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Category: Economy

  • MIL-OSI USA: Reed Announces Committee Leadership Assignments for 119th Congress

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    WASHINGTON, DC – Today, after the Senate Appropriations Committee fully organized, U.S. Senator Jack Reed (D-RI) announced his full slate of committee and subcommittee assignments for the 119th Congress. 
    Senator Reed will continue serving on four ‘A’ committees: Armed Services; Appropriations; Banking, Housing, and Urban Affairs; and the Select Committee on Intelligence.  These assignments include two of the three ‘Super A’ Committees: Armed Services and Appropriations.
    Senator Reed will serve as Ranking Member of the Senate Armed Services Committee (SASC) and as the Ranking Member of the Appropriations Subcommittee on Financial Services and General Government (FSGG), which has jurisdiction over a diverse group of agencies responsible for regulating the financial and telecommunications industries; collecting taxes and providing taxpayer assistance; providing small business assistance; overseeing the White House and judicial branch operations, and the District of Columbia; construction and management of federal buildings; and overseeing the Federal workforce.
    With these assignments, Reed is well-positioned to deliver for Rhode Island while overseeing the U.S. Department of Defense and federal spending decisions through the appropriations process.
    “These key committee posts help me fix our roads and bridges, strengthen our economy, deliver for Rhode Island, and chart a responsible fiscal path.  My new assignment on the Financial Services and General Government Subcommittee provides another tool to support small business growth, expand economic opportunity, boost Rhode Island’s broadband connections, and ensure the health and safety of our financial markets,” said Reed.  “As Congress grapples with a range of complex challenges, I will do everything in my power to help lower prices for working families and ensure Rhode Islanders’ needs are met.  I will continue to be a relentless advocate for our state and focus on the issues that Rhode Islanders care about.  And I will promote and uphold the constitutional role of Congress, including Congress’s power of the purse. ”
    ARMED SERVICES COMMITTEE
    Senator Reed is the Ranking Member of the powerful Senate Armed Services Committee, which is responsible for overseeing the U.S. Department of Defense (DOD), military services operating across the domains of land, sea, air, cyberspace, and space, and all DOD agencies, including their budgets and policies, and national security aspects of nuclear energy.  Each year, SASC is tasked with producing and passing the National Defense Authorization Act (NDAA).
    In 2024, under Reed’s leadership as SASC Chairman, Congress passed the fiscal year 2025 National Defense Authorization Act (NDAA), which authorized $883.7 billion for the U.S. Department of Defense (DOD) and the national security programs of the U.S. Department of Energy.  The NDAA offers a blueprint to equip, supply, and train U.S. forces; provide for military families; and strengthen oversight of the Defense Department and military programs. The defense industry is a high-tech sector that contributes to Rhode Island’s economic growth, generates good-paying jobs, and has been a resilient segment of the state’s economy. According to the latest Rhode Island data, the defense industry generated over $4.3 billion in annual economic impact for Rhode Island and a total employment share of 6.2 percent of the state’s workforce.
    In addition to his leadership on the Armed Services Committee, Reed is also a member of the Appropriations Subcommittee on Defense, which provides him with additional oversight responsibilities in determining how defense dollars are spent.
    APPROPRIATIONS COMMITTEE
    Senator Reed will continue to serve as Rhode Island’s only member of the powerful Appropriations Committee, which controls the funding of the federal government.
    Senator Reed is the third most senior Democrat on the Appropriations Committee.  He works tirelessly to direct federal funding to the Ocean State to create jobs, strengthen infrastructure, and support economic and community development initiatives.
    Senator Reed will give up his leadership post on the Subcommittee on the Legislative Branch in order to help lead the Financial Services and General Government Subcommittee. 
    The FSGG subcommittee drafts the spending plan and oversees annual funding for financial-related agencies including the U.S. Department of Treasury; the Securities and Exchange Commission (SEC); and the Internal Revenue Service (IRS).  It is responsible for funding the Executive Office of the President and federal election security initiatives.  The panel also has jurisdiction over two dozen key agencies and programs that have a direct impact on Rhode Island, including:
    – The U.S. Small Business Administration (SBA), which supports local entrepreneurs and small businesses with outreach and loans and also provides loans following federally-declared disasters.
    – The Federal Trade Commission (FTC), which helps ensure competition in broad sectors of the economy and helps protect consumers from false advertising and business practices.
    – The Federal Communications Commission (FCC), which has jurisdiction over telecommunications and broadband matters.
    – The Office of National Drug Control Policy (ONDCP), which provides funding for High Intensity Drug Trafficking Areas nationwide and to Rhode Island.
    – The Federal Election Commission (FEC), with has jurisdiction over federal campaign finance laws.
    – The General Services Administration (GSA), which manages federal properties in Rhode Island and nationwide.
    – The Community Development Financial Institutions (CDFI) Fund which provides hundreds of millions annually to generate economic growth in local communities and provide access to credit and technical assistance to underserved areas.
    Additionally, Senator Reed will serve on five other Appropriations Subcommittees: Commerce, Justice, Science, and Related Agencies (CJS); Defense; Labor, Health and Human Services, Education, and Related Agencies (Labor-H); Military Construction, Veterans Affairs, and Related Agencies (MilCon-VA); and Transportation, Housing, and Urban Development (THUD).
    BANKING, HOUSING & URBAN AFFAIRS
    A champion of affordable housing, consumer protection, and mass-transit, Senator Reed will continue serving as a key member of the Banking, Housing & Urban Affairs Committee, which has broad oversight over our nation’s financial institutions, capital markets, consumer finance, monetary policy, and housing and mass-transit programs. 
    Senator Reed is the most senior Democratic member of the panel, but Senate rules dictate that members may only serve atop one full committee at a time.
    Senator Reed has used his Banking Committee post to author Wall Street reform and consumer protection laws, including his ‘warrants law,’ which forced the return of over $10 billion dollars to taxpayers.  He also successfully urged the U.S. Securities and Exchange Commission (SEC) to focus greater attention on climate risk disclosures for public companies.  The committee also oversees federal housing policy and authorizes mass-transit investments, and Senator Reed used his role on the committee led to create two affordable housing funds: the Housing Trust Fund and the Capital Magnet Fund.
    It was Senator Reed’s leadership on the Banking, Housing, and Urban Affairs Committee, coupled with his work on the Appropriations Committee, that earned him a spot as one of twenty members of the bipartisan working group that was tasked with developing the CARES Act (Public Law No. 116-136).  Senator Reed was the driving force behind the successful effort to create the $150 billion Coronavirus Relief Fund (CRF) in the CARES Act and successfully secured a small state minimum of $1.25 billion in the law.  Senator Reed continues to play an active role in pushing legislation to direct additional federal funds to states and local governments to help save lives and address the economic impact caused by the pandemic.
    As America faces an affordable housing crisis, which worsened during the pandemic, Senator Reed will play a key role in providing relief for renters and homeowners, and helping to revitalize communities by expanding the supply of affordable housing. Reed will also use his seat on this committee to boost mass-transit infrastructure in order to help connect communities and more Americans to jobs and economic opportunity.
    Senator Reed will serve on three key Banking subcommittees: Economic Policy; Financial Institutions and Consumer Protection; and Securities, Insurance, and Investment.
    INTELLIGENCE COMMITTEE
    By virtue of his leadership of the Senate Armed Services Committee, Reed is also an ex officio member of the high-profile Senate Select Committee on Intelligence, which oversees the U.S. Intelligence Community.  As an ex officio member of the panel, Senator Reed regularly participates in open and closed-door briefings and hearings with top intelligence officials from the Office of the Director of National Intelligence (ODNI), the Central Intelligence Agency (CIA), the Defense Intelligence Agency (DIA), and the National Security Agency (NSA), but he does not vote in committee.
    The Intelligence Committee was established in 1976 to oversee the range of civilian and military agencies and departments that make up the U.S. Intelligence Community, and has wide influence over U.S. national security and foreign policy.
    The President of the United States is required by law to ensure that the Intelligence Committee is kept “fully and currently informed” of intelligence activities.  As a result, U.S. intelligence agencies must notify the Committee of its activities, including covert actions.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI USA: Reed: RI Federal Workers Right to be Wary of Trump’s Unauthorized ‘Deferred Resignation’ Scheme

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    WASHINGTON, DC – In an effort to purge the federal workforce of non-partisan civil servants, the Trump Administration is trying to pressure federal workers into taking a “deferred resignation” buyout, which would mean they agree to resign almost immediately but could supposedly get paid – with no guarantee – through September.  Using the classic ‘pressure sales’ tactic, the e mail urges workers to act fast now: the Trump Administration set a deadline of February 6.
    As of December 2024, Rhode Island had 8,439 federal civilian employees, many helping our military, according to the Congressional Research Service.  Nationwide, the federal government employs approximately 2.3 million civilians.  And according to the Brookings Institution: “Federal civilian employment has stayed the same since the mid-1960s, even as the U.S. population has grown by 68%.”
    U.S. Senator Jack Reed is warning local federal workers that the Trump Administration’s offer may not be what it seems and taking it would be a huge risk.  Reed is urging civil servants to carefully weigh their options before making a decision.
    “This risky offer is simply not credible and fails to offer any guarantee.  Trump has a long, well-known history of stiffing workers and anyone who thinks his administration will stick to the terms of this e mail could be in for a rude awakening.  Congress, not the president, has the power of the purse.  President Trump has zero authority to pay a single federal employee beyond March 14th unless Congress passes a new appropriations law.  Moreover, blindly cutting the workforce like this and culling it of experienced employees could create new, costly problems down the road while reducing services for taxpayers.  I would urge federal workers to focus on their jobs and continue serving the American people and the Constitution.  Administrations routinely change every four years, but the Constitution and responsibilities of civil servants remains steadfast,” said Senator Reed. 
    In an e mail from the Office of Personnel Management, with the subject line “Fork in the Road,” federal employees interested in resigning were instructed to leave their positions by replying to the e mail with a one word subject line: “resign.”  The e mail, which echoed language similar to that of a previous e mail Elon Musk sent to his former Twitter employees, also suggested the majority of federal agencies would likely be downsized and that a substantial number of federal employees would be furloughed.
    Notably, OPM’s website clearly states there is a $25,000 limit for incentive packages for voluntary resignations, not eight months’ pay.  Moreover, some federal employees can’t even be offered Voluntary Separation Incentive Payment (VSIP).  The OPM email suggests the Trump Administration will try to get around this is by defining the process as “deferred resignation” and implying workers won’t necessarily have to work while sitting getting paid for several months – far from a legal guarantee.
    In the past, Donald Trump has bragged about his businesses not paying workers what they are owed and stiffing contractors for their labor resulting in hundreds of lawsuits, many for unpaid wages.  According to U.S. Department of Labor data, Trump’s companies have also been cited for two dozen violations of the Fair Labor Standards Act since 2005.
    Reed noted that if Trump carries out his anti-worker polices, purges the federal government of civil servants, and follows through on its ‘DOGE’ pledge to slash $2 trillion in spending, average Americans are the ones who would suffer from both lack of essential services and weakened job protections potentially spreading into other sectors of the economy.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI United Kingdom: Impact of Brexit on Scottish Trade

    Source: Scottish Government

    New figures show possible cost of increased trade barriers.

    Analysis published today by the Office of the Chief Economic Advisor has estimated Brexit trade barriers could impact Scotland’s economy by £4 billion.

    This estimated economic cost is from the reduction in trade alone – not counting changes to productivity, investment or migration.

    Business Minister Richard Lochhead said the report demonstrated the urgent need to reverse the damage of Brexit to boost living standards and revenue for the NHS.

    According to the Trade Modelling Report, Scottish exports could be lower by 7.2% or £3 billion compared to continued EU membership.

    The chemical and pharmaceutical sector is estimated to be one of the hardest hit by post-Brexit trade barriers, with an estimated 9.1% reduction in output, followed by the computer and electronics sector with an estimated 7.7% fall. The 4.9% output drop estimated for the agrifood sector represents a loss of £827 million.

    Business Minister Richard Lochhead said:

    “On the eve of the fifth anniversary of Brexit, these new figures highlight the urgent need to change course to boost the economy and increase public revenue for the NHS.

    “This is the latest in a long line of studies highlighting how badly Brexit continues to impact Scotland and should cause the UK Government to consider its approach to economic growth.

    “The Scottish Government has been clear that Scotland’s place is in the EU and the huge European single market. But we are also a voice for greater co-operation with the EU right now and we urge the new UK Government to forge a much closer relationship with our fellow Europeans.”  

    Background

    Scottish Government’s Brexit Trade Modelling Report

    The report is the first to specifically analyse the impact of the UK’s post-Brexit trade agreements on Scotland’s economy. It examines the expected effect of actual or potential free trade agreements between the UK and Australia, India, Switzerland and Turkey, as well as the Trade and Cooperation Agreement between the UK and EU. It then compares that with the trade benefits Scotland would have received from continued EU membership.

    This report makes estimates based on the impact of trade barriers and does not account for changes in productivity and investment due to Brexit. This means that some of the headline figures differ from those in other reports – such as in modelling by the National Institute of Economic and Social Research, which showed that UK GDP could be 5.7% lower – as they look at the overall impact of Brexit on the economy.

    MIL OSI United Kingdom –

    January 30, 2025

  • MIL-OSI USA: Barrasso: HHS Nominee Robert F. Kennedy Jr. Will Prioritize Rural Health Care

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso
    WASHINGTON, D.C. – Today, U.S. Senator John Barrasso (R-Wyo.) discussed the various challenges health care providers and patients in rural America face with Robert F. Kennedy Jr., President Donald J. Trump’s nominee to be Secretary of Health and Human Services.
    Specifically, Senator Barrasso and Mr. Kennedy discussed the threat of hospital closures and the lack of maternity services in rural and frontier communities. They also talked about the Biden administration’s shortsighted nursing home staffing mandate, which if implemented would result in nursing home closures in Wyoming and across rural America.
    Kennedy’s confirmation hearing was held today by the Senate Committee on Finance.
    On Challenges Facing Rural Hospitals and Patients:
    “Thank you for taking the time to visit with me in my office prior to today’s hearing to talk about a lot of the important issues affecting health care in my home state of Wyoming, as well as the nation. I appreciate your willingness to serve our country.
    “During our meeting, we discussed the challenges health care providers and patients are facing in rural America including: financial obstacles facing rural hospitals, workforce shortages, issues with OBGYN, and new regulations that are painful that came out of the Biden administration hurting our ability to provide nursing home staffing.
    “Let me start off with rural hospitals and the closures of hospitals like that. There are a lot of challenges facing hospitals in rural communities and frontier areas.
    “We have 33 hospitals in Wyoming. Twenty-six are located in various locations often hard to get to or weather impacts them. Six of the hospitals are at risk of closing, two are in immediate risk of closing in the next two years, and 10 have had to cut available services.
    “This is a concern of rural hospitals both Republican and Democrat states. It’s bipartisan. It is critical that the financial, workforce challenges that we are facing are addressed.
    “Can you commit to working with us on a plan to address this critical nationwide issue in rural healthcare?”
    Follow-up on maternity services in rural areas:
    “With financial strains on a local hospital, one of the common services to be cut in rural hospitals is maternity services. We have women in Wyoming having to drive over 100 miles to access care.
    “Thirteen counties in Wyoming don’t have access to OB. Counties that are larger than the states of Vermont, New Hampshire, Rhode Island, Connecticut, New Jersey, Delaware.
    “Will you commit to working with my office to find solutions to help address these specific maternal health challenges?”
    Click here to watch Sen. Barrasso’s remarks on rural hospitals and maternity services.
    On Nursing Home Closures:
    “Another issue we specifically spoke about is the harmful Biden administration rule that would have been really bad for our rural nursing homes.
    “It is a rule that would triple the registered nurse requirements in nursing homes. There just are not enough registered nurses in our state to be able to comply with this. This would lead to nursing home closures across our state.
    “Will you commit to working with me to fix this serious problem that would have been the result of a rule that came out by the Biden administration that clearly doesn’t understand rural America?”
    Click here to watch Sen. Barrasso’s remarks on nursing home closures.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI Australia: Statement from the Hon. Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, and Member for Whitlam

    Source: Australian Treasurer

    After 15 years and 5 elections, I am announcing that I won’t be standing for re‑election as the member for Whitlam.

