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Category: Commerce

  • MIL-Evening Report: KiwiSaver shakeup: private asset investment has risks that could outweigh the rewards

    Source: The Conversation (Au and NZ) – By Aaron Gilbert, Professor of Finance, Auckland University of Technology

    New Zealand’s superannuation is no longer enough to live on for the country’s retirees. Research has found people need hundreds of thousands in savings to live a comfortable life after work.

    But the KiwiSaver scheme, introduced in 2007 to encourage New Zealanders to build their retirement savings, continues to be a political football. Since its creation, there have been multiple tweaks to the scheme, threatening to undermine its core purpose: supporting New Zealanders in their retirement.

    In late 2024, the government proposed changes that would make it easier for KiwiSaver managers to invest in private assets.

    The government says these changes could unlock billions to fund essential infrastructure or to provide capital for businesses, outcomes that could benefit the country as a whole.

    But the changes required to enable investing in private assets – such as reduced transparency around fees – are concerning and may not be worth the limited benefits it would bring to KiwiSaver members.

    Expanding KiwiSaver

    At the moment KiwiSaver managers predominantly invest in publicly traded assets, specifically stocks and bonds.

    The changes would open up KiwiSaver investors to a wide range of opportunities such as infrastructure projects (for example, toll roads), unlisted companies (KiwiBank has already been suggested by one provider) and property investments, among others.

    Increasing private asset exposure from the current 2-3% of funds under management to a level similar to Australian super funds (15%+) could unlock significant investment for infrastructure or business capital.

    But while there is definite appeal in using more KiwiSaver money to build roads and other essential infrastructure, the benefits to investors may be more modest.

    The Ministry of Business, Innovation and Employment argues private assets may increase fund returns and should reduce risk for investors by reducing fund exposure to stock and bond markets.

    But to achieve these possible outcomes KiwiSaver members risk being locked into a fund provider or having their funds split across providers when they opt to move. There is also the concern that transparency around the fees being charged by managers could worsen.

    Gumming up the works

    The advantage of the current system of investing in publicly traded assets is that they are relatively cheap to trade, can be bought or sold quickly and their market value is constantly known.

    Private assets are none of these things.

    Fund managers are currently required to release your funds within ten days when you opt to switch manager. Large investments in private assets that can not be sold quickly, or even worse, may be distressed (where the value is currently significantly below what it was bought for), could create a liquidity issue for a fund if a lot of investors decide to switch.

    To encourage managers to invest in private assets the proposed changes would allow your existing fund manager to hold onto a portion of your investment until private assets could be liquidated if they deemed it in your best interest.

    Essentially, you may have to stay with a fund manager for an indeterminate period even if you want to change, presumably while still paying them fees on the funds they are looking after.

    New Zealand’s retirees rely on KiwiSaver to top up insufficient superannuation payments.
    Stramp/Shutterstock

    Hiding fees

    The government’s changes also suggest allowing managers to change the way the fees they report is calculated.

    To encourage managers to invest in private assets, the government has proposed allowing them to exclude the costs associated with private assets from their reported fees. Why? Because private asset investing is significantly more expensive.

    Managers may need to build specialised teams to evaluate private asset investments. There are substantial costs (consultants, lawyers, experts etc) incurred when evaluating these investments in the same way that a home buyer faces costs such as builder and valuer reports.

    Additionally, managers will need to hire valuers periodically to reevaluate the value of the assets, resulting in more costs.

    Removing private asset costs from disclosures will make it harder for New Zealanders to compare the fees on different funds.

    Multiple other problems

    Several other problems also exist with the plan.

    The KiwiSaver market is relatively fragmented with 21 providers, nearly half of which manage less than NZ$1 billion in assets. Many private asset investments would require tens of millions, which means funds run the risk of becoming heavily exposed to just a few large investments. Only a handful of funds currently have the size to effectively use private assets to reduce investor risk.

    There is also the difficulty in valuing private assets. Valuers can provide a best guess, but it will depend largely on what the market is willing to pay at the time you come to sell.

    What is also unclear is how the value of private assets will be reflected in the unit prices that impact the price at which you buy into or sell out of fund. This introduces yet more opacity to a system that is currently transparent.

    KiwiSaver will increasingly become a critical aspect of New Zealanders’ retirement. Changes to it need to be carefully considered and evaluated to avoid undermining confidence in KiwiSaver and to ensure that they support the primary goal, ensuring financial security in retirement. It is not clear that this change meets that threshold.

    Aaron Gilbert does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. KiwiSaver shakeup: private asset investment has risks that could outweigh the rewards – https://theconversation.com/kiwisaver-shakeup-private-asset-investment-has-risks-that-could-outweigh-the-rewards-247684

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Online performance reviews: How technology has changed manners and etiquette

    Source: The Conversation – France – By George Kassar, Full-time Faculty, Research Associate, Performance Analyst, Ascencia Business School

    Thoughtful netiquette can help create a respectful, clear and productive virtual appraisal experience. Gerd Altmann/Pixabay

    As we settle into the new year, one meeting often weighs heavily on the minds of employees: the performance appraisal review. For some, it’s a time of validation and recognition, while for others, it brings a mix of anticipation and uncertainty.

    These meetings are a common practice in human resource management and are an important part of the performance management process. Despite some debates on the effectiveness of these systematic assessments, they are still frequently used to help organizations evaluate employee output, provide feedback and set future goals and rewards.

    With the rise of modern technologies, the dynamics of these appraisals have changed dramatically, especially in terms of manners and etiquette.

    What are performance appraisal reviews?

    Performance appraisals are a set of structured evaluations of employees’ job performance against set criteria and organizational goals. These evaluations are essential for managing human resources effectively. They provide insights into employee productivity, help identify training needs and align individual goals with the broader organizational mission. They also play a critical role in career development by offering feedback that helps employees understand their strengths and areas for improvement. And they are a key factor in management decisions about promotions, compensation, and sometimes, terminations.

    Employee reactions to performance appraisals can vary greatly depending on multiple factors. Active participation in the appraisal process can lead to more positive perceptions of its fairness and effectiveness. Further, fair and constructive appraisals can boost employee satisfaction and commitment, whereas poorly conducted ones can lead to dissatisfaction and disengagement.

    On the other hand, performance appraisals can also be a significant source of stress for employees. The anticipation of critical feedback and the high stakes associated with these evaluations can induce anxiety and tension. In fact, some studies suggests that performance appraisals contribute to employee burn-out.

    This stress-inducing aspect of appraisals can greatly influence the manners, attitudes and behaviors of employees during these meetings.

    The influence of modern technologies on manners and etiquette

    In the last few years, especially during the Covid pandemic, modern technologies have transformed performance appraisal reviews. Video conferencing and communication tools integrated into performance management software have made remote and flexible appraisals possible. These tools have significantly altered communication styles, shifting the focus to digital interactions that often lack non-verbal cues. Some behavioral scientists even noted that while online communication was essential during the pandemic, it lacks the richness of face-to-face interaction, which can affect the clarity and warmth of communication.

    Netiquette, or Internet etiquette, consists of the polite behaviors expected in online communications. The importance of netiquette in performance appraisals is basically to ensure clear and respectful communication. Adhering to netiquette helps maintain a professional tone and reduces the risk of misunderstandings in virtual settings.

    So while digital communication has led to new norms and expectations for politeness, clarity and respect remain crucial factors. Without physical presence, explicit expressions of politeness and consideration are more important than ever, helping to replicate the nuances of face-to-face communication in a virtual environment.

    Theoretical perspectives on manners and etiquette

    The late sociologist Norbert Elias’s theories offer a historical perspective on how manners and societal norms evolve. In his book, The Civilizing Process, Elias traces the development of manners from medieval times to the modern era, arguing that societal norms become more regulated and refined over time. This process involves both sociogenetic aspects, which concern social changes over long periods, and psychogenetic ones, which concern the internalization of social norms.

    Elias’s theories can also help us understand how manners and etiquette in modern organizations are evolving. His ideas have been shown to apply to organizational behavior, highlighting the importance of self-regulation and refinement in professional settings. As performance appraisals become more formalized, they reflect broader societal trends in these directions.

    Further applying Elias’s civilizing process to the digital age involves understanding how manners and etiquette adapt to technological advancements. Developing new norms for digital behavior helps maintain respectful and effective communication; netiquette is a contemporary extension of the civilizing process. As performance appraisals increasingly move online, adhering to netiquette helps ensure positive and constructive experiences.

    Implications for performance appraisals

    Modern technologies have blurred the traditional boundaries of place, time and organization, affecting employee behavior and manners. These changes challenge traditional notions of hierarchy and authority, encouraging more egalitarian and flexible interactions. This shift requires employees to adapt to the new culture of organizations. Observing the netiquette guidelines that follow can significantly enhance the online appraisal experience for both employees and managers.

    Preparation as self-regulation: Testing the Internet connection, camera and microphone reflects Elias’s concept of internalized norms as self-regulatory practices that enhance interactions. Creating a quiet, well-lit space shows respect for the meeting and fosters a focused environment.

    Professional presentation: Dressing appropriately and using a distraction-free background reflect Elias’s view of manners as societal refinement markers. A clean, professional setup conveys respect for the occasion and the participants.

    Simulated social cues: Making eye contact by looking at the camera, maintaining good posture, and using natural gestures to recreate in-person cues help make for effective communication.

    Clarity of speech: Speaking clearly and avoiding vague terminology aligns with Elias’s view that refined language is essential for civilized interactions. Clarity helps overcome the comparative lack of non-verbal cues in virtual settings.

    Time management: Joining the meeting a few minutes early and silencing notifications reflect Elias’s ideals of punctuality and order, showing respect for everyone’s time.

    Follow-up: A thank-you message after the appraisal supports Elias’s civilizing process by reinforcing professional gratitude and respect.

    If your next performance appraisal review is scheduled online, consider these straightforward yet impactful practices. Thoughtful netiquette – when adopted by both managers and employees – can create a respectful, clear and productive virtual appraisal experience, making a real difference on how feedback is communicated and received.

    George Kassar ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Online performance reviews: How technology has changed manners and etiquette – https://theconversation.com/online-performance-reviews-how-technology-has-changed-manners-and-etiquette-244056

    MIL OSI – Global Reports –

  • MIL-OSI USA: Governor Shapiro Unveils

    Source: US State of Pennsylvania

    January 30, 2025 – Pittsburgh, PA

    Governor Shapiro Unveils “Lightning Plan” to Strengthen Commonwealth’s Energy Leadership, Create Jobs, and Lower Costs for Consumers

    Governor Josh Shapiro visited Pittsburgh International Airport to announce the “Lightning Plan” – a comprehensive, all-of-the-above energy plan to secure Pennsylvania’s energy future. Supported by labor and industry leaders, environmental advocates, and consumer groups, Governor Shapiro‘s commonsense energy plan will create jobs, lower costs for consumers, protect Pennsylvania from global instability by building next generation power, and position the Commonwealth to continue to be a national energy leader for decades to come.

    The Governor made this announcement at Pittsburgh International Airport, the site of a groundbreaking $1.5 billion proposed partnership between KeyState Energy and CNX Resources. This type of project, aimed at accelerating hydrogen and sustainable aviation fuel (SAF) production, could position the region as a hub for next-generation energy solutions while supporting 3,000 construction jobs. This project is a prime example of the type of innovation the Lightning Plan will drive all across the Commonwealth.

    “Pennsylvania has long been a national energy leader, from Ben Franklin to today, but right now, we’re letting other states outcompete us and we’re losing out on jobs, new investment, and innovation – that has to change,” said Governor Shapiro. “My energy plan will power Pennsylvania forward by incentivizing the building of next generation energy projects in the Commonwealth. We have to meet this moment – and this plan builds on the work my Administration did last year to bring together leaders from the energy industry, organized labor and environmental groups, and consumer advocates to develop a plan for the future. I look forward to working with the General Assembly to get this commonsense plan to my desk so that we can lower costs for consumers, create more jobs, and position the Commonwealth to continue to be a national energy leader for decades to come.”

    Speaker list:
    Christina Cassotis, CEO, Allegheny County Airport Authority
    Governor Josh Shapiro
    Congressman Chris Deluzio
    Gregory Bernarding, Business Manager, Pittsburgh Regional Building and Construction Trades Council
    Lt. Governor Austin Davis
    Stefani Pashman, CEO, Allegheny Conference on Community Development
    David Dardis, Executive Vice President, Constellation Energy
    Representative Rob Matzie
    Jackson Morris, Director of State Power Sector Policy, Climate & Energy, Natural Resources Defense Council

    MIL OSI USA News –

  • MIL-OSI China: China firmly opposes US tariff move, vows countermeasures to safeguard interests

    Source: China State Council Information Office

    China is strongly dissatisfied with and firmly opposes the U.S. decision to impose an additional 10-percent tariff on goods imported from China, the Ministry of Commerce (MOC) said Sunday.

    In response to the erroneous action by the United States, China will file a lawsuit with the World Trade Organization and take corresponding countermeasures to firmly safeguard its rights and interests, an MOC spokesperson said in a statement. 

    MIL OSI China News –

  • MIL-OSI China: Australian PM wishes for stronger ties with China

    Source: China State Council Information Office

    Australian Prime Minister Anthony Albanese addresses a celebration of the Chinese New Year in Melbourne, Australia, Feb. 1, 2025. (Xinhua/Ma Ping)

    Australian Prime Minister Anthony Albanese on Saturday expressed the wish to see stronger ties between Australia and China.

    Speaking at a Chinese New Year celebration event in Melbourne, Albanese said it is in the interest of both Australia and China to be “great friends and that the Australian government is committed to stabilizing relations and cooperation between the two sides.

    The prime minister said that economic ties between the two countries are very important as Australia exports products such as beef, lobsters and wine to China.

    He stressed that in comparison with the economic ties, the relationship between the two peoples is even more important.

    Tourists attend a celebration of the Chinese New Year in Melbourne, Australia, Feb. 1, 2025. (Xinhua/Ma Ping)

    “Chinese culture has enriched Australia and broadened our horizons,” he said, adding that the Chinese New Year celebrations are part of Australia’s cultural heritage.

    At the event, Australia’s opposition leader Peter Dutton said the Chinese New Year is a wonderful opportunity to celebrate a connection between Australia and China.

    “The future, which is the most important element of this relationship, is brighter than it’s ever been before,” Dutton said.

    The event was held by the Asian Business Association of Whitehorse, a non-profit organization to promote and facilitate trade and investment between Australia and China.

    MIL OSI China News –

  • MIL-OSI USA: Lt. Gov. Kelly Announces Winners of 2nd Annual New Venture Competition

    Source: US State of Nebraska

    . Gov. Kelly Announces Winners of 2nd Annual New Venture Competition

     

    LINCOLN, NE – Lieutenant Governor Joe Kelly awarded prizes to three teams of aspiring college entrepreneurs through the 2nd Annual Nebraska Governor’s New Venture Competition. Awardees were announced during Thursday’s Nebraska Business Hall of Fame banquet at the Lincoln Marriott Cornhusker Hotel. Ten teams were selected as semi-finalists. The winners, prize amounts and a description of each project follow:

     

    First Place: Golden Garden Compost, UNO, $20,000 prize

                Golden Garden Compost creates premium organic compost for home gardeners using efficient production and innovative marketing to maximize profits.

     

    Second Place: brAIn Rot, UNL, $15,000 prize

                brAIn Rot is an educational platform that helps developers enhance their coding skills by solving real world puzzles and competing in coding contests.

     

    Third Place: IndoFilm, UNL, $10,000 prize

                InfoFilm helps share the impactful stories within the agriculture industry through videography, product photography, branding photography and social media management. 

