0.61% for the three months ended December 31, 2024 from 0.88% for the three months ended December 31, 2023. Our net interest margin decreased 26 basis points to 1.09% for the three months ended December 31, 2024 from 1.35% for the three months ended December 31, 2023.

    We recorded a $218,000 recovery for credit losses for the three months ended December 31, 2024 compared to a no provision for credit losses for the three-month period ended December 31, 2023. The recovery in the fourth quarter of 2024 reflects the decrease in the loan and securities portfolio. 

    Non-interest income increased by $136,000, or 48.2%, to $419,000 for the three months ended December 31, 2024 from $283,000 for the three months ended December 31, 2023. Bank-owned life insurance income increased $16,000, or 7.7%, due to higher balances during 2024. Gain on sale of assets was $74,000 as proceeds from the sale-leaseback transaction exceeded the loss on securities.

    For the three months ended December 31, 2024, non-interest expense decreased $1.3 million, or 26.9%, over the comparable December 31, 2023 period. Salaries and employee benefits decreased $776,000, or 25.2%, due to lower headcount. Professional fees decreased $141,000, or 56.9% due to lower legal costs in 2024. FDIC insurance premiums increased $12,000, or 12.1%, due to a higher assessment rate in 2024. Data processing expense increased $23,000, or 9.3%, due to higher processing costs. Director fees increased $14,000, or 9.9%, due to higher pension expense. The decrease in advertising expense of $35,000, or 36.4%, was due to reduced promotions for branch locations and less promotions on deposit and loan products. Other expense decreased $456,000, or 68.2%, as 2023 expenses were elevated due to a pending fraud claim that was under review with the insurance company.

    Income tax expense increased $998,000, or 182.1%, to an expense of $450,000 for the three months ended December 31, 2024 from a benefit of $548,000 for the three months ended December 31, 2023. The increase was due to tax reserves on uncertain deferred tax assets.

    Comparison of Operating Results for the Twelve Months Ended December 31, 2024 and December 31, 2023

    Net income decreased by $2.8 million, or 437.8%, to a net loss of $2.2 million for the twelve months ended December 31, 2024 from net income of $643,000 for the twelve months ended December 31, 2023. This decrease was primarily due to a decrease of $4.4 million in net interest income, offset by a decrease of $1.2 million in non-interest expense and by an increase of $209,000 in non-interest income and $209,000 in income tax benefit.

    Interest income increased $4.4 million, or 12.0%, from $37.3 million for the twelve months ended December 31, 2023 to $41.7 million for the twelve months ended December 31, 2024 due to increases in the average balances of and higher yields on interest-earning assets.

    Interest income on cash and cash equivalents increased $38,000, or 6.7%, to $606,000 for the twelve months ended December 31, 2024 from $568,000 for the twelve months ended December 31, 2023 due to a 71 basis point increase in the average yield from 5.23% for the twelve months ended December 31, 2023 to 5.94% for the twelve months ended December 31, 2024 due to the higher interest rate environment for most of 2024. This was offset by a $671,000 decrease in the average balance to $10.2 million for the twelve months ended December 31, 2024 from $10.9 million for the twelve months ended December 31, 2023, reflecting the use of excess liquidity primarily to fund securities purchases.

    Interest income on loans increased $1.4 million, or 4.3%, to $33.4 million for the twelve months ended December 31, 2024 compared to $32.0 million for the twelve months ended December 31, 2023 due primarily to a 20 basis point increase in the average yield from 4.49% for the twelve months ended December 31, 2023 to 4.69% for the twelve months ended December 31, 2024. The increase was offset by a $661,000 decrease in the average balance to $713.1 million for the twelve months ended December 31, 2024 from $713.8 million for the twelve months ended December 31, 2023.

    Interest income on securities increased $2.7 million, or 66.7%, to $6.9 million for the twelve months ended December 31, 2024 from $4.2 million for the twelve months ended December 31, 2023 due to a 101 basis point increase in the average yield from 2.87% for the twelve months ended December 31, 2023 to 3.88% for the twelve months ended December 31, 2024 and by a $33.8 million increase in the average balance of securities to $178.7 million for the twelve months ended December 31, 2024 from $144.9 million for the twelve months ended December 31, 2023.

    Interest expense increased $8.9 million, or 39.9%, from $22.3 million for the twelve months ended December 31, 2023 to $31.2 million for the twelve months ended December 31, 2024 due to increases in the average balance of and higher costs on interest-bearing liabilities. During the twelve months ended December 31, 2024, the use of the cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances by $1.5 million.

    Interest expense on interest-bearing deposits increased $6.6 million, or 36.4%, to $24.6 million for the twelve months ended December 31, 2024 from $18.0 million for the twelve months ended December 31, 2023. The increase was due to a 112 basis point increase in the average cost of interest-bearing deposits to 3.97% for the twelve months ended December 31, 2024 from 2.85% for the twelve months ended December 31, 2023, offset by a $12.3 million decrease in the average balance of interest-bearing deposits. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit increased $10.2 million to $508.3 million for the twelve months ended December 31, 2024 from $498.1 million for the twelve months ended December 31, 2023 while NOW and money market accounts and savings accounts decreased $18.1 million and $4.4 million for the twelve months ended December 31, 2024, respectively, compared to the twelve months ended December 31, 2023.

    Interest expense on Federal Home Loan Bank borrowings increased $2.3 million, or 54.4%, from $4.3 million for the twelve months ended December 31, 2023 to $6.6 million for the twelve months ended December 31, 2024. The increase was due to an increase in the average balance of borrowings of $59.2 million to $176.0 million for the twelve months ended December 31, 2024 from $116.8 million for the twelve months ended December 31, 2023. The increase was due to an increase in the average cost of 9 basis points to 3.76% for the twelve months ended December 31, 2024 from 3.67% for the twelve months ended December 31, 2023 due to the new borrowings at higher rates. At December 31, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Net interest income decreased $4.4 million, or 29.5%, to $10.6 million for the twelve months ended December 31, 2024 from $15.0 million for the twelve months ended December 31, 2023. The decrease reflected a 62 basis point decrease in our net interest rate spread to 0.66% for the twelve months ended December 31, 2024 from 1.28% for the twelve months ended December 31, 2023. Our net interest margin decreased 55 basis points to 1.16% for the twelve months ended December 31, 2024 from 1.71% for the twelve months ended December 31, 2023.

    We recorded a $148,000 recovery of credit losses for the twelve months ended December 31, 2024 compared to a $125,000 recovery for credit losses for the twelve-month period ended December 31, 2023 which reflected a decrease in the loan and securities portfolios, as well as no charge-offs during the years. This recovery was inclusive of the effect due to the transfer of certain securities from the held to maturity portfolio to the available for sale portfolio, which resulted in a $108,000 recovery for credit losses.

    Non-interest income increased by $209,000, or 18.4%. Gain on sale of assets increased $74,000 while fee and service charged income increased $22,000 or 10.6%, and income related to bank owned life insurance increased $90,000, or 11.5%, due to higher balances during 2024.

    For the twelve months ended December 31, 2024, non-interest expense decreased $1.2 million, or 7.4%, compared to the twelve months ended December 31, 2023. Salaries and employee benefits decreased $1.1 million, or 10.9%, as 2023 amounts included an accrual of a severance contract for the retirement of the previous President and a higher employee count when compared to 2024. Professional fees increased $129,000 or 19.5%, due to higher legal expense. Data processing increased $234,000, or 24.1%, due to higher processing costs. Other expense decreased $369,000, or 27.8%, as 2023 amounts included charges for a pending fraud claim that is under review with the insurance company.

    Income tax benefit increased $209,000, or 129.1%, to a benefit of $372,000 for the twelve months ended December 31, 2024 from a benefit of $162,000 for the twelve months ended December 31, 2023. The increase in benefit was due to $3.0 million, or 629.2%, of lower taxable income. The effective tax rate for the twelve months ended December 31, 2024 and December 31, 2023 was (14.62%) and (33.76%), respectively. The benefit would have been higher but there were valuation reserves on certain deferred tax assets as of December 31, 2024.

    Balance Sheet Analysis

    Total assets were $971.5 million at December 31, 2024, representing an increase of $32.2 million, or 3.4%, from December 31, 2023. Cash and cash equivalents increased $27.3 million during the period primarily due to loan payments received and growth in deposits and borrowings. Net loans decreased $3.0 million, or 0.4%, due to $63.8 million in repayments, partially offset by new production of $61.2 million. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities held to maturity were reclassified to securities available for sale which decreased an aggregate $1.2 million or 0.9%, due to the repayments of mortgage-backed securities and maturities of corporate bonds. Right of use assets increased $10.8 million due to new right-of-use lease assets recognized as part of the sale-leaseback transaction.

    Delinquent loans increased $1.7 million to $14.3 million, or 2.01% of total loans, at December 31, 2024. The increase was mostly due to one commercial real estate loan with a balance of $755,000 and two residential mortgages totaling $653,000, all of which are classified as nonaccrual. During the same timeframe, non-performing assets increased to $14.0 million and were 1.44% of total assets at December 31, 2024. The Company’s allowance for credit losses was 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024 compared to 0.39% of total loans and 21.81% of non-performing loans at December 31, 2023. At that date, $10.9 million, or 76.0%, of the total non-performing loans consisted of one construction loan with a loan-to-value of 45%, which required no specific reserve. The Bank does not have any exposure to commercial real estate loans secured by office space.

    Total liabilities increased $32.0 million, or 4.0%, to $834.2 million mainly due to a $16.8 million increase in deposits and by a $4.5 million increase in borrowings. Lease liabilities also increased $10.8 million due to new lease liabilities recognized as part of the sale-leaseback transaction. Total deposits increased $16.9 million, or 2.7%, to $642.2 million at December 31, 2024 from $625.3 million at December 31, 2023. The increase in deposits reflected increases in NOW, money market and savings accounts, which increased by $14.7 million from $101.5 million at December 31, 2023 to $116.2 million at December 31, 2024 and by an increase in non-interest bearing accounts, which increased by $2.1 million to $32.7 million from $30.6 million at December 31, 2023. At December 31, 2024, brokered deposits were $101.6 million or 15.8% of deposits and municipal deposits were $30.7 million or 4.8% of deposits. At December 31, 2024, uninsured deposits represented 6.9% of the Bank’s total deposits. Federal Home Loan Bank advances increased $4.5 million, or 2.7%. Total borrowing capacity at the Federal Home Loan Bank is $280.4 million, of which $172.2 million is advanced.

    Total stockholders’ equity increased $116,000 to $137.3 million, which was largely unchanged from last year. The increase was due to a reduction in the accumulated other comprehensive loss on the securities portfolio of $2.9 million, offset by a net loss of $2.2 million and the repurchase of 221,130 shares of stock at a total cost of $1.7 million. At December 31, 2024, the Company’s ratio of average stockholders’ equity-to-average total assets was 14.10%, compared to 14.89% at December 31, 2023.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. 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.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, potential recessionary conditions, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
     
        As of
    December 31, 2024
        As of
    December 31, 2023
     
    ASSETS                
    Cash and due from banks   $ 18,020,527     $ 13,567,115  
    Interest-bearing deposits in other banks     34,211,681       11,362,356  
    Cash and cash equivalents     52,232,208       24,929,471  
                     
    Securities available for sale     140,307,447       68,888,179  
    Securities held to maturity (fair value of $70,699,651 at December 31, 2023)           72,656,179  
    Loans, net of allowance $2,620,949 and $2,785,949, respectively     711,716,236       714,688,635  
    Premises and equipment, net     4,727,302       7,687,387  
    Federal Home Loan Bank (“FHLB”) stock     8,803,000       8,616,100  
    Accrued interest receivable     4,232,563       3,932,785  
    Core deposit intangibles     152,893       206,116  
    Bank owned life insurance     31,859,604       30,987,851  
    Right of use asset     10,776,596        
    Other assets     6,682,035       6,731,500  
    Total assets   $ 971,489,884     $ 939,324,203  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 32,681,963     $ 30,554,842  
    Interest bearing     609,506,079       594,792,300  
          642,188,042       625,347,142  
                     
    FHLB advances-short term     29,500,000       37,500,000  
    FHLB advances-long term     142,673,182       130,189,663  
    Advance payments by borrowers for taxes and insurance     2,809,205       2,733,709  
    Lease liability     10,780,363        
    Other liabilities     6,249,932       6,380,486  
    Total liabilities     834,200,724       802,151,000  
                     
