NewzIntel.com

Category: Economy

  • MIL-OSI New Zealand: Industrial hemp regulations to be reviewed

    Source: New Zealand Government

    Minister for Regulation David Seymour says that outdated and burdensome regulations surrounding industrial hemp (iHemp) production are set to be reviewed by the Ministry for Regulation.

    Industrial hemp is currently classified as a Class C controlled drug under the Misuse of Drugs Act, despite containing minimal THC and posing little risk of misuse.

    “This over-regulation stifles economic growth and innovation within the sector,” says Mr Seymour.

    The Ministry for Regulation has received extensive feedback on the red tape hindering the industry, both through its review into Agricultural and Horticultural Products and the red tape tipline.

    In response, the Ministry is working with MedSafe and the Ministry of Health to reassess these nearly twenty-year-old regulations. 

    A 2023 report by MBIE highlighted hemp as a key opportunity for New Zealand’s bioeconomy, with the New Zealand Hemp Industries Association (NZHIA) projecting potential earnings of $2 billion by 2030, contingent on regulatory reform.

    “Despite several government interventions since the legalisation of hemp cultivation in 2006, the sector has seen limited growth.

    “It’s time for a new approach that balances risk management with unlocking opportunities for growers.

    “I will present reform options to Cabinet later this year, to rejuvenate the iHemp sector and drive economic growth.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Lamont Heads Delegation of Connecticut Officials and Business Leaders on Economic Mission in India

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that from Sunday, February 23, to Saturday, March 1, 2025, he will head a delegation of state officials and business leaders from Connecticut on an economic development mission in India, where they will meet with executives of companies and key government officials to discuss strategies that will build stronger economic ties between Connecticut and India.

    The delegation includes Connecticut Economic and Community Development Commissioner Daniel O’Keefe; former PepsiCo CEO Indra Nooyi; UConn President Radenka Maric; Yale University Vice Provost for Research Michael Crair; Connecticut Innovations CEO Matthew McCooe; and executives from Advance Connecticut, a business-driven nonprofit organization that works to engage, retain, and recruit businesses to Connecticut. Infosys CEO Salil Parekh, who is a board member of Advance Connecticut and resides in India, will host the group during the visit. The delegation will be traveling to Chennai, Bangalore, and Mumbai.

    “There are several notable Indian companies that have expressed interest in expanding their operations to North America, and we plan on meeting with them to let them know why Connecticut is an excellent place for them to select as their base of operations,” Governor Lamont said. “We will also meet with executives from several Indian companies that are already operating in our state, such as Infosys and Tata Consultancy Services. Connecticut and India have many unique connections, and we want to strengthen that bond and increase it to its full economic potential.”

    In addition to one-on-one meetings with corporate decision makers representing Indian companies, the delegation will be participating in events such as Venture Clash, a roundtable discussion on quantum computing, and an MOU signing, which will be announced during the visit.

    The socio-economic ties between Connecticut and India are strong. Indians make up the second-largest foreign-born population in the state, and Connecticut has the seventh highest population of Indian residents proportionally in the United States, with numerous Indian cultural groups operating in every corner of the state. As a result of this, Connecticut receives the ninth most tourism dollars spent by Indian travelers per capita in the United States.

    India-born residents in Connecticut make up 14% (38,000) of the state’s foreign-born population. Of the19,990 international students studying in Connecticut, 7,200 are from India, making it the top country of origin of international students in the state. Approximately 36.5% of international students in Connecticut are from India, compared to 29.4% nationally.

    “Connecticut has been successful at attracting Indian technology companies, especially fintech and insurtech companies that have clients in Hartford and Stamford,” Commissioner O’Keefe said. “We also have the advantage of an excellent location from which these companies can easily access their clients in the large metro areas of Montreal, Toronto, New York, and Boston from a Connecticut-based headquarters location.”

    “We have a number of Indian companies operating in Connecticut,” John Bourdeaux, president and CEO of Advance Connecticut, said. “Equally, there are several Connecticut-headquartered companies with operations in India, including Amphenol and Stanley Black & Decker, among others. Creating stronger connections with Indian business leaders will be a win-win for the state and for the companies. Indian companies integrate successfully into the Connecticut business ecosystem and the Connecticut economy benefits greatly from their growing businesses.”

    Governor Lamont may adjust his schedule and return to Connecticut earlier than currently planned if it is determined to be necessary.

     

    MIL OSI USA News –

  • MIL-OSI: Bishop Street Underwriters Closes Acquisition of Landmark Underwriting

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and LONDON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, today announced that it has completed its acquisition of Landmark Underwriting (“Landmark”), a specialty-focused managing general agent (“MGA”) based in London. This deal continues Bishop Street’s rapid expansion, growing its investment footprint outside of North America for the first time, and further strengthening the capabilities of its platform. Financial terms of the deal were not disclosed. 

    As a well-positioned high-growth MGA with an established panel of rated capacity partners, this deal brings Landmark’s specialized and dynamic team to the Bishop Street platform, in support of building a truly integrated global underwriting business. Landmark’s leadership team will remain intact with Sitki Gelmen as Group CEO, David Ratledge as Group MD and Deepti Janak as Group CFO, facilitating a seamless transition and incorporating the teams’ vision into the future growth of the platform across the UK, Europe and Asia Pacific.

    Landmark has served clients in the specialty (re)insurance market since 2017, offering a range of bespoke insurance solutions across various classes including Professional Indemnity, Property, Directors and Officers and General Liability. With the acquisition now complete, Landmark will build upon it’s established market presence and recent expansions into Marine and Political Risk products, with expansion planned across new classes and geographies.

    “We’re thrilled to officially welcome Landmark Underwriting to the Bishop Street family,” said Chad Levine, CEO of Bishop Street. “We look forward to leveraging the team’s experience and strong industry relationships to enable the next chapter of international development for our platform. Landmark’s ability to adapt to client needs and attract the best underwriting talent will continue to fuel its growth, positioning the company as a leading MGA of choice in the global market and a complementary fit for the Bishop Street portfolio.”

    Sitki Gelmen, Landmark Underwriting Group CEO and Co-Founder, said: “This is an exciting next phase for Landmark. We are focused on bringing specialty underwriting solutions to our partners, and through this partnership, we will amplify our ability to provide leading risk solutions to top broking houses worldwide. The combination of Bishop Street’s resources and our niche expertise will allow us to accelerate growth, expand our product offerings into complementary lines of business and deepen our presence in key markets.”

    Mike Zabik, Partner of RedBird Capital, added, “Bishop Street’s growth strategy is predicated on leveraging a multi-jurisdictional footprint. Landmark’s strong presence in London and its expanding global presence are key levers for future growth, both organically and through strategic acquisitions across key international markets.”

    This addition marks the latest strategic move for Bishop Street, following recent key investments and acquisitions including Ethos Specialty’s Transactional Liability unit, Verve Services, Conifer Insurance Services and Ahoy!, as well as partnerships with companies like Skyward Specialty Insurance and Topsail Re.

    About Bishop Street
    Bishop Street Underwriters, a RedBird Capital portfolio company, seeks to partner with Managing General Agents (“MGAs”) as well as niche underwriting teams. Bishop Street aims to combine their best-in-class (re)insurance executive team’s vision with RedBird’s strong track record, expertise and network in the financial services sector to build a differentiated platform that is uniquely positioned to capitalize on secular growth tailwinds in the industry. For more information, please go to www.bishopstreetuw.com.

    About Landmark Underwriting
    Landmark Underwriting is a specialist, UK based MGA providing (re)insurance solutions to complex risks globally. Since 2017, Landmark has maintained relationships with all of the significant Insurance Broker markets. From its centre of operations in London, Landmark currently provides risk solutions across Professional Indemnity, General Liability, Directors and Officers, Property and Marine. The company continues to expand its underwriting and operational bandwidth in key territories, driving rapid growth.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contacts
    Bishop Street 
    Dan Gagnier
    Gagnier Communications
    redbird@gagnierfc.com
    646.569.5897

    The MIL Network –

  • MIL-OSI USA: ICYMI: Senator Reverend Warnock Spotlights Dangerous Cuts to Medicaid in Presser Addressing Washington Politicians’ Proposed Tax Bill

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    ICYMI: Senator Reverend Warnock Spotlights Dangerous Cuts to Medicaid in Presser Addressing Washington Politicians’ Proposed Tax Bill

    On Wednesday afternoon, Senator Reverend Warnock addressed the impact of proposed Republican cuts to Medicaid on ordinary Georgians
    The press conference came hours after President Trump endorsed the House Republican budget plan, which includes scathing cuts to Medicaid and other programs that hard working Georgians rely on
    Senator Reverend Warnock has long championed Medicaid protections and closing the health care coverage gap
    Senator Reverend Warnock: “This is backward, it’s not only immoral it’s impractical, we’re making the American workforce sicker and weaker, […] we’ve got to straighten out this mess and center to the people”

    Above: Senator Reverend Warnock during the Hands Off Medicaid press conference
    Washington, D.C. – On Wednesday afternoon, U.S. Senator Reverend Raphael Warnock (D-GA) outlined the dire impacts of potential Medicaid cuts on ordinary Georgians. The Senator pushed back on cuts to Medicaid and other key programs proposed by Washington politicians in the recent budget plan.
    The proposed plans potentially set up deep cuts to Medicaid, threatening to shut down more rural hospitals, and rip away healthcare from some of the nation’s most vulnerable communities, including thousands of Georgia seniors and children.
    “A budget is more than a fiscal document. It is also a moral document. Show me your budget and I’ll show you who you think matters, who’s in and who’s out, who you think is expendable, where your priorities are,” said Senator Reverend Warnock.
    This is backward, it’s not only immoral it’s impractical, we’re making the American workforce sicker and weaker, […] we’ve got to straighten out this mess and center to the people,” Senator Reverend Warnock concluded.
    The press conference was hosted by U.S. Senator Tammy Baldwin (D-WI) and also included U.S. Senators Ron Wyden (D-OR), Patty Murray (D-WA), Catherine Cortez Masto (D-NV), Peter Welch (D-VT), and Maggie Hassan (D-NH). The press conference is part of the Health Care Strike Team, created by Senate Democrats to push back on Republicans’ reconciliation efforts.
    Senator Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. In addition to pushing for solutions to close the coverage gap, Senator Warnock led a delegation of Georgia lawmakers in urging the Centers for Medicare & Medicaid Services to provide tools to Medicaid non-expansion states like Georgia to help them protect health care access for Medicaid enrollees who lose eligibility after the end of the public health emergency declaration.
    Watch Senator Warnock’s remarks HERE.
    Below full remarks from Senator Warnock at press conference:
    “A budget is more than a fiscal document. It is also a moral document. Show me your budget and I’ll show you who you think matters, who’s in and who’s out, who you think is expendable, where your priorities are.”
    “As we take stock of what Washington Republicans are trying to do now, this budget, if it were an EKG (electrocardiogram), would suggest that Washington Republicans have a heart problem and that they are in need of moral surgery.”
    “The consequences of the actions that they are trying to take in this moment hits into the lives of ordinary people. I think too often those of us who work in this space and those who cover us, sort of cover the politicians. And when the politics becomes about the politicians, we lose site of where and how this actually matters for ordinary people. What they’re trying to do is both immoral and impractical. I have been working in this health care fight for years, long before I decided to run for the United States Senate, I was fighting for health care in Georgia.”
    “I remember when we passed the Affordable Care Act, how glad I was that that happened and I went into the Georgia Capitol and staged to sit-in in the governor’s office because that governor, and the next governor, and the governor after that have all refused to expand Medicaid in Georgia. It suggested that politicians have a heart problem.”
    “Jesus said, ‘Where your treasure is, there your heart will be also.’ Dr. King, who pastored the church where I now serve, said that ‘Of all the injustices, inequality in health care is the most shocking and the most inhumane.’”
    “They are busy trying to pass a tax cut for the wealthiest people in America, billionaires and millionaires, and they’re doing it on the backs of ordinary people. This cannot stand.”
    “We will continue to hold unaccountable and we encourage all of our constituents to hold them accountable. And because I’ve been focused on this issue, glad now to serve on the finance committee under the great Ron Wyden and we’ll be focused on these issues. I got arrested in Georgia trying to get healthcare for folks. Staging a sit-in and in the governor’s office. In fact, I got arrested in this Capitol in 2017 when they were trying to do the same thing, pass the $2 trillion dollar tax cut at the expense of the poor and the farm bill at the expense of the children’s health care program, but I decided to move from being an agitator to a legislator, but we got to keep on agitating, even if it’s inside of these halls.”
    “When I came to the Senate, I talked to all of my colleagues here in the Democratic Caucus and they agreed with me that we needed to provide Georgia and other non-expansion states some more incentives to expand. Remember, we got 14.2 billion for the non-expansion states to expand, $2 billion just for Georgia alone. You know what Georgia did? Georgia left that money on the table and left over 600,000 Georgians in the healthcare coverage gap.”
    “Some got the message, North Carolina took those incentives and they expanded, a purple state, Kentucky expanded. Now they’re trying to go after these incentives. They want to go after the tax credits that will allow people to get health care and this has consequences on the lives of ordinary people. We’ve seen a dozen hospitals in Georgia close over the last decade, and those hospitals could be opened with paying customers if they could get access to Medicaid.”
    “When I think about this, I often think about Heather Payne, who is a traveling nurse from Dalton, Georgia. Georgia has a health care program, if you want to call it that. That has not enrolled 10,000 people yet. Heather Payne is one of those people stuck in the gap. That’s why my colleagues pointed out, very often we talk about Medicaid expansion, we’re talking about the working poor, people who work every single day. Heather Payne is a traveling nurse who was taking care of patients even during COVID, and then because she was a traveling nurse, some days she had health care, sometimes she didn’t have health care. She wasn’t poor enough to get conventional Medicaid and the programs that she was eligible for would cost between 500 and $1,000 a month, it was too much.”
    “One day she realized that something was happening in her body. She knew something wasn’t right, but she didn’t have enough money to see what it was, and finally, she saved enough money of her own cash to finally go and see a neurologist. And the neurologist said, you’ve actually had a series of mini-strokes that require additional care. And so here she is, she needs additional care, but she doesn’t have health care. And so she’s literally caught up in the gap between the refusal of a state of Georgia to expand Medicaid and these onerous work requirements in states like Georgia. She’s sick, too sick to work, and she’s being asked to prove that she can work, or that she is working, so that she can get health care.”
    “Why’d they give Elon Musk and people like him a tax cut? Let me put this in perspective, in closing, and nobody believes a Baptist preacher when he says ‘In closing’, I was proud that we got $14 billion to help these states to expand Medicaid. Elon Musk has got $18 billion in incentives from our federal government. And he’s the one who’s telling us that the rest of us need to tighten our belts.”
    “This is backwards, it’s not only immoral it’s and impractical, we’re making the American workforce sicker and weaker, which I think ultimately is a national security issue, and so we’ve got a straighten out this mess and center to the people. People like Heather Payne, who’s waiting right in this very moment to get the health care she deserves.”

    MIL OSI USA News –

  • MIL-OSI USA: Virginia & North Carolina Senators Urge Swift Distribution of Public Lands Funding Following Hurricane Helene

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sens. Mark Warner and Tim Kaine (both D-VA) and Thom Tillis and Ted Budd (both R-NC) today wrote to U.S. Secretary of Agriculture Brooke Rollins and U.S. Secretary of the Interior Doug Burgum, urging them to expeditiously allocate funding appropriated by Congress for public lands in Virginia and North Carolina that were ravaged by Hurricane Helene.  

    Hurricane Helene devasted communities across North Carolina, Virginia, and large swaths of the Southeast in September 2024. Historic flooding and high winds resulted in over a hundred deaths, damaged and destroyed thousands of homes and businesses, and decimated critical regional infrastructure. Additionally, the storm caused unprecedented damage to public lands in western North Carolina and Southwest Virginia that are essential drivers of economic activity for many communities. The American Relief Act of 2025 contained robust funding to address natural disaster-related damage to public lands across the U.S., including $6.4 billion for the U.S. Forest Service and $2.3 billion for the National Park Service.

    Wrote the senators, “Public lands managed by USDA and DOI are crucial economic engines for communities throughout western North Carolina and Southwest Virginia. For example, the National Park Service’s (NPS) most visited unit, the Blue Ridge Parkway, which spans 469 miles across the Blue Ridge Mountains in North Carolina and Virginia, supports the economies of dozens of communities in our states. In 2023, 16.7 million visitors spent nearly $1.4 billion in communities surrounding the Parkway, which supported over 19,000 jobs. Helene decimated the Blue Ridge Parkway resulting in indefinite closures along large portions of the roadway and damage to many trails, historical sites, and recreational areas. The recovery effort for the Parkway will be one of the most significant and expensive infrastructure projects in the park’s history, and its success will be essential for the dozens of gateway communities that rely on the Parkway.”

    Added the lawmakers, “In addition to National Park Service managed property, many of our communities in Southwest Virginia and western North Carolina contain U.S. Forest Service lands that were decimated by Hurricane Helene. This includes the George Washington and Jefferson National Forests in Virginia, the Cherokee National Forest in Tennessee and North Carolina, and the Nantahala and Pisgah National Forests in western North Carolina. These lands attract millions of visitors each year who contribute millions more in visitor spending that sustains countless small businesses and gateway communities.”

    The senators also singled out the damage sustained by the Virginia Creeper Trail, writing, “Perhaps no Forest Service asset in the country suffered more damage from Hurricane Helene than the Virginia Creeper Trail, a 34-mile recreational trail that is co-managed by the Forest Service and the towns of Damascus and Abingdon in Southwest Virginia. The storm obliterated 18 miles of the Creeper Trail from Damascus to Whitetop, Virginia, destroying 18 trestles and washing away extended segments of the trail itself. The Creeper Trail is the most significant driver of economic activity in Damascus and one of the significant tourism destinations in the entire region. The trail attracts more then 200,000 visitors annually, supporting local bike shops, restaurants, and lodging. In all, the Creeper Trail contributes nearly $13 million annually in tourism spending to the region’s economy. A prolonged closure of the trail could have devasting consequences for Damascus and the entire region. It is critical that USDA and the Forest Service move quickly to allocate appropriated funding to rebuild the Creeper Trail to ensure Damascus and other localities that depend on the trail can fully recovery from Helene.”

