Category: Economy

MIL-OSI: CORRECTION – Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024 Corrected

Source: GlobeNewswire (MIL-OSI)

TEANECK, N.J., Nov. 01, 2024 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company of Bogota Savings Bank (the “Bank”), after market close today issued a correction to its financial results for the three and nine months ended September 30, 2024 (the “Revised Earnings Release”), which was issued prior to market open on November 1, 2024 (the “Original Earnings Release”). Interest expense on deposits (and similarly total interest expense) for the three and nine months ended September 30, 2024 reported in the Original Earnings Release was understated by $300,000 due to a misstatement of the rates paid on certain certificates of deposit during the three months ended September 30, 2024. As a result, the Revised Earnings Release reflects the following changes:

At September 30, 2024

	Average rate for certificates of deposit	Average rate for deposits
As Initially Reported	4.15%	3.55%
As Corrected	4.39%	3.95%

For Three Months Ended September 30, 2024

(Dollars in thousands, except per share data)	Interest paid on average certificates of deposit		Interest paid on average interest-bearing deposits		Net interest income		Net interest income after provision (recovery) for credit losses		(Loss) income before income taxes			Income tax (benefit) expense			Net (loss) income			(Loss) earnings per common share – basic			(Loss) earnings per common share – diluted
As Initially Reported	$	5,327	$	5,861	$	2,957	$	2,957	$	(320	)	$	(173	)	$	(147	)	$	(0.01	)	$	(0.01	)
As Corrected	$	5,627	$	6,161	$	2,657	$	2,657	$	(620	)	$	(253	)	$	(367	)	$	(0.03	)	$	(0.03	)

	Cost of average certificates of deposit		Cost of average interest-bearing deposits		(Loss) Return on Average Assets		(Loss) Return on Average Equity		Interest rate spread		Net interest margin		Efficiency Ratio
As Initially Reported	4.26	%	3.84	%	(0.09	)%	(0.72	)%	0.81	%	1.24	%	109.75	%
As Corrected	4.50	%	4.04	%	(0.07	)%	(0.52	)%	0.66	%	1.15	%	120.78	%

For Nine Months Ended September 30, 2024

(Dollars in thousands, except per share data)	Interest paid on average certificates of deposit		Interest paid on average interest-bearing deposits		Net interest income		Net interest income after provision (recovery) for credit losses		(Loss) income before income taxes			Income tax (benefit) expense			Net (loss) income			(Loss) earnings per common share – basic			(Loss) earnings per common share – diluted
As Initially Reported	$	16,484	$	18,085	$	8,352	$	8,282	$	(1,762	)	$	(741	)	$	(1,020	)	$	(0.08	)	$	(0.08	)
As Corrected	$	16,784	$	18,385	$	8,052	$	7,982	$	(2,062	)	$	(821	)	$	(1,240	)	$	(0.10	)	$	(0.10	)

	Cost of average certificates of deposit		Cost of average interest-bearing deposits		(Loss) Return on Average Assets		(Loss) Return on Average Equity		Interest rate spread		Net interest margin		Efficiency Ratio
As Initially Reported	4.31	%	3.88	%	(0.17	)%	(1.23	)%	0.73	%	1.23	%	118.23	%
As Corrected	4.39	%	3.95	%	(0.20	)%	(1.44	)%	0.68	%	1.18	%	122.18	%

The full text of the corrected release is a follows:

Teaneck, New Jersey, November 1, 2024 – Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended September 30, 2024 of $367,000, or $0.03 per basic and diluted share, compared to a net loss of $29,000, or $0.00 per basic and diluted share, for the comparable prior year period. The Company reported a net loss for the nine months ended September 30, 2024 of $1.2 million, or $0.10 per basic and diluted share, compared to net income of $1.8 million, or $0.14 per basic and diluted share, for the nine months ended September 30, 2023.

On April 24, 2024, the Company announced it had received regulatory approval for the repurchase of up to 237,090 shares of its common stock, or approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The repurchase program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. As of September 30, 2024, 163,790 shares have been repurchased pursuant to the program at a cost of $1.2 million.