    Stockholders’ Equity                
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at December 31, 2024, and 2023            
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,059,175 issued and outstanding at December 31, 2024 and 13,279,230 at December 31, 2023     130,591       132,792  
    Additional Paid-In capital     55,269,962       56,149,915  
    Retained earnings     90,006,649       92,177,068  
    Unearned ESOP shares (382,933 shares at December 31, 2024 and 409,750 shares at December 31, 2023)     (4,520,594 )     (4,821,798 )
    Accumulated other comprehensive loss     (3,597,448 )     (6,464,774 )
    Total stockholders’ equity     137,289,160       137,173,203  
    Total liabilities and stockholders’ equity   $ 971,489,884     $ 939,324,203  
     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Interest income                                
    Loans   $ 8,522,844     $ 8,224,488     $ 33,411,221     $ 32,046,033  
    Securities                                
    Taxable     1,641,126       1,027,755       6,888,462       4,070,144  
    Tax-exempt     11,483       13,135       50,892       91,428  
    Other interest-earning assets     418,634       300,656       1,399,170       1,072,240  
    Total interest income     10,594,087       9,566,034       41,749,745       37,279,845  
    Interest expense                                
    Deposits     6,200,367       5,245,865       24,584,690       18,023,772  
    FHLB advances     1,894,789       1,382,244       6,613,845       4,282,603  
    Total interest expense     8,095,156       6,628,109       31,198,535       22,306,375  
    Net interest income     2,498,931       2,937,925       10,551,210       14,973,470  
    Provision (credit) for credit losses     (218,000 )           (148,000 )     (125,000 )
    Net interest income after provision (credit) for credit losses     2,716,931       2,937,925       10,699,210       15,098,470  
    Non-interest income                                
    Fees and service charges     64,285       47,382       228,685       206,763  
    Gain on sale of loans     20,232             31,942       29,375  
    Gain on sale of properties     9,005,245             9,005,245        
    Loss on sale of securities     (8,930,843 )           (8,930,843 )      
    Bank-owned life insurance     223,616       207,453       871,753       781,526  
    Other     36,202       27,711       141,622       121,371  
    Total non-interest income     418,737       282,546       1,348,404       1,139,035  
    Non-interest expense                                
    Salaries and employee benefits     2,345,404       3,082,176       8,750,350       9,820,128  
    Occupancy and equipment     348,778       359,937       1,467,517       1,474,107  
    FDIC insurance assessment     110,464       98,525       424,090       418,215  
    Data processing     274,889       251,485       1,203,181       969,398  
    Advertising     60,840       95,681       371,790       465,064  
    Director fees     155,699       141,639       622,799       619,650  
    Professional fees     107,129       248,526       789,646       661,045  
    Other     212,632       668,220       960,230       1,329,520  
    Total non-interest expense     3,615,835       4,946,189       14,589,603       15,757,127  
    (Loss) income before income taxes     (480,167 )     (1,725,718 )     (2,541,989 )     480,378  
    Income tax (benefit) expense     449,834       (547,958 )     (371,569 )     (162,157 )
    Net (loss) income   $ (930,001 )   $ (1,177,760 )   $ (2,170,420 )   $ 642,535  
    Earnings (loss) per Share – basic   $ (0.07 )   $ (0.09 )   $ (0.17 )   $ 0.05  
    Earnings (loss) per Share – diluted   $ (0.07 )   $ (0.09 )   $ (0.17 )   $ 0.05  
    Weighted average shares outstanding – basic     12,686,765       12,767,410       12,767,628       12,891,847  
    Weighted average shares outstanding – diluted     12,686,765       12,767,410       12,767,628       12,891,847  
     
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
     
        At or For the Three Months Ended December 31,     At or For the Twelve Months Ended December 31,  
        2024     2023     2024     2023  
    Performance Ratios (1):                                
    (Loss) return on average assets (2)     (0.09 )%     (0.51 )%     (0.22 )%     0.07 %
    (Loss) return on average equity (3)     (0.68 )%     (3.43 )%     (1.59 )%     0.46 %
    Interest rate spread (4)     0.61 %     0.88 %     0.66 %     1.28 %
    Net interest margin (5)     1.09 %     1.35 %     1.16 %     1.71 %
    Efficiency ratio (6)     123.93 %     153.59 %     122.61 %     97.04 %
    Average interest-earning assets to average interest-bearing liabilities     113.67 %     115.71 %     114.48 %     116.95 %
    Net loans to deposits     110.83 %     114.29 %     110.83 %     114.29 %
    Equity to assets (7)     13.99 %     14.94 %     14.10 %     14.89 %
    Capital Ratios:                                
    Tier 1 capital to average assets                     13.34 %     15.24 %
    Asset Quality Ratios:                                
    Allowance for credit losses as a percent of total loans                     0.37 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                     18.77 %     21.81 %
    Net charge-offs to average outstanding loans during the period                     0.00 %     0.00 %
    Non-performing loans as a percent of total loans                     1.95 %     1.79 %
    Non-performing assets as a percent of total assets                     1.44 %     1.36 %
    (1 ) Certain performance ratios for the three-month periods are annualized.
    (2 ) Represents net income divided by average total assets.
    (3 ) Represents net income divided by average stockholders’ equity.
    (4 ) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5%.
    (5 ) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7 ) Represents average stockholders’ equity divided by average total assets.
         

    LOANS

    Loans are summarized as follows at December 31, 2024 and December 31, 2023:

        December 31,     December 31,  
        2024     2023  
    Real estate:     (unaudited)          
    Residential First Mortgage   $ 472,747,542     $ 486,052,422  
    Commercial Real Estate     118,008,866       99,830,514  
    Multi-Family Real Estate     74,152,418       75,612,566  
    Construction     43,183,657       49,302,040  
    Commercial and Industrial     6,163,747       6,658,370  
    Consumer     80,955       18,672  
    Total loans     714,337,185       717,474,584  
    Allowance for credit losses     (2,620,949 )     (2,785,949 )
    Net loans   $ 711,716,236     $ 714,688,635  
                     

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited).

        At December 31,  
        2024     2023  
        Amount     Percent     Average Rate     Amount     Percent     Average Rate  
        (Dollars in thousands)  
    Noninterest bearing demand accounts   $ 32,681,963       5.09 %     %   $ 30,554,842       4.89 %     %
    NOW accounts     55,048,614       8.62       2.53       41,320,723       6.61       1.90  
    Money market accounts     24,578,021       2.18       0.58       14,641,846       2.34       0.30  
    Savings accounts     47,001,817       7.3       1.90       45,554,964       7.28       1.76  
    Certificates of deposit     482,877,627       76.81       4.37       493,274,767       78.88       4.00  
    Total   $ 642,188,042       100.00 %     3.73 %   $ 625,347,142       100.00 %     3.42 %
                                                     

    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

        Three Months Ended December 31,  
        2024     2023  
        Average     Interest and     Yield/     Average     Interest and     Yield/  
        Balance     Dividends     Cost (3)     Balance     Dividends     Cost (3)  
        (Dollars in thousands)  
        (unaudited)  
    Assets:                                                
    Cash and cash equivalents   $ 13,547     $ 191       5.61 %   $ 9,433     $ 145       6.08 %
    Loans     717,433       8,523       4.73 %     714,380       8,224       4.57 %
    Securities     175,308       1,653       3.77 %     133,241       1,041       3.12 %
    Other interest-earning assets     9,711       227       9.37 %     7,216       156       8.70 %
    Total interest-earning assets     915,999       10,594       4.61 %     864,270       9,566       4.40 %
    Non-interest-earning assets     63,511                       56,543                  
    Total assets   $ 979,510                     $ 920,813                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 67,362     $ 366       2.16 %   $ 67,510     $ 310       1.82 %
    Savings accounts     44,425       213       1.91 %     44,855       205       1.81 %
    Certificates of deposit     501,875       5,621       4.46 %     497,147       4,731       3.78 %
    Total interest-bearing deposits     613,662       6,200       4.02 %     609,512       5,246       3.41 %
    Federal Home Loan Bank advances (1)     192,196       1,895       3.92 %     137,445       1,382       3.99 %
    Total interest-bearing liabilities     805,858       8,095       4.00 %     746,957       6,628       3.52 %
    Non-interest-bearing deposits     32,734                       34,835                  
    Other non-interest-bearing liabilities     3,837                       1,454                  
    Total liabilities     842,429                       783,246                  
    Total equity     137,081                       137,567                  
    Total liabilities and equity   $ 979,510                     $ 920,813                  
    Net interest income           $ 2,499                     $ 2,938          
    Interest rate spread (2)                     0.61 %                     0.88 %
    Net interest margin (3)                     1.09 %                     1.35 %
    Average interest-earning assets to average interest-bearing liabilities     113.67 %                     115.71 %                
    1. Cash flow hedges are used to manage interest rate risk. During the three months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $280,000.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
       
        Twelve Months Ended December 31,  
        2024     2023  
        Average     Interest and     Yield/     Average     Interest and     Yield/  
        Balance     Dividends     Cost (3)     Balance     Dividends     Cost (3)  
        (Dollars in thousands)  
        (unaudited)  
    Assets:                                                
    Cash and cash equivalents   $ 10,197     $ 606       5.94 %   $ 10,868     $ 568       5.23 %
    Loans     713,138       33,412       4.69 %     713,799       32,046       4.49 %
    Securities     178,684       6,939       3.88 %     144,880       4,162       2.87 %
    Other interest-earning assets     9,106       793       8.71 %     6,389       504       7.89 %
    Total interest-earning assets     911,125       41,750       4.58 %     875,936       37,280       4.26 %
    Non-interest-earning assets     59,511                       54,925                  
    Total assets   $ 970,636                     $ 930,861                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 67,561     $ 1,359       2.01 %   $ 85,663     $ 1,399       1.63 %
    Savings accounts     43,975       821       1.87 %     48,351       580       1.20 %
    Certificates of deposit     508,327       22,405       4.41 %     498,129       16,045       3.22 %
    Total interest-bearing deposits     619,863       24,585       3.97 %     632,143       18,024       2.85 %
    Federal Home Loan Bank advances (1)     175,997       6,614       3.76 %     116,816       4,283       3.67 %
    Total interest-bearing liabilities     795,860       31,199       3.92 %     748,959       22,307       2.98 %
    Non-interest-bearing deposits     31,572                       38,636                  
    Other non-interest-bearing liabilities     6,303                       4,627                  
    Total liabilities     833,735                       792,222                  
    Total equity     136,901                       138,639                  
    Total liabilities and equity   $ 970,636                     $ 930,861                  
    Net interest income           $ 10,551                     $ 14,973          
    Interest rate spread (2)                     0.66 %                     1.28 %
    Net interest margin (3)                     1.16 %                     1.71 %
    Average interest-earning assets to average interest-bearing liabilities     114.48 %                     116.95 %                
    1. Cash flow hedges are used to manage interest rate risk. During the twelve months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $1.5 million.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
       

    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

        Three Months Ended December 31,     Twelve Months Ended December 31,  
        2024 Compared to Three     2024 Compared to Twelve Months  
        Months Ended December 31, 2023     Ended December 31, 2023  
        Increase (Decrease) Due to     Increase (Decrease) Due to  
        Volume     Rate     Net     Volume     Rate     Net  
        (In thousands)  
        (unaudited)  
    Interest income:                                                
    Cash and cash equivalents   $ 114     $ (68 )   $ 46     $ (37 )   $ 75     $ 38  
    Loans receivable     33       266       299       (30 )     1,396       1,366  
    Securities     369       243       612       1,108       1,669       2,777  
    Other interest earning assets     58       13       71       232       57       289  
    Total interest-earning assets     574       454       1,028       1,273       3,197       4,470  
    Interest expense:                                                
    NOW and money market accounts     (5 )   $ 61     $ 56       (328 )     288       (40 )
    Savings accounts     (12 )     20       8       (57 )     298       241  
    Certificates of deposit     45       845       890       335       6,025       6,360  
    Federal Home Loan Bank advances     676       (163 )     513       2,221       110       2,331  
    Total interest-bearing liabilities     704       763       1,467       2,171       6,721       8,892  
    Net decrease in net interest income   $ (130 )   $ (309 )   $ (439 )   $ (898 )   $ (3,524 )   $ (4,422 )
                                                     

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network

  • MIL-OSI USA: Cornyn, GOP Colleagues Introduce Bill to Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after he and 45 of his Senate GOP colleagues introduced the Death Tax Repeal Act, which would permanently repeal the federal estate tax, commonly known as the death tax:

    “An added financial burden is the last thing families should have to deal with in the wake of a loved one’s passing,” said Sen. Cornyn. “By repealing the death tax, this legislation would alleviate unnecessary hardship and offer greater financial opportunities for Texas families, farmers, ranchers, and businesses.”

    Background:

    The estate tax, more commonly described as the death tax, is a punitive tax that hits family-run farms, ranches, and businesses at a time when they are grappling with an owner’s death. Beyond being hit by the tax itself, the death tax also requires family-run businesses, including some below the exemption threshold, to spend their resources on costly estate planning policies. Furthermore, the death tax also requires these businesses to set aside capital in the event an owner’s death occurs that could have otherwise been invested into the business.