    Concluded the senators, “As our states continue to rebuild from Hurricane Helene, it is critical that this supplemental funding is deployed to our public lands swiftly to ensure a timely rebuild of these assets that our communities depend on.”

    A full copy of the letter is available here.

    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of Indianapolis Announces Fourth Quarter 2024 Dividends, Reports Earnings

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Feb. 20, 2025 (GLOBE NEWSWIRE) — Today the Board of Directors of the Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) declared its fourth quarter 2024 dividends on Class B-2 activity-based capital stock and Class B-1 non-activity-based stock at annualized rates of 9.50% and 4.50%, respectively. The higher dividend rate on activity-based stock reflects the Board’s discretion under the Bank’s capital plan to reward members that use FHLBank Indianapolis in support of their liquidity needs.

    The dividends will be paid in cash on February 21, 2025.

    “I am proud that FHLBank Indianapolis delivered strong financial results in 2024, a reflection of our steadfast commitment to serving our members’ liquidity needs while maintaining the Bank’s financial strength and stability,” President and CEO Cindy Konich said.

    She added: “In addition to another strong dividend for our members, these results allowed us to invest at record levels in the communities our members serve, including an additional voluntary contribution of 7.5% of 2023 net earnings – bringing the total support of housing and community initiatives in 2024 to 17.5%. Building on the success of 2024, we look forward to continuing this support in 2025 at 17.5% of 2024 net earnings.”

    Earnings Highlights

    Net income, for the fourth quarter of 2024, was $67 million, a net decrease of $37 million compared to the corresponding quarter in the prior year. The decrease was primarily due to a significant increase in voluntary contributions to affordable housing and community investment programs and unrealized losses on qualifying fair-value hedging relationships.

    Net income, for the year ended December 31, 2024, was $342 million, a net decrease of $35 million compared to the prior year. The decrease was primarily due to a significant increase in voluntary contributions to affordable housing and community investment programs and net realized gains on the extinguishment of consolidated obligations in 2023 that did not occur in 2024. However, such decrease was partially offset by higher earnings on the portion of the Bank’s assets funded by its capital.1

    Affordable Housing Program Allocation

    The Bank’s Affordable Housing Program (“AHP”) provides grant funding to support housing for low- and moderate-income families in communities served by its Michigan and Indiana members. For the year ended December 31, 2024, AHP assessments2 totaled $40 million. Such required allocations will be available to the Bank’s members in 2025 to help address their communities’ affordable housing needs, including construction, rehabilitation, accessibility improvements and homebuyer down-payment assistance.

    In addition, as part of the Bank’s commitment to further support its AHP and additional affordable housing and community investment programs, the Bank voluntarily contributed additional funding in 2024 totaling $33 million. Additionally, the Bank made a supplemental voluntary contribution to its AHP totaling $4 million. As a result, voluntary contributions to housing and community investment programs in 2024 totaled $37 million, all of which have been recognized and reported in other expenses.

    The Bank’s combined required and voluntary allocations recognized in 2024 totaled $77 million, an increase of $29 million, or 60%, compared to the prior year.

    __________________

    1 FHLBank Indianapolis earns interest income on advances to and mortgage loans purchased from its Michigan and Indiana member financial institutions, as well as on long- and short-term investments. Net interest income is primarily determined by the size of the Bank’s balance sheet and the spread between the interest earned on its assets and the interest cost of funding with consolidated obligations. Because of the Bank’s inherent relatively low interest-rate spread, it has historically derived a substantial portion of its net interest income from deploying its interest-free capital in floating-rate assets.

    2 Each year, Federal Home Loan Banks are required to allocate to the AHP 10% of earnings, defined for this purpose as income before assessments plus interest expense on mandatorily redeemable capital stock.

    Condensed Statements of Income

    The following table presents unaudited condensed statements of income ($ amounts in millions):

        Three Months Ended
    December 31,    		   Year Ended
    December 31,
          2024     2023     2024     2023
    Interest income(a)   $ 989   $ 1,013   $ 4,130   $ 3,755
    Interest expense(a)     866     873     3,623     3,260
    Provision for credit losses     —     —     —     —
    Net interest income after provision for credit losses     123     140     507     495
    Other income(b)     6     7     32     46
    Other expenses(c)     54     31     157     120
    AHP assessments     8     12     40     44
                     
    Net income   $ 67   $ 104   $ 342   $ 377
    (a) Includes hedging gains (losses) and net interest settlements on fair-value hedge relationships. The Bank uses derivatives, specifically interest-rate swaps, to hedge the risk of changes in the fair value of certain of its advances, available-for-sale securities and consolidated obligations. These derivatives are designated as fair-value hedges and, therefore, changes in the estimated fair value of the derivative, and changes in the fair value of the hedged item that are attributable to the hedged risk, are recorded in net interest income.
    (b) Includes impact of purchase discount (premium) recorded through mark-to-market gains (losses) on trading securities and net interest
    settlements on derivatives hedging trading securities, while generally offsetting interest income on trading securities is included in
    interest income.
    (c) Includes voluntary contributions to the Bank’s AHP and other affordable housing, small business and community investment programs.
       

    Balance Sheet Highlights

    Total assets, at December 31, 2024, were $84.5 billion, a net increase of $7.9 billion, or 10%, from December 31, 2023, primarily due to an increase in advances and mortgage loans outstanding.

    Advances 3

    The carrying value of advances outstanding, at December 31, 2024, totaled $39.8 billion, a net increase of $4.3 billion, or 12%, from December 31, 2023. The par value of advances outstanding increased by 12% to $40.1 billion, which included a net increase in short-term advances of 54% and a net decrease in long-term advances of 4%. At December 31, 2024, based on contractual maturities, long-term advances composed 63% of advances outstanding, while short-term advances composed 37%.

    The par value of advances outstanding to depository institutions — comprising commercial banks, savings institutions and credit unions — increased by 18%, while advances outstanding to insurance companies increased by 1%. As a percent of total advances outstanding at par value at December 31, 2024, advances to commercial banks and savings institutions were 52% and advances to credit unions were 14%, resulting in total advances to depository institutions of 66%, while advances to insurance companies were 34%.

    In general, advances fluctuate in accordance with members’ funding needs, primarily determined by their deposit levels, mortgage pipelines, loan growth, investment opportunities, available collateral, other balance sheet strategies, and the cost of alternative funding options.

    Mortgage Loans Held for Portfolio 4

    Mortgage loans held for portfolio, at December 31, 2024, totaled $10.8 billion, a net increase of $2.2 billion, or 25%, from December 31, 2023, as the Bank’s purchases from its members significantly exceeded principal repayments by borrowers. Purchases of mortgage loans from members, for the year ended December 31, 2024, totaled $3.2 billion.

    In general, the Bank’s volume of mortgage loans purchased is affected by several factors, including interest rates, competition, the general level of housing and refinancing activity in the United States, consumer product preferences, the Bank’s balance sheet capacity and risk appetite, and regulatory considerations.

    Liquidity Investments 5

    Liquidity investments, at December 31, 2024, totaled $12.9 billion, a net increase of $759 million, or 6%, from December 31, 2023. The Bank’s liquidity remained well above regulatory requirements and continues to enable the Bank to be a reliable liquidity provider to its members.

    Cash and short-term investments increased by $271 million, or 2%, to $11.8 billion. The portion of U.S. Treasury obligations classified as trading securities increased by $488 million, or 81%, to $1.1 billion. As a result of this activity, cash and short-term investments represented 92% of the total liquidity investments at December 31, 2024, while U.S. Treasury obligations represented 8%.

    The total outstanding balance and composition of the Bank’s liquidity investments are influenced by its liquidity needs, regulatory requirements, actual and anticipated member advance activity, market conditions, and the availability of short-term investments at attractive interest rates, relative to the cost of funds.

    Other Investment Securities

    Other investment securities, which consist substantially of mortgage-backed securities and U.S. Treasury obligations classified as held-to-maturity or available-for-sale, at December 31, 2024, totaled $20.2 billion, a net increase of $738 million, or 4%, from December 31, 2023.

    Consolidated Obligations 6

    FHLBank Indianapolis’ consolidated obligations outstanding, at December 31, 2024, totaled $78.1 billion, a net increase of $7.0 billion, or 10%, from December 31, 2023, which reflected increased funding needs associated with the net increase in the Bank’s total assets.

    Capital 7

    Total capital, at December 31, 2024, was $4.2 billion, a net increase of $491 million, or 13%, from December 31, 2023. The net increase resulted primarily from issuances of capital stock to support advance activity and the growth in retained earnings.

    The Bank’s regulatory capital-to-assets ratio8, at December 31, 2024, was 5.44%, which exceeds all applicable regulatory capital requirements.

    __________________

    3 Advances are secured loans that the Bank provides to its member institutions.
    4 The Bank purchases mortgage loans from its members to support its housing mission, provide an additional source of liquidity to its members, and diversify its investments.
    5 The Bank’s liquidity investments consist of cash, interest-bearing deposits, securities purchased under agreements to resell, federal funds sold and U.S. Treasury obligations.
    6 The primary source of funds for FHLBank Indianapolis, and for the other FHLBanks, is the sale of FHLBanks’ consolidated obligations in the capital markets. FHLBank Indianapolis is the primary obligor for the payment of the principal and interest on the consolidated obligations issued on its behalf; additionally, it is jointly and severally liable with each of the other FHLBanks for all of the FHLBanks’ consolidated obligations outstanding.
    7 FHLBank Indianapolis is a cooperative whose member financial institutions and former members own all of its capital stock as a condition of membership and to support outstanding credit products.
    8 Total regulatory capital, which consists of capital stock, mandatorily redeemable capital stock and retained earnings, as a percentage of total assets.

    Condensed Statements of Condition

    The following table presents unaudited condensed statements of condition ($ amounts in millions):

        December 31, 2024   December 31, 2023
    Advances   $ 39,833     $ 35,562  
    Mortgage loans held for portfolio, net     10,796       8,614  
    Liquidity investments     12,911       12,152  
    Other investment securities(a)     20,189       19,451  
    Other assets     806       829  
             
    Total assets   $ 84,535     $ 76,608  
             
    Consolidated obligations   $ 78,085     $ 71,053  
    MRCS     363       369  
    Other liabilities     1,852       1,442  
    Total liabilities     80,300       72,864  
             
    Capital stock(b)     2,555       2,285  
    Retained earnings(c)     1,684       1,532  
    Accumulated other comprehensive income (loss)     (4 )     (73 )
    Total capital     4,235       3,744  
             
    Total liabilities and capital   $ 84,535     $ 76,608  
             
    Total regulatory capital(d)   $ 4,602     $ 4,186  
             
    Regulatory capital-to-assets ratio     5.44 %     5.46 %
    (a) Includes held-to-maturity and available-for-sale securities.
    (b) Putable by members at par value.
    (c) Includes restricted retained earnings, at December 31, 2024 and December 31, 2023, of $466 million and $398 million, respectively.
    (d) Consists of total capital less accumulated other comprehensive income plus mandatorily redeemable capital stock.
       

    All amounts referenced above are unaudited. More detailed information about FHLBank Indianapolis’ financial condition as of December 31, 2024, and its results for the year then ended, will be included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Bank’s Annual Report on Form 10-K.

    Safe Harbor Statement

    This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 concerning plans, objectives, goals, strategies, future events and performance. Forward-looking statements can be identified by words such as “will,” “believes,” “may,” “temporary,” “estimates,” and “expects” or the negative of these words or comparable terminology. Each forward-looking statement contained in this news release reflects FHLBank Indianapolis’ current beliefs and expectations. Actual results or performance may differ materially from what is expressed in any forward-looking statements.

    Any forward-looking statement contained in this news release speaks only as of the date on which it was made. FHLBank Indianapolis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are referred to the documents filed by the Bank with the U.S. Securities and Exchange Commission (“SEC”), specifically reports on Form 10-K and Form 10-Q, which include factors that could cause actual results to differ from forward-looking statements. These reports are available at www.sec.gov.

    Media Contact:
    Scott Thien
    Senior Corporate Communications Associate
    317-902-3103
    sthien@fhlbi.com

    Building Partnerships. Serving Communities.
    FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com. Also, follow the Bank on LinkedIn, as well as Instagram and X at @FHLBankIndy. Please note that content the Bank shares on its website and social media is not incorporated by reference into any of its filings with the SEC unless, and only to the extent that, a filing by the Bank with the SEC expressly provides to the contrary.

    The MIL Network –

  • MIL-OSI Economics: Verizon Innovative Learning reaches 8.5 million students, adds 34 schools for 2025-2026 school year

    Source: Verizon

    Headline: Verizon Innovative Learning reaches 8.5 million students, adds 34 schools for 2025-2026 school year

    NEW YORK – Verizon Innovative Learning, an award-winning education initiative, has reached over 8.5 million students, bringing Verizon closer to its goal of empowering 10 million by 2030.

    Through partnerships with leading academic institutions and educational providers, Verizon Innovative Learning empowers teachers and students with new ways of learning through technology-integrated curriculum, emerging technologies, and extensive support for educators.

    Only half (55%) of students1 preparing to enter the workforce say they have the skills necessary to be successful in today’s digital economy, making the mission of Verizon Innovative Learning – addressing barriers to digital inclusion – as imperative as it was 12 years ago when the initiative was launched.

    “For more than a decade, Verizon Innovative Learning has committed to breaking down barriers and equipping students with the skills and technology they need to thrive in today’s digital economy, said Donna Epps, Verizon’s Chief Responsible Business Officer. “By expanding our reach, we are continuing to fuel the greatness of the next generation and ensure students and teachers feel confident using technology to power their lives,”

    Bringing next-gen tech to 34 new schools nationwide this upcoming school year

    This year, the Verizon Innovative Learning Schools program, in partnership with Digital Promise, welcomes 34 new Title I schools from nine districts to its 12th cohort for the 2025-2026 school year. Participating schools receive devices, including tablets and laptops, as well as up to a four-year Verizon data plan for every student and teacher. Schools also receive a subsidy for a full-time technology coach to support teachers in effectively integrating technology into learning.

    With the support of Verizon Innovative Learning, 80% of teachers reported feeling more confident leveraging technology in teaching2, and 80% of teachers said the program enhanced student engagement3.

    The new schools include expanded partnerships with Chicago Public Schools (IL), Compton Unified School District (CA), Kansas City Public Schools (MO) and Orange Public Schools (NJ). The Verizon Innovative Learning Schools program also welcomes new districts Allentown School District (PA), Bastrop Independent School District (TX), Dove Schools (OK), LISA Academy Public Charter Schools (AR) and Vineland Public Schools (NJ).

    Innovative Lessons for Every Classroom

    Any educator nationwide, regardless of whether they are part of a Verizon Innovative Learning School, can access Verizon Innovative Learning HQ, a freely available portal providing over 500 STEM-infused K-12 lessons and professional development resources to bring new and innovative ways of learning into the classroom. Verizon Innovative Learning HQ offers standards-aligned lessons across subjects ranging from supplemental turnkey lessons to yearlong courses and immersive learning experiences with augmented reality (AR) and virtual reality (VR). Additionally, gaming content and a free Esports league are available for middle and high schools. The portal combines over a decade of Verizon Innovative Learning experience, with resources created in partnership with Discovery Education, McGraw Hill, Arizona State University’s J. Orin Edson Entrepreneurship + Innovation Institute, Digital Promise, and others at the forefront of innovation in education.

    Verizon Innovative Learning has committed over $1 billion in market value to support digital equity and inclusion within education across the country. Collectively, the programs have reached over 8.5 million students. These efforts are part of the company’s responsible business plan for economic, environmental and social advancement, helping people build confidence to change their lives for the better through the power of technology and shared knowledge.

    About Verizon

    Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

    1 https://prod.ucwe.capgemini.com/wp-content/uploads/2023/05/Final-Web-Version-Report-Digital-Skills.pdf

    2 Digital Promise 2024

    3 Westat and Digital Promise 2024

    MIL OSI Economics –

  • MIL-OSI Economics: Frank Elderson: Interview with Nederlandse Vereniging Duurzame Energie (NVDE)

    Source: European Central Bank

    Interview with Frank Elderson, conducted by NVDE

    20 February 2025

    TIME has named you one of the 100 most influential climate leaders in business. Why are you so motivated to integrate climate and nature-related risks into exercising the mandate of central banks and supervisors?

    Climate, nature and the economy are deeply interconnected and interdependent. The twin climate and nature crises are sources of financial risk. For central banks and supervisors, addressing these issues is therefore neither an option nor a political choice – it is an obligation that falls squarely within our mandate. If central bankers and supervisors want to effectively pursue their tasks of maintaining price stability and keeping the banking sector safe, they need to be mindful of the environment in which they operate. This means considering the impact of the climate and nature crises on inflation and banks’ safety and soundness.

    Is the energy transition in Europe progressing too slowly? If so, why?

    Europe has made significant progress in its energy transition, but if it wants to reach the agreed target, it needs to remain determined and avoid undermining what has been achieved so far. The facts are that current policies put Europe on a 3.1°C warming trajectory over the course of the century, which is too far from the 1.5°C target.[1] The economic risks associated with delayed action are stark: a late, abrupt transition away from fossil fuels would weaken the economy and increase losses for the financial system, making the path to net zero far more costly.[2] In fact, the United Nations has warned that climate mitigation must increase sixfold globally to stay on track for the Paris Agreement.[3] These figures underscore the urgent need for Europe not to relent in its transition efforts if it wants to avoid severe economic and environmental consequences.

    In a previous study, you demonstrated that most European companies and banks face significant financial risks when natural ecosystems collapse due to climate change and biodiversity loss. What are examples of these financial risks? What is the most important recommendation in the report?