     

    “This program is a great opportunity to publicize and support Nebraska-based ideas with world-changing potential,” said Lt. Gov. Kelly. “This year’s pool of finalists brought a variety of ideas to impact education, healthcare, agriculture, AI and other significant areas. They are risk takers willing to put in the long hours for the potential rewards of starting a new venture and watching it blossom.” 

     

    Governor Jim Pillen created the competition in 2023 to showcase and encourage student-led entrepreneurship. The competition is designed for contemplated and pre-seed businesses. Applicants must designate how their business falls into one of nine industry tracks: Agtech, Fintech/Insurtech, Cleantech, Advanced Manufacturing, Biotech/Healthtech, Emerging Media Arts, Sportstech, General Tech and the Bioeconomy. Submissions must have been received by Dec. 15, 2024. 

     

    This year, 15 teams – including undergraduate and graduate students – submitted proposals. Participating teams hailed from the University of Nebraska – Lincoln (UNL), University of Nebraska – Omaha (UNO), University of Nebraska – Kearney (UNK) and Metro Community College (MCC). The 15 teams made their initial pitch virtually to a panel of judges representing Flyover Capital, Nebraska Innovation Labs, Nelnet Ventures, Redbud VC and Tech Nebraska. Judges evaluated each project and whittled the group to 10 semi-finalists. 

     

    “Starting a business is hard enough but starting a business while also attending college is extremely challenging due to time constraints and academic obligations,” said Dan Hoffman, CEO of Invest Nebraska. “Nebraska’s entrepreneurial ecosystem of startup founders, funders, and service providers are excited to mentor and support these young teams as they begin their entrepreneurial journey.”

     

    Semi-finalist teams were mentored leading up to their final project presentation yesterday during the Nebraska State Chamber of Commerce annual meeting. The judges, from Lincoln Partnership for Economic Development, MOVE Venture Capital, Nelnet, Nave Analytics, Nebraska Public Power District and Workshop, selected the awardees. 

     

    “I appreciate that Governor Pillen is prioritizing entrepreneurship as a key economic development strategy,” said Nebraska Department of Economic Development (DED) Director K.C. Belitz. “The New Venture Competition is a great way to showcase and encourage the inventiveness of Nebraska’s rising generation. Across the state, we’re building an entrepreneurial ecosystem to support young Nebraskans in turning their ideas into successful businesses.”

     

    “Congratulations to the 15 teams of students who shared their ideas for pursuing an entrepreneurial opportunity and competed in the New Venture Competition,” added Nebraska Chamber President Bryan Slone.  “We’re always excited to support the next generation of Nebraska business professionals and it was exciting to watch these young entrepreneurs reach new heights.”

     

    Sponsors for the New Venture Competition include the Nebraska Chamber of Commerce & Industry, Nebraska Public Power District (NPPD), Omaha Public Power District (OPPD), Invest Nebraska, Nebraska Diplomats, Nebraska Economic Developers Association (NEDA) and the Nebraska Department of Economic Development (DED).

     

    For more information about the Governor’s New Venture Competition, visit the contest’s website: https://negovnewventure.com.

     

    First Place Team Golden Garden Compost of the University of Nebraska – Omaha

    Second Place Team brAIn Rot of the University of Nebraska – Lincoln

    Third Place Team InfoFilm of the University of Nebraska – Lincoln

    Photos by Sam Rice

    MIL OSI USA News –

  • MIL-OSI China: China warns Japan chip curbs would threaten supply chains

    Source: China State Council Information Office

    The Ministry of Commerce said Japan’s plans for export controls on semiconductors will undermine the stability of the global industrial and supply chains as well as disrupt normal business operations.

    “For some time, certain countries have been stretching the concept of national security and abusing export control measures to impose sanctions aimed at suppressing China’s semiconductor and other industries,” a spokesperson with the Ministry of Commerce said on Friday.

    The spokesperson highlighted that Japan’s plans for export controls on chips will also harm the interests of both Chinese and Japanese companies.

    According to the MOC spokesperson, China urges Japan to listen to the rational voices of industry stakeholders and reconsider its course of action. “We hope Japan will take into account the broader picture of international trade rules and China-Japan economic cooperation, and promptly correct these measures to avoid hindering the healthy development of bilateral economic relations.”

    As Japan has announced tech and trade curbs including sanctions on some Chinese firms, China made it clear that it reserves the right to take countermeasures to safeguard its legitimate rights and interests, the spokesperson said. China also reaffirmed its stance on ensuring the smooth functioning of global industrial and supply chains.

    Jin Xu, chairman of the China Association of International Trade, said some countries’ efforts to “decouple and sever industrial and supply chains” and build “small yards with high fences” will not benefit the local people and will ultimately harm local businesses.

    China, with its robust technological capabilities, solid industrial foundation, and strong government support, is well-positioned to overcome any technological blockades, Jin said.

    “I firmly believe China will make breakthroughs in the fields of chips. I am convinced that the suppression by some countries will not last,” he said.

    MIL OSI China News –

  • MIL-OSI USA News: Imposing Duties to Address the Flow of Illicit Drugs Across Our National Border

    Source: The White House

         By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.) (NEA), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code,

    I, DONALD J. TRUMP, President of the United States of America, find that the sustained influx of illicit opioids and other drugs has profound consequences on our Nation, endangering lives and putting a severe strain on our healthcare system, public services, and communities.

    This challenge threatens the fabric of our society.  Gang members, smugglers, human traffickers, and illicit drugs of all kinds have poured across our borders and into our communities.  Canada has played a central role in these challenges, including by failing to devote sufficient attention and resources or meaningfully coordinate with United States law enforcement partners to effectively stem the tide of illicit drugs.

    Drug trafficking organizations (DTOs) are the world’s leading producers of fentanyl, methamphetamine, cocaine, and other illicit drugs, and they cultivate, process, and distribute massive quantities of narcotics that fuel addiction and violence in communities across the United States.  These DTOs often collaborate with transnational cartels to smuggle illicit drugs into the United States, utilizing clandestine airstrips, maritime routes, and overland corridors. 

    The challenges at our southern border are foremost in the public consciousness, but our northern border is not exempt from these issues.  Criminal networks are implicated in human trafficking and smuggling operations, enabling unvetted illegal migration across our northern border.  There is also a growing presence of Mexican cartels operating fentanyl and nitazene synthesis labs in Canada.  The flow of illicit drugs like fentanyl to the United States through both illicit distribution networks and international mail — due, in the case of the latter, to the existing administrative exemption from duty and taxes, also known as de minimis, under section 1321 of title 19, United States Code — has created a public health crisis in the United States, as outlined in the Presidential Memorandum of January 20, 2025 (America First Trade Policy) and Executive Order 14157 of January 20, 2025 (Designating Cartels and Other Organizations as Foreign Terrorist Organizations and Specially Designated Global Terrorists).  With respect to smuggling of illicit drugs across our northern border, Canada’s Financial Transactions and Reports Analysis Centre recently published a study on the laundering of proceeds of illicit synthetic opioids, which recognized Canada’s heightened domestic production of fentanyl, largely from British Columbia, and its growing footprint within international narcotics distribution.  Despite a North American dialogue on the public health impacts of illicit drugs since 2016, Canadian officials have acknowledged that the problem has only grown.  And while U.S. Customs and Border Protection (CBP) within the Department of Homeland Security seized, comparatively, much less fentanyl from Canada than from Mexico last year, fentanyl is so potent that even a very small parcel of the drug can cause many deaths and destruction to America families.  In fact, the amount of fentanyl that crossed the northern border last year could kill 9.5 million Americans.

    Immediate action is required to finally end this public health crisis and national emergency, which will not happen unless the compliance and cooperation of Canada is assured.

    I hereby determine and order:

         Section 1.  (a)  As President of the United States, my highest duty is the defense of the country and its citizens.  A Nation without borders is not a nation at all.  I will not stand by and allow our sovereignty to be eroded, our laws to be trampled, our citizens to be endangered, or our borders to be disrespected anymore.

    I previously declared a national emergency with respect to the grave threat to the United States posed by the influx of illegal aliens and illicit drugs into the United States in Proclamation 10886 of January 20, 2025 (Declaring a National Emergency at the Southern Border).  Pursuant to the NEA, I hereby expand the scope of the national emergency declared in that Proclamation to cover the threat to the safety and security of Americans, including the public health crisis of deaths due to the use of fentanyl and other illicit drugs, and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept DTOs, other drug and human traffickers, criminals at large, and drugs.  In addition, this failure to act on the part of Canada constitutes an unusual and extraordinary threat, which has its source in substantial part outside the United States, to the national security and foreign policy of the United States.  I hereby declare and reiterate a national emergency under the NEA and IEEPA to deal with that threat.  This national emergency requires decisive and immediate action, and I have decided to impose, consistent with law, ad valorem tariffs on articles that are products of Canada set forth in this order.  In doing so, I invoke my authority under section 1702(a)(1)(B) of IEEPA and specifically find that action under other authority to impose tariffs is inadequate to address this unusual and extraordinary threat.

         Sec. 2.  (a)  All articles that are products of Canada as defined by the Federal Register notice described in subsection (e) of this section (Federal Register notice), and except for those products described in subsection (b) of this section, shall be, consistent with law, subject to an additional 25 percent ad valorem rate of duty.  Such rate of duty shall apply with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on February 4, 2025, except that goods entered for consumption, or withdrawn from warehouse for consumption, after such time that were loaded onto a vessel at the port of loading or in transit on the final mode of transport prior to entry into the United States before 12:01 a.m. eastern time on February 1, 2025, shall not be subject to such additional duty, only if the importer certifies to CBP as specified in the Federal Register notice. 

    (b)  With respect to energy or energy resources, as defined in section 8 of Executive Order 14156 of January 20, 2025 (Declaring a National Energy Emergency), and as otherwise included in the Federal Register notice, such articles that are products of Canada as defined by the Federal Register notice shall be, consistent with law, subject to an additional 10 percent ad valorem rate of duty.  Such rate of duty shall apply with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on February 4, 2025, except that goods entered for consumption, or withdrawn from warehouse for consumption, after such time that were loaded onto a vessel at the port of loading or in transit on the final mode of transport prior to entry into the United States before 12:01 a.m. eastern time on February 1, 2025, shall not be subject to such additional duty, only if the importer certifies to CBP as specified in the Federal Register notice.  

    (c)  The rates of duty established by this order are in addition to any other duties, fees, exactions, or charges applicable to such imported articles. 

    (d)  Should Canada retaliate against the United States in response to this action through import duties on United States exports to Canada or similar measures, the President may increase or expand in scope the duties imposed under this order to ensure the efficacy of this action.

    (e)  In order to establish the duty rate on imports of articles that are products of Canada, the Secretary of Homeland Security shall determine the modifications necessary to the Harmonized Tariff Schedule of the United States (HTSUS) in order to effectuate this order consistent with law and shall make such modifications to the HTSUS through notice in the Federal Register.  The modifications made to the HTSUS by this notice shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on February 4, 2025, and shall continue in effect until such actions are expressly reduced, modified, or terminated.

    (f)  Articles that are products of Canada, except those that are eligible for admission under “domestic status” as defined in 19 CFR 146.43, which are subject to the duties imposed by this order and are admitted into a United States foreign trade zone on or after 12:01 a.m. eastern time on February 4, 2025, except as otherwise noted in subsections (a) and (b) of this section, must be admitted as “privileged foreign status” as defined in 19 CFR 146.41.  Such articles will be subject upon entry for consumption to the rates of duty related to the classification under the applicable HTSUS subheading in effect at the time of admittance into the United States foreign trade zone. 

    (g)  No drawback shall be available with respect to the duties imposed pursuant to this order. 

    (h)  For avoidance of doubt, duty-free de minimis treatment under 19 U.S.C. 1321 shall not be available for the articles described in subsection (a) and subsection (b) of this section.

         (i)  Any prior Presidential Proclamation, Executive Order, or other Presidential directive or guidance related to trade with Canada that is inconsistent with the direction in this order is hereby terminated, suspended, or modified to the extent necessary to give full effect to this order. 

         (j)  The articles described in subsection (a) and subsection (b) of this section shall exclude those encompassed by 50 U.S.C. 1702(b).

         Sec. 3.  (a)  The Secretary of Homeland Security shall regularly consult with the Secretary of State, the Attorney General, the Assistant to the President for National Security Affairs, and the Assistant to the President for Homeland Security on the situation at our northern border.  The Secretary of Homeland Security shall inform the President of any circumstances that, in the opinion of the Secretary of Homeland Security, indicate that the Government of Canada has taken adequate steps to alleviate this public health crisis through cooperative enforcement actions.  Upon the President’s determination of sufficient action to alleviate the crisis, the tariffs described in section 2 of this order shall be removed.

    (b)  The Secretary of Homeland Security, in coordination with the Secretary of State, the Attorney General, the Assistant to the President for National Security Affairs, and the Assistant to the President for Homeland Security, shall recommend additional action, if necessary, should the Government of Canada fail to take adequate steps to alleviate the illegal migration and illicit drug crises through cooperative enforcement actions.

         Sec. 4.  The Secretary of Homeland Security, in consultation with the Secretary of the Treasury, the Attorney General, and the Secretary of Commerce, is hereby authorized to take such actions, including adopting rules and regulations, and to employ all powers granted to the President by IEEPA as may be necessary to implement this order.  The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security.  All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

         Sec. 5.  The Secretary of Homeland Security, in coordination with the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the Assistant to the President for National Security Affairs, and the Assistant to the President for Homeland Security, is hereby authorized to submit recurring and final reports to the Congress on the national emergency under IEEPA declared in this order, consistent with section 401(c) of the NEA (50 U.S.C. 1641(c)) and section 204(c) of IEEPA (50 U.S.C. 1703(c)).

         Sec. 6.  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, 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 1, 2025.

    MIL OSI USA News –

  • MIL-OSI China: US imposes 10 percent tariff on Chinese goods

    Source: China State Council Information Office

    U.S. President Donald Trump signed an executive order on Saturday to impose a 10-percent tariff on goods imported from China. The latest U.S. trade protectionist measure has drawn widespread opposition both domestically and internationally.

    The White House said the 10-percent tariff is on all imports from China on top of existing tariffs. Trump says the tariffs dovetail with his embrace of protectionist measures.

    Chinese Foreign Ministry Spokesperson Mao Ning has said that China always believes that there is no winner in a trade war or tariff war, and remains steadfast in safeguarding its national interests. Spokesperson for the Ministry of Commerce He Yadong said China’s position on the tariff issue is consistent. Tariff measures are not conducive to the interests of either China or the United States, nor to the rest of the world, He said.

    According to the executive order, the United States also imposed a 25-percent tariff on goods from Mexico and Canada. For energy products from Canada, the administration imposed a 10-percent tariff. 

    MIL OSI China News –

  • MIL-OSI: Ozak AI Presale Booms: $750K Raised, $OZ Set for Explosive Growth!

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, Feb. 01, 2025 (GLOBE NEWSWIRE) — Investing in projects that are on the forefront of AI and blockchain innovations offers tremendous growth potential. Analysts estimate that Ozak AI, an AI-powered blockchain project, might grow 10x or higher by 2025 end. The project has already achieved considerable traction. Because of its predictive technology, Ozak AI has gained significant recognition in the cryptocurrency sector. The platform’s real-time data analysis and forecasting capabilities are made possible by artificial intelligence and decentralized networks.