    I want to express my immense gratitude to my community for the faith and trust they have placed in me to be their representative since 2010.

    I want to thank the members of the Australian Labor Party, whose values I hold dear and have always attempted to advance in my role as a Member of Parliament, Shadow Minister and Minister.

    I want to thank the Prime Minister for his friendship and support over many decades and for the trust he has placed in me to be the Assistant Treasurer and Minister for Financial Services in his government.

    To my family and friends, whose love and support has enabled me to represent our great community with the dedication it deserves, I thank you wholeheartedly.

    And to all the staff that have worked with and supported me over the last 15 years, there is a long list of accomplishments we have achieved both for the electorate of Whitlam and in my role as Minister, and I couldn’t have done it without you.

    I have had the privilege to see the Illawarra and the Southern Highlands go from strength to strength. Growing up and living most of my life in this beautiful place I have seen many changes. We still mine coal and produce steel – but we are so much more. Our world class university educates and gives opportunity to thousands of locals every year. New suburbs have emerged from farmland, but we have not lost our ability to produce great athletes, artists, minds, and citizens.

    Together over 15 years, we have achieved many things. We have connected every home and business to the NBN. We have established a National Disability Insurance Scheme. We are building new infrastructure for new suburbs, and we are restoring Medicare.

    I am proud of the role I played in progressing marriage equality and gambling ad reform in my early years. I am also proud of the work we have done to secure the future of our steel industry, to rebuild TAFE and as Assistant Treasurer, fighting scams, protecting workers superannuation, making financial advice more accessible and affordable, and strengthening consumer protections for all Australians.

    This great community deserves a representative who will continue to fight for the things that matter. A well‑funded TAFE system, a future for manufacturing, cheaper childcare, restoring Medicare, affordable housing, and better infrastructure for our growing suburbs.

    I know Labor will choose a candidate that will do just that.

    MIL OSI News –

    January 30, 2025

  • MIL-OSI Australia: Allens advises lenders on Australia’s largest standalone BESS financing

    Source: Allens Insights

    Allens has advised a syndicate of domestic and international lenders on its $722 million debt financing package to fund the development of Stages 1 and 2 of the Supernode battery energy storage system (BESS), Australia’s largest standalone BESS project financing to date.

    The 520MW/1856MWh BESS, being developed by global investment manager Quinbrook Infrastructure Partners, is located adjacent to the central node of Queensland’s electricity network, allowing for efficient storage and redistribution of surplus solar energy.

    The BESS will form part of a $2.5 billion hyperscale data centre, renewables and battery storage project at Brendale in Queensland which will offer significant low-emissions data storage capacity for domestic and international customers.

    The syndicate of lenders includes Bank of America, Commonwealth Bank of Australia, Deutsche Bank, Mizuho Bank and MUFG Bank. ICA Partners were the financial advisers to Quinbrook.

    ‘We are delighted to have advised the lenders on this landmark investment in Australia’s energy future, which will play a critical role in Australia’s energy transition by providing renewable capacity to the energy-intense, rapidly growing data centre sector,’ said lead partner Rob Watt.

    The advice builds on Allens’ experience in battery project financings, with the firm having also advised on the Orana BESS, Waratah Super BESS, Templers BESS, Koorangie Energy Storage System, Hazelwood BESS and the Bouldercombe Battery Project.

    Allens legal team

    Rob Watt (lead Partner), Mark Hakeem (Senior Associate), Kade Alexander (Associate), Maya Bahra (Lawyer)

    Contact for further information

    Public Relations & Social Media Manager

    MIL OSI News –

    January 30, 2025

  • MIL-OSI USA: KEY MOMENTS: In Back-to-Back Nomination Hearings, Luján Presses RFK Jr. and Howard Lutnick on their Commitment to Working for the American People

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance and the Senate Committee on Committee on Commerce, Science, and Transportation, pressed Robert F. Kennedy Jr. and Howard Lutnick in their respective nomination hearings on their commitment to preserving programs that provide critical services for New Mexicans. Senator Luján pressed both nominees on their commitment to upholding the law and serving the American people – not being a rubber stamp for the President.

    In the nomination hearing for Robert F. Kennedy Jr. to become Secretary of Health and Human Services, Senator Luján questioned Mr. Kennedy on his understanding of the importance of Medicaid and pressed Mr. Kennedy for his commitment to protect Medicaid from cuts. Mr. Kennedy did not commit to not cutting Medicaid if asked to by the President.

    In the nomination hearing for Howard Lutnick to become Secretary of Commerce, Senator Luján questioned Mr. Lutnick on whether he would commit to not cutting funding that has been awarded to connect thousands of New Mexicans to the internet. Despite Mr. Lutnick’s acknowledgement of the importance of broadband buildout, he would not commit to maintaining crucial support for broadband.  

    Key Moments from the Nomination Hearing for Robert F. Kennedy Jr. to become Secretary of Health and Human Services:

    Watch the exchange with Robert F. Kennedy, Jr. here.

    On Medicare:

    Sen. Luján: Do you know how many babies born in this country are covered through Medicaid?

    Mr. Kennedy: I would guess, I don’t know the answer, I would guess about 30 million.

    Sen. Luján: I have it Mr. Kennedy, about 41% or 1.4 million babies, births are financed by Medicaid according to the National Center for Health Statistics.

    Sen. Luján: If President Trump asks you to cut Medicaid will you do it?

    Mr. Kennedy: It’s not up to me to cut Medicaid, it’d be up to Congress.

    Sen. Luján: Mr. Kennedy, if you don’t want to answer, I’ll move on.

    On Native American Health:

    Sen. Luján: What are you going to do when programs are eliminated to require the inclusion of Native Americans in clinical trials when it comes to life-saving medicine?

    Mr. Kennedy: I’m going to do everything I can to make sure there are Native American trials.

    Sen. Luján: Will you commit to finalizing the Congressionally mandated FDA guidance to increase clinical trial diversity?

    Mr. Kennedy: Yes.

    Sen. Luján: Will you commit to reinstating all of the pages that were eliminated and people that were fired from this administration that have this responsibility?

    Mr. Kennedy, in part: I cannot commit to that.

    On Autism Services:

    Sen. Luján: I ask unanimous consent to enter into the record and article from Autism Speaks titled “Do Vaccines Cause Autism” and I’ll note that the first sentence states “Vaccines do not cause autism.”

    Key Moments from the Nomination Hearing for Howard Lutnick to become Secretary of Commerce:

    Watch the exchange with Howard Lutnick here.

    Sen. Luján: If you’re asked to cut that program (broadband access) by the President of the United States, will you?

    Mr. Lutnick: I work for him.

    Sen. Luján: Is your response that if the president asks you to cut broadband infrastructure funding, you will do that? Is that what I just heard?

    Mr. Lutnick, in part: I work for the President of the United States, and I am here to executive his policies.

    Sen. Luján: We have a responsibility to communicate to each other for the people we work for. It’s not that you just work for Donald Trump sir, you work for the American people if you get this position.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI United Kingdom: UK redoubles Horizon push as Kyle forges deeper R&I links with EU

    Source: United Kingdom – Executive Government & Departments 2

    UK Science and Tech Secretary announces renewed push to turbo-charge UK-EU science and technology links, to tackle shared global challenges.

    • UK Science and Tech Secretary announces renewed push to turbo-charge UK-EU science and technology links, to tackle shared global challenges
    • Peter Kyle met colleagues in the European Commission, yesterday, to discuss how to strengthen and deepen European science and tech ties
    • New campaign to drive UK participation in Horizon Europe, and UK joins cutting-edge European research consortia

    New plans have been unveiled to make Britain’s science and technology links with the EU stronger and deeper, following a fruitful visit to Brussels by the UK’s Science and Technology Secretary, to meet some of the new slate of European Commissioners.

    Today (Thursday 30 January) the government is announcing the launch of a new nationwide advertising campaign to further boost UK participation in Horizon Europe, the world’s largest programme of research collaboration. The UK is also joining 4 European Research Infrastructure Consortia (ERICs) to further boost collaborative ties between researchers, across the Channel.

    The EU is an innovation powerhouse – spending over €380 billion on R&D in 2023(1) – and fostering deep and high-quality links between the continent’s brightest minds, and the UK’s, will be critical if we are to seize the promise for science and tech innovations to support the Government’s Missions to grow the economy, fix the NHS and improve health outcomes and deliver clean energy under the Plan for Change. As the plan sets out, promoting innovation and world-class research will be foundational to rebuilding the foundations of the economy, and kickstarting growth.

    The recent AI Opportunities Action Plan – this government’s plan to unleash AI to deliver a decade of national renewal – also highlighted how close cooperation with our European allies on the latest technologies will be critical to our shared prosperity and wellbeing. An example of this is the UK’s involvement in the EuroHPC Joint Undertaking, which is developing a world-class supercomputing infrastructure across the European continent.

    Peter Kyle’s visit saw him hold high-level talks with Commissoners Zaharieva, Kubilius, and McGrath, to discuss how the UK and the EU can tackle some of the biggest problems facing the world, and grow our economies, by working together to seize the enormous potential of science and tech breakthroughs from AI to life sciences.

    UK Science and Technology Secretary Peter Kyle said:

    There is no question about it: we stand our best chance of tackling the great challenges of our era, from climate change to public health, to growing economies that work for everyone, by bringing the brightest minds from across the UK and the European Union, together.

    The UK is determined to give our researchers, innovators and businesses the opportunities and platforms they need to bring their great ideas to life, to the benefit of us all – all of which is highlighted by our new Horizon ad campaign. I’m pleased to have had such fruitful conversations with my European friends and colleagues, on taking this vital partnership even further.

    Recent, initial signs suggest UK association to Horizon is trending in the right direction. For instance, in the latest ERC Synergy Grants, in which the UK hosted 18 projects – the second highest number. But the government is determined to go even further to help our innovators seize this opportunity.

    The advertising campaign will bring the potential benefits of Horizon participation to life by shining a light on examples of businesses and researchers, right across the UK, who have benefited from funding. That includes Nova Innovation, a company developing turbines for the tidal energy industry, and Electra Commercial vehicles, who are developing electric trucks that can go further without needing to recharge.

    It is part of comprehensive action to support the effective uptake of opportunities in Horizon Europe, including events, financial and networking support. The roadshow events across the country have offered insights into bidding and networking opportunities, while Pump Priming grants, in collaboration with the British Academy and Innovate UK, are designed to support the establishment of consortia and development of high-quality applications.

    There are further plans to help British business people and researchers network with potential European R&D partners, as Innovate UK will take UK delegations to Italy, Germany and Spain for a series of Horizon Europe Brokerage events. These events will also help those involved work on how to build the best possible bids for Horizon funding together with their overseas colleagues.

    The 4 European Research Infrastructure Consortia the UK is joining are:

    • European Holocaust Research Infrastructure
    • European Research Infrastructure for Heritage Science
    • Low Frequency Array
    • International Centre for Advanced Studies on River-Sea Systems

    These partnerships will enable UK researchers to collaborate on projects ranging from historical research, to astronomy, to advanced river systems studies.

    Sources

    1. https://ec.europa.eu/eurostat/

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

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    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom –

    January 30, 2025

  • MIL-OSI China: South African president sends good wishes on commencement of Chinese New Year

    Source: People’s Republic of China – State Council News

    JOHANNESBURG, Jan. 29 — South African President Cyril Ramaphosa on Wednesday extended his good wishes to China on the commencement of the Lunar New Year, expressing confidence that the Year of the Snake will sustain China’s standing as a formidable force for good and a source of wisdom and shared prosperity in the global family of nations.

    “On behalf of the government and people of the Republic of South Africa, it is a unique pleasure for me to convey our warmest compliments to the government and people of the People’s Republic of China on the commencement of the Lunar New Year,” said Ramaphosa in a statement issued by the Presidency Wednesday.

    According to the Chinese lunar calendar, the New Year began on Jan. 29 this year, ushering in the Year of the Snake. The snake is the sixth animal in the 12-year cycle of the Chinese zodiac and represents wisdom, intuition, and strategic growth.

    In the statement, Ramaphosa also extended good wishes to the Chinese community in South Africa including Chinese citizens who live in or are currently visiting his country.

    “Similarly, we wish that the New Year will bring continued success to our Chinese trade and investment partners who are making an important contribution to our economy,” he said. “May the celebration of spring and the rebirth of nature be a symbol of the blossoming of even closer relations between our two nations under our all-round strategic cooperative partnership in the new era.”

    The Chinese community in South Africa has lined up celebrations of the Lunar New Year in various parts of the country.