    The interdependencies between banks, businesses and nature lead to financial risks. Damage to ecosystems through nature degradation and biodiversity loss poses a significant threat to the economic viability of companies and, by extension, to the financial stability of banks that grant them loans. The study you mention showed that, in the euro area, 72% of non-financial corporations rely heavily on at least one ecosystem service, while 75% of corporate bank loans – approximately €3.24 trillion – are tied to these ecosystem-dependent borrowers.[4] Key ecosystem services such as surface and ground water, together with mass stabilisation[5] and erosion control, are particularly critical, exposing banks to credit risks through affected firms.

    One of the most important lessons from the report is the recognition that biodiversity loss is both an economic and financial risk. A second lesson is that climate and biodiversity are, to a large extent, two sides of the same coin, and they cannot be addressed in isolation. Lastly, the report shows that we are still missing the data needed to better take into account the risks stemming from nature loss. To address this, we need to improve the way we collect and organise information about nature.

    What is the impact of climate change on inflation?

    The economic impacts of climate change and extreme weather events are impossible to ignore. Following 2023’s record-breaking temperatures, 2024 became the warmest year on record globally, reaching 1.5°C above pre-industrial levels.[6] Europe, the fastest-warming continent, saw temperatures soar to 2.9°C above pre-industrial levels in 2024. The physical impacts of climate change – such as more frequent and severe weather events like floods, droughts, and city and forest fires – disrupt supply chains, reduce agricultural yields and drive up food prices. For example, an interdisciplinary study by ECB economists and climate scientists showed that the 2022 heatwave in Europe added 0.8 percentage points to euro area food price inflation.[7]

    The green transition will also bring about structural economic changes, which could influence inflation. Although the overall impact of the green transition remains very uncertain and may vary over time, we need to account for it to effectively deliver on our mandate. This is why we are increasingly incorporating green transition policies, such as climate-related fiscal policies or assumptions on carbon pricing under the EU Emissions Trading System 2, into our macroeconomic analyses.[8]

    To what extent do oil and gas reserves, as stranded assets – losing their value due to the necessity of staying within the 1.5°C climate goal – pose an economic risk?

    Generally, stranded assets pose greater economic and financial risks to the extent that industries and banks are not prepared. As the economy moves towards meeting climate goals, industries need to adjust how they operate. And since most companies in the EU with high-emitting production facilities rely on bank financing, this also has a significant impact on banks’ balance sheets. Last year, we released a study on the banking sector’s alignment with EU climate objectives, where we found that 90% of analysed banks faced elevated transition risks due to substantial misalignment with the Paris Agreement.[9] The biggest risk stems from exposures to companies in the energy sector that are lagging behind in phasing out high-carbon production processes and are slow to scale up renewable energy production.[10]

    To what extent does the ECB incorporate climate-related risks into its monetary policy?

    The ECB has taken significant steps to integrate climate-related risks into its monetary policy framework. It has reduced the carbon footprint of the Eurosystem’s corporate bond holdings and expanded annual climate disclosures to cover over 99% of assets held for monetary policy purposes. We’re also making progress in embedding climate considerations in our modelling and forecasting. Through exercises such as climate stress tests, we’ve deepened our understanding of the impact of the green transition and the physical impacts of the climate crisis. To improve data availability, which is key if we want to keep incorporating climate and nature risks, the ECB has developed climate-related statistical indicators.

    How does the ECB ensure that the financial sector properly manages the risks associated with climate change?

    Five years on from the publication of the ECB Guide on C&E risks in 2020, banks have made significant progress in managing climate-related and environmental (C&E) risk. Initially, fewer than 25% of banks had worked on climate-related risk management, and in 2021 a self-assessment conducted by the banks revealed that 90% of their practices fell short of our expectations.

    Following thorough assessments in 2022, we came to the conclusion that the glass was filling up, but that it wasn’t yet half full. Based on what the banks themselves considered reasonable when we first started discussing C&E risk management with them, we set interim deadlines resulting in three milestones: by March 2023 banks were expected to draw up adequate materiality assessments; by December 2023 they needed to integrate C&E risks into their governance, strategy and risk management; and by the end of 2024 they were expected to comply with the full scope of ECB expectations on C&E risk.

    Encouragingly, most banks met the targets set by the 2023 deadlines, and frameworks for climate and nature-related risks are now broadly in place. However, a few banks are still lagging behind and could face potential penalties. For the third and final deadline, which just passed at the end of 2024, we are proceeding with our compliance assessments in the same way as for the two previous deadlines.

    What specific sustainability measure will you personally advocate for within the ECB in 2025?

    In 2025 we will closely monitor progress and, where necessary, use all the tools at our disposal to ensure the banking sector is resilient in the face of the unfolding climate and nature crises. As part of the ECB’s multi-year agenda for banking supervision, we will make sure that the banks we supervise directly – whose assets total over €26 trillion – fully account for climate and nature-related risks in their strategies and risk management. Ensuring banks comply with the new regulatory requirement to develop transition plans to prepare for the risks and potential changes in their business models associated with the green transition is particularly high on the agenda.

    What are your thoughts on Mario Draghi’s report, particularly his call for further financial and economic integration within the EU through, for example, establishing a capital markets union? This plan aims to create a single integrated capital market in the EU, allowing investments and savings to flow more freely across borders.

    From an ECB perspective, we have always been supportive of a deeper capital markets union (CMU). The renewed political momentum we have seen recently in furthering CMU – or a savings and investment union – has come at a crucial time. In fact, the bulk of the additional financing needed for the green transition has to come from the private sector.[11]

    The European Commission estimates that the EU needs an extra €477 billion (equivalent to 3.4% of GDP in 2023) of green investment per year by 2030. This number increases to €620 billion when considering the EU’s broader environmental ambitions. While banks are expected to make an important contribution, expanding and integrating capital markets is essential for directing the flow of funds towards green innovation. The public sector also has a key role to play in mobilising private green investment by crowding in private investment through, for example, lowering borrowers’ financing costs or de-risking green investment activities.

    Sustainable energy technologies and electricity infrastructure have higher investment costs than fossil fuel technologies. As a result, high interest rates slow the energy transition, despite its potential to help combat inflation. Recent high inflation was partly driven by high fossil energy prices. Could a lower interest rate for investments in sustainable energy accelerate the shift away from fossil fuels?

    The ECB’s primary objective is to maintain price stability, and this will always remain the cornerstone of our actions. But we also have a secondary objective, which requires us to support the general economic policies in the EU, including contributing to a high level of protection and improvement of the quality of the environment.[12] Within this mandate, accounting for the effects of climate and nature-related events is part and parcel of our tasks. Importantly, any direct incentives and tools must align with our monetary policy stance. In the specific case you mention, further challenges – such as data coverage and quality, defining appropriate green targeting criteria and establishing robust verification processes – still exist. Some of these issues require agreement on a European level, where we are dependent on legislation.

    Having said that, the ECB’s euro area bank lending survey tells us that European banks are already offering more favourable lending conditions to green firms or firms in transition.[13] In addition, governments can support green projects in a more targeted and effective way by offering more favourable lending through for instance public development banks. Despite this, the ECB still actively monitors regulatory developments.

    Are you optimistic about the energy transition in Europe?

    I am generally an optimistic person. In this case, the progress made speaks for itself: the share of renewables in the EU’s final energy use more than doubled between 2005 and 2023.[14] And last year, nearly half of the EU’s electricity was powered by renewables.[15] Much-needed investment in climate change mitigation has also grown, increasing by 42% between 2005 and 2022.[16]

    We know progress is possible, but we now need to go further and faster. Our research shows that a quicker transition will lower costs – being ready can offer a competitive advantage. Consumer preferences are already changing and these will support the transition. In that respect, we welcome the European Commission’s focus on both decarbonisation and competitiveness.

    Last but not least, through my involvement with the Network for Greening the Financial System (NGFS), which I co-founded and of which I was the first Chair, I’ve also witnessed first-hand the impact a committed group of central banks and supervisors working towards a common goal can have. The NGFS has grown from its original eight members to 143 members today. This “coalition of the committed” is prepared to help future-proof the economy and the banking sector. Regardless of the political winds that are blowing, the reality of the climate and nature crises doesn’t change. And as most Europeans know, it is a reality we must face head on.

    How sustainably do you live and travel?

    We have a fully electric car, and as a proud Dutchman, I love to ride my bike.

    MIL OSI Economics –

  • MIL-Evening Report: I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election

    Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

    In the 2022 federal election, two demographics were key to the final outcome: women and young people.

    With another election fast approaching, will they swing the result again?

    To answer this question, I turned to the Australian Election Study (AES) data spanning the period from 1987 to 2022, to investigate how different demographics have voted over time.

    I found that, generally, Australian women and young people tend to favour left-of-centre parties.

    However, specific election issues can have a substantial impact, making the political context of each election crucial. So what can we expect this time around?

    Leaning to the left

    Last year highlighted a growing gulf in political leanings between the sexes worldwide.

    Young women are increasingly progressive. Young men – particularly Gen Z (born after 1994) – are leaning more conservative in many countries, including the United States, China, South Korea and Germany.

    My analysis of the Australian data mirrors global trends, but with a twist.

    Young Australian women are moving sharply to the left. But unlike in many other countries, young Australian men are also shifting left, just at a slower pace.

    Australia’s leftward move across generations is reflected in both self-placement on a left-right ideological scale, and in the vote in federal elections.

    In the 2022 Australian election, the Coalition received its lowest-ever share of the women’s vote at just 32%.

    Only 24.3% of Millennials (21.9% of men and 25.7% of women) voted for the Coalition in 2022.

    These are the lowest levels of support for either major party among younger people in the history of the survey.

    Among Gen Z, a slightly higher proportion of 24.6% voted for the Coalition (34.0% of men and 19.8% of women).

    What’s driving this?

    In theory, women’s leftward shift is driven by several factors. These include higher education levels, greater participation in professional work, and exposure to feminist values. Despite Australia’s post-industrial, egalitarian image, persistent gendered inequalities and discrimination also play a role.

    Meanwhile, young men’s move to the left can be attributed to progressive and egalitarian socialisation. Plus, unlike in other countries, Australia lacks Donald Trump-like figures who could mobilise anti-feminist or hardline conservative sentiments. This limits the expression of such views at an aggregate level.

    This leftward shift is, in part, a generational effect – or at least a reflection of the times.

    The generational angle is crucial, as the 2025 federal election will be the first in which Millennials and Gen Z together will outnumber Baby Boomers as the dominant voting bloc in Australia.

    This shift should shape how political parties campaign, whom they target, and which issues take centre stage.

    Policies are voter priorities

    My analysis highlights another important angle. Over the study period, voting decisions have increasingly been driven by policy issues, with 48% of Australians citing them as the primary factor. This is followed by party affiliation (29%), party leaders (14%) and local candidates (9%).

    In 2022, 54% of voters reported policy issues as the main factor influencing their choice.

    Across election years, I identified the most prominent and recurrent election issues that voters identified as influential. I added these issues to my model to see how people who care about these issues lean (left-right) and whether men and women differ in their political leanings (progressive-conservative). I also considered other factors known to impact voting, including:

    • sociodemographic factors (education, marital status, social class, home ownership and rural/urban residency)

    • familial socialisation (what their parents’ political preferences were)

    • social network factors (whether they’re religious or a member of a union)

    • electoral context (what each respondent said were the most important voting issues)

    Overall, women tend to be slightly more left-leaning on policy issues than men, and while this difference is statistically significant, it is small and the general trend holds across both sexes.

    Compared with Boomers, each successive generation is more likely to vote for a left party. Gen Z is the most left-leaning (though their smaller sample size warrants some caution in interpretation).

    So who votes for whom?

    Unsurprisingly, people vote according to who they think will best address the policy areas they care about most.

    Those prioritising interest rates, taxation or economic management favour right-wing parties. Voters most concerned with health, Medicare and climate change are more likely to vote for the left.

    Education, class and social networks matter, too. Highly educated, working-class, non-religious and union-affiliated voters tend to support left parties. So, too, do those raised in left-leaning households.

    While the size of these effects varies slightly between men and women, the overall direction remains the same.

    How might this play out in 2025?

    The thing about election issues is that they are highly time-sensitive. Take the GST: it was one of the defining issues of the 1998 election, yet was largely irrelevant after 2004.

    In recent years, left-leaning issues — the environment, health and Medicare — were more likely to be front-of-mind when Australians all of ages headed to the polls. This gives Labor and the Greens an issue-owner advantage.

    Cost of living (spanning day-to-day expenses, interest rates and housing affordability) has now become the defining issue of this election cycle. At first thought, among the two major parties, the Coalition is traditionally seen as a better economic manager.

    However, my analysis from 2022 election data shows that, compared with the 2019 election, fewer people considered the Coalition the best manager of the economy among those who considered it the most important election issue.

    Further, for the first time in the past five elections, a majority of the voters perceived Labor as more aligned with their own views on immigration, refugees and asylum seekers. These issues, historically seen as Coalition strongholds, are also likely to be key this time around.

    For the Coalition, this is bad news. But for Labor, the challenge is twofold: retaining younger, progressive voters while addressing broader economic anxieties.

    With growing voter volatility and a diminished sense of party loyalty, neither major party can rely on a stable base.

    Australians are increasingly willing to shift allegiances, including to the increasing supply of independent alternatives. Both Prime Minister Anthony Albanese and Opposition Leader Peter Dutton will have to convince voters they have the best solutions for the key issues.

    Intifar Chowdhury 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. I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election – https://theconversation.com/i-looked-at-35-years-of-data-to-see-how-australians-vote-heres-what-it-tells-us-about-the-next-election-249368

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: USA: Government has ‘completely gutted’ the right to seek asylum at US-Mexico border – new research

    Source: Amnesty International –

    Unaccompanied minors stranded without way to seek help or safety

    Crucial organisations at border face crisis from Trump’s USAID freeze

    ‘The right to seek asylum simply does not exist at the border and vulnerable people are stranded’ – Amy Fischer

    Amnesty International has found that the right to seek asylum in the United States is non-existent at the US-Mexico border, in violation of its national and international human rights obligations.

    The 24-page briefing – Lives in Limbo: Devastating Impacts of Trump’s Migration and Asylum Policies – outlines the US government’s complete gutting of the right to seek asylum at its border with Mexico, providing virtually no way for people seeking safety to go through the legal process. According to US immigration law, people seeking asylum must apply at a port of entry.

    The research finds that while the mandatory use of the US Customs and Border Protection One App to seek asylum was unlawful, ending its use has left tens of thousands of people stranded in Mexico with nowhere to go – even unaccompanied minors are stuck without a way to seek safety.  

    Without CPB One appointments, people are trapped in risky and precarious circumstances on the southern side of the border, which is especially dangerous for Mexicans seeking asylum.

    Amnesty conducted interviews at the border between 3-9 February with dozens of people who were seeking safety in the US, documenting their treatment, and the impact of the change in border policies (see testimonies in the briefing).

    Along with targeted US Immigration and Customs Enforcement across the country, the Trump administration has dismantled the US Refugee Admissions Program and ended rights enshrined in the US Constitution including birthright citizenship, along with advocating other anticipated actions rooted in racism and white supremacy.

    Amy Fischer, Amnesty International USA’s Refugee and Migrant Rights Program Director, said:

    “The Trump administration has made the US-Mexico border a zone that is overtly hostile to human rights and displays utter disregard for the humanity and dignity of people on the move.

    “The right to seek asylum simply does not exist at the border and vulnerable people are stranded with border organisations—who themselves could now be subject to retaliation and criminalisation from the US government— struggling to prevent an even bigger humanitarian disaster.”

    The research’s alarming findings stem from the Trump administration’s executive actions and the increased militarisation of the border by the Mexican government.

    Impact of freezing crucial aid

    Lives in Limbo has been launched in the broader context of the Trump administration’s stripping of funding for crucial humanitarian organisations working at the border that received money from USAID and other government programmes whose funding is now frozen.

    Humanitarian and immigration organisations that operate on the border to provide shelter, legal help, and humanitarian care to people seeking safety are also now facing a crisis as they are left with no financial means to continue to operate and carry on their life-saving work.

    Mary Kapron, Amnesty International’s Researcher, said:

    “Shelters at the border struggle to tell children that they have no options left.

    “Many of the kids barely understand what is happening to them in the first place. And those who do are left with an impossible decision: either go back to where they fled and understand that they may not survive or put their lives in the hands of traffickers.”

    Mexican increases border militarisation 

    In Mexico, the Government sent 10,000 new members of the Mexican military deepening the militarisation at the border, fuelling a climate of fear, and leading to mass detention and deportation.

    Amnesty continues to call on the US to urgently adopt solutions that abide by human rights obligations and stop playing politics and stoking fear with people’s lives to facilitate the adoption of increasingly draconian border and immigration policies that violate the human rights of people seeking safety, fuel violence against Black, brown, and Indigenous communities, and exacerbate the dysfunction of an already-beleaguered immigration system. 

    The organisation also calls on the Mexican government to cease collaboration with the US on harmful immigration policies and immediately implement measures to ensure the safety and security of people seeking asylum who are transiting through Mexico.

    MIL OSI NGO –

  • MIL-OSI Asia-Pac: National Workshop on Fast-Tracking and Reporting of Progress on Sustainable Development Goals (SDGs) under the State Support Mission (SSM) held in Bhubaneswar, Odisha

    Source: Government of India (2)

    Posted On: 20 FEB 2025 9:06PM by PIB Delhi

    The National Conference on Fast-Tracking and Reporting of Progress on Sustainable Development Goals (SDGs) under the State Support Mission (SSM), organized by NITI Aayog in partnership with the Government of Odisha and technical partners UNDP concluded in Bhubaneswar, Odisha today.

    The conference brought together senior government officials from 25 States and Union Territories, along with representatives from various Ministries of Government of India, UN agencies (UNDP, GIZ, UN-Habitat), academia (NIPFP, RIS), and CSOs. The workshop featured technical sessions on:  i) Strengthening SDG Localisation, ii) SDG Financing, and iii) Voluntary National Review (VNR) 2025.