    Diverse Ecosystem Offerings

    With the help of its Prediction Agents and Ozak Stream Network (OSN), Ozak AI is able to provide precise market data for the financial sector. Beyond its analytics capabilities, the Ozak Prediction Agent (PA) Business provides trustworthy decision-making through autonomous analysis of internal and external proprietary data.

    Thanks to the Ozak Stream Network’s efficient processing, users can make data-driven investment decisions. By using decentralized data processing and storage methods, the DePIN system aims to strengthen security resilience.

    One of the main features of Ozak AI is Prediction Agents, which allow users to create their own AI models for predicting market movements, analyzing risks, and formulating investment strategies. Data inputted into the systems is guaranteed to be accurate, tamper-proof, and trustless by means of OSN – Ozak Stream Network. Utilizing the most distributed DePIN, OSN is able to offer you the highest quality data.

    Ozak AI is distinct because it combines decentralized network infrastructure with predictive AI in a novel way. The platform offers several key advantages:

    • Real-Time Data Processing: Ozak Stream Network (OSN) enables low-latency data intake and processing.
    • Decentralized Security: Integration with DePIN enables better data security and resilience via decentralized storage and processing.
    • Customization: The Prediction Agents (PAs) are extremely customizable, allowing users to adjust the models to their individual requirements.
    • Scalability: The architecture of Ozak AI is built to dynamically scale, so it can handle increasing data volumes and user demands.

    $OZ at the Heart of the Ecosystem

    Ozak AI platform’s native cryptocurrency is the OZ token. Enabling participation in governance decisions, powering transactions within the ecosystem, and providing access to premium features are just a few of its multiple purposes. Users can also be rewarded for their contributions to the network using OZ tokens.

    Fair and Transparent Token Allocation

    The $OZ tokens are distributed in a fair, transparent, and balanced manner to support the growth and sustainability of the ecosystem.

    In a lifetime, only 10 Billion $OZ can be minted. Part of the key economic strategy is a supply that is deflationary. A portion of the token allocation goes toward presale and public sale events, some reserved for platform development, incentives for teams and communities, and rewards for strategic partnerships.

    Massive Presale Success and Poised for Rapid Growth

    The success of the platform’s presale shows how popular it is among cryptocurrency investors. Amid predictions from crypto analysts that the $OZ token will reach $1 before the end of 2025, the project is close to its funding goal with over $750k raised so far and 52,773,977 $OZ tokens sold during the ongoing presale phase 3. The pricing strategy, which is now in its third phase, has attracted early investors and contributed to significant fundraising efforts and has already offered massive gains for early backers.

    It offers a cutting-edge platform that combines blockchain technology with artificial intelligence to provide financial decision-makers with predictive analytics, which is appealing to those looking to maximize return with little risk. Experts anticipate the $OZ token will witness massive gains, and the positive indicators of progress during the ongoing pre-sale period make it worth continuously watching.

    About Ozak AI:

    Ozak AI is a decentralized network for advanced data analytics and interpretation powered by predictive AI. Ozak AI is unique because it blends decentralized network infrastructure with predictive AI in an innovative way.

    Contact:

    Website: https://ozak.ai/
    Twitter/X: https://x.com/OzakAGI
    Telegram: https://t.me/OzakAGI

    Disclaimer: This content is provided by Ozak AI. 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.

    Contact Us:
    Andres Brinc
    media@ozak.ai

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74899c8e-175a-4f30-b387-a17a1c78afb7

    The MIL Network –

  • MIL-OSI USA: Governor Hochul Marches in Lunar New Year Parade

    Source: US State of New York

    Earlier today, Governor Kathy Hochul marched in the Flushing Chinese Business Association’s Lunar New Year parade.

    B-ROLL of the Governor during the parade can be found on YouTube here and in TV quality (h.264, mp4) format here.

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    Xin nian kuai le! I want to wish everyone a happy Lunar New Year. I just had a wonderful celebration meeting members of the community. We had some dance and celebration of culture, and I’m so proud to be Governor of a state where one out of 10 New Yorkers can claim Asian or AAPI descendance. It’s part of our vibrancy.

    Also, this past week was the first time ever in the history of our state that children could get a day off school to celebrate the Lunar New Year holiday with their families and to continue on embracing these great traditions.

    I also want to convey that we’re continuing our efforts to fight hate crimes against all peoples, but as we saw during the pandemic, there was a spike in Asian hate crimes. We want to make sure people know that we’ll do whatever we can to protect them. We’ve added more money to our Budget to give them the security they need to feel safe in their homes, but also on our streets and in our subways.

    MIL OSI USA News –

  • MIL-OSI Economics: Personalized health & wellness for women, expanding flavor choice, and health longevity offer food and beverages brands growth opportunities in 2025, says GlobalData

    Source: GlobalData

    The interconnectivity of all health concerns could offer food and beverages brands innovation opportunities in 2025 by addressing multiple wellness concerns at once.

    Several key trends are set to influence consumer purchasing behavior in 2025, including personalized health and wellness with a focus on women, health longevity, personalized products and experiences, and sustainability solutions aided by new technologies. GlobalData, a leading data and analytics company, highlights four food and beverages trends that are set to offer consumer packaged goods brands innovation opportunities in 2025:

    Personalized Health and Wellness: Women’s Health

    Women’s health has long been under-researched, presenting an opportunity for brands to create new products and new marketing initiatives to meet women’s unique health needs.

    In the supplements market, product ranges catering to reproductive and hormonal health concerns are now expanding into women’s fitness, digestion, and sleep – all of which require different supplements to men. Brands like Women Best recognize this and solely target women, providing them with supplements to support their dietary needs with functional benefits such as energy, focus, and stress relief. Unilever’s SmartyPants Vitamins range also offers multivitamins and pre and probiotic supplements that cater specifically to women’s health needs. In line with this, the women’s supplement market has seen double-digit value growth over the last two years, according to GlobalData Market Analyzers.

    Fahima Omer, Food Consultant and analyst at GlobalData, comments: “Whilst the health benefits of supplements are harnessed in products such as vitamins and protein bars, consumer packaged goods manufacturers could explore opportunities to develop new food and beverages products using supplement ingredients. One such opportunity is to recognize the interconnectivity of all health concerns and release more products aimed at addressing multiple wellness concerns at once.”

    Sustainability solutions based on new technologies

    Cell-based foods first emerged in 2013 when a scientist in the Netherlands managed to cultivate a burger patty. With new technological advancements and the use of molecular biology, brands such as GoodMeat create meat simply by feeding cells in a sterile environment. Widespread adoption of cell-based meat products has been slow thus far, but this developing technology offers the potential to produce meat products at scale in a more sustainable way. This is becoming increasingly important as The Food and Agricultural Organization at the United Nations* revealed in its 2017 report, “Tackling Climate Change Through Livestock”, that livestock is a significant contributor to climate change with emissions estimated at 7.1 gigatonnes CO2, representing 14.5% of human-induced GHG emissions.

    According to GlobalData’s consumer survey (Q3 2024), this kind of sustainability initiative resonates with 74% of global consumers who say that ‘sustainable/environmentally friendly’ is an ‘essential’ or ‘nice to have’ feature when deciding to make a product purchase.

    Cell-based foods could also address food insecurity. In a UN/WHO** joint report from 2022, the organization estimated that 11% of people globally suffer from undernourishment despite the planet being able to produce enough food.

    Health Longevity: An aging population and the rise of personalization

    With 22% of the world’s population expected to be over 60 years old by 2050, according to WHO***, there will be growing demand for food and beverage products that support this cohort’s desire for a long, healthy, and active life. Meal kits with claims around health management have grown in value by 67% during 2016-23, according to GlobalData Market Analysers’ health and wellness data on prepared meals.

    As older adults become more proactive about their health, they are choosing products that align with their wellness goals, including dietary supplements and foods rich in vitamins and nutrients that support longevity. Food manufacturer Chin Huay has responded to this demand with a selection of snacks formulated with probiotics, which support senior consumers’ dietary needs, and coffee brand UDA infuses several longevity-centric supplements to help fight aging. These include NMN, which increases metabolism and aids DNA repair; cognitive enhancer L-Theanine; quercetin, an anti-senescence and anti-inflammatory; and ashwagandha, to reduce fatigue and stress.

    This trend reflects a broader societal shift towards preventative health measures and lifestyle improvements, which have gained traction following the pandemic. Personalized health and wellness solutions from companies that provide health advice from the analysis of personal health data are growing in popularity. Everlywell provide at-home test kits that check age and gender-related conditions with the aim of providing consumers with specific lifestyle recommendations.

    Flavor expansion in Foods and Foodservice

    The ubiquity of foreign travel and the rise in social media usage have exposed consumers to global cuisines and flavors, which they have embraced, providing companies with the opportunity to expand their product and flavor choices beyond core brands and gain awareness for them through social media.

    According to GlobalData’s Consumer Survey (Q1 2024), 56% of 25-34-year-olds, globally, use social media to discover products and new flavors. A further 51% of the same age group agree with the statement ‘when I find a product in a new flavor I like, I enjoy sharing this knowledge on social media’.

    Foodservice operators such as UK-based Los Mochis have been successful in merging Japanese and Mexican cuisines using ingredients such as chipotle and kombu broth to create a chipotle miso soup, exposing their customers to bold new flavor choices.

    Omer adds: “Food and beverages trends in 2025 will reflect a complex interplay of functional health & wellness, sustainability, digitalization, and flavor choice. Innovation will not only cater to consumers’ immediate health needs but also prioritize health longevity. There could be a renewed focus on lab-grown meat which has the potential to address food insecurity whilst also combatting climate change. These trends will also present opportunities for brands to sell more value-added and premium products to meet the evolving expectations of consumers in a rapidly changing marketplace.”

    * Source: The Food and Agricultural Organization at the United Nations 2017 Report: Tackling Climate Change through Livestock
    ** Source: UN/WHO joint report: State of Food Security and Nutrition, 2022
    *** Source: WHO website ‘Ageing statistics’

    GlobalData Consumer Custom Solutions offers sector-level expertise in the Consumer Packaged Goods, Food, Beverages, Foodservice, Retail, Apparel, Packaging, Agribusiness, and Automotive industries. We use our unique data, insights and analytics to answer your bespoke questions with a tailored approach and deliverables.​ To learn more about this press release or have a chat, please drop us an email consulting@globaldata.com or contact us here and we’ll get in touch!

    MIL OSI Economics –

  • MIL-OSI USA: Senator Marshall Joins America’s Newsroom on Fox Business to Discuss Wichita, KS Plane Crash: Now Is a Time for Faith

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined America’s Newsroom on Fox Business to discuss the terrible tragedy of the collision between an American Airlines plane traveling from Wichita, Kansas, and a military helicopter. Senator Marshall offered his condolences to the loved ones of the victims and discussed the failures leading up to the horrific collision. Senator Marshall will continue to demand answers and accountability. 
    You may click HERE or on the image above to watch Senator Marshall’s full interview.
    Highlights from Senator Marshall’s interview include: 
    On failures leading up to horrific accident:
    “Typically, there’s one person monitoring the helicopters and one person monitoring the commercial jets. I think this goes way beyond that. There’s a ceiling for all helicopters at 200 feet. So why was that particular helicopter above 200 feet? Why didn’t air traffic control pick that up? Why are we allowing these type of helicopters into the busiest airport runway in the nation? It just makes no sense to any type of Americans. It’s a common sense issue. I’m calling on them, on the military to stop. I don’t want your helicopters where my people are landing. I think it’s that simple. And then we need to talk about transponders. Why are we letting military aircraft into this airspace without transponders that communicate with commercial jets if they don’t want to use transponders and stay out of this busy airspace? I think there’s a confluence of problems. Lastly, I appreciate President Trump’s just radical transparency and taking accountability here.”
    On ensuring the highest focus on FAA safety and competence:
    “I think that all of us want people with the highest training and abilities to do these really tough jobs. I want my pilot to be the best pilot. I want their position based upon their merit, based upon their mental capacity. I’ve sat there in some of these air traffic control places, and I think it was a tougher job. I’m a physician. I think their job was harder than [mine]. Moment after moment, hour after hour, it takes a very special person to do these jobs. I would add the president hired, I believe, over 100 of these air traffic controllers last week, realizing that there’s a problem, and I appreciate him raising the bar for what we expect there out of these air traffic controllers.”
    On grieving Kansans:
    “I’m a physician. This is typically anger and denial happening right now. I think we’re circling the wagons. We’ve been through this before. Kansas has 1955 we lost 75 people to a tornado. 1970 Wichita State football team had a horrific crash that claimed the lives of 31 young people as well. So we’re circling the wagons. You know, this is a time for faith. Our hearts are broken, but they’re broken together. I know this community of Wichita. I spoke to them, to Mayor Wu this morning, and she’s bringing this community together, and we’re just all on our knees today, humbled, just so humbled and grateful for the life and the country God has given us. But we also understand that this I don’t think this accident should have happened. I think it could have been prevented.”

    MIL OSI USA News –

  • MIL-OSI Australia: Two years of employees receiving paid family and domestic violence leave

    Source: Ministers for Social Services

    Joint with:

    The Hon Amanda Rishworth MP
    Minister for Social Services 
    Minister for the National Disability Insurance Scheme
    Member for Kingston
     

    Senator the Hon Murray Watt 
    Minister for Employment and Workplace Relations
    Senator for Queensland

    Today marks the second-year anniversary of the Albanese Labor Government’s introduction of paid family and domestic violence leave. 

    Labor believes no one should ever have to choose between their job or their safety.

    As one of the first acts of our Government, Labor ensured all 12.4 million workers in Australia – including casuals – received a minimum legislated entitlement of up to 10 days of paid leave each year.  

    Violence against women and children is a problem of epidemic proportions in Australia. One in three women has experienced physical violence since the age of 15, and one in five has experienced sexual violence.

    An independent statutory review into the operation of paid family and domestic violence leave conducted by Flinders University found it is succeeding in supporting the financial security of those escaping or experiencing violence, without jeopardising their income or employment.

    The review found that of the victim-survivors who had taken paid family and domestic violence leave, 91 per cent surveyed said it helped them maintain their income, and 89 per cent said it helped them to retain their employment, with 41 per cent of victim-survivors using the leave to arrange for their safety, 43 per cent to arrange for their children’s safety, 39 per cent to access police services, 22 per cent to access medical services, and 24 per cent to access legal services.

    Minister for Social Services Amanda Rishworth said legislating paid family and domestic violence leave was a milestone achievement which has saved and changed lives. 

    “We know from our many consultations with victim-survivors just how difficult it can be to leave violent situations – and financial means should not be a barrier to safety,” Minister Rishworth said.

    “This entitlement allows people who are working full-time, part-time and casually in Australia to make arrangements to support their safety, and the safety of their families, without fear of losing their jobs or income.

    “We refuse to be a country where people have to sacrifice their safety for a wage. Our legislated 10 days of paid FDV leave provides all employees who are experiencing family and domestic violence the opportunity to build a better life for themselves, free from violence.”

    Minister for Employment and Workplace Relations Senator Murray Watt said these changes are an important step towards making sure workers no longer have to choose between their pay and safety.  

    “This change meant for the first time, all Australian employees – including casuals – can access 10 days paid leave each year when impacted by family and domestic violence,” Minister Watt said. 

    “This critical leave entitlement ensures workers can maintain their financial independence through what is an incredibly difficult and terrifying time in their lives and it saves lives.

    “But this entitlement is under threat from Peter Dutton and the Coalition, with Shadow Minister for Employment and Workplace Relations, Michaelia Cash claiming it’s a ‘perverse disincentive’ to employers hiring women.

    “Peter Dutton and Michaelia Cash need to tell Australians whether paid family and domestic violence leave will be part of the “targeted set of repeals” of workplace laws they’ve promised to take to the election.”