    The Death Tax Repeal Act would:

    • Eliminate the federal estate tax for individuals who pass away after its enactment;
    • Repeal the Generation-Skipping Transfer (GST) Tax, which is imposed on transfers of wealth that skip a generation, such as gifts or bequests to grandchildren;
    • Modify the Gift Tax, indexed for inflation;
    • And treat transfers into trusts as taxable gifts, unless the trust is entirely owned by the donor or their spouse.

    The legislation is also cosponsored by Senate Majority Leader John Thune (R-SD) and Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).

    This legislation is endorsed by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.

    MIL OSI USA News

  • MIL-OSI: KM QUAD Announces Entering into a Merger Agreement with Quetta Acquisition Corporation

    Source: GlobeNewswire (MIL-OSI)

    JIUJIANG, China, Feb. 14, 2025 (GLOBE NEWSWIRE) — KM QUAD, a Cayman Islands company (“KM QUAD” or the “Company”), the parent company of Jiujiang Lida Technology Co., Ltd., a film product design and manufacturer in China (the “ Lida Technology”), announced today that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) for a business combination with Quetta Acquisition Corporation (Nasdaq: QETA, QETAR, QETAU), a special purpose acquisition company incorporated in Delaware (“Quetta”).

    Upon consummation of the transaction contemplated by the Merger Agreement, (i) Quetta will reincorporate by merging with and into Quad Global Inc., a Cayman Islands exempted company and wholly-owned subsidiary of Quetta (“Quad Global”), and (ii) concurrently with the reincorporation merger, Quad Group Inc., a Cayman Islands exempted company and wholly-owned subsidiary of Quad Global, will be merged with and into KM QUAD, resulting in KM QUAD being a wholly-owned subsidiary of Quad Global (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). Upon the closing of the Transaction, the parties plan to remain Nasdaq-listed under a new ticker symbol.

    KM QUAD Overview

    Founded in 2016, Lida Technology, also known as “QUAD,” is a provider of automotive protective films with various decorative and strong functional features. QUAD specializes in the design, development, production, and sale of high-performance automotive protective films and window tints. Renowned for both their decorative and functional features, QUAD’s products are designed to enhance the appearance and durability of vehicles while providing valuable protection. In addition to automotive applications, QUAD also manufactures specialized films for construction and battery use, further diversifying its product offerings.

    QUAD has 113 intellectual property rights in China, including 72 registered trademarks, five trademark applications currently pending, 15 copyrights, 14 registered patents, 15 patent applications currently pending, and two domains. QUAD also has approximately 40 employees that are dedicated to research and development exclusively, and an established vast distribution network throughout China. QUAD has a well-established manufacturing capacity. Its main manufacturing facility is located in Jiujiang, Jiangxi Province, in an area which consists of 33 acres of land with over 21,000 square meters, including two production plants and one research and development center. QUAD’s distribution network spans throughout China, covering over 200 cities in China.

    QUAD’s current management team will continue running the combined company after the Transaction.

    Key Transaction Terms

    Under the terms of the Merger Agreement, Quetta’s wholly-owned subsidiary, Quad Global, will acquire KM QUAD, resulting in Quad Global being a listed company on the Nasdaq Stock Market. At the effective time of the Transaction, KM QUAD’s shareholders and management will receive 30 million ordinary shares of Quad Global. The shares held by certain KM QUAD’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the Transaction, subject to certain exceptions.

    The Transaction, which has been approved by the boards of directors of both Quetta and KM QUAD, is subject to regulatory approvals, the approvals by the shareholders of Quetta and KM QUAD, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by Quetta with the SEC and will be available on the SEC’s website at www.sec.gov.

    Comments on KM QUAD

    Mr. Qiuping Ke, Chief Executive Officer of KM QUAD, remarked: “For 20 years, QUAD has evolved alongside the automotive protective film market. Our mission, ‘Cutting-Edge Automotive Film Solutions,’ reflects our commitment to continuously developing innovative products that protect vehicles while adding unique colors and advanced functionalities. With a strong focus on research and development and robust manufacturing capabilities, we have gained extensive expertise, established a comprehensive brand matrix, and developed a nationwide distribution network. Our products address critical challenges facing the rapidly growing electric vehicle market, helping owners protect and customize their cars while effectively reducing in-car temperatures. We are thrilled to collaborate with Quetta, as we share a common vision and business approach, and we are confident their team will help us achieve our goals and drive long-term success.”

    Mr. Hui Chen, Chief Executive Officer of Quetta, stated: “Our aim is to identify a company with solid product offerings, a proven track record, and good prospects for future growth. We believe that we have found these qualities in KM QUAD. We look forward to completing this transaction and working with KM QUAD’S management team to help them thrive as a public company while they continue to grow.”

    Advisors

    Loeb & Loeb LLP, Beijing B&D Law Firm, and Ogier Global (Cayman) Limited are serving as legal advisors to Quetta. Torres & Zheng at Law, P.C., J. Zhang and Associates, P.C., Hunan Qiyuan Law Firm, Zhong Lun Law Firm, and Harney Westwood & Riegels are serving as legal advisors to KM QUAD. Chain Stone Capital Limited is serving as financial advisor to KM QUAD.

    About KM QUAD

    KM QUAD’s operating subsidiary, Jiujiang Lida Technology Co. Ltd. (“Lida Technology,” also known as “QUAD”) was founded in 2016 in China, and over the years, QUAD has become one of the largest designers and manufacturers of film products applied in the automobile, construction, furniture, and battery industry nationwide. QUAD has over 100 intellectual property rights in China and 40 employees that are dedicated to research and development exclusively, and an established vast distribution network throughout China, covering over 200 cities in China.

    About Quetta Acquisition Corporation

    Quetta Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

    Participants in the Solicitation

    Quad Global Inc., Quetta Acquisition Corporation, and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Quetta’s common stock in respect of the proposed Transaction. Information about Quetta’s directors and executive officers and their ownership of Quetta’s common stock is currently set forth in Quetta’s prospectus related to its initial public offering dated October 5, 2023, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Quetta or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Important Information about the Proposed Business Combination and Where to Find It

    In connection with the Transaction, Quad Global will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all Quetta shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of Quetta are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

    Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through Quetta through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

    Hui Chen
    Chief Executive Officer, Chairman and President
    Quetta Acquisition Corp.
    Tel: +1(212) 612-1400

    KM QUAD
    Company Secretary
    Zhenzhen Zhang
    Email: qf@quadfilmus.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Quetta’s and KM QUAD’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Quetta’s and KM QUAD’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Quetta or KM QUAD and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against Quetta or KM QUAD following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of Quetta or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that KM QUAD or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by Quad Global (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by Quetta and KM QUAD. Quetta and KM QUAD caution that the foregoing list of factors is not exclusive. Quetta and KM QUAD caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Quetta nor KM QUAD undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

    The MIL Network

  • MIL-OSI: Synaptics Reports Inducement Grants Following Completion of Broadcom Agreement

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 14, 2025 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) today announced that on February 17, 2025, it will grant restricted stock unit (“RSU”) awards to new employees who joined Synaptics in connection with the previously announced asset purchase transaction between Synaptics and Broadcom Inc. which closed on January 30, 2025. Pursuant to that transaction, Synaptics also entered into a licensing agreement with Broadcom that includes Broadcom’s Wi-Fi® 8, ultra-wideband, Wi-Fi 7, advanced Bluetooth®, and next-generation GPS/GNSS products and technology for the IoT and Android™ ecosystem, further accelerating Synaptics’ Edge AI strategy.

    “We are excited to welcome our new team members to Synaptics and look forward to building a bright and successful future together,” said Venkat Kodavati, SVP Wireless Products Group.

    The RSU awards will be granted to these 104 newly hired non-executive employees under Synaptics’ 2025 Inducement Equity Plan (the “Plan”) in accordance with Nasdaq Listing Rule 5635(c)(4). The aggregate number of RSUs awarded will be 1,006,506 and are being made as a substitution of Broadcom equity awards and are being granted as a material inducement to the employees’ acceptance of employment with Synaptics. The Plan and the RSU awards were approved by the compensation committee of the Company’s board of directors.

    Fifty percent of the RSUs will vest on the first anniversary of the grant date, and the remaining fifty percent will vest quarterly thereafter until fully vested on the second anniversary of the grant date, subject to the employees’ continued service with the Company through the relevant vesting dates. The RSU awards also are subject to the terms and conditions of the Plan and the inducement award agreement covering the RSU awards.

    About Synaptics Incorporated
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com

    Cautionary Statement Regarding Forward-Looking Statements
    This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that the Company or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations or various assumptions. Our expectations and assumptions are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including risks related to our ability to consummate and realize anticipated benefits from the transaction and our ability to grow sales and expand into the serviceable wireless market as expected, and other risks as identified in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q; and other risks as identified from time to time in our Securities and Exchange Commission reports. For any forward-looking statements contained in this or any other document, we claim ​the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    For further information, please contact:

    Investor Relations
    Munjal Shah
    Synaptics
    +1-408-518-7639
    munjal.shah@synaptics.com

    Media Contact
    Patrick Mannion
    Synaptics
    +1-631-678-1015
    patrick.mannion@synaptics.com

    The MIL Network

  • MIL-OSI USA: This Week in Trump Administration Oversight and Accountability: Senator Luján Standing Up for New Mexico Amidst the Chaos, Confusion, and Corruption

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Washington, D.C. – This week, amidst the chaos, confusion, and corruption shown by Elon Musk and the Trump administration, U.S. Senator Ben Ray Luján (D-N.M.) took the following actions to hold the Administration accountable and stand up for New Mexicans in Washington:
    Senator Luján and the New Mexico Delegation on Thursday night urged the Trump administration to stop the unlawful mass firings of probationary federal employees. In New Mexico, there are approximately 2,200 federal employees in their probationary period – including individuals who serve in critical roles across key agencies, including the Veterans Health Administration, the Bureau of Land Management, the U.S. Forest Service, and the Federal Bureau of Investigation, among others.
    “Abruptly terminating these employees without due process would not only undermine the delivery of essential government services but would also have widespread economic consequences for our state. Federal employment is a major contributor to New Mexico’s economy, supporting thousands of families and generating significant local revenue. Large-scale firings of probationary employees would ripple through our communities, reducing consumer spending, straining local businesses, and creating unnecessary economic instability,” the lawmakers wrote in their letter to President Trump.
    Senator Luján, a member of the Senate Committee on Finance, joined colleagues to tell Elon Musk and “DOGE” to keep their hands off Americans’ Medicaid and Medicare. In New Mexico, one in three New Mexicans rely on Medicare and over 780,000 individuals rely on Medicaid to access health care.
    The lawmakers urged, “It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans. No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.”
    Senators Luján and Heinrich joined all Senate Democrats in raising alarm over the Trump administration pushing illegal indiscriminate funding cuts to the National Institutes of Health (NIH) and derailing life-saving research. New Mexico universities conduct research from substance use disorders to cancer treatment and are among the institutions impacted.
    “Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted,” the Senators wrote to U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr.
    Senator Luján and members of the Senate Commerce, Science, and Transportation Committee condemned the weaponization of the Federal Communications Commission against broadcasters and public media. Across New Mexico, 15 public media organizations rely on over $5.8 million in grants through the Corporation for Public Broadcasting (CPB) to deliver news, entertainment, and much more.
    The lawmakers said, “We urge you both to follow the Constitution, immediately cease abusing the FCC’s legal authority, and return to the evidence-based decision-making that has been a staple of the Commission’s long and storied history.”
    Senators Luján and Heinrich joined their colleagues to fight for the safety of families and communities in the wake of the funding freeze preventing the hiring and onboarding of seasonal fighters. This comes as the West continues to be ravaged by deadly wildfires.
    “Although there is an urgent need to hire more federal firefighters, the Trump Administration’s hiring freeze does the opposite and is pausing hiring at a critical time for this already understaffed workforce,” they continued. “We urge you to put the safety of families and communities across the country first and allow the federal seasonal firefighter hiring process to continue without delay.”
    Senate Democratic Leadership announced this week a new portal for federal employees who want to disclose information about wrongdoing, abuses of power, and threats to public safety.
    “In just three weeks, President Trump has shown New Mexicans that his administration is willing to disregard the rule of law, recklessly terminate civil servants, and disband government agencies that Americans depend on. Senate Democrats are committed to holding the Trump administration accountable and courageous whistleblowers will be invaluable to the mission of providing a check on the Executive Branch,” the Senator said.
    Additionally, Senator Luján voted against the following nominees this week to stand up for New Mexicans’ security, health and well-being, and economic opportunities:
    Tulsi Gabbard to serve as the Director of National Intelligence. Ms. Gabbard has a long history of spreading lies, defending America’s adversaries, sympathizing with dictators, and is a threat to our national security. Read Senator Luján’s full statement here.
    Robert F. Kennedy Jr. – who has pushed and profited off of conspiracy theories – to serve as Secretary of Health and Human Services. Throughout Mr. Kennedy’s nomination process, he made it abundantly clear that he will continue to push conspiracy theories and health misinformation while being a rubber stamp for President Trump at the expense of American families’ health care. Read Senator Luján’s full statement here.
    Brooke Rollins to serve as Secretary of the Department of Agriculture. The Trump administration abandoned New Mexico’s farmers, ranchers, and acequia parciantes and left them on the hook for millions of dollars. Read Senator Luján’s full statement here.