    The inaugural session was graced by Sh. Suman K. Bery, Hon’ble Vice Chairman, NITI Aayog; Sh. B.V.R. Subrahmanyam, CEO, NITI Aayog; and Sh. Manoj Ahuja, Chief Secretary, Government of Odisha, other senior officers, representatives of UNDP and GIZ, and others participated in the workshop.

    Vice Chairman, NITI Aayog Shri Bery stressed the urgency of a data-driven, multi-stakeholder approach to bridge gaps, strengthen governance, and mobilize sustainable finance—ensuring that no one is left behind. CEO, NITI Aayog highlighted India’s landmark SDG progress, from significant poverty reduction to effective localization, and called on States and UTs to drive peer learning for collective impact. Sh. Manoj Ahuja, Chief Secretary, Government of Odisha also reiterated the importance of accurate data collection and visualization as cornerstones of good governance for SDG advancement. 

    This workshop highlighted the crucial role of SDG Coordination and Acceleration Centres in advancing sustainable development. These centres focus on developing accelerator plans, ensuring the convergence of schemes, leveraging data for informed decision-making, and addressing the SDG financing gap. Additionally, they emphasize strategic messaging that prioritizes key indicators at the local level. This workshop marks a significant step in reinforcing India’s commitment to Agenda 2030 through collaborative policymaking and dynamic state-level interventions. The National Conference on Accelerating Sustainable Development Goals is a vital component of NITI Aayog’s core mandate to foster cooperative federalism and provide a platform for the exchange of knowledge and best practices among States and Union Territories.

     

    ***

    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “India’s commitment to Global Maritime Sustainability in sync with PM Narendra Modi’s vision of Viksit Bharat”: Sarbananda Sonowal

    Source: Government of India

    “India’s commitment to Global Maritime Sustainability in sync with PM Narendra Modi’s vision of Viksit Bharat”: Sarbananda Sonowal

    Union Minister Sarbananda Sonowal inaugurates the Green Shipping Conclave, 2025

    Secretary General Arsenio Dominguez highlights Strategic role of India in Global Shipping

    Posted On: 20 FEB 2025 8:54PM by PIB Delhi

    The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal reaffirmed India’s commitment to global maritime sustainability and international cooperation while speaking after inaugurating the Green Shipping Conclave, 2025 in Mumbai today. The conclave was also attended by the Secretary General of International Maritime Organisation (IMO), His Excellency Arsenio Dominguez — a gesture appreciated by the Union Minister Shri Sarbananda Sonowal terming it a new milestone in India and IMO partnership for global maritime sustainability. 

    Speaking at the event, the Union Minister, Shri Sarbananda Sonowal said, “India stands at the forefront of a global maritime revolution—one that prioritise sustainability, innovation, and environmental stewardship. Under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi ji, we are not just adapting to change; we are driving it. Through initiatives like the ‘Harit Sagar Green Port Guidelines’, the ‘Green Tug Transition Programme’, and the ‘National Green Hydrogen Mission’, we are transforming our ports and shipping industry into beacons of sustainability. The recently announced ₹25,000 crore Maritime Development Fund is aimed at catalysing investments in green infrastructure, alternative fuels, and fleet modernisation, ensuring that India remains a leader in decarbonisation. Sustainability is not merely a regulatory obligation—it is an economic opportunity and a moral responsibility. As we build strategic green corridors and enhance international collaborations with IMO and BIMSTEC, our message to the world is clear: India is committed to a cleaner, greener, and more resilient maritime future. India committed to Global Maritime Sustainability in sync with PM Narendra Modi ji’s vision of Viksit Bharat.”

    The Green Shipping Conclave, 2025 marked a pivotal moment in India’s green maritime transition. The conclave served as a high-impact platform for policy dialogues, technical discussions, and roundtable meetings, engaging key stakeholders from the industry, government, and academia. Among the significant discussions, the IMO Secretary-General chaired a CEO Round Table on Renewable Energy, focusing on clean fuel investments and green port infrastructure.

    The Union Minister of State, Shri Shantanu Thakur highlighted India’s ambitious green shipping initiatives under the Maritime India Vision 2030 and Amrit Kaal Vision 2047. Speaking on the occasion, Shri Shantanu Thakur said, “India is leading the maritime sector’s green transformation through clean energy, sustainable ports, and innovative shipbuilding. With bold policies, global collaborations, and investments in alternative fuels, we are setting new benchmarks for decarbonisation. Under the visionary leadership of Prime Minister Shri Narendra Modi ji, the ministry has chalked out the Maritime India Vision 2030 and Amrit Kaal Vision 2047, which are the blueprint towards empowering our maritime sector and enabling it to become greener, cleaner and sustainable. Together, we are shaping a resilient, eco-friendly maritime future.”

    Key areas of focus included Green Energy promoting cleaner fuels like green hydrogen, ammonia, biofuels, and LNG through the National Green Hydrogen Mission. It also held discussions on Green Ships with advancements in low emissions, hybrid, and fully electric vessels with the government programmes like Green Tug Transition Programme (GTTP) and Harit Nauka initiative. The conclave also highlighted India’s effort to convergence of Green Ports with policy initiatives like Sustainable Ship Recycling Programme at Alang, adhering to Hong Kong Convention standards.

    His Excellency Arsenio Dominguez, the Secretary General of IMO acknowledged India’s strategic role in global shipping, highlighting its contributions towards sustainable maritime development, alternative energy solutions, and international regulatory collaboration.

    The valedictory session, presided over by the Union Minister Shri Sarbananda Sonowal and Shri Rajesh Kumar Sinha, Additional Secretary, Ministry of Ports, Shipping & Waterways, outlined India’s roadmap for a sustainable maritime future. In his concluding remarks, His Excellency, Arsenio Dominguez reiterated the IMO’s commitment to supporting India’s maritime transition through capacity-building, financial mechanisms, and technical cooperation. The Green Shipping Conclave 2025 and the IMO Secretary-General’s visit reinforced India’s position as a global leader in sustainable maritime practices. These engagements have deepened India-IMO cooperation, paving the way for advancements in decarbonization, alternative fuels, and digital transformation in the maritime industry.

    The Green Shipping Conclave, 2025 was organised by the Ministry of Ports, Shipping & Waterways, the Directorate General of Shipping, the Institute of Marine Engineers (India). The conclave aimed at converging pioneering ideas and perspective to shape India’s leadership in maritime innovation, environmental sustainability and regulatory advancements aligning with the global goals of collective decarbonisation effort.

    ***

    G.D. Hallikeri / Henry

    (Release ID: 2105136) Visitor Counter : 12

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Regional meeting on Power Sector with States/ UTs of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh & Uttarakhand

    Source: Government of India

    Regional meeting on Power Sector with States/ UTs of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh & Uttarakhand

    In first-of-its-kind interaction, Centre and States assembled under one roof with a single purpose of finding solutions to strengthen the power sector on the side lines of Chintan Shivir held for Northern Region States

    States urged Centre for support in privatisation of distribution to further enhance service delivery to consumers and improve efficiency

    “Listing of Utilities should be taken up by States to bring investment”

    “To attract investors in the listing process States should work on bringing viability in all sectors i.e. Generation, Transmission and Distribution”

    “Battery Energy Storage System should be promoted more by States”

    “States were urged to meet Renewable Purchase Obligation (RPO) requirement while working on their resource adequacy and sign Power Purchase Agreements (PPAs)”

    “Steps should be taken to develop Intra-State Transmission network as per demand projections of 2032.”

    Power Minister releases consumer service ratings of DISCOMS, Integrated ratings and 1st edition of comprehensive Distribution Utility Ranking for FY 2023-24

    Haryana DISCOMs and Tata West in Odisha attained top ranks in the category of distribution utilities

    Uttarakhand and Assam secured top rank among Special Category States

    Among Urban utilities, Adani Electricity Mumbai Ltd. Tata Delhi and Noida Power Corp Ltd. Attained top ranks in Utility rankings

    Posted On: 20 FEB 2025 8:42PM by PIB Delhi

    The Regional meeting of Power Sector was held on 20th February 2025 in New Delhi. Union Minister of Power and Housing & Urban Affairs, Shri Manohar Lal chaired the meeting along with Union Minister of State for Power and NRE Shri Shripad Yesso Naik. The meeting was attended by Union Power Secretary, Additional Chief Secretaries/ Secretaries/ Principal Secretaries (Power/ Energy) of participating States, CMDs of Central and State Power Utilities. Officers from Ministry of Power also participated in the meeting.

    Secretary (Power) Shri Pankaj Agarwal in his address highlighted the major concerns about financial health of public sector distribution utilities. He expressed concerns about slow progress of works under RDSS. He mentioned that timely implementation of the works under RDSS would help make the distribution sector operationally efficient. Further, he also urged the States for implementation of the Resource Adequacy Plan in a strategic manner and to resolve pending issues in ongoing projects in the Generation and Transmission projects.

    Addressing the stakeholders in his opening address, the Union Minister of State for Power and NRE underlined the importance of a future ready, modern and financially viable power sector to fuel the growth of country on its journey towards becoming a developed nation. He mentioned that the growing demand for electricity supplemented by newer modes of consumption like Electric Vehicles, Data Centres and newer paradigms like RE integration, Battery Storage, Cyber Security of critical Infrastructure and Pumped Storage etc. demand for collective efforts from all concerned.

    He pointed out financial viability of distribution sector is vital for the overall growth of power sector in the country. He further mentioned that distribution utilities need to make efforts for expeditious implementation of works sanctioned under RDSS and called the utilities to promote smart meters through effective consumer engagement. He also mentioned about the requirement of strengthening CyberSecurity frameworks so as to safeguard critical infrastructure.

    In his closing remarks, Hon’ble Union Minister for Power and Housing & Urban Affairs mentioned that Power Sector has a vast domain and has multiple aspects. To discuss various challenges being faced by different stakeholders and to explore possible solutions, the Ministry has organised this meeting at regional level with participation from northern States. Power Sector has a vital role to play in India’s goal for becoming a developed nation by 2047 for which further integration of renewable as well as nuclear sources of energy is required. The world is aiming towards achieving net zero carbon emission and soon we may see demand for products manufactured through green energy only. Further, he mentioned that renewable energy sources should also be coupled with investment in Storage Systems like BESS and PSP.

    He mentioned that today’s discussions have been fruitful and vital issues like financial viability of DISCOMs, expeditious implementation of works sanctioned under RDSS, transmission constraints, resource adequacy etc. were covered. The DISCOMs were advised to work towards improving their financial viability and have cost-reflective tariffs. States should also work towards listing of their power sector utilities which would help them in attracting funds for future investment to cater to load growth. DISCOMs to work towards improving their rankings for their improved credit worthiness. He also mentioned that energy efficiency is equally important. He mentioned that efforts should also be made towards capacity building of the utility functionaries. States to also implement the best practices in line with their requirements. He also assured full support from Central Government to States for strengthening the power sector.

    The Ministry of Power remains dedicated to facilitating inter-state cooperation and addressing emerging challenges in the sector through such regional consultations. The outcomes of this meeting will contribute to the formulation of strategic policies for the sustainable development of India’s power sector.

    The 13th Integrated Ratings of 63 Distribution Utilities was launched for the year FY 2023-24. Adani Electricity Mumbai Limited (AEML) topped the ratings for FY 2023-24, followed by Dakshin Gujarat Vij Company Limited (DGVCL), Noida Power Company Limited (NPCL), Madhya Gujarat Vij Company Limited ((MGVCL) and Uttar Gujarat Vij Company Limited (UGVCL).

    The 4th edition of the Consumer Services Rating of DISCOMs (CSRD) report covering performance of DISCOMs for FY 2023-24 was launched during the meeting. Six (6) DISCOMs (BSES Rajdhani Power Limited (BRPL), BSES Yamuna Power Limited (BYPL), Tata Power Delhi Distribution Limited (TPDDL), Adani Electricity Mumbai Limited (AEML), Tata Power Company Limited (TPCL) Mumbai, NOIDA Power Company Limited (NPCL)) have secured the highest grade “A+”, Fifteen (15) DISCOMs secured “A” grade.

    The first edition of the Distribution Utilities Ranking (DUR) Report for FY 2023-24 was also launched during the meeting. In the Distribution Utilities category – Uttar Haryana Bijli Vitran Nigam Limited (UHBVNL), Dakshin Haryana Bijli Vitran Nigam Limited (DHBVNL) and Tata Power Western Odisha Distribution Limited (TPWODL) topped the rankings. Under Special Category State Utilities –

    Uttarakhand Power Corporation Limited (UPCL), Assam Power Distribution Company Limited (APDCL) and Arunachal Pradesh Power Department were the top performers. Under the category of Urban DISCOMs, Adani Electricity Mumbai Limited (AEML), Tata Power Delhi Distribution Limited (TPDDL) and NOIDA Power Company Limited (NPCL) were the best performing DISCOMs.

    Agenda for Regional Meeting with States/UTs

    Joint Secretary (Distribution), Ministry of Power, GoI made a presentation on the agenda items. Highlights of the presentation are:

    • Key challenges and strategy to be taken towards a financially viable power sector was highlighted during the presentation.
    • The meeting saw an enthusiastic participation from States who provided their views on addressing the requirements for improving financial viability of Distribution Utilities.
    • Inputs received from the States included privatization based model for distribution utilities, lowering of interest rates by lending agencies, rationalization of tariff structure, listing of utilities and Renewable Energy purchase obligations along with support for Battery energy storage systems (BESS) and Pumped Storage Projects (PSP). 
    • A significant portion of the discussions revolved around the Revamped Distribution Sector Scheme (RDSS), emphasizing fast-tracking smart metering projects, utilizing smart metering data analytics, demand response mechanisms, and ensuring cybersecurity.

    –xx—xx—xx-

    JN /SK

    (Release ID: 2105131) Visitor Counter : 53

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister of State Shri George Kurian participates in the National Fisheries Digital Platform Registration Outreach Program in Madhya Pradesh

    Source: Government of India (2)

    Union Minister of State Shri George Kurian participates in the  National Fisheries Digital Platform Registration Outreach Program in Madhya Pradesh

    Nationwide Intiative aimed at Digital Empowerment of Fishermen; to provide benefits of Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana to Stakeholders

    Aquapark and Research Centre Project worth Rs. 25 Crores Announced for  Madhya Pradesh

    Posted On: 20 FEB 2025 8:12PM by PIB Delhi

    The Department of Fisheries under the Ministry of Fisheries, Animal Husbandry and Dairying, is organizing a special nationwide campaign for registrations on the National Fisheries Digital Platform (NFDP) along with expediting registration approvals and mobilizing applications from eligible stakeholders for availing various benefits provided under Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PMMKSSY) from 14th to 22nd February 2025.

    As a part of this effort, the Department of Fisheries organized Mobilization Camp for registrations on the National Fisheries Digital Platform (NFDP) on 20th February 2025 in Depalpur, District Indore, Madhya Pradesh. The event was graced by Shri George Kurian,  Minister of State for Fisheries, Animal Husbandry & Dairying and Minority Affairs along with Shri Narayan Singh Panwar, Minister, Fisheries welfare and Department of Fisheries, Madhya Pradesh, Shri Shankar Lalwani, Member of Parliament (MP), Indore, Madhya Pradesh, and Shri Ravi Kuma, Director Department of Fisheries, Indore.  This effort in collaboration with State/UT Fisheries Departments, the National Fisheries Development Board (NFDB), and Common Service Centers (CSCs), focuses on expediting the registration process, enhancing approval rates, and encouraging eligible stakeholders to avail themselves of the numerous benefits under PMMKSSY, such as credit facilitation, aquaculture insurance and performance grants. In Madhya Pradesh 60,426 people have registered on the NFDP Portal, till date 33,820 applications have been approved and 25,402 applications are in progress. 

    During the outreach program Aquapark and Research Centre project in Madhya Pradesh was announced at a project cost of ₹25 crore, in addition a Fish Parlor was inaugurated to promote fish consumption and improve market access for fishery products.

    Union Minister, Ministry of Fisheries, Animal Husbandry & Dairying (MoFAH&D) Shri George Kurian addressed the gathering and highlighted the fisheries sector’s critical role in food security, livelihoods, and the economy, supporting approximately 3 crore people. He emphasized upon India’s global leadership as the top producer of cultured shrimp and the second-largest producer of aquaculture and fish. The Minister discussed the Pradhan Mantri Matsya Sampada Yojana (PMMSY), launched in 2020 with an investment of ₹20,050 crore, and the approval of a new sub-scheme, Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PMMKSSY), with an outlay of ₹6,000 crore for 2023-27. He also highlighted the National Fisheries Digital Platform (NFDP), launched on September 11, 2024, to formalize the fisheries sector, which has already registered 18 lakh stakeholders. He urged all stakeholders to register on NFDP and avail themselves of the scheme’s benefits, aligning with Prime Minister Shri Narendra Modi’s vision of Viksit Bharat 2047 to make India a global leader in fisheries and aquaculture.

    1500 Fisheries cooperative, fishermen and entrepreneurs participated in the camp. The  Registration Outreach Program concluded with a strong call for active participation from all stakeholders.