    MIL OSI China News –

    January 30, 2025

  • MIL-OSI USA: WATCH: Baldwin Questions Commerce Secretary Nominee if He Will Cut Funding for Wisconsin Tech Hubs

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) questioned Howard Lutnick, nominee for Secretary of the Department of Commerce (DOC), in the U.S. Senate Committee on Commerce, Science, and Transportation on if he will cut funding for the Wisconsin Biohealth Tech Hub. The questioning comes as the Trump Administration holds up federal funding approved by Congress and already awarded to states, local governments, and nonprofits. The Wisconsin Biohealth Tech Hub was awarded a $49 million investment to grow the state’s personalized medicine and biohealth sector – advancing research and innovation, growing our economy and creating jobs, and boosting American competitiveness in a cutting-edge industry. 
    “Wisconsin has a rich history of innovation and making things, and our Tech Hub is going to carry that into the future, creating good paying jobs, growing our Made in Wisconsin economy, and revolutionizing health care as we know it. But, cutting funding for it puts it all at risk,” said Senator Baldwin. “Cutting this investment would put Wisconsin jobs on the line, hurt our economy, and put breakthroughs that could keep families healthy out of reach. I will keep fighting to get what Wisconsin is owed so we can continue to grow our economy and keep families healthy.”
    On Monday night, the Trump Administration ordered a freeze on federal grants and loans. While the Administration continues to send mixed signals about the future of this order, which now faces challenges in court, Senator Baldwin asked Mr. Lutnick to confirm whether funding for Wisconsin’s Tech Hub would be impacted. Mr. Lutnick was not able to provide an answer.
    If the Committee approves his nomination to be DOC Secretary, Howard Lutnick will advance to a confirmation vote by the whole Senate.
    A full video of Senator Baldwin’s questions is available here.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI USA: McConnell Proud to Confirm Zeldin as EPA Administrator

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Lee Zeldin as the Administrator of the Environmental Protection Agency (EPA):
    “Lee Zeldin served our country honorably in the U.S. House of Representatives and the Army, where he remains a Lieutenant Colonel in the Army Reserve. I’m grateful his service to our nation will continue as President Trump’s Administrator of the Environmental Protection Agency. The EPA is in desperate need of reform after four years of radical climate policies that almost always came at the expense of American workers, farmers and job creators. Lee Zeldin understands the urgency of returning the agency to its core mission of clean air and clean water – without crippling our economy. I’m confident he will lead the EPA in a more balanced direction with commonsense environmental policies that are sustainable over the long-term.”

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI USA: Padilla, Colleagues Call on Secretary Rubio to Immediately Restore Refugee Resettlement Services

    US Senate News:

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

    Padilla, Colleagues Call on Secretary Rubio to Immediately Restore Refugee Resettlement Services

    Letter Calls on State Department to Restart Program Providing Basic Services to Refugees, Including Afghan Allies Who Supported U.S. Troops
    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Subcommittee on Immigration, Citizenship, and Border Safety, Senator Dick Durbin (D-Ill.), Ranking Member of the Senate Judiciary Committee, Representative Jamie Raskin (D-Md.-08), Ranking Member of the House Judiciary Committee, and Representative Pramila Jayapal (D-Wash.-07), Ranking Member of the Subcommittee on Immigration Integrity, Security, and Enforcement, urged U.S. Secretary of State Marco Rubio to immediately restore vital services for refugees already resettled in the United States. The letter comes after the State Department abruptly halted services for refugees last week, despite the fact that resettlement agencies are vital in helping refugees settle into their new homes and contribute to the U.S. economy and to their communities.
    “This unprecedented order threatens to deprive refugees already in the United States of the vital assistance known as Reception and Placement (R&P) services, which help them during their first three months in the United States as they rebuild their lives here,” wrote the lawmakers.
    “We also call on you to do everything in your power to swiftly resume refugee processing and admissions—and restore this life-saving humanitarian program that advances U.S. security, foreign policy work, and diplomatic interests,” continued the lawmakers.
    Since the start of Fiscal Year 2025, more than 32,000 refugees have arrived through the U.S. Refugee Admissions Program (USRAP), thousands of whom remain eligible for R&P services. These refugees were forced to flee their home countries to escape war or persecution and were deemed eligible to resettle in the United States after undergoing thorough vetting. These services also provide temporary assistance to the approximately 10,000 Afghan nationals who are in the United States on Special Immigrant Visas (SIV), which they received after risking their lives to assist U.S. troops and U.S. government efforts in Afghanistan. These SIVs also remain eligible for such benefits.
    The stop work orders undermine legal obligations that the State Department has entered into through its contracts with U.S.-based and intergovernmental organizations, increasing newly arrived refugees’ vulnerability to homelessness and food insecurity at a time when they still have no lifeline for support. The R&P program covers basic needs like rent, food, and clothes in the first few months after arrival, providing core services for refugees who often resettle with nothing more than the clothes on their backs. Suspending R&P services causes undue, unnecessary suffering and hardship, while breaking a promise the United States made to refugees and Afghan allies after approving them for resettlement in America.
    Full text of the letter is available here and below:
    Dear Secretary Rubio:
    Congratulations on your confirmation and extraordinary new position.
    We write as the Ranking Members of the House and Senate Judiciary Committees and Immigration Subcommittees.  We urge you to immediately revoke the stop work orders that the Department issued on January 24, 2025, to the 10 national resettlement agencies that provide services to refugees who were forced to flee their home countries in order to escape war or persecution and were deemed eligible to resettle in the United States after undergoing thorough vetting.  This unprecedented order threatens to deprive refugees already in the United States of the vital assistance known as Reception and Placement (R&P) services, which help them during their first three months in the United States as they rebuild their lives here.
    More than 32,000 refugees have arrived through the U.S. Refugee Admissions Program (USRAP) to the United States since the start of FY 2025, thousands of whom remain eligible for R&P services.  This is on top of the approximately 10,000 Afghan nationals who are in the U.S. on Special Immigrant Visas (SIVs), which they received after risking their lives to assist U.S. troops and U.S. government efforts in Afghanistan; these SIVs also remain eligible for such benefits.
    The stop work orders undermine legal obligations that the Department has entered into through its contracts with U.S.-based and intergovernmental organizations, increasing new arrivals’ vulnerability to homelessness and food insecurity at a time when they still have no lifeline for support.  The R&P program covers basic needs like rent, food, clothes, and furnishing in the first few months after arrival, providing core services for refugees who often resettle with nothing more than the clothes on their backs.  Barring R&P services, including Virtual R&P available to self-traveling SIVs, will cause undue and unnecessary suffering and hardship, breaking a promise we made to the refugees and SIVs when we approved them for resettlement in America.
    Furthermore, the stop work orders are purportedly being issued as part of the Administration’s 90-day moratorium on “foreign development assistance.”  But the R&P program is not “foreign development assistance” by any stretch of the imagination.  R&P dollars are spent on refugees in the United States, to facilitate their entry and assimilation into our country.  By accessing the minimal but critical support services offered through the R&P program, refugees build a foundation for a successful new life in America.
    These actions are particularly troubling given your previous support for the refugee program.  In August 2019, you joined a letter addressed to the Trump Administration in strong support of the refugee resettlement program. You also led the World Refugee Day Resolution in 2015. In support of the World Refugee Day Resolution, you stated: “Recent conflicts and persecution, especially religious persecution, have resulted in the largest number of displaced persons since World War II. The U.S. must continue to lead on this issue and work to ensure that refugees who flee war, torture and persecution are provided safe environments to live and thrive in.”
    These harmful stop work orders follow the President’s Executive Order on “Realigning the United States Refugee Admissions Program,” suspending the USRAP and grinding refugee processing and admissions to a halt, effective January 27, 2025.  Beyond its powerful humanitarian logic, the U.S. resettlement program is a vital tool for advancing U.S. foreign policy and diplomatic interests.  The sudden suspension of activities related to the program 24 hours later, even before the Executive Order’s effective date, threatens global security and countless lives.
    During your confirmation hearing, you said: “Every dollar we spend, every program we fund and every policy we pursue must be justified with the answer to three simple questions: Does it make America safer? Does it make America stronger? Does it make America more prosperous?” Unequivocally, the U.S. resettlement program does all three.  Welcoming refugees and newcomers makes America safer and stronger.  The United States has welcomed refugees, including Albert Einstein, Madeleine Albright, Gloria Estefan, Sergey Brin, and Wyclef Jean, among many others, who enrich who we are as a nation.  A record number of community supporters have worked alongside resettlement agencies to welcome, sponsor, and support refugees and Afghan SIVs upon their arrival to the United States.  The federal government found that over a 15-year period, refugees and asylees contributed over $123 billion to the U.S. economy, including a $31.5 billion net benefit to the federal government. Our assistance to refugees strengthens America.
    Therefore, we urge you to reverse course by excluding or granting a waiver to the R&P program from the definition of “foreign development assistance,” as used in the President’s Executive Order on “Reevaluating and Realigning United States Foreign Aid,” revoking the stop work orders, and permitting a resumption in R&P services for all eligible populations, including refugees and certain SIVs.
    We also call on you to do everything in your power to swiftly resume refugee processing and admissions—and restore this life-saving humanitarian program that advances U.S. security, foreign policy work, and diplomatic interests.
    Sincerely,

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI: Sound Financial Bancorp, Inc. Q4 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Jan. 29, 2025 (GLOBE NEWSWIRE) —  Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.9 million for the quarter ended December 31, 2024, or $0.74 diluted earnings per share, as compared to net income of $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2024, and $1.2 million, or $0.47 diluted earnings per share, for the quarter ended December 31, 2023. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on February 26, 2025 to stockholders of record as of the close of business on February 12, 2025.

    Comments from the President and Chief Executive Officer  
     
    “The Bank ended the year with many positives, including a 15-basis-point increase in net interest margin compared to the third quarter of 2024. This was largely due to our significant progress in reducing deposit costs, which fell by 16 basis points,” remarked Laurie Stewart, President and Chief Executive Officer. “Additionally, nonperforming loans decreased by 11.8% from the third quarter, and for the first time in more than a decade, we have no OREO,” concluded Ms. Stewart.

    “Notable progress was made in reducing funding costs during the quarter and in controlling expenses throughout the entire year. We hope to continue this momentum in 2025. Our staff across the company played an important role in these accomplishments by focusing on client relationships and increasing efficiencies through technological improvements,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

    Mr. Ochs continued, “We ended the year with the same balance sheet strategy that we used to close out 2023, which helped reduce the Bank’s asset size below $1 billion. This strategy is intended to provide the Bank with additional operational flexibility and continued cost savings in 2025.”
    Q4 2024 Financial Performance
    Total assets decreased $107.3 million or 9.7% to $993.6 million at December 31, 2024, from $1.10 billion at September 30, 2024, and decreased $1.6 million or 0.2% from $995.2 million at December 31, 2023.     Net interest income increased $347 thousand or 4.4% to $8.2 million for the quarter ended December 31, 2024, from $7.9 million for the quarter ended September 30, 2024, and increased $653 thousand or 8.6% from $7.6 million for the quarter ended December 31, 2023.
       
        Net interest margin (“NIM”), annualized, was 3.13% for the quarter ended December 31, 2024, compared to 2.98% for the quarter ended September 30, 2024 and 3.04% for the quarter ended December 31, 2023.
    Loans held-for-portfolio decreased $1.6 million or 0.2% to $900.2 million at December 31, 2024, compared to $901.7 million at September 30, 2024, and increased $5.7 million or 0.6% from $894.5 million at December 31, 2023.    
        A $14 thousand provision for credit losses was recorded for the quarter ended December 31, 2024, compared to an $8 thousand provision and a $27 thousand release of provision for credit losses for the quarters ended September 30, 2024 and December 31, 2023, respectively. At December 31, 2024, the allowance for credit losses on loans to total loans outstanding was 0.94%, compared to 0.95% at September 30, 2024 and 0.98% December 31, 2023.
    Total deposits decreased $92.4 million or 9.9% to $837.8 million at December 31, 2024, from $930.2 million at September 30, 2024, and increased $11.3 million or 1.4% from $826.5 million at December 31, 2023. Noninterest-bearing deposits increased $2.8 million or 2.2% to $132.5 million at December 31, 2024 compared to $129.7 million at September 30, 2024, and increased $5.8 million or 4.6% compared to $126.7 million at December 31, 2023.    
        Total noninterest income decreased $75 thousand or 6.1% to $1.2 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and increased $94 thousand or 8.8% compared to the quarter ended December 31, 2023.
    The loans-to-deposits ratio was 108% at December 31, 2024, compared to 97% at September 30, 2024 and 108% at December 31, 2023.    
        Total noninterest expense decreased $621 thousand or 8.1% to $7.1 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and decreased $248 thousand or 3.4% compared to the quarter ended December 31, 2023.
    Total nonperforming loans decreased $998 thousand or 11.8% to $7.5 million at December 31, 2024, from $8.5 million at September 30, 2024, and increased $3.9 million or 110.7% from $3.6 million at December 31, 2023. Nonperforming loans to total loans was 0.83% and the allowance for credit losses on loans to total nonperforming loans was 113.46% at December 31, 2024.    
        The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at December 31, 2024.
           

    Operating Results

    Net interest income increased $347 thousand, or 4.4%, to $8.2 million for the quarter ended December 31, 2024, compared to $7.9 million for the quarter ended September 30, 2024, and increased $653 thousand, or 8.6%, from $7.6 million for the quarter ended December 31, 2023.The increase from the prior quarter was primarily the result of lower funding costs and an increase in average yield on loans receivable and investments, partially offset by a decrease in the average balance and yield on interest-bearing cash. The increase in net interest income compared to the same quarter one year ago was primarily due to a higher average yield on interest-earning assets, particularly loans receivable and investments, and an increase in the average balances of both loans receivable and interest-bearing cash, partially offset by a lower average yield on interest-bearing cash and higher funding costs.

    Interest income decreased $102 thousand, or 0.7%, to $14.7 million for the quarter ended December 31, 2024, compared to $14.8 million for the quarter ended September 30, 2024, and increased $1.4 million, or 10.5%, from $13.3 million for the quarter ended December 31, 2023. The decrease from the prior quarter was primarily due to a lower average balance of interest-bearing cash, and a 59 basis point decline in the average yield on interest-bearing cash, offset by a seven basis point increase in the average loan yield and a 16 basis point increase in the average yield on investments. The increase in interest income compared to the same quarter last year was due primarily to higher average balances of loans and interest-bearing cash, a 37 basis point increase in the average yield on loans, and a 43 basis point increase in the average yield on investments, partially offset by a decline in the average balance of investments and a 59 basis point decline in the average yield on interest-bearing cash.

    Interest income on loans increased $194 thousand, or 1.5%, to $13.1 million for the quarter ended December 31, 2024, compared to $12.9 million for the quarter ended September 30, 2024, and increased $1.0 million, or 8.6%, from $12.0 million for the quarter ended December 31, 2023. The average balance of total loans was $900.8 million for the quarter ended December 31, 2024, up from $898.6 million for the quarter ended September 30, 2024 and $884.7 million for the quarter ended December 31, 2023. The average yield on total loans was 5.77% for the quarter ended December 31, 2024, up from 5.70% for the quarter ended September 30, 2024 and 5.40% for the quarter ended December 31, 2023. The increase in the average loan yield during the current quarter, compared to both the prior quarter and the fourth quarter of 2023, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the prior quarters. The increase in the average balance during the current quarter compared to the prior quarter was primarily due to growth in commercial and multifamily loans, manufactured housing loans and floating home loans. This was partially offset by a decline in construction and land loans and commercial business loans. The average balances for one-to-four family loans, home equity loans, and other consumer loans remained relatively flat from the third quarter of 2024. The increase in the average balance of loans during the current quarter compared to the fourth quarter of 2023 was primarily due to loan growth across all categories, except for one-to-four family loans, construction and land loans, commercial business loans, and other consumer loans, with the largest decrease being in construction and land loans.