    MIL OSI USA News

  • MIL-OSI USA: Governor Stein Announces Ten Recipients of Governor’s Educator Discovery Award

    Source: US State of North Carolina

    Headline: Governor Stein Announces Ten Recipients of Governor’s Educator Discovery Award

    Governor Stein Announces Ten Recipients of Governor’s Educator Discovery Award
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein and the North Carolina Business Committee for Education (NCBCE) announced that ten teachers across the state would be awarded the Governor’s Educator Discovery Award. 

    “Our students benefit when their teachers prioritize their own continued education,” said Governor Josh Stein. “I am proud to award these professional development grants to teachers who are striving for excellence, and I am excited to hear how they leverage this additional education in the classroom.”

    The Governor’s Educator Discovery Award is a stipend of up to $1,000, awarded to PreK-12 traditional public and public charter educators to pursue a professional development experience of their choosing. Teachers submit a proposal detailing their teaching experience, the professional development activity they wish to pursue, and how it would enhance their efforts to create work-based learning activities for their students. These applications then go through a rigorous review process and are narrowed down to ten winners.

    The 2024 winners were from the twelfth and thirteenth cycles of teachers to receive the award since its inception in 2019. Growing interest in the program has enabled it to expand, bringing the total number of grants awarded to 51. The next cycle of the Governor’s Educator Discovery Award is currently open and accepting applications. Learn more and apply here.

    The ten teachers who received grants will use their Governor’s Educator Discovery Award in the following ways:

    Daniel Fussell, a Social Studies Teacher at Innovation Early College High School in Pitt County Schools, attended the NC Technology in Education Society (NCTIES) conference in Raleigh, where he learned about innovative technologies to support a classroom that prepares students for a future-oriented workforce. In the past, NCTIES has inspired Fussell to introduce TinkerCad and 3D printers into his classroom. 

    Cori Greer-Banks, a Humanities and Expedition teacher at The Exploris School in Wake County Public Schools, used the stipend toward three different professional development opportunities. First, the Monticello Teacher Institute is an immersive professional development program that allows social studies teachers to research and study at Monticello and the Jefferson Library in Charlottesville, Virginia. The other two fellowships are offered through the National Endowment for the Humanities: Little Tokyo: How History Shapes a Community Across Generations, and Grand Coulee Dam: The Intersection of Modernity and Indigenous Cultures. Engaging in these programs will allow Greer-Banks to expand the number of perspectives in her American history curriculum. 

    Pamela Jordan, a Career Development Coordinator at Warren County High School in Warren County Public Schools, will use the grant for the National Career Development Association (NCDA) Summer Conference in San Diego, CA last June. The conference topics highlight the state of the workplace and the need for connecting mental and physical health with career success. Jordan seeks to gain additional insights on strategies and techniques to balance the current technical landscape and mental health issues derived from the COVID-19, to support students turning to career pursuits.

    Lauren Wilmot, an animal science, veterinary assisting, and horticulture teacher at North Pitt High School in Pitt County Schools, attended the NC CTE Summer Conference in Winston-Salem thanks to the grant. The conference provided numerous workshops and professional development opportunities regarding CTE curriculum updates, as well as hands-on labs that can be used in the classroom. Teachers also had the opportunity to collaborate with fellow educators in their content area from across the state.

    Rong Zhang, a Mandarin Chinese teacher at East Cary Magnet Middle School in Wake County Public Schools applied the award toward the 2024 MSU STARTALK for Chinese Language Teachers Program. STARTALK, funded by the National Security Agency (NSA), is designed to increase the number of U.S. citizens proficient in critical-need foreign languages, with a particular emphasis on Chinese. The program comprises a learning phase to curriculum development and language assessment, a summer professional development program focused on unit development and refinement, and classroom implementation and evaluation.

    Franchone Bey, an English teacher at West Charlotte High School in Charlotte-Mecklenburg County Schools attended the National Council for Teachers of English (NCTE) Annual Convention in Boston. The event offered ELA educators the chance to collaborate with teachers from across the country, meet research scholars, and hear from prominent authors like keynote speaker Justice Ketanji Brown Jackson. By the end of the event, participants could integrate real-world writing experiences into their classrooms, employing cross-curricular inquiry methods and project-based learning to enhance student writing skills. 

    Darren Rhym, an English teacher at Columbia Early College High School in Tyrell County Schools also attended the NCTE Annual Convention in Boston. Rhym attended the event to learn about ways to utilize NC Writing Standards in his clean energy unit, emphasizing the importance of cross-curricular learning. Through various sessions presented by research scholars and authors, Rhym was able to gather a unit of materials for developing project-based learning experiences to enhance student writing and employability.

    Alicia D’Joi, a STEM teacher and Robotics Coach at JM Alexander Middle School in Charlotte-Mecklenburg County Schools used the grant to attend the AIM Conference hosted by NCDPI in Raleigh. D’joi led a session titled Robotics for Rookies: Your First Steps into the Future, where she provided an exciting and hands-on introduction to the world of robotics. In her session, rookie participants learned to design, build, and code a robot. Through this event, D’Joi shared her vast knowledge with colleagues across the state and heard from other educators and educational leaders.

    Jessamyn Bailey, a Visual Arts and Photography teacher at High Point Central High School in Guilford County Schools, attended the North Carolina Arts Educator Association (NCAEA) Annual Conference in Asheville. The conference offered a wide range of professional development opportunities, including workshops on fiber arts, photography, curriculum development, and new art-making techniques. Sessions focused on hands-on learning while providing networking opportunities with practicing artists and art organizations, allowing educators to bring career exploration and work-based learning opportunities into their classrooms.

    Ameriki Somers, a Media Coordinator at Lowrance Middle School in Forsyth County Schools, will use the award this year to attend the American Association of School Librarians (AASL) Conference in St. Louis, MO. Lowrance Middle School is an alternate learning environment that serves students with fundamental disabilities in grades 6 – 10. The conference will provide Somers with innovative strategies and resources to create specifically tailored hands-on work experiences that meet the accessibility needs of her students. Somers hopes to provide her students with the opportunity to explore careers and develop real-world skills through the inclusive learning environments, adaptive technologies, and differentiated instructional methods.

    The Governor’s Educator Discovery Awards are funded by NCBCE member companies. As interest in the program continues to grow with each cycle, NCBCE hopes to raise additional funds to expand the program in future years. Parties interested in funding the initiative should contact Caroline Sullivan, Executive Director of NCBCE, at caroline.sullivan@nc.gov.

    The North Carolina Business Committee for Education (NCBCE) is a business-led, education non-profit (501-c3) that operates out of the Office of the Governor. Since 1983, NCBCE has provided a critical link between North Carolina business leaders and the state’s education decision-makers, helping to create connections between the education curriculum and the overall work readiness of people across the state. 

    Feb 14, 2025

    MIL OSI USA News

  • MIL-OSI USA: Governor Stein Announces $8 Million Investment in Vance County for Precision Manufacturer’s First North American Plant

    Source: US State of North Carolina

    Headline: Governor Stein Announces $8 Million Investment in Vance County for Precision Manufacturer’s First North American Plant

    Governor Stein Announces $8 Million Investment in Vance County for Precision Manufacturer’s First North American Plant
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein announced high-precision manufacturer Syntec Precision Technology Corporation will create 34 new jobs in Vance County. The company will invest $8 million to establish its first North American production and warehouse facility in the city of Henderson.

    “Syntec has made a great decision to make its North American home in our state,” said Governor Josh Stein. “Global manufacturers like Syntec need strong communities with a steady pipeline of talent and infrastructure to support their long-term growth strategies, and we’re proud that Vance County fits the bill.” 

    Syntec Precision Technology is a leader in engineering and producing precision machining parts for the hydraulic, life sciences, and transportation industries. The company provides research and development, manufacturing, assembly and testing services for its customers. Syntec’s expansion to the United States will support the development, production, and distribution of its high-quality parts for medical devices, diagnostic equipment, and orthopedic products as well as new equipment.

    “On behalf of my family and our team, I am thrilled to announce our plans to establish a manufacturing facility in North Carolina,” said Lei Wang and Bin Wang, Owners of Syntec Precision Technology Corporation. “We are deeply grateful to the State of North Carolina, Vance County, the Economic Development Partnership of North Carolina, and the NC Community College System, for their unwavering support and encouragement throughout this process. Your partnership has been instrumental in making our vision a reality, and we are excited to contribute to the growth and success of this vibrant community. We look forward to a strong and prosperous future together in North Carolina.

    “North Carolina has the largest manufacturing workforce in the southeastern United States,” said N.C. Commerce Secretary Lee Lilley. “Our ‘First in Talent’ workforce development system continues to provide a highly trained, dedicated workforce for dynamic manufacturers like Syntec.”

    While wages for technicians, inspectors, engineers, and other personnel vary by position, annual wages for new positions will average $46,985. The average wage in Vance County is $45,193. These new jobs could potentially create an annual payroll impact of more than $1.5 million.

    A performance-based grant of $100,000 from the One North Carolina Fund awarded to Syntec Precision will help the company locate to Vance County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments and any award is contingent upon that condition being met.

    “We welcome these new jobs to Vance County,” said N.C. Senator Lisa S. Barnes. “Syntec is a fantastic addition to our existing supply chain, and we look forward to partnering with the company as it builds its new home here in rural North Carolina.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Vance-Granville Community College, Kerr-Tar Regional Council of Governments, Vance County, Henderson-Vance County Economic Development Commission, Duke Energy, and the City of Henderson. 

    Feb 14, 2025

    MIL OSI USA News

  • MIL-OSI: Ready Capital Corporation Announces Fourth Quarter and Full Year 2024 Results and Webcast Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its fourth quarter and full year 2024 financial results before the New York Stock Exchange opens on Monday, March, 3, 2025. Management will host a webcast and conference call on that same day at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter and year ended December 31, 2024. 

    Webcast:
    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    Dial-in:
    The conference call can be accessed by dialing 877-407-0792 (domestic) or 201-689-8263 (international).

    Replay:
    A replay of the call will also be available on the Company’s website approximately two hours after the live call through March 17, 2025.  To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 13750356.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network

  • MIL-OSI USA: Grassley, Fischer Reintroduce Bipartisan Legislation to Authorize Year-Round, Nationwide E15 Sales

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Deb Fischer (R-Neb.), both members of the Senate Agriculture Committee, reintroduced the Nationwide Consumer and Fuel Retailer Choice Act of 2025. The legislation is currently the only permanent, nationwide solution to unleash the power of E15—fulfilling President Trump’s mandate for energy independence. The legislation will end years of patchwork regulations and provide certainty to producers and consumers.

    “E15 is good for consumers, the environment and our national security – in short, it’s good, good, good. Unleashing year-round E15 would be a major victory for Iowa and the entire country. President Trump promised to support our farmers, and Congress must do our part to support the president’s mission and American consumers. Authorizing the year-round, nationwide sale of E15 is just common sense, and it will help cut prices at the pump, create jobs in rural America and restore America’s energy dominance,” Grassley said.

    “It’s time to once and for all solidify President Trump’s pledge to allow the sale of year-round E15—giving America’s producers and consumers the certainty they deserve. My bill will put an end to years of patchwork regulations and finally make nationwide, year-round E15 a reality. I look forward to working with my colleagues in the House and the Senate, as well as with President Trump, to get this bill signed into law,” Fischer said.

    “As farm income has plummeted, year-round E15 represents the single biggest way to build demand for corn in the near term. Senator Grassley has always been a champion for biofuels and IRFA looks forward to working with him to pass this bill in 2025. Iowans are done waiting. The time for E15 is now,” said Monte Shaw, Executive Director, Iowa Renewable Fuels Association.

    Additional cosponsors are Sens. Tammy Duckworth (D-Ill.), Shelley Moore Capito (R-W.Va.), Amy Klobuchar (D-Minn.), Majority Leader John Thune (R-S.D.), Pete Ricketts (R-Neb.), Dick Durbin (D-Ill.), Jerry Moran (R-Kan.), Roger Marshall (R-Kan.), Tammy Baldwin (D-Wis.), Joni Ernst (R-Iowa), Tina Smith (D-Minn.) and Mike Rounds (R-S.D.). Companion legislation was introduced in the House of Representatives by Reps. Adrian Smith (R-Neb.) and Angie Craig (D-Minn.).