Other Financial Highlights:

Total assets increased $39.6 million, or 4.2%, to $978.9 million at September 30, 2024 from $939.3 million at December 31, 2023, due to an increase in securities, offset by a decrease in cash and cash equivalents and loans.
Cash and cash equivalents decreased $3.9 million, or 15.8%, to $21.0 million at September 30, 2024 from $24.9 million at December 31, 2023 as excess funds were used to purchase securities.
Securities increased $47.1 million, or 33.3%, to $188.7 million at September 30, 2024 from $141.5 million at December 31, 2023.
Net loans decreased $5.8 million, or 0.8%, to $708.9 million at September 30, 2024 from $714.7 million at December 31, 2023.
Total deposits at September 30, 2024 were $629.3 million, increasing $3.9 million, or 0.6%, as compared to $625.3 million at December 31, 2023, due to a $2.3 million increase in interest-bearing deposits, primarily in certificates of deposit, and a $1.6 million increase in non-interest bearing demand accounts. The average cost of deposits increased 128 basis points to 3.95% for the first three quarters of 2024 from 2.67% for the first nine months of 2023 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit.
Federal Home Loan Bank advances increased $34.9 million, or 20.8% to $202.6 million at September 30, 2024 from $167.7 million as of December 31, 2023.

Kevin Pace, President and Chief Executive Officer, said “The Bank continues its growth strategy focusing on core deposits and commercial lending. We have seen an uptick in our commercial pipeline this quarter that shows interest remains strong in our market. Offering new desirable technology through partnerships with our providers is a key initiative we are focusing on going into 2025. This will allow us to attract new customers in our competitive environment.”

“The Bank completed its third stock repurchase program earlier this year and promptly began its fourth buyback. We remain diligent in our efforts to show confidence and deliver value to our shareholders.”

Income Statement Analysis

Comparison of Operating Results for the Three Months Ended September 30, 2024 and September 30, 2023

Net income decreased by $338,000 to a net loss of $367,000 for the three months ended September 30, 2024 from a net loss of $29,000 for the three months ended September 30, 2023. This decrease was primarily due to a decrease of $560,000 in net interest income, partially offset by a decrease of $171,000 in salaries and employee benefit costs, an increase of $128,000 in income tax benefit and a $38,000 increase in non-interest income.

Interest income increased $1.3 million, or 14.3%, from $9.3 million for the three months ended September 30, 2023 to $10.6 million for the three months ended September 30, 2024 primarily due to higher yields on interest-earning assets and an increase in the average balance of securities.

Interest income on cash and cash equivalents decreased $30,000, or 17.9%, to $138,000 for the three months ended September 30, 2024 from $168,000 for the three months ended September 30, 2023 due to a $2.6 million decrease in the average balance to $10.2 million for the three months ended September 30, 2024 from $12.8 million for the three months ended September 30, 2023, reflecting the use of excess cash to purchase securities. The decrease was offset by an 18 basis point increase in the average yield from 5.21% for the three months ended September 30, 2023 to 5.39% for the three months ended September 30, 2024 due to the higher interest rate environment.

Interest income on loans increased $401,000, or 5.0%, to $8.4 million for the three months ended September 30, 2024 compared to $8.0 million for the three months ended September 30, 2023 due primarily to a 24 basis point increase in the average yield from 4.45% for the three months ended September 30, 2023 to 4.69% for the three months ended September 30, 2024, and to a lesser extent, a $876,000 increase in the average balance to $711.6 million for the three months ended September 30, 2024 from $710.7 million for the three months ended September 30, 2023.

Interest income on securities increased $889,000, or 88.2%, to $1.9 million for the three months ended September 30, 2024 from $1.0 million for the three months ended September 30, 2023 primarily due to a $48.7 million increase in the average balance to $187.2 million for the three months ended September 30, 2024 from $138.5 million for the three months ended September 30, 2023, and a 114 basis point increase in the average yield from 2.91% for the three months ended September 30, 2023 to 4.05% for the three months ended September 30, 2024 due to the higher interest rate environment.

Interest expense increased $1.9 million, or 31.1%, from $6.1 million for the three months ended September 30, 2023 to $8.0 million for the three months ended September 30, 2024 due to higher costs and average balances on certificates of deposit and borrowings.

Interest expense on interest-bearing deposits increased $1.3 million, or 27.0%, to $6.2 million for the three months ended September 30, 2024 from $4.9 million for the three months ended September 30, 2023. The increase was due to a 93 basis point increase in the average cost of deposits to 4.04% for the three months ended September 30, 2024 from 3.11% for the three months ended September 30, 2023. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $831,000 to $497.3 million for the three months ended September 30, 2024 from $498.1 million for the three months ended September 30, 2023 while the average balance of NOW/money market accounts and savings accounts decreased $9.0 million and $2.1 million for the three months ended September 30, 2024, respectively, compared to the three months ended September 30, 2023.