    ****

    Aditi Agrawal

    (Release ID: 2105111) Visitor Counter : 50

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKETO Jakarta celebrates Year of Snake in Kuala Lumpur

    Source: Hong Kong Government special administrative region

    HKETO Jakarta celebrates Year of Snake in Kuala Lumpur
    HKETO Jakarta celebrates Year of Snake in Kuala Lumpur
    ******************************************************

         The Hong Kong Economic and Trade Office, Jakarta (HKETO Jakarta) hosted a Chinese New Year dinner in Kuala Lumpur, Malaysia, today (February 20) to celebrate the Year of the Snake. Some 400 guests from the local government, business, academic, cultural and media sectors attended the event.      In her welcome speech, the Director-General of the HKETO Jakarta, Miss Libera Cheng, said that Hong Kong and Malaysia share robust and mutually beneficial commercial ties, with both places being a top-10 trading partner of the other.  Bilateral trade in goods amounted to US$27 billion last year, marking a significant year-on-year growth of 13 per cent.      “We congratulate Malaysia on assuming chairmanship of the Association of Southeast Asian Nations (ASEAN) this year. Hong Kong echoes the themes of Malaysia’s chairmanship, and will support relevant projects that would drive ASEAN’s inclusivity and sustainability. With the adoption of the Procedures for Accession to the Regional Comprehensive Economic Partnership (RCEP) Agreement in September 2024, we will also continue to maintain close liaison with ASEAN countries including Malaysia to foster favourable conditions for Hong Kong’s early accession to the RCEP.”      Miss Cheng added that following the Chief Executive’s visit in July 2023 and the visits by the Chief Justice of the Court of Final Appeal and the President of the Legislative Council last year, Hong Kong and Malaysia have forged frequent and comprehensive high-level connections. The Secretary for Justice also led a delegation to promote Hong Kong’s legal services in Malaysia in September 2024, witnessing the signing of Memoranda of Understanding between arbitration and dispute resolution bodies of both places. She invited Malaysian enterprises to leverage Hong Kong’s advantages as a high value-added supply chain service centre, including the city’s top-notch professional services and well-established financial infrastructures, to deepen and expand their international business.      “On people-to-people ties, the performances by the Hong Kong Chinese Orchestra, Hong Kong Dance Company, Asian Youth Orchestra and other groups in Malaysia last year were well received by the local audience, showcasing our rich culture and outstanding arts talent. Looking ahead, we will bring our cultural exchanges with Malaysia to new heights in accordance with the Blueprint for Arts and Culture and Creative Industries Development promulgated in November 2024.”      Dignitaries attending the dinner included the Deputy Minister of Investment, Trade and Industry of Malaysia, Mr Liew Chin Tong; the Chinese Ambassador to Malaysia, Mr Ouyang Yujing; the Director of Malaysia of the Hong Kong Trade Development Council, Ms Hoh Jee Eng; the President of the Hong Kong-Malaysia Business Association, Dato’ Dixon Chew, and senior representatives from other major local business chambers.      The HKETO Jakarta will host its Chinese New Year celebration in Penang, Malaysia, next Tuesday (February 25).

     
    Ends/Thursday, February 20, 2025Issued at HKT 20:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: President von der Leyen at the CARICOM Leaders’ Summit to strengthen partnership between the European Union and the Caribbean

    Source: European Commission

    European Commission Press release Brussels, 20 Feb 2025 During the first-ever visit of a European Commission President to the Caribbean, European Commission President Ursula von der Leyen reaffirmed Europe’s commitment to deepening its relations and partnership with the region.

    At the invitation of Caribbean Community (CARICOM) Chair, Barbados Prime Minister Mia Mottley, President von der Leyen met the 15 leaders of the Caribbean Community during the 48th Regular Meeting of the CARICOM.  The visit aims at further strengthening the EU’s presence in the region and lay the groundwork for the EU-CELAC Summit, planned for later this year.  

    In a new era of harsh geostrategic competition, Europe stands for openness, partnership and outreach. The visit took place in the context of the Commission’s effort to build new partnerships and strengthen old ones, which includes recent agreements with Mercosur, Mexico and Malaysia.

    President von der Leyen said: “Europe and the Caribbean may be an ocean apart, but we are close allies. We share so many interests and values, including our mutual support for Ukraine. Europe stands with the Caribbean countries in the fight against climate change, protecting nature and biodiversity, strengthening trade, and boosting investments through Global Gateway. Europe wants to be a fair and trusted partner for all regions of the world that want to work with us.”

    President von der Leyen also discussed with Caribbean partners the situation in Haiti. She underlined the EU’s commitment to Haiti’s recovery and security and its support to CARICOM efforts in this regard. In this context, a package of €19.5 million EU support was announced during the visit. This new financial support will complement ongoing efforts to deliver essential services to Haitians as well as support the country’s macroeconomic stability.

    President von der Leyen highlighted the EU’s commitment to supporting Caribbean partners in fighting climate change and its devastating impact on the islands. As the leading provider of climate finance, the EU is determined to work together on innovative financing, while promoting private sector investments.

    At global level, the EU and the Caribbean are stepping up their energy partnership following the launch of the Global Energy Transition Forum by President von der Leyen in Davos last month. She welcomed the 8 countries (Barbados, Guyana, Grenada, Haiti, Jamaica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Dominica)* that joined the forum during the summit, committing to action to meet the global targets of tripling renewable energy capacity and doubling energy efficiency by 2030.

    During the visit, President von der Leyen underscored the reliability of the EU as a trade and investment partner to the region working together on mutually beneficial projects. President von der Leyen launched several projects under Europe’s Global Gateway strategy on renewable energy, digital transformation, pharmaceutical production and economic resilience. The projects will invest in a stronger, greener and better connected Caribbean.

    Key Global Gateway projects in the Caribbean

    Expanding Renewable Energy: Global Gateway energy projects are underway in 13 Caribbean countries, leveraging European expertise, technology, and financing tools. In this context, President von der Leyen and Prime Minister Mottley announced a €160 million green hydrogen storage project by the French company HDF Energy, the first of its kind in the Caribbean.

    Advancing the Digital Agenda: The EU and the Caribbean are strengthening their digital partnership with the signing of a Memorandum of Understanding (MoU) between the Caribbean and the European satellite company Hispasat during the CARICOM meeting. It will improve the Caribbean’s satellite internet connectivity and sovereignty within the framework of the EU–LAC Digital Alliance. As part of this initiative, the EU and Spain will provide a €10 million grant to support satellite broadband expansion and promote digital inclusion across the region.

    Developing Local Pharmaceutical Production: The EU’s €8.9 million investment to promote local production and regulatory alignment with European standards was also taken forward in the framework of the CARICOM meeting. A joint declaration to cooperate on twinning Caribbean and EU regulatory agencies, capacity-building initiatives, and research collaborations was signed during the meeting. Additionally, the first investment from a European pharmaceutical company, Biomed X in Barbados, will support research and manufacturing, further reinforcing the region’s health resilience.

    Supporting Post-Hurricane Reconstruction: As part of the assistance given to Grenada in rebuilding Carriacou and Petite Martinique after Hurricane Beryl, the EU is supporting the islands to become 100% powered by renewable energy. This initiative will serve as a global model for small islands striving for climate resilience.

    Combating the Sargassum Challenge: The EU, in collaboration with regional partners, is transforming the environmental and economic challenge of sargassum seaweed into an opportunity for sustainable development. Through an ongoing €386 million Global Gateway initiative, the EU is working with financial institutions such as the European Investment Bank and the private sector to develop sustainable value chains for sargassum, particularly in Grenada.

    For More Information

    Opening remarks by President von der Leyen at the opening ceremony of the 48th Regular Session of the Conference of CARICOM

    Statement by President von der Leyen at the joint press conference with Barbadian Prime Minister Mottley

    * Updated on 20/02/2025 at 14:55

    Quote(s)

     Europe and the Caribbean may be an ocean apart, but we are close allies. We share so many interests and values, including our mutual support for Ukraine. Europe stands with the Caribbean countries in the fight against climate change, protecting nature and biodiversity, strengthening trade, and boosting investments through Global Gateway. Europe wants to be a fair and trusted partner for all regions of the world that want to work with us.

    Ursula von der Leyen, President of the European Commission

    MIL OSI Europe News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Announces Date of 2025 Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the holding company for NorthEast Community Bank, today announced that its annual meeting of stockholders will be held on Thursday, May 22, 2025.

    About NorthEast Community Bancorp

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

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:      Kenneth A. Martinek
    Chairman and Chief Executive Officer
         
    PHONE:   (914) 684-2500
         

    The MIL Network –

  • MIL-OSI Europe: Written question – Potential misuse of EU funds by pro-migrant association Equalis – E-000658/2025

    Source: European Parliament

    Question for written answer  E-000658/2025
    to the Commission
    Rule 144
    Jean-Paul Garraud (PfE)

    Equalis, an association providing emergency accommodation with a focus on social integration, has previously received EU funding, in particular from the European Social Fund (ESF)[1]. Some of the bodies that have merged with Equalis, such as the Agir-Combattre-Réunir association, have also received EU subsidies for certain projects[2].

    However, accusations of poor financial management have been levelled against the association. Arthur Anane, the former director of the association, had a monthly net salary of EUR 11 400, as well as the use of an Audi Q7 and a housing allowance of EUR 533 per month[3].

    This raises some questions, especially given that Equalis is run almost exclusively on public funding, including EU funds. Legal proceedings are under way, and in June 2025 the association’s former director is to be tried for the alleged misappropriation of public funds.

    • 1.Have Equalis or its constituent bodies received EU funding (from the ESF, the Asylum, Migration and Integration Fund or others), and if so, how much?
    • 2.Has the Commission carried out an audit or check on the use of EU funds granted to Equalis? If so, what were its findings?
    • 3.What mechanisms will the Commission make use of to ensure that any misappropriated funds are recovered and to prevent such misuse from happening again?

    Submitted: 12.2.2025

    • [1] https://equalis.org/wp-content/uploads/2024/06/Rapport_annuel_2023_EXE.HDQ_.pdf
    • [2] https://www.europeidf.fr/projets/JardinCocagne
    • [3] https://www.lefigaro.fr/faits-divers/le-patron-d-une-association-d-insertion-de-sdf-et-de-migrants-epingle-pour-son-salaire-20210922
    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Bolstering the single market – US tariffs as a strategic opportunity for European competitiveness – E-000671/2025

    Source: European Parliament

    Question for written answer  E-000671/2025
    to the Commission
    Rule 144
    Roberto Vannacci (PfE)

    Following the recent imposition by the US of tariffs on exports of steel and aluminium from the European Union, the Commissioner for Trade said in Parliament[1] that they are unjustified and potentially damaging for the EU economy.

    If managed strategically, however, those measures could boost the competitiveness of European businesses, bolstering the single market.

    Strengthening domestic production chains and reducing dependence on external markets may be advantageous for the EU’s economic growth.

    The EU strategic compass includes clear objectives intended to boost economic resilience and the EU’s global competitive capacity, but for that to happen, a coordinated approach must be taken to turn trade challenges into strategic opportunities for the single market.

    What is more, the European Green Deal policies are playing a major role in a slowdown in the competitiveness of businesses, compounding the difficulties faced by Europe’s production sector.

    In the light of the above:

    • 1.Taking into account the negative impact of Green Deal policies on productivity and the ability of companies to compete globally, what steps will the Commission take to exploit US tariffs with a view to fostering European competitiveness and the pursuit of the objectives set out in the strategic compass?
    • 2.Does the Commission intend to engage in dialogue with the US with a view to establishing agreements that can benefit European industry, maintaining a balance between trade openness and strategic protection?

    Submitted: 12.2.2025

    • [1] https://www.ansa.it/europa/notizie/rubriche/altrenews/2025/02/11/-ue-deploriamo-i-dazi-ingiustificati-di-trump-_4a863e5d-a321-4087-bbcd-0c479b6a224f.html.
    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Is there really a plan to merge the European Health Emergency Preparedness and Response Authority (HERA)? – E-000664/2025

    Source: European Parliament

    Question for written answer  E-000664/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    Report 12/2024[1] of the European Court of Auditors assessing the preparedness for and policies to deal with the COVID-19 pandemic shows that the EU cannot yet be considered fully prepared to manage serious cross-border threats and public health emergencies, underlining the importance of coordinated action.

    However, in the last few days, there has been an increase in the number of publications talking about the possibility of a merger of the European Authority for Preparedness and Response to Emergency Health Situations with the European Commission’s Directorate-General for Civil Protection and Humanitarian Aid Operations. To date, 11 Member States, including Greece, have expressed grave concerns regarding the above possibility, pointing out the risk of undermining the EU’s ability to respond adequately to health emergencies.

    In light of this:

    • 1.Does the Commission really intend to proceed with the aforementioned merger plan?
    • 2.If so, what will be the implications for the provision of financial support for actions aimed at strengthening the EU’s health security framework?
    • 3.How does the Commission intend to ensure that there are adequate coordination mechanisms to help the EU respond quickly and effectively to future major public health emergencies?

    Submitted: 12.2.2025

    • [1] https://www.eca.europa.eu/ECAPublications/SR-2024-12/SR-2024-12_en.pdf
    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Stepping up the fight against financial crime in the European Union – E-000649/2025

    Source: European Parliament

    Question for written answer  E-000649/2025
    to the Commission
    Rule 144
    Loucas Fourlas (PPE)

    Financial crime – including tax evasion, corruption, money laundering and fraud affecting the EU’s financial interests – undermines financial stability, citizens’ trust in institutions and the fair distribution of public funds.

    In view of recent legislative initiatives aiming to enhance transparency and checks on financial flows:

    • 1.How does the Commission assess the effectiveness of cooperation between Member States in the fight against financial crime and what are the main weaknesses identified?
    • 2.What measures is it planning to put forward to improve information exchange and coordination between national law enforcement authorities and European prosecution bodies?
    • 3.Are there any plans to strengthen the European Public Prosecutor’s Office (EPPO) and broaden its competences to ensure that financial crime can be prosecuted more effectively at European level?

    Submitted: 12.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Frank Elderson: Interview with Nederlandse Vereniging Duurzame Energie (NVDE)

    Source: European Central Bank

    Interview with Frank Elderson, conducted by NVDE

    20 February 2025

    TIME has named you one of the 100 most influential climate leaders in business. Why are you so motivated to integrate climate and nature-related risks into exercising the mandate of central banks and supervisors?

    Climate, nature and the economy are deeply interconnected and interdependent. The twin climate and nature crises are sources of financial risk. For central banks and supervisors, addressing these issues is therefore neither an option nor a political choice – it is an obligation that falls squarely within our mandate. If central bankers and supervisors want to effectively pursue their tasks of maintaining price stability and keeping the banking sector safe, they need to be mindful of the environment in which they operate. This means considering the impact of the climate and nature crises on inflation and banks’ safety and soundness.

    Is the energy transition in Europe progressing too slowly? If so, why?

    Europe has made significant progress in its energy transition, but if it wants to reach the agreed target, it needs to remain determined and avoid undermining what has been achieved so far. The facts are that current policies put Europe on a 3.1°C warming trajectory over the course of the century, which is too far from the 1.5°C target.[1] The economic risks associated with delayed action are stark: a late, abrupt transition away from fossil fuels would weaken the economy and increase losses for the financial system, making the path to net zero far more costly.[2] In fact, the United Nations has warned that climate mitigation must increase sixfold globally to stay on track for the Paris Agreement.[3] These figures underscore the urgent need for Europe not to relent in its transition efforts if it wants to avoid severe economic and environmental consequences.

    In a previous study, you demonstrated that most European companies and banks face significant financial risks when natural ecosystems collapse due to climate change and biodiversity loss. What are examples of these financial risks? What is the most important recommendation in the report?

    The interdependencies between banks, businesses and nature lead to financial risks. Damage to ecosystems through nature degradation and biodiversity loss poses a significant threat to the economic viability of companies and, by extension, to the financial stability of banks that grant them loans. The study you mention showed that, in the euro area, 72% of non-financial corporations rely heavily on at least one ecosystem service, while 75% of corporate bank loans – approximately €3.24 trillion – are tied to these ecosystem-dependent borrowers.[4] Key ecosystem services such as surface and ground water, together with mass stabilisation[5] and erosion control, are particularly critical, exposing banks to credit risks through affected firms.

    One of the most important lessons from the report is the recognition that biodiversity loss is both an economic and financial risk. A second lesson is that climate and biodiversity are, to a large extent, two sides of the same coin, and they cannot be addressed in isolation. Lastly, the report shows that we are still missing the data needed to better take into account the risks stemming from nature loss. To address this, we need to improve the way we collect and organise information about nature.

    What is the impact of climate change on inflation?

    The economic impacts of climate change and extreme weather events are impossible to ignore. Following 2023’s record-breaking temperatures, 2024 became the warmest year on record globally, reaching 1.5°C above pre-industrial levels.[6] Europe, the fastest-warming continent, saw temperatures soar to 2.9°C above pre-industrial levels in 2024. The physical impacts of climate change – such as more frequent and severe weather events like floods, droughts, and city and forest fires – disrupt supply chains, reduce agricultural yields and drive up food prices. For example, an interdisciplinary study by ECB economists and climate scientists showed that the 2022 heatwave in Europe added 0.8 percentage points to euro area food price inflation.[7]

    The green transition will also bring about structural economic changes, which could influence inflation. Although the overall impact of the green transition remains very uncertain and may vary over time, we need to account for it to effectively deliver on our mandate. This is why we are increasingly incorporating green transition policies, such as climate-related fiscal policies or assumptions on carbon pricing under the EU Emissions Trading System 2, into our macroeconomic analyses.[8]

    To what extent do oil and gas reserves, as stranded assets – losing their value due to the necessity of staying within the 1.5°C climate goal – pose an economic risk?

    Generally, stranded assets pose greater economic and financial risks to the extent that industries and banks are not prepared. As the economy moves towards meeting climate goals, industries need to adjust how they operate. And since most companies in the EU with high-emitting production facilities rely on bank financing, this also has a significant impact on banks’ balance sheets. Last year, we released a study on the banking sector’s alignment with EU climate objectives, where we found that 90% of analysed banks faced elevated transition risks due to substantial misalignment with the Paris Agreement.[9] The biggest risk stems from exposures to companies in the energy sector that are lagging behind in phasing out high-carbon production processes and are slow to scale up renewable energy production.[10]

    To what extent does the ECB incorporate climate-related risks into its monetary policy?

    The ECB has taken significant steps to integrate climate-related risks into its monetary policy framework. It has reduced the carbon footprint of the Eurosystem’s corporate bond holdings and expanded annual climate disclosures to cover over 99% of assets held for monetary policy purposes. We’re also making progress in embedding climate considerations in our modelling and forecasting. Through exercises such as climate stress tests, we’ve deepened our understanding of the impact of the green transition and the physical impacts of the climate crisis. To improve data availability, which is key if we want to keep incorporating climate and nature risks, the ECB has developed climate-related statistical indicators.