    Interest income on investments was $132 thousand for both the quarters ended December 31, 2024 and September 30, 2024, and $129 thousand for the quarter ended December 31, 2023. Interest income on interest-bearing cash decreased $296 thousand to $1.5 million for the quarter ended December 31, 2024, compared to $1.8 million for the quarter ended September 30, 2024, and increased $359 thousand from $1.2 million for the quarter ended December 31, 2023. The decrease from the prior quarter was due to decreases in the average yield and average balance of interest-bearing cash. The increase from the same quarter in the prior year was a result of a higher average balance, partially offset by a lower average yield.

    Interest expense decreased $449 thousand, or 6.4%, to $6.5 million for the quarter ended December 31, 2024, from $7.0 million for the quarter ended September 30, 2024, and increased $746 thousand, or 12.9%, from $5.8 million for the quarter ended December 31, 2023. The decrease in interest expense during the current quarter from the prior quarter was primarily the result of average balance decreases of $3.8 million in demand and NOW accounts, $2.3 million in certificate accounts and $9.5 million in FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits, partially offset by a $10.2 million increase in the average balance of savings and money market accounts. The increase in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $91.9 million increase in the average balance of savings and money market accounts and a $1.3 million increase in the average balance of certificate accounts, as well as higher average rates paid on savings and money market accounts. This was partially offset by a $25.3 million decrease in the average balance of demand and NOW accounts and a $9.6 million decrease in the average balance of FHLB advances. The average cost of deposits was 2.58% for the quarter ended December 31, 2024, down from 2.74% for the quarter ended September 30, 2024 and up from 2.38% for the quarter ended December 31, 2023. The average cost of FHLB advances was 4.31% for the quarter ended December 31, 2024, down from 4.32% for the quarter ended September 30, 2024, and up from 4.26% for the quarter ended December 31, 2023.

    NIM (annualized) was 3.13% for the quarter ended December 31, 2024, up from 2.98% for the quarter ended September 30, 2024 and 3.04% for the quarter ended December 31, 2023. The increase in NIM from the prior quarter was the result of lower cost of funding, partially offset by a decrease in interest income on interest-earning assets. The increase in NIM from the quarter one year ago was primarily due to an increase in interest income on interest-earning assets, driven by the higher average balance in loans and interest-bearing cash and a higher yield earned on loans and investments, partially offset by a higher average balance of and cost of savings and money market accounts.

    A provision for credit losses of $14 thousand was recorded for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. This compared to a provision for credit losses of $8 thousand for the quarter ended September 30, 2024, consisting of a provision for credit losses on loans of $106 thousand and a release of provision for credit losses on unfunded loan commitments of $98 thousand, and a release of provision for credit losses of $27 thousand for the quarter ended December 31, 2023, consisting of a provision for credit losses on loans of $337 thousand and a release of the provision for credit losses on unfunded loan commitments of $364 thousand. The increase in the provision for credit losses for the quarter ended December 31, 2024 compared to the quarter ended September 30, 2024 resulted primarily from an additional qualitative adjustment related to our loan review, additional enhancements to the loss model related to how we adjust for the qualitative component, including the utilization of a scorecard to drive managements analysis, and growth in our unfunded construction loan portfolio, which has a higher loss rate than our other loan portfolios. These increases were offset by lower reserves in both our floating home sub-segment of other consumer loans within our quantitative analysis and in our qualitative analysis related to market conditions and value of underlying collateral, as economic conditions have improved. Expected loss estimates consider various factors, such as market conditions, borrower-specific information, projected delinquencies, and the impact of economic conditions on borrowers’ ability to repay.

    Noninterest income decreased $75 thousand, or 6.1%, to $1.2 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and increased $94 thousand, or 8.8%, compared to the quarter ended December 31, 2023. The decrease from the prior quarter was primarily related to a $24 thousand downward adjustment in fair value of mortgage servicing rights and a $59 thousand decrease in earnings from bank-owned life insurance (“BOLI”), both influenced by fluctuating market interest rates. These decreases were partially offset by an increase of $13 thousand in net gain on sale of loans due to higher sales volume in the fourth quarter of 2024, and a $7 thousand increase in gain on disposal of assets due to insurance claims exceeding the book value on the replacement of stolen laptops in the second quarter of 2024. The increase in noninterest income from the same quarter of 2023 was primarily due an $43 thousand increase in service charges and fee income primarily due to increases in late fees on loans, higher interchange income and income related to a new, multi-year agreement with our credit card provider that was effective in 2024, a late fee on one commercial loan and higher specialty deposit fees due to fewer reversals of fees in 2024, a $173 thousand increase in the fair value adjustment on mortgage servicing rights due to changes in prepayment speeds, servicing costs, and discount rate, and a $7 thousand increase in gain on disposal of assets as noted above. These increases were partially offset by a $95 thousand decrease in earnings on BOLI due to market rate fluctuations, and a $23 thousand decrease in net gain on sale of loans due to fewer loans sold, and an $11 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than we are replacing the loans. Loans sold during the quarter ended December 31, 2024, totaled $3.5 million, compared to $2.4 million and $4.5 million of loans sold during the quarters ended September 30, 2024 and December 31, 2023, respectively.

    Noninterest expense decreased $621 thousand, or 8.1%, to $7.1 million for the quarter ended December 31, 2024, compared to the quarter ended September 30, 2024, and decreased $248 thousand, or 3.4%, from the quarter ended December 31, 2023. The decrease from the quarter ended September 30, 2024 was primarily a result of lower salaries and benefits and operations expenses, partially offset by higher data processing expense. Salaries and benefits decreased $549 thousand primarily due to lower incentive compensation, lower retirement plan expense due to fluctuating market rates, lower medical expense due to higher medical costs during the third quarter of 2024, and lower salaries expense, as well as higher deferred salaries due to higher loan production. Operations expense decreased $211 thousand primarily due to a reversal of state and local tax expense related to higher estimated tax payments made than actual tax due, and lower operational losses in the current quarter as the prior quarter included the charge-off of a fraudulently obtained loan. This was partially offset by an $165 thousand increase in data processing expenses, reflecting new technology implementation costs. Compared to same quarter in 2023, the decrease in noninterest expense was primarily due to lower operations expenses, occupancy expenses and data processing expenses, which were partially offset by a $118 thousand increase in salaries and benefits costs. Operations expenses decreased due to reduction in loan originations costs, office expenses, operational losses, charitable contributions and state and local taxes, partially offset by higher professional fees primarily related to costs for future FDIC Improvement Act implementation. Data processing expenses decreased due to lower costs related to our core processor, while occupancy expenses decreased primarily due to fully amortized leasehold improvements. The increase in salaries and benefits compared to the same quarter last year reflected higher incentive compensation, lower deferred salaries, higher medical expenses due primarily to a change in insurance providers, and a higher contribution to our employee stock ownership plan due to the increase in value of our stock in 2024. This was partially offset by lower retirement plan expenses due to fluctuating market rates and lower salaries from a restructuring of positions at the end of 2023.

    Balance Sheet Review, Capital Management and Credit Quality

    Assets at December 31, 2024 totaled $993.6 million, down from $1.10 billion at September 30, 2024 and $995.22 million at December 31, 2023. The decrease in total assets from September 30, 2024 was primarily due to decreases in cash and cash equivalents and loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and investment securities, offset by an increase in loans held-for-portfolio.

    Cash and cash equivalents decreased $105.3 million, or 70.7%, to $43.6 million at December 31, 2024, compared to $148.9 million at September 30, 2024, and decreased $6.0 million, or 12.2%, from $49.7 million at December 31, 2023. The decrease from the prior quarter was primarily due to higher deposit withdrawals, as well as the strategic decision to sell reciprocal deposits at the end of the year. Cash and cash equivalents decreased from one year ago primarily due to the increase in loans held-for-portfolio and the payoff of one FHLB borrowing, partially offset by an increase in deposits.

    Investment securities decreased $251 thousand, or 2.5%, to $9.9 million at December 31, 2024, compared to $10.2 million at September 30, 2024, and decreased $533 thousand, or 5.1%, from $10.5 million at December 31, 2023. Held-to-maturity securities totaled $2.1 million at both December 31, 2024 and September 30, 2024, and totaled $2.2 million at December 31, 2023. Available-for-sale securities totaled $7.8 million at December 31, 2024, compared to $8.0 million at September 30, 2024 and $8.3 million at December 31, 2023.

    Loans held-for-portfolio were $900.2 million at December 31, 2024, compared to $901.7 million at September 30, 2024 and $894.5 million at December 31, 2023.

    Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, decreased $1.1 million, or 12.9%, to $7.5 million at December 31, 2024, from $8.6 million at September 30, 2024 and increased $3.4 million, or 81.3%, from $4.1 million at December 31, 2023. The decrease in NPAs from September 30, 2024 was primarily due to the payoff of seven loans totaling $1.2 million, one loan totaling $76 thousand returning to accrual status, and sale of one other real estate owned property for $115 thousand for a small net gain on sale, partially offset by the addition of seven loans totaling $326 thousand to nonaccrual. The increase in NPAs from one year ago was primarily due to the placement of an additional $9.3 million of loans on nonaccrual status, which included a $3.7 million matured commercial real estate loan where the borrower is in the process of securing financing from another lender, and a $2.4 million floating home loan, all of which are well secured. These additions were partially offset by payoffs totaling $4.2 million, the return of $784 thousand of loans to accrual status, charge-offs of $142 thousand, the sale of two other real estate owned properties for $685 thousand, and normal loan payments.

    NPAs to total assets were 0.75%, 0.78% and 0.42% at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses on loans to total loans outstanding was 0.94% at December 31, 2024, compared to 0.95% at September 30, 2024 and 0.98% at December 31, 2023. Net loan charge-offs for the fourth quarter of 2024 totaled $13 thousand, compared to $14 thousand for the third quarter of 2024, and $15 thousand for the fourth quarter of 2023.

    The following table summarizes our NPAs at the dates indicated (dollars in thousands):

      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Nonperforming Loans:                  
    One-to-four family $ 537     $ 745     $ 822     $ 835     $ 1,108  
    Home equity loans   298       338       342       83       84  
    Commercial and multifamily   3,734       4,719       5,161       4,747       —  
    Construction and land   24       25       28       29       —  
    Manufactured homes   521       230       136       166       228  
    Floating homes   2,363       2,377       2,417       3,192       —  
    Commercial business   11       23       —       —       2,135  
    Other consumer   3       32       3       1       1  
    Total nonperforming loans   7,491       8,489       8,909       9,053       3,556  
    OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       575       575  
    Manufactured homes   —       115       115       115       —  
    Total OREO and repossessed assets   —       115       115       690       575  
    Total NPAs $ 7,491     $ 8,604     $ 9,024     $ 9,743     $ 4,131  
                       
    Percentage of Nonperforming Loans:                  
    One-to-four family   7.3 %     8.7 %     9.1 %     8.5 %     26.9 %
    Home equity loans   4.0       3.9       3.8       0.9       2.0  
    Commercial and multifamily   49.8       54.8       57.2       48.7       —  
    Construction and land   0.3       0.3       0.3       0.3       —  
    Manufactured homes   7.0       2.7       1.5       1.7       5.5  
    Floating homes   31.5       27.6       26.8       32.8       —  
    Commercial business   0.1       0.3       —       —       51.7  
    Other consumer   —       0.4       —       —       —  
    Total nonperforming loans   100.0       98.7       98.7       92.9       86.1  
    Percentage of OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       5.9       13.9  
    Manufactured homes   —       1.3       1.3       1.2       —  
    Total OREO and repossessed assets   —       1.3       1.3       7.1       13.9  
    Total NPAs   100.0 %     100.0 %     100.0 %     100.0 %     100.0 %

    The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

      At or For the Quarter Ended:
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Allowance for Credit Losses on Loans                  
    Balance at beginning of period $ 8,585     $ 8,493     $ 8,598     $ 8,760     $ 8,438  
    (Release of) provision for credit losses during the period   (73 )     106       (88 )     (106 )     337  
    Net charge-offs during the period   (13 )     (14 )     (17 )     (56 )     (15 )
    Balance at end of period $ 8,499     $ 8,585     $ 8,493     $ 8,598     $ 8,760  
    Allowance for Credit Losses on Unfunded Loan Commitments                  
    Balance at beginning of period $ 147     $ 245     $ 266     $ 193     $ 557  
    Provision for (release of) provision for credit losses during the period   87       (98 )     (21 )     73       (364 )
    Balance at end of period   234       147       245       266       193  
    Allowance for Credit Losses $ 8,733     $ 8,732     $ 8,738     $ 8,864     $ 8,953  
    Allowance for credit losses on loans to total loans   0.94 %     0.95 %     0.96 %     0.96 %     0.98 %
    Allowance for credit losses to total loans   0.97 %     0.97 %     0.98 %     0.99 %     1.00 %
    Allowance for credit losses on loans to total nonperforming loans   113.46 %     101.13 %     95.33 %     94.97 %     246.34 %
    Allowance for credit losses to total nonperforming loans   116.58 %     102.86 %     98.08 %     97.91 %     251.77 %

    Total deposits decreased $92.4 million, or 9.9%, to $837.8 million at December 31, 2024, from $930.2 million at September 30, 2024 and increased $11.3 million, or 1.4%, from $826.5 million at December 31, 2023. The decrease in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market depositor relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits increased $2.8 million, or 2.2%, to $132.5 million at December 31, 2024, compared to $129.7 million at September 30, 2024 and increased $5.8 million, or 4.6%, from $126.7 million at December 31, 2023. Noninterest-bearing deposits represented 15.8%, 14.0% and 15.3% of total deposits at December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

    FHLB advances totaled $25.0 million at December 31, 2024, compared to $40.0 million at both September 30, 2024, and December 31, 2023. The decrease from both prior dated was due to the repayment of a $15.0 million FHLB advance that matured in November 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at December 31, 2024 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at each of December 31, 2024, September 30, 2024 and December 31, 2023.

    Stockholders’ equity totaled $103.7 million at December 31, 2024, an increase of $1.4 million, or 1.4%, from $102.2 million at September 30, 2024, and an increase of $3.0 million, or 3.0%, from $100.7 million at December 31, 2023. The increase in stockholders’ equity from September 30, 2024 was primarily the result of $1.9 million of net income earned during the current quarter, $98 thousand in share-based compensation, and $19 thousand in common stock options exercised, partially offset by a $122 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $486 thousand in cash dividends to the Company’s stockholders.

    Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

    Forward-Looking Statements Disclaimer

    When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

    Factors which could cause actual results to differ materially, include, but are not limited to:adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sector; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

    The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

    CONSOLIDATED INCOME STATEMENTS
    (Dollars in thousands, unaudited)
        For the Quarter Ended
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Interest income   $ 14,736     $ 14,838   $ 14,039     $ 13,760     $ 13,337  
    Interest expense     6,516       6,965     6,591       6,300       5,770  
    Net interest income     8,220       7,873     7,448       7,460       7,567  
    Provision for (release of) credit losses     14       8     (109 )     (33 )     (27 )
    Net interest income after provision for (release of) credit losses     8,206       7,865     7,557       7,493       7,594  
    Noninterest income:                    
    Service charges and fee income     619       628     761       612       576  
    Earnings on bank-owned life insurance     127       186     134       177       222  
    Mortgage servicing income     277       280     279       282       288  
    Fair value adjustment on mortgage servicing rights     77       101     (116 )     (65 )     (96 )
    Net gain on sale of loans     53       40     74       90       76  
    Other income     7       —     30       —       —  
    Total noninterest income     1,160       1,235     1,162       1,096       1,066  
    Noninterest expense:                    
    Salaries and benefits     3,920       4,469     4,658       4,543       3,802  
    Operations     1,329       1,540     1,569       1,457       1,537  
    Regulatory assessments     189       189     220       189       198  
    Occupancy     409       414     397       444       458  
    Data processing     1,232       1,067     910       1,017       1,311  
    Net (gain) loss on OREO and repossessed assets     (21 )     —     (17 )     6       —  
    Total noninterest expense     7,058       7,679     7,737       7,656       7,306  
    Income before provision for income taxes     2,308       1,421     982       933       1,354  
    Provision for income taxes     389       267     187       163       143  
    Net income   $ 1,919     $ 1,154   $ 795     $ 770     $ 1,211  
    CONSOLIDATED INCOME STATEMENTS
    (Dollars in thousands, unaudited)
         
        For theYear Ended December 31
          2024       2023  
    Interest income   $ 57,374     $ 50,609  
    Interest expense     26,372       16,759  
    Net interest income     31,002       33,850  
    (Release of) provision for credit losses     (120 )     (273 )
    Net interest income after (release of) provision for credit losses     31,122       34,123  
    Noninterest income:        
    Service charges and fee income     2,620       2,527  
    Earnings on bank-owned life insurance     625       1,179  
    Mortgage servicing income     1,118       1,179  
    Fair value adjustment on mortgage servicing rights     (4 )     (219 )
    Net gain on sale of loans     258       340  
    Other income     38       —  
    Total noninterest income     4,655       5,006  
    Noninterest expense:        
    Salaries and benefits     17,590       17,135  
    Operations     5,894       6,095  
    Regulatory assessments     787       688  
    Occupancy     1,665       1,810  
    Data processing     4,226       4,388  
    Net (gain) loss on OREO and repossessed assets     (31 )     13  
    Total noninterest expense     30,131       30,129  
    Income before provision for income taxes     5,646       9,000  
    Provision for income taxes     1,006       1,561  
    Net income   $ 4,640     $ 7,439  
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, unaudited)
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    ASSETS                    
    Cash and cash equivalents   $ 43,641     $ 148,930     $ 135,111     $ 137,977     $ 49,690  
    Available-for-sale securities, at fair value     7,790       8,032       7,996       8,115       8,287  
    Held-to-maturity securities, at amortized cost     2,130       2,139       2,147       2,157       2,166  
    Loans held-for-sale     487       65       257       351       603  
    Loans held-for-portfolio     900,171       901,733       889,274       897,877       894,478  
    Allowance for credit losses – loans     (8,499 )     (8,585 )     (8,493 )     (8,598 )     (8,760 )
    Total loans held-for-portfolio, net     891,672       893,148       880,781       889,279       885,718  
    Accrued interest receivable     3,471       3,705       3,413       3,617       3,452  
    Bank-owned life insurance, net     22,490       22,363       22,172       22,037       21,860  
    Other real estate owned (“OREO”) and other repossessed assets, net     —       115       115       690       575  
    Mortgage servicing rights, at fair value     4,769       4,665       4,540       4,612       4,632  
    Federal Home Loan Bank (“FHLB”) stock, at cost     1,730       2,405       2,406       2,406       2,396  
    Premises and equipment, net     4,697       4,807       4,906       6,685       5,240  
    Right-of-use assets     3,725       3,779       4,020       4,259       4,496  
    Other assets     7,031       6,777       6,995       4,500       6,106  
    TOTAL ASSETS   $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685     $ 995,221  
    LIABILITIES                    
    Interest-bearing deposits   $ 705,267     $ 800,480     $ 781,854     $ 788,217     $ 699,813  
    Noninterest-bearing deposits     132,532       129,717       124,915       128,666       126,726  
    Total deposits     837,799       930,197       906,769       916,883       826,539  
    Borrowings     25,000       40,000       40,000       40,000       40,000  
    Accrued interest payable     765       908       760       719       817  
    Lease liabilities     4,013       4,079       4,328       4,576       4,821  
    Other liabilities     9,371       9,711       9,105       9,578       9,563  
    Advance payments from borrowers for taxes and insurance     1,260       2,047       812       2,209       1,110  
    Subordinated notes, net     11,759       11,749       11,738       11,728       11,717  
    TOTAL LIABILITIES     889,967       998,691       973,512       985,693       894,567  
    STOCKHOLDERS’ EQUITY:                    
    Common stock     25       25       25       25       25  
    Additional paid-in capital     28,413       28,296       28,198       28,110       27,990  
    Retained earnings     76,272       74,840       74,173       73,907       73,627  
    Accumulated other comprehensive loss, net of tax     (1,044 )     (922 )     (1,049 )     (1,050 )     (988 )
    TOTAL STOCKHOLDERS’ EQUITY     103,666       102,239       101,347       100,992       100,654  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685     $ 995,221  
    KEY FINANCIAL RATIOS
    (unaudited)
        For the Quarter Ended
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Annualized return on average assets   0.70 %   0.42 %   0.30 %   0.29 %   0.46 %
    Annualized return on average equity   7.40 %   4.50 %   3.17 %   3.06 %   4.78 %
    Annualized net interest margin(1)   3.13 %   2.98 %   2.92 %   2.95 %   3.04 %
    Annualized efficiency ratio(2)   75.25 %   84.31 %   89.86 %   89.48 %   84.63 %

    (1)   Net interest income divided by average interest earning assets.
    (2)   Noninterest expense divided by total revenue (net interest income and noninterest income).

    PER COMMON SHARE DATA
    (unaudited)
        At or For the Quarter Ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Basic earnings per share   $ 0.75   $ 0.45   $ 0.31   $ 0.30   $ 0.47
    Diluted earnings per share   $ 0.74   $ 0.45   $ 0.31   $ 0.30   $ 0.47
    Weighted-average basic shares outstanding     2,547,210     2,544,233     2,540,538     2,539,213     2,542,175
    Weighted-average diluted shares outstanding     2,578,771     2,569,368     2,559,015     2,556,958     2,560,656
    Common shares outstanding at period-end     2,564,907     2,564,095     2,557,284     2,558,546     2,549,427
    Book value per share   $ 40.42   $ 39.87   $ 39.63   $ 39.47   $ 39.48

    AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
    (Dollars in thousands, unaudited)

    The following tables present, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

      Three Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023
      Average Outstanding Balance   Interest Earned/
    Paid    		   Yield/
    Rate    		   Average Outstanding Balance   Interest Earned/
    Paid    		   Yield/
    Rate    		   Average Outstanding Balance   Interest Earned/
    Paid    		   Yield/
    Rate
    Interest-Earning Assets:                                  
    Loans receivable $ 900,832     $ 13,070   5.77 %   $ 898,570     $ 12,876   5.70 %   $ 884,677     $ 12,033   5.40 %
    Interest-earning cash   130,412       1,534   4.68 %     138,240       1,830   5.27 %     88,401       1,175   5.27 %
    Investments   13,263       132   3.96 %     13,806       132   3.80 %     14,479       129   3.53 %
    Total interest-earning assets $ 1,044,507       14,736   5.61 %     1,050,616     $ 14,838   5.62 %   $ 987,557       13,337   5.36 %
    Interest-Bearing Liabilities:                                  
    Savings and money market accounts $ 350,495       2,476   2.81 %   $ 340,281       2,688   3.14 %   $ 258,583       1,586   2.43 %
    Demand and NOW accounts   144,470       128   0.35 %     148,252       151   0.41 %     169,816       149   0.35 %
    Certificate accounts   301,293       3,413   4.51 %     303,632       3,524   4.62 %     300,042       3,436   4.54 %
    Subordinated notes   11,756       168   5.69 %     11,745       168   5.69 %     11,714       168   5.69 %
    Borrowings   30,546       331   4.31 %     40,000       434   4.32 %     40,109       431   4.26 %
    Total interest-bearing liabilities $ 838,560       6,516   3.09 %   $ 843,910       6,965   3.28 %   $ 780,264       5,770   2.93 %
    Net interest income/spread     $ 8,220   2.52 %       $ 7,873   2.34 %       $ 7,567   2.42 %
    Net interest margin         3.13 %           2.98 %           3.04 %
                                       
    Ratio of interest-earning assets to interest-bearing liabilities   125 %             124 %             127 %        
    Noninterest-bearing deposits $ 130,476             $ 132,762             $ 134,857          
    Total deposits   926,734     $ 6,017   2.58 %     924,927     $ 6,363   2.74 %     863,298     $ 5,171   2.38 %
    Total funding(1)   969,036       6,516   2.68 %     976,672       6,965   2.84 %     915,121       5,770   2.50 %

    (1)   Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

      Year Ended
      December 31, 2024   December 31, 2023
      Average
    Outstanding Balance    		   Interest Earned/Paid   Yield/Rate   Average
    Outstanding Balance    		   Interest Earned/Paid   Yield/Rate
    Interest-Earning Assets:                      
    Loans receivable $ 896,690     $ 50,499   5.63 %   $ 870,227     $ 46,470   5.34 %
    Interest-earning cash   124,259       6,367   5.12 %     74,708       3,621   4.85 %
    Investments   12,468       508   4.07 %     13,661       518   3.79 %
    Total interest-earning assets $ 1,033,417       57,374   5.55 %   $ 958,596       50,609   5.28 %
    Interest-Bearing Liabilities:                      
    Savings and money market accounts $ 319,314       9,145   2.86 %   $ 194,810       2,783   1.43 %
    Demand and NOW accounts   151,528       568   0.37 %     204,922       736   0.36 %
    Certificate accounts   309,441       14,363   4.64 %     280,238       10,617   3.79 %
    Subordinated notes   11,740       672   5.72 %     11,698       672   5.74 %
    Borrowings   37,623       1,624   4.32 %     43,977       1,951   4.44 %
    Total interest-bearing liabilities $ 829,646       26,372   3.18 %   $ 735,645       16,759   2.28 %
    Net interest income/spread     $ 31,002   2.37 %       $ 33,850   3.00 %
    Net interest margin         3.00 %           3.53 %
                           
    Ratio of interest-earning assets to interest-bearing liabilities   125 %             130 %        
    Noninterest-bearing deposits $ 131,141             $ 154,448          
    Total deposits   911,424     $ 24,076   2.64 %     834,418     $ 14,136   1.69 %
    Total funding(1)   960,787       26,372   2.74 %     890,093       16,759   1.88 %

    (1)   Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

    LOANS
    (Dollars in thousands, unaudited)
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Real estate loans:                    
    One-to-four family   $ 269,684     $ 271,702     $ 268,488     $ 279,213     $ 279,448  
    Home equity     26,686       25,199       26,185       24,380       23,073  
    Commercial and multifamily     371,516       358,587       342,632       324,483       315,280  
    Construction and land     73,077       85,724       96,962       111,726       126,758  
    Total real estate loans     740,963       741,212       734,267       739,802       744,559  
    Consumer Loans:                    
    Manufactured homes     41,128       40,371       38,953       37,583       36,193  
    Floating homes     86,411       86,155       81,622       84,237       75,108  
    Other consumer     17,720       18,266       18,422       18,847       19,612  
    Total consumer loans     145,259       144,792       138,997       140,667       130,913  
    Commercial business loans     15,605       17,481       17,860       19,075       20,688  
    Total loans     901,827       903,485       891,124       899,544       896,160  
    Less:                    
    Premiums     718       736       754       808       829  
    Deferred fees, net     (2,374 )     (2,488 )     (2,604 )     (2,475 )     (2,511 )
    Allowance for credit losses – loans     (8,499 )     (8,585 )     (8,493 )     (8,598 )     (8,760 )
    Total loans held-for-portfolio, net   $ 891,672     $ 893,148     $ 880,781     $ 889,279     $ 885,718  
    DEPOSITS
    (Dollars in thousands, unaudited)
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Noninterest-bearing demand   $ 132,532   $ 129,717   $ 124,915   $ 128,666   $ 126,726
    Interest-bearing demand     142,126     148,740     152,829     159,178     168,346
    Savings     61,252     61,455     63,368     65,723     69,461
    Money market(1)     206,067     285,655     253,873     241,976     154,044
    Certificates     295,822     304,630     311,784     321,340     307,962
    Total deposits   $ 837,799   $ 930,197   $ 906,769   $ 916,883   $ 826,539

    (1)   Includes $5.0 million of brokered deposits at December 31, 2023. 

    CREDIT QUALITY DATA
    (Dollars in thousands, unaudited)
        At or For the Quarter Ended
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Total nonperforming loans   $ 7,491     $ 8,489     $ 8,909     $ 9,053     $ 3,556  
    OREO and other repossessed assets     —       115       115       690       575  
    Total nonperforming assets   $ 7,491     $ 8,604     $ 9,024     $ 9,743     $ 4,131  
    Net charge-offs during the quarter   $ (13 )   $ (14 )   $ (17 )   $ (56 )   $ (15 )
    Provision for (release of) credit losses during the quarter     14       8       (109 )     (33 )     (27 )
    Allowance for credit losses – loans     8,499       8,585       8,493       8,598       8,760  
    Allowance for credit losses – loans to total loans     0.94 %     0.95 %     0.96 %     0.96 %     0.98 %
    Allowance for credit losses – loans to total nonperforming loans     113.46 %     101.13 %     95.33 %     94.97 %     246.34 %
    Nonperforming loans to total loans     0.83 %     0.94 %     1.00 %     1.01 %     0.40 %
    Nonperforming assets to total assets     0.75 %     0.78 %     0.84 %     0.90 %     0.42 %
    OTHER STATISTICS
    (Dollars in thousands, unaudited)
        At or For the Quarter Ended
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
                         
    Total loans to total deposits     107.64 %     97.13 %     98.27 %     98.11 %     108.42 %
    Noninterest-bearing deposits to total deposits     15.82 %     13.95 %     13.78 %     14.03 %     15.33 %
                         
    Average total assets for the quarter   $ 1,089,067     $ 1,095,404     $ 1,070,579     $ 1,062,036     $ 1,033,985  
    Average total equity for the quarter   $ 103,181     $ 102,059     $ 100,961     $ 101,292     $ 100,612  

    Contact

    Financial:    
    Wes Ochs      
    Executive Vice President/CFO    
    (206) 436-8587      
           
    Media:    
    Laurie Stewart      
    President/CEO    
    (206) 436-1495      
           

    The MIL Network –

    January 30, 2025

  • MIL-OSI Security: Illinois Man Pleads Guilty to Immigration Crime

    Source: Office of United States Attorneys

    BECKLEY, W.Va. – Joseph Sanchez, 33, of Fairbury, Illinois, pleaded guilty today to participating in an immigration marriage fraud conspiracy.