    The Government gave small businesses additional time to adjust to the payment and invested $3.4 million to support the creation and updating of resources on paid FDV leave, including those specifically for small business.

    Paid FDV leave is one of many actions the Government has taken to address family and domestic violence. All governments have committed to ending gender-based violence in one generation under the National Plan to End Violence Against Women and Children 2022-32, supported by Government investment of $4 billion. 

    More information on paid FDV leave is available on the Fair Work Ombudsman’s website. 

    Small businesses can find out more about how to support employees impacted by FDV by listening to the Small Business, Big Impact podcast, available on the Acast website, Spotify, Google Podcasts, Apple Podcasts, and a range of other podcast platforms. 

    If you or someone you know is experiencing, or at risk of experiencing, domestic, family, or sexual violence, call 1800 737 732, text 0458 737 732 or visit www.1800RESPECT.org.au for online chat and video call services.

    If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit www.ntv.org.au

    Feeling worried or no good? Connect with 13YARN Aboriginal & Torres Strait Islander Crisis Supporters on 13 92 76, available 24/7 from any mobile or pay phone, or visit www.13yarn.org.au No shame, no judgement, safe place to yarn.

    MIL OSI News –

  • MIL-OSI USA: Booker to Serve as Top Democrat on Three Senate Subcommittees in 119th Congress

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) announced that he will serve as the top Democrat on three Senate subcommittees during the 119th Congress.
    Booker will be the ranking member of the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights, the ranking member of the Senate Agriculture Subcommittee on Commodities, Derivatives, Risk Management, and Trade, and the ranking member on the Senate Foreign Relations Subcommittee on Africa and Global Health.
    “On the Subcommittee on Competition Policy, Antitrust, and Consumer Rights, I will continue my work to reduce consolidation and increase competition in our markets to lower prices for everyday Americans, empower workers, support small businesses, and make our economy work for everyone. This is an opportunity to show Americans how strong and well-enforced antitrust laws can be a solution for kitchen table issues.
    “On the Subcommittee on Commodities, Derivatives, Risk Management, and Trade, I look forward to continuing my work to make sure our farm crop insurance and disaster programs are effective for small farmers and farmers growing fruits and vegetables. I also hope to work in a bipartisan matter to ensure our financial markets are safe, robust, and fair for farmers and ranchers, crypto users, and for everyday Americans concerned about the price of gas and groceries. I also hope we can work together to further clarify and strengthen the regulation of our financial system and improve oversight of digital commodities.
    “I look forward to continuing my work on the subcommittee on Africa and Global Health Policy. We must continue to engage our African partners to work together and boost trade, protect human rights, strengthen democracy, and promote global health initiatives across the continent. I look forward to working in a bipartisan fashion on these vital priorities so we can ensure a healthier, safer, and more prosperous future for the United States and Africa.”
    The subcommittee on Competition Policy, Antitrust, and Consumer Rights oversees: Antitrust law and competition policy, including the Sherman, Clayton and Federal Trade Commission Acts; Oversight of antitrust enforcement and competition policy at the Justice Department; Oversight of antitrust enforcement and competition policy at the Federal Trade Commission; Oversight of competition policy at other federal agencies. Booker was appointed to the Senate Judiciary Committee in January 2018.
    The subcommittee on Africa and Global Health Policy deals with all matters concerning: U.S. relations with countries in Africa (except those, like the countries of North Africa, specifically covered by other subcommittees), as well as regional intergovernmental organizations like the African Union and the Economic Community of West African States. This subcommittee’s regional responsibilities include matters relating to: terrorism and non-proliferation; crime and illicit narcotics; U.S. foreign assistance programs; and the promotion of U.S. trade and exports. In addition, this subcommittee has global responsibility for health-related policy, including disease outbreak and response. Booker was appointed to the Senate Foreign Relations Committee in January 2017. 
    The subcommittee on Commodities, Derivatives, Risk Management, and Trade oversees: commodity programs, derivatives and digital assets, crop insurance, and agricultural trade. Booker was appointed to the Senate Agriculture Committee in January 2021. 

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell: Trump’s New Tariffs Will Drive Up Grocery & Gas Prices, Costs for American Manufacturers

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    01.31.25

    Cantwell: Trump’s New Tariffs Will Drive Up Grocery & Gas Prices, Costs for American Manufacturers

    WA consumers will pay the price as Trump chooses to tax goods from Canada and Mexico up to 25%, plus a 10% tax on goods from China

    WASHINGTON, D.C. – Today, the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico, and a 10% tax on goods imported from China, a move that will likely increase prices for consumers across the country, particularly in Washington state.

    U.S. Senator Maria Cantwell (D-WA) – who serves as ranking member of the Senate Committee on Commerce, Science, and Transportation, as well as senior member of the Finance and Energy and Natural Resources Committees– issued the following statement:

    “President Trump should not start trade wars that hurt American manufacturers, consumers, and farmers, especially when food prices and interest rates are so high. After two weeks in office and lots of executive orders, where are the administration’s ideas to lower costs for American families?  Let’s not put 25% tariffs that will increase consumer costs,” Sen. Cantwell said. “Canada and Mexico are already willing to partner with us to fight fentanyl and strengthen border security.  I hope the President will work with Congress on opening new markets, growing U.S. exports, and using the EXIM Bank to compete with China, instead of driving up prices at the grocery store and gas pump. I want an export strategy — one that maximizes opportunities to sell American products overseas.“

    Two out of every five jobs in the State of Washington are tied to trade and related industries. In 2023, Washington state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner.

    Also in 2023, Washington state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. All of these raw materials and goods will now be subject to a 25% tariff.

    A 25% tariff on Canada and Mexico would add an estimated $144 billion a year to the cost of manufacturing in the United States.

    Sen. Cantwell has been a champion for Washington state growers and exports. Agriculture and food manufacturing generate more than $21 billion per year and employ more than 171,000 people in the State of Washington. Small and family farms are key contributors, making up 89% and 94%, respectively, of Washington’s farms. 

    Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which devastated Washington state’s apple exports. In September 2023, India ended its retaliatory tariffs on apples and pulse crops following several years of Sen. Cantwell’s advocacy.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Durbin Call on PhRMA to Embrace Prescription Drug Price Transparency

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, and Sen. Dick Durbin (D-Ill.) are urging the Pharmaceutical Research and Manufacturers of America (PhRMA) to support their Drug-price Transparency for Consumers (DTC) Act. The bipartisan bill would require price disclosures on prescription drug advertisements to empower consumer choice and reduce patients’ bloated spending on medications. 

    “The United States is one of only two developed countries in the world that permits such pharmaceutical commercials. President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice. It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising,” the senators wrote. 

    “The United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress…  In addition to President Trump’s previous support, our bill in the 118th Congress was cosponsored by Vice President Vance. Given PhRMA’s stated support for pharmacy benefit manager transparency, it is only reasonable to have transparency across the pharmaceutical supply chain,” they continued. 

    Read the senators’ letter HERE and below. 

    Stephen J. Ubl 

    President and CEO of Pharmaceutical Research and Manufacturers of America 

    Dear Mr. Ubl: 

    Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions.  It is a similar story when consumers stream their favorite show or scroll through social media.  Yet consumers learn nothing from these advertisements about the cost of the prescription drug.  This must change.   

    A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”.  This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018.  In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending. 

    The United States is one of only two developed countries in the world that permits such pharmaceutical commercials.  President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice.  It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising.   

    As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress.  This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret.  President Trump previously has issued regulations to advance this policy. 

    There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself.  This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all—particularly as efforts are underway to reform the rebate structure used by pharmacy benefit managers. 

    Some of your member companies previously disclosed drug list prices in advertisements, and PhRMA previously has wanted to be more transparent with the American public about price information for advertised medications.  We appreciate that 35 drug manufacturers voluntarily have certified to follow PhRMA’s “Guiding Principles on Direct-to-Consumer Advertisements,” which includes directing patients to find information about the cost of medicine, including the list price, on the company’s website.  We are glad that drug companies agree that consumers should know the price of a prescription drug before purchasing it.  But in instances where manufacturers currently do opt to provide pricing information (e.g., “pay as little as $0 per dose”), they can understate or obscure a patient’s out-of-pocket liability.  

    Studies show that patients are better able to approximate their out-of-pocket expenses when provided with the list price.  When voluntarily choosing to promote medications over the airwaves, manufacturers already are required to disclose safety, side effects, and contraindication information.  Yet, for many patients, price plays a primary role in clinical adherence.   

    Recently, we reintroduced our bipartisan legislation (S.229) to bring price transparency to DTC prescription drug ads.  In addition to President Trump’s previous support, our bill in the 118th Congress was cosponsored by Vice President Vance.  Given PhRMA’s stated support for pharmacy benefit manager transparency, it is only reasonable to have transparency across the pharmaceutical supply chain.  

    We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.  Thank you for your attention to this important matter. 

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Gerber Products Company Announces Recall and Discontinuation of All Batches of Gerber® Soothe N Chew® Teething Sticks Due To Choking Hazard

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Foodborne Illness
    Reason for Announcement:

    Recall Reason Description

    Potential choking hazard for babies and young children

    Company Name:
    Gerber Products Company
    Brand Name:

    Brand Name(s)

    Gerber

    Product Description:

    Product Description

    Gerber® Soothe N Chew® Teething Sticks

    Company Announcement

    ARLINGTON, VA., January 31, 2025 — Gerber Products Company is initiating a recall and discontinuation of all batches of GERBER® SOOTHE N CHEW® TEETHING STICKS due to a potential choking hazard for babies and young children.

    GERBER® SOOTHE N CHEW® TEETHING STICKS were distributed nationwide via the internet and to distribution centers and retail stores in the following states and territories: AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI and Puerto Rico.

    Recalled products can be identified as follows:

    • GERBER® SOOTHE N CHEW® TEETHING STICKS – STRAWBERRY APPLE, Net Wt. 3.2 Oz (90g), with UPC 0 15000 04618 7, all lot codes
    • GERBER® SOOTHE N CHEW® TEETHING STICKS – BANANA, Net Wt. 3.2 Oz (90g), with UPC 0 15000 04608 8, all lot codes
    • GERBER® SOOTHE N CHEW® TEETHING STICKS – BANANA, Net Wt. 1.59 Oz (45g), with UPC 0 15000 01015 7, all lot codes

    This recall and discontinuation is isolated to GERBER® SOOTHE N CHEW® TEETHING STICKS – STRAWBERRY APPLE and GERBER® SOOTHE N CHEW® TEETHING STICKS – BANANA.

    The recall was initiated after receiving consumer complaints of choking incidents. To date, one emergency room visit has been reported to the firm.

    Consumers who may have purchased GERBER® SOOTHE N CHEW® TEETHING STICKS should not feed this product to their child and can return the product to the retailer where it was purchased for a refund. Anyone concerned about an injury or illness should contact a health care provider. For any additional support needed, Gerber is available 24/7 at 1-800-4-GERBER (1-800-443-7237).

    We are working with the U.S. Food & Drug Administration (FDA) on this recall and will cooperate with them fully.

    We sincerely apologize for any concern or inconvenience this action represents to parents, caregivers and retail customers.

    (Press Release URL: https://www.nestleusa.com/media/pressreleases/gerber-recalldiscontinuation-soothe-n-chew-teething-sticks)

    Company Contact Information

    Consumers:
    1-800-4-GERBER (1-800-443-7237)

    Product Photos

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Works to Expand Child Care Access for Families and Small Businesses

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – As Chair of the Senate Committee on Small Business and Entrepreneurship, U.S. Senator Joni Ernst (R-Iowa) is introducing bipartisan legislation with Senator Jacky Rosen (D-Nev.) to increase the availability of affordable, high-quality child care for working families. This bill would allow non-profit child care providers to participate in Small Business Administration (SBA) loan programs.
    “When traveling river to river across Iowa, I consistently hear about the difficulties families face in finding affordable, high-quality child care,” said Chair Ernst. “As chair of the Small Business Committee, I’m bringing Iowans’ concerns to Washington. In many of our state’s rural communities, religious organizations often offer the only child care options but for too long have been denied access to federal funding. To drive down prices, I’m dedicated to real solutions like this that expand options and kick down regulatory hurdles on behalf of hardworking families.” 
    “There is a significant need for additional child care in Decatur County, and oftentimes, for-profit business isn’t able to completely meet that need. If a program like the SBA loan program was available to help fund small, rural, non-profit child care centers, this would help reduce the upfront financial cost of construction and expedite the process of expanding services and adding additional child care slots,” said Shannon Erb, President of Decatur County Development Corporation. “The team at Decatur County Development Corporation wholeheartedly supports this bill and would like to thank Senator Ernst for leading the way to support rural child care. We are excited about the direct impact this could have on the future of our community and other rural communities across the country.”
    “The Iowa Women’s Foundation proudly supports the bipartisan Small Business Child Care Investment Act being introduced in the U.S. Senate by Senators Joni Ernst (R) and Jacky Rosen (D). This bill will expand access to quality affordable child care by allowing non-profit child care providers to utilize programs offered by the Small Business Administration,” said Iowa Women’s Foundation. “This bill will help meet a critical need for affordable quality child care in Iowa communities across the state, a major focus of the Iowa Women’s Foundation. We applaud the bipartisan work of Senators Ernst and Rosen in addressing this critical need in our state.” 
    “As a director of a non-profit child care center in a rural community, we would greatly appreciate the opportunity to apply for the SBA Loans. There continues to be a need for child care that offers families the same quality found in larger communities,” said Tiffany Finch, Director of Cambridge Little Achievers Center. “Allowing non-profit child care centers the same access to SBA Loans would allow us to apply for funding that can focus on the quality and culture of the programs without adding more expense to rural families. The SBA loans can help and invest in our staff and families!”
    The bipartisan Small Business Child Care Investment Act would:
    Ensure that qualified non-profit providers have equal access to key SBA loan options that allow providers to invest in and expand their operations;
    Create local jobs and give working families more options for affordable and quality child care; and
    Protect religiously-affiliated non-profit providers access to the larger and more flexible loan programs like 7(a) and 504 that can be used for real estate, construction, remodeling, and other expenses critical to maintaining and expanding high-quality child care operations.
    Background:
    Ernst has been a strong advocate for increasing access to affordable, high-quality child care in Iowa. 
    On her annual River to River Tour, Ernst routinely visits child care centers to understand the needs of Iowans and bring their voices to Washington.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Addresses New Hampshire Sea Grant’s Annual Research Symposium, Highlights Importance of Federal Funding for Coastal Communities

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Durham, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), former Chair and now senior member of the U.S. Senate Commerce, Justice and Science Appropriations Subcommittee, delivered remarks at New Hampshire Sea Grant’s Annual Research Symposium and highlighted the importance of federal funding for coastal communities. The New Hampshire Sea Grant Research Symposium is a showcase of recent projects which are supported by federal funding through the National Oceanic and Atmospheric Administration (NOAA)’s National Sea Grant College Program. The event provides a forum to discuss putting scientific research into action through applied research, education and engagement in local communities. You can view photos from the event here.
    “Sea Grant is a key driver of efforts to protect our coast that not only strengthens the health of our coastal areas, but also informs and improves how we utilize coastal resources to benefit our local communities and the coastal economy,” said Senator Shaheen. “Unfortunately, the current administration’s efforts to cut grants and loans that these communities rely on has caused chaos and panic, while fueling uncertainty about the future of these programs. We need to be focused on creating jobs and strengthening our economy, not gutting programs that help to do just that.”
    Based at the University of New Hampshire since 1980, New Hampshire Sea Grant is one of 34 Sea Grant programs in the U.S. under the umbrella of the National Oceanic and Atmospheric Administration (NOAA)’s National Sea Grant College Program. New Hampshire Sea Grant works to support a coastal environment that sustains healthy ecosystems, economies and people through integrated research, extension, education and communications efforts.
    As a senior member and former Chair of the U.S. Senate Commerce, Justice and Science Appropriations Subcommittee, Shaheen has long advocated for robust funding for the Sea Grant account, which directly supports the New Hampshire Sea Grant program. In the fiscal year (FY) 2024 government funding bill, Shaheen helped secure $80 million for the National Sea Grant College Program which directly funds the New Hampshire Sea Grant program. She also worked across party lines to secure, within that funding,  $2 million for lobster research, $1 million to train young fishermen and $1 million to support research into the impacts of PFAS and other emerging contaminants, efforts that will help ensure that New Hampshire’s coastal economy remains strong for future generations.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Fills Pettis County Clerk Vacancy

    Source: US State of Missouri

    JANUARY 31, 2025

    Jefferson City — Today, Governor Mike Kehoe announced the appointment of Megan Page, of Sedalia, as Pettis County Clerk.

    Ms. Page is the owner of Heckart, Meisenheimer, and Scrivner Morrow Funeral Homes as well as Memorial Park and Highland Sacred Gardens Cemeteries. She has considerable experience in finance and business management, having previously served as a bank manager, personal banker, teller, and mortgage loan officer. Beyond her professional expertise, Page has demonstrated a strong commitment to community involvement. From 2017 to 2020, she served as the 4th Ward Councilwoman for the City of Sedalia. She currently serves on several boards, including the Sedalia Area Chamber of Commerce, Business Network International, State Fair Community College Foundation Board, and the Boys & Girls Club of West Central Missouri Board.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Former Senior Adviser for the Federal Reserve Indicted on Charges of Economic Espionage

    Source: US State of North Dakota

    John Harold Rogers, 63, of Vienna, Virginia, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested today on charges that he conspired to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC).

    In furtherance of the conspiracy, allegedly made false statements to the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (FRB-OIG), and those false statements had a material impact on its investigation.

    “As alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting U.S. trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities,” said Devin DeBacker, head of the Justice Department’s National Security Division. “The Justice Department will continue to use all the tools at its disposal to disrupt economic espionage and protect our national security.”

    “President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic. As alleged in the indictment, this defendant leveraged his position within the Federal Reserve to pass sensitive financial information to the Chinese government, a designated adversary,” said U.S. Attorney Edward R. Martin Jr. for the District of Columbia. “Let this indictment serve as a warning to all who seek to betray or exploit the United States: law enforcement will find you and hold you accountable.”

    “As alleged in the indictment, Rogers betrayed his country while employed at the Federal Reserve by providing restricted U.S. financial and economic information to Chinese government intelligence officers,” said Assistant Director Kevin Vorndran of the FBI Counterintelligence Division. “This information could allow adversaries to illegally gain a strategic economic advantage at the expense of the U.S. This indictment sends a clear message that the FBI and our partners will hold accountable those who threaten our national security.”

    “The Chinese Communist Party has expanded its economic espionage campaign to target U.S. government financial policies and trade secrets in an effort to undermine the United States and become the sole superpower,” said Assistant Director in Charge David Sundberg of the FBI Washington Field Office. “Today’s indictment represents the FBI’s unwavering commitment to protect U.S. national security interests and U.S. jobs and bring to justice those who are willing to betray their country for personal gain.”

    “This indictment sends a clear message that those who deliberately misuse sensitive Federal Reserve information for their own personal gain and lie about it to investigators will be held accountable for their actions,” said Special Agent in Charge John T. Perez of the FRB-OIG, Headquarters Operations.

    According to the indictment, Rogers, a U.S. citizen with a Ph.D. in economics, worked as a Senior Adviser in FRB’s Division of International Finance of the FRB from 2010 until 2021, where he was entrusted with confidential FRB information. The confidential information that Rogers allegedly shared with his Chinese co-conspirators, who worked for the intelligence and security apparatus of China and who posed as graduate students at a PRC university, is economically valuable when secret.

    China holds a large amount of U.S. foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could allow China to manipulate the U.S. market, in a manner similar to insider trading. Gaining advance knowledge of U.S. economic policy, including advance knowledge of changes to the federal funds rate, could provide China with an advantage when selling or buying U.S. bonds or securities.

    The indictment alleges that, from at least 2018, Rogers allegedly exploited his employment with the FRB by soliciting trade-secret information regarding proprietary economic data sets, deliberations about tariffs targeting China, briefing books for designated governors, and sensitive information about Federal Open Market Committee (FOMC) deliberations and forthcoming announcements. He passed that information electronically to his personal email account, in violation of FRB policy, or printed it prior to traveling to China, in preparation for meetings with his co-conspirators.

    Under the guise of teaching “classes,” Rogers met with his co-conspirators in hotel rooms in China where he conveyed sensitive, trade-secret information that belonged to the FRB and the FOMC. In 2023, Rogers was paid approximately $450,000 as a part-time professor at a Chinese university.

    On Feb. 4, 2020, in response to questioning by the FRB-OIG, Rogers lied about his accessing and passage of sensitive information and his associations with his co-conspirators.

    Rogers is charged with conspiracy to commit economic espionage and with making false statements.

    The FBI Washington Field Office and FRB-OIG are investigating the case.

    Assistant U.S. Attorney Kimberly Paschall for the District of Columbia and Trial Attorneys Nicholas Hunter and Steve Marzen of the National Security Division’s Counterintelligence and Export Section are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Freddie Powell Sims: A Warm Welcome to the 2025 Legislative Session 

    Source: US State of Georgia

    By: Sen. Freddie Powell Sims (D – Dawson)

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium.

    This legislative biennium, I am honored to continue serving on the Senate Committee on Education and Youth as Secretary and on the Senate Committee on Regulated Industries and Utilities as an Ex-Officio. I am similarly honored to serve as a member on the Senate Committees on, Agriculture and Consumer Affairs, Appropriations, Interstate Cooperation, Natural Resources and the Environment, and Urban Affairs.

    During our first week of session, Governor Brian  Kemp delivered his annual State of the State address to a joint session of the Senate and House chambers. I look forward to supporting some of his proposals, including pay raises for teachers, state employees, and first responders and efforts to strengthen our healthcare workforce. We must ensure every Georgian has access to affordable healthcare, expand opportunities for quality public education, invest in renewable energy solutions, and tackle the growing need for affordable housing across the state. These priorities are essential for creating a Georgia where every family can thrive.

    The past two weeks have been busy at the Capitol. Despite the ice and snow that significantly affected Senate District 12 last week, we still have accomplished a great deal. While “Budget Week” was officially postponed, we have continued to hold crucial joint committee meetings to make up for lost time.

    On Tuesday, I recognized the Albany Chamber of Commerce and delegates from Southwest Georgia to the Senate Chamber. The Chamber’s dedication to bolstering the economy and employing numerous Southwest Georgians across District 12 has not gone unnoticed. I commend the Chamber for their work and thank them for making the long drive to spend the day at the Capitol.

    I am proud to have co-sponsored several pieces of legislation since the beginning of the Legislative Session, including Senate Bills (SB) 53 and 54. SB 53, sponsored by Sen. Emanuel Jones (D – Decatur), would increase public education on safe firearm storage for citizens. Senate Bill 54, also sponsored by Sen. Emanuel Jones, would establish a state-wide database for schools to use to report safety threats made to schools. Addressing gun violence is vital not only to the well-being of our students but to all Georgians. We must provide all students with the safest possible learning environment. It continues to be my honor and privilege to represent you under the Gold Dome. Your voice matters, and I encourage you to share your ideas and concerns as we work together to build a stronger, fairer Georgia.

    # # # #

    Sen. Freddie Powell Sims represents the 12th Senate District which includes Baker, Calhoun, Clay, Dougherty, Early, Miller, Mitchell, Quitman, Randolph, Stewart, Sumter, Terrell and Webster County. She may be reached at (404) 463-5259 or by email at freddie.sims@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: DOE and Commerce Department Sign Memorandum of Understanding to Advance Safe, Secure, and Trustworthy Development and Use of AI

    Source: US Department of Energy

    WASHINGTON, D.C. — The U.S. Department of Energy (DOE) and the U.S. Department of Commerce (DOC), as represented by the National Institute of Standards and Technology (NIST), announced a memorandum of understanding (MOU) signed earlier this year to collaborate on safety research, testing, and evaluation of advanced artificial intelligence (AI) models and systems.  

    This partnership is a key example of the Biden-Harris Administration’s whole-of-government approach to ensuring the safe, secure, and trustworthy development and use of AI. This announcement follows the recent release of the first-ever National Security Memorandum on AI, which designated the U.S. AI Safety Institute (US AISI), which is housed within NIST, as a key hub of the U.S. government’s AI safety efforts and identifies a substantial role for DOE in helping the U.S. government understand and mitigate AI safety risks and improve the performance and reliability of AI models and systems. 

    “There’s no question that AI is the next frontier for scientific and clean energy breakthroughs, which underscores the Biden-Harris Administration’s efforts to push forward scientific innovation in a safe and secure manner” said U.S. Secretary of Energy Jennifer M. Granholm. “Across the federal government we are committed to advancing AI safety and today’s partnership ensures that Americans can confidently benefit from AI-powered innovation and prosperity for years to come.” 

    In addition to facilitating joint research efforts and information sharing, this agreement enables the Department of Energy and its National Laboratories to lend both their technical capacity and their subject matter expertise to the US AISI and NIST. 

    “By empowering our teams to work together, this partnership with the Department of Energy will undoubtedly help the U.S. AI Safety Institute and NIST advance the science of AI safety,” said U.S. Secretary of Commerce Gina Raimondo. “Safety is key to continued innovation in AI, and we have no time to waste in working together across government to develop robust research, testing, and evaluations to protect and advance essential national security priorities.” 

    Through this MOU, the DOE and DOC intend to evaluate the impact of AI models on public safety, including risks to critical infrastructure, energy security, and national security. Key focus areas include developing classified evaluations of advanced AI models’ chemical and biological risks, as well as developing and evaluating evaluate privacy enhancing technologies that aim to protect personal and commercial proprietary data. These efforts, combined with DOE’s AI testbeds, will help lay the foundation for a safe and innovative future for AI. 

    Read the full MOU here. 

    MIL OSI USA News –

  • MIL-OSI: Pathfinder Bancorp, Inc. Announces Financial Results for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter results include EPS of $0.69, deposit growth, commercial loan growth, a gain on the sale of its insurance agency, and strong contributions from new and established
    Pathfinder Bank teams across Central New York

    OSWEGO, N.Y., Jan. 31, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the fourth quarter and year ended December 31, 2024.

    The holding company for Pathfinder Bank (“the Bank”) earned net income attributable to common shareholders of $4.3 million or $0.69 per share in the fourth quarter of 2024, including a benefit of approximately $1.4 million from a gain on the previously announced sale of its insurance agency, net of taxes and transaction-related expenses.

    The Company reported a net loss of $4.6 million or $0.75 per share in the third quarter of 2024, reflecting $9.0 million in provision expense that primarily resulted from a comprehensive loan portfolio review the Bank elected to undertake as part of its ongoing commitment to continuously improve its credit risk management approach, and net income of $2.5 million or $0.41 per share in the fourth quarter of 2023. For the full year, the Company earned net income of $3.8 million or $0.60 per share in 2024 and $9.3 million or $1.51 per share in 2023.

    Fourth Quarter and Full Year 2024 Highlights and Key Developments

    • Provision expense was $988,000 in the fourth quarter of 2024, compared to $9.0 million in the linked quarter and $265,000 in the fourth quarter of 2023, while the allowance for credit losses (“ACL) increased to 1.88% of loans from 1.87% on September 30, 2024 and 1.78% on December 31, 2023.
    • Net interest income was $10.8 million, compared to the $11.7 million in the linked quarter that benefited from a $887,000 catch-up interest payment, and $9.2 million in the fourth quarter of 2023. Full-year net interest income was $41.4 million in 2024 and $38.9 million in 2023.
    • Net interest margin (“NIM”) was 3.15% in the fourth quarter of 2024, compared to the 3.34% in the third quarter that benefited by 25 basis points from the catch-up interest payment, and 2.74% in the year-ago period.
    • Non-interest income was $4.9 million, including a gross, pre-tax gain of $3.2 million on the October 2024 sale of the Company’s insurance agency, compared to $1.7 million in the linked quarter and $1.3 million in the year-ago period. Full-year non-interest income was $9.6 million in 2024 and $5.2 million in 2023.
    • Non-interest expense was $8.5 million with $155,000 in October 2024 insurance agency transaction-related costs, $10.3 million in the linked quarter with $1.6 million in July 2024 branch acquisition-related costs, and $7.0 million in the year-ago period. Full-year non-interest expense was $34.4 million in 2024 and $29.4 million in 2023.
    • Pre-tax, pre-provision (“PTPP”) net income grew to $3.8 million, compared to $3.4 million in the linked and year-ago periods. PTPP net income, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses. Full-year PTPP net income was $13.5 million in 2024 and $14.7 million in 2023.
    • Total deposits were $1.20 billion at period end, growing by $8.1 million or 2.7% annualized from September 30, 2024 and $84.3 million or 7.5% from December 31, 2023. The Bank’s loan-to-deposit ratio was 76.3% on December 31, 2024.
    • Total loans were $919.0 million at period end, compared to $921.7 million on September 30, 2024 and $897.2 million on December 31, 2023. Commercial loans were $539.7 million at period end, $534.5 million on September 30, 2024 and $524.2 million on December 31, 2023.

    “Pathfinder’s core net interest income growth and net interest margin expansion were key contributors to fourth quarter earnings, and are a product of disciplined asset and liability pricing, the Bank’s valuable core deposit franchise, and our relationship-based commercial and retail lending in Central New York,” said President and Chief Executive Officer James A. Dowd. “In addition, we continue to invest in talent to serve middle market businesses throughout the Syracuse area, building on our foundation in this community. The East Syracuse branch acquired last summer, and our operations throughout the area, made important contributions to Pathfinder’s performance in the fourth quarter, and we look forward to further enhancing the breadth and depth of our commercial and other customer relationships in this important growth market.”

    Dowd added, “We also intend to maintain a sharp focus on managing operating expenses, along with our ongoing efforts to continuously enhance the Company’s proactive credit risk management approach. While there may be short-term variability in measures of operating efficiency and asset quality, our leadership team is fully committed to taking the steps necessary to make sustainable improvements over the long term and continue building franchise value for the benefit of our shareholders.”

    Net Interest Income and Net Interest Margin
    Fourth quarter 2024 net interest income was $10.8 million, a decrease of 7.8% from the third quarter of 2024, or a decrease of 0.2% when excluding an $887,000 third quarter catch-up interest payment associated with purchased loan pool positions. A decrease in interest and dividend income of $1.7 million was primarily attributed to average yield decreases of 44 basis points on loans including 39 basis points from the catch-up interest payment, 108 basis points on tax-exempt investment securities, and 28 basis points on taxable investment securities. The corresponding decreases in income from loan interest, tax-exempt investment securities, and taxable investment securities were $902,000, $24,000, and $337,000, respectively. A decrease in interest expense of $761,000 was attributed to intentional reductions in the cost of time deposits and other interest-bearing deposits, as well as reductions in borrowings expense.

    Net interest margin was 3.15% in the fourth quarter of 2024, compared to 3.34% in the linked quarter. The decrease was due to the 25 basis points of linked quarter NIM attributed to the third quarter 2024 catch-up interest payment.

    Fourth quarter 2024 net interest income was $10.8 million, an increase of 18.1% from the fourth quarter of 2023. An increase in interest and dividend income of $1.2 million was primarily attributed to average yield increases of 33 basis points on loans, 4 basis points on taxable investment securities, and 404 basis points on fed funds sold and interest-earning deposits. The corresponding increase in loan interest income, taxable investment securities, and federal funds sold and interest-earning deposits was $1.1 million, $152,000, and $13,000, respectively. A decrease in interest expense of $463,000 was attributed to changes in the Bank’s deposit mix, repricing of deposits in a lower rate environment, and reductions in borrowings expense.

    Net interest margin was 3.15% in the fourth quarter of 2024 compared to 2.74% in the same period the year prior. The increase of 41 basis points was driven by reductions in borrowing and funding costs.

    Noninterest Income
    Noninterest income totaled $4.9 million in the fourth quarter of 2024, including the $3.2 million pre-tax gain on the insurance agency sale, which represents the gross amount that is required to be 100% consolidated within the Company’s financial statements, despite Pathfinder’s 51% interest in the business sold in October 2024. Noninterest income growth from the third quarter of 2024 was $3.2 million, or $30,000 when excluding the agency sale gain. Noninterest income growth from the fourth quarter of 2023 was $3.6 million, or $419,000 when excluding the agency sale gain.

    The insurance agency sold in October contributed $49,000 in revenue to noninterest income in the fourth quarter of 2024, $367,000 in the third quarter of 2024 and $303,000 in the fourth quarter of 2023.

    Compared to the linked quarter, fourth quarter 2024 noninterest income also included increases of $16,000 in loan servicing fees and $12,000 in service charges on deposit accounts, a decrease of $194,000 in earnings and gain on bank owned life insurance (“BOLI”) after recording a $175,000 third quarter net death benefit on BOLI, and a $36,000 decrease in debit card interchange fees. Noninterest income growth from the linked quarter also reflected an increase of $438,000 in net realized gains on sales and redemptions of investment securities and $104,000 in net realized gains on sales of marketable equity securities, as well as a decrease of $51,000 in gains on sales of loans and foreclosed real estate.

    Compared to the year-ago period, fourth quarter 2024 noninterest income also included increases of $103,000 in interchange fees, $68,000 in service charges on deposit accounts, $26,000 in loan servicing fees, and $3,000 in earnings and gain on BOLI. Noninterest income growth from the year-ago quarter also reflected increases of $248,000 increase in net realized losses on sales and redemptions of investment securities, $213,000 in net realized gains on sales of marketable equity securities, and $41,000 in gains on sales of loans and foreclosed real estate.

    Noninterest Expense
    Noninterest expense totaled $8.5 million in the fourth quarter of 2024, decreasing $1.7 million from the linked quarter and increasing $1.5 million from the year-ago period.

    Fourth quarter 2024 noninterest expense included $456,000 associated with the Company’s insurance agency sale in October 2024, including $155,000 in transaction-related items. The insurance agency incurred $308,000 of noninterest expense in the third quarter of 2024 and $216,000 in the fourth quarter of 2023.

    Third quarter 2024 noninterest expense included $1.6 million in transaction-related expenses for Pathfinder’s acquisition of the East Syracuse branch acquisition in July 2024.

    Salaries and benefits were $4.1 million in the fourth quarter of 2024, decreasing $839,000 from the linked quarter and increasing $446,000 from the year-ago period. The decrease from the linked quarter reflected elevated non-exempt-employee hours for projects related to the successful third quarter closing and integration of the East Syracuse branch acquisition, as well as some personnel vacancies that were open in the fourth quarter. The increase from the fourth quarter of 2023 was primarily attributed to increased headcount and lower salary deferrals than in the prior year period.

    Building and occupancy was $1.3 million in the fourth quarter of 2024, increasing $117,000 and $390,000 from the linked and year-ago quarters, respectively. These increases were due to ongoing facilities-related costs of approximately $322,000 associated with operating the branch acquired in July 2024.

    Professional and other services expense was $608,000 in the fourth quarter of 2024, decreasing $1.2 million from the linked quarter and increasing $120,000 from the year-ago period. The decrease from the third quarter of 2024 was primarily attributed to one-time costs associated with the East Syracuse branch acquisition. The increase from the fourth quarter of 2023 was primarily attributed to a $136,000 increase in technology project implementation services and other outsourced consulting services.

    Annualized noninterest expense, including transaction-related costs, represented 2.33% of average assets in the fourth quarter of 2024, compared to 2.75% and 2.01% in the linked and year-ago periods. The efficiency ratio, including transaction-related costs, was 69.42% in the fourth quarter of 2024, compared to 75.28% and 67.25% in the linked and year-ago periods. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

    Statement of Financial Condition
    As of December 31, 2024, the Company’s statement of financial condition reflects total assets of $1.47 billion, compared to $1.48 billion and $1.47 billion recorded on September 30, 2024 and December 31, 2023, respectively.

    Loans totaled $919.0 million on December 31, 2024, decreasing 0.3% during the fourth quarter and increasing 2.4% from one year prior. Consumer and residential loans totaled $380.9 million, decreasing 2.0% during the fourth quarter and increasing 1.9% from one year prior. Commercial loans totaled $539.7 million, increasing 1.0% during the fourth quarter and 3.0% from one year prior.

    With respect to liabilities, deposits totaled $1.20 billion on December 31, 2024, increasing 0.7% during the fourth quarter and 7.5% from one year prior. The Company also utilized its lower cost liquidity to reduce total borrowings, which were $88.1 million on December 31, 2024 as compared to $100.1 million on September 30, 2024 and $175.6 million on December 31, 2023.

    Shareholders’ equity totaled $121.9 million on December 31, 2024, increasing $1.6 million or 1.3% in the fourth quarter and increasing $2.4 million or 2.0% from one year prior. The fourth quarter 2024 increase primarily reflects a $4.5 million increase in retained earnings, partially offset by a $2.4 million increase in accumulated other comprehensive loss (“AOCL”) and a $481,000 decrease in additional paid in capital. The full-year 2024 increase in shareholders’ equity primarily reflects a $2.1 increase in retained earnings and a $461,000 decrease in AOCL, partially offset by a $364,000 decrease in additional paid in capital.  The noncontrolling interest included in equity on the Statements of Financial Condition was eliminated with the October 2024 sale of the 51% ownership interest in the Company’s insurance agency.

    Asset Quality
    Pathfinder’s asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.

    Nonperforming loans were $22.1 million or 2.40% of total loans on December 31, 2024, $16.2 million or 1.75% of total loans on September 30, 2024 and $17.2 million or 1.92% of total loans on December 31, 2023.

    Net charge offs (“NCOs”) after recoveries were $1.0 million or an annualized 0.44% of average loans in the fourth quarter of 2024, with gross charge offs for consumer loans, purchased loan pools, and one commercial loan offsetting recoveries in each of these categories. NCOs were $8.7 million or an annualized 3.82% of average loans in the linked quarter, following the loan portfolio review completed in September, and $108,000 or 0.05% in the prior year period.

    Provision for credit loss expense was $988,000 in the fourth quarter of 2024, reflecting NCOs in the period and qualitative factors in the Company’s reserve model. Third quarter of 2024 provision was $9.0 million, primarily to replenish commercial loan reserves and adjust the lifetime loss estimate for solar purchased loan pool positions following the loan portfolio review completed in September. Fourth quarter 2023 provision was $265,000.

    The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $17.2 million on December 31, 2024, compared to $17.3 million on September 30, 2024 and $16.0 million on December 31, 2023. As a percentage of total loans, ACL represented 1.88% on December 31, 2024, 1.87% on September 30, 2024, and 1.78% on December 31, 2023.

    Liquidity
    The Company has diligently ensured a strong liquidity profile as of December 31, 2024 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

    The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.20 billion on December 31, 2024, $1.20 billion on September 30, 2024, and $1.12 billion on December 31, 2023. Core deposits represented 76.87% of total deposits on December 31, 2024, 77.45% on September 30, 2024, and 69.83% on December 31, 2023. The Bank’s continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

    At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of $113.8 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $43.3 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

    Cash Dividend Declared
    On December 23, 2024, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

    In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by January 17, 2025 will be eligible for the dividend, which is scheduled for disbursement on February 7, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

    Evaluating the Company’s market performance, the closing stock price as of December 31, 2024 stood at $17.50 per share. This positions the dividend yield at an attractive 2.29%.

    About Pathfinder Bancorp, Inc.

    Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the commercial bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches averaging over $100 million in deposits per location, as well as diversified consumer, mortgage and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. At December 31, 2024, the Oswego-headquartered Company had assets of $1.47 billion, loans of $919.0 million, and deposits of $1.20 billion. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

    Forward-Looking Statements
    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

    This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial.

    Investor/Media Contacts
    James A. Dowd, President, CEO
    Justin K. Bigham, Senior Vice President, CFO
    Telephone: (315) 343-0057

    PATHFINDER BANCORP, INC.                              
    Selected Financial Information (Unaudited)                              
    (Amounts in thousands, except per share amounts)                              
                                   
        2024     2023  
    SELECTED BALANCE SHEET DATA:   December 31,     September 30,     June 30,     March 31,     December 31,  
    ASSETS:                              
    Cash and due from banks   $ 13,963     $ 18,923     $ 12,022     $ 13,565     $ 12,338  
    Interest-earning deposits     17,609       16,401       19,797       15,658       36,394  
    Total cash and cash equivalents     31,572       35,324       31,819       29,223       48,732  
    Available-for-sale securities, at fair value     269,331       271,977       274,977       279,012       258,716  
    Held-to-maturity securities, at amortized cost     158,683       161,385       166,271       172,648       179,286  
    Marketable equity securities, at fair value     4,076       3,872       3,793       3,342       3,206  
    Federal Home Loan Bank stock, at cost     4,590       5,401       8,702       7,031       8,748  
    Loans     918,986       921,660       888,263       891,531       897,207  
    Less: Allowance for credit losses     17,243       17,274       16,892       16,655       15,975  
    Loans receivable, net     901,743       904,386       871,371       874,876       881,232  
    Premises and equipment, net     19,009       18,989       18,878       18,332       18,441  
    Assets held-for-sale     –       –       3,042       3,042       3,042  
    Operating lease right-of-use assets     1,391       1,425       1,459       1,493       1,526  
    Finance lease right-of-use assets     16,676       16,873       4,004       4,038       4,073  
    Accrued interest receivable     6,881       6,806       7,076       7,170       7,286  
    Foreclosed real estate     –       –       60       82       151  
    Intangible assets, net     5,989       6,217       76       80       85  
    Goodwill     5,056       5,752       4,536       4,536       4,536  
    Bank owned life insurance     24,727       24,560       24,967       24,799       24,641  
    Other assets     25,150       20,159       25,180       23,968       22,097  
    Total assets   $ 1,474,874     $ 1,483,126     $ 1,446,211     $ 1,453,672     $ 1,465,798  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                              
    Deposits:                              
    Interest-bearing deposits   $ 990,674     $ 986,103     $ 932,132     $ 969,692     $ 949,898  
    Noninterest-bearing deposits     213,719       210,110       169,145       176,421       170,169  
    Total deposits     1,204,393       1,196,213       1,101,277       1,146,113       1,120,067  
    Short-term borrowings     61,000       60,315       127,577       91,577       125,680  
    Long-term borrowings     27,068       39,769       45,869       45,869       49,919  
    Subordinated debt     30,107       30,057       30,008       29,961       29,914  
    Accrued interest payable     234       236       2,092       1,963       2,245  
    Operating lease liabilities     1,591       1,621       1,652       1,682       1,711  
    Finance lease liabilities     16,745       16,829       4,359       4,370       4,381  
    Other liabilities     11,876       16,986       9,203       9,505       11,625  
    Total liabilities     1,353,014       1,362,026       1,322,037       1,331,040       1,345,542  
    Shareholders’ equity:                              
    Voting common stock shares issued and outstanding     4,742,841       4,719,788       4,719,788       4,719,788       4,719,288  
    Voting common stock     47       47       47       47       47  
    Non-Voting common stock     14       14       14       14       14  
    Additional paid in capital     52,750       53,231       53,182       53,151       53,114  
    Retained earnings     78,193       73,670       78,936       77,558       76,060  
    Accumulated other comprehensive loss     (9,144 )     (6,716 )     (8,786 )     (8,862 )     (9,605 )
    Unearned ESOP shares     –       –       (45 )     (90 )     (135 )
    Total Pathfinder Bancorp, Inc. shareholders’ equity     121,860       120,246       123,348       121,818       119,495  
    Noncontrolling interest     –       854       826       814       761  
    Total equity     121,860       121,100       124,174       122,632       120,256  
    Total liabilities and shareholders’ equity   $ 1,474,874     $ 1,483,126     $ 1,446,211     $ 1,453,672     $ 1,465,798  
                                             

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    SELECTED INCOME STATEMENT DATA:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Interest and dividend income:                                          
    Loans, including fees   $ 52,705     $ 47,348     $ 13,523     $ 14,425     $ 12,489     $ 12,268     $ 12,429  
    Debt securities:                                          
    Taxable     22,319       17,500       5,312       5,664       5,736       5,607       5,092  
    Tax-exempt     1,920       1,947       445       469       498       508       506  
    Dividends     620       573       164       149       178       129       232  
    Federal funds sold and interest-earning deposits     793       295       82       492       121       98       69  
    Total interest and dividend income     78,357       67,663       19,526       21,199       19,022       18,610       18,328  
    Interest expense:                                          
    Interest on deposits     30,050       23,265       7,380       7,633       7,626       7,411       7,380  
    Interest on short-term borrowings     4,176       2,688       700       1,136       1,226       1,114       1,064  
    Interest on long-term borrowings     733       850       136       202       201       194       231  
    Interest on subordinated debt     1,966       1,941       490       496       489       491       494  
    Total interest expense     36,925       28,744       8,706       9,467       9,542       9,210       9,169  
    Net interest income     41,432       38,919       10,820       11,732       9,480       9,400       9,159  
    Provision for (benefit from) credit losses:                                          
    Loans     11,106       2,991       988       9,104       304       710       316  
    Held-to-maturity securities     (94 )     (98 )     (4 )     (31 )     (74 )     15       (74 )
    Unfunded commitments     (39 )     37       4       (104 )     60       1       23  
    Total provision for credit losses     10,973       2,930       988       8,969       290       726       265  
    Net interest income after provision for credit losses     30,459       35,989       9,832       2,763       9,190       8,674       8,894  
    Noninterest income:                                          
    Service charges on deposit accounts     1,436       1,249       405       392       330       309       336  
    Earnings and gain on bank owned life insurance     854       630       169       361       167       157       164  
    Loan servicing fees     375       307       96       79       112       88       69  
    Net realized (losses) gains on sales and redemptions of investment securities     (71 )     62       249       (188 )     16       (148 )     2  
    Gain on asset sale 1 & 2     3,169       –       3,169       –       –       –       –  
    Net realized gains (losses) on sales of marketable equity securities     197       (255 )     166       62       (139 )     108       (47 )
    Gains on sales of loans and foreclosed real estate     187       181       39       90       40       18       (2 )
    Loss on sale of premises and equipment     (13 )     –       –       (36 )     –       –       –  
    Debit card interchange fees     875       616       265       300       191       119       161  
    Insurance agency revenue 1     1,073       1,304       49       367       260       397       303  
    Other charges, commissions & fees     1,479       1,096       299       280       234       689       332  
    Total noninterest income     9,561       5,190       4,906       1,707       1,211       1,737       1,318  
    Noninterest expense:                                          
    Salaries and employee benefits     17,810       15,920       4,123       4,959       4,399       4,329       3,677  
    Building and occupancy     4,118       3,563       1,254       1,134       914       816       864  
    Data processing     2,471       2,018       721       672       550       528       499  
    Professional and other services     3,686       2,019       608       1,820       696       562       488  
    Advertising     604       671       218       165       116       105       155  
    FDIC assessments     916       885       231       228       228       229       222  
    Audits and exams     539       735       123       123       123       170       259  
    Insurance agency expense 1     1,281       1,033       456       308       232       285       216  
    Community service activities     130       200       19       20       39       52       49  
    Foreclosed real estate expenses     102       111       20       27       30       25       35  
    Other expenses     2,760       2,240       771       803       581       605       580  
    Total noninterest expense     34,417       29,395       8,544       10,259       7,908       7,706       7,044  
    Income (loss) before provision for income taxes     5,603       11,784       6,194       (5,789 )     2,493       2,705       3,168  
    Provision (benefit) for income taxes     398       2,362       558       (1,173 )     481       532       590  
    Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.     5,205       9,422       5,636       (4,616 )     2,012       2,173       2,578  
    Net income attributable to noncontrolling interest 1     1,445       129       1,352       28       12       53       42  
    Net income (loss) attributable to Pathfinder Bancorp Inc.   $ 3,760     $ 9,293     $ 4,284     $ (4,644 )   $ 2,000     $ 2,120     $ 2,536  
    Voting Earnings per common share – basic and diluted   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Series A Non-Voting Earnings per common share- basic and diluted   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Dividends per common share (Voting and Series A Non-Voting)   $ 0.40     $ 0.36     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.09  

    1 Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements.
    2 The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    FINANCIAL HIGHLIGHTS:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Selected Ratios:                                          
    Return on average assets     0.26 %     0.67 %     1.17 %     -1.25 %     0.56 %     0.59 %     0.72 %
    Return on average common equity     3.06 %     8.09 %     14.09 %     -14.79 %     6.49 %     7.01 %     8.72 %
    Return on average equity     3.06 %     8.09 %     14.09 %     -14.79 %     6.49 %     7.01 %     8.72 %
    Return on average tangible common equity 1     3.23 %     8.43 %     15.54 %     -15.28 %     6.78 %     7.32 %     9.01 %
    Net interest margin     3.01 %     2.95 %     3.15 %     3.34 %     2.78 %     2.75 %     2.74 %
    Loans / deposits     76.30 %     80.10 %     76.30 %     77.05 %     80.66 %     77.79 %     80.10 %
    Core deposits/deposits 2     76.87 %     69.83 %     76.87 %     77.45 %     67.98 %     69.17 %     69.83 %
    Annualized non-interest expense / average assets     3.17 %     2.11 %     2.33 %     2.75 %     2.19 %     2.16 %     2.01 %
    Commercial real estate / risk-based capital 3     186.73 %     162.21 %     186.73 %     189.47 %     169.73 %     163.93 %     162.21 %
    Efficiency ratio 1     71.86 %     66.74 %     69.42 %     75.28 %     74.08 %     68.29 %     67.25 %
                                               
    Other Selected Data:                                          
    Average yield on loans     5.83 %     5.26 %     5.87 %     6.31 %     5.64 %     5.48 %     5.55 %
    Average cost of interest bearing deposits     3.08 %     2.45 %     2.94 %     3.11 %     3.21 %     3.07 %     3.10 %
    Average cost of total deposits, including non-interest bearing     2.59 %     2.07 %     2.44 %     2.59 %     2.72 %     2.61 %     2.63 %
    Deposits/branch 4   $ 100,366     $ 101,824     $ 100,366     $ 99,684     $ 100,116     $ 104,192     $ 101,824  
    Pre-tax, pre-provision net income 1   $ 13,478     $ 14,652     $ 3,764     $ 3,368     $ 2,767     $ 3,579     $ 3,431  
    Total revenue 1   $ 47,895     $ 44,047     $ 12,308     $ 13,627     $ 10,675     $ 11,285     $ 10,475  
                                               
    Share and Per Share Data:                                          
    Cash dividends per share   $ 0.40     $ 0.36     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.09  
    Book value per common share   $ 19.90     $ 19.59     $ 19.90     $ 19.71     $ 20.22     $ 19.97     $ 19.59  
    Tangible book value per common share 1   $ 18.10     $ 18.83     $ 18.10     $ 17.75     $ 19.46     $ 19.21     $ 18.83  
    Basic and diluted weighted average shares outstanding – Voting     4,714       4,653       4,732       4,714       4,708       4,701       4,693  
    Basic and diluted earnings per share – Voting 5   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Basic and diluted weighted average shares outstanding – Series A Non-Voting     1,380       1,380       1,380       1,380       1,380       1,380       1,380  
    Basic and diluted earnings per share – Series A Non-Voting 5   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Common shares outstanding at period end     6,123       6,100       6,123       6,100       6,100       6,100       6,100  
                                               
    Pathfinder Bancorp, Inc. Capital Ratios:                                          
    Company tangible common equity to tangible assets 1     7.57 %     7.86 %     7.57 %     7.36 %     8.24 %     8.09 %     7.86 %
    Company Total Core Capital (to Risk-Weighted Assets)     15.70 %     16.17 %     15.70 %     15.55 %     16.19 %     16.23 %     16.17 %
    Company Tier 1 Capital (to Risk-Weighted Assets)     12.04 %     12.30 %     12.04 %     11.84 %     12.31 %     12.33 %     12.30 %
    Company Tier 1 Common Equity (to Risk-Weighted Assets)     11.55 %     11.81 %     11.55 %     11.33 %     11.83 %     11.85 %     11.81 %
    Company Tier 1 Capital (to Assets)     8.69 %     9.35 %     8.69 %     8.29 %     9.16 %     9.16 %     9.35 %
                                               
    Pathfinder Bank Capital Ratios:                                          
    Bank Total Core Capital (to Risk-Weighted Assets)     14.70 %     15.05 %     14.70 %     14.52 %     16.04 %     15.65 %     15.05 %
    Bank Tier 1 Capital (to Risk-Weighted Assets)     13.44 %     13.80 %     13.44 %     13.26 %     14.79 %     14.39 %     13.80 %
    Bank Tier 1 Common Equity (to Risk-Weighted Assets)     13.44 %     13.80 %     13.44 %     13.26 %     14.79 %     14.39 %     13.80 %
    Bank Tier 1 Capital (to Assets)     9.69 %     10.11 %     9.69 %     9.13 %     10.30 %     10.13 %     10.11 %

    1 Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
    2 Non-brokered deposits excluding certificates of deposit of $250,000 or more.
    3 Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
    4 Includes 11 full-service branches and one motor bank for December 31 and September 30, 2024, respectively. Includes 10 full-service branches and one motor bank for all periods prior.
    5 Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.

    The above information is preliminary and based on the Company’s data available at the time of presentation.
        Years Ended December 31,     2024     2023  
    ASSET QUALITY:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Total loan charge-offs   $ 10,183     $ 4,221     $ 1,191     $ 8,812     $ 112     $ 68     $ 211  
    Total recoveries     345       355       171       90       46       38       103  
    Net loan charge-offs     9,838       3,866       1,020       8,722       66       30       108  
    Allowance for credit losses at period end     17,243       15,975       17,243       17,274       16,892       16,655       15,975  
    Nonperforming loans at period end     22,084       17,227       22,084       16,170       24,490       19,652       17,227  
    Nonperforming assets at period end   $ 22,084     $ 17,378     $ 22,084     $ 16,170     $ 24,550     $ 19,734     $ 17,378  
    Annualized net loan charge-offs to average loans     1.09 %     0.43 %     0.44 %     3.82 %     0.03 %     0.01 %     0.05 %
    Allowance for credit losses to period end loans     1.88 %     1.78 %     1.88 %     1.87 %     1.90 %     1.87 %     1.78 %
    Allowance for credit losses to nonperforming loans     78.08 %     92.73 %     78.08 %     106.83 %     68.98 %     84.75 %     92.73 %
    Nonperforming loans to period end loans     2.40 %     1.92 %     2.40 %     1.75 %     2.76 %     2.20 %     1.92 %
    Nonperforming assets to period end assets     1.50 %     1.19 %     1.50 %     1.09 %     1.70 %     1.36 %     1.19 %
                                                             
        2024       2023  
    LOAN COMPOSITION:   December 31,     September 30,     June 30,     March 31,     December 31,  
    1-4 family first-lien residential mortgages   $ 251,373     $ 255,235     $ 250,106     $ 252,026     $ 257,604  
    Residential construction     4,864       4,077       309       1,689       1,355  
    Commercial real estate     377,619       378,805       370,361       363,467       358,707  
    Commercial lines of credit     67,602       64,672       62,711       67,416       72,069  
    Other commercial and industrial     89,800       88,247       90,813       91,178       89,803  
    Paycheck protection program loans     113       125       136       147       158  
    Tax exempt commercial loans     4,544       2,658       3,228       3,374       3,430  
    Home equity and junior liens     51,948       52,709       35,821       35,723       34,858  
    Other consumer     72,710       76,703       75,195       77,106       79,797  
    Subtotal loans     920,573       923,231       888,680       892,126       897,781  
    Deferred loan fees     (1,587 )     (1,571 )     (417 )     (595 )     (574 )
    Total loans   $ 918,986     $ 921,660     $ 888,263     $ 891,531     $ 897,207  
                                             
        2024     2023  
    DEPOSIT COMPOSITION:   December 31,     September 30,     June 30,     March 31,     December 31,  
    Savings accounts   $ 128,752     $ 129,053     $ 106,048     $ 111,465     $ 113,543  
    Time accounts     360,586       352,729       368,262       378,103       377,570  
    Time accounts in excess of $250,000     142,473       140,181       117,021       114,514       95,272  
    Money management accounts     11,583       11,520       12,154       11,676       12,364  
    MMDA accounts     239,016       250,007       193,915       215,101       224,707  
    Demand deposit interest-bearing     101,080       97,344       128,168       134,196       119,321  
    Demand deposit noninterest-bearing     213,719       210,110       169,145       176,434       170,169  
    Mortgage escrow funds     7,184       5,269       6,564       4,624       7,121  
    Total deposits   $ 1,204,393     $ 1,196,213     $ 1,101,277     $ 1,146,113     $ 1,120,067  
                                             

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    SELECTED AVERAGE BALANCES:   2024     2023     Q4     Q3     Q4  
    Interest-earning assets:                              
    Loans   $ 903,941     $ 899,605     $ 920,855     $ 914,467     $ 896,439  
    Taxable investment securities     423,475       379,600       412,048       415,751       403,411  
    Tax-exempt investment securities     30,861       30,318       34,918       30,382       27,941  
    Fed funds sold and interest-earning deposits     16,379       11,730       5,115       42,897       11,630  
    Total interest-earning assets     1,374,656       1,321,253       1,372,936       1,403,497       1,339,421  
    Noninterest-earning assets:                              
    Other assets     102,582       100,319       112,654       103,856       102,940  
    Allowance for credit losses     (16,670 )     (17,870 )     (17,145 )     (16,537 )     (17,359 )
    Net unrealized losses on available-for-sale securities     (9,769 )     (13,600 )     (8,534 )     (9,161 )     (15,653 )
    Total assets   $ 1,450,799     $ 1,390,102     $ 1,459,911     $ 1,481,655     $ 1,409,349  
    Interest-bearing liabilities:                              
    NOW accounts   $ 101,336     $ 92,223     $ 102,862     $ 102,868     $ 87,210  
    Money management accounts     11,679       14,116       11,371       11,828       12,518  
    MMDA accounts     227,597       239,182       257,429       227,247       231,957  
    Savings and club accounts     118,965       124,617       128,169       127,262       115,984  
    Time deposits     517,352       480,867       504,008       514,049       505,554  
    Subordinated loans     30,002       29,815       30,076       30,025       29,883  
    Borrowings     114,471       105,471       68,391       122,129       124,780  
    Total interest-bearing liabilities     1,121,402       1,086,291       1,102,306       1,135,408       1,107,886  
    Noninterest-bearing liabilities:                              
    Demand deposits     184,572       172,950       206,521       195,765       169,340  
    Other liabilities     21,923       16,037       29,491       24,856       15,858  
    Total liabilities     1,327,897       1,275,278       1,338,318       1,356,029       1,293,084  
    Shareholders’ equity     122,902       114,824       121,593       125,626       116,265  
    Total liabilities & shareholders’ equity   $ 1,450,799     $ 1,390,102     $ 1,459,911     $ 1,481,655     $ 1,409,349  
                                             
        Years Ended December 31,     2024     2023  
    SELECTED AVERAGE YIELDS:   2024     2023     Q4     Q3     Q4  
    Interest-earning assets:                              
    Loans     5.83 %     5.26 %     5.87 %     6.31 %     5.55 %
    Taxable investment securities     5.42 %     4.76 %     5.32 %     5.59 %     5.28 %
    Tax-exempt investment securities     6.22 %     6.42 %     5.10 %     6.17 %     7.24 %
    Fed funds sold and interest-earning deposits     4.84 %     2.51 %     6.41 %     4.59 %     2.37 %
    Total interest-earning assets     5.70 %     5.12 %     5.69 %     6.04 %     5.47 %
    Interest-bearing liabilities:                              
    NOW accounts     1.10 %     0.58 %     1.19 %     1.09 %     1.02 %
    Money management accounts     0.11 %     0.11 %     0.11 %     0.10 %     0.10 %
    MMDA accounts     3.52 %     2.80 %     3.23 %     3.54 %     3.72 %
    Savings and club accounts     0.26 %     0.22 %     0.26 %     0.25 %     0.26 %
    Time deposits     3.98 %     3.27 %     3.90 %     4.09 %     3.89 %
    Subordinated loans     6.55 %     6.51 %     6.52 %     6.61 %     6.61 %
    Borrowings     4.29 %     3.35 %     4.89 %     4.38 %     4.15 %
    Total interest-bearing liabilities     3.29 %     2.65 %     3.16 %     3.34 %     3.31 %
    Net interest rate spread     2.41 %     2.47 %     2.53 %     2.70 %     2.16 %
    Net interest margin     3.01 %     2.95 %     3.15 %     3.34 %     2.74 %
    Ratio of average interest-earning assets to average interest-bearing liabilities     122.58 %     121.63 %     124.55 %     123.61 %     120.90 %
                                             

    The above information is preliminary and based on the Company’s data available at the time of presentation.

        Years Ended December 31,     2024     2023  
    NON-GAAP RECONCILIATIONS:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Tangible book value per common share:                                          
    Total equity               $ 121,860     $ 120,246     $ 123,348     $ 121,818     $ 119,495  
    Intangible assets                 (11,045 )     (11,969 )     (4,612 )     (4,616 )     (4,621 )
    Tangible common equity (non-GAAP)                 110,815       108,277       118,736       117,202       114,874  
    Common shares outstanding                 6,123       6,100       6,100       6,100       6,100  
    Tangible book value per common share (non-GAAP)               $ 18.10     $ 17.75     $ 19.46     $ 19.21     $ 18.83  
    Tangible common equity to tangible assets:                                          
    Tangible common equity (non-GAAP)               $ 110,815     $ 108,277     $ 118,736     $ 117,202     $ 114,874  
    Tangible assets                 1,463,829       1,471,157       1,441,599       1,449,056       1,461,177  
    Tangible common equity to tangible assets ratio (non-GAAP)                 7.57 %     7.36 %     8.24 %     8.09 %     7.86 %
    Return on average tangible common equity:                                          
    Average shareholders’ equity   $ 122,902     $ 114,824     $ 121,593     $ 125,626     $ 123,211     $ 121,031     $ 116,265  
    Average intangible assets     6,468       4,629       11,907       4,691       4,614       4,619       4,623  
    Average tangible equity (non-GAAP)     116,434       110,195       109,686       120,935       118,597       116,412       111,642  
    Net income (loss)     3,760       9,293       4,284       (4,644 )     2,000       2,120       2,536  
    Net income (loss), annualized   $ 3,760     $ 9,293     $ 17,043     $ (18,475 )   $ 8,044     $ 8,527     $ 10,061  
    Return on average tangible common equity (non-GAAP) 1     3.23 %     8.43 %     15.54 %     -15.28 %     6.78 %     7.32 %     9.01 %
    Revenue, pre-tax, pre-provision net income, and efficiency ratio:                                          
    Net interest income   $ 41,432     $ 38,919     $ 10,820     $ 11,732     $ 9,480     $ 9,400     $ 9,159  
    Total noninterest income     9,561       5,190       4,906       1,707       1,211       1,737       1,318  
    Net realized (gains) losses on sales and redemptions of investment securities     (71 )     62       249       (188 )     16       (148 )     2  
    Gain on asset sale     3,169       –       3,169       –       –       –       –  
    Revenue (non-GAAP) 2     47,895       44,047       12,308       13,627       10,675       11,285       10,475  
    Total non-interest expense     34,417       29,395       8,544       10,259       7,908       7,706       7,044  
    Pre-tax, pre-provision net income (non-GAAP) 3   $ 13,478     $ 14,652     $ 3,764     $ 3,368     $ 2,767     $ 3,579     $ 3,431  
    Efficiency ratio (non-GAAP) 4     71.86 %     66.74 %     69.42 %     75.28 %     74.08 %     68.29 %     67.25 %

    1 Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
    2 Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities and gain on sale of insurance agency
    3 Pre-tax, pre-provision net income equals revenue less total non-interest expense
    4 Efficiency ratio equals noninterest expense divided by revenue

    The above information is preliminary and based on the Company’s data available at the time of presentation.

    The MIL Network –

  • MIL-OSI USA: Welch Slams Trump Tariffs: “Donald Trump has just raised prices for every working American.” 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.) released the following statement after the White House confirmed President Trump is expected to put new tariffs on imports from Canada, Mexico, and China on Saturday:  
    “Donald Trump has just raised prices for every working American. He has threatened jobs and set our nation up for retaliation and years of painful trade disputes. On Monday in St. Albans, Vermont—only 15 miles from the northern border—I brought together Vermont businesses and local leaders to hear directly from them about how another Trump Trade War would hurt our state. It was clear: Donald Trump’s policy of chaos is one that Vermont can’t afford.  
    “We need a ‘Do No Harm’ approach when it comes to tariffs and trade policy—especially when we’re talking about our biggest trading partner, Canada. Vermont’s and Canada’s economies are closely intertwined, and our families, farmers, and businesses will suffer because of these reckless 25% tariffs. These actions are reckless, counterproductive, and destructive. A trade war is not the answer.”  
    The White House has not provided the public with an exemption process ahead of the February 1st start date. The White House announced it plans to put a 25% tariff on imports from Canada and Mexico, as well as a 10% tariff on imports from China. 
    On Monday, Senator Welch convened Vermont businesses and state and local leaders for a roundtable discussion on President Trump’s threats to reignite a trade war with Canada and other U.S. trade allies by imposing dramatic tariffs on goods imported from Canada. Sen. Welch was joined by the Vermont Chamber of Commerce; the Vermont Association of General Contractors; Manufacturing Solutions, Inc.; H20 Innovation; A.N. Deringer, Inc.; Poulin Grain; Green Mountain Power; Vermont State Treasurer Mike Pieciak; Brett Long, Deputy Commissioner, Vermont Department of Economic Development; and Tim Smith, the Mayor of St. Albans. 
    Attendees at the roundtable spoke about the impact of the tariffs on their businesses and their concerns regarding President Trump’s rhetoric regarding trade since taking office last week.  
    Vermont sells more goods to Canada than the next six largest foreign markets combined. In 2023, Vermont exported $150 million just in food and agricultural products to Canada. In many cases, Vermont manufacturers buy imports from Canada to manufacture into products.  However, the ability of Vermont’s small manufacturing businesses to absorb a 25% increase in costs on parts or raw materials is limited. Tariffs on Canada and Mexico could result in layoffs or higher homebuilding costs, increased costs of grain for farmers, and more expensive equipment for maple producers.  
    Tariffs could also increase the cost of utilities for Vermonters. According to preliminary estimates, a 25% tariff on goods from Canada could increase customer rates for natural gas by 10% (based on firm customer rates). Electricity rates could increase by 2.5% in Vermont and by 5% for New England wholesale electricity prices.   

    MIL OSI USA News –

  • MIL-OSI USA: Merritt: Kicking off the 2025 Legislative Session 

    Source: US State of Georgia

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium. Over the next 40 legislative days, I’m committed to fighting for policies that create a more equitable and inclusive Georgia for all its residents.

    I am honored to continue serving on the Senate Committees on Government Oversight, Health and Human Services, Insurance and Labor, Natural Resources and the Environments and Urban Affairs where we will address pressing issues such as healthcare reform, firearm violence, and increasing literacy.

    As we enter the heart of the legislative session this week, the work under the Gold Dome is moving full speed ahead. Even as ice and snow swept across South Georgia and Atlanta last week, our commitment to serving the people of Georgia never wavered.

    When we returned to the Capitol this past Monday, we hit the ground running. Some highlights included Chamber of Commerce Day. I want to thank the Gwinnett Chamber of Commerce for joining Tuesday’s General Assembly at the Capitol. I appreciate all the Chamber does for Gwinnett County’s economy, small businesses, and emerging business leaders and entrepreneurs. These events are always exciting, and it’s refreshing to see so many Georgians getting involved in our state government.

    As budget hearings for the next fiscal year continue over the remainder of the legislative session in the form of committee meetings, we have a critical opportunity to shape investments that will directly impact our communities. Governor Brian Kemp’s proposed budget includes $50 million in security grants for individual schools—an essential step toward keeping students safe. However, proper school safety goes beyond physical security; it requires a commitment to addressing the broader issues affecting student well-being. I will continue advocating for a budget that supports working families, invests in underserved communities, and ensures every Georgian has the opportunity to succeed at every turn.

    My fellow Senators and I recognize that our constituents and families deserve to send their children to school without fear, and that is why we are introducing legislation to tackle school gun violence in Georgia. I am proud to co-sponsor SB 49, introduced by Sen. Elena Parent, which aims to address gun violence by making it a punishable offense in Georgia to allow children access to firearms. This legislation would require parents to take greater responsibility for securely storing their firearms, reducing children’s exposure to guns and helping keep our schools safe.

    On Tuesday, Senate Democrats announced several key legislative priorities for this session. We introduced SB 50, a bipartisan effort to close health insurance gaps, expand access to mental health and maternal care and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. We believe every Georgian deserves reliable, accessible healthcare, and we will continue pushing for solutions that lower costs and expand coverage. In the coming weeks, we will introduce bills to raise the state minimum wage, improve public schools, and expand access to affordable childcare. Our focus remains on legislation that puts people first, and I am proud to sponsor legislation that does just that.

    I encourage students between the ages of 12 and 18 to apply to spend a day as a Senate Page. This program allows students to participate actively in the legislative process at our State Capitol for a day during the legislative session. This program is an invaluable experience, and I encourage my younger constituents to participate. Interested students may apply for the program here.

    The weeks ahead will be eventful, with key debates and legislation shaping Georgia’s future. I’m committed to keeping you informed and ensuring your voice is heard. Thank you for your trust—I encourage you to stay engaged as we work toward a stronger, fairer Georgia.

    ####

    Sen. Nikki Merritt represents the 9th Senate District which includes portions of Gwinnett County. She may be reached at (404) 463-2260 or via email at nikki.merritt@senate.ga.gov

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Blue Ridge Beef Issues a Recall of Blue Ridge Beef Natural Mix Due to Salmonella Contamination

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Animal & Veterinary
    Food & Beverages
    Pet Food
    Foodborne Illness
    Reason for Announcement:

    Recall Reason Description

    Salmonella contamination

    Company Name:
    Blue Ridge Beef
    Brand Name:

    Brand Name(s)

    Blue Ridge Beef

    Product Description:

    Product Description

    Natural Mix

    Company Announcement

    STATESVILLE, NC – January 31, 2025– Blue Ridge Beef is recalling 5,700 lbs. of their 2 lb log Natural Mix due to a contamination of Salmonella. Lot # N25/12/31 (Lot numbers are stamped in the clips on the end of the chubs/bags) UPC# 854298001054.

    Salmonella can affect animals eating the products and there is risk to humans from handling contaminated pet products, especially if they have not thoroughly washed their hands after having contact with the products or any surfaces exposed to these products.

    Healthy people infected with Salmonella should monitor themselves for some or all of the following symptoms: nausea, vomiting, diarrhea or bloody diarrhea, abdominal cramping and fever. Rarely, Salmonella can result in more serious ailments, including arterial infections, endocarditis, arthritis, muscle pain, eye irritation, and urinary tract symptoms. Consumers exhibiting these signs after having contact with this product should contact their healthcare providers.

    Pets with Salmonella infections may be lethargic and have diarrhea or bloody diarrhea, fever, and vomiting. Some pets will have only decreased appetite, fever, and abdominal pain. Infected but otherwise healthy pets can be carriers and infect other animals or humans. If your pet has consumed the recalled product and has these symptoms, please contact your veterinarian.

    Samples of the product was collected on 01/08/25 by the North Carolina Department of Agriculture and tested by the North Carolina Department of Agriculture Food and Drug Protection Laboratory. The product tested positive for Salmonella.

    On 01/27/2025 the firm was notified by the FDA that the product tested positive for Salmonella.

    The products were distributed between January 3/2025 to January 24/2025. The product is packaged in clear plastic and sold primarily in retail stores located in the States of: [Virginia, Maryland, Pennsylvania, Connecticut, Massachusetts, New York State, Tennessee, Rhode Island. Image of product below:

    Products affected are:

    Product 

    Size 

    UPC 

    Lot Numbers 

    Natural Mix

    2 lb

    854298001054

    N26/12/31 (lot)

    Consumers who have purchased this product are urged to return to place of purchase or destroy the food in a way that children, pets, and wildlife cannot access. Do not sell or donate the recalled products. Do not feed the recalled product to pets or any other animals. Wash and sanitize pet food bowls, cups, and storage containers. Always ensure you wash and sanitize your hands after handling recalled food or any utensils that come in contact with recalled food. For more information contact blueridgebeefnc@yahoo.com or 704-873-2072

    This recall is being made with the knowledge of the Food and Drug Administration.

    Company Contact Information

    Product Photos

    MIL OSI USA News –

  • MIL-OSI USA: Alvogen Issues Voluntary Nationwide Recall for One Lot of Fentanyl Transdermal System 25 mcg/h Due to a Defective Delivery System

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Drugs
    Reason for Announcement:

    Recall Reason Description

    There is potential that patches could be multi-stacked, adhered one on top of the other, in a single product pouch

    Company Name:
    Alvogen, Inc.
    Brand Name:

    Brand Name(s)

    Alvogen

    Product Description:

    Product Description

    Fentanyl Transdermal System 25 mcg/h transdermal patches

    Company Announcement

    FOR IMMEDIATE RELEASE – January 31, 2025 – Morristown, NJ

    Alvogen, Inc. is voluntarily recalling one lot of Fentanyl Transdermal System 25 mcg/h transdermal patches to the consumer level. The reason for the recall is that there is a potential that patches could be multi-stacked, adhered one on top of the other, in a single product pouch. This transdermal system is manufactured by Kindeva Drug Delivery L.P., Northridge, CA and is distributed by Alvogen, Inc. as a private label distributor.

    There is a possibility that the application of a multi-stacked 25 mcg/h patch could result in serious, life threatening, or fatal respiratory depression. Groups at potential increased risk could include first-time recipients of such patches, children, and the elderly. To date, Alvogen has received one serious adverse event related to this recall.

    The product is indicated for the management of severe and persistent pain in opioid-tolerant patients, that requires an extended treatment period with a daily opioid analgesic in opioid-tolerant patients, and for which alternative treatment options are inadequate, and is packaged in primary cartons of five individually wrapped and labeled pouches. The affected Fentanyl Transdermal System lot is:

    Lot 108319 of Fentanyl Transdermal System, 25 mcg/h, expiration date 04/2027.

    This lot of Fentanyl Transdermal System was distributed nationwide to the pharmacy and patient level. See image examples for lot 108319 and a multi-stacked patch.

    Alvogen, Inc. is notifying its distributors and direct customers by certified letter and is arranging for return and replacement of all recalled products. Pharmacies are requested not to dispense any product subject to this recall.

    Patients that have product subject to this recall should immediately remove any patch currently in use and contact their health care provider. Patients with unused product should return it to point of purchase for replacement. Consumers should contact their physician or health care provider if they have experienced any problems that may be related to taking or using this drug product.

    Questions regarding this recall should be directed to Alvogen Customer Complaints by calling 866-770-3024 or sending an e-mail to alvogensmb@continuumindia.com, Monday to Friday from 9:00 am to 5:00 pm EST.

    Adverse reactions or quality problems experienced with the use of this product may be reported to the FDA’s MedWatch Adverse Event Reporting program either online, by regular mail or by fax.

    This recall is being conducted with the knowledge of the U.S. Food and Drug Administration.

    Company Contact Information

    Product Photos

    MIL OSI USA News –

  • MIL-OSI USA: DBEDT NEWS RELEASE: $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    Posted on Jan 31, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    FOR IMMEDIATE RELEASE

    January 31, 2025

    HONOLULU — Governor Josh Green, M.D., has released $6.3 million to the Department of Business, Economic Development and Tourism (DBEDT) to support a tourism recovery campaign to address the continued economic impacts from the August 2023 Maui wildfires and the expected downturn due to the January 2025 Southern California wildfires. Governor Green, at the request of DBEDT Director James Kunane Tokioka, has released a restriction from within the DBEDT budget.

    The campaign will be a continuation of the state’s Maui economic recovery efforts and with the current California wildfires, also manage the anticipated impacts to the state’s largest source market for visitors. Governor Green and DBEDT Director Tokioka met with members of the Hawai‘i Hotel Owners and Operators Roundtable and Hawai‘i Hotel Alliance for industry input.

    “I want to acknowledge the leadership of the Hawai‘i Hotel Owners and Operators Roundtable and Hawai‘i Hotel Alliance who discussed this idea with DBEDT Director Tokioka and I to provide resources to support the state’s tourism recovery,” said Governor Green.

    “We are all aware of the sustained effects of the Maui wildfires on our state’s tourism industry and the continued slump in West Maui hotel occupancies,” said DBEDT Director Tokioka. “As we also foresee that visitor arrivals will be impacted by the Los Angeles wildfires, the tourism recovery campaign is intended to drive the visitor traffic needed to sustain local businesses and support jobs. We look forward to working on the next steps with our industry partners.”

    About the Department of Business, Economic Development and Tourism (DBEDT)

    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation-sector job growth.

    # # #

     

     

    Media Contact:

     

    Laci Goshi

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

    MIL OSI USA News –