    How does the ECB ensure that the financial sector properly manages the risks associated with climate change?

    Five years on from the publication of the ECB Guide on C&E risks in 2020, banks have made significant progress in managing climate-related and environmental (C&E) risk. Initially, fewer than 25% of banks had worked on climate-related risk management, and in 2021 a self-assessment conducted by the banks revealed that 90% of their practices fell short of our expectations.

    Following thorough assessments in 2022, we came to the conclusion that the glass was filling up, but that it wasn’t yet half full. Based on what the banks themselves considered reasonable when we first started discussing C&E risk management with them, we set interim deadlines resulting in three milestones: by March 2023 banks were expected to draw up adequate materiality assessments; by December 2023 they needed to integrate C&E risks into their governance, strategy and risk management; and by the end of 2024 they were expected to comply with the full scope of ECB expectations on C&E risk.

    Encouragingly, most banks met the targets set by the 2023 deadlines, and frameworks for climate and nature-related risks are now broadly in place. However, a few banks are still lagging behind and could face potential penalties. For the third and final deadline, which just passed at the end of 2024, we are proceeding with our compliance assessments in the same way as for the two previous deadlines.

    What specific sustainability measure will you personally advocate for within the ECB in 2025?

    In 2025 we will closely monitor progress and, where necessary, use all the tools at our disposal to ensure the banking sector is resilient in the face of the unfolding climate and nature crises. As part of the ECB’s multi-year agenda for banking supervision, we will make sure that the banks we supervise directly – whose assets total over €26 trillion – fully account for climate and nature-related risks in their strategies and risk management. Ensuring banks comply with the new regulatory requirement to develop transition plans to prepare for the risks and potential changes in their business models associated with the green transition is particularly high on the agenda.

    What are your thoughts on Mario Draghi’s report, particularly his call for further financial and economic integration within the EU through, for example, establishing a capital markets union? This plan aims to create a single integrated capital market in the EU, allowing investments and savings to flow more freely across borders.

    From an ECB perspective, we have always been supportive of a deeper capital markets union (CMU). The renewed political momentum we have seen recently in furthering CMU – or a savings and investment union – has come at a crucial time. In fact, the bulk of the additional financing needed for the green transition has to come from the private sector.[11]

    The European Commission estimates that the EU needs an extra €477 billion (equivalent to 3.4% of GDP in 2023) of green investment per year by 2030. This number increases to €620 billion when considering the EU’s broader environmental ambitions. While banks are expected to make an important contribution, expanding and integrating capital markets is essential for directing the flow of funds towards green innovation. The public sector also has a key role to play in mobilising private green investment by crowding in private investment through, for example, lowering borrowers’ financing costs or de-risking green investment activities.

    Sustainable energy technologies and electricity infrastructure have higher investment costs than fossil fuel technologies. As a result, high interest rates slow the energy transition, despite its potential to help combat inflation. Recent high inflation was partly driven by high fossil energy prices. Could a lower interest rate for investments in sustainable energy accelerate the shift away from fossil fuels?

    The ECB’s primary objective is to maintain price stability, and this will always remain the cornerstone of our actions. But we also have a secondary objective, which requires us to support the general economic policies in the EU, including contributing to a high level of protection and improvement of the quality of the environment.[12] Within this mandate, accounting for the effects of climate and nature-related events is part and parcel of our tasks. Importantly, any direct incentives and tools must align with our monetary policy stance. In the specific case you mention, further challenges – such as data coverage and quality, defining appropriate green targeting criteria and establishing robust verification processes – still exist. Some of these issues require agreement on a European level, where we are dependent on legislation.

    Having said that, the ECB’s euro area bank lending survey tells us that European banks are already offering more favourable lending conditions to green firms or firms in transition.[13] In addition, governments can support green projects in a more targeted and effective way by offering more favourable lending through for instance public development banks. Despite this, the ECB still actively monitors regulatory developments.

    Are you optimistic about the energy transition in Europe?

    I am generally an optimistic person. In this case, the progress made speaks for itself: the share of renewables in the EU’s final energy use more than doubled between 2005 and 2023.[14] And last year, nearly half of the EU’s electricity was powered by renewables.[15] Much-needed investment in climate change mitigation has also grown, increasing by 42% between 2005 and 2022.[16]

    We know progress is possible, but we now need to go further and faster. Our research shows that a quicker transition will lower costs – being ready can offer a competitive advantage. Consumer preferences are already changing and these will support the transition. In that respect, we welcome the European Commission’s focus on both decarbonisation and competitiveness.

    Last but not least, through my involvement with the Network for Greening the Financial System (NGFS), which I co-founded and of which I was the first Chair, I’ve also witnessed first-hand the impact a committed group of central banks and supervisors working towards a common goal can have. The NGFS has grown from its original eight members to 143 members today. This “coalition of the committed” is prepared to help future-proof the economy and the banking sector. Regardless of the political winds that are blowing, the reality of the climate and nature crises doesn’t change. And as most Europeans know, it is a reality we must face head on.

    How sustainably do you live and travel?

    We have a fully electric car, and as a proud Dutchman, I love to ride my bike.

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB supports Bratislava in modernizing its water supply and wastewater management infrastructure

    Source: European Investment Bank

    • Investments ensures safe and reliable water supply and wastewater management, addressing climate change challenges, while also improving the protection of the Danube
    • EIB financing will improve efficiency of city’s water company Bratislavská vodárenská spoločnosť (BVS) by reducing its energy costs with further utilization of green fuel sources.
    • This is the first direct cooperation between EIB and a municipal company in Bratislava to boost investments in the water sector.

    European Investment Bank (EIB), one of the world’s largest multilateral investors in the water sector, is providing EUR 50 million in Bratislava municipal water utility company Bratislavská vodárenská spoločnosť (BVS) for necessary upgrades and extensions of its water supply and wastewater infrastructure. The financing will help aligning Bratislava water and wastewater management with EU regulations, ensuring the highest quality of drinking water in the city and also allow the BVS to increase utilization of green, biomass energy sources. 

    The modernization programme aims to increase the reliability of water supply for nearly half a million residents and businesses in Bratislava, Slovakia`s main business hub. It also fosters environmental responsibility, by making the city more resilient to adverse effects of climate change and allows BVS to further increase its efficiency and reduce its energy costs.

    “EIB cooperation with BVS means people and businesses in Bratislava can look forward to cleaner water, efficient wastewater management and eco-friendly practices that enhance the city’s quality of life,” said EIB Vice-President Kyriacos Kakouris. “Modern water management is crucial to ensuring the strength and sustainability of urban centres across the EU including Bratislava.”

    “The cooperation approval followed thorough preparation and extensive communication with the EIB. This financing is significantly more cost-effective for us compared to commercial banks. This partnership with BVS is expected to play a crucial role in achieving our ambitious goals of improving our customer services and supporting the environment in our operational area,” said CEO of BVS Ladislav Kizak.
     

    A modern water and wastewater infrastructure for Bratislava

    The modernization project financed by EIB will include the replacement of aging infrastructure with advanced, efficient technologies designed to minimize water loss and improve distribution efficiency as well as expansion of the BVS` network to accommodate the needs from the steadily expanding city.  Expansion of the water supply network will also increase protection of surface and underground waters in metropolitan Bratislava as well as improve protection of the Danube.

    Additionally, the adoption of biomass energy sources will significantly reduce the utility’s carbon footprint, aligning with the city’s commitment to climate action.

    Background information 

    European Investment Bank: The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB is one of the largest lenders to the global water sector, with over €88 billion invested in more than 1 700 projects improving sanitation, providing access to safe drinking water and reducing the risk of flooding.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. 

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. 

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    Bratislavská vodárenská spoločnosť (BVS): Bratislavská vodárenská spoločnosť, a.s. (BVS) supplies drinking water to approximately 740 000 regular customers in 118 municipalities across western Slovakia. It draws water primarily from exceptionally high-quality underground sources. Thanks to its advantageous location near the Danube River and the unique gravel-sand subsoil, these water sources are both high-quality and abundant. The 60 water sources that BVS currently operates could technically cover the consumption of more than half of Slovakia. The network of more than 3 200 kilometers of water pipes transports water in 130 water reservoirs and to its customers.

    The second key task of BVS is disposing of wastewater in municipalities connected to the public sewage network. For this purpose, more than 1 800 kilometers of sewer pipes are used, which transport wastewater to 23 wastewater treatment plants. One is the Central Wastewater Treatment Plant in Vrakuňa, the most significant Slovak wastewater treatment plant, with a capacity of 172 800 m3 per day, or 2 000 l per second.

    BVS controls the quality of drinking and treated wastewater in its accredited laboratories.

    BVS’s shares are owned by 89 shareholders, that are cities and municipalities from the region where BVS operates. The City of Bratislava is the majority shareholder, with a share of 59,29 percent. BVS itself holds more than 8 percent of its shares.

    MIL OSI Europe News –

  • MIL-OSI: Security Federal Announces Cash Dividend Increase

    Source: GlobeNewswire (MIL-OSI)

    AIKEN, S.C., Feb. 20, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation, parent company of Security Federal Bank, is pleased to announce that a quarterly dividend of $0.15 per share will be paid on or about March 15, 2025, to shareholders of record as of February 28. 2025. This increased dividend represents an increase of $0.01, or 7.1%, over the previous regular quarterly dividend.   

    This is the one hundred thirty-seventh consecutive quarterly dividend to shareholders since the Bank’s conversion in October of 1987 from a mutual to a stock form of ownership. The dividend was declared as a result of the Bank’s continued profitability.

    Security Federal Bank has nineteen full-service branch locations in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank, and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

    Security Federal Corporation common stock is traded on the Over-the-Counter Bulletin Board under the symbol SFDL.

    The MIL Network –

  • MIL-OSI Video: Human Rights Council, CARICOM & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:

    – Human Rights Council
    – Secretary-General/as CARICOM
    – Haiti
    – Deputy Secretary-General
    – South Sudan
    – Libya
    – Democratic Republic of the Congo
    – Central African Republic
    – Occupied Palestinian Territory
    – Israel/Palestine
    – Ukraine
    – World Day of Social Justice
    – Financial Contribution

    HUMAN RIGHTS COUNCIL
    On Sunday, the Secretary-General will arrive in Geneva, where he will take part in the opening of the 58th session of the Human Rights Council, which is scheduled to kick off on Monday morning.
    In his remarks, the Secretary-General is expected to say that without respect for human rights, sustainable peace is a pipedream.
    He will also state that breathing life into the work of the Human Rights Council and the Pact for the Future can help end the suffocation of human rights that we see around the world.
    The Pact calls for peace processes and approaches rooted in the key pillars that reinforce human rights — from the Universal Declaration to international law and the UN Charter, he is expected to add.
    Later in the day, he is also expected to address the high-level segment of the Conference on Disarmament. He is expected to call on Member States to seize the fresh momentum provided by the Pact for the Future to make tangible progress on disarmament issues.
    While in Geneva, he is expected to hold a number of bilateral meetings.
    He will be back in New York on Monday night.

    SECRETARY-GENERAL/CARICOM
    Before he heads to Geneva he has to conclude his trip to Barbados, he is currently in Bridgetown as you know he is attending the 48th Regular Meeting of the Conference of the Heads of Government of the Caribbean Community, also known as CARICOM.
    This morning, he participated in a closed session with CARICOM Heads of Government, where he exchanged views on pressing issues in the region, such as finance, climate and security, with a focus on Haiti.
    Last night, at the opening ceremony, the Secretary-General said that the exquisite beauty of the Caribbean is famed the world over, but that there is trouble in paradise. He noted that wave after wave of crisis is pounding the people of the Caribbean and their islands – with no time to catch their breath before the next disaster strikes.
    Stressing that international solutions are essential to create a better today and a brighter tomorrow for the wonderful region and for the world, the Secretary-General said that he sees three key areas where, together, we must drive progress. First, he said, unity for peace and security, particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on the people of Haiti.
    The Secretary-General added that he will soon report to the Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.
    The Secretary-General further highlighted unity on the climate crisis and sustainable development as areas where progress is needed.
    Also yesterday, he held a bilateral meeting with Prime Minister Mia Mottley the host of the meeting, where they exchanged views on regional and global issues, particularly the situation in Haiti and climate change. He commended Barbados for spearheading efforts to advance reforms to the international financial architecture through the Bridgetown Initiative 3.0.
    And this morning, he also met with the Prime Minister of Jamaica, Andrew Holness, with the Presidential Adviser of the Transitional Presidential Council of Haiti, Laurent Saint-Cyr, and with the Secretary-General of the Commonwealth, Patricia Scotland.
    He will be heading back to New York this afternoon.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=20%20February%202025