    According to court documents and statements made in court, in or around August 2021, Sanchez was living in Greenbrier County, West Virginia. A foreign national who worked at a convenience store near Sanchez’s residence offered to pay Sanchez if he found a woman willing to marry the foreign national so he could obtain lawful permanent resident status, commonly known as a Green Card. Sanchez ultimately agreed to the request in exchange for $10,000 in cash. The understanding was that $5,000 would be paid upon the marriage being final, and another $5,000 would be paid once the foreign national received his Green Card.

    Sanchez arranged to have his sister-in-law marry the foreign national. Sanchez told his sister-in-law about the purpose of the arrangement and the financial benefits associated with it. The sister-in-law had only occasionally interacted with the foreign national, as a customer at his convenience store. The sister-in-law and Sanchez had no social connections to the foreign national beyond frequenting the convenience store.

    In September 2021, Sanchez’s sister-in-law and the foreign national were married in White Sulphur Springs. In March 2023, Sanchez traveled with the sister-in-law and the foreign national to Pittsburgh, Pennsylvania. The purpose of the trip was for the sister-in-law and the foreign national to attend an interview with U.S. immigration officials to trick those officials into believing the marriage was entered into in good faith and that the relationship between the sister-in-law and the foreign national was genuine. The scheme was unsuccessful, and the foreign national’s application was denied.

    Sanchez is scheduled to be sentenced on May 30, 2025, and faces a maximum penalty of five years in prison, up to three years of supervised release, and a $250,000 fine.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the U.S. Department of Homeland Security-Homeland Security Investigations (HSI), and U.S. Citizenship and Immigration Services (USCIS).

    United States Magistrate Judge Omar J. Aboulhosn presided over the hearing. Assistant United States Attorney Jonathan T. Storage is prosecuting the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 5:24-cr-198.

    ###

     

    MIL Security OSI –

    January 30, 2025

  • MIL-OSI USA: Hoeven to Serve as Chairman of Senate Agriculture Appropriations Committee

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    01.29.25
    WASHINGTON – Senator John Hoeven today announced that he will again serve as chairman of the Senate Agriculture Appropriations Committee. Hoeven has served as the lead Republican on the committee since 2017, having previously fulfilled the role of chairman in the 115th and 116th Congresses.
    “The hard work of our farmers and ranchers provides a solid foundation for North Dakota’s economy, while ensuring Americans continue to benefit from the lowest-cost, highest-quality food supply in the world,” said Hoeven. “My role on the Senate Agriculture Appropriations Committee has been a tremendous opportunity to address the needs of our producers, agri-businesses and rural communities. I look forward to serving as chairman once again, where I will continue working to provide the tools and resources needed to support a strong ag economy, while advancing new innovations and market access to give our producers a competitive edge in the global economy.”
              As chairman, Hoeven will continue his efforts to advance critical priorities for farmers, ranchers and rural America through annual funding legislation. This includes:
    Advancing implementation of the $33.5 billion in disaster assistance that he worked to secure for producers in the year-end legislation.
    Securing strong support for agriculture research, including:
    The precision agriculture work being undertaken by Grand Farm, North Dakota State University (NDSU) and their partners.
    The agriculture policy research center the senator is working to stand up at NDSU.

    Ensuring access to credit for producers to better enable them to manage their operations, cover their costs and weather challenges.
    Improving access to foreign markets for producers and agri-businesses.
    Supporting greater transparency and competition in cattle markets, including through his Cattle Contract Library Pilot Program.
    Providing regulatory relief to reduce costs for producers and making sure programs are voluntary and farmer-friendly.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI USA: The Cowsert Column: Week Two Under the Gold Dome

    Source: US State of Georgia

    By: Sen. Bill Cowsert (R–Athens)

    The second week of the legislative session is commonly referred to as “Budget Week” at the State Capitol. The budget process begins with Gov. Brian Kemp presenting a proposed budget for consideration by the General Assembly. This year’s budget proposal is presented in a printed report of 390 pages, which is just the increases to the 2025 budget. Various agencies present budget requests during joint Senate and House Appropriations Committee meetings. The House then passes an appropriations bill setting forth governmental spending for the upcoming year. Finally, the Senate makes its changes and the differences are worked out by a joint conference committee and the final version is sent to the Governor for his signature. The General Assembly’s most important endeavor is passing a balanced, commonsense budget, addressing the needs of Georgia citizens each year. In fact, the only bill which the General Assembly is required to pass each year is the annual appropriations bill.

    Over the past 15 years, Georgia’s state budget has experienced steady growth, reflecting the state’s expanding economy and increasing demands for public services. In Fiscal Year (FY) 2010, Georgia’s budget was approximately $17.4 billion during the heart of the Great Recession. Fast forward to FY 2026, and that figure has more than doubled to $37.71 billion. In addition, approximately $22.46 billion in federal funds are included in Georgia’s 2026 budget.

    Without going into extensive detail, the Governor proposes spending 20.33 billion (53.9%) on education, 8.76 billion (23.2%) on healthcare, 3.05 billion (8.1%) on public safety and 2.78 billion (7.4%) on transportation. This leaves only $2.79 billion (7.4%) for all other areas of government spending.

    A key factor in Georgia’s economic stability is our unwavering commitment to maintaining a balanced budget. Unlike the federal government, which has spent both recklessly and unapologetically, Georgia is constitutionally required to balance its budget every year. This requirement ensures that the state lives within its means, preventing excessive debt accumulation and promoting long-term financial health for all citizens. Maintaining a balanced budget encourages responsible spending, requiring lawmakers to prioritize essential services and eliminate wasteful expenditures. It also enhances Georgia’s credit rating, allowing us to finance large-scale projects at lower interest rates, saving taxpayers money in the long run. Perhaps most importantly, a balanced budget fosters public confidence in our state’s financial management, reinforcing Georgia’s reputation as a great place to live, work and raise a family. By adhering to a balanced budget and prioritizing critical investments, we continue to build a prosperous future for all Georgians.

    Thanks to our responsible fiscal management, Georgia has built a robust Revenue Shortfall Reserve (RSR), commonly known as the “rainy day fund.” The reserve was depleted to less than $50 million during the great recession, however, By FY 2023, the reserve had reached its statutory cap of 15% of the prior year’s revenue, totaling $5.4 billion. This financial cushion allows the state to weather economic downturns without resorting to drastic spending cuts or tax increases, ensuring continuity in essential public services. In addition, Georgia has over $11 billion in additional undesignated reserves over and above the funds held in the rainy day fund. There is really no authority for the State to accumulate taxpayer funds above the amounts needed to fund basic state needs. Fortunately, Gov. Kemp and the legislature have refunded at least $1 billion per year to taxpayers and significantly reduced taxes in response to our financial good fortune.

    It’s important to highlight the stark contrast in spending at the federal level due to the Biden administration’s recent mismanagement of funds. Unfortunately, both political parties are guilty of irresponsible budgeting at the federal level. In fact, the last time that the federal budget was balanced was in the early 1990s when Bill Clinton was President and John Kasich was Chairman of the Appropriations Committee in the United States House. As of 2024, our national debt exceeded $35 trillion, with annual budget deficits contributing over $1 trillion annually to this growing burden. Persistent federal deficits pose risks such as higher interest rates, reduced national savings and potential economic uncertainty for future generations. These misguided spending practices have led our country down a dangerous path. Calls are growing for a constitutional amendment requiring the federal government to pass a balanced budget just like Georgia and almost all other states must do.

    It is a privilege and an honor to serve the people of the 46th Senate District. As always, don’t hesitate to contact my office with any legislative concerns. I hope to see you under the Gold Dome soon.

    # # # #

    Sen. Bill Cowsert serves as Chairman of the Senate Committee on Regulated Industries and Utilities. He represents the 46th Senate District which includes portions of Barrow, Clarke, Gwinnett, Oconee and Walton Counties. He may be reached at (404) 463-1366 or via email at bill.cowsert@senate.ga.gov

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

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI: North American Construction Group Ltd. Announces Early Redemption of 5.5% Debentures Due June 30, 2028

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) announced today that it has delivered notice to the holders of the Company’s outstanding 5.5% convertible unsecured subordinated debentures due June 30, 2028 (the “Debentures”) that pursuant to Section 4.3 of the trust indenture governing the Debentures dated June 1, 2021 (the “Trust Indenture”), the Company will, effective February 28, 2025 (the “Redemption Date”), redeem all issued and outstanding Debentures, plus accrued interest thereon.

    In accordance with the Trust Indenture, holders of these Debentures may convert the outstanding Debentures into common shares of the Company at a price of $24.23 per share, which is at a discount to the closing price of NACG’s common shares of $28.45 per share on January 29, 2025, the date of this press release.

    The Company encourages individual holders of Debentures (“Debentureholders”) to review redemption instructions from their financial institution to ensure a request for conversion is submitted in advance of the cutoff time set by the Debentureholder’s financial institution. This can be several days in advance of the Redemption Date and is not controlled by the Company.

    As of the date hereof, there was $74,106,000 ($1,000 per Debenture) aggregate principal amount of Debentures issued and outstanding. Accordingly, on the Redemption Date, subject to compliance with the Trust Indenture, the holder of each Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,008.86111 (the “Redemption Price”), comprised of a principal repayment of $1,000.00 and all accrued and unpaid interest thereon from the interest payment date of December 31, 2024 of $8.86111 until the Redemption Date. All interest on the Debentures shall cease from and after the Redemption Date.

    The Company intends to pay the Redemption Price in cash. Subject to regulatory approval, the Company intends to have the Debentures de-listed from the Toronto Stock Exchange following their redemption.

    About the Company

    NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For more than 70 years, NACG has provided services to the mining, resource, and infrastructure construction markets. For more information about North American Construction Group Ltd., visit www.nacg.ca.

    For further information contact:
    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 948-2009
    jveenstra@nacg.ca
    www.nacg.ca

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “will”, “intends”, “may”, “could” or similar expressions. In particular, this news release contains forward-looking statements and information relating to the redemption of the Debentures, the issuance of Common Shares as payment of the Redemption Price, the payment of cash in respect of interest and fractional shares and the anticipated de-listing of the Debentures. These forward-looking statements are being made by NACG based on certain assumptions that NACG has made in respect thereof as at the date of this news release, regarding, among other things that all required regulatory approvals will be obtained on the necessary terms in a timely manner; and that NACG will, on the Redemption Date, meet all of the required terms and conditions of the Debentures (including those set forth in the applicable debenture indentures) in order to effect the redemption on the terms currently contemplated (which includes assumptions respecting trading prices of the Common Shares). These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the risk that regulatory approvals will not be obtained in the timelines or on the terms required thereby delaying the redemption or causing it to not occur at all; the risk that NACG will not be able to meet the requirements for redemption on the Redemption Date, including with respect to the price of its Common Shares, which ability may be impacted by a number of risk factors. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending September 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

    The MIL Network –

    January 30, 2025

  • MIL-OSI: Enovix to Release Fourth Quarter and Full Year 2024 Financial Results on February 19, 2025

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it will release financial results for the fourth quarter and full year 2024 on Wednesday, February 19, 2025, after the close of the market.

    Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on February 19, 2025, to discuss the company’s business updates, key milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q4-2024.open-exchange.net/. This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may also submit questions on the registration page that they would like addressed on the call by Enovix management.

    An archived version of the call will be available on the Enovix investor website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    For media and investor inquiries, please contact:

    Enovix Corporation

    Robert Lahey

    Email: ir@enovix.com

    The MIL Network –

    January 30, 2025

  • MIL-OSI Economics: African Development Bank Partners with AXIAN Telecom to Accelerate Africa’s Digital Transformation

    Source: African Development Bank Group

    The African Development Bank has approved a $160 million senior corporate loan to support AXIAN Telecom to expand digital access and financial inclusion in nine African countries. The loan will accelerate the modernization and expansion of AXIAN Telecom‘s network infrastructure, with a focus on 4G and 5G deployment; while also driving digital innovation in its operations, enabling them to expand to more countries.

    AXIAN Telecom, headquartered in Mauritius, serves 42.9 million mobile subscribers, 11.4 million data users, and 15.2 million mobile financial service users, positioning itself as a leader in Africa’s digital transformation.

    A key focus of the funding is to address gender disparities in access to financial services. Over $10 million will be dedicated to empowering 22,000 women entrepreneurs in Madagascar through AXIAN’s Mvola platform. Additionally, a $2.5 million grant will enhance financial literacy and credit access for 34,000 women businesses across Madagascar, Tanzania, and Senegal, enabling them to grow and transition into the formal economy.

    Highlighting the initiative’s importance, the African Development Bank’s Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, said: “This investment reflects the African Development Bank’s commitment to driving Africa’s digital transformation and fostering inclusive growth. By supporting AXIAN Telecom’s growth plan, we are bridging the digital divide, creating opportunities for millions across the continent, and fostering innovation.”

    Quaynor described the African Development Bank’s support as part of a partnership to accelerate progress, advance financial inclusion—particularly for women—and drive sustainable development, adding, “Together, we are building the infrastructure and ecosystems that will enable Africa to thrive in the digital age.”

    AXIAN Telecom CEO, Hassan Jaber said, “We are honoured to partner with an organisation that shares our vision of advancing Africa’s digital economy. The funding from the African Development Bank not only underscores the immense digital potential of the continent but also highlights the critical role of collaboration in driving sustainable development.”

    Jabaer emphasized that the support from the African Development Bank will build on the company’s ongoing initiatives, such as expanding affordable internet access and fostering innovative solutions to bridge the digital divide. while aligning seamlessly with the recent transformation of our mobile businesses under the Yas brand.

    « Yas represents our commitment to empowering a young, dynamic, and digitally connected population, embracing every opportunity with a resounding ‘YES.’ Together, this collaboration will help drive meaningful change across Africa’s digital landscape, furthering our shared mission of digital and financial inclusion,” he added.

    The partnership aligns with the African Development Bank’s “Hi-5” development priorities, particularly “Industrialize Africa” and “Integrate Africa”, which enhance connectivity, foster cross-border digital services, and support financial inclusion.

    MIL OSI Economics –

    January 30, 2025

  • MIL-OSI Economics: Mission 300: Significant new donor pledges in support of the Sustainable Energy Fund for Africa announced on margins of the Africa Energy Summit

    Source: African Development Bank Group

    Denmark, the United Kingdom, Spain and France have unveiled new or additional contributions to the Sustainable Energy Fund for Africa, demonstrating strong support for the African Development Bank-managed fund as it expands energy access across Africa, including through the Mission 300 partnership. Another new donor – Japan –joined in December 2024 with a $5 million contribution under AGIA.

    SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. It aims to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa in line with the New Deal on Energy for Africa and Mission 300.

    Mission 300, an ambitious new partnership of the African Development Bank Group, the World Bank Group and other development partners, aims to provide access to electricity to an additional 300 million Africans by 2030.

    France, a new donor to SEFA, will provide €10 million. Denmark, the UK and Spain will increase existing contributions by DKK 100 million (€13.4 million), £8.5 million (€10.13) and €3 million, respectively.

    France’s contribution will bolster the Africa Green Infrastructure Alliance (AGIA), a platform of the African Development Bank, Africa 50 and other partners that will develop transformative sustainable infrastructure projects for investment.

    These contributions come as SEFA enjoyed its best year on record in 2024, with $108 million approved for 14 projects. SEFA now boasts a portfolio of over $300 million in highly impactful investments and technical assistance programmes, which is expected to unlock up to $15 billion in investments and deliver approximately 12 million new electricity connections.

    Denmark’s Acting State Secretary for Development Policy, Ole Thonke, said: “Africa is endowed with enormous untapped potential for renewable energy, which can fuel green industrialisation. The latest Danish financial contribution to SEFA will focus on the newly established Africa-led Accelerated Partnership for Renewables in Africa (APRA), further supporting the continent’s ambitious development and climate goals.”

    “We are halfway through this decisive decade to achieve the sustainable development goals and get on track to tackle climate change,” said Rachel Kyte, UK Special Representative for Climate, Foreign, Commonwealth and Development Office. “Achieving our collective goals of reliable, affordable and clean power is a golden thread that links economic growth, greater investment, strengthened resilience and climate ambition. By accelerating the roll-out of clean power, the UK and Mission 300 are putting green and inclusive growth at the heart of our partnerships with Africa. Our announcement of an additional £8.5 million in UK funding for the AfDB’s SEFA will mobilise the much-needed private sector investment so that more Africans can access clean power right across the continent.”

    Inés Carpio San Román, Alternate Governor of Spain for the African Development Bank, said, “We are pleased that Spain has decided to renew its support for the SEFA fund with a contribution of €3 million. This reaffirms our commitment to the crucial sector of renewable energy, which plays a key role in fostering sustainable development across Africa.”

    “As a strong supporter of Africa’s green infrastructure investments with financial tools that mobilise private finance, France is proud to contribute €10 million to the AGIA through SEFA,” stated Bertrand Dumont, Director General of the French Treasury and Governor for France at the African Development Bank. “This very first contribution is our first step towards reinforcing Africa’s sustainable development and accelerating the continent’s path to a low-carbon economy. By investing in green infrastructure in Africa, we are investing for the future.”

    Dr Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, said, “We welcome the new commitments from donors whose support underscores the impactful work of SEFA. These contributions are essential in enabling SEFA to fulfil its role as a key delivery vehicle for Mission 300 at this pivotal moment.”

    ABOUT SEFA

    SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments. The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and the M300.

    MIL OSI Economics –

    January 30, 2025

  • MIL-OSI NGOs: Study shows Big Oil fueled deadly wildfires in Los Angeles

    Source: Greenpeace Statement –

    San Francisco, CA (January 29, 2025) – The latest study by the World Weather Attribution on the devastating wildfires in Los Angeles, confirmed that climate change, fueled by fossil fuel burning, made the fires 35% more likely. The analysis shows these flammable conditions will only worsen if we continue down the path of inaction. In response to the study, Zachary Norris, Greenpeace USA California Climate Director, said:

    “Climate change has been making California wildfires larger, faster and more deadly for years. All 8 of the state’s largest fires have all occurred in the last 7 years.  But the fires in Los Angeles have also shown that as droughts stretch longer, rainfall drops, and temperatures rise, entire communities are being devastated. These fires were 35% more likely to occur because of climate change, which is primarily caused by the burning of oil, gas, and coal, and if we don’t change course, these flammable conditions will only intensify. While Big Oil companies continue to pull in billions in profits, we’re paying the price in lives lost and homes destroyed. But it doesn’t have to be this way – it’s time to stop drilling and start paying for the damage they’ve caused.”

    Contact: Gigi Singh, Communications Manager at Greenpeace USA
    (+1)  631-404-9977, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

    January 30, 2025

  • MIL-OSI New Zealand: Insurance Sector – ICNZ welcomes Govt’s Climate Adaptation response

    Source: Insurance Council of NZ

    The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) has welcomed the Government’s commitment to introduce legislation to Parliament this year on a Climate Adaptation framework and prepare New Zealanders for the impact of climate change on lives, property and communities.
    “New Zealanders need certainty about the way natural hazard risks from climate change are going to be managed and Government leadership in this critical area is welcome,” ICNZ Chief Executive Kris Faafoi said
    The Government was responding to the Finance and Expenditure Select Committee’s Inquiry into Climate Adaptation released in October last year.
    “The Government has acknowledged that a significant proportion of New Zealanders live in areas susceptible to increasing natural hazard risk and that the prospect of more frequent and severe weather events may impact the stability of our housing, finance and insurance markets.
    “The insurance industry is keen to continue to contribute to the policy formation to keep protecting communities and customers. As the Government has noted, an implementation plan will be required that all sectors can buy into and is achievable.
    “New Zealand is a risky country, and we are committed to finding solutions that reduce our exposure to natural hazard risks by avoiding building in dumb places and by investing in infrastructure that protects communities as well as better preparing for recovery from future natural disasters.
    “We also support the government’s goal of a cross-party solution to ensure New Zealand’s approach is enduring. Adapting to climate change requires a long-term political commitment as reinsurers and insurers need long-term policy and investment certainty for some of the likely actions and investments required to safeguard Kiwis and minimise the insurance protection gap.
    “We commend the Government for taking this approach. When Climate Change Minister Simon Watts and insurers met with reinsurers in London last year, they told us that they have confidence in New Zealand’s plan and that being proactive and having consistent policy settings would help keep reinsurance available for New Zealand.
    “While there is work already underway to prepare for a changing climate, we need to work with haste on this issue to keep all of New Zealand protected from the worst effects of future events.
    “Research shows every dollar invested in adaptation brings substantial economic benefits..By addressing these risks now, New Zealand can avoid the higher costs associated with future climate-related disasters,” Kris Faafoi said.

    MIL OSI New Zealand News –

    January 30, 2025

  • MIL-OSI: Hampton Financial Corporation Announces 1st Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) today announced its financial results for the 1st quarter ended November 30th, 2024.

    First Quarter ended November 30th, 2024.

    IFRS results highlights:

    • Q1 Revenue of $3,133,000; an increase of 80% year-over-year
    • Q1 Net Loss of $(799,000) or $(0.01) per share;

    Fiscal results (IFRS results adjusted for non-cash Items) highlights:

    • Q1 Adjusted Net Loss of $(505,000) or $(0.01) per share;
    • Q1 EBITDA of $240,000 vs $(249,000) in the comparative quarter last year

    Summary of Corporate Developments:

    Our 1st quarter results reflect the continued challenging environment across the Capital markets industry. Rising interest rates and global uncertainty continue to delay many corporate finance and broader financial decisions on the part of issuers. While 2025 is showing some signs of improvement, the year ahead for our core business remains unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management prorate and Capital Markets businesses. Our acquisition of Oxygen Working Capital in early 2024 has been integrated and we continue to explore opportunities to expand the landing book.

    “The first quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024. Capital Markets activities have started to improve as interest rates have stabilized, so we are hopeful for a stronger second half of the year. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

    Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the three months ended November 30, 2024, can be accessed on SEDAR+ at www.sedar.com.

    About Hampton Financial Corporation

    Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

    Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

    Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

    The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

    For more information, please contact:

    Olga Juravlev
    Chief Financial Officer
    Hampton Financial Corporation
    (416) 862-8701

    Or

    Peter M. Deeb
    Executive Chairman & CEO
    Hampton Financial Corporation
    (416) 862-8651

    The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

    No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

    Forward-Looking Statements

    This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

    The MIL Network –

    January 30, 2025

  • MIL-OSI Submissions: Australia – Production begins at CH4 Global’s first full-scale EcoPark

    Source: CH4 Global

    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.

    South Australian Premier Peter Malinauskas attended the launch of the EcoPark in Louth Bay, 23km north of Port Lincoln on the Eyre Peninsula.

    “I congratulate CH4 global on this significant achievement,” Mr Malinauslkas said.

    “South Australia is already a world leader in decarbonisation.

    “Helping the rest of the world achieve this challenge presents an incredible opportunity to deliver a more complex economy and more jobs for South Australians.

    “CH4 Global’s EcoPark is a shining example of what we can achieve – using Research and Development to develop new industries.

    “Propagating a local seaweed to feed cattle has the potential to drastically reduce methane emissions from agriculture, both here and around the globe.”

    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.

    CH4 Global will be holding an opening event at Louth Bay this morning, at 10.30am. The media is invited to attend.

    Dr Meller is available for interviews. Video footage and photography will also be available post-event.

    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. CH4 Global is headquartered in Henderson, Nevada, in the US, with current subsidiaries in Australia and New Zealand.

    MIL OSI – Submitted News –

    January 30, 2025

  • MIL-OSI USA News: Expanding Educational Freedom and Opportunity for Families

    Source: The White House

    By the authority vested in me as President by the Constitution and the laws of the United States of America, and to improve the education, well-being, and future success of America’s most prized resource, her young citizens, it is hereby ordered:

    Section 1.  Purpose.  Parents want and deserve the best education for their children.  But too many children do not thrive in their assigned, government-run K-12 school.  According to this year’s National Assessment of Educational Progress (NAEP), 70 percent of 8th graders were below proficient in reading, and 72 percent were below proficient in math.  Moreover, geographically based school assignments exacerbate the cost of housing in districts with preferred schools, straining the finances of millions of American families sacrificing for their children’s futures. 

    When our public education system fails such a large segment of society, it hinders our national competitiveness and devastates families and communities.  For this reason, more than a dozen States have enacted universal K-12 scholarship programs, allowing families — rather than the government — to choose the best educational setting for their children.  These States have highlighted the most promising avenue for education reform:  educational choice for families and competition for residentially assigned, government-run public schools.  The growing body of rigorous research demonstrates that well-designed education-freedom programs improve student achievement and cause nearby public schools to improve their performance. 

    Sec. 2.  Policy.  It is the policy of my Administration to support parents in choosing and directing the upbringing and education of their children. 

    Sec. 3.  Guidance on Supporting State-based K-12 Educational Choice.  Within 60 days of the date of this order, the Secretary of Education shall issue guidance regarding how States can use Federal formula funds to support K-12 educational choice initiatives.

    Sec. 4.  Encouraging Education Freedom through Discretionary Grant Programs.  (a)  The Secretary of Education shall include education freedom as a priority in discretionary grant programs, as appropriate and consistent with applicable law. 
    (b)  Within 90 days of the date of this order, the Secretary of Labor and the Secretary of Education shall review their respective discretionary grant programs and each submit a plan to the President, through the Assistant to the President for Domestic Policy, that identifies, evaluates, and makes recommendations regarding using relevant discretionary grant programs to expand education freedom for America’s families and teachers. 

    Sec. 5.  Expanding Opportunities for Low-Income, Working Families.  Within 90 days of the date of this order, the Secretary of Health and Human Services shall issue guidance regarding whether and how States receiving block grants for families and children from the Department, including the Child Care and Development Block Grant (CCDGB), can use them to expand educational choice and support families who choose educational alternatives to governmental entities, including private and faith-based options.

    Sec. 6.  Helping Military Families.  Within 90 days of the date of this order, the Secretary of Defense shall review any available mechanisms under which military-connected families may use funds from the Department of Defense to attend schools of their choice, including private, faith-based, or public charter schools, and submit a plan to the President describing such mechanisms and the steps that would be necessary to implement them beginning in the 2025-26 school year.

    Sec. 7.  Helping Children Eligible for Bureau of Indian Education (BIE) Schools.  Within 90 days of the date of this order, the Secretary of the Interior shall review any available mechanisms under which families of students eligible to attend BIE schools may use their Federal funding for educational options of their choice, including private, faith-based, or public charter schools, and submit a plan to the President describing such mechanisms and the steps that would be necessary to implement them for the 2025-26 school year.  The Secretary shall report on the current performance of BIE schools and identify educational options in nearby areas.  

    Sec. 8.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI Australia: New data shows more people applying to become school teachers

    Source: Australian Ministers for Education

    New data shows more people applying to become school teachers.

    Data analysis by the Department of Education shows both applications and offers are up for people wanting to study an undergraduate course in education.

    Overall, preliminary results from tertiary admission centres are showing a 7 per cent increase in applications and a 14 per cent increase in offers compared to 2024.

    These positive early results come after the Albanese Labor Government and state and territory governments have been working together to tackle the teacher workforce shortage through the National Teacher Workforce Action Plan.

    Many states and territories have delivered significant pay increases for the teaching profession over the past two years.

    They have also taken important steps to help reduce teacher workload. 

    The Albanese Government brought back teaching scholarships worth up to $40,000 each to encourage more people to study teaching. 

    And for the first time ever, the Australian Government is introducing a Prac Payment for teaching students which provides financial support while they do the practical part of their course. 

    These initiatives come on top of the biggest reforms to teacher training in a generation, which include a stronger focus on how to teach children to read and write and do maths and manage behaviour.

    Quotes attributable to Minister for Education Jason Clare:

    “Being a teacher is the most important job in the world, and we don’t have enough of them.

    “The Liberals ripped the guts out of public school funding and under them, the teacher shortage crisis got worse. 

    “We’re now starting to see this turn around.

    “I want more young people to leap out of high school and want to become a teacher, rather than a lawyer or a banker.

    “That’s why we are tackling the teacher workforce shortage with teaching scholarships, reforms to teacher training and paid prac for teaching students.”

    Additional background

    Tertiary Admissions Centre total (undergraduates) – preliminary data(1) as at 16 January each reporting year
     

       2022    2023  2024 2025 (preliminary) % change from 2024 to 2025
    Applications 12,082 11,966 11,816 12,659 7%
    Offers 7,816 8,774 8,672 9,905 14%

    1.    Domestic, undergraduate student applications and offers for first semester study in Commonwealth Supported Places at Table A universities
    2.    Data reflect each applicant’s highest preference application and the most recent offer made to each applicant (one application and one offer per person).
     

    MIL OSI News –

    January 30, 2025

  • MIL-OSI USA: Boozman, Booker Team Up to Improve Prostate Cancer Detection

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON––U.S. Senators John Boozman (R-AR) and Cory Booker (D-NJ) introduced legislation to expand insurance coverage for prostate cancer screenings.
    The bipartisan Prostate-Specific Antigen (PSA) Screening for High-risk Insured Men (HIM) Act would require private health insurance plans to cover preventive prostate cancer screenings without imposing any cost-sharing requirements for men who are at high risk of developing prostate cancer. 
    “Like so many others, my family has experienced the impact of this disease. Since we know early detection leads to better health outcomes, making access to screening easier can help save lives. I’m proud to work in a bipartisan way to expand prostate cancer detection and early intervention, particularly for at-risk men,” said Boozman.
    “Prostate cancer is the second leading cause of cancer deaths in men in the United States, with Black men being disproportionately impacted and over twice as likely to die following a diagnosis,” said Booker. “I am proud to introduce this bipartisan legislation that will increase affordability and access to lifesaving screening services, help men detect the disease early, and save lives.” 
    Prostate cancer affects 1 in 8 American men in their lifetime and disproportionately affects African American men with 1 in 6 being diagnosed. Individuals who have at least one close family member diagnosed with the disease are at least twice as likely to be diagnosed themselves.
    Currently, the Prostate-Specific Antigen test is the most effective tool for detection. When detected in early stage, it is almost 100 percent survivable. 
    “The PSA Screening for HIM Act is a crucial step toward removing financial barriers to life-saving prostate cancer screenings,” said American Urological Association Public Policy Council Chair Mark Edney, M.D. “By ensuring high-risk groups can access PSA testing without cost-sharing, this legislation will save countless lives through earlier detection, where survival rates are nearly 100 percent, compared to later stages where survival rates are around 30 percent.”
    “The introduction of the PSA Screening for HIM Act represents a critical step forward in protecting men’s health and saving lives through early detection. At ZERO Prostate Cancer, we know that access to prostate cancer screening is fundamental in the fight against prostate cancer, particularly for those at highest risk,” said ZERO Prostate Cancer CEO Courtney Bugler.
    “The PSA Screening for HIM Act would eliminate a significant hurdle that keeps far too many at high risk for prostate cancer from getting tested for the disease,” said Dr. Wayne A.I. Frederick, Interim Chief Executive Officer of the American Cancer Society and the American Cancer Society Cancer Action Network. “We thank Sens. Boozman and Booker for introducing this bill and look forward to working with them to get it passed.” 
    “With the increase in prostate cancer diagnoses and deaths, and the growing racial disparity, the PSA Screening for HIM Act is more important now than ever,” said Thomas A. Farrington, President and Founder of the Prostate Health Education Network (PHEN).
    The full text of the bill can be found here.

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI USA: Chair Ernst Delivers Opening Remarks at Kelly Loeffler Nomination Hearing

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – Today, at the Senate Committee on Small Business and Entrepreneurship hearing on the nomination of former Senator Kelly Loeffler to serve as the Small Business Administration (SBA) administrator, Chair Joni Ernst (R-Iowa) highlighted how Loeffler’s track record as a successful business leader provides the exact experience needed to reform the bloated agency and restore its mission.
    Among the biggest areas in need of reform, Ernst cited widespread fraud in COVD-era relief designated for small businesses, the SBA’s mismanaged loan and disaster aid programs, and rampant telework abuse.
    Click here watch Chair Ernst’s opening remarks.
    Ernst’s full remarks:
    “Senator Loeffler, as I already said, welcome to the Committee, and thank you for your willingness to serve in this role.
    “I greatly appreciate the time you’ve spent meeting with me and my colleagues prior to this hearing. I want to take a minute to recognize some of your family here supporting you today. First, your husband, Jeff. Thank you, Jeff for being here. Next, your brother Brian, and his family, who I understand traveled to Washington D.C. from their farm in Illinois. And also, your parents, Don and Lynda, who are watching the hearing from their home in Florida today. We appreciate you all making the trip here and tuning into this important hearing.
    “As a former member of this body, you understand the importance of the Senate’s advice and consent process, and I appreciate that you have fully embraced the committee’s standard, yet extensive, vetting of your experience and background in advance of today’s hearing and our upcoming vote on your confirmation. 
    “As a successful businesswoman, it is abundantly clear that you truly understand what it takes to be an entrepreneur.
    “Throughout your distinguished career, you’ve risen through the ranks at multiple companies due to your determination and grit, and you have started many successful businesses yourself.
    “Most importantly, you understand what it means to be overrun by Washington’s bureaucratic overreach—and that government must instead get out of businesses’ way so they can thrive.
    “Small businesses and their advocates are excited for your leadership. The Committee has received several letters of support for Senator Loeffler’s nomination.
    “The mission of the SBA is to aid small businesses to ensure economic prosperity and free competition.
    “Traditionally, SBA administers programs and services falling into three main buckets: there’s counseling, contracting, and access to capital.
    “While SBA once may have been characterized as a smaller agency, COVID small business programs made SBA a household name, as the agency received a whopping $1.1 trillion in taxpayer funding to assist small businesses during the pandemic.
    “With that funding came big responsibilities, and I remain concerned the SBA under the prior Administration failed to live up to its mission.
    “I believe substantial reforms must be made to get the SBA back in shape, and that is going to require strong leadership.
    “The Biden administration decided to turn a blind eye to COVID fraud and delinquencies, refusing to properly collect outstanding debt and fraudulent funds, which has huge implications to the taxpayer.
    “Reports have indicated SBA charged off about $18.6 billion worth of EIDL loans in Fiscal Year 2024.
    “Not once during the Biden administration was the SBA able to provide an accounting of their loans receivable and loan guarantees, which meant that the Government Accountability Office hasn’t been able to even issue a financial audit of the Agency since Fiscal Year 2020.
    “SBA also completely mismanaged and misinformed Congress last year regarding its disaster loan account, resulting in a shortfall lasting 66 days – an unacceptable failure for the disaster victims in North Carolina, South Carolina, Georgia, Virginia, and Florida.
    “I do appreciate that once the account was funded, SBA staff worked around the clock, including over the holidays, to get the money out to disaster victims, but I never want to see that situation unfold again.
    “While SBA is failing, it also appears that its workforce continues to stay home, while its more than 246,000 square foot Washington, D.C. headquarters sits empty.
    “The GAO found that even if everyone did show up to work in person, the SBA’s building space would still only be 67 percent utilized, which is a complete waste of taxpayer money.
    “That is why I introduced a bill to relocate 30 percent of the headquarters workforce to the SBA district offices across the country and cut 30 percent of office space.
    “The SBA has been completely out of touch with the real-world challenges of entrepreneurs, and while the Biden administration simultaneously let SBA employees stay home, they also added positions in Washington, D.C. while stripping offices in Iowa, New Hampshire, Utah, and other states.
    “I would like to work with you, Senator Loeffler, on ways to ensure SBA is effectively utilizing its personnel and ensuring that small businesses in all parts of America are able to access SBA programs if they need them.
    “I’ve detailed these concerns and others regarding the mess you have to clean up from the Biden administration, and potential landmines you will encounter, in a letter to President Trump on day one of his new Administration. I ask unanimous consent to enter that letter into the record.
    “Without objection, so ordered.
    “In Iowa, Main Street is in trouble, and I hear from my colleagues that this is true in their states across America.
    “Small businesses are the lifeblood of our rural communities, and for too long under the Biden administration, they’ve been crushed with red tape and woke program requirements, with no one caring about how that affects the day-to-day operations.
    “I see a great opportunity for the Trump administration, and you, to revitalize small businesses in America.
    “Thank you again for being here, and I look forward to your testimony.”

    MIL OSI USA News –

    January 30, 2025

  • MIL-OSI Australia: The next generation of NSW Electric Buses will be built in Nowra

    Source: New South Wales Premiere

    Published: 30 January 2025

    Released by: The Premier, Minister for Domestic Manufacturing and Government Procurement, Minister for Transport

    The South Coast is set to become a new manufacturing hub for the next generation of public transport with the creation of a brand-new electric bus manufacturing facility in Nowra.

    Australian owned bus manufacturer Foton Mobility Distribution is set to build a 6,000 square metre manufacturing facility in South Nowra from late 2025, subject to council approval.

    This follows the Minns Labor Government awarding a contract to Foton to deliver 126 battery electric buses that will be built in Nowra and service bus routes across Greater Sydney.

    The facility will also produce battery electric trucks, as well as hydrogen fuel cell engines, creating around 100 ongoing quality, skilled manufacturing jobs for local workers.

    Foton’s bus contract was one of the first bus orders made through the NSW Government’s Zero Emission Buses (ZEB) program.

    This program is also converting 11 existing bus depots in Greater Sydney to battery electric technology, building a new battery electric depot at Macquarie Park and procuring around 1,200 new electric buses by 2028.

    Transport for NSW is delivering the ZEB program in stages in close consultation with industry, including manufacturers, to provide an opportunity to increase capability and capacity supported by a published pipeline of bus orders.

    While the domestic manufacturing sector can’t be rebuilt overnight – facilities like this are the first step towards building things here in NSW again.

    This facility delivers on the NSW Government’s commitment to domestic manufacturing, supporting local jobs and local industry to build the public transport our state needs.

    This follows 12 years of offshoring by the former Liberal National Government, leading to NSW missing out on thousands of job opportunities and bringing lengthy delays and cost blowouts on major transport contracts.

    Premier Chris Minns said:

    “The offshoring of public transport by the former government was a complete disaster, which is why we’re building these buses here in NSW – creating local jobs and public transport that works.

    “This state of the art facility in Nowra will create ongoing skilled jobs in regional NSW while also delivering emissions free world class public transport for the people of our state.

    “Workers across NSW are great at building public transport like these buses, and under our government they’re building them here again.

    Minister for Transport Jo Haylen said:

    “When the Minns Labor Government says we want to build more buses here, we mean it.

    “Once our partners at Foton get this plant up and running there will be an extra 100 quality manufacturing jobs right here. That’s great news for Nowra and a big boost for NSW manufacturing.

    “We want our local manufacturers and suppliers have good opportunities to get involved in building the Zero Emissions Buses that we need. That’s why we have structured our zero-emissions bus program in a way that builds our bus manufacturing capacity for the long term.”

    “We are at the beginning of our project to build the clean, green buses of the future. Transport for NSW announced the first battery electric bus orders under the Zero Emissions Bus program for Greater Sydney in December 2024.

    “There will be many more orders to come for Sydney, Outer Metropolitan and Regional NSW and many good quality, skilled manufacturing jobs that will be created thanks to the Minns Labor Government’s support for building our buses, trains and ferries right here in Australia.”

    Minister for Domestic Manufacturing and Government Procurement Courtney Houssos said:

    “This new facility shows the high-quality products that NSW workers and businesses can deliver.

    “The previous government sent contracts like this offshore, costing NSW thousands of jobs and billions of dollars. We are choosing to support local jobs and local businesses.

    “By leveraging the power of government contracts like this, we can rebuild local industries, support local workers and grow the NSW economy, particularly in regional communities.

    “This is an important milestone as we deliver on our pledge to bring domestic manufacturing back to NSW.”

    Member for South Coast Liza Butler said:

    “The Minns Government understands the importance of local jobs and skills training for regional communities.”

    “The proposed new bus factory here in Nowra will provide fantastic employment opportunities for up to 100 people once fully operational and enable the re-skilling and upskilling of many workers who wish to be a part of the transition to zero emissions transport.”

    Member of the Legislative Council Sarah Kaine said:

    “We’re building Australia’s future right here in the South Coast and delivering good quality, local jobs in the process.”

    “This is a Labor Government that is investing back into its regional economies and ensuring equal opportunity for local manufacturing of our world-class transport system. 

    MIL OSI News –

    January 30, 2025

  • MIL-OSI USA: Governor Polis Celebrates Progress Made for Colorado Students in New Education Data

    Source: US State of Colorado

    DENVER – Today, Governor Polis highlighted the progress that Colorado has made as shown by the most recent NAEP scores, while acknowledging that there is more work ahead to support students and educators. 

    “The Nation’s Report Card is a valuable resource as we work to boost student achievement and outcomes here in Colorado. Today’s release shows that while Colorado is holding its own and has made important progress, it’s clear that we have a lot more work to do to help all students achieve at grade level or above. When the last set of NAEP scores came out in 2022, we acted on the insights and took action to boost math achievement, including passing legislation to create new out-of-school time opportunities centered around STEM, supporting math-focused teacher preparation and professional development, and helping schools acquire high quality instructional math materials. We believe the groundwork laid through these sustained efforts will lead to steady improvements in the years ahead. Colorado will continue to pursue every avenue to get our students the support they need, including free preschool and kindergarten that’s saving families thousands each year to afterschool programming for math and science, support for innovation in our schools, ensuring parents in education deserts have more quality choices, and increased per pupil funding. Everything should be on the table to ensure every student can succeed across our entire state,” said Governor Jared Polis. 

    New NAEP data shows that: 

    • Colorado is #1 in the nation in change since 2022 in scale scores for all students and Black students in 8th grade reading. 
    • Colorado is #2 in the nation for change since 2022 scale score for all students in 8th grade math. 
    • Colorado matched or outpaced the nation in change since 2022 for all students in every grade and subject. 
    • Colorado is #1 in the nation for improvement over the last decade (2013 to 2024) for Black students in 8th grade reading. 
    • Colorado is #2 in the nation for improvement over the last decade (2013 to 2024) for Black students in 4th grade reading. 
    • Colorado outpaced the nation for improvement over the last decade (2013 to 2024) for Black students in every grade and subject. 
    • Colorado outpaced the nation over the last decade (2013 to 2024) for Hispanic students in 8th grade reading and math. 

    As Chair of the National Governors Association, Governor Polis launched Let’s Get Ready: Educating All Americans for Success to support Governors in driving innovative education policies. Let’s Get Ready aims to help Governors form policies that better evaluate outcomes for state investments in education and improve outcomes for learners at all stages of their education journey. The initiative also focuses on the ways states can meet the future needs of the workforce and strengthen the economy by preparing students for success in and outside of the classroom. 

    ###

    MIL OSI USA News –

    January 30, 2025
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