Category: Economy

  • MIL-OSI: Webcast details for Capital Markets Day presentation on 12 February 2025

    Source: GlobeNewswire (MIL-OSI)

    Orrön Energy AB (“Orrön Energy”) will publish its financial report for the fourth quarter and full year 2024 on Wednesday 12 February 2025 at 07:30 CET, followed by a Capital Markets Day presentation at 14:00 CET.

    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy, together with members of Orrön Energy’s management team, at a webcast held on 12 February 2025 at 14:00 CET. The presentation will be followed by a question-and-answer session.

    Follow the presentation live on the below webcast link:
    https://orron-energy.events.inderes.com/cmd-2025

    For further information, please contact:

    Robert Eriksson
    Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network

  • MIL-OSI: BW Energy: Fourth Quarter Results 2024

    Source: GlobeNewswire (MIL-OSI)

    BW ENERGY FOURTH QUARTER RESULTS 2024

    HIGHLIGHTS

    •          Record Q4 EBITDA of USD 141.6 million, net profit of USD 56.8 million
    •          Full-year revenue of USD 0.8 billion (+57%), EBITDA of USD 457.4 million (+90%) and net profit of USD 165.9 million (+105%)
    •          Operational cash-flow of USD 117.7 million in the quarter
    •          Q4 gross production of 4.0 mmbbls with 3.1 mmbbls net to BW Energy
    •          Highest quarterly production since inception from the Dussafu licence
    •          ESP replacement program completed as planned with 8 producing Hibiscus / Ruche wells from early 2025
    •          Current gross production at Dussafu above 40,000 bbls/day
    •          Maintained a strong balance sheet with cash position of USD 221.8 million

    BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported a record quarterly EBITDA of USD 141.6 million for the fourth quarter of 2024. This was up from USD 130 million in the previous quarter on increased oil sales following all-time-high production in Gabon. The net production was 33,600 bbls/day, including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence (73.5% working interest or “WI”) and the Golfinho field (100% WI).

    Full-year 2024 net production was approximately 10.1 million barrels of oil, up 69% from 2023. EBITDA was USD 457.4 million (USD 241.0 million). The full-year figures are preliminary and unaudited. BW Energy will publish audited 2024 figures on 26 February 2025.

    “BW Energy delivers strong production growth, increased reserves and record financial performance in the fourth quarter and full year 2024 supported by new ESPs, successful appraisal wells and the completion of the Hibiscus / Ruche development,” said Carl K. Arnet, the CEO of BW Energy. “We have a pivotal 2025 ahead, executing on our strategy for growth and long-term value creation. Appraisal of the Bourdon structure in Gabon is ongoing, and we plan to sanction the Maromba development in Brazil in coming weeks. Then, in the second half we will drill the first Kudu appraisal in Namibia, a high impact well which may help unlock secure access to energy in a part of Southern Africa with unstable supply.”

    DUSSAFU
    BW Energy completed three liftings in the fourth quarter at an average realised price of USD 72.5/bbl. Net production was approximately 2.5 mmbbls of oil and the net sold volume, the basis for revenue recognition, was approximately 2.7 mmbbls including 97,500 bbls of DMO deliveries and 311,429 bbls of state profit oil with an under-lift position of 248,700 bbls at period-end.

    Net production from the Dussafu licence averaged ~27,300 bbls/day, an increase of 36% from the previous quarter. Operating cost (excluding royalties) decreased to USD 18.5/bbl from USD 20.5/bbl in the third quarter due to operational efficiencies and increased production. Further cost savings are expected as BW Energy is preparing to take over the operations of the BW Adolo FPSO during the first half of 2025.

    All ESP change outs were completed as planned and on 2 January 2025, Phase 1 of the Hibiscus / Ruche development was completed with eight producing wells, two more than planned at project sanction. 

    GOLFINHO
    Net production from the Golfinho field averaged ~6,400 bbls/day equivalent to a total production of 585,000 bbls in the quarter, up 17% from the previous quarter. A planned shutdown of a Petrobras gas plant restricted gaslift capacity for approximately 40 days, with only ESP wells producing. One lifting was carried out of ~500,000 bbls at a realised price of USD 73.5/bbl. Remaining inventory was approximately 440,500 bbls at the end of the period. Operating cost (excluding royalties) averaged USD 56.4/bbl barrel, down from 63.3/bbl in the third quarter, primarily due to higher production.

    OTHER ITEMS
    At 31 December 2024, BW Energy had a cash balance of USD 221.8 million, compared to USD 209.8 million at end-September. The increase reflects cash flow from operations, debt repayment and investments. The Company had a total drawn debt balance of USD 563 million including the MaBoMo lease, the Dussafu RBL, the Golfinho prepayment facility and bond debt.

    Production guidance for 2025 is between 11 and 12 mmbbls net to BW Energy. Full-year operating cost is expected to be USD 18 to 22/bbl (the basis for calculating unit operating cost has been revised from 2025 onwards to exclude royalties, tariffs, workovers, domestic market obligation purchases, production sharing costs, and incorporates the impact of IFRS 16 adjustments, primarily impacting Gabon operations). Net capital expenditures are expected at USD 260 to 285 million, including the appraisal well in Namibia. The capex guidance is excluding the Maromba development and the Golfinho Boosting project, both awaiting FID. 

    DEVELOPMENT PLANS
    In Gabon, the Bourdon appraisal prospect, targeting potential gross recoverable reserves of ~30 million barrels in Gamba and Dentale formations, was spud earlier this month and results are expected during the first quarter. At end-October, BW Energy (37.5% WI and operator) signed production sharing contracts (PSCs) for the Niosi Marin and Guduma Marin exploration blocks, which are adjacent to the Dussafu licence and significantly expands the resource base for infrastructure-led exploration. Planning for a 3D seismic campaign is ongoing. 

    Work on optimising Golfinho production continued to focus on stabilising FPSO performance and selected future well workovers. BW Energy is preparing to commence the Golfinho Boosting project to replace current gaslift with ESPs in two wells to increase production and production regularity from mid-2026.

    The Maromba development, targeting low-risk barrels in an oil-rich area with multiple producing assets, is progressing towards planned final investment decision (FID) next month based on the sustainable re-use of an FPSO and a jack-up with drilling capacity and dry trees. This enables a cost-efficient development with an investment budget of USD 1.2 billion and short pay-back time. Project financing is close to completion 

    In Namibia, BW Energy has sanctioned the drilling of an appraisal well targeting the Kharas Prospect northwest in the Kudu licence with planned start-up drilling operations in the third quarter. Long-lead items have been secured and the Company is reviewing offers for rig capacity. There is a close dialogue with other operators in the Orange Basin on exploring common use available resources. Development planning and concept selection for the Kudu gas-to-power project also continued with relevant stakeholders.

    REPORTS AND PRESENTATION
    Please find the fourth-quarter earnings presentation attached. The reports are also available at:

    www.bwenergy.no/investors/reports-and-presentations

     BW Energy will today hold a conference call followed by a Q&A hosted by CEO Carl K. Arnet, CFO Brice Morlot and COO Lin G. Espey at 15:00 CET.

    You can follow the presentation via webcast with supporting slides, available on:

    VIEWER REGISTRATION • Q4 2024

    Call-in information:

    Participants dial in numbers:

    DK: +45 7876 8490
    SE: +46 8 1241 0952
    NO: +47 2195 6342
    UK: +44 203 769 6819
    US: +1 646-787-0157
    Singapore: 65-3-1591097
    France: 33-1-81221259

    PIN code: 980877

    Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

    BW Energy will publish the audited 2024 annual report, the reserves report and the report on payments to governments on 26 February 2025.

    For further information, please contact:
    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16
    ir@bwenergy.no

    About BW Energy:
    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network

  • MIL-OSI: Inbank Financial Calendar for 2025

    Source: GlobeNewswire (MIL-OSI)

    AS Inbank has approved the company’s Financial Calendar for the 2025 financial year, according to which Inbank plans to disclose information and hold the Annual General Meeting of shareholders as follows:

    25.02.2025       Q4 and 2024 full year Unaudited Interim Report
    05.03.2025       2024 Audited Annual Report
    31.03.2025        Annual General Meeting
    06.05.2025       Q1 Interim Report
    05.08.2025       Q2 Interim Report
    05.11.2025         Q3 Interim Report

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with 6,200 merchants, Inbank has 881,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

    Additional information:
    Styv Solovjov
    AS Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    The MIL Network

  • MIL-OSI Economics: GlobalData 2025 Cloud Predictions: AI and economics will drive growth and change in IaaS

    Source: GlobalData

    GlobalData 2025 Cloud Predictions: AI and economics will drive growth and change in IaaS

    Posted in Technology

    2024 was a good year for hyperscalers and cloud providers who capitalized on their clients’ need for access to more processing and storage due to escalating growth in data volumes.  The hyperscalers continued to expand their solution portfolios, creating in some cases almost unfathomably vast catalogues. While some businesses opt to repatriate some workloads to private or on-premise environments for cost and other reasons, the expectation is that Infrastructure as a Service (IaaS) expansion will continue in 2025, with AI being a major factor in this expansion, according to a recent advisory report by GlobalData, a leading data and analytics company.

    GlobalData’s report titled “2025 Enterprise Predictions: Cloud Reconsidered,”  reveals that cost-containment and new regulations will be important factors in enterprise cloud decision-making in 2025.

    Amy Larsen DeCarlo, Principal Analyst, Enterprise Technology and Services at GlobalData, comments: “Even as economic uncertainty looms, the demand for more processing power and storage fuelled in large part by work in GenAI and synthetic AI will keep the hyperscalers and other cloud providers in excellent position in the coming year. Another byproduct of the increase in AI-powered applications will be greater interest in edge computing.  Hyperscalers and their partners will both benefit from this.”

    Concerns about costs on the part of enterprise and public sector entities will be a major influence on cloud investments this year.

    Larsen DeCarlo adds: “The onus is on cloud providers to deliver solutions that help organizations refine their cloud implementations, a fact of which they are keenly aware.

    “Organizations will advance their FinOps work internally, engaging individual IT operations teams with lines of business and finance to improve operational results and reduce expenses.  The hyperscalers who deliver effective tools to support this work will gain a point of differentiation.”

    GlobalData notes that even as organizations invest more in cloud services, regulatory changes will drive them to re-examine their current implementations and make changes in what they deploy to public and private clouds.

    Larsen DeCarlo concludes: “Hyperscalers have maintained a focus on developing vertically specific solutions for industries such as finance and healthcare. They will continue to build these out in 2025 while also expanding local infrastructure in regions including the Middle East and Africa as well as Asia.”

    MIL OSI Economics

  • MIL-OSI Australia: Community Funding shines bright throughout the City

    Source: Government of Western Australia

    The City of Wanneroo’s Community Funding Program has supported a plethora of community-led initiatives.

    Disco events for people with disabilities

    Intelife Group was one of the stand-out beneficiaries of the City’s community funding for its EasyBeatz events.

    Two events were held at the Whale & Ale bar and bistro in Clarkson, with the aim of increasing opportunities for people with disabilities to attend nightlife venues, as well as better educating venue staff.

    The City supported the group’s Christmas in July and Halloween themed discos, with the funding covering the venue and DJ hire costs.  

    The funding also allowed Intelife to create a video aimed at upskilling nightlife venues on how to provide an inclusive service to people with disabilities.

    The events provided a place for people with disability to meet in a safe place, enjoy a night out and make friends – with positive feedback proving the value of the events for the community.

    APM Community Connections Local Area Coordinator, Jean Van Veen, said the events were so popular, another six were in the works.

    “These events, which welcomed people of all abilities, wouldn’t have been possible without the grant received from the City” she said.

    “The video will help raise awareness and support other venues across Australia to host similar accessible and inclusive events, ensuring everyone can enjoy these experiences.”

    Community Christmas party and support

    A Community Christmas Party hosted by No Limits Perth set a new attendance record, highlighting the need for relief initiatives as cost-of-living pressures increase.

    Over the past year, organisers have seen event attendance double, with 200 families who were in need of free Christmas hampers joining the 2024 party, which was supported by a $2,205 Community Grant from the City.

    “The City’s funding program supported our Community Christmas Party by providing the entertainment, advertising, as well as ambulance services,” No Limits Perth Chairperson and Co-Founder, Janine Wood, said.  

    “We received feedback from families and single parents who were extremely grateful for the hampers and toys they received for their children and grandchildren at the event.”

    No Limits provides support services for people experiencing hardship and homelessness, if you are struggling you can reach out through the No Limits Perth website.

    Bilingual workshops

    Last year, Multilingual Australia held three workshops at Girrawheen Hub, with a $500 Kickstarter grant from the City.

    The “Raising Children in More than One Language” workshops were held to support City of Wanneroo families in fostering bilingual and multi-lingual environments at home.

    Thanks to the popularity of the workshops, Multilingual Australia was invited to present at two additional child-care centres to 37 families and community educators.

    Tet Trung Thu Full Moon Lantern Festival

    Koondoola-based Westnam United Soccer Club saw 350 people join in its 2024 Tet Trung Thu Full Moon Lantern Festival.

    The annual Vietnamese community cultural event for children was a hit with attendees who enjoyed lantern making, moon cake tasting and a lantern parade.

    Westnam United Soccer Club received a $4,450 Community Grant from the City to host the festival at its home ground, Shelvock Park.

    Wanneroo Softball’s ‘Have a Go Day’

    In a bid to rejuvenate its player numbers, Wanneroo Softball Club hosted a “Have a Go Day”, targeting new members of the community and shining a light on the social and physical benefits of softball.

    The club received a $500 Kickstarter grant from the City to help host the event.

    The City’s Funding Program offers a valuable opportunity for groups based in the City of Wanneroo, or with a primary interest in the City, to secure financial support for projects, activities and events.

    Visit the Community Funding page for more information or phone the City’s Community Development team on (08) 9405 5600.

    MIL OSI News

  • MIL-OSI Australia: Equipping and empowering vulnerable young mothers to thrive in Brisbane

    Source: Ministers for Social Services

    The Albanese Labor Government is supporting communities across Australia to be strong and resilient.

    Assistant Minister for Social Security, Ageing and Women, Kate Thwaites, this week visited A Brave Life in Brisbane to learn about the Equip and Empower project.

    A Brave Life Ltd will receive almost $190,000 through the Strong and Resilient Communities Activity grant program to deliver the project.

    Equip and Empower will identify and support vulnerable young mothers in the Moreton Bay area through a 10-week innovative group program focused on social inclusion, resilience and education from local specialists. It will help young mothers build community connections and access a variety of support services.

    Assistant Minister Thwaites said: “In 2025 A Brave Life marks ten years of supporting vulnerable mothers and their babies across Queensland. With this new funding they will help support more young mothers to forge better, healthier, more stable lives for themselves and their children.”

    “The Equip and Empower group program will offer a safe and supportive place where mothers can connect with each other, access important supports like counselling and case management, and learn a range of skills to improve their wellbeing and resilience,” Assistant Minister Thwaites said.