Interest expense on Federal Home Loan Bank advances increased $582,000, or 47.7%, from $1.2 million for the three months ended September 30, 2023 to $1.8 million for the three months ended September 30, 2024. The increase was primarily due to an increase in the average balance of $71.6 million to $196.9 million for the three months ended September 30, 2024 from $125.3 million for the three months ended September 30, 2023. The increase was slightly offset by a decrease in the average cost of borrowings of 22 basis points to 3.64% for the three months ended September 30, 2024 from 3.86% for the three months ended September 30, 2023 due to new borrowings being at lower rates. At September 30, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. During the three months ended September 30, 2024, the use of the cash flow and fair value hedges reduced the interest expense on the Federal Home Loan Bank advances and certificates of deposit by $498,000.

Net interest income decreased $560,000, or 17.4%, to $2.7 million for the three months ended September 30, 2024 from $3.2 million for the three months ended September 30, 2023. The decrease reflected a 35 basis point decrease in our net interest rate spread to 0.66% for the three months ended September 30, 2024 from 1.01% for the three months ended September 30, 2023. Our net interest margin decreased 32 basis points to 1.15% for the three months ended September 30, 2024 from 1.47% for the three months ended September 30, 2023.

We did not record a provision for credit losses for the three months ended September 30, 2024 or September 30, 2023 due to moderate loan growth and improved economic conditions.

Non-interest income increased by $38,000, or 13.0%, to $327,000 for the three months ended September 30, 2024 from $290,000 for the three months ended September 30, 2023. Bank-owned life insurance income increased $23,000, or 11.6%, due to higher balances during 2024 and gain on sale of loans increased $12,000 compared to no gain on sale of loans for the comparable period last year due to the sale of a $400,000 residential loan in 2024.

For the three months ended September 30, 2024, non-interest expense decreased $56,000, or 1.5%, over the comparable 2023 period. This was due to a $171,000, or 7.5% reduction in salaries and employee benefits, which decreased due to lower headcount and increased expenses in 2023 related to the retirement of the previous Chief Executive Officer, and a $40,000, or 31.9%, decrease in advertising expenses. Our FDIC insurance assessment also decreased by $26,000, or 19.8%. These decreases were partially offset by an increase in professional fees of $99,000, or 66.4%, due to higher consulting expense related to strategic business planning. Data processing expense also increased $100,000, or 48.8%, due to higher processing costs.

Income tax expense decreased $128,000, or 102.1%, to a benefit of $253,000 for the three months ended September 30, 2024 from a $125,000 benefit for the three months ended September 30, 2023. The decrease was due to a reduction of $466,000 in taxable income.

Comparison of Operating Results for the Nine Months Ended September 30, 2024 and September 30, 2023

Net income decreased by $3.1 million, or 168.1%, to a net loss of $1.2 million for the nine months ended September 30, 2024 from net income of $1.8 million for the nine months ended September 30, 2023. This decrease was primarily due to a decrease of $4.0 million in net interest income, partially offset by a decrease of $1.2 million in income tax expense.

Interest income increased $3.4 million, or 12.4%, from $27.7 million for the nine months ended September 30, 2023 to $31.1 million for the nine months ended September 30, 2024 due to higher yields on interest-earning assets and an increase in the average balance of securities, partially offset by a decrease in the average balance of loans and cash and cash equivalents.

Interest income on cash and cash equivalents decreased $8,000, or 1.9%, to $415,000 for the nine months ended September 30, 2024 from $423,000 for the nine months ended September 30, 2023 due a $2.3 million decrease in the average balance to $9.1 million for the nine months ended September 30, 2024 from $11.4 million for the nine months ended September 30, 2023, reflecting the decrease of liquidity due to increased securities purchases. This decrease was offset by a 111 basis point increase in the average yield due to the higher interest rate environment.

Interest income on loans increased $1.1 million, or 4.5%, to $24.9 million for the nine months ended September 30, 2024 compared to $23.8 million for the nine months ended September 30, 2023 due primarily to a 20 basis point increase in the average yield from 4.46% for the nine months ended September 30, 2023 to 4.66% for the nine months ended September 30, 2024, offset by a $1.9 million decrease in the average balance to $711.7 million for the nine months ended September 30, 2024 from $713.6 million for the nine months ended September 30, 2023.