    https://www.youtube.com/watch?v=M3TthtRQgzg

    MIL OSI Video –

  • MIL-OSI USA: Barr, Risks and Challenges for Bank Regulation and Supervision

    Source: US State of New York Federal Reserve

    Banks play an indispensable role in an economy that works for everyone.1 They enable households to borrow to buy a home, save for the future, and deal with the ups and downs of managing finances. Banks provide the credit for businesses to smooth out income and expenses, supply capital to seize new opportunities and create jobs, and facilitate the flow of payments that are the lifeblood of our economy. And banks borrow from households and businesses as well, such as through federally insured deposits. Because of these vital roles, we need to make sure that banks are resilient and serve as a source of strength to the economy in both good times and when the financial system comes under stress. In our market economy, like any business, banks compete with each other and pursue profits by balancing risk-taking with safety and soundness. But because of the key role banks play in the economy, and the fact that banks do not fully internalize the costs of their own failure, regulation and supervision must ensure that banks do not take on excessive risks that can cause widespread harm to households and businesses.
    Bank failures are as old as banking, and we’ve seen repeated waves of bank failures over the centuries. America learned that hard lesson nearly 100 years ago, when bank failures played a central role in the Great Depression. In response, the United States—and many other countries around the globe—set up a system of deposit insurance and enabled emergency lending in times of stress. To balance the moral hazard of the federal safety net, Congress established a framework of regulation and supervision to make it more likely that banks internalize the costs to society of their risk-taking.
    But finance is always evolving, and the buildup of new risks led to the banking crisis of the 1980s, and then to the Global Financial Crisis, with devastating consequences. Weaknesses that were revealed in regulation and supervision led to unprecedented and unpopular bailouts, and shuttered American businesses, devastated local communities with foreclosures, and millions of individuals lost their jobs and their livelihoods. Government responded in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and in regulatory reforms by significantly strengthening bank oversight to curb excessive risk-taking. The message from the American people was clear: risk-taking must be balanced with the overarching need to maintain a resilient banking system that can continue to play its crucial role for households and businesses in good times and in bad.
    Another, perennial lesson from the history of bank regulation and supervision is that the job is never done, and that the constant evolution of finance means risks will also evolve. As Vice Chair for Supervision, I have recognized the need to approach this mission with humility, aware that I don’t have all the answers or perfect foresight of where things can go wrong. Both regulators and banks are limited in our ability to comprehensively identify and measure risks. Our financial system is complex, interconnected, and evolving. We cannot fully appreciate how a specific vulnerability can interact with other vulnerabilities to amplify and propagate risk in the face of shocks, let alone accurately anticipate shocks in time to avoid them.
    When I became Vice Chair for Supervision in July 2022, the Global Financial Crisis was almost 15 years past, and much had been done to strengthen the resilience of the system to reflect lessons learned. But in March 2023, we experienced the second largest bank failure in history, Silicon Valley Bank (SVB), and the subsequent failures of Signature Bank and First Republic Bank. SVB’s failure triggered stress throughout the system and required the issuance of a systemic risk exemption and the creation of an emergency bank lending program.2 We have made some progress toward addressing the gaps that led to the failures. But there will be headwinds that we must guard against in the coming years, as well as ongoing vulnerabilities and areas of risk that require continued vigilance.
    Earlier this year, I announced I would step down as Vice Chair for Supervision but remain a member of the Board of Governors. It has been an honor and a privilege to serve as vice chair for supervision, and to work with colleagues to help maintain the stability and strength of the U.S. financial system so that it can meet the needs of households and businesses. I’ve determined that I would be more effective in serving the American people from my role as governor. In this role, I’ll continue to participate in monetary policy deliberations and vote on matters before the Board, including those related to supervision and regulation.
    While it was a tough decision to make, I believe it was the right decision for the institution and, more importantly, for the public, whom we serve. The risk of a dispute over my position would be a distraction from our important mission. I feel strongly—as Chair Powell has said publicly many times—that the independence of the Federal Reserve is critical to our ability to meet our statutory mandates and serve the American public. Put simply, our mission is too important to let such a dispute distract from doing our job for the American people.
    Since my term for Vice Chair for Supervision will end later this month, I’d like to use one of my last opportunities as Vice Chair to discuss seven specific risks ahead: (1) maintaining and finishing post-financial crisis reforms; (2) maintaining the credibility of the stress test; (3) maintaining credible, consistent supervision; (4) encouraging responsible innovation; (5) addressing cyber and third-party risk; (6) risks in the nonbank sector; and (7) climate risk. Each will continue to be a risk in either the near- or long-term.
    Maintaining and Finishing Post-Financial Crisis ReformsThere is always push back on financial regulation. I felt that even in the wake of the Global Financial Crisis, as I helped to draft the legislative response to that crisis, the Dodd-Frank Act.3 And I felt that over the last few years as we worked to finish the job of post-crisis financial reform and take up evolving threats revealed from the latest bank stress. It is important to get the balance right, but it is also important to stand up for the American people.
    I urge regulators to finish the job of implementing the final plank of the Global Financial Crisis reforms—and not to dismantle the hard-fought resilience that banks have built up in the process. Of course, there are always ways to increase efficiency and reform prior methods without costs to resiliency, and I support those efforts. But as I’ve spoken about many times, capital is critical to absorb losses and enable banks to continue operations through times of stress, and capital requirements should be aligned with the risks that banks take.4 The Basel III endgame reforms include many improvements to how we measure credit, trading, operational, and derivatives risks in light of our experience in the Global Financial Crisis. All major jurisdictions except the United States have finalized rules that would implement these standards for their internationally active banks.
    The Federal Reserve played a central role in developing these standards in the many years before my arrival as Vice Chair. The Board sought comment on a proposal in July 2023 to implement the Basel III reforms, and we received a wide range of comments on the proposal.5 On the basis of those comments, I took steps last fall to outline broad and material changes that would better balance the benefits and costs of capital in light of comments received and would result in a capital framework that appropriately reflects the risks of banks.6 These reforms had broad consensus on the Board and the support of the heads of the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.
    When the U.S. provides leadership in international forums like Basel and then follows through, we set a powerful example and establish a standard that other jurisdictions also uphold. Implementing international standards enables U.S. firms to compete on a level playing field across the globe and makes the system safer. When we don’t follow through on our commitments, for whatever reason, concerns about a level playing field rise in other jurisdictions, in an international “race to the bottom” on standards. This harms us all and makes U.S. banks less competitive. And unless the U.S. implements these standards, other jurisdictions will force U.S. banks operating abroad to meet their standards instead.
    Let me turn to unfinished business from the March 2023 banking stress. In that event, we learned that bank runs and bank failures can happen fast, much faster than before. Before SVB, the largest bank to fail did so over a period of several weeks. The deposit losses experienced by SVB were much greater in both relative and absolute terms, and they occurred in less than 24 hours.7
    Over the past two years, the Federal Reserve has worked with banks to improve their ability to borrow from the discount window, and the financial system’s collective readiness has improved significantly compared to pre-SVB, including with a substantial increase of $1 trillion in collateral pledged across the system.8 The Federal Reserve has also worked to improve the functioning of the discount window, through a concerted effort to gather public input and identify areas for modernization. These efforts have improved the ability of banks to weather stress, both individually and collectively, which enhances financial stability.
    However, there is still more work to do. For instance, banks, even the largest banks, are not currently required to establish a minimum level of readiness at the window, and, as a result, there are outlier firms that are not prepared for stress. This needs to change. Without a requirement there is also a significant risk of backtracking on the substantial progress in readiness we have made since March 2023.
    Another important lesson from SVB is a classic one: balance sheet vulnerabilities among a group of institutions can be a source of contagion for the financial system and thus a key stability risk. While we did much to improve the resilience of global systemically important banks (G-SIBs) in the past decade, March 2023 showed that significant systemic risks can develop and spread from stress anywhere in the system, including in large and regional banks that are not G-SIBs.9
    The resilience of these firms has improved as they have recognized their vulnerabilities, and we have worked through supervisory channels to encourage risk-management practices that put them on a firmer footing. But we also need to put in place more durable solutions to address risks. For one, the level of capital held by large banks needs to align with the underlying risks on their balance sheets. One important step would be to finalize the requirement that all large firms reflect unrealized losses on available for sale securities in their capital, which is a reform with broad agreement. This will help them manage interest rate risk before it gets to extreme levels, a significant problem revealed in the banking stress of two years ago.
    Another lesson from the spring of 2023 is that large and regional banks—as well as G-SIBs—should ensure that they can actually monetize the securities on which they rely for their liquidity. Why does this matter? Banks need to be able to turn a portion of their assets into cash with a speed sufficient to meet outflows when uninsured depositors or other short-term creditors demand it. Regulation needs to reflect realistic assumptions about monetization.
    We should also consider updating some assumptions about deposit outflows in our liquidity requirements so that they better align with observed stress behavior. During the stress in 2023, we saw uninsured deposits from high-net worth individuals and certain entities, such as venture capital firms, behave more like highly sophisticated financial counterparties than nonfinancial companies or ordinary retail depositors, which is how they are generally treated in regulations.10 This mis-measured risk of deposit outflows means banks may not have sufficient liquidity to manage a stress period.
    In a related vein, banks have stepped up their use of reciprocal deposit arrangements—arrangements where deposits are spread across many banks within a network—as a way to manage the risk of deposit amounts over $250,000.11 While this arrangement spreads risk across the banking system, it is a strategy that has not been tested in a large-scale stress event. It is only logical to wonder how the attenuation of relationships between customers and banks under reciprocal arrangements will affect the behavior of depositors worried about a bank run. We also need to be attentive to operational risks in these arrangements, as well as the risk-management capacity of these companies to manage these relationships under stress.
    A final lesson from the bank stress two years ago is that we need to do more to ensure that all banks that come under stress can be resolved in an orderly fashion. One way to do this would be to require all large banks—including those that are not G-SIBS—to issue certain amounts of long-term debt. This would have helped reassure depositors worried about the stability of bank funding and aided in the eventual resolution of at least some of the banks that came under stress in 2023. The banking agencies have proposed a rule on long-term debt requirements, we have received many helpful comments that led us to adjust it in draft form, and I support moving forward to finalize it with those adjustments.12
    As I mentioned, revised Basel III standards, revised long-term debt requirements, and to-be-proposed liquidity standards would help to address gaps in our current framework, and I continue to believe that they should move forward.
    Moreover, banks and supervisors should also stay vigilant to known risks in the current environment. For instance, risks remain in the commercial real estate market, particularly within the office segment, as borrowers may find it difficult to refinance maturing loans. And interest rate risk, especially for those with high levels of uninsured deposits, remains a key area of focus.
    Maintain the Credibility of the Stress TestWe face a challenging environment with the Federal Reserve’s annual stress tests. The stress tests helped the financial sector emerge from the Global Financial Crisis and rebuild its credibility. The annual stress tests are still important to the financial sector’s credibility today. The stress tests help banks, market participants, and supervisors understand the banks’ vulnerabilities to shocks and to guard against those shocks by holding sufficient capital.
    In December, the Board announced that, due to the evolving legal landscape, we would be undertaking significant changes to the stress tests to reduce capital volatility and improve transparency.13 While I recognize that we need to increase transparency to reflect changes in the legal environment in which we operate, there are good reasons why I and many of my colleagues and predecessors have been averse to such full disclosures since the inception of the stress test fifteen years ago. There are several risks that we will need to guard against.
    First, we need to guard against the risk that the process results in reduced capital requirements. As they did during the Basel III process, banks are likely to argue against various aspects of the Fed’s models that result in higher capital requirements, and not to highlight the areas in which the models underestimate risks. We should take those comments on the Fed’s models seriously and adjust the models as appropriate, but we should be careful not to overcorrect and lower bank capital requirements in ways that underestimate aggregate risk. The Administrative Procedure Act should be a vehicle for transparency and public input into agency action, not used to weaken regulatory requirements that preserve the safety and stability of our financial system.
    Second, we need to guard against the risk that banks lower their capital requirements because of increased transparency. Increased disclosure of details about the Fed’s stress models could enable banks to optimize stress test results by adjusting their balance sheet based on their knowledge of where the models underprice risk, in order to reduce their capital requirements without materially reducing risks. Gaming the test in this way would be a bad outcome for risk management and our economy.
    Third, banks are likely to change their behavior in other ways that increase risk. We should be aware of the risk that full transparency into the models and scenarios used by regulators could discourage banks from investing in their own risk management if the test becomes too predictable. Full transparency may also encourage concentration across the system in assets that receive comparably lighter treatment in the test. And banks are likely to reduce their management buffers over required levels, which will bring greater risks of breaching the minimums and regulatory buffers when a significant risk event eventually happens.
    The fourth risk, and perhaps the greatest one, is that over time, given the difficulty of navigating the notice and comment rulemaking process on an ongoing basis to update the models we use, the dynamism and accuracy of the stress test will fade.14 And as the events of two years ago show, it is hard to predict where risks will emerge in the financial system; an inherent challenge of preserving the relevancy of stress testing is coming up with a set of adverse scenarios that are novel enough, and dynamic enough, to reflect the risks that banks may face from unanticipated developments. I believe that the Fed should commit to investing in a credible, effective process to maintain the dynamism of the binding stress test by regularly updating its models and scenario variables to reflect changes in the environment and changes to bank behavior. This will require resources and a strong commitment up front and over time, but it will be necessary to maintain a credible stress test.
    One effort we’ve already undertaken should help: to maintain the dynamism of the stress test, we launched exploratory stress scenarios to consider a wider range of possible conditions.15 The Fed used this approach during the pandemic, and we’ve now made it a regular part of our annual stress test exercise.16 The exploratory scenarios are not used to set binding capital requirements and are only reported on an aggregate level, but they help the Fed better understand risks posed to individual banks and to the banking system as a whole that are not captured in binding scenarios. I hope and trust that the Fed will continue this important analytical work.
    As an additional backstop to help ensure banks have sufficient capital to withstand losses, the Fed should preserve its discretion to set individually binding capital requirements on firms based on supervisory judgment under the International Lending Supervision Act. Jurisdictions around the world undertake a similar process under a so-called Basel “Pillar 2” approach, and the United States would benefit from using such a framework as well. That is all the more important given the changes the Fed is undertaking for the binding stress tests.
    Maintaining Credible, Consistent SupervisionAnother area warranting continued vigilance is supervision. There will undoubtedly be calls to revamp supervision to reduce burden. And I am all for making sure supervision is the most effective and efficient it can be. Supervisors need to focus on the most urgent and important risks, and not burden firms with unnecessary or distracting matters. But we need to be careful to preserve and enhance the ability of supervisors to act with speed, force, and agility as appropriate to the risk.
    Supervisors have emphasized proactive supervisory engagement, which helps banks address issues before they grow so large as to threaten the bank or broader financial stability. Earlier intervention means that firms are likely to have more options to fix their problems, with little impact on bank profitability.17
    We should continue work to improve the effectiveness of our supervision and use data-driven analysis to improve our scoping and prioritization of supervisory issues. I support this work to the extent that it makes our supervision more effective and focused on the right issues. But the Board should resist initiatives that impede effective supervision by discouraging examiners to flag issues early, or initiatives that increase unnecessary process around issuing findings in a manner that impedes the speed and agility of supervision when it is needed. More generally, supervision is another area in which “efficiency and competitiveness” should not be used as an excuse for lax oversight that significantly impairs the safety and soundness of individual institutions and undermines broader financial stability.
    We should take caution from our experience with SVB. While some have claimed that the examiners at SVB did not focus on the right issues, it’s important to highlight that the Office of Inspector General (OIG) concluded that the Fed allocated an insufficient number of examiner resources to SVB while in the RBO portfolio, and that the examiners assigned to SVB as it was growing did not have sufficient expertise in supervising large, complex institutions.18 Once it was in the large bank portfolio, examiners highlighted the risk from interest rate risk and uninsured depositors, but did not act with sufficient force to get the bank to change course in a timely way. We’ve made important changes since then, but we need to be sure we get the staff resources in place, and provide support to examiners on the front line, so that they can act with the speed, force, and agility warranted by the facts.
    Encouraging Responsible InnovationAnother set of risks involve those related to the role of innovative technology in the financial sector. Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. For instance, blockchain technology underlying crypto-assets has the potential to make financial services better, cheaper, and faster. Responsible use of this technology could make banking more efficient and accessible to more consumers.
    With any new technology, there are new risks. To achieve the benefits in a durable manner over time, we must ensure that the associated risks are managed appropriately. With crypto-assets, investors do not currently have the structural protections they have relied on for many decades in other financial markets. It is important that those guardrails are put in place to avoid issues such as the misuse of client funds, misrepresentations, obfuscation about availability of deposit insurance, and fraud. We should also recognize that some of the attractive attributes of crypto-assets—the pseudonymous actors that are parties to transactions, the ease and speed of transfer, and the general irrevocability of transactions—also make crypto-assets attractive for use in money laundering and terrorist financing. It is encouraging to see innovators develop tools and processes to better manage these risks, while harnessing the benefits of the technology. But regulation and supervision also have an essential role to play.
    Responsible innovation is in everyone’s interest. In the past few years, we stood up the Novel Activities Supervision Program, which dedicates resources to understanding how technology is transforming banking and supports banks’ ability to innovate while ensuring that banks clearly understand and manage the risks associated with innovative activities.19 I hope and trust that approach will continue.
    Addressing Cyber and Third-Party RiskCyber risk from both foreign powers and non-state actors has become a major concern for banks, and regulators will need to ensure that these risks are being properly managed. The operational disruption propagated through a third-party security company last summer was a wake-up call for banks and regulators about vulnerabilities in a system where security is outsourced. Disruption of one of these critical systems may compromise a bank’s ability to execute important functions and adversely affect individual firm safety and soundness as well as the broader financial system. Given the significant concentration in the IT industry, we should expect operational failures at single IT entities to have potentially far-reaching effects, no matter their original cause. And advances in artificial intelligence are likely to give bad actors new tools for fraud and infiltration, while also providing banks with new tools to combat these attacks. Both banks and the Federal Reserve need to continue to invest in cyber resiliency.
    Risks in the Nonbank SectorLet me speak next to the perennial concerns of intermediation by financial firms outside the bank regulatory perimeter. An increasingly varied and evolving collection of nonbank clients, including hedge funds, private credit, and insurance companies, is playing a significant role in the global economy and presenting new risks.
    Beginning with hedge funds, bank exposures to hedge funds have risen over the past several years, and concurrently, hedge fund leverage remains near historic highs.20 Archegos’s failure revealed the risks presented by hedge funds and the degree of interconnectedness between banks and hedge funds. And the exploratory analysis as part of last year’s stress test showed that banks have material exposures to hedge funds under certain market conditions, and that the hedge fund counterparty exposures can vary significant based on the specific set of shocks.21
    One area that has grown substantially is the Treasury cash-futures basis trade.22 The basis trade helps provide liquidity and price discovery in normal times, as hedge funds trade with asset managers and other financial institutions to align returns to holding Treasury securities and related futures. But the trade involves high levels of leverage, which can contribute to a rapid unwinding in positions and exacerbate market stress, as we saw in the spring of 2020. In principle, margining practices and participants’ risk-management activities should limit these risks, but individual firms do not account for the spillovers their actions can have on market functioning. These externalities suggest a role for regulation, and the central clearing mandate for Treasury market trading is an important step in supporting the resilience of this market. At the same time, we need to continue to consider how we can support the collection of minimum margin across trading venues and in bilateral trades to avoid loopholes and risks, and continue to monitor banks’ credit risk management practices with these hedge fund counterparties.
    Another area that has experienced rapid growth in recent years is private credit, which is now comparable in size to the high-yield bond market and leveraged loan market.23 Traditional private credit arrangements rely on limited leverage and generally have long-term funding, making them less vulnerable to the deleveraging spiral associated with high leverage and short-term funding. Nonetheless, risks may be growing. The connections between private credit and banks have been expanding, and private credit remains opaque, with limited information relative to asset classes of similar size.24 Moreover, the rapid growth and opacity of the sector raise the risk that recent private credit arrangements may be assuming new risks. Retail investors can now gain exposure to the asset class through mutual or exchange traded funds, which could present the age-old consumer and financial stability risks we see when opaque, illiquid assets are converted to liquid ones.25
    We also need to monitor risks in the insurance industry. Households planning for retirement often rely on life insurance companies to provide them a steady stream of income. In principle, life insurance companies are the ultimate patient investor and thus the natural vehicle to finance long-maturity and risky projects. Indeed, while venture capital funding gets a lot of the attention, mobilized retirement savings through life insurance companies have supported long-term investments in capital-intensive projects. However, life insurance companies, just like other financial institutions, can overpromise and be tempted to take on greater risk than their liability holders or regulators appreciate. Given the complexity of some investment vehicles, the institutions themselves may not fully appreciate all of the risks. The life insurance sector has been changing. Even as the life insurance industry has been increasing its holdings of assets originated by private equity firms, private equity firms have been acquiring life insurers directly. Moreover, private-equity-affiliated insurers rely more heavily on nontraditional liabilities, which may prove flighty in a stress event. This is something to watch carefully. In the next business cycle downturn, it’s possible that unexpected losses at insurance companies could lead to a sharp pullback and deeper credit crunch.
    Climate RiskFinally, regulators will need to continue to confront the financial risks from climate change. The Federal Reserve has a responsibility to recognize emerging risks to the safety and soundness of banks, to the ability of households and businesses to access financial services, and to financial stability. Costly natural disasters could present just such risks.
    The recent wildfires in California should be a wake-up call that we need to focus on how insurance markets will need to adjust to more frequent and severe weather events. The loss of life and hardship borne by many households is tragic, and the economic losses associated with the wildfires, while uncertain, are likely to be among the largest losses from a natural disaster on record. The wildfires should remind us of the problems in property and casualty insurance markets—just as the severe flooding caused by Hurricane Helene reminded us of significant gaps in flood insurance coverage.
    Often the structure and regulation of insurance markets prevents risk from being appropriately priced, limiting the ability of market signals to influence development and adaptation in high-risk areas and contributing to the buildup of risks. And there is a broader question of the extent to which private capital will be sufficient to cover increasing natural disaster risk.
    The Federal Reserve has an important but narrow role to play with respect to climate change, and that is to focus on risks from climate change to bank safety and soundness and financial stability. The pilot climate scenario analysis conducted by the Federal Reserve was an important step forward in assessing the capacity of the largest banks, as well as in building our own capacity, to perform the kind of analysis that is increasingly crucial as risks arising from more severe weather events become a driver of financial risk for specific firms and the broader economy.26 Guidance for the largest banks also plays an important role in reminding banks of basic principles in prudent risk management as it applies to these types of climate-related risks.
    ConclusionIn conclusion, the United States has the benefit of a strong, vigorous economy, the deepest and most liquid markets in the world, and a critical place in the world economy through the role of the U.S. dollar. The Federal Reserve has an essential role in maintaining the strength and resilience of the U.S. economy, including through its vigilance about the risks I discussed today. A strong and resilient banking system benefits the American people. We need to be humble about our ability to predict shocks to the financial system, and how they will propagate through vulnerabilities in the system. That is why it is so important to have strong regulation and supervision as shock absorbers to protect households and businesses from risks emanating from the financial system.
    In closing, I want to speak directly to the staff of the Federal Reserve and express my deep gratitude. Your rigorous analysis and deep expertise are fundamental to our ability to promote a strong and stable financial system that serves the American people. Thank you for your outstanding service.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. Board of Governors of the Federal Reserve System, Department of the Treasury, and Federal Deposit Insurance Corporation, “Joint Statement by Treasury, Federal Reserve, and FDIC,” press release, March 12, 2023; and Board of Governors of the Federal Reserve System, “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12, 2023. Return to text
    3. See, e.g., U.S. Department of the Treasury, “Remarks by Assistant Secretary Michael Barr” (speech at the Financial Times Global Finance Forum, New York, NY, December 2, 2010). Return to text
    4. See, e.g., speeches by Michael S. Barr: “Why Bank Capital Matters” (speech at the American Enterprise Institute, Washington, D.C., December 1, 2022); “Holistic Capital Review (PDF)” (speech at the Bipartisan Policy Center, Washington, D.C., July 10, 2023); “The Next Steps on Capital” (speech at the Brookings Institution, Washington, D.C., September 10, 2024); and “On Building a Resilient Regulatory Framework” (speech at Central Banking in the Post-Pandemic Financial System 28th Annual Financial Markets Conference, Fernandina Beach, FL, May 20, 2024). Return to text
    5. Board of Governors of the Federal Reserve System, “Agencies Request Comment on Proposed Rules to Strengthen Capital Requirements for Large Banks,” press release, July 27, 2023. Return to text
    6. by Michael S. Barr: “The Next Steps on Capital” (speech at the Brookings Institution, Washington, D.C., (September 10, 2024). Return to text
    7. See “Vice Chair for Supervision Michael S. Barr memo” in Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (PDF) (Washington, April 2023). Return to text
    8. See “Discount Window Readiness”. Return to text
    9. For an earlier perspective, see Hearing on Prudential Oversight before the Senate Committee on Banking, Housing and Urban Affairs (PDF), July 23, 2015 (statement by Michael S. Barr). Return to text
    10. 12 CFR 249. 32-33. Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (Washington, April 2023); and Federal Deposit Insurance Corporation, FDIC’s Supervision of First Republic Bank (PDF) (Washington: September 2023). Return to text
    11. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    12. Board of Governors of the Federal Reserve System, “Agencies Request Comment on Proposed Rule to Require Large Banks to Maintain Long-Term Debt to Improve Financial Stability and Resolution,” press release, August 29, 2023. Return to text
    13. Board of Governors of the Federal Reserve System, “Due to Evolving Legal Landscape and Changes in the Framework of Administrative Law, Federal Reserve Board Will Soon Seek Public Comment on Significant Changes to Improve Transparency of Bank Stress Tests and Reduce Volatility of Resulting Capital Requirements,” press release, December 23, 2024. Return to text
    14. That model sclerosis contributed to the failure of the supervisory stress test used for Fannie Mae and Freddie Mac before the Global Financial Crisis, with devastating results. Scott Frame, Krisopher Gerardi, and Paul Willen, “The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO,” Federal Reserve Bank of Boston Working Paper No. 15-4 (October 2015). Return to text
    15. Board of Governors of the Federal Reserve System, Exploratory Analysis of Risks to the Banking System (PDF) (Washington: June 2024). Return to text
    16. Board of Governors of the Federal Reserve System, Assessment of Bank Capital during the Recent Coronavirus Event (PDF) (Washington: June 2020). Return to text
    17. Beverly Hirtle and Anna Kovner, “Bank Supervision,” Annual Review of Financial Economics 14 (2022): 39–56. Return to text
    18. Office of Inspector General, Material Loss Review of Silicon Valley Bank (PDF) (Washington: September 25, 2023). Return to text
    19. See https://www.federalreserve.gov/supervisionreg/novel-activities-supervision-program.htm. Return to text
    20. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    21. Board of Governors of the Federal Reserve System, Exploratory Analysis of Risks to the Banking System (PDF) (Washington: June 2024). Return to text
    22. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    23. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    24. John Levin and Antoine Malfroy-Camine, “Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data,” Federal Reserve Bank of Boston Supervisory Research and Analysis Notes (February 2025). Return to text
    25. Chapter 2 The Rise and Risks of Private Credit in: Global Financial Stability Report, April 2024. Return to text
    26. Board of Governors of the Federal Reserve, Pilot Climate Scenario Analysis Exercise: Summary of Participants’ Risk-Management Practices and Estimates (PDF) (Washington: May 2024). Return to text

    MIL OSI USA News –

  • MIL-OSI: Blackharbor BD Announces $500 Million Funding Capacity for Gas, Diesel, Oil Sectors and Luxury Home Builders

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, Feb. 20, 2025 (GLOBE NEWSWIRE) — Blackharbor Build and Design (Blackharbor BD), a leading investment and funding partner based in California, proudly announces its capacity to fund up to $500 million in the gas, diesel, and oil sectors, as well as luxury home building projects across the United States and globally.

    This significant financial capacity underscores Blackharbor BD’s commitment to driving growth and innovation within critical energy industries and the high-end real estate market. The company offers strategic financial solutions, including project financing, equity investments, and capital structuring, to fuel energy infrastructure expansion and support premium residential developments.

    “Our $500 million funding capacity reflects our strong financial foundation and our vision to support key industries that are essential for economic growth. We are excited to partner with businesses in the gas, diesel, and oil sectors, as well as luxury home builders, to bring ambitious projects to life,” said [Zane Richardson], [CEO] of Blackharbor BD.

    The $500 million funding initiative is expected to support multiple large-scale projects, including:

    • Expanding refinery and distribution facilities for gas, diesel, and oil.
    • Financing new pipeline construction projects to enhance fuel transportation capabilities.
    • Supporting the construction of high-end residential communities and luxury estates.

    Projected allocations include 60% of the funding directed towards energy infrastructure initiatives and 40% dedicated to luxury real estate projects. Blackharbor BD estimates that its investments will generate over 2,000 jobs across construction, engineering, and project management sectors.

    Additionally, Blackharbor BD offers advisory services, including risk management, market analysis, and financial modeling, ensuring successful project execution. The company prioritizes sustainable investment practices, integrating technologies that reduce carbon emissions in energy projects and partnering with eco-conscious developers in luxury real estate.

    “Our investment strategy is rooted in creating long-term value for our partners and the communities we serve. We take pride in offering tailored financial solutions that meet the unique needs of each project while driving innovation and sustainability,” added Richardson.

    Industry leaders, developers, and stakeholders are invited to explore partnership opportunities and leverage Blackharbor BD’s extensive financial resources. For inquiries, visit www.blackharborbd.com or contact partnerships@blackharborbd.com

    About Blackharbor BD:
    Blackharbor BD is a premier investment and funding partner based in California, specializing in providing financial solutions to the energy and real estate sectors. With a commitment to excellence and innovation, Blackharbor BD empowers businesses to achieve their growth ambitions through strategic investments and funding support.

    The MIL Network –

  • MIL-OSI: Willis Lease Finance Corporation Exercises Options for 30 CFM LEAP Engines

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), a leading lessor of commercial aircraft engines and provider of global aviation service operations, has announced that it has exercised existing purchase rights for 30 new LEAP engines from CFM International, the 50-50 joint company between GE Aerospace and Safran Aircraft Engines. The purchase, pursuant to an option in a 2019 order, will include LEAP-1A engines for Airbus A320neo family aircraft, as well as LEAP-1B engines for Boeing 737 MAX aircraft, with delivery dates to be determined. With the addition of these engines to the WLFC portfolio, the Company will be able to offer even more flexible support to operators of these popular engine and aircraft types.

    “We are proud to announce our investment in 30 additional state-of-the-art LEAP engines, an important milestone that reinforces our vision to help our customers connect the world through sustainable flight by providing advanced and efficient solutions,” said Austin C. Willis, WLFC’s Chief Executive Officer.

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and health epidemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

     CONTACT:  Lynn Mailliard Kohler
      Director, Global Corporate Communications
      lkohler@willislease.com
      415.328.4798

    The MIL Network –

  • MIL-OSI USA: Governor Stein Provides Update on Winter Weather, Urges Caution on Treacherous Roads

    Source: US State of North Carolina

    Headline: Governor Stein Provides Update on Winter Weather, Urges Caution on Treacherous Roads

    Governor Stein Provides Update on Winter Weather, Urges Caution on Treacherous Roads
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein and the State Emergency Response Team are providing further updates on the state of winter weather, as well as resources for North Carolinians who are impacted by the storm. Governor Stein advises that all North Carolinians continue to pay attention to their local weather forecasts and stay off the roads as much as possible.  

    “As winter weather continues today, we are doing everything we can to keep North Carolinians safe and respond to the effects of the storm” said Governor Josh Stein. “Frigid temperatures and wet roads are making travel dangerous, resulting in one tragic fatality. Please stay off the roads if you can. If you need help, reach out to your county’s emergency operations center or the North Carolina Disaster Case Management hotline. Please stay safe and check on your neighbors to ensure that they’re safe too.”

    As of noon today, there are an estimated 6,105 power outages statewide, with the majority of those outages in eastern North Carolina communities impacted by ice. The State Emergency Response Team remains activated to support local first responders, energy providers, and the NC Department of Transportation, with the NC National Guard remaining in central and eastern North Carolina to assist on the roadways. This includes 188 guardsmen with 60 vehicles.  

    Officials with the NC Department of Transportation are urging people to avoid unnecessary travel today, as many of the state’s snow-and-ice covered roads are treacherous. The agency has seen numerous crashes yesterday and overnight, including one confirmed fatality, due to people losing control of their vehicles.

    Since the first snow began to fall Wednesday morning, NCDOT’s maintenance crews and contractors have been hard at work clearing roads of ice and snow. More than 2,300 NCDOT employees, in addition to the agency’s contractors, are operating more than 2,200 trucks and motor graders to treat roads. NCDOT officials have used more than 12,650 tons of salt to treat roads since snow began to fall.  

    NCDOT’s cut and shove teams are removing fallen trees and debris from roads and working with the agency’s utility partners in cases involving downed power lines.  NCDOT is prioritizing clearing the interstates and then US and NC routes, followed by secondary roads.

    “Our crews are working around the clock to clear roads across the state and will not stop until the job is done,” said NCDOT Secretary Joey Hopkins. “The snow and ice dumped on our state have left many roads too dangerous for travel. If you don’t need to be on the roads, please stay home and stay safe.”  

    Much of the state is not expected to see significant thawing until Friday afternoon, when temperatures will climb above freezing. Road conditions will continue to be dangerous for several mornings as overnight temperatures leave behind black ice on many roads.  When conditions improve, people should check the state’s real-time travel conditions on DriveNC.gov before heading out.

    For information on power outages and how your and your family can be prepared for continued winter weather and cold temperatures, visit www.readync.gov.  

    Hurricane Helene disaster survivors can reach FEMA for help today by calling 1-800-621-3362. The physical FEMA Disaster Recovery Centers across western North Carolina will be closed today due to weather conditions.  

    The North Carolina Disaster Case Management Program (NC-DCM) remains available for Helene survivors. To access resources and assistance, call 1-844-746-2326 or visit www.ncdps.gov/helene/dcm. To date, NC-DCM has handled applications from 2,143 survivors and fielded at least 5,676 calls for assistance with needs including housing, financial, navigating FEMA assistance, food, and furniture or appliances. 

    Feb 20, 2025

    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of New York Announces Full-Year and Fourth Quarter 2024 Operating Highlights

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter and year ended December 31, 2024. 

    The FHLBNY’s net income for 2024 was $738.5 million, a decrease of $12.6 million, or 1.7%, from record net income of $751.1 million for 2023. Net interest income for the year was $986.8 million, a decrease of $8.5 million, or 0.9%, from a record $995.3 million for 2023. Higher market interest rates and continued large earning asset balances contributed to strong net interest income. Yield on assets increased to 5.34% for 2024 from 5.14% in 2023. Other income increased by $35.5 million, to $112.6 million in 2024, mainly due to net unrealized fair value gains on derivatives and hedged items including trading securities held for liquidity purposes. The FHLBNY’s return on average equity (“ROE”) for 2024 was 8.49%, compared to ROE of 9.11% for 2023. Non-interest expense increased by $42.9 million, driven by an increase in voluntary contributions to the FHLBNY’s housing and community development support activities, as well as an increase in compensation and benefits driven by headcount additions and technology-related expenses.

    In the fourth quarter of 2024, the FHLBNY earned $153.3 million in net income, a decrease of $1.6 million, or 1.1%, from net income of $154.9 million for the fourth quarter of 2023. Net interest income for the quarter was $236.9 million, a decrease of $11.5 million, or 4.6%, from $248.4 million in the fourth quarter last year. Yield on assets decreased to 4.91% for the fourth quarter of 2024, from 5.45% for the fourth quarter 2023, reflecting changes in market interest rates. Member borrowings held steady during the period, with average advances balances, at par, of $105.2 billion for the fourth quarter of 2024, compared to $104.7 billion for the fourth quarter of 2023. Other income increased by $18.0 million, to $24.4 million in the fourth quarter of 2024 from $6.4 million in the fourth quarter last year, primarily due to net unrealized fair value gains on derivatives and hedged items including trading securities held for liquidity purposes. Non-interest expense increased by $7.7 million, driven by the same factors as for the full year: voluntary contributions, headcount additions and technology-related expenses. The FHLBNY’s ROE for the fourth quarter of 2024 was 6.80%, compared to ROE of 7.76% for the fourth quarter of 2023. 

    “Throughout 2024, the Federal Home Loan Bank of New York’s continued focus on executing on our foundational liquidity mission in a safe and sound manner and serving the needs of our members and community partners drove our strong performance, resulting in our second-highest annual income and record contributions to our housing and economic development programs and products,” said Randolph C. Snook, president and CEO of the FHLBNY.

    As of December 31, 2024, total assets were $160.3 billion, an increase of $2.0 billion, or 1.2%, from total assets of $158.3 billion as of December 31, 2023. As of December 31, 2024, advances were $105.8 billion, a decrease of $3.1 billion, or 2.8%, from $108.9 billion as of December 31, 2023. Average advances balances, at par, were $110.3 billion in 2024, $1.4 billion or 1.2% lower than the average advances balance level of $111.7 billion in 2023.

    As of December 31, 2024, total capital was $8.4 billion, an increase of $0.2 billion from total capital of $8.2 billion at December 31, 2023. The FHLBNY’s retained earnings increased during 2024 by $0.2 billion to $2.5 billion as of December 31, 2024, of which approximately $1.3 billion is unrestricted retained earnings and $1.2 billion is restricted retained earnings. At December 31, 2024, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.

    The FHLBNY allocated $82.1 million from its 2024 earnings for its Affordable Housing Program, an annual statutory grant program that supports the creation and preservation of affordable housing. In addition, the FHLBNY made $47.7 million in voluntary housing and community development grants and contributions in 2024, including an additional voluntary contribution to the Affordable Housing Program of $22.9 million to support its housing programs for 2025.

    The FHLBNY will publish its 2024 audited financial results in its Form 10-K filing with the U.S. Securities and Exchange Commission, which is expected to be filed on or about March 21, 2025.

               
    Selected Balance Sheet Items (dollars in millions)     
      December 31,   December 31,    
      2024   2023   Change
               
    Advances $ 105,838     $ 108,890     $ (3,052 )
    Mortgage loans held for portfolio   2,345       2,180       165  
    Mortgage-backed securities   19,397       19,582       (185 )
    Liquidity assets   30,344       25,340       5,004  
    Total assets $ 160,300     $ 158,333     $ 1,967  
               
    Consolidated obligations $ 148,411     $ 145,476     $ 2,935  
    Capital stock   6,014       6,050       (36 )
    Unrestricted retained earnings   1,286       1,277       9  
    Restricted retained earnings   1,209       1,061       148  
    Accumulated other comprehensive income   (100 )     (143 )     43  
    Total capital $ 8,410     $ 8,245     $ 165  
               
    Capital-to-assets ratio (GAAP)   5.25 %     5.21 %    
    Capital-to-assets ratio (Regulatory)   5.31 %     5.30 %    
               
    Operating Results (dollars in millions)               
      Quarter Ended December 31,       Year Ended December 31,      
      2024   2023 Change   2024   2023
    		   Change  
                                 
    Total interest income $ 2,002.6     $ 2,136.3     $ (133.7 )   $ 8,918.6     $ 8,400.4     $ 518.2    
    Total interest expense   1,765.7       1,887.9       (122.2 )     7,931.8       7,405.1       526.7    
    Net interest income   236.9       248.4       (11.5 )     986.8       995.3       (8.5 )  
    Provision (Reversal) for credit losses   0.5       (0.1 )     0.6       (0.2 )     1.7       (1.9 )  
    Net interest income after provision for credit losses   236.4       248.5       (12.1 )     987.0       993.6       (6.6 )  
    Non-interest income (loss)   24.4       6.4       18.0       112.6       77.1       35.5    
    Non-interest expense   90.5       82.8       7.7       279.0       236.1       42.9    
    Affordable Housing Program assessments   17.0       17.2       (0.2 )     82.1       83.5       (1.4 )  
    Net income $ 153.3     $ 154.9     $ (1.6 )   $ 738.5     $ 751.1     $ (12.6 )  
                                                     
    Return on average equity   6.80 %     7.76 %             8.49 %     9.11 %          
    Return on average assets   0.37 %     0.39 %             0.44 %     0.46 %          
    Net interest margin   0.58 %     0.63 %             0.59 %     0.61 %          
                                                     

    Federal Home Loan Bank of New York
    The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of December 31, 2024, the FHLBNY serves 341 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
    This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    CONTACT: Brian Finnegan
    (212) 441-6877
    brian.finnegan@fhlbny.com

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