    “The Albanese Government is proud to be supporting organisations including A Brave Life as part of our ongoing commitment to finding new ways to support at-risk cohorts across the country, including young mothers.”

    Minister for Social Services and the National Disability Insurance Scheme Amanda Rishworth said organisations funded under the SARC grant program deliver targeted services to help build capacity at a local level.

    “Our Government is committed to building strong and resilient communities, and to helping Australians who need extra support,” Minister Rishworth said.

    “To do this, we need to invest into the communities that need it most and with the organisations that can make the biggest difference to the future of community members.

    “We know that the successful organisations are well placed to help some of our most vulnerable, including young people, people with disability, unemployed people, women and First Nations people.”

    Since 2022 the Albanese Labor Government has invested $47.5 million into SARC grants.

    The funding builds on the Labor Government’s record to help Australians with cost of living relief, including:

    • providing every Australian taxpayer a tax cut
    • increasing Commonwealth Rent Assistance for nearly one million households
    • boosting funding for emergency and food relief services, along with financial counselling
    • extending the freeze on deeming rates for 876,000 income support recipients.

    More information about the SARC Activity is available on the Department of Social Services website.

    MIL OSI News

  • MIL-OSI USA: Padilla Questions FBI Director Nominee Kash Patel on Lack of Independence, Experience During Nomination Hearing

    US Senate News:

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

    Padilla Questions FBI Director Nominee Kash Patel on Lack of Independence, Experience During Nomination Hearing

    WATCH: Padilla slams Patel for dodging questions on background checks and civilian machine gun ownershipWASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) questioned Kash Patel, nominee for Director of the Federal Bureau of Investigation (FBI), during a Senate Judiciary Committee hearing. Padilla raised serious concerns about Patel’s fitness to lead the FBI independently, citing his lack of law enforcement experience, history of spreading falsehoods, and threats to weaponize the Bureau against political opponents.
    Patel has published a political enemies list, threatened to prosecute journalists, and has even said he plans to “shut down the FBI Hoover Building on Day 1 and reopen it the next day as a museum of the “deep state.” Padilla directly challenged Patel on his past public statements that FBI agents and officials are “corrupt gangsters.”
    As FBI Director, Patel would oversee the National Instant Criminal Background Check System and regulate machine gun distribution. Yet Patel repeatedly dodged questions on the constitutionality of universal background checks for firearm purchases and on whether civilian ownership of machine guns should be legal. His nomination has been praised by Gun Owners of America, a group that opposes background checks and claims that machine guns are protected under the Second Amendment — positions far outside the mainstream of law enforcement and public safety policy.
    Padilla also confronted Patel about his role in financially supporting insurrectionists convicted for their roles in the January 6 attack on the U.S. Capitol. He has raised money for the families of convicted January 6th rioters — yet he has not made similar efforts to support the police officers who were beaten, tased, and attacked defending the Capitol that day. Patel’s selective advocacy raises serious concerns about where his loyalties lie and whether he would prioritize law enforcement or political extremists as FBI Director.
    Padilla called out Patel for his reckless actions during a high-stakes national security operation. While serving as Senior Director for Counterterrorism at the National Security Council, Patel provided false information to senior leadership during a SEAL Team hostage rescue mission in Nigeria. According to former Secretary of Defense Mark Esper, Patel falsely claimed that the United States had secured permission to fly over foreign airspace, a misrepresentation that delayed the mission and put American lives at risk. When confronted by Padilla, Patel failed to own up to his serious lapse in judgement in this situation.
    Key Excerpts:
    PADILLA: Mr. Patel, do you believe that background checks for firearm purchases are constitutional?
    PATEL: I don’t know the in-depths of it, but I think that’s what the Supreme Court has said, Senator.
    PADILLA: So the word would be Y-E-S, yes. Can you say yes, are background checks constitutional?
    PATEL: I can say whatever the Constitution and the Supreme Court ruled is the rule of the land.
    PADILLA: And what is the rule, the law of the land at the moment?
    PATEL: I’m not an expert on state-by-state background checks.
    PADILLA: … Let me ask you another question. Do you believe that civilian ownership of machine guns are protected by the Second Amendment?
    PATEL: Universal background checks are different. That’s not–
    PADILLA: I asked you a separate question. Do you believe civilian ownership of machine guns is protected by the Second Amendment?
    PATEL: Whatever the courts rule in regards to the Second Amendment is what is protected by the Second Amendment.
    PADILLA: Yet another telling response, colleagues, on another important issue.
    PADILLA: … Colleagues, we’ve been hearing a lot of partial responses and lack of recollections throughout the day, and I can’t help but identify the pattern of Mr. Patel calling FBI leadership corrupt, labeling agents as gangsters, accusing them of being part of a criminal “Deep State” conspiracy. We’ve heard of his experience with the J6 prison choir, a group of individuals convicted for their roles in the January 6 insurrection. We’ve heard his false claims that the U.S. has secured airspace permissions during a high stakes SEAL team hostage rescue mission in Nigeria. I can go on and on. These positions are inconsistent with the role of FBI director, a position that demands independence, professionalism, and unwavering commitment to the rule of law. Mr. Patel, your loyalty to President Trump and the MAGA movement may score you points in some quarters, but they are certainly not the qualities necessary to serve as director of the FBI.
    Video of Padilla’s first round of questioning is available here. His second round of questioning is available here.
    Yesterday, Senator Padilla joined all Democrats on the Senate Judiciary Committee in requesting urgent access to critical materials directly pertaining to Kash Patel’s nomination.

    MIL OSI USA News

  • MIL-OSI USA: Murray, Budget Committee Democrats, Leader Schumer Press to Delay Vought’s OMB Nomination

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    WASHINGTON, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Budget Committee, joined every other Democratic member of the Budget Committee and Senate Democratic Leader Chuck Schumer (D-NY) in demanding that Chairman Lindsey Graham (R-SC) delay Russell Vought’s nomination to serve as Director of Office of Management and Budget (OMB) until he satisfactorily answers questions regarding his advice to the President relating to the illegal impoundment of Congressionally appropriated funds – questions that have taken on greater urgency in light of OMB’s directive “to freeze all funding for ‘Federal financial assistance programs.’”

    “While Mr. Vought stonewalled Committee members, he was already planning on halting programs that feed hungry children, heat the homes of low-income families, support farmers, and bring relief to those suffering from natural disasters. The laws Congress passes are not suggestions, and Mr. Vought willfully ignoring them harms the constituents of every Member of the Committee,” the senators wrote.

    The senators called for the Budget Committee to postpone the vote on Vought for two weeks while they get full and complete responses to questions from the nominee.

    The senators wrote, “It is simply unconscionable that the Budget Committee could vote to confirm Mr. Vought to be Director of Office of Management and Budget without getting some real answers from him about his ongoing efforts to stymie the will of Congress. Mr. Vought is a clear and present danger to Congress’s Power of the Purse; his outright refusal to discuss his plans that were already in development is a slap in the face to every Member of the Committee, Democrat and Republican alike.”

    The letter was signed by all the Democrats of the Senate Budget Committee—Ranking Member Jeff Merkley (D-OR), Patty Murray (D-WA), Ron Wyden (D-OR), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI), Mark Warner (D-VA), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Ben Ray Luján (D-NM), and Alex Padilla (D-CA)—and Leader Schumer.

    A copy of the letter is available here or below:

    Dear Senator Graham:

    During the Budget Committee’s hearing on Wednesday, January 22 to examine the nomination of Russell T. Vought to serve as the Director of Office of Management and Budget, Mr. Vought was repeatedly evasive about whether, if confirmed, he would advise the President to impound Congressionally-appropriated funds in clear violation of Article II of the Constitution and the unambiguous text of the Impoundment Control Act of 1974.

    In written responses to questions following the hearing, Mr. Vought continued his refusal to answer direct questions about how executive orders to pause foreign aid funding, as well as funding authorized and appropriated by the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, complied with the law.

    Now, less than a week after the hearing, it is clear that Mr. Vought’s non-answers were an effort to thwart the Committee from getting the truth of the Trump administration’s plan, per OMB memorandum M-25-13, to freeze all funding for “Federal financial assistance programs.” While Mr. Vought stonewalled Committee members, he was already planning on halting programs that feed hungry children, heat the homes of low-income families, support farmers, and bring relief to those suffering from natural disasters. The laws Congress passes are not suggestions, and Mr. Vought willfully ignoring them harms the constituents of every Member of the Committee.

    It is simply unconscionable that the Budget Committee could vote to confirm Mr. Vought to be Director of Office of Management and Budget without getting some real answers from him about his ongoing efforts to stymie the will of Congress. Mr. Vought is a clear and present danger to Congress’s Power of the Purse; his outright refusal to discuss his plans that were already in development is a slap in the face to every Member of the Committee, Democrat and Republican alike.

    For those reasons, we request that the business meeting to consider Mr. Vought’s nomination, currently scheduled for Thursday, January 30, be postponed for two weeks so the Committee may get full responses to the questions Mr. Vought has thus far refused to answer.

    MIL OSI USA News

  • MIL-OSI USA: Rosen Helps Introduce Bipartisan Legislation to Assist Veterans with Home Ownership, Increase Awareness of VA Resources

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) announced that she helped introduce the bipartisan VA Home Loan Awareness Act to increase awareness of the VA Home Loan Program and help veterans achieve home ownership. The VA Home Loan Program offers unique benefits to veterans to help them finance their home purchases, including no down payment, no private mortgage insurance, and typically lower interest rates than conventional housing loans. Despite these benefits, only 13 percent of veterans ever utilize their VA Home Loan benefit, and only half of home-owning veterans say they were made aware of the benefit by their lender.
    “As Nevada continues to face a housing crisis, I’m joining bipartisan legislation to help ensure veterans have all of the information they need to make buying a home easier and more affordable,” said Senator Rosen. “The men and women who served our nation in uniform made incredible sacrifices, and it’s our responsibility to ensure they receive the benefits they’ve earned.”
    Senator Rosen has worked consistently to deliver for Nevada’s veterans and help them receive their benefits. Earlier this year, she announced that a bipartisan Rosen-backed bill to expand veterans benefits outreach became law. Senator Rosen’s bipartisan legislation to require the U.S. Department of Veterans Affairs (VA) to maintain a permanent helpline for veterans to use for information on VA services is now law as part of the National Defense Authorization Act for Fiscal Year 2025. She also successfully pushed President Biden to include the construction of a new VA hospital in Reno in his 2024 Budget Request and helped introduce and pass bipartisan legislation to officially authorize its construction.

    MIL OSI USA News

  • MIL-OSI New Zealand: Release: Mining plan offers false promises with real damage

    Source: New Zealand Labour Party

    The Government is doubling down on outdated and volatile fossil fuels, showing how shortsighted and destructive their policies are for working New Zealanders.

    “Shane Jones’ announcement is shortsighted, environmentally reckless, and a giveaway to private mining interests,” Labour’s energy spokesperson Megan Woods said.

    “We are not against mining as long as it is done in an environmentally sustainable way. Under the Labour government, we were also doing work on critical minerals that would help us decarbonise and move away from fossil fuels like coal in a way that ensures jobs in the long term.

    “However, the government’s plans, combined with the Fast Track law, lead to greater environmental risks with no public scrutiny.

    “This Government wants New Zealanders to believe mining is essential for the energy transition, but what they won’t tell you is that gold mining has nothing to do with renewable energy and fossil fuels are the most expensive energy source that we have.

    “Shane Jones talks about economic benefits, but what he is really talking about is private profits being shipped offshore while Kiwis are left with the environmental damage.

    “Kiwis deserve an energy strategy that moves us forward, one that invests in wind, solar, and storage, creates sustainable jobs, and puts people before corporate profits. Instead, Shane Jones is pushing a plan that prioritises mining private profits over climate action, regional prosperity, and long-term energy security,” Megan Woods said.

    “His proposal to mine the iron sands off the Coast of Taranaki drove away offshore wind investment, proving once again that this Government is holding New Zealand back while other countries move forward with clean energy solutions,” Labour’s environment spokesperson Rachel Brooking said.

    “Climate and environmental protections are critical to our future, and this Government’s shortsighted and destructive approach will harm New Zealand’s economy long after Shane Jones is gone from Parliament.”


    Stay in the loop by signing up to our mailing list and following us on FacebookInstagram, and X.

    MIL OSI New Zealand News

  • MIL-OSI Economics: Money Market Operations as on January 30, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,45,691.61 6.56 4.00-6.95
         I. Call Money 14,941.07 6.58 5.10-6.65
         II. Triparty Repo 3,85,768.80 6.55 6.49-6.75
         III. Market Repo 1,43,070.44 6.59 4.00-6.95
         IV. Repo in Corporate Bond 1,911.30 6.76 6.75-6.80
    B. Term Segment      
         I. Notice Money** 126.94 6.43 5.90-6.65
         II. Term Money@@ 1,141.50 6.70-7.50
         III. Triparty Repo 1,585.00 6.54 6.50-6.57
         IV. Market Repo 2,040.99 6.61 6.60-6.75
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 30/01/2025 1 Fri, 31/01/2025 1,17,354.00 6.51
         (b) Reverse Repo          
    3. MSF# Thu, 30/01/2025 1 Fri, 31/01/2025 3,099.00 6.75
    4. SDFΔ# Thu, 30/01/2025 1 Fri, 31/01/2025 69,667.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       50,786.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     2,22,438.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 30, 2025 9,18,934.39  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 30, 2025 1,17,354.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2047

    MIL OSI Economics

  • MIL-OSI Economics: Samsung Electronics Announces Fourth Quarter and FY 2024 Results

    Source: Samsung

    Samsung Electronics today reported financial results for the fourth quarter and the fiscal year 2024.
     
    The Company posted KRW 75.8 trillion in consolidated revenue and KRW 6.5 trillion in operating profit in the quarter ended December 31, 2024. For the full year, it reported KRW 300.9 trillion in annual revenue and KRW 32.7 trillion in operating profit.
     
    Although fourth quarter revenue and operating profit decreased on a quarter-on-quarter (QoQ) basis, annual revenue reached the second-highest on record, surpassed only in 2022. Meanwhile, operating profit was down KRW 2.7 trillion QoQ, due to soft market conditions especially for IT products, and an increase in expenditures including R&D.
     
    In the first quarter of 2025, while overall earnings improvement may be limited due to weakness in the semiconductors business, the Company aims to pursue growth through increased sales of smartphones with differentiated AI experiences, as well as premium products in the Device eXperience (DX) Division.
     
    For 2025 as a whole, the Company plans to enhance technological and product advantages in AI, continue to meet future demand for high-value-added products and drive sales growth in premium segments.
     
    With market conditions expected to remain soft in 1H for the Device Solutions (DS) Division, the Company will focus on securing technology leadership for mid- to long-term growth. Samsung Display Corporation (SDC) will look to strengthen its leading position in high-end products by enhancing product competitiveness, and the DX Division will focus on extending its leadership in delivering AI experiences across a diverse product portfolio.
     
    The Company’s capital expenditures in 2024 reached a total of KRW 53.6 trillion, including KRW 46.3 trillion spent in the DS Division and KRW 4.8 trillion in SDC. In the fourth quarter, the total was KRW 17.8 trillion, with KRW 16 trillion allocated to the DS Division and KRW 1 trillion to SDC.
     
     
    Semiconductors To Optimize Portfolio Centered on Advanced Nodes
    The DS Division posted KRW 30.1 trillion in consolidated revenue and KRW 2.9 trillion in operating profit in the fourth quarter of 2024.
     
    The Memory Business achieved record-high fourth-quarter revenue, backed by a higher blended DRAM average selling price (ASP) due to the increased sales of high-bandwidth memory (HBM) and high-density DDR5 for servers. However, operating profit decreased slightly compared to the previous quarter as a result of increased R&D expenses to secure future technology leadership, as well as the initial ramp-up costs to secure production capacity for cutting-edge nodes.
     
    In the first quarter of 2025, amid ongoing uncertainties in demand, the Memory Business will shift its business portfolio to more high-value-added products by accelerating the migration to cutting-edge nodes to respond to the demand for high-performance and high-density products.
     
    For DRAM, the Memory Business seeks to increase the share of DDR5 and LPPDR5x shipments by accelerating the transition to the 1b nanometer (nm) process. As for NAND, the Business is executing the technology migration from V6 to V8 while increasing sales of V7 QLC-based server SSDs.
     
    In 2025, overall memory market demand is expected to recover from the second quarter. The Memory Business is reducing the portion of legacy DRAM and NAND products to align with market demand and accelerating the migration to cutting-edge nodes. The Business will continue to strengthen its business competitiveness and optimize its portfolio by increasing the portion of high value-added products such as HBM, DDR5, LPDDR5x, GDDR7 and server SSDs based on advanced process nodes.
     
    Earnings at the System LSI Business declined in the quarter due to weak mobile demand and higher R&D expenses to advance cutting-edge product development.
     
    In the first quarter of 2025, earnings are expected to remain weak due to delayed entry into the flagship system-on-a-chip (SoC) market. However, demand for core products such as image sensors and DDI is expected to increase on the back of flagship smartphone launches.
     
    In 2025, the System LSI Business will focus on further enhancing its flagship SoC through product optimization. For image sensors, the Business will proactively respond to high-resolution needs — such as for 200-megapixel (MP) telephoto and main cameras.
     
    The overall profit for the Foundry Business decreased due to lower utilization rates and higher R&D expenses for advanced-node technology. Its 2nm GAA technology is under active development, with the design-kit (DK) already distributed to customers for product design, while the 4nm process is mass producing HPC products based on stable yields.
     
    Looking ahead to the first quarter of 2025, earnings are expected to remain weak due to sluggish mobile demand and fixed-cost burden stemming from lower utilization rates. In this environment, the Foundry Business will concentrate on advancing leading-edge process development and enhancing process maturity to expand opportunities in AI and HPC applications and customer engagement for advanced nodes.
     
    As for 2025, the Business will continue to secure orders from major customers by ramping up and stabilizing the 2nm GAA technology, while simultaneously bolstering the 4nm technology and design infrastructure to meet the growing mobile and HPC needs.
     

    Display To Strengthen Product Competitiveness in 2025
    SDC posted KRW 8.1 trillion in consolidated revenue and KRW 0.9 trillion in operating profit for the fourth quarter.
     
    SDC reported declining profits QoQ due to sluggish smartphone demand and rising competition for the mobile display business, and achieved double-digit revenue growth QoQ for the large display business, with an increase in year-end TV sales.
     
    In the first quarter of 2025, the earnings outlook for the mobile display business is conservative, as the overall smartphone market demand is expected to remain weak. For the large display business, TVs with enhanced image quality are scheduled to launch, as well as high-resolution monitors.
     
    In 2025, SDC aims to sustain its leadership in the high-end segment by strengthening product competitiveness. For the large display business, SDC will increase sales of diversified high-performance TVs and monitors.
     
     
    MX To Drive Flagship-Centric Sales, Reinforce Leadership in Mobile AI
    The Mobile eXperience (MX) and Networks businesses posted KRW 25.8 trillion in consolidated revenue and KRW 2.1 trillion in operating profit for the fourth quarter.
     
    The MX Business reported a QoQ decrease in sales and profit, in part due to the fading effects of new flagship model launches. However, on a full-year basis, flagship sales saw robust growth on the back of double-digit growth of the Galaxy S24 series featuring Galaxy AI, with tablets and wearables also increasing in both value and shipments.
     
    In the first quarter of 2025, the MX Business plans to drive sales growth based on its flagship models, particularly the newly launched Galaxy S25 series, and will continue to lead the AI smartphone market through promotion of new AI experiences and product competitiveness.
     
    In 2025, the MX Business will reinforce its mobile AI leadership by providing more personalized, differentiated AI experiences while also strengthening the foldable lineup to generate new customer demand. Additionally, the Business plans to expand sales by providing advanced AI features and rich Galaxy ecosystem experiences for premium tablets, notebooks, wearables and the upcoming XR device.
     
    While prices of major components are expected to increase this year due to advancements in hardware specifications, the MX Business aims to improve profitability by continuing to build out Galaxy AI and expand sales centered on flagship products.
     
    In the fourth quarter, the Networks Business reported significant improvements in revenue and operating profit in key markets. For 2025, performance is set to improve as the Business expects to win new orders and as major operators expand their network and increase adoption of virtualized and open radio access networks (vRAN/ORAN).
     

    Vision AI Expected To Drive Growth for Visual Display
    The Visual Display (VD) and Digital Appliances (DA) Businesses posted KRW 14.4 trillion in consolidated revenue and KRW 0.2 trillion in operating profit in the fourth quarter.
     
    The VD Business saw revenue increase in the fourth quarter due to expanded sales and an improved sales mix through peak-season promotion, yet profitability decreased slightly as a result of increased cost from intensified competition amid largely stagnant TV demand.
     
    In the first quarter of 2025, while overall TV demand is expected to decrease YoY due to growing domestic and global economic uncertainties, demand for high-value-added products is projected to remain solid. The Business will try to improve profitability and expand strategic product sales through new model launches based on the Vision AI strategy for Samsung’s AI screens.
     
    In 2025, the overall TV market is expected to grow slightly in major emerging markets. The VD Business plans to lead the AI screen market under Samsung’s “Home AI” vision, integrating AI into all connected device experiences based on the SmartThings platform and expand the adoption of Samsung Knox security solutions.

    MIL OSI Economics

  • MIL-OSI USA: Hoeven: Doug Burgum Receives Broad Bipartisan Support in U.S. Senate, Confirmed as Interior Secretary

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    01.30.25
    Senator Worked to Shepherd Burgum’s Nomination through Senate, Made Case to Colleagues to Ensure Bipartisan Vote for Confirmation
    WASHINGTON – Senator John Hoeven today issued the following statement after the U.S. Senate voted to confirm Doug Burgum as Secretary of the Interior with a bipartisan vote of 79 to 18. As a member of the Senate Energy and Natural Resources Committee, Hoeven has been working to shepherd Burgum’s nomination through the Senate and swiftly secure his confirmation. The senator repeatedly made the case to his colleagues, stressing Burgum’s experience with issues surrounding public lands and his broad support from Native American tribes.
              “With the right kind of policies and a focus on innovation, our nation can be energy dominant, supporting a more secure nation, a stronger economy and more affordable living for the American people,” said Hoeven. “Doug Burgum clearly understands the potential of our abundant, taxpayer-owned energy resources and will treat them as the strategic asset they are, including our oil, gas and coal reserves. Coupled with his strong relationship with Native American tribes and his support for maintaining access to public lands for multiple use, he is the right person for the job. That’s the case I worked to make to my colleagues, and I appreciate their support in promptly confirming Doug as our nation’s 55th Secretary of the Interior. I look forward to continuing our work together as he enters this new role.”
    Hoeven will now work with Burgum in his role as Interior Secretary and head of the National Energy Dominance Council to rescind the harmful Green New Deal policies imposed by the Biden-Harris administration. Hoeven’s priorities include:
    Pushing back on overreaching and restrictive federal rules, like those imposed by President Biden through the Bureau of Land Management (BLM), which would fall under Burgum’s authority as Interior Secretary. These include:
    The Public Lands Rule, which would overhaul the management of more than 245 million acres of taxpayer-owned lands and establish “conservation leases” to lock away federal lands.
    The Resource Management Plan (RMP) for North Dakota, which closes off leasing to vast areas of potential federal oil and gas acreage and a majority of federal coal acreage in the state.

    Advancing his BLM Mineral Spacing Act, which would remove duplicative BLM permitting regulations and better respect the rights of private mineral holders.

    MIL OSI USA News

  • MIL-OSI Australia: Accelerating community electrification across Australia

    Source: Australian Renewable Energy Agency

    Overview

    • Category

      News

    • Date

      31 January 2025

    • Classification

      Demand response

    In 2024, the Minister for Climate Change and Energy requested ARENA to consider expanding funding to support more community electrification demonstration projects across Australia.

    The Australian Renewable Energy Agency (ARENA) continues to be committed to supporting innovative electrification projects that will help accelerate the transition to electrification and emissions reduction. Since 2018, ARENA has invested $144.5 million into 49 projects that achieve this purpose.

    Community electrification holds the promise of unlocking renewable energy demand across the residential sector, reducing bills and giving households a stake in the clean energy transition.

    ARENA’s announcement on 4 May 2024 of $6.2 million for SA Power Networks’ “Energy Masters Project” alongside the 15 October 2024 announcement of $5.4 million in support for the “Electrify 2515” Project in North Wollongong are early and leading examples of community electrification demonstration projects of this type.

    Under the Flexible Demand focus area, ARENA looks to support high merit, innovative projects that enable flexible demand for residents. Projects that overcome barriers and deliver the required infrastructure to orchestrate and integrate consumer energy resources to maximise the value of those resources.

    As part of any process associated with this focus area, ARENA is engaging with industry and other key stakeholders to understand the opportunities that are available, and which are consistent with our strategic priorities and funding model.

    We are also committed to ensuring that any projects that receive funding from ARENA deliver new insights and knowledge that can be shared across industry and meets our independent assessment and board approval process.

    ARENA applies a rigorous probity and merit-based approach, which gives government and all stakeholders confidence in the quality of projects we fund.

    ARENA has found over time that successful projects have strong project proponents who can manage technical, regulatory and delivery risk and can access finance to share the project’s costs.

    More information about the types of projects ARENA funds and how to apply for funding can be found on the ARENA website.

    Questions and funding enquiries related to community electrification can be directed to proposals@arena.gov.au.

    ARENA media contact:

    media@arena.gov.au

    Download this media release (PDF 128KB)

    MIL OSI News

  • MIL-OSI USA: Chairman Wicker Leads Senate Armed Services Committee in Secretary of the Army Nomination Hearing

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., the Chairman of the Senate Armed Services Committee, today led his committee colleagues in a hearing examining the nomination of Mr. Daniel P. Driscoll, President Trump’s nominee to serve as the next Secretary of the Army.
    In his opening remarks, Chairman Wicker recounted the many challenges facing the United States Army in its effort to modernize and develop new ways of deterring our adversaries.
    The Army, Chairman Wicker noted, is failing to realize the full potential of recruitment opportunities.  He also noted the Army’s need to refocus on transforming its material readiness to ensure it can properly support conflict in Europe or the Western Pacific. Specifically, Chairman Wicker called for Mr. Driscoll to improve army initiatives on small unmanned aerial systems (UAS) and counter unmanned aerial systems (C-UAS).
    “I believe Mr. Driscoll’s record, his Army service, his legal background, and financial experience have prepared him to handle the myriad responsibilities of Army Secretary. If he’s confirmed, Mr. Driscoll will face the challenges I’ve already outlined. He will be handed a budget that has not kept pace with inflation. He’ll also take the helm at a time of increasing danger around the world,” Chairman Wicker said. “…[The Army] must choose to remain relevant in today’s complex threat environment, the Army should accelerate its transformation efforts and focus on new portions of the defense industrial base. It should expand its work on small unmanned aerial systems, or UAS, and counter-UAS.”
    Chairman Wicker previously met with Driscoll, commenting that the nominee that “would bring relevant combat experience, a decorated military career, and a proven track record at the highest levels of law and business to keep the Army focused on its mission.”
    Read the remarks as delivered below or watch them here.
    The hearing will come to order. We thank the witnesses for being here, and those in attendance.
    Certainly, all of us are concerned and saddened by the tragedy which occurred near Reagan National Airport last night, and I ask that the committee observe a moment of silence before we begin the hearing.
    Thank you very much.
    The Committee on Armed Services has convened this hearing to consider the pending nomination of Mr. Dan Driscoll to be the 26th Secretary of the Army. In support of Operation Iraqi Freedom, Mr. Driscoll served our country in Iraq, spending four years with the Army. So, we thank him, and the entire Driscoll family: his wife Dr. Cassie Driscoll, and their two children, Daniel and Lila, who could not be with us today, for their willingness to serve this country again, by accepting this new assignment.
    After his military service, Mr. Driscoll received his law degree from Yale and has worked in private equity and venture capital, all the while he’s retained many ties to his former service.
    The Army faces a complex array of challenges. Recruitment and retention improved last year, but the Army still has more than 10,000 fewer recruits than it did in 2023. Since the beginning of the Biden administration, the service is down 36,000 soldiers. On top of that, the Army is not taking full advantage of opportunities to nurture interest in military service. Almost 300 high schools sit on a waiting list to get their own Army Junior Reserve Officer Training Corps unit. These units mean more than potential individual recruits. They represent communities where the Department of Defense can put down roots, developing the Army of leaders for tomorrow, as well as excellent citizens for our entire society.
    As the service catches up on recruitment, it must also ensure that those who do enlist are equipped for the mission. The nature of large-scale combat operations is changing. The world sees this every week in Ukraine. To be ready for potential combat in the Western Pacific, the Army must expedite modernization efforts.
    On top of recruitment and modernization projects, the next Secretary of the Army must address the service member quality of life issues that afflict this, the largest service. In the Fiscal Year 2025 budget, the Army increased funding for barracks maintenance problems, but the effects of decades of neglect cannot be fixed overnight. The Army has a facility backlog of more than $100 billion. I offered an amendment which passed the most recent NDAA requiring all of the service to adopt minimum annual facility sustainment levels. My colleagues and I need to see evidence that this change has been embraced within the service.
    I believe Mr. Driscoll’s record, his Army service, his legal background, and financial experience have prepared him to handle the myriad responsibilities of Army Secretary. If he’s confirmed, Mr. Driscoll will face the challenges I’ve already outlined.
    He will be handed a budget that has not kept pace with inflation. He’ll also take the helm at a time of increasing danger around the world.
    The Army is playing a largely quiet but crucial role in the Western Pacific. It is deepening partnerships with our allies and partners in Southeast Asia. Meanwhile, the service is helping us maintain deterrence against the Chinese Communist Party, and it ensures that our South Korean allies are postured to prevent North Korean aggression.
    Soldiers from across the United States remain stationed in Europe. Their presence helps deter Russia and helps assure our NATO allies.
    In the Middle East, the Army continues to play a lead role in combating Iranian aggression.
    Clearly, the Army’s work has been instrumental in these theaters. It must choose to remain relevant in today’s complex threat environment, the Army should accelerate its transformation efforts and focus on new portions of the defense industrial base. It should expand its work on small unmanned aerial systems, or UAS, and counter-UAS. And I say that even as I recognize and appreciate the chief of staff the Army’s focus in this area.
    In the Western Pacific theater, the Army’s contribution to sensing and shooting remains in its infancy. The service has the chance to realize its key logistics role for the joint force in contested areas, but it can do so with significant investment and focus.
    So, I look forward to this hearing on how Mr. Driscoll will work to change the culture around the issues I have listed, as well as other pressing matters. And I now recognize my friend, the ranking member of the committee, Senator Jack Reed for any opening remarks he may offer.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Senator Baldwin Pens Op-ed Outlining Her Opposition to RFK, Jr.’s Nomination to be Nation’s Top Health Official

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – Today, Newsweek published the following op-ed penned by U.S. Senator Tammy Baldwin (D-WI) ahead of her questioning of Robert F. Kennedy, Jr., nominee for Secretary of the Department of Health and Human Services, in front of the Senate Committee on Health, Education, Labor, and Pensions (HELP):
    Newsweek: RFK Jr. Is Bad for Our Health
    When I was 9 years old, I was diagnosed with a serious illness similar to spinal meningitis. The experience not only landed me in the hospital for three months, it also shaped the rest of my life. I was a child with a pre-existing condition, uninsurable for more than a decade after I got better.
    I got into politics because of my experience with health care, and it informs how I think about keeping Americans safe and well today. I know what it’s like to be a child in a hospital bed and just how important it is to protect children from life-threatening diseases.
    I’m committed to giving President Donald Trump’s nominees a fair shake and continue to carefully evaluate if each nominee will help or hurt my constituents. This, of course, includes the position to lead our nation’s largest public health agency. While I have been proud to support various Republican nominees—I even introduced former Wisconsin Rep. Sean Duffy in front of the Senate Commerce Committee to be secretary of transportation—there are some that clearly will hurt American families.
    Robert F. Kennedy Jr. is one of them. RFK Jr. has been nominated to lead the Department of Health and Human Services (HHS), an agency that is responsible for keeping our nation healthy. HHS is charged with overseeing vaccines to stop the spread of diseases like polio and measles, spearheading lifesaving research into cures for cancer and Alzheimer’s, and so much more.
    Make no mistake, this agency has helped save the lives of millions from diseases through safe vaccines. It has given hope to millions who now have treatments and cures for cancer and other illnesses. The agency is far from perfect and needs reforms—and I have some good places to start—but the head of the HHS better believe in its core mission to keep people healthy and believe the experts, not conspiracy theories. That’s why I believe Robert F. Kennedy Jr. is simply unfit for this position.
    Kennedy is one of the top spreaders of misinformation about vaccines, peddling bogus conspiracy theories that these safe and effective protections for Americans are harmful. He said that “no vaccine is safe and effective.”
    Well, I’d bet the tens of millions of people who don’t have polio, measles, mumps, and many other diseases because of vaccines would beg to differ.
    He’s questioned the safety of the COVID-19 vaccine that was first developed under President Donald Trump and even tried to stop it from being used just six months after its rollout. This vaccine saved millions of lives and allowed Americans to return to work and school safely.
    RFK Jr. helped spread anti-vaccination conspiracy theories, fueling a measles outbreak in Samoa that led to the deaths of 83 people, primarily infants and children. He’s threatened to downsize the National Institutes of Health, which work every day to find lifesaving breakthroughs and treatments for cancer, Alzheimer’s, infectious diseases, chronic health conditions, diabetes, and so many other illnesses that have an impact millions of American families.
    As a child who spent months in a hospital bed, I know the consequences of not protecting our kids from serious illness. I know the toll it takes on a family, emotionally and financially, to have a loved one hospitalized for a serious disease. I also know what it’s like to have science-backed medicine and good health care. And that all starts at the top of the federal government’s largest health agency, the Department of Health and Human Services. All of us have the responsibility to protect our kids and families, and that includes soundly rejecting a nominee who has spent much of his career spreading misinformation that endangers American lives.
    Americans deserve a leading health official who believes in science, not conspiracies. And Americans agree. I urge my colleagues to ask themselves a simple question: will this nominee keep your constituents safe, or harm them? For Robert F. Kennedy Jr., I think the answer is clear.

    MIL OSI USA News

  • MIL-OSI USA: Grassley Secures HHS Nominee Kennedy’s Support for Rural Health Care, Ag, Key Agency Issues

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, laid out his priorities and expectations for the Department of Health and Human Services (HHS) during a hearing to consider Robert F. Kennedy, Jr. to be HHS Secretary. Grassley discussed the importance of lowering prescription drug prices, holding pharmacy benefit managers accountable, bolstering rural health care, answering congressional oversight and more.
    In response to Grassley, Kennedy said: “I agree with all those provisions, Senator. My approach to the administration of HHS will be radical transparency. If members of this committee or other members of Congress want information, the doors are open… If Congress asked me for information, you would get it immediately.”
    Video and excerpts from Grassley follow.
    [embedded content]
    VIDEO
    Oversight: 
    “A key responsibility of each member of Congress is oversight. Oversight allows us to hold bureaucrats accountable to the rule of law, and it helps keep faith with taxpayers. I expect HHS to provide timely and complete responses to congressional oversight.”
    PBMs: 
    “I’ve been working to hold Pharmacy Benefit Managers (PBMs) accountable in order to lower prescription drug costs. I expect you to work with us to hold PBMs accountable and ask for your support for legislation that’s before Congress.”  
    Prescription Drug Pricing: 
    “Senator Durbin and I have been trying to get a bill passed that requires price disclosures on TV ads for prescription drugs. Knowing what something costs before buying it is just common sense. President Trump tried to do this by regulation in his first term and Vice President Vance cosponsored our bill last Congress. I ask you to support my bill, or if you can do it by regulation, do it by regulation.”
    Rural Health Care: 
    The previous administration dragged its feet in opening up slots for the Rural Community Hospital demonstration program. It also ignored concerns from rural pharmacies when implementing changes to Medicare Part D and ignored rural needs when it comes to distributing physician residency slots. I expect you to prioritize rural Americans’ health care needs.”
    Agriculture: 
    “In our meeting earlier this month, we talked at length about agriculture. You prefaced the conversation by saying you will not have jurisdiction over those issues. I expect you to leave agricultural practices regulations to the proper agencies, and for the most part that’s USDA and EPA.”
    Dietary Guidelines: 
    “I’ve sent letters to the Secretaries of Agriculture and HHS requesting they provide information regarding conflicts of interest on the Dietary Guidelines Advisory Committee to increase transparency. I expect you to provide Congress with confidential financial disclosures from the Advisory Committee before finalizing the Dietary Guidelines, so we know that nobody has a vested interest in it.”
    HHS Office of Refugee Resettlement Oversight (ORR): 
    “Last year, I expanded my investigation into HHS’s Office of Refugee Resettlement. I wrote to two dozen contractors and grantees whose job it is to place unaccompanied children with sponsors. In many cases, children have been placed with improperly vetted sponsors, placing them at risk of trafficking. The Biden administration’s HHS directed these taxpayer-funded contractors and grantees to not respond to my inquiry. This is obstruction by the executive branch. 
    “I expect you to produce to me the records and data I’ve requested and instruct HHS contractors to fully cooperate as well. I also expect HHS to not retaliate against any whistleblowers, including those who identify ORR’s failures in vetting sponsors of unaccompanied [children].”
    -30-

    MIL OSI USA News

  • MIL-OSI Economics: Monitoring Business Cycle Fluctuations in Asia

    Source: Asia Development Bank

    The paper explains how the index can monitor monthly business cycles in Asian economies using updated economic indicators across six categories: consumption, investment, trade, government, financial, and external sectors. It shows that machine learning algorithms accurately track output gap movements, offering a robust tool for monitoring economic fluctuations.

    MIL OSI Economics

  • MIL-OSI Australia: More than 5000 Australian victims receive text warning over romance scam

    Source: Australian Competition and Consumer Commission

    This is a joint media release between the AFP, National Anti-Scam Centre, Philippines Presidential Anti-Organized Crime Commission and National Bureau of Investigation

    Editor’s note: Text message screenshot, images from investigation, and audio grabs from AFP Commander Graeme Marshall are available via Hightail

    Authorities have texted more than 5000 potential victims in Australia to warn they may have been targeted by romance scammers based in the Philippines.

    The National Anti-Scam Centre (NASC), in partnership with the AFP-led Joint Policing Cybercrime Collaboration Centre (JPC3), has today texted potential victims, who are mostly male, urging them not to send money to people they’ve met online and outlined next steps to take if they have already sent money to the scammers.

    The potential victims were identified following an investigation by Philippines authorities into a scam compound operating in central Manila, in November 2024.

    More than 300 computer towers, 1000 mobile phones, and thousands of SIM cards were located by Philippines authorities and evidence gathered during the investigation has been shared with international law enforcement partners to help identify potential victims, including those who may not be aware they have been targeted.

    Under Operation Firestorm, the JPC3 identified more than 5000 Australian-based phone numbers linked to messages found on an end-to-end encryption platform on the devices.

    Operation Firestorm is a global operation launched by the JPC3 in August 2024, to address and disrupt offshore organised crime networks deceiving Australians through romance, cryptocurrency and investment scams. 

    The significant amount of technology located during the operation required extensive analysis, and JPC3 technical and cryptocurrency experts spent hundreds of hours extracting crucial evidence.

    It is alleged the scammers, using popular online dating apps, tricked victims into a fake online romantic relationship, before convincing them to purchase legitimate cryptocurrency. They would request a minimum first investment between AUD $300 – $800 dollars, before encouraging the victim to invest more money.

    The suspected scammer would then deceive the victim into transferring funds from the legitimate crypto exchange account into the scammer’s account.  

    Most of the Australian victims targeted were men over 35. The fraudsters posed as either a Filipino female working in Australia or a local female resident in the Philippines.

    The investigation has so far resulted in the arrest of more than 250 suspects by Philippine law enforcement authorities.  

    AFP Commander Cybercrime Operations Graeme Marshall said the investigation highlighted the importance of international partnerships in disrupting serious organised cybercrime networks while supporting victims.

    “The AFP worked closely with our partners, the National Anti-Scam Centre and Philippines Presidential Anti-Organized Crime Commission and the National Bureau of Investigation, to ensure Australians targeted by this malicious scam were identified and given advice to help protect themselves online,” AFP Cmdr Marshall said.

    “We urge anyone who received a text message warning from the National Anti-Scam Centre to take it very seriously and refrain from sending money to people you’ve met online.

    “If you have already sent someone money or cryptocurrency, please report it to your bank immediately, then to police via ReportCyber. To help others avoid similar scams, you can also report it to ScamWatch.

    “When it comes to romance scams, our message to the public is simple: protect your heart and your wallet. If it feels too good to be true, it probably is.

    “There are many warning signs someone you’ve met online could be trying to scam you. In this case, the scammer would ask to move the conversation from an online dating app to an end-to-end encryption messaging platform.

    “Cybercriminals commonly use this technique to protect themselves from being reported and removed from online dating or social media platforms.

    “We urge the public to familiarise themselves with the warning signs of romance scams to help protect themselves, loved ones, friends and family when interacting with people online.”

    Australian Competition & Consumer Commission Deputy Chair Catriona Lowe said in 2024, Australians reported losing $23.6 million to dating and romance scams.

    “Romance scammers prey on people seeking connection.  Criminals build trust over time and often abuse this trust by encouraging people to make large investments leaving victims with significant financial losses and emotional distress,” Ms Lowe said.

    “We encourage people to always independently verify any investment opportunity via trusted sources such as an Australian registered financial advisor.”

    How to stop, check and protect yourself from romance scams

    • Never send money or cryptocurrency to anyone you’ve met online. Be sceptical of any requests for money, no matter how genuine the story may seem.
    • Verify the person’s identity. Take things slow and be wary if their story doesn’t add up or if they refuse to video chat or meet in person. Conduct reverse image searches on their profile pictures at https://images.google.com.
    • Beware of overly affectionate behaviour. If someone you’ve just met online starts professing love quickly, it’s a red flag.
    • Be careful of what you share. Never disclose personal information or send intimate photos to people you don’t know as this may be used to blackmail you or steal your identity.

    What to do if you’re a victim of a scam

    • Stop all communication with the scammer
    • Take screenshots of conversations and profiles before blocking the scammer on all platforms.
    • Contact your bank if you have transferred money or suspect unusual account activity.
    • Report it to police at www.cyber.gov.au.
    • Report suspected scams to www.scamwatch.gov.au to help others avoid similar scams.
    • If you were contacted via social media, report it to the social media platform.
    • Use strong, unique passphrases on your accounts and enable Multi-Factor Authentication wherever possible.
    • If you are concerned your identity has been compromised, contact the national identity and cyber support service, IDCARE, at www.idcare.org
    • If you, or someone you know needs help, we encourage you to contact Lifeline on 13 11 14 or Beyond Blue on 1300 224 636, who provide 24/7 support services.

    The JPC3 brings together Australian law enforcement and key industry and international partners to fight cybercrime and prevent harm and financial loss to the Australian community.

    We are committed to equipping all Australians with the knowledge and resources to protect themselves against cybercrime.

    Watch our cybercrime prevention videos and protect yourself against being a victim.

    If there is an immediate threat to life or risk of harm, call 000.

    Media enquiries:
    AFP Media: (02) 5126 9297

    MIL OSI News

  • MIL-OSI Canada: Wildlife Management Advisory Council (North Slope) and Government of Yukon host conference on Indigenous Conservation Economies

    Wildlife Management Advisory Council (North Slope) and Government of Yukon host conference on Indigenous Conservation Economies
    jlutz

    This is a joint release between the Wildlife Management Advisory Council (North Slope) and the Government of Yukon.

    The Wildlife Management Advisory Council (North Slope) and the Government of Yukon welcomed representatives from 28 Indigenous nations, along with representatives from diverse sectors, governments and conservation-focused organizations to the Yukon North Slope Conference 2025: Indigenous Conservation Economies in Whitehorse from January 28 to 30.

    The goal of the conference is to promote public discussion of co-management of the Yukon North Slope area. It is also an opportunity to celebrate Inuvialuit culture and successes in collaborative implementation of the Inuvialuit Final Agreement.

    This year’s theme, Indigenous Conservation Economies, was inspired by the new Aullaviat/Anguniarvik Traditional Conservation Area on the Yukon North Slope. The theme provided Indigenous governments and groups, as well as other partners, the opportunity to connect and discuss how Indigenous Peoples can use their traditional economies to thrive across a variety of sectors and geographies. This includes Indigenous-led conservation areas, conservation finance, harvesting and on-the-land support, guardians and monitoring programs, climate adaption initiatives, ecotourism, research economies and artistry.

    Frank Brown, a Hereditary Chief of the Heiltsuk Nation from Bella Bella in British Columbia gave the keynote address to over 200 participants attending from across the Canadian North. The Yukon North Slope Conservation Award was also given out during the conference and a film celebrating the Aullaviat/Anguniarvik Traditional Conservation Area Agreement premiered during the conference. 

    The Inuvialuit Final Agreement was signed in 1984 and identified the Yukon’s North Slope as a place for conservation of wildlife, habitat and traditional Inuvialuit use. 2024 marked the 40th anniversary of the Inuvialuit Final Agreement. This year’s conference is the 11th Yukon North Slope Conference since the agreement was signed.

    MIL OSI Canada News

  • MIL-OSI: Viper Energy Announces Pricing of Upsized Class A Common Stock Offering

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ: VNOM) (“Viper”) announced today the pricing of an underwritten public offering of 24,640,000 shares of its Class A common stock at a price to the public of $44.50 per share (the “Primary Offering”). Viper’s offering of 24,640,000 shares of Class A common stock represents a 2,640,000 share upsize to the originally proposed 22,000,000 share offering. The underwriters have a 30-day option to purchase up to an additional 3,696,000 shares of Class A common stock from Viper at the public offering price (less the underwriting discount).

    Net proceeds to Viper from the sale of the 24,640,000 shares of its Class A common stock, after the underwriting discount and estimated offering expenses, will be approximately $1.1 billion (or $1.2 billion, if the underwriters exercise their option in full).

    Viper intends to use the net proceeds from the Primary Offering to fund the cash consideration for its previously announced pending acquisition of all of the equity interests of certain mineral and royalty-interest owning subsidiaries of Viper’s parent, Diamondback Energy, Inc. (the “Pending Drop Down”), if it closes. If the Pending Drop Down does not close, Viper will use the net proceeds from the Primary Offering for general corporate purposes.

    The Primary Offering is expected to close on February 3, 2025, subject to customary closing conditions.

    J.P. Morgan, Citigroup, Mizuho and Morgan Stanley are acting as joint book-running managers for the Primary Offering. Copies of the written base prospectus and prospectus supplement for the Primary Offering may be obtained on the website of the Securities and Exchange Commission, www.sec.gov or, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146; Mizuho Securities USA LLC, Attn: Equity Capital Markets, 1271 Avenue of the Americas, New York, New York 10020, by telephone at 1-212-205-7600 or by email at US-ECM@mizuhogroup.com; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

    The Class A common stock will be issued and sold pursuant to an effective automatic shelf registration statement on Form S-3ASR previously filed with the Securities and Exchange Commission (the “Registration Statement”).

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Primary Offering may only be made by means of a prospectus supplement and related base prospectus.

    About Viper Energy, Inc.

    Viper is a publicly traded Delaware corporation that owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin.

    Cautionary Note Regarding Forward-Looking Statements

    The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding the completion of the Primary Offering, Viper’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Be cautioned that these forward-looking statements are subject to all of the risk and uncertainties, most of which are difficult to predict and many of which are beyond Viper’s control, incident to the development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, risks relating to the Pending Drop Down, including its consummation or the realization of the anticipated benefits and synergies therefrom. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth in Viper’s filings with the SEC, including the base prospectus and prospectus supplement relating to the Primary Offering, the Registration Statement, its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, under the caption “Risk Factors,” as may be updated from time to time in Viper’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Viper undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

    Investor Contacts:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    Austen Gilfillian
    +1 432.221.7420
    agilfillian@viperenergy.com

    Source: Viper Energy, Inc.

    The MIL Network

  • MIL-OSI: Mount Logan Capital Inc. Completes Strategic Minority Investment in Runway Growth Capital LLC

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (Cboe Canada: MLC) (“Mount Logan” or the “Company”) today announced it has successfully completed its previously announced minority investment in Runway Growth Capital LLC (“Runway”), alongside BC Partners and its affiliates, which are acquiring the remaining outstanding ownership in Runway. On closing, Mount Logan issued to former Runway members an aggregate of 2,693,071 common shares of Mount Logan at a deemed price of C$2.67, which was determined based on the 20-day volume-weighted average price prior to and including January 27, 2025.

    With approval of a new investment advisory agreement, Runway will continue to serve as investment adviser to its managed funds, including Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth Finance”), a business development company, and to other private funds. Mount Logan looks forward to working with BC Partners and Runway’s management and investment teams to capitalize on the opportunities available in the North American credit markets.

    Management Commentary

    Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, stated, “We are thrilled to officially welcome David and the talented team at Runway to the Mount Logan family. We are excited about partnering with the Runway team to scale their specialized capabilities in providing financing solutions to late-stage growth platforms. Since the announcement, we have already seen significant benefits of our alignment with the Runway team. Runway’s expertise enhances our credit capabilities, and we are confident in our ability to leverage their strong investment acumen to expand our product suite and further diversify our private credit fund offerings.”

    Advisors

    Wildeboer Dellelce LLP acted as Canadian legal counsel to Mount Logan. Simpson Thacher & Bartlett LLP acted as legal counsel to BC Partners. Oppenheimer & Co. Inc. acted as the exclusive financial advisor to Runway Growth Capital LLC. Wachtell, Lipton, Rosen & Katz acted as legal counsel to Runway Growth Capital LLC and Eversheds Sutherland (US) LLP acted as legal counsel to the independent directors of Runway Growth Finance.

    About Mount Logan Capital Inc.

    Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed-end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

    Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is also no longer insuring or re-insuring new long-term care risk.

    About Runway Growth Capital LLC

    Runway Growth Capital LLC is the investment adviser to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of a target of $30 million to $150 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit www.runwaygrowth.com.

    About Runway Growth Finance Corp.

    Runway Growth Finance is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth Finance is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth Finance is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

    About BC Partners & BC Partners Credit

    BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of the Company regarding future results or events and are based on information currently available to it. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements relating to the Company’s business strategy, model, approach and future activities; portfolio composition, size and performance, asset management activities and related income, capital raising activities, future credit opportunities of the Company, portfolio realizations, the protection of stakeholder value, the expansion of the Company’s loan portfolio, including through its investment in Runway, synergies to be achieved by both the Company and Runway through the Company’s strategic minority investment, any future growth and expansion of each of both the Company and Runway, any change in earnings potential for the Company as a result of any growth of Runway, the business and future activities and prospects of Runway and the Company. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including that the expected synergies of the investment in Runway may not be realized as expected; the risk that each of the Company and Runway may require a significant investment of capital and other resources in order to expand and grow their respective businesses; the Company has a limited operating history with respect to an asset management oriented business model and the matters discussed under “Risk Factors” in the most recently filed annual information form and management discussion and analysis for the Company. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.

    This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not registered under the U.S. Securities Act of 1933, as amended, and the Company is not registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

    Contacts
    Mount Logan Capital Inc.
    365 Bay Street, Suite 800
    Toronto, ON M5H 2V1
    info@mountlogancapital.ca

    Nikita Klassen
    Chief Financial Officer
    Nikita.Klassen@mountlogancapital.ca

    Scott Chan
    Investor Relations
    Scott.Chan@mountlogan.com

    The MIL Network

  • MIL-Evening Report: NZ- Kiribati fallout: A ‘Pacific way’ perspective on the Peters spat

    A NZ-born Kiribati member of Parliament, Ruth Cross Kwansing, has tried to bring in some Pacific common sense into the diplomatic tiff between her country and Aotearoa New Zealand. Her original title on her social media posting was “A storm in a teacup: Kiribati, New Zealand and a misunderstanding over diplomacy”.

    COMMENTARY: By Ruth Cross Kwansing

    We were polarised by the United States last week, but in the same way that a windscreen wiper distracts you from the rain, our Pacific news cycle and local coconut wireless became dominated by a whirlwind of speculation after New Zealand’s Deputy Prime Minister and Foreign Affairs Minister Winston Peters announced a review of New Zealand’s aid to Kiribati.

    This followed what was perceived as a snub by our President Taneti Maamau.

    The New Zealand media, in its typical fashion, seized the opportunity to patronise Kiribati, and the familiar whispers about Chinese influence began to circulate.

    Amidst this media manufactured drama, I found myself reflecting on “that” recent experience which offered stark contrast to the geopolitical noise.

    We had the privilege of attending the ordination of a Catholic Priest in Onotoa, where the true spirit of Kiribati was exemplified in the splendour of simplicity. Despite limited resources, the island community, representing various faiths, came together to celebrate this sacred event with unparalleled joy, hilariousness and hospitality from silent hands that blessed you with love.

    Hands that built thatched huts for us to sleep in, wove mats, cooked food, made pillows and hung bananas in maneabas to provide for guests from all over Kiribati and Nauru. Our President, himself a Protestant, had prioritised and actively participated, embodying by example, the unity and peace that Bishop Simon Mani so eloquently spoke of.

    We laughed, we cried, and we felt the spirit of our loving God.

    Spirit of harmony
    That spirit of harmony and hope we carried from recent experiences felt shaken overnight by news of New Zealand’s potential aid withdrawal. Social media in Kiribati erupted with questions and concerns, fuelled by an article claiming that New Zealand was halting aid due to President Maamau “snubbing” of Deputy Prime Minister Peters.

    Importantly: President Maamau would never in a millennium intentionally “snub” New Zealand or any foreign minister. The reality is far more nuanced.

    At the end of 2024, President Maamau announced to his Cabinet Ministers that he would delegate international bilateral engagements to Vice-President Dr Teuea Toatu or other Ministers and Ambassadors appropriately. Thereby enabling him to focus intently on domestic matters, including the workplan for our national necessities outlined in the KV20 vision and 149 deliverables of his party manifesto.

    NZ’s Foreign Minister Winston Peters . . . his spat with Kiribati described as a “storm in a teacup”. Image: RNZ/Reece Baker

    While the Vice-President was prepared to receive the New Zealand delegation, it seems Minister Peters was insistent on meeting with the President himself, leading to the cancellation of his trip.

    This insistence on bypassing established protocol is not only unusual but also, well let’s just say it with as much love as possible: It’s disrespectful to Kiribati’s sovereignty.

    It is also worth noting that the Deputy Prime Minister of Australia recently visited Kiribati and engaged with the Vice-President and Cabinet Ministers without any such reluctance.

    New Zealand’s subsequent announcement of an aid review, including a potential threat to the $2 million funded RSE scheme, has understandably caused serious anxiety in Kiribati.

    Devastating impact
    The potential loss of funding for critical sectors like health, education, fisheries, economic development and climate resilience would of course have a devastating impact on our people.

    After committing $102 million between 2021-2024 these are major threats to public health where $20 million was invested in initiatives like rebuilding the Betio Hospital, training doctors, building clinics, NCD strategic planning and more, $10 million in education, $4 million in developing the fisheries sector, it’s an expansive and highly impactful list of critical support for capacity strengthening to our country.

    While New Zealand has every right to review its aid programme to Kiribati or any developing country, it is crucial that these kinds of decisions are based on genuine development processes and not used as a tool for political pressure.

    Linking Pacific aid to access to political leaders sets a questionable precedent and undermines the principles of partnership, mutual respect and “mana” that underpins the inextricably linked relationships between Pacific nations.

    The reference to potential impacts on I-Kiribati workers in New Zealand under the RSE scheme is particularly concerning. These hardworking individuals contribute significantly to the New Zealand economy in a mutually beneficial arrangement.

    We deserve to be treated with fairness and respect, not weaponised to cut at the heart of what drives our political motivations — providing for our people, who are providing for our children.

    Despite this unfortunate situation, I believe that dialogue and understanding along with truth and love will prevail.

    Greater humility needed
    In the spirit of the “effectiveness, inclusiveness, resilience, and sustainability” that upholds New Zealand’s own development principles, we should all revisit this issue with greater humility and a commitment to resolving such misunderstandings.

    As a New Zealand-born, Australian/Tuvaluan, I-Kiribati politician representing the largest constituency in Kiribati, I have zero pride or ego and will never be too proud to beg for the needs of the people I serve, who placed their faith in a government that would put them first.

    We would love to host Deputy Prime Minister Winston Peters and a New Zealand government delegation in Kiribati, and we are indescribably grateful for the kinds of support provided since we gained independence in 1979. Our history stretches back even further than that, when New Zealand’s agricultural industry was nourished by phosphate from Banaba, and we continue to treasure the intertwined links between our nations.

    Let us prioritise cooperation and mutual respect over ego and political posturing. Let’s drink fresh coconuts and eat raw fish together and talk about how we can change the world by changing ourselves first.

    The “tea party” of Pacific partnership must continue to strengthen, and deepen, ESPECIALLY when challenged to overcome misunderstandings. It should always be one where Pacific voices are heard and respected lovingly, while we work towards a collective vision of health, peace and prosperity for all.

    But if development diplomacy ever fails, we’ll remember that I-Kiribati people are some of the most determined and resilient on this planet. Our ancestors navigated to these “isolated isles of the Pacific” surrounded by 3.5 million km of ocean and found “Tungaru” which means “a place of JOY”.

    We arrived in this world with nothing, and we’ll leave it with nothing, and we get to live our whole lives not feeling sorry for ourselves in this island paradise of ours, this place of joy, where we are wealthy in ways that money cannot buy.

    We will survive

    Ruth Maryanne Cross Kwansing was elected an independent member of Parliament in Kiribati in 2024. She later joined the Tobwaan Kiribati Party.

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Fiji’s HIV crisis is a regional challenge that demands a regional response

    Source: The Conversation (Au and NZ) – By Sharon McLennan, Senior Research and Teaching Fellow, School of Health, Te Herenga Waka — Victoria University of Wellington

    In the words of UNAIDS Asia Pacific Regional Director Eamonn Murphy, rising HIV infections in Fiji “put the entire Pacific region at risk”.

    Fiji’s minister of health declared an official HIV outbreak in January, citing 1,093 new cases from January to September 2024 – triple the number from the same period in 2023.

    The World Health Organization defines a disease outbreak based on the number of cases being in excess of normal expectations. Similar to an epidemic, an outbreak typically refers to a more limited geographic area.

    Declaring an outbreak enables prompt public health response measures and mobilises domestic and international resources to respond to the crisis.

    Why is there an HIV outbreak?

    The outbreak has been attributed to Fiji’s ongoing methamphetamine crisis. The island nation is a major hub for drug trafficking to Australia and New Zealand, contributing to an upsurge in drug use.

    Preliminary Ministry of Health data show half of the newly diagnosed individuals receiving anti-retroviral therapy contracted HIV through injecting drugs.

    However, the crisis extends beyond drug use. Increasing urbanisation, homelessness and unemployment, coupled with disconnection from traditional land and culture, contribute to risky health behaviours.

    Many Fijians express concern that eroding family values are driving this behaviour, with reports of children as young as eight using drugs, engaging in prostitution or begging.

    Low HIV awareness and social stigma compound these factors. Many Fijians are reluctant to get tested and, if positive, to receive care. Knowledge of HIV prevention is low: a 2021 survey found less than a third of those aged between 15 and 24 had comprehensive HIV knowledge.

    A decade of underfunding and reduced international support has also undermined Fiji’s HIV prevention strategies and service. This has exacerbated low levels of HIV/AIDs awareness, and the deterioration of health and treatment services.

    Why is the region at risk?

    Fiji is a regional hub for education and business, attracting students and economic migrants from across the region. There’s a real risk the virus will spread to other island nations via returning workers and students, potentially undetected for long periods.

    Fiji is also a major tourist destination. Unsuspecting visitors, whose fun in the sun extends to drug use or unsafe sexual activities, may be at risk.

    There is also a risk of reputational damage for the tourism industry, whose success relies on marketing Fiji as a safe and happy destination. With Fiji still recovering from COVID’s impact on tourism, the new crisis is a major threat.

    Fiji is also experiencing significant outward migration (5% net in 2023), mostly to Australia and New Zealand. This raises the risk of virus spread through established migration pathways, including labour mobility policies such as the Pacific Australia Labour Mobility scheme and New Zealand’s Recognised Seasonal Employer schemes.

    The HIV surge will be costly for the country and the region. HIV/AIDS strains household finances through lost income and increased healthcare costs, diverts public spending from other areas, with flow-on impacts for national and regional economies.

    What is being done to combat the outbreak?

    The Ministry of Health’s 90-day HIV Outbreak Response Plan fast-tracks high-impact interventions. These include harm-reduction programs, condom distribution, and prophylactic pre-exposure treatment.

    This complements the HIV Surge Strategy 2024–2027, a long-term road map for strengthening Fiji’s health system based on the United Nations’ global “95-95-95” targets: 95% rates of testing, treatment and viral suppression in the population.

    However, as the health minister noted, the outbreak declaration “reflects the alarming reality that HIV is evolving faster than our current services can cater for”.

    Consequently, external assistance is ramping up. The UN Development Programme has delivered 3,000 anti-retroviral drugs to Fiji. The Australian government’s Indo-Pacific HIV Partnership with UNAIDS is also supporting Fiji to scale up prevention.

    Funding is starting to trickle down to the front lines. For example, with support from Australia and New Zealand, the Fiji Reproductive and Family Health Association is working with experts on awareness, prevention and care strategies to reverse the surge.

    Fiji is not immediately affected by US President Donald Trump’s decision to withdraw the US from the World Health Organization and a threatened defunding of HIV treatment programs around the world. But the uncertainty makes addressing the outbreak even more urgent.

    Duty of care: Australian Prime Minister Anthony Albanese at the Pacific Islands Forum in Suva, 2022.
    Getty Images

    What can Australia and New Zealand do at home?

    Both countries bear particular responsibility and face specific risks. Their domestic drug markets drive regional trafficking, fuelling Fiji’s meth crisis and the HIV outbreak.

    Continued support for regional anti-narcotics initiatives is crucial, as is addressing domestic drug demand.

    As beneficiaries of Fijian labour migration, Australia and New Zealand also have a duty of care for migrants. This includes education, screening and treatment for Pacific communities, and access to preventive treatments which are currently not funded for migrants in either country.

    Finally, tourists and travellers need to be educated about the risks, and take precautions.

    The outbreak declaration demonstrates Fiji’s commitment to addressing the crisis but success will require regional cooperation.

    Australia and New Zealand are key stakeholders whose domestic policies and support can significantly affect the outbreak’s trajectory, contribute to a unified Pacific response and protect regional public health.


    Sharon McLennan gratefully acknowledges the valuable input and guidance of Avendra Prakash (Chair, Reproductive & Family Health Association of Fiji), Dr Akisi Ravono (University of Fiji) and Dr Johanna Thomas-Maude (Victoria University of Wellington).


    Sharon McLennan receives funding from the Royal Society Te Apārangi.

    ref. Fiji’s HIV crisis is a regional challenge that demands a regional response – https://theconversation.com/fijis-hiv-crisis-is-a-regional-challenge-that-demands-a-regional-response-248536

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Security: CEO of Financial Firm Pleads Guilty to Running a Multimillion Dollar Fraud

    Source: Office of United States Attorneys

    SAN DIEGO – Carlos Manuel da Silva Santos, the founder and chief executive officer of San Diego-based Ethos Asset Management, Inc., which offered financing to domestic and international businesses, pleaded guilty to wire fraud conspiracy and aggravated identity theft today in federal court.

    Santos, a Portuguese national, has been in custody since his arrest on November 13, 2023, in Newark, New Jersey, after arriving in the United States from abroad.

    According to his plea agreement, Santos admitted he and co-conspirators held Ethos out to the public as a “full-service project financing” company that offered loans to prospective borrowers in exchange for an upfront fee as collateral for Ethos to use. However, on many occasions when a borrower gave Ethos the upfront fee as collateral, Ethos’ funding never materialized.

    To induce prospective borrowers to send Ethos an upfront fee as collateral and enter into loan agreements, Santos and his co-conspirators lied about Ethos’ history of funding projects, the source of Ethos’ money, the amount of capital available to disburse loans, and how Ethos used the collateral upfront fees. For instance, Santos admitted that  he used money from the upfront collateral fees to release collateral deposited by other borrowers and to disburse loans to other borrowers.

    Santos also admitted that he and others altered otherwise legitimate financial account statements to inflate the amount of money Ethos appeared to have at its disposal to finance projects for the purpose of luring prospective borrowers to provide collateral and financial institutions to lend money. For example, in August 2021, Santos successfully induced a borrower to wire money as a collateral upfront fee by sending a bank statement that falsely represented Ethos having $100,304,447.46 when, in fact, it did not.

    In February and May 2023, Santos again induced borrowers to provide collateral upfront fees by emailing a copy of Ethos’ annual financial statements reflecting falsely that Ethos had over $2.2 billion in total assets and that an accounting firm had audited the statements. Indeed, Santos admitted that he knowingly forged the signature of an employee at a bookkeeping firm on Ethos’s 2022 annual financial statement to falsely indicate that the firm had audited the statement. In each noted example, Ethos fraudulently obtained upfront fees and failed to disburse loan payments as promised.

    Santos further admitted Ethos’ project financing scheme was international in nature, with a presence in the United States, Brazil, Turkey, and elsewhere. Santos admitted his scheme resulted in $17,125,000 in losses to certain U.S. based victims. The plea agreement also explains that the parties will request a restitution hearing allowing the United States to offer evidence that Santos owes significantly more money to various other victims.

    According to the plea agreement, Santos also forged the signature of an employee at an accounting firm to make it appear that the firm had audited Ethos’ annual financial reports.

    “Untold numbers of people fall victim to fraud schemes every year,” said U.S. Attorney Tara McGrath.  “Whether it’s a simple email scam or an elaborate investment scheme, the U.S. Attorney’s Office will relentlessly pursue accountability for the defendants and restitution for the victims.”

    “Today’s guilty plea underscores Homeland Security Investigation’s (HSI) unwavering commitment to combating financial crimes,” said Shawn Gibson, Special Agent in Charge for HSI San Diego. “This successful outcome is the result of an extensive, long-term investigation where our dedicated agents and partners assigned to the Costa Pacifico Financial Task Force worked tirelessly and diligently to gather all the evidence and bring this individual to justice. Their unwavering commitment and thorough efforts have been instrumental in protecting our community and upholding the law.

    Sentencing is scheduled for April 18, 2025, before U.S. District Judge Robert S. Huie.

    This case is being prosecuted by Assistant U.S. Attorneys E. Christopher Beeler, Carl F. Brooker IV, and Amy B. Wang.

    If you believe you are a victim of Carlos Santos and his company Ethos Asset Management, Inc., contact Homeland Security Investigations at ethos-victim@hsi.dhs.gov.

    DEFENDANT

    Carlos Manuel da Silva Santos                  Age: 30                                  Portugal

    SUMMARY OF CHARGES

    Wire Fraud Conspiracy – Title 18, U.S.C., Section 1349

    Maximum penalty: Thirty years in prison and $250,000 fine

    Aggravated Identity Theft – Title 18, U.S.C. Section 1028A

    Maximum penalty: Mandatory two years in prison consecutive to the term for the underlying felony

    INVESTIGATING AGENCY

    Homeland Security Investigations

    MIL Security OSI

  • MIL-OSI Australia: Delivering record investments in SA’s south east

    Source: Australia Government Ministerial Statements

    The Albanese Government is delivering a record investment in South Australia’s south east, and is adding nearly $7 million to improve housing, childcare, economic, tourism and sports facilities.

    This additional funding for the electorate of Barker is delivered through the Albanese Government’s Growing Regions and regional Precincts and Partnership programs which fund projects that help our regions thrive.

    We are investing $3.5 million in the Kingston Childcare and Child services project to deliver a new childcare centre, consultation offices for child allied health service professionals, and a designated space for children’s playgroups and family members.

    The Penola community will get improvements to the facilities at the Penola Football Club and Community Sports Hub with Albanese Government funding of $1.4 million for the redevelopment.

    The Albanese Government is investing $508,000 in the Tailem Bend Precinct Plan which will progress planning for the 10th Street Housing Development and for streetscape upgrades of the main street, highway corridor and connecting areas.

    We are also investing in the Mid Murray region’s plans to build a vibrant tourism hub with a grant of $1.5 million.

    The project will develop a business case, identify tourism assets, and create a precinct plan connecting 11 towns in the council district.

    The Growing Regions Program continues to be highly valued by local communities with a number of worthwhile applications having been received. We look forward to continuing to work with proponents and local councils on these important projects.

    Our grants programs are merit-based and transparent, replacing the legacy of rorts and politicised grants programs by the Liberals and Nationals which were criticised by the Australian National Audit Office.

    The announcements today build on the significant investments already made by the Albanese Government across the Barker electorate.

    We have already invested $17.7 million in Barker from the first round of the Growing Regions Program, more than $900, 000 for Stream 1 of the Housing Support Program and $193,000 for Tintinara Aerodrome. 

    We have also invested $950 million dollars in major projects such as the National Freight Highway Upgrade Program, Princes Highway and Sturt Highway upgrades, the Regional Level Crossing Upgrade Fund, a safety package for rural roads and Riverland Network Flood Resilience upgrades.

    Local councils in the electorate have received a 55% increase in funding for local roads with the Roads to Recovery investment rising $25.5 million to $68.7 million over five years.

    This is a direct result of the Albanese Government decision to double the funding for the Roads to Recovery program to $1 billion a year.

    For more information on the Albanese Government’s regional funding programs, visit: www.infrastructure.gov.au/regional

    Quotes attributable to the Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King: 

    “The Albanese Government is building Australia’s future, investing in the infrastructure locals want that will grow the economy, provide jobs and improve community facilities.

    “Developing housing, childcare, tourism and sports facilities helps strengthen economies and helps communities to thrive.

    “We understand how important infrastructure is in regions like the south east which is why we prioritise working with local communities.”

    Quotes attributable to Senator for South Australia, Don Farrell:

    “From families in Kingston and budding athletes in Penola, to residents in Tailem Bend and small businesses across the Mid Murray, we are investing in local communities.

    “Developing the infrastructure locals need will support our regions to prosper – delivering for families and small businesses and creating new opportunities for tourism in our state’s spectacular southeast.

    “I am proud to be part of an Albanese Government that is committed to building Australia’s future and delivering for regional communities across South Australia.”

    MIL OSI News

  • MIL-OSI USA: ICYMI: Last Night On Senate Floor, Shaheen Condemned Trump Administration Order to Stop Federal Funding for Grants and Loans, Shared Granite Staters’ Stories to Detail Impact of Decision on Families, Seniors and Businesses

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – In case you missed it: Last night, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Appropriations Committee, spoke on the Senate floor to condemn the Trump administration’s order to take away federal grants and loans that families, seniors and small businesses in all 50 states rely on for critical, often life-saving services. Shaheen illustrated the chaos caused by the extreme order by sharing the stories of many Granite Staters she has heard from this week. Click here to watch the Senator’s speech. 
    Key quotes from Senator Shaheen: 
    “This is a decision that does not lower costs, it does not create jobs, it does not enhance public safety or keep our communities safe. It’s a decision that actually will hurt people in my state of New Hampshire and too many across the country who rely on services that are now in jeopardy.” 
    “People in our states can’t get the housing that they’re counting on. If they can’t get their funding, that means more people are forced to live in their cars, on the streets. It means more people can’t get the help they need with substance use disorders or finding work. It means more people are stuck without permanent housing. And these are veterans, they’re families, they’re victims of domestic violence – they’re all placed at risk because of this order.” 
    “Another of my constituents, Kathleen, lives in housing for seniors. She has debilitating medical issues that make it hard for her to leave her home. She gets all of her food from a local food bank. She called my office because she’s worried that if this funding stops, she’ll be on the street, and she doesn’t know where her meals will come from. That’s what this order and these cuts are threatening.” 
    “Common sense calls for all of us to work on a bipartisan basis to help our constituents and put an end to the chaos that has been created by this administration in only its second week. I hope we can do that.” 
    Remarks as delivered can be found below: 
    Mr. President, I come to the floor this evening to join my colleagues to express my deep concerns about the Trump Administration’s extreme decision to take away services that millions of families and small businesses rely on.  
    This is a decision that does not lower costs, that does not create jobs, that does not enhance public safety or keep our communities safe. It’s a decision that actually will hurt people in my state of New Hampshire and too many across the country who rely on services that are now in jeopardy.     
    On Monday night, more than 2,600 federal programs were ordered to cease activities with less than 24 hours’ notice. They were given little guidance on how this should be carried out, and in every state across the country, confusion and panic among too many people followed.    
    Since that order, I have heard from countless Granite Staters who are worried about what this means for them and their families–from healthcare providers to nonprofit organizations to so many who are doing essential, lifesaving work.  
    Many of these organizations are waiting on promised funding for projects that they have already completed, funding that they went through the process, that they were guaranteed they were going to get these awards, and now they are in jeopardy.    
    The Trump Administration claims it wants to lower costs for folks. Well, let me be clear: this unprecedented decision does nothing to bring down the price of food, the price of housing, the price of childcare, the price of medications, or other lifesaving needs that families have.  
    So what we saw this afternoon is that the Administration tried to walk back their order; they rescinded the memo. But sadly, uncertainty and confusion remains, because the White House says that they rescinded the memo but the freeze wasn’t rescinded.   So like a lot of people in New Hampshire, I’m concerned, and I’m frustrated. In my state and across much of the country, there is an affordable housing crisis. Because of the Administration’s actions, housing organizations across New Hampshire are not able to use federal funds.  
    I heard from the Executive Director of the housing authority in the city of Rochester. They said they have 170 families who are at risk of being homeless if they can’t get their operating funding–and that is just one housing authority.    
    Despite what the Administration said about rental assistance not being affected, at no point yesterday did the Department of Housing and Urban Development say that this money would continue to be available. Housing funding that keeps all of these families and hundreds more across New Hampshire in their homes is at risk of being cut off.    
    Yesterday, we also heard from the mortgage bankers association. They were asking for clarity because they couldn’t be sure if they could help families complete the purchases of their homes.   
    The person we talked to said: “Americans are going to the closing table tomorrow and  deserve to know that their loan will close on their home purchase. Without this clear assurance that the federal government will ensure new loans or pay claims under these programs, there will be severe harm to borrowers and disruption to the mortgage market.”   Well, HUD gave that clarity for single-family mortgage insurance but not for multifamily properties, such as apartment buildings. That affects 20 percent of the multifamily housing construction across the country. Let me just say that again. It affects 20 percent of the multifamily housing construction that is happening right now. We are talking about 130,000 apartments nationally that are jeopardized by this administration’s actions.  
    Our housing shortage is much of why the most recent point-in-time count for homelessness found it up 18 percent across the country. We have far too many people in this country who don’t have a roof over their heads, and that is especially dangerous during these winter months.  
    Meanwhile, even though 2 weeks ago New Hampshire nonprofits and state and local governments were awarded more than $14 million to help shelter people and support them, today, they couldn’t access that money. That means they won’t have the funding they need for rent or to get reimbursed for supportive services.    
    And I want to be clear: even after a judge stayed the order, my constituents still cannot access their funding. The presiding officer is a former governor. He knows what that means. People in our states can’t get the housing that they are counting on. If they can’t get their funding, that means more people are forced to live in their cars, on the streets. It means more people can’t get the help they need with substance use disorders or in finding work. It means more people are stuck without permanent housing. These are veterans; they are families; they are victims of domestic violence. They are all placed at risk because of this order.  
    I heard from one constituent who has a mortgage from the U.S. Department of Agriculture. She has owned her home for 20 years now. She is almost at the point where she has paid off that mortgage, but without the mortgage assistance that she gets from the USDA, she is worried that she might lose her home entirely.    
    Another of my constituents, Kathleen, lives in housing for seniors. She has debilitating medical issues that make it hard for her to leave her home. She gets all of her food from a local food bank. She called my office because she is worried, if this funding stops, she will be on the street, and she doesn’t know where her meals are going to come from.    
    That’s what this order and these cuts are threatening–leaving seniors without a roof over their heads, not knowing where their next meal is going to come from.    
    It is not just in housing that people are concerned. The effects on communities are significant. The chaos of this order is hurting communities that have been promised funding for improvements they have made to their water infrastructure, to their energy use, and even to city parks.     
    We heard from the town of Conway, which is in the heart of the Mt. Washington valley in the white mountains. With help from the environmental protection agency, Conway has fixed an aging sewer pipe, their sewer main, to keep sewage from leaking into the groundwater.    
    New Hampshire is really good at working at the local, state, and federal level to address critical infrastructure. This week, Conway received word that, at least for now, they can’t get paid, thanks to this order from the Trump Administration. Conway has already done the work, they have already paid the contractors, and as of today, they are waiting for reimbursement of about $400,000 from the federal government. That is a big deal for a town in a rural area that has fewer than 10,000 people. It affects their tax base. If the federal government doesn’t come through with the money that has been promised, then taxpayers in Conway are going to have to make up that difference.    
    It is unacceptable for the administration to suggest that it won’t pay this bill, leaving families on the hook for unaffordable rate hikes.    
    I have also heard from one town administrator who is not yet sure how broad the scope of the administration’s order is and how it is going to affect their ongoing wastewater infrastructure project that is using a mix of federal and non-federal funds.    
    Their pump station relies on tarps to keep out the elements. The structure and equipment that keep the sewer system functioning face imminent failure. Without the federal funding–which, just to be clear again, has already been committed–there is no way this town can complete this project. That the whims of an unconfirmed budget director can create this degree of uncertainty is maddening.    
    I have heard from Kristen Murphy, who is with the town of Exeter. She is very concerned about the pause and the impact it will have on energy efficiency funding.    
    The energy efficiency community block grant program was poised to host a presentation in February for resident-owned manufactured housing on funding opportunities for energy efficiency. That is particularly important for those people who live in manufactured housing. And I did when my husband and I were in graduate school. We lived in what we called a mobile home; now it is manufactured housing. I know how challenging it is to keep them heated and warm and comfortable for the people who live there.    
    As Kristen pointed out, support for these manufactured housing communities is essential because a greater percentage of their annual income goes to home heating costs than it does for most people.    
    The Administration’s actions also threaten other projects in Exeter, like a landfill solar array that is currently under construction, improvements to critical stormwater infrastructure, and funding for a multigenerational community center.    
    There are a dozen other small towns in my state–from Gorham in the northern part of New Hampshire to Keene in the west over the Connecticut River Valley along Vermont—who have made improvements to their parks and community spaces through the land and water conservation fund. These towns have matched federal funding dollar for dollar to improve quality of life in their communities, and as of today, because of the uncertainty and the way this order is being interpreted, taxpayers are left holding the bag.    
    In the area of childcare and nutrition, the chaos and confusion from the White House over the past 2 days have created significant uncertainty for early education programs, and it risks further fueling the childcare crisis.    
    Again, like housing, we have a childcare crisis in New Hampshire. The cost of childcare for the average family, if they have a toddler and an infant, is over $30,000 a year.  
    Now, fortunately, the timing of this uncertainty has not disrupted services in New Hampshire so far, but I am hearing stories of programs in other states that had to temporarily stop serving families because they were not able to access the funds they needed.    
    It is unclear what the impacts of these shifting policies will be on child care and development block grants, which working families rely on to be able to afford care for their children while parents are at work.    
    My office has heard from the Childcare Network Collaborative in New Hampshire with significant concerns that childcare providers may be prevented from accessing community development block grant funding that they have already been awarded. These funds are intended for the purchase of a building that will prevent huge rent increases for childcare providers and help fuel an expansion of childcare in the rural parts of northern New Hampshire.    
    Childcare programs are also concerned about the potential impacts on other federal programs that the families they serve rely on. For example, while the Administration eventually said yesterday that SNAP payments wouldn’t be affected, programs are finding it hard to reassure families about whether they will actually get their monthly payments on time given the disruptions that we have already seen to programs that were not supposed to be affected according to the Administration’s own words. So more chaos and uncertainty.      
    That is why so many of my constituents are telling me they simply do not trust what they are hearing from the White House.      
    Families relying on programs like SNAP for food and WIC for women, infants, and children to keep from going hungry already struggle to make their benefits last until the beginning of the next month. Any payment delays, even if it is just a few days, will cause needless suffering for hungry children. It is cruel to be putting struggling families through this unnecessary anxiety.   When it comes to law and order, the president often speaks about his commitment to law and order. In 2020, he criticized democrats who supposedly wanted to “defund” and “abolish” the police. Yet here we are with the president stopping federal funds from going to police and law enforcement agencies. Make no mistake, this stoppage could place lives and livelihoods in jeopardy.      
    I heard from Strafford County Sheriff Kathyrn Mone about how the cutoff of funds will affect them. I live in Strafford County, so I know the sheriff there very well. Strafford County was awarded a $715,000 COPS technology grant to buy much needed modern and interoperable portable and mobile radios for first responders. The U.S. Department of Justice notified the county on Monday that they are going to withhold these funds, forcing the county to place a hold on the order of new, updated radios.   Now, this may not sound like a big deal to some, but this equipment helps Strafford County first responders protect Granite Staters. If first responders can’t communicate effectively, by definition, they can’t respond to emergencies and crimes.      
    When I was governor, we had a horrible shooting in northern New Hampshire. Two state troopers, a judge, and a newspaper editor were killed. As they were trying to get the perpetrator, our state police couldn’t talk to local police, they couldn’t talk to the Vermont law enforcement, they couldn’t talk to the Canadians, and they couldn’t talk to Maine–all of whom were involved in trying to catch the perpetrator–because they didn’t have the communication, the radios they needed to keep people safe.      
    In the same vein, the town of Newington on the Seacoast was awarded $80,000 to replace 20-year-old radios and technology that can’t communicate with modern equipment. The town was on the verge of submitting its invoices to be reimbursed for buying this crucial public safety equipment when the trump administration stopped the flow of federal funds.      
    If they are in an emergency, like a natural disaster or a mass shooter, Newington’s police and fire departments would not be able to communicate on their current radio equipment to coordinate an effective response with federal, state, and local partners. This lack of coordination among first responders could result in Newington’s police or fire department not arriving in time to fight a fire or to rescue people in need of help. The lack of modern radio communications could result in people not getting medical care quickly enough.      
    Again, this is much needed equipment that allows officers to communicate quickly and effectively to not only protect the people they serve but to protect each other.      
    Thanks to President Trump, Newington is being forced to pause its upgrade of 20-year-old equipment.      
    It should also be noted that the White House payment freeze means that the businesses who sold Newington the radios and associated equipment are not going to get paid in a timely fashion.      
    So let’s call it what it is: stopping funds to law enforcement and first responders puts lives and businesses in jeopardy.      
    It also affects defense contractors. New Hampshire has a strong defense industrial base. We have a lot of companies that do great work to protect our men and women who are serving. The federal funding freeze is hitting those small businesses and manufacturers that rely on defense contracts to pay their workforce, which is critical to maintaining our national security.      
    For example, the New Hampshire APEX accelerators program relies on grants from the Department of Defense to help small businesses navigate federal contracting. In New Hampshire, government contracts and subcontracts totaled $4 billion last year.  
    Now, that is not just some number that helps fuel our economy. For people from big states, maybe that doesn’t sound like a lot of money in your economy, but in New Hampshire’s economy, that is a lot of money, and it is an investment in our national defense. It is a manufacturing worker’s ability to support their family. So let’s not lose sight of what and who we are talking about here.      
    The freeze blocks funding under the Defense Production Act, which expands the defense industrial base under national security emergencies. Right now, we have a lot of businesses in New Hampshire that are receiving funding under the defense production act to support their operations. These grants strengthen military readiness and capacity.      
    In the area of health, this pause will also cause real harm to healthcare providers and patients across our state. Everyone from our largest hospitals down to individual patients is reaching out to my office. They are confused, and they are scared.      
    The most immediate consequences will be felt by safety net providers like community health centers. They are vital to caring for our most vulnerable populations. Their patients are often uninsured for healthcare. Sometimes they are homeless. Some of them suffer from substance use disorders or mental illness. They rely on their community health centers just to get through the day.      
    As much as 50 percent of community health center funding comes from federal grants, and their operating margins are slim.      
    Lamprey Health Care in Newmarket, in the southern part of New Hampshire, tried and failed to draw down federal funds yesterday. They have another scheduled drawdown for early next week. This means that Lamprey has a limited number of days before the Trump Administration’s order limits the services they can provide to the community.      
    Amoskeag Health–another one of our community health centers–provides services in Manchester, our largest city. It would also suffer from a funding pause. Thirty-five percent of their funding comes from federal grants, and they only have 19 days of cash on hand, which would cover just 1 week of payroll. They are scheduled to get funding on Monday, and that is now in the lurch.      
    Federal funding to train the healthcare workforce is also being threatened. New Hampshire struggles to retain and recruit healthcare providers, and federal funding is critical to ensuring we have enough providers in rural and underserved areas. 
    Last week, Elliot Hospital–one of the largest hospitals in the largest city, in Manchester–received notice that $3 million in funding for its nursing expansion grant program was put on hold. There are currently 80 potential students enrolled in this program. The program is designed to address the acute nursing workforce shortage by attracting local applicants in the greater Manchester community. The funding freeze now puts that effort in jeopardy.   And Coos County Family Health, the northernmost county in New Hampshire, up along the Canadian border, is another community health center where access to healthcare can be extremely limited. Patients frequently have to drive hours to get access to some of the most basic services.      
    Coos County Family Health received a planning grant through the Health Resources and Services Administration, HRSA, to establish a rural medical residency program. Just this week, they received their accreditation, which is so exciting. They were so excited. And now the process begins to recruit and retain future doctors. The sole purpose of this program is to train health providers in Coos County, an area that struggles to attract talent. When we train these doctors in rural areas, they are more likely to stay after residency and become core members of the community. Any other week, this would be great news: more doctors to treat patients in need. But, today, their future funding through HRSA is at risk, thanks to the uncertainty created by these executive orders.      
    Training doctors to treat sick or injured patients shouldn’t be a controversial issue, but according to this administration, it is.    
    Coos County Family Health also uses federal funding to support the victims of domestic violence that come into their practice. Specialized staff offer the victims counseling and support services–things like access to shelter. The staff connects victims with law enforcement and even offers prevention programs in local schools. Without federal funding, they will be forced to lay off these staff members.      
    I don’t know, does the Administration think that domestic violence survivors are unworthy of our support? Does this administration believe that causing chaos is more important than protecting our most vulnerable? Maybe this is what President Trump meant when he said he   wanted disrupters. I don’t believe this is what the public wanted.      
    Mental health programs are also at risk. New Hampshire’s suicide rate is higher than the national average, and we need every available resource to help address this issue.      
    Northern Human Services and the National Alliance on Mental Illness use funding from the Garrett Lee Smith Suicide Prevention Grant to provide afterschool support to youth experiencing suicidal ideation or those who have recently attempted suicide. We are literally talking about taking away services from children who are thinking about committing suicide. I heard from the folks at NAMI, the New Hampshire Alliance on Mental Illness. They almost in tears when they talked about what was going to happen if they couldn’t serve these kids who need help.      
    And there is also navigating recovery, offering around-the-clock substance use disorder services in the city of Laconia. They are a small nonprofit, and they make use of every dollar they get by offering 24/7 support for individuals that have just overdosed, and that includes literally going into the hospital to be with the patient as they recover. They offer wrap-around services like connecting individuals to housing, job opportunities, and childcare so they can find stability as they go through recovery.      
    53 percent of Navigating recovery’s funding comes from federal sources, including the State Opioid Response Grant Program. I have worked for years to get dollars to the state under that SOR program, including last year when New Hampshire was awarded nearly $30 million.      
    And I have to say, in the first term of the Trump Administration, President Trump was very supportive of these dollars. We worked with his administration to get additional funding to address the fact that New Hampshire was one of the hardest hit states. So I don’t know why, suddenly, they are willing to put that funding at risk by this freeze, because it has done more to prevent fatal overdoses and support recovery services than any other federal program. Navigating recovery uses those dollars on the ground. Without it, they would only have weeks before they start laying off staff and stop offering services.      
    Despite what this administration claims, it is the individuals who will pay the price of this uncertainty and chaos. This spending freeze is yet another example of the Administration ignoring how their policies affect individuals’ peace of mind, the livelihoods and the health of Americans at risk.      
    And then we are seeing broader attacks by the Office of Management and Budget on federal employees. The Trump Administration didn’t stop at ripping funding away from vulnerable Americans this week. While much of the public’s focus has been held by that order, they have continued their relentless attack on federal employees.      
    Over 2 million civil servants working in thousands of essential fields–from healthcare to law enforcement to national security–who keep our country running, are under attack. And listen, I think we need to be more efficient and more effective, and we may have people who are not doing their jobs the way we want them to, but what this order has done is created confusion over the spending freeze–the hiring freeze instituted by the President’s executive order.      
    The Administration claims this is temporary, but thousands of Americans who had job offers on the table saw those offers revoked–even those who were ready to fill some of our most urgent vacancies, like at the VA. Even though the Department of Veterans Affairs said it would not apply this hiring freeze to many VA positions dedicated to providing veterans’ healthcare and benefits, many crucial programs that veterans depend on will not be able to hire staff to serve our veterans.      
    For example, the VA will not be hiring caseworkers who help veterans get into permanent housing and related support. They won’t be able to hire the personnel that literally keep the lights on and buildings running, such as fire protection, housekeeping, plumbing, boiler plant operation, laundry services, and other essential roles.      
    And we should remember that, year after year, the VA has had challenges in addressing these critical gaps. Last year, the VA reported almost 3,000 severe occupational staffing shortages. But that didn’t stop this administration from pulling every pending job offer the day they took office. And while some have been reinstated, others are still in limbo. In just one example, VA employees at a facility focused on research and care for veterans with late-stage cancer were told their jobs were under review and they may be terminated altogether.   Now, I know everybody in this chamber believes that we have made a commitment to those who have served this country in uniform, and we don’t want to fail our veterans when they return home and enter civilian life. So how does this firing of people who take care of them help us fulfill that commitment?      
    And then, if we want to talk about jobs that keep Americans safe, let’s talk about keeping planes from falling out of the sky or colliding on runways. I worked closely with the National Air Traffic Control Union and the FAA’s collaborative resource working group to adopt a new staffing model in last year’s FAA reauthorization bill.      
    We have a significant number of air traffic controllers in New Hampshire. They do a great job of keeping people in the flying public safe as they enter North America, all the way down to New York, in some of the most congested airspaces in the country. Now, the FAA made good progress in hiring last year as a result. They are still more than 3,500 controllers, however, short of their staffing target, and the controllers we do have work 6-day weeks, 10-hour days on a good week. They are exhausted; they are overworked; and they face severe mental health challenges as a result.      
    The FAA estimated that 10 percent of the federal air traffic controller workforce would depart last year as a result of these conditions. And despite this, these air traffic controllers still haven’t been told conclusively whether or not air traffic controllers are exempt from the hiring freeze.      
    Now, if preventing us from filling shortages and taking care of some of our most vulnerable wasn’t enough, OMB is actively trying to get rid of the civil servants we do have. This week, millions of federal employees received emails offering to pay their salaries for the rest of the fiscal year in exchange for resigning now–and that included every single air traffic controller in the country.      
    Now, you might be asking yourselves why, when we are short more than 3,500 air traffic controllers, did we offer to pay the ones we have not to work? Well, like the hiring freeze, this order is an irresponsible, reckless, nontargeted effort that could have devastating consequences for critical positions.      
    What’s more, they are trying to convince us that this will save money, making it clear that even if we lose thousands of employees with no plans to replace them, we will be better off.      
    Well, that is bad news for tourism in New Hampshire, for those who work closely with U.S. Forest service personnel and depend on sound management of the White Mountain National Forest, and it is bad news for people who value clean air and clean water.      
    This message was also sent to more than 780,000 civilian employees who work for the department of defense. In New Hampshire, we have almost 8,000 civilians who work at the Portsmouth Naval Shipyard that we share with the state of Maine. There are four public shipyards in the United States. Our employees in Portsmouth have the best on-time, on-budget record of any of the public shipyards. These employees contribute to the maintenance of our nuclear submarines, an essential tenet of our national security and a crucial capability to deter major conflict. Any impact to their workforce will strain a shipbuilding industrial base that is already saturated with demand to meet the requirements of our navy.  
    The bottom line: if the shipyard can’t get boats to the fleet on time, our nation is less safe.      
    The freeze on federal assistance also affects critical programs that support men and women in uniform, including DOD’s financial assistance and grant programs that support servicemembers and their families.  
    This administration has said repeatedly that it wants to “restore the warrior ethos” at the Pentagon. I don’t know about you, but slashing our defense workforce doesn’t help me sleep any better at night. I don’t think that restores the warrior ethos.      
    So in conclusion–I see my other colleagues here, and I know they are waiting to speak–the actions this week have only created confusion, chaos, and stress. That is the best-case scenario, if it ends right now. But if not, if the Trump Administration and Elon Musk get their way and cut these programs, working Americans will be the ones to suffer the most.      
    The need for housing, sewers, and childcare doesn’t go away when this administration says they don’t want to pay the bills. These costs just get pushed down to towns and end up coming out of people’s paychecks. It ends up being paid on the backs of our local taxpayers.      
    Now, again, the Administration tried to walk this back by rescinding Monday’s memo, but then they added confusion by claiming that the underlying funding freeze was still in place. And they are unable to answer basic questions about who and what will be affected.      
    Maybe it is just me and the hundreds of Granite Staters whom I have heard from, but if you are going to stop all the critical funding that helps seniors, children, and families across this country, you need a better answer than we’re hearing from this White House.      
    Instead, what we heard during the white house briefing–when asked one of these basic questions, Americans were told: we’ll check on that and get back to you.      
    So to Granite Staters who have called my office in distress, wondering what this far-reaching, unprecedented move means for their lives and their livelihoods: don’t worry. The White House is going to get back to you.      
    That’s outrageous–and this, despite not one but two federal judges who have ordered the White House to stop holding these funds. The Administration has made it clear that they intend to move forward with vague, irresponsible executive orders that jeopardize billions in infrastructure, energy, healthcare, workforce, and educational investments.      
    Hard-working families, businesses, and nonprofits have been calling my office asking for clarity, and this administration hasn’t been willing to provide any.      
    Common sense calls for all of us to work on a bipartisan basis to help our constituents to put an end to the chaos and uncertainty that has been created by this administration in only its second week. 
    I hope we can do that.      
    Mr. President, I yield the floor. 
    On Monday, the Trump administration’s Office of Management and Budget (OMB) announced a sweeping executive order pausing almost all forms of federal assistance to states, nonprofits, non-governmental organizations and more. Senator Shaheen immediately condemned the move and emphasized the impact it will have on communities. The full list that agencies were directed to review encompasses over 2,600 assistance programs, including Supplemental Nutrition Assistance (SNAP), Women, Infants and Children (WIC), community health centers, the Community Development Block Grant (CDBG), transportation and highway funding, energy assistance programs, water infrastructure funding, State Opioid Targeted Response grants, GI Bill, veteran compensation for service connected disabilities, Section 8 vouchers, school breakfast and lunch, Title I education grants, Temporary Assistance for Needy Families (TANF) and Head Start. 

    MIL OSI USA News

  • MIL-OSI Submissions: CH4 Global to open the world’s first EcoPark to grow Asparagopsis to reduce methane emissions from cows TODAY

    Production begins at CH4 Global’s first full-scale EcoPark

    ADELAIDE, Australia – January 30, 2024 – CH4 Global, Inc., will today officially open phase one of its first full-scale EcoPark, where it has begun to grow and process Asparagopsis in 10 large-scale cultivation ponds with a combined capacity of 2 million litres – capable of producing 80 metric tonnes of the seaweed each year.

    Over the next year, the facility will expand to 100 ponds capable of producing enough Asparagopsis to serve 45,000 cattle per day – a significant step toward meeting demand from CH4 Global’s existing commercial partners in Australia and beyond. With additional investment, the facility could eventually expand to 500 ponds capable of serving hundreds of thousands of cattle per day.

    Built at Louth Bay, 23km south of Port Lincoln on Eyre Peninsula, the EcoPark consists of research and development facilities, a seedling hatchery, patented in-land growth ponds, and harvesting and drying technologies to convert Asparagopsis into CH4 Global’s Methane Tamer products – allowing end-to-end production.

    The EcoPark will sustainably grow methane-reducing Asparagopsis at scale. Asparagopsis, which is a red seaweed native to South Australia, drastically reduces methane emissions from cows by up to 90 per cent.

    CH4 Global founder and Chief Executive Dr Steve Meller said the EcoPark was the first commercial facility of its kind, enabling the scalable propagation of Asparagopsis to meet the needs of feedlots under contract. CH4 Global’s system delivers consistent, high-quality production at a fraction of the cost, enabling profitability throughout the value chain without government subsidies.

    With its proprietary pond-based system, CH4 Global aims to reduce production costs by up to 90 per cent compared to conventional tank-based methods, enabling rapid scaling while positioning CH4 Global to deliver its feed supplement at a price point that ensures profitability throughout the agricultural value chain.

    “The EcoPark allows us to now grow Asparagopsis at-scale, providing more Methane Tamer to the feedlots and farmers we are already working with, and to meet the needs of the increasing number of organisations contacting us to help them change the feeding habits of their cows as we start bending the climate curve,” Dr Meller said.

    “We are well and truly working towards eliminating one billion metric tons of carbon dioxide equivalent emissions and reaching 150 million cattle by 2030 through our local and international partnerships with feedlots and farmers, and it’s fantastic to see beef from these cows hitting shelves in Australia and heading overseas.”

    Dr Meller said the Louth Bay EcoPark was an essential step on the climate journey and would be positive for the Eyre Peninsula community and economy.

    CH4 Global has committed to preventing the creation of one gigatonne of CO2 emissions by 2032.

    To do so, CH4 Global needs to reach 150 million cattle —10 per cent of the world’s total.“Along with supporting farmers in South Australia, Queensland and overseas to reduce emissions, we’re working closely with the Eyre Peninsula community by having worked with local contractors to build the EcoPark, sourcing local materials and providing regional jobs.”

    CH4 Global has also been working with First Nations communities across South Australia, including with the planting of native species and on a land management plan, and providing a gathering space on-site.

    CH4 Global has implemented a sustainable design framework for Louth Bay and future EcoParks, guiding the use and management of energy and natural resources, waste and GHG emissions, and efficient use of eco-friendly materials.

    As part of its sustainable design framework, CH4 Global has remediated the 14ha site and will be responsible for 13km of beach. Remediation has included removing 5,000 tonnes of concrete tanks – crushed and recycled; 11.76 tonnes of HDPE to be recycled in Adelaide, 10 tonnes of plastic aquaculture trays and other plastic equipment for filtering water and other purposes, which have been rehomed and reused within the community; and sent five tonnes of steel to recycling.

    About CH4 Global

    CH4 Global, founded in 2018, is on an urgent mission to bend the climate curve, through collaboration with strategic partners worldwide. We deliver market-disruptive products that enable the food industry value chain to radically reduce GHG emissions.

    The company’s first innovation, Methane Tamer feed additives for feedlot cattle, harnesses the power of Asparagopsis seaweed to reduce enteric methane emissions by up to 90 per cent.

    MIL OSI – Submitted News

  • MIL-OSI USA: News 01/30/2025 Blackburn, Cortez Masto, Colleagues Introduce Legislation to Help Tennesseans Recover from Natural Disasters

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.) joined Senators Catherine Cortez Masto (D-Nev.), John Kennedy (R-La.), and Chris Van Hollen (D-Md.) in introducing bipartisan legislation to provide relief for impacted taxpayers in states that have issued state-level disaster declarations. Currently, the Internal Revenue Service (IRS) has the authority to postpone filing deadlines in the event of a presidentially-declared federal disaster, but this does not extend to state-level emergencies.
    “When a disaster like Hurricane Helene hits, the last thing Tennesseans should have to worry about is meeting a tax-filing deadline,” said Senator Blackburn. “The Filing Relief for Natural Disasters Act empowers the governor to extend tax deadlines, giving Tennesseans the flexibility to focus on disaster recovery.”
    “Nevadans experiencing natural disasters deserve tax relief, regardless of whether the state receives a federally recognized disaster declaration,” said Senator Cortez Masto. “My bipartisan, bicameral bill would ensure that Nevada taxpayers impacted by wildfires, winter storms, floods, and more have the financial flexibility they need to recover.”
    “Louisianians have worked tirelessly to rebuild after historic storms took their toll, so giving them the time they need to file taxes after a natural disaster is a no-brainer. Since Louisiana can’t always rely on Washington to get us the relief we need when we need it, this bill would make sure that Louisianians get tax extensions that are crucial for recovering after our state declares a natural disaster. I’m glad to partner again with Sen. Cortez Masto on this effort,” said Senator Kennedy.
    “When disaster strikes, the burden families face on the long road to recovery is overwhelming. This bipartisan bill provides financial flexibility for Americans impacted by disaster so they can focus on rebuilding their lives and livelihoods,” said Senator Van Hollen.

    FILING RELIEF FOR NATURAL DISASTERS ACT:

    The Filing Relief for Natural Disasters Act would allow the governor of a state or territory to extend a federal tax filing deadline in the event of a state-declared emergency or disaster, which happens automatically for federally-declared disasters. Extending this authority to states gives them the ability to provide relief independent of the federal government’s involvement in an emergency or natural disaster.
    The legislation would also expand the mandatory federal filing extension from 60 days to 120 days.
    Representatives David Kustoff (R-Tenn.) and Judy Chu (D-Calif.) introduced companion legislation in the U.S. House of Representatives.

    MIL OSI USA News

  • MIL-OSI Submissions: Economy – KOF Economic Barometer: Slightly improved outlook

    Source: KOF Economic Institute

    The KOF Economic Barometer increases in January. After a decline in the previous month, it rises slightly to the above-average range. The outlook for the Swiss economy improves somewhat at the beginning of the year.

    The KOF Economic Barometer increases by two points in January to a level of 101.6 points (after revised 99.6 in December). The majority of the production-side indicator bundles included in the KOF Economic Barometer show positive developments. Particularly, the indicator bundles for manufacturing, other services, financial and insurance services, and hospitality contribute to the increase. The construction industry indicator bundle, however, weakens. The demand-side indicator bundles included in the KOF Economic Barometer are under pressure. Both, the indicator bundles for foreign demand as well as for private consumption indicate a downward tendency.

    In terms of the sub-indicators for different aspects of business activity within the producing industry (manufacturing and construction), the outlook for the sub-indicators for exports, for the assessment of production barriers, as well as for production activity is particularly favourable. The sub-indicators for order backlogs, for the competitive situation, and for the general business situation, however, experience a setback.

    The developments within the manufacturing industry are mixed. The paper and printing industry as well as the metal industry are particularly under pressure. This is cushioned in particular by the textile industry, machinery and equipment manufacturing, and the electrical industry which all indicate an improved outlook.

    MIL OSI – Submitted News