Interest income on securities increased $2.2 million, or 69.4%, to $5.3 million for the nine months ended September 30, 2024 from $3.1 million for the nine months ended September 30, 2023 primarily due to a 112 basis point increase in the average yield from 2.80% for the nine months ended September 30, 2023 to 3.92% for the nine months ended September 30, 2024, and a $31.0 million increase in the average balance to $179.8 million for the nine months ended September 30, 2024 from $148.8 million for the nine months ended September 30, 2023.

Income from other interest-earning assets, which primarily consisted of Federal Home Loan Bank stock, increased $209,000, or 27.1% to $981,000 for the nine months ended September 30, 2024 from $772,000 for the nine months ended September 30, 2023 due to dividends paid on such stock.

Interest expense increased $7.4 million, or 47.4%, from $15.7 million for the nine months ended September 30, 2023 to $23.1 million for the nine months ended September 30, 2024 due to higher costs and average balances on certificates of deposit and borrowings.

Interest expense on interest-bearing deposits increased $5.6 million, or 43.9%, to $18.4 million for the nine months ended September 30, 2024 from $12.8 million for the nine months ended September 30, 2023. The increase was due to a 128 basis point increase in the average cost of deposits to 3.95% for the nine months ended September 30, 2024 from 2.67% for the nine months ended September 30, 2023. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit increased $12.0 million to $510.5 million for the nine months ended September 30, 2024 from $498.5 million for the nine months ended September 30, 2023 while average NOW/money market accounts and savings accounts decreased $24.2 million and $5.7 million for the nine months ended September 30, 2024, respectively, compared to the nine months ended September 30, 2023.

Interest expense on Federal Home Loan Bank advances increased $1.8 million, or 62.7%, from $2.9 million for the nine months ended September 30, 2023 to $4.7 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in the average balance of $60.7 million to $171.6 million for the nine months ended September 30, 2024 from $110.9 million for the nine months ended September 30, 2023. The increase was also due to an increase in the average cost of borrowings of 17 basis points to 3.67% for the nine months ended September 30, 2024 from 3.50% for the nine months ended September 30, 2023 due to new borrowings being at higher rates. At September 30, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. During the nine months ended September 30, 2024, the use of the cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances and certificates of deposit by $1.2 million.

Net interest income decreased $4.0 million, or 33.1%, to $8.0 million for the nine months ended September 30, 2024 from $12.0 million for the nine months ended September 30, 2023. The decrease reflected a 73 basis point decrease in our net interest rate spread to 0.68% for the nine months ended September 30, 2024 from 1.41% for the nine months ended September 30, 2023. Our net interest margin decreased 64 basis points to 1.18% for the nine months ended September 30, 2024 from 1.82% for the nine months ended September 30, 2023.

We recorded a $70,000 provision for credit losses for the nine months ended September 30, 2024 compared to a $125,000 recovery for credit losses for the nine-month period ended September 30, 2023, which was due to a decrease in loan balances in 2023. The entire provision in the first three quarters of 2024 was due to an increase in held-to-maturity corporate securities.

Non-interest income increased by $73,000, or 8.5%, to $929,000 for the nine months ended September 30, 2024 from $856,000 for the nine months ended September 30, 2023. The increase was primarily due to bank-owned life insurance income, which increased $74,000, or 12.9%, due to higher balances during 2024.

For the nine months ended September 30, 2024, non-interest expense increased $163,000, or 1.5%, over the comparable 2023 period. Professional fees increased $270,000, or 65.5% due to higher consulting expense related to strategic business planning. Data processing expense increased $210,000, or 29.3%, due to higher processing costs. These were offset by a $333,000, or 4.9%, reduction in salaries and employee benefit, which decreased due to lower headcount and increased expenses in 2023 related to the retirement of the previous Chief Executive Officer.

Income tax expense decreased $1.2 million, or 312.9%, to a benefit of $821,000 for the nine months ended September 30, 2024 from a $386,000 expense for the nine months ended September 30, 2023. The decrease was due to a reduction of $4.3 million in taxable income.