    The legislation is supported by the American Petroleum Institute, Renewable Fuels Association, Growth Energy, National Corn Growers Association, National Farmer Union and National Association of Convenience Stores.

    Find bill text HERE.

    Background:

    On his first day in office of his second term, President Trump directed the Environmental Protection Agency to explore the benefits of making E15 available year-round through his Executive Order Declaring a National Energy Emergency.

    Grassley has long-championed year-round E15:

    1. April 2024: Welcoming the Environmental Protection Agency’s (EPA) announcement permitting summertime E15 sales in eight Midwestern states
    2. December 2023: Pushing the Biden administration to quickly finalize a summertime waiver, helping retailers prepare for summer 2024 sales
    3. May 2021: Introducing legislation to restore integrity to the Renewable Fuel Standard (RFS)
    4. May 2019: Leading the effort to encourage the first Trump administration to approve year-round E15
    5. October 2018: Authoring an op-ed with Sen. Ernst in support of year-round E15
    6. October 2010: Welcoming the EPA’s decision allowing ethanol to be blended with gasoline at 15 percent

    -30-

    MIL OSI USA News

  • MIL-OSI USA: How to do Business with FEMA After a Disaster

    Source: US Federal Emergency Management Agency

    Headline: How to do Business with FEMA After a Disaster

    How to do Business with FEMA After a Disaster

    LOS ANGELES – FEMA works with private sector vendors to help fulfill the response and recovery needs for disasters like the recent Los Angeles County Wildfires.The Doing Business with FEMA webpage outlines the steps that companies and small businesses looking to compete for federal contracts should take. During response and recovery, FEMA’s goal is to contract with local businesses in the affected area whenever practical and feasible.FEMA will only engage with companies through the federal procurement process. Business solicitations sent to individual members of the FEMA workforce will not be processed. The FEMA website outlines how companies can see and respond to the agency’s solicitations. The key steps to beginning the process are:Consult your local procurement center: We recommend you consider consulting with these Procurement Technical Assistance Centers.Register with SAM.gov: This is the System for Award Management. Entity registrations are free, and registration is required to do business with the federal government.Understand the FEMA mission: FEMA’s mission, as authorized by the Robert T. Stafford Act, is to help people before, during and after disasters.Monitor contracting sites for opportunities: Contracting sites are listed on FEMA’s webpage.Debris removal is often contracted locally after a disaster. If your company provides debris removal services, you can sign up with the U.S. Army Corps of Engineers Contractor Registry. You can also register your business information (including capabilities and locations served).Additional information can be found on our Frequently Asked Questions webpage.For the latest information about California’s recovery, visit fema.gov/disaster/4856. Follow FEMA Region 9 @FEMARegion9 on X or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. California is committed to supporting residents impacted by the Los Angeles Hurricane-Force Firestorm as they navigate the recovery process. Visit CA.gov/LAFires for up-to-date information on disaster recovery programs, important deadlines, and how to apply for assistance.
    daniel.demski
    Fri, 02/14/2025 – 18:01

    MIL OSI USA News

  • MIL-OSI USA: FDA Approves First Rapid-Acting Insulin Biosimilar Product for Treatment of Diabetes

    Source: US Department of Health and Human Services – 3

    For Immediate Release:

    Today, the U.S. Food and Drug Administration approved Merilog (insulin-aspart-szjj) as biosimilar to Novolog (insulin aspart) for the improvement of glycemic control in adults and pediatric patients with diabetes mellitus. Merilog, a rapid-acting human insulin analog, is the first rapid-acting insulin biosimilar product approved by the FDA. As a rapid-acting insulin, Merilog helps to lower mealtime blood sugar spikes to improve control of blood sugar in people with diabetes. The approval is for both a 3 milliliter (mL) single-patient-use prefilled pen and a 10 milliliter (mL) multiple-dose vial.

    Merilog is the third insulin biosimilar product approved by the FDA and joins the two long-acting insulin biosimilar products approved in 2021 by the FDA. Approval of biosimilar products can increase patient access to safe and effective treatment options.    

    “The FDA has now approved three biosimilar insulin products to treat diabetes,” said Peter Stein, M.D., director of the Office of New Drugs in the FDA’s Center for Drug Evaluation and Research. “Today’s approval highlights our continued efforts to improve the efficiency of the biosimilar approval process to help support a competitive marketplace and increase options for costly treatments, like insulin. Increasing access to safe, effective and high-quality medications at potentially lower cost remains a continued priority for the FDA.”  

    Biological products include medications for treating many serious illnesses and chronic health conditions, including diabetes. A biosimilar is a biological product that is highly similar to, and has no clinically meaningful differences from, a biological product already approved by the FDA (also called the reference product). Patients can expect the same safety and effectiveness from the biosimilar as from the reference product. To date, the FDA has approved 65 biosimilar products for a variety of health conditions.

    More than 38 million people in the U.S. have been diagnosed with diabetes, a disease that occurs when blood glucose (sugar) is too high. Approximately 8.4 million Americans rely on insulin therapy, either rapid-acting and/or long-acting, to manage diabetes. Insulin, a hormone made by the pancreas, helps glucose get into a person’s cells to be used for energy. With diabetes, the pancreas doesn’t make enough insulin to keep blood sugar levels in the normal range, which can lead to serious health problems for patients.

    “For the millions of people who rely on daily injections of insulin for treatment of diabetes, having a biosimilar option for their rapid-acting insulin injection can truly make a difference, as biosimilar products have the potential to increase access to these life-saving medications,” said Sarah Yim, M.D., director of the Office of Therapeutic Biologics and Biosimilars in the FDA’s Center for Drug Evaluation and Research.

    Like Novolog, Merilog should be administered within five to ten minutes prior to the start of a meal. Merilog is administered subcutaneously (under the skin) by injection into the stomach, buttocks, thighs or upper arms. Dosing of Merilog should be individualized and adjusted based on the patient’s needs.

    Merilog may cause serious side effects, including hypoglycemia (low blood sugar), severe allergic reactions and hypokalemia (low potassium in blood). Other common side effects may include injection site reactions, itching, rash, lipodystrophy (skin thickening or pitting at the injection site), weight gain and swelling of hands and feet.

    The FDA granted approval of Merilog to Sanofi-Aventis U.S. LLC.

    Related Information

    ###

    Boilerplate

    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.


    Inquiries

    Consumer:
    888-INFO-FDA

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Commend the United Kingdom on Steps Taken to Provide a Real Living Wage, Ask Questions on Reported Discriminatory Legislation for Asylum Seekers and High Levels of Child Poverty

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the seventh periodic report of the United Kingdom of Great Britain and Northern Ireland, with Committee Experts commending the steps taken to provide a real living wage, while asking questions on reported discriminatory legislation for asylum seekers and high levels of child poverty in the State party. 

    Joo-Young Lee, Committee Expert and Taskforce Member, said in its reply to the list of issues, the State party stated that the level of the minimum living wage for this year would be set at a level not below two-thirds of the median earnings in the United Kingdom.  For the first time, the cost of living would also be taken into account in this process, with the aim of providing a real living wage, which was commendable. 

    Seree Nonthasoot, Committee Expert and Taskforce Leader, said it had been reported that the discriminatory effects of such recent legislation as the Nationality and Borders Act 2022, the Illegal Migration Act 2023, and the Safety of Rwanda (Asylum and Immigration) Act 2024 had hindered access by migrants in an irregular situation and asylum seekers to social protection benefits.  Could the State party clarify if these hindering measures were in place and if social benefits would be ensured to this marginalised group?

    Julieta Rossi, Committee Expert and Taskforce Member, said the United Kingdom was one of the richest economies in the world, yet extremely high figures of poverty persisted. According to information, during the period 2022/2023, 21 per cent of the population lived in relative poverty, with alarming rates of 30 per cent in childhood, or 4.3 million children.  Was the State developing a strategy to achieve a drastic and short-term reduction of poverty, which prioritised child poverty and poverty of disadvantaged groups? 

    The delegation said last month, a new border security, asylum and immigration bill was introduced to parliament, which included the repeal of the Safety of Rwanda Act and amended the Illegal Migration Act, including the duty to remove individuals who had arrived in the United Kingdom immediately.  The Nationality and Borders Act remained in place, but all asylum claims were individually considered in line with international obligations. 

    Concerning child poverty, the delegation said the United Kingdom Government was developing a child poverty strategy to be launched in spring, as part of a 10-year strategy to address the issue.  The strategy would look at increasing incomes, reducing essential costs, and better local support.  The incoming Government had committed to ending dependence on emergency food parcels. In the financial year 2025/2026, funding of 742 million pounds would be devolved to local governments to help address this issue.

    Robert Linham, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, introducing the report, said the United Kingdom had a system of asymmetric devolution.  The position of the United Kingdom Government remained that incorporation was not necessary for the Covenant’s full implementation, which had been secured through a combination of policies and legislation.  But the Scottish Government had embarked on a programme to incorporate international treaties into Scots law.  Regarding the right to work, increasing the number of people in work was central to the United Kingdom Government’s mission to grow the economy.  Proposals, backed by 240 million pounds of investment, had been announced to reform employment support and create an inclusive labour market. 

    In concluding remarks, Mr. Nonthasoot extended appreciation to the United Kingdom delegation for its superb time and sequence management, which allowed the Committee to raise all relevant questions.  The Committee implored the United Kingdom to ensure that all Crown Dependencies and Overseas Territories under its control provided the highest standard of human rights to everyone. 

    In his concluding remarks, Mr. Linham said the dialogue had been rich and detailed, covering a variety of issues.  It was hoped that the Committee could see the efforts being undertaken in the whole of the United Kingdom to improve economic, social and cultural rights. 

    The delegation of the United Kingdom was comprised of representatives from the Ministry of Justice; the Ministry of Housing Communities and Local Government; the United Nations Human Rights and IMA Policy Team; the Department for Business and Trade; the Department for Digital, Culture, Media and Sport; the Department for Education; the Department for Work Pensions; the Department for Environment, Food and Rural Affairs; the Department for Energy and Net Zero; the Department of Health and Social Care; the Foreign, Commonwealth and Development Office; the HM Treasury; the Home Office; the Scottish Government; the Welsh Government; the Northern Ireland Executive Office; the Attorney General’s Chambers for the Isle of Man; the Government of Jersey; and the Permanent Mission of the United Kingdom to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Monday, 17 February to begin its consideration of the fifth periodic report of Rwanda (E/C.12/RWA/5).

    Report

    The Committee has before it the seventh periodic report of the United Kingdom of Great Britain and Northern Ireland (E/C.12/GBR/7).

    Presentation of Report

    ROBERT LINHAM, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, said the United Kingdom had a system of asymmetric devolution by which specified areas of responsibility were devolved to some or all of Northern Ireland, Scotland and Wales.  For example, health and education were devolved to all three nations; social security was fully devolved to Northern Ireland but only in part to Scotland; and immigration was largely reserved to the United Kingdom Government.  The delegation also represented the three Crown Dependencies: the Bailiwick of Jersey, the Bailiwick of Guernsey, and the Isle of Man, as well as the 14 British Overseas Territories, home to 250,000 people. 

    One example of devolution in practice related to the incorporation of the Covenant into national law.  The position of the United Kingdom Government remained that incorporation was not necessary for the Covenant’s full implementation, which had been secured through a combination of policies and legislation; and further what it would take to incorporate the Covenant would not be justified by the benefits.  But the Scottish Government had embarked on a programme to incorporate international treaties into Scots law. Its incorporation of the Convention on the Rights of the Child, with two Optional Protocols, came into force last July; and the Scottish Government had committed, subject to the outcome of the next election, to introduce a human rights bill in the next session of Parliament that would give domestic legal effect in Scots law to the present Covenant and some other United Nations treaties.

    Since the restoration of the Northern Ireland Executive and political institutions in February last year, new initiatives had been launched, including an additional 25 million pounds to support early learning and childcare, the provision of free period products to anyone who needed them, and a strategy to end violence against women and girls.  The United Kingdom general election in June 2024 resulted in a change of government to the Labour Party.  In some areas, the approach had already changed quite radically, while other policies remained under review. 

    Regarding the right to work, increasing the number of people in work was central to the United Kingdom Government’s mission to grow the economy.  Proposals, backed by 240 million pounds of investment, had been announced to reform employment support and create an inclusive labour market. Last October, the Government also introduced an employment rights bill into the United Kingdom’s Parliament to increase workers’ rights to better working conditions and more secure work, and to improve industrial relations.  It also included protections from sexual harassment; gender and menopause action plans; and enhanced rights for pregnant workers.

    In the same vein, Guernsey enacted legislation that formally made discrimination on the grounds of race, disability, carer status, religion or belief, and sexual orientation unlawful, covering the fields of employment, the provision of goods and services, accommodation, and membership of clubs and associations.

    Regarding the right to health, England introduced the “Core 20 Plus 5” approach to reduce healthcare inequalities, amongst the most deprived 20 per cent of the population. The Government’s goal was to halve the gap in healthy life expectancy between England’s richest and poorest regions, which in 2020 stood at 10.8 years.  The mental health bill, introduced into Parliament last November, sought to address inadequate care of autistic people and people with learning disabilities, and reduce their unnecessary detention.

    Using newly devolved powers as part of its goal to eradicate child poverty, the Scottish Government introduced five payments to eligible families.  Three Best Start Grants provided one-off payments at key stages in a child’s life.  Best Start Foods was a regular weekly payment to help buy milk and healthy food.  And the Scottish Child Payment helped with the costs of supporting a family.  Similarly, Wales offered free school meals to all children in State primary schools.

    In cultural rights, the United Kingdom last year ratified the 2003 United Nations Educational, Scientific and Cultural Organization Convention for the Safeguarding of Intangible Cultural Heritage.  In Wales, the Cymraeg 2050 Welsh Language Strategy saw almost 17,000 people studying with the National Centre for Learning Welsh in 2022/23, a 33 per cent increase over five years.  Regarding environmental commitments, finally, the Paris Agreement was extended to the Isle of Man, Jersey and Guernsey in 2022 and 2023. Mr. Linham said the United Kingdom was committed to upholding the rights set out in the Covenant. 

    Questions by Committee Experts

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said the Committee, via the Secretariat, had received more than 72 submissions pertaining to the periodic report of the State party, probably the highest number thus far for any State party, which attested to the attention and interest that the international community and stakeholders gave to the State party and its report.  It was also important to note, following the submission of the report, that there was a general election in July 2024 and a new administration had since been appointed. 

    The Committee observed that the Covenant could not be applied directly by the State party’s domestic courts.  While there was alignment between the State party’s Human Rights Act 1998 and the European Convention on Human Rights, there was as yet no such transposition mechanism for the Covenant?  Was the Covenant applicable in Anguilla and Northern Ireland?  When would the nearly 50-year-old reservations to the Covenant be withdrawn?  Did the State party’s plan to ratify the Optional Protocol to the Covenant?

    The Committee recognised the State party’s record in introducing the first national action plan on business and human rights in the world in 2013, which was updated in 2016, and the Modern Slavery Act in 2015.  However, there was still an absence of a comprehensive legal framework for human rights due diligence, especially by United Kingdom companies in their transnational operations.  Could clarification on this be provided?  When would systematic and mandatory human rights due diligence be introduced? 

    Was the State party contemplating adopting a sectoral approach in the revision of the national action plan, where key sectoral performance indicators could be specified, for example in banking and finance, retail, construction, and health?  Did the State party intend to integrate effective remedial mechanisms, including legal aid to victims into the next national action plan and, more strategically, binding legislation? Would non-judicial recourse be provided for victims in extraterritorial cases?

    The Committee had scrutinised the 2024 report submitted to Parliament by the United Kingdom’s Climate Change Committee and found alarming findings.  The Committee concluded that only a third of the emissions reductions required to achieve the 2030 target were covered by credible plans, and low-carbon technologies must become the norm.  The Committee was also concerned that the devolved structure of the State party’s administrations had led to the fact that obligations arising from the Paris Agreement had not extended to all Crown Dependencies and Overseas Territories.  What was the concrete policy path to meet the action lines and targets, particularly home decarbonisation and adaptation?  How would the Paris Agreement have full coverage and effect in the territory of the State party?

    How was the State party addressing the tax system which had created negative impacts on vulnerable and marginalised groups, including the regressive nature of the value added tax on low-income households, and the welfare to work policies that posed a burden on people with disabilities?  In November 2024, the net public debt of the United Kingdom stood at 98.1 per cent.  How was this high public debt level impacting social budget programmes and what was the medium- and long-term direction on public debt management which would sustain basic public service investment and maintenance? 

    Could the State party provide policy trajectory on the concrete plan to tackle tax evasion and illicit financial flows, and in particular the reform of law and regulations in the British Virgin Islands, the Cayman Islands, Bermuda and other Overseas Territories that were indexed as tax havens?

    How did the new administration intend to address the regional disparity issue?  What were the cumulative impacts of the two austerity programmes implemented by the United Kingdom? 

    Had an assessment been carried out to implement the official development assistance restoration to 0.7% of the gross national income.  There were reports indicating that part of the development aid through British International Investment had caused impacts on key sectors responsible for delivering human rights, including health and education.  Could this be clarified?  The Committee was concerned by the lack of comprehensive anti-discrimination legislation; could the delegation provide more information around this? 

    While the State party had achieved good progress on gender equality, there were challenges in the fragmented and uneven legislative frameworks on women’s rights, particularly in Northern Ireland, Overseas Territories and Crown Dependencies. There were also news reports of incidents of sexual exploitation and violence against women and young girls by ‘grooming gangs’ in places like Oldham, north Manchester. Was this an isolated incident or a common occurrence and what had been done to address the issue?

    It had been reported that the discriminatory effects of such recent legislation as the Nationality and Borders Act 2022, the Illegal Migration Act 2023, and the Safety of Rwanda (Asylum and Immigration) Act 2024 had hindered access by migrants in an irregular situation and asylum seekers to social protection benefits.  Could the State Party clarify if these hindering measures were in place and if social benefits would be ensured to this marginalised group?

    Responses by the Delegation 

    The delegation said there was no obligation to incorporate the Covenant under domestic law. Successive Governments had explored ratifying the Optional Protocol and the view of previous Governments was that the protections were negligible.  The Covenant was applicable in England, Wales, Scotland, the three Crown Dependencies and the Overseas Territories.  Some of the reservations existing in the name of the United Kingdom related to territories which were no longer part of the United Kingdom, including the Solomon Islands and Tuvalu which were no longer British Overseas Territories, but sovereign States in their own right.   

    The Scottish Government had developed proposals to give domestic legal effect to the rights contained in the Covenant, by incorporating them into the Scottish legal framework.  The Government aimed to deliver a clear and workable law for the authorities that would implement it. 

    The Prime Minister had announced a commitment to reduce emissions by at least 81 per cent by 2035.  The target covered all sectors and categories and was aligned with the Paris Agreement. The United Kingdom was committed to extending its ratification of the Paris Agreement to all Overseas Territories and Crown Dependencies.  The Government had committed an additional 3.4 billion pounds to the “Warm Home Plan”, to support decarbonisation and cut bills for household heating. 

    The United Kingdom was committed to making the tax system fairer and more sustainable.  The Government had committed to not increasing tax on working people.  Recent tax changes had been targeted at the highest income households and working people had been largely protected from these tax increases.  Jersey was committed to introducing measures to reduce harmful tax measures.  Jersey’s 2019 economic substance law required companies to prove their genuine business activity, preventing those without real operations from artificially reporting profits. 

    A campaign had been launched against illicit finance.  At a recent joint ministerial council, the United Kingdom confirmed that Overseas Territories needed to implement fully public registers of beneficial ownership, which were key in targeting against corruption and tax evasion.  There were strong policies in place to monitor the impact of development aid programmes. 

    In recent years, there had been an increase in the representation of women in parliament, as well as in senior positions in the private sector, where women now represented 41 per cent.  The United Kingdom had mandatory gender pay gap reporting, which had shown a significant close in the size of the gender pay gap.  The current Government had introduced a bill which would introduce a new duty on employers to outline how they planned to close the gender pay gap. 

    There had been no agreement on a single equality bill in Northern Ireland, but numerous statutes had been enacted over the past few years.  Legislation now prohibited less favourable treatment in employment, education and public functions among others. 

    The safety of children was of paramount importance, but for too long grooming gangs had operated, victims had been ignored, and perpetrators had gone unpunished.  A 10-million-pound action plan to tackle grooming gangs and child sexual abuse had been announced, which would allow victims to have the chance to have their cases re-heard.  Survivors and victims would allow their closed cases to be reviewed by an independent panel, when they previously were not taken forward to prosecution by the Crown.  An audit would begin soon which would draw on the views of victims and survivors. 

    Last month, a new border security, asylum and immigration bill was introduced to parliament, which included the repeal of the Safety of Rwanda Act and amended the Illegal Migration Act, including the duty to remove individuals who had arrived in the United Kingdom immediately.  The Nationality and Borders Act remained in place, but all asylum claims were individually considered in line with international obligations. 

    Questions by Committee Experts

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said reports had been received that the Northern Ireland human rights commission was at risk of losing its A status due to insufficient funding.  The Committee would like to raise this concern.  Why did the United Kingdom not adopt the same approach as the Scottish Government in incorporating the Covenant in domestic legislation so that all people could enjoy protection from the Covenant?  What was the State doing to reduce homelessness?  The Committee was very concerned that violent incidents against women would become systematic.  There should be a clear indication on how to prevent this type of violence. 

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked what measures the Government would take to give full legal effect to the Covenant, and ensure victims of violations of economic, cultural and social rights had full access to legal remedies?  The Committee was pleased the Scottish Government had proposed the human rights bill, and hoped the provisions of the Covenant would be incorporated.  What was the plan to enact a bill of rights for northern Ireland?

    A Committee Expert asked how the State was planning a social green transformation? 

    Another Expert asked if there were any developments underway regarding the participation of the United Kingdom in the revised European Social Charter? 

    Responses by the Delegation 

    The delegation said all three of the human rights institutions had A status and adequate funding for their role.  At the most recent review of Northern Ireland, it was re-accredited with A status, and a baseline budget review had been launched for the Commission in 2024. 

    There was no obligation for direct justiciability for the rights of the Covenant under domestic law. The United Kingdom had no plans to ratify the revised European Social Charter. 

    It was intended that legislation in Scotland would increase accountability for the Covenant. 

    The debt to gross domestic product ratio was expected to fall in the final year of the five-year forecast. 

    The State would upgrade five million homes across the country through new technologies, including solar heat pumps and installation.  The transition to warmer, decarbonised homes would include support for the most vulnerable to combat fuel poverty.  Climate change would have a disproportionate impact on the most vulnerable of society, including those with pre-existing medical conditions.  The country’s climate change risk assessment took this into account and built into the development of the National Adaptation Programme.  It was essential that transition plans to net-zero were resilient in themselves.

    The Government was working on a strategy to end homelessness.  Last year, a funding increase was announced for homelessness services and initiatives were announced to allow renters to challenge rental increases. 

    Tackling violence against women and girls was a priority for the Government, and the State pledged to halve violence against women and girls within the next decade. 

    Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, said that according to information that the Committee had received, although some employment gaps gradually narrowed over time, ethnic minorities, women, young people, and persons with disabilities continued to face higher levels of unemployment and were more likely to be in a low-paid jobs.  How had the State party analysed the underlying causes of employment and pay gaps, and what was the impact of these measures on ethnic minorities, women, young people and persons with disabilities in their access to decent work?

    Information received by the Committee indicated that the level of national minimum wage and national living wage was insufficient to ensure an adequate standard of living for workers, as it did not keep pace with the rising cost of living.  In its reply to the list of issues, the State party stated that the level of the minimum living wage for this year would be set at a level not below two-thirds of the median earnings in the United Kingdom. For the first time, the cost of living would also be taken into account in this process, with the aim of providing a real living wage, which was commendable.  Had the State party adopted a methodology for determining the level of the national minimum wage and the national living wage that was indexed to the cost of living. 

    What measures were being taken to address precarious work such as exploitative zero-hour contracts and to enhance security of employment?  What measures were taken to protect workers from labour exploitations and to impose appropriate sanctions on those responsible?  The Committee noted that the State party planned to establish a single body, a Fair Work Agency, to enhance the effectiveness of the protection of workers.  How would it be ensured that the body had necessary 

    powers and resources to effectively monitor working conditions and protect workers?  What measures were taken to ensure the right to strike?

    According to information received by the Committee, the level of social security benefits was not sufficient for a decent standard of living.  Information indicated that the social security system, including the Universal Credit, was not providing people with adequate social protection. What measures were being taken to ensure that the level of social security benefits was adequate and determined by an assessment of the real cost of an adequate standard of living?  Had the State party carried out an assessment of the impact on people of such measures as the benefit cap, the two-child policy, the so-called “bed-room tax” and the five-week wait, and if so, what measures were being taken to address these impacts?  What measures were being taken to ensure that any conditions for benefits were proportionate and did not result in stigmatisation and degradation of claimants?

    What measures had the State taken to ensure the availability, accessibility, and affordability of quality childcare, including childcare for disabled children?

    How was it ensured that quality social care was available, accessible, and affordable for adults who needed care and support, including older persons?

    Responses by the Delegation 

    The delegation said the creation of the national minimum wage had been one of the most successful economic interventions in the United Kingdom in the past 25 years.  The Government was determined to deliver a genuine living wage and had asked the Low Pay Commission to take account of the cost of living in recommending the appropriate rates for 2025 onwards.  The Low Pay Commission expected that three million low paid workers would receive a pay rise.  The Government had recently introduced an employment rights bill which would include a right to guaranteed hours.  There would be new rights to reasonable notice of shift cancellations, and the bills would close loopholes regarding scrupulous “fire to hire” practices. The Government aimed to protect workers and business from the minority of employers who broke the rules.   

    Migrant workers had the same employment rights and protections as other United Kingdom workers, including the minimum wage and protection against discrimination.  In 2023, it was ensured that all seasonal workers would receive at least 32 hours of work per week, and the minimum wage was also raised. 

    The employment rate for people of Bangladeshi and Pakistani origin had increased in recent years; historically this was low in the United Kingdom.  Levels of qualifications at schools were lower for some ethnic groups, which affected employment opportunities.  The State was planning to introduce mandatory pay reporting by ethnicity and disability. 

    A whitepaper would be published setting out the reforms expected by the Government on health and disability.  There were a range of ethnic minority support mechanisms in place. 

    The current rates of income-related benefits did not represent a minimum requirement, which could vary depending on people’s circumstances.  The current Government had committed to reviewing universal credit to tackle poverty.  The new child poverty strategy would focus on the benefit cap and the two-child limit. The Department for Work and Pensions published a range of independent evaluations in a wide range of social policy, including households below-average incomes. 

    The Government would provide more than eight billion pounds this year for education, representing a 30 per cent increase from the previous year.  Tax free childcare was a United-Kingdom wide offer to support parents to return to work, or work more when they needed to.  Families could receive up to 2,000 pounds per child per year, or 4,000 pounds if the child had a disability.   

    A fund could be used to increase funds paid to adult social care providers and reduce waiting times. The Care Act 2014 placed emphasis on local authorities to shape their care market, making sure they were meeting the needs of the local population. 

    In 2022, the Scottish Government published a refreshed Fair Work Vision, with a key goal of reducing the gender pay gap.  The median gender pay gap had decreased from 15.6 per cent in 2016, to 9.2 per cent in 2024. The disability employment had been reduced to around 37 per cent, which was its lowest level, with plans to halve the gap by 2028.  The Scottish Government was delivering 15 social security payments and was investing around 6.9 billion pounds in social security payments. 

    Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked how the State would ensure the income-related benefits were adequate for those living in disadvantaged situations?  According to information, there may be a gap among the poorest of families for accessing childcare entitlements, particularly families that were not working. Could this be clarified? 

    A Committee Expert asked for examples where violations of the right of women workers compared to men had been judicially assessed?  What remedies were applied?

    Another Expert asked if there were plans for a participatory poverty assessment to be conducted every few years to identify those who were affected?   

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, asked if indexation based on inflation would be adopted, to more accurately reflect the living wage? 

    JULIETA ROSSI, Committee Expert and Taskforce Member, asked about the two-child cap on certain social security benefits, including universal credit.  This cap could have a huge impact on child poverty levels.  What was the rationale behind this?  What were the obstacles to immediately repealing the two-child limit?  The State had a high level of child policy, up to 30 per cent, so the Committee would appreciate more information being provided on this subject.

    Responses by the Delegation 

    The delegation said income-related benefits were rated annually in the United Kingdom, based on the level of the consumer-prices index.  As such, benefits for 2025 would be increased by 1.7 per cent.  The two-child cap was introduced as the United Kingdom faced a financial crisis a few years ago.  There was absolutely a relationship between the cap and the number of children in poverty.  The cap remained in place, but a taskforce was reviewing how the State would tackle the high levels of child poverty in the country, and would determine the best steps in this regard.  Removing the cap depended on the United Kingdom’s fiscal position. 

    The Low Pay Commission made annual recommendations on the appropriate rates of entities such as the minimum wage.  The Government’s impact assessment for 2025 found that women, younger and older workers, workers with a disability, and those from ethnic backgrounds, were more likely to be in minimum wage drops and more likely to benefit from the raising of the minimum wage in April 2025.  The Government had committed to reviewing the parental leave system to ensure it offered the best support to working families. 

    The Scottish Government had used other policies to determine the real living wage, including when issuing public sector grants and other funding.  The proposed human rights bill would aim to meet standards pertaining to the Covenant. 

    Working parent entitlements were established to support parents to return to work, which was why that entitlement was contingent on work.  Non-working families could access 15 hours of Government-funded early education. 

    The Education Minister in Northern Ireland was committed to bringing forward a strategy which would make childcare more affordable, among other initiatives.  A new childcare subsidy scheme had been implemented, and preschool education had been expanded, allowing more than 2,000 additional children to receive a fulltime place in 2025. 

    Questions by Committee Experts

    JULIETA ROSSI, Committee Expert and Taskforce Member, said the United Kingdom was one of the richest economies in the world, yet extremely high figures of poverty persisted.  According to information, during the period 2022/2023, 21 per cent of the population lived in relative poverty, with alarming rates of 30 per cent in childhood, or 4.3 million children.  Was the State developing a strategy to achieve a drastic and short-term reduction of poverty, which prioritised child poverty and poverty of disadvantaged groups? What measures had the State implemented in response to the recommendations of the review of child welfare care, as well as those issued by the Committee on the Rights of the Child in June 2023?

    According to statistics, food insecurity increased from 4.7 million to 7.2 million between 2021/22 and 2022/23, especially affecting low-income households.  What was the Government doing to address this alarming situation?  According to reports, there was a persistent housing crisis in the State party, including increasing rates of homelessness in the country, with most being women. Housing prices were high, as were mortgage rates, with rents rising higher than inflation in some parts of the country.  The lack of affordable housing for persons with disabilities was a factor which determined that they remained institutionalised, and there was inadequate initial accommodation for asylum seekers, among other issues.  What was the Government doing to address this crisis? 

    According to independent research commissioned by the Government in 2024, the National Health Service in England was in critical condition due to lack of funding, the impact of the COVID-19 pandemic, staff shortages and inefficiency in management. What were the details of the results of the investigation, and the drafting of a 10-year plan to address these issues? 

    Suicide rates remained high in the country, especially among men.  Persons with disabilities, gypsy, Roma and nomadic communities had high suicide rates compared to the general population.  Could information about the new mental health bill for England and Wales be provided?  What were the developments in other jurisdictions?

     

    Data from 2020 to 2022 showed the highest maternal mortality rates in England since 2003 to 2005, with a disproportionate impact on women in the most deprived areas. What were the results of the research commissioned by the Task Force on Maternal Disparities in 2022 and the policies in place to address this issue?  Access to sexual and reproductive care across the UK showed regional disparities; what measures had been adopted to unify this? 

    There had been a huge increase in drug-related deaths in the State party.  What plans and strategies were in place to prevent deaths, taking into account the disproportionate impact on certain communities? Were there plans to review the criminalisation of personal consumption and expand harm reduction services, including supervised drug consumption rooms?

    Responses by the Delegation 

    The delegation said the United Kingdom Government was developing a child poverty strategy to be launched in spring, as part of a 10-year strategy to address the issue. The strategy would look at increasing incomes, reducing essential costs, and offering better local support.  The incoming Government had committed to ending dependence on emergency food parcels.  In the financial year 2025/2026, funding of 742 million pounds would be devolved to local governments to help address this issue.

    Concerning support for families, the State’s response published in 2023 was to shift the focus away from crisis intervention and towards early help for families, ensuring children remained with their families as much as possible.  This was a multidisciplinary support offer which would work with the entire family at the earliest level possible.  When children could not remain with their families, they were supported to live with kinship families or foster families. 

    A social supermarket programme had been rolled out across all areas in Northern Ireland from 2022 to address food poverty.  Other support included debt and benefits advice, health food advice, and cooking on a budget.  A programme to tackle organized crime was established in 2016 and it had been extended until 2027.  Sexual and reproductive health services were provided across all five trust areas in Northern Ireland.  There were workforce challenges and the need for further investment. 

    The United Kingdom Government had committed to support first time home buyers.  The Government was seeking to deliver the biggest increase in affordable housing in a generation, with 110,000 to 130,000 social homes to be built over the next five years.  Since 2021, local authorities in England were required to ensure victims of domestic abuse and their children could access safe accommodation.  The Government would invest 160 million pounds in domestic safe accommodation in the next financial year. 

    Concerning Travellers, the Government aimed to ensure fair and equal treatment for them.  The revised policy for Traveller sites outlined that accommodation for Travellers should provide access for healthy lifestyles and health services. 

    The Scottish Government regarded poverty as a huge concern and had implemented the Child Poverty Act, which required poverty reduction plans to be published every four years.  Actions in the plans included raising incomes and lowering essential costs.  The Scottish Government had committed over three million pounds for remote rural and island health care.  The aim was to develop a model where services were provided as locally as possible, to ensure equitable outcomes. 

    Progress had been made in maternal care in the rural north of Scotland, via the plan which focused on restoring obstetric maternity care in the area.  The Scottish Government acknowledged that the number of drug and alcohol related deaths in Scotland remained too high.  The Government had launched a five-year mission to combat this, and the first “Safer Drug Consumption” facility in the United Kingdom had been opened in Glasgow last year. 

    One of the Government’s priorities was to clear the asylum backlog claims, and ensure people were housed in more effective and supervised accommodation.  Due to the exceptional number of unaccompanied children arriving in the United Kingdom from 2020, the Home Office had opened hotels to support these children, with a team residing within the hotels to support each child.  The teams included staff to provide medical and psychological support.  When the last hotel closed in 2024, all remaining children went directly into State care.  The United Kingdom had no plans to legalise or decriminalise drugs. 

    The mental health bill was introduced in November 2024 and would modernise the mental health act, including through addressing unnecessary detentions shaped by racial disparity.  The suicide strategy for England looked at what could be done for groups with higher suicide rates, including autistic people, Roma, refugees, asylum seekers and lesbian, gay, bisexual, transgender and intersex persons.   Anyone in England experiencing a mental health crisis could speak with a trained member of the National Health Service on the phone.  An additional 150 million pounds had been invested over the past two years to support mental health services.  Fifty million pounds would be invested into research into maternity inequalities to improve outcomes for all women.  England supported harm reduction activities, including needle and syringe testing.

    Welsh Ministers had a duty to submit child poverty objectives, and report on them every three years.  There was a targeted school meals programme for children. Over 3.4 million pounds had been made available as a capital grant fund for local Welsh authorities to fund residential or transit sites for Travellers.  The Welsh Government was currently finalising a new mental health strategy, with a focus on tackling inequalities. 

    Questions by Committee Experts

    A Committee Expert commended the delegation for being so well prepared and for their excellent time management.  What steps had the State party taken to ensure a more just and equitable financial architecture which prioritised human rights in lending policies?  What steps had the State taken for cancelling debt for countries in debt crisis?  What was the State party’s position on the use of compulsory license to promote access to health products in foreign countries? 

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said the Scottish Government had provided a good example of safer drug consumption facilities.  Why did this not go hand in hand with decriminalisation?  What was the trajectory of decriminalisation?  Would the United Kingdom adopt a universal drug 

    policy which covered all its territories?

    JULIETA ROSSI, Committee Expert and Taskforce Member, said there was a pressing need to implement the child poverty strategy as soon as possible.  Could a more specific timeline for its implementation be provided?   The United Kingdom was one of the wealthiest countries in the world and had an obligation to earmark resources to reverse the situation of poverty in the country. How was the State addressing the issue of energy poverty? 

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, said there was a concern that rent rises, in combination with a lack of social housing, were putting families at risk of homelessness.  What was being done to address this issue?

    Another Expert asked for measures adopted to address child obesity?  Were taxes on junk food being increased?

    An Expert asked about the emergency response in Northern Ireland to address the large number of deaths of homeless people?

    A Committee Expert asked what indicators were used to measure poverty?  Did the State use the multidimensional poverty index?

    Responses by the Delegation 

    The delegation said the child poverty strategy would be published in the spring, but acknowledged that people living in poverty needed help now.  In the meantime, steps had been taken to reduce the universal credit rate, which would benefit 1.2 million households.  Some of the challenges around food poverty related to incomes, rather than access to food, and this was being addressed in the food poverty strategy.  The United Kingdom used the universally recognised definition of poverty, which was measured by income. 

    There were no plans to change United Kingdom drug laws.  There was clear medical and scientific evidence which showed that controlled drugs were harmful.  There were no plans to extend United Kingdom drug legislation to the Overseas Territories.

    The United Kingdom had committed 1.6 billion pounds to Gavi, the Vaccine Alliance, which was committed to sustainable and equitable access of vaccines.  The National Health Service had doubled investment in gender dysphoria services and increased the number of clinics from seven to 12. 

    Obesity was concentrated within the most deprived areas.  The Government was addressing this by limiting school children’s access to fast food, preventing advertisements of the least healthy foods, and delivering schemes such as the healthy milk and the school fruit and vegetables scheme. 

    The United Kingdom was committed to working with partners to tackle unsustainable debt and coordinated with other official creditors to provide debt relief and promote debt sustainability for developing countries. 

    Scotland had released the Good Food Nation Plan in 2024, setting out the objectives the Government aimed to achieve on food related issues.  The long-term strategy for housing was published in 2021, addressing housing supply across the whole country, affordability and choice, and housing’s role in achieving net zero. 

    Northern Ireland was tackling homelessness through a strategy and had developed a strategic action plan for accommodation.  Funding for homelessness services would increase to nearly one billion pounds in England in the next financial year to prevent rough sleeping.

    A levy was applied to pre-packaged soft drink with an added five grams of sugar per 100 millilitres; drinks that contained less than five grams of sugar did not pay the levy, which was paid by packagers and importers.  The Government had committed an additional 3.5 million pounds over the next few years for the warm homes plan, with multiple targeted schemes in place to deliver energy assistance to low-income households.   

    The United Kingdom was supportive of the development of a new sharing and benefits system to support adequate and fair sharing of benefits, and was committed to working with African partners to develop such a system.

    The United Kingdom published multi-dimensional poverty measures annually. The Government’s priority was to grow the economy, as this was the best way to improve living standards. To achieve growth, decisions on tax and spending needed to be balanced. 

    Questions by a Committee Expert

    LAURA CRACIUNEAN-TATU, Committee Chair and Taskforce Member of the United Kingdom, said in England and Wales, the attainment gaps in education were widening, with inadequate measures to address them.  In Scotland, the new bill on education had been criticised as it failed to address urgent needs, and there were high levels of bullying in school, including incidents of misogyny and racism.  There were also major issues of bullying in Northern Ireland, including cyberbullying, on the grounds of race, sexual orientation, gender identity or sex characteristics, disability, migration or other status.  Traveller and Roma children had some of the lowest levels of educational attainment.  Acts including the Special Needs Disability Act 2016 and the Integrated Education Act 2022 had not been fully implemented.  For Jersey, measures to address the poverty-related attainment gap were inefficient, and the Jersey premium had limited impact. 

    What measures had been implemented to address these challenges, and what were the concrete results? How were they evaluated in terms of impact and implementation?  How was it ensured that all educators were trained on bullying and what targeted measures were in place to address this issue?  Did children of migrant families have access to education, including language support, uniform grants, school meals and school transport?  How was it ensured that Traveller and Roma children remained in the educational system?  In Northern Ireland, there were currently 72 integrated schools; was there a plan to increase this number?  Was there any evaluation of the impact of the Jersey premium in reducing the attainment gap?  Were there any plans to address legislation to balance between the right to light work and the full benefit of education for children?

    Had the Irish Language Commissioner been appointed?  What measures were in place to ensure that the arts sector in all jurisdictions received sufficient, secure, long-term funding proportional to inflation, and that the right to take part in cultural life was not affected by the cost-of-living increases?  What measures were in place to ensure access to sport for transgender persons and persons with disabilities?

    Could information be provided on the status of the proposed Northern Ireland Troubles (Legacy and Reconciliation) Bill and how it would contribute to fostering intercultural dialogue and reconciliation?

    Responses by the Delegation

    The delegation said last year, a proposal for a draft remedial order was introduced into the United Kingdom parliament, as the first step to repeal and replace the Legacy Act. 

    The Government wanted to see more people engaging in physical activity, and that included transgender persons.  A different approach was required in competitive sport, where the Government had a responsibility to protect the integrity of women’s sport.  Each sport was different, and the Government worked with all sports organizations to prioritise integrity while also being inclusive.  For instance, tennis and golf had decided to protect the fairness of competition at the competitive level, but adopt a more inclusive approach at the recreational level. 

    Access to culture was a core part of the United Kingdom, and each part of the country had an Arts Council.  Much of the cultural offerings in the United Kingdom were free of charge, including entry to museums and free music tuition for children. 

    The Addressing Bullying in Schools Act in Northern Ireland commenced in 2021.  It put onus on schools to address the motivations of bullying and put policies in place at the school level.  Three new language authorities would be established with preparations at an advanced stage. 

    The Scottish Government published a cultural strategy in 2020 and a refreshed action plan to support delivery in 2023, responding to recent challenges including COVID-19 and the cost of living.  The Government had allocated more than 50 million pounds to cultural funding, which was an historic increase. 

    Wales had invested two million pounds in literacy programmes and 1.6 million pounds for science, technology, engineering and mathematics in schools.  In Wales, around 67 per cent of students attending mainstream schools could access a free school meal at lunchtime.  Tackling the impact of poverty in education was a priority. New guidance was published to help schools support Gypsy, Roma and Traveller students.  The school curriculum had been developed to be inclusive for all learners, with diversity as a cross-cutting theme.  Cardiff had been secured as the host of the Euro Games in 2027, which was a key event for lesbian, gay, bisexual, transgender and intersex persons. 

    Post COVID, the Government had established the Oak Academy, which had a specific focus on closing attainment gaps.  Teachers had reported positive outcomes when using Oak resources.  Local authorities were required to provide sufficient school places for the area.  No child could be denied schooling based on their ethnicity.  There was an active Gypsy and Roma stakeholder group which aimed to ensure that the barriers these young people faced were addressed. 

    Education Scotland had rolled out several programmes, including to address gender stereotypes, unconscious bias, and domestic abuse.  Numerous provisions had been put in place in Jersey to ensure equal education access for children from disadvantaged backgrounds. 

    Sport England had a 10-year plan to increase the participation of sport for persons with disabilities.  The overall investment figure into disability focused access was around 30 million pounds per year.  There had been 6.7 million pounds of investment directly to national disability sport organizations.  As a direct result of such investment, the United Kingdom took second place in the medal tally of the Paralympics last summer, which would inspire more people with disabilities to participate in sport. 

    Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked what measures were in place to ensure children of pre-school age had access to affordable, quality childhood education?  The State party continued to treat social security as an instrument for getting people to work.  It was highly likely that if this approach continued, the State party would fail to address poverty.  Social security must be used to achieve an adequate standard of living for all people. 

    A Committee Expert asked to what extent corporal punishment at school was prohibited and sanctioned?  Was any form of corporal punishment against children treated as a criminal offence? What measures were being taken to implement anti-bullying plans? 

    JULIETA ROSSI, Committee Expert and Taskforce Member, asked how the State party was addressing the issue of stateless persons, particularly when it came to access to education and family reunification? 

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said there were more than 80,000 children in foster care across the United Kingdom.  What was being done to close the attainment gaps in education for these children?  How was bullying prevented against lesbian, gay, bisexual, transgender and intersex students? 

    Responses by the Delegation

    The delegation said it was not correct that the Government considered social security just as a route to work.  Children’s early years were crucial to their development, health and life chances, and the Government aimed to set every child up to have the best start in life. 

    The Home Office Stateless Policy was designed to assist those who were not recognised as a citizen of any country.  This provided a means for stateless persons in the United Kingdom to access their basic human rights. 

    All forms of physical punishment of children were against the law in Scotland in all settings. An Act was passed in 2019 which removed the defence of “reasonable chastisement” to the existing offence of assault. 

    Closing Remarks

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, extended appreciation to the United Kingdom delegation for its superb time and sequence management, which allowed the Committee to raise all relevant questions.  The State party should implement robust legislative programmes and ensure people were confident that they would be protected at the international level.  The Committee implored the United Kingdom to ensure that all Crown Dependencies and Overseas Territories under its control provided the highest standard of human rights to everyone.  Mr. Nonthasoot thanked all those who had made the dialogue possible. 

    ROBERT LINHAM, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, said the dialogue had been rich and detailed, covering a variety of issues.  It was hoped that the Committee could see the efforts being undertaken in the whole of the United Kingdom to improve economic, social and cultural rights. The United Kingdom was a great supporter in the work of the treaty bodies and it was hoped this was evident through the dialogue.  Mr. Linham thanked everyone who had supported the dialogue. 

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CESCR25.004E

    MIL OSI United Nations News

  • MIL-OSI USA: SBA Relief Still Available to South Carolina Small Businesses and Private Nonprofits Affected by July Drought  

    Source: United States Small Business Administration

    ATLANTA -The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in South Carolina of the March 17 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began  
    July 9, 2024. 

    The disaster declaration covers the counties of Berkeley, Calhoun, Chesterfield, Clarendon, Darlington, Dillon, Florence, Georgetown, Horry, Kershaw, Lee, Marion, Marlboro, Orangeburg, Richland, Sumter and Williamsburg, as well as the counties of Brunswick, Columbus and Robeson in North Carolina. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.   

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    Submit completed loan applications to SBA no later than March 17, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to North Carolina Small Businesses and Private Nonprofits Affected by July Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP)organizations in North Carolina of the March 17, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began on July 9, 2024. 

    The disaster declaration covers the counties of Bladen, Brunswick, Columbus, Pender and Robeson, as well as the counties of Dillon and Horry in South Carolina. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 17, 2025. 

    # # # 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI: F&M Bank Welcomes Carly Buchanan as Chief People Officer

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 14, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is pleased to announce Carly Buchanan as its new Chief People Officer.

    With over 18 years of HR, leadership, and organizational development experience across multiple industries, Carly will lead F&M’s Human Resources Department, driving strategic HR planning, talent acquisition, employee engagement, and organizational growth.

    Carly brings a decade of retail banking experience to her role, providing valuable insight into customer-focused strategies and operational efficiency. She holds senior HR certifications from SHRM (SHRM-SCP) and HRCI and has served as past President of the Northeast Indiana Human Resources Association. Recognized as a 2023 Fort Wayne 40 Under 40 honoree, Carly is also deeply committed to community involvement, supporting organizations like Junior Achievement, Boys and Girls Club, and the 988 Crisis Lifeline.

    “Carly’s leadership, expertise, and passion for people make her an incredible asset to F&M Bank,” said Lars Eller, President, and CEO. “Her strategic vision will strengthen our culture, enhance employee engagement, and support our mission of serving our customers and communities.”

    Carly earned her MBA and a Bachelor of Science in Business Administration from Indiana Tech. She and her family reside in Northern Indiana, where she combines professional excellence with a strong dedication to community impact.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/76198bd4-ead9-4c89-b7e5-28afc0e22a0d

    The MIL Network

  • MIL-OSI Asia-Pac: Budget 2025-26 Reflects PM Modi’s Vision for a Futuristic India, Says Dr. Jitendra Singh

    Source: Government of India (2)

    Budget 2025-26 Reflects PM Modi’s Vision for a Futuristic India, Says Dr. Jitendra Singh

    A Transformative Blueprint for Technological Advancement and Energy Self-Reliance

    Nuclear Energy to be India’s Powerhouse: ₹20,000 Cr Allocated for Indigenous Reactors, 100 GW Target Set for 2047

    Posted On: 14 FEB 2025 7:10PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh has hailed the Union Budget 2025-26 as a reflection of Prime Minister Narendra Modi’s forward-looking vision for India.

    Describing it as a roadmap for a technologically advanced and self-reliant nation, the Minister underscored its role in shaping the country’s future. He made these remarks while addressing a press conference at the Gujarat Chamber of Commerce and Industry.

    Dr. Jitendra Singh commended the Budget’s groundbreaking initiatives, particularly its focus on technological innovation and energy independence. He highlighted the historic decision to allow private sector participation in the nuclear industry, calling it a game-changer for India’s energy sector. He noted that these measures would not only help achieve energy self-sufficiency but also propel India toward global leadership in advanced nuclear technology by 2047.

    Dr. Jitendra Singh emphasized the government’s commitment to establishing nuclear power as a cornerstone of India’s energy strategy. The introduction of the “Nuclear Energy Mission for Viksit Bharat” outlines a comprehensive plan to enhance domestic nuclear capabilities, foster private sector participation, and deploy advanced nuclear technologies. A significant allocation of ₹20,000 crore has been earmarked for research and development in Small Modular Reactors (SMRs), with a target to operationalize at least five indigenously designed SMRs by 2033. This initiative aligns with India’s ambitious goal of achieving a 100 GW nuclear power capacity by 2047, a critical step toward reducing carbon emissions and ensuring sustainable energy.

    Reflecting on the success of opening the space sector to private players, Dr. Jitendra Singh expressed confidence that similar reforms in the nuclear sector will accelerate growth and innovation. He noted that for decades, the nuclear industry operated under stringent regulations, but recent policy shifts aim to foster greater openness and collaboration, aligning with the vision of Aatmanirbhar Bharat.

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    MIL OSI Asia Pacific News