Balance Sheet Analysis

Total assets were $978.9 million at September 30, 2024, representing an increase of $39.6 million, or 4.2%, from December 31, 2023. Cash and cash equivalents decreased $3.9 million during the period primarily due to the purchase of new securities offset by loan repayments. Net loans decreased $5.8 million, or 0.8%, due to $22.5 million in repayments including a $12.6 million decrease in the balance of residential loans, as well as a $9.1 million decrease in the balance of construction loans and a decrease of $915,000 in multifamily loans. The decrease was partially offset by new production of $16.7 million, including $13.1 million and $3.6 million of commercial real estate and commercial and industrial loans, respectively. The Company also purchased a pool of residential loans totaling $10.4 million. Due to the interest rate environment, we have experienced a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities held to maturity increased $7.4 million, or 10.3%, and securities available for sale increased $40.0 million, or 57.6%, due to new purchases of mortgage-backed securities with excess cash.

Delinquent loans increased $8.9 million to $21.5 million, or 3.0% of total loans, at September 30, 2024, compared to $12.6 million, or 1.8% of total loans, at December 31, 2023. The increase was mostly due to four commercial real estate loans to three customers with a balance of $8.1 million. Three of the past due commercial real estate loans are being actively managed with the customers and are expected to be brought current, while one totaling $758,000 has been placed on nonaccrual, but is considered well-secured with a loan-to-value of 59%. During the same timeframe, non-performing assets increased from $12.8 million at December 31, 2023 to $13.8 million, which represented 1.41% of total assets at September 30, 2024. No loans were charged-off during the three or nine months ended September 30, 2024 or September 30, 2023. The Company’s allowance for credit losses related to loans was 0.39% of total loans and 19.94% of non-performing loans at September 30, 2024 compared to 0.39% of total loans and 21.81% of non-performing loans at December 31, 2023. The Bank does not have any exposure to commercial real estate loans secured by office space. At September 30, 2024, the Company’s allowance for credit losses related to held-to-maturity securities totaled $108,000 or 0.13% of the total held-to-maturity securities portfolio.

Total liabilities increased $39.8 million, or 5.0%, to $841.9 million mainly due to a $34.9 million increase in borrowings and a $3.9 million increase in total deposits. The increase in deposits reflected an increase in certificate of deposit accounts, which increased by $505,000 to $493.8 million from $493.3 million at December 31, 2023, an increase in NOW deposit accounts, which increased by $4.2 million to $45.5 million from $41.3 million at December 31, 2023, and by an increase in noninterest bearing demand accounts, which increased by $1.6 million from $30.6 million at December 31, 2023 to $32.1 million at September 30, 2024. This was offset by a $2.6 million, or 18.0%, decrease in money market accounts. At September 30, 2024, brokered deposits were $101.1 million or 16.1% of deposits and municipal deposits were $36.0 million or 5.7% of deposits. At September 30, 2024, uninsured deposits represented 10.7% of the Bank’s total deposits. Federal Home Loan Bank advances increased $34.9 million, or 20.8%, due to new borrowings, for which the durations have primarily been short-term in nature as we remain mindful of the changing interest rate environment and the potential for further interest rate cuts from the Federal Reserve. Total borrowing capacity at the Federal Home Loan Bank is $297.9 million of which $202.7 million has been advanced.

Total stockholders’ equity decreased $233,000 to $136.9 million, due to a net loss of $1.2 million and the repurchase of 163,790 shares of stock at a cost of $1.2 million, offset by a decrease in accumulated other comprehensive loss for securities available for sale of $1.6 million and stock compensation of $225,000 for the nine months ended September 30, 2024. At September 30, 2024, the Company’s ratio of average stockholders’ equity-to-total assets was 15.04%, compared to 15.32% at December 31, 2023.

About Bogota Financial Corp.

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

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.
The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

	As of			As of
	September 30, 2024			December 31, 2023
Assets
Cash and due from banks	$	10,630,086		$	13,567,115
Interest-bearing deposits in other banks		10,372,434			11,362,356
Cash and cash equivalents		21,002,520			24,929,471
Securities available for sale, at fair value		108,560,811			68,888,179
Securities held to maturity, net of allowance for securities credit losses of $108,000 and zero, respectively (fair value – $74,603,097 and $65,374,753, respectively)		80,103,753			72,656,179
Loans, net of allowance for credit losses of $2,747,949 and $2,785,949, respectively		708,896,566			714,688,635
Premises and equipment, net		7,853,076			7,687,387
Federal Home Loan Bank (FHLB) stock and other restricted securities		10,180,100			8,616,100
Accrued interest receivable		4,352,967			3,932,785
Core deposit intangibles		165,454			206,116
Bank-owned life insurance		31,635,988			30,987,851
Other assets		6,138,029			6,731,500
Total Assets	$	978,889,264		$	939,324,203
Liabilities and Equity
Non-interest bearing deposits	$	32,125,742		$	30,554,842
Interest bearing deposits		597,141,995			594,792,300
Total deposits		629,267,737			625,347,142
FHLB advances-short term		53,500,000			37,500,000
FHLB advances-long term		149,065,610			130,189,663
Advance payments by borrowers for taxes and insurance		3,265,262			2,733,709
Other liabilities		6,850,898			6,380,486
Total liabilities		841,949,507			802,151,000

Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2024 and December 31, 2023		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 13,092,357 issued and outstanding at September 30, 2024 and 13,279,230 at December 31, 2023		130,823			132,792
Additional paid-in capital		55,315,975			56,149,915
Retained earnings		90,936,649			92,177,068
Unearned ESOP shares (389,674 shares at September 30, 2024 and 409,750 shares at December 31, 2023)		(4,595,895	)		(4,821,798	)
Accumulated other comprehensive loss		(4,847,795	)		(6,464,774	)
Total stockholders’ equity		136,939,757			137,173,203
Total liabilities and stockholders’ equity	$	978,889,264		$	939,324,203

BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Interest income
Loans, including fees	$	8,381,581		$	7,980,388		$	24,888,377		$	23,821,545
Securities
Taxable		1,884,276			994,791			5,247,336			3,042,389
Tax-exempt		13,137			13,159			39,409			78,293
Other interest-earning assets		341,268			301,081			980,536			771,584
Total interest income		10,620,262			9,289,419			31,155,658			27,713,811
Interest expense
Deposits		6,160,547			4,851,926			18,384,323			12,777,907
FHLB advances		1,802,387			1,220,166			4,719,056			2,900,359
Total interest expense		7,962,934			6,072,092			23,103,379			15,678,266
Net interest income		2,657,328			3,217,327			8,052,279			12,035,545
Provision (recovery) for credit losses		—			—			70,000			(125,000	)
Net interest income after provision (recovery) for credit losses		2,657,328			3,217,327			7,982,279			12,160,545
Non-interest income
Fees and service charges		56,610			61,529			164,400			159,381
Gain on sale of loans		11,710			—			11,710			29,375
Bank-owned life insurance		221,122			197,873			648,137			574,073
Other		37,943			30,332			105,420			93,660
Total non-interest income		327,385			289,734			929,667			856,489
Non-interest expense
Salaries and employee benefits		2,102,993			2,274,347			6,404,946			6,737,952
Occupancy and equipment		380,714			372,626			1,118,739			1,114,170
FDIC insurance assessment		106,313			132,571			313,626			319,690
Data processing		306,167			205,721			928,292			717,913
Advertising		85,750			126,000			310,950			369,383
Director fees		159,851			159,336			467,100			478,011
Professional fees		248,420			149,251			682,517			412,519
Other		214,686			241,530			747,598			661,300
Total non-interest expense		3,604,894			3,661,382			10,973,768			10,810,938
(Loss) income before income taxes		(620,181	)		(154,321	)		(2,061,822	)		2,206,096
Income tax (benefit) expense		(253,221	)		(125,268	)		(821,403	)		385,801
Net (loss) income	$	(366,960	)	$	(29,053	)	$	(1,240,419	)	$	1,820,295
(Loss) earnings per Share – basic	$	(0.03	)	$	(0.00	)	$	(0.10	)	$	0.14
(Loss) earnings per Share – diluted	$	(0.03	)	$	(0.00	)	$	(0.10	)	$	0.14
Weighted average shares outstanding – basic		12,702,683			13,037,903			12,702,683			13,103,951
Weighted average shares outstanding – diluted		12,717,904			13,037,903			12,734,624			13,103,951

BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited)

	At or For the Three Months						At or for the Nine Months
	Ended September 30,						Ended September 30,
	2024			2023			2024			2023
Performance Ratios (1):
(Loss) return on average assets (2)		(0.07	)%		(0.01	)%		(0.20	)%		0.26	%
(Loss) return on average equity (3)		(0.52	)%		(0.08	)%		(1.44	)%		1.75	%
Interest rate spread (4)		0.66	%		1.01	%		0.68	%		1.41	%
Net interest margin (5)		1.15	%		1.47	%		1.18	%		1.82	%
Efficiency ratio (6)		120.78	%		104.40	%		122.18	%		83.05	%
Average interest-earning assets to average interest-bearing liabilities		114.30	%		116.68	%		114.62	%		117.21	%
Net loans to deposits		110.67	%		110.08	%		114.43	%		110.08	%
Average equity to average assets (7)		14.01	%		15.00	%		14.14	%		14.88	%
Capital Ratios:
Tier 1 capital to average assets								13.47	%		15.67	%
Asset Quality Ratios:
Allowance for credit losses as a percent of total loans								0.39	%		0.39	%
Allowance for credit losses as a percent of non-performing loans								19.94	%		22.62	%
Net charge-offs to average outstanding loans during the period								0.00	%		0.00	%
Non-performing loans as a percent of total loans								1.94	%		1.73	%
Non-performing assets as a percent of total assets								1.41	%		1.33	%

(1) Certain performance ratios for the three and nine months ended September 30, 2024 and 2023 are annualized.
(2) Represents net (loss) income divided by average total assets.
(3) Represents net (loss) income divided by average stockholders’ equity.
(4) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
(5) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
(6) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(7) Represents average stockholders’ equity divided by average total assets.

LOANS

Loans are summarized as follows at September 30, 2024 and December 31, 2023:


	September 30,			December 31,
	2024			2023
	(unaudited)
Real estate:
Residential First Mortgage	$	473,492,871		$	486,052,422
Commercial Real Estate		112,899,496			99,830,514
Multi-Family Real Estate		74,697,352			75,612,566
Construction		40,243,916			49,302,040
Commercial and Industrial		10,229,503			6,658,370
Consumer		81,377			18,672
Total loans		711,644,515			717,474,584
Allowance for credit losses		(2,747,949	)		(2,785,949	)
Net loans	$	708,896,566		$	714,688,635

The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:


	At September 30,								At December 31,
	2024								2023
	Amount		Percent			Average Rate			Amount		Percent			Average Rate

	(unaudited)
Noninterest bearing demand accounts	$	32,125,742		5.11	%		—	%	$	30,554,842		4.89	%		—	%
NOW accounts		45,493,204		7.23	%		2.21			41,320,723		6.61	%		1.90
Money market accounts		12,003,291		1.91	%		0.30			14,641,846		2.34	%		0.30
Savings accounts		45,865,501		7.29	%		1.82			45,554,964		7.28	%		1.76
Certificates of deposit		493,779,999		78.47	%		4.15			493,274,767		78.88	%		4.00
Total	$	629,267,737		100.00	%		3.55	%	$	625,347,142		100.00	%		3.42	%

Average Balance Sheets and Related Yields and Rates

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


	Three Months Ended September 30,
	2024								2023
	Average Balance			Interest and Dividends		Yield/ Cost			Average Balance			Interest and Dividends		Yield/ Cost
	(Dollars in thousands)
Assets:	(unaudited)
Cash and cash equivalents	$	10,195		$	138		5.39	%	$	12,764		$	168		5.21	%
Loans		711,601			8,381		4.69	%		710,725			7,981		4.45	%
Securities		187,212			1,897		4.05	%		138,479			1,008		2.91	%
Other interest-earning assets		9,908			203		8.20	%		6,620			132		8.04	%
Total interest-earning assets		918,916			10,619		4.60	%		868,588			9,289		4.25	%

Non-interest-earning assets		56,061								54,179
Total assets	$	974,977							$	922,767
Liabilities and equity:
NOW and money market accounts	$	65,767		$	329		1.99	%	$	74,785		$	354		1.88	%
Savings accounts		44,029			205		1.85	%		46,177			214		1.83	%
Certificates of deposit (1)		497,251			5,626		4.50	%		498,082			4,284		3.41	%
Total interest-bearing deposits		607,047			6,160		4.04	%		619,044			4,852		3.11	%

Federal Home Loan Bank advances (1)		196,885			1,802		3.64	%		125,344			1,220		3.86	%
Total interest-bearing liabilities		803,932			7,962		3.94	%		744,388			6,072		3.24	%
Non-interest-bearing deposits		31,679								38,257
Other non-interest-bearing liabilities		2,724								1,727
Total liabilities		838,335								784,372

Total equity		136,642								138,395
Total liabilities and equity	$	974,977							$	922,767
Net interest income				$	2,657							$	3,217
Interest rate spread (2)							0.66	%							1.01	%
Net interest margin (3)							1.15	%							1.47	%
Average interest-earning assets to average interest-bearing liabilities		114.30	%							116.68	%

1. Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended September 30, 2024 and 2023, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $498,000 and $92,000, respectively.
2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3. Net interest margin represents net interest income divided by average total interest-earning assets.

	Nine Months Ended September 30,
	2024								2023
	Average Balance			Interest and Dividends		Yield/ Cost			Average Balance			Interest and Dividends		Yield/ Cost
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	9,072		$	415		6.09	%	$	11,352		$	423		4.98	%
Loans		711,697			24,888		4.66	%		713,603			23,822		4.46	%
Securities		179,818			5,287		3.92	%		148,802			3,121		2.80	%
Other interest-earning assets		8,903			566		8.48	%		6,110			348		7.62	%
Total interest-earning assets		909,490			31,156		4.57	%		879,867			27,714		4.20	%
Non-interest-earning assets		58,221								54,380
Total assets	$	967,711							$	934,247
Liabilities and equity:
NOW and money market accounts	$	67,628		$	993		1.96	%	$	91,781		$	1,089		1.59	%
Savings accounts		43,824			608		1.85	%		49,529			375		1.01	%
Certificates of deposit (1)		510,494			16,784		4.39	%		498,460			11,314		3.03	%
Total interest-bearing deposits		621,946			18,385		3.95	%		639,770			12,778		2.67	%
Federal Home Loan Bank advances (1)		171,565			4,719		3.67	%		110,875			2,900		3.50	%
Total interest-bearing liabilities		793,511			23,104		3.89	%		750,645			15,678		2.79	%
Non-interest-bearing deposits		31,225								38,253
Other non-interest-bearing liabilities		6,154								6,351
Total liabilities		830,890								795,249
Total equity		136,821								138,998
Total liabilities and equity	$	967,711							$	934,247
Net interest income				$	8,052							$	12,036
Interest rate spread (2)							0.68	%							1.41	%
Net interest margin (3)							1.18	%							1.82	%
Average interest-earning assets to average interest-bearing liabilities		114.62	%							117.21	%

1. Cash flow and fair value hedges are used to manage interest rate risk. During the nine months ended September 30, 2024 and 2023, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $1.2 million and $139,000, respectively.
2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3. Net interest margin represents net interest income divided by average total interest-earning assets.

Rate/Volume Analysis

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


	Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
	Compared to									Compared to
	Three Months Ended September 30, 2023									Nine Months Ended September 30, 2023
	Increase (Decrease) Due to									Increase (Decrease) Due to
	Volume			Rate			Net			Volume			Rate			Net
	(In thousands)
Interest income:	(unaudited)
Cash and cash equivalents	$	(66	)	$	36		$	(30	)	$	(123	)	$	115		$	(8	)
Loans receivable		9			391			400			(101	)		1,167			1,066
Securities		420			469			889			742			1,424			2,166
Other interest earning assets		68			3			71			175			43			218
Total interest-earning assets		432			898			1,330			692			2,750			3,442

Interest expense:
NOW and money market accounts		(128	)		103			(25	)		(413	)		317			(96	)
Savings accounts		(24	)		15			(9	)		(73	)		306			233
Certificates of deposit		(49	)		1,391			1,342			279			5,191			5,470
Federal Home Loan Bank advances		1,031			(449	)		582			1,667			152			1,819
Total interest-bearing liabilities		830			1,060			1,890			1,461			5,965			7,426
Net decrease in net interest income	$	(398	)	$	(162	)	$	(560	)	$	(768	)	$	(3,216	)	$	(3,984	)

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

The MIL Network –

January 26, 2025

MIL-OSI China: Draft law revision aims to better protect personal privacy in anti-money laundering

Source: China State Council Information Office

An undated file photo shows a worker counting renminbi banknotes at a bank in Linyi, East China’s Shandong province. [Photo/Xinhua]

China is considering stepping up the protection of personal privacy in anti-money laundering work, a spokesperson said Friday.

A draft revision to the Anti-Money Laundering Law will be submitted for its third deliberation at a session of the country’s top legislature from next Monday to Friday, Huang Haihua, spokesperson for the Legislative Affairs Commission of the National People’s Congress Standing Committee, told a press conference.

Huang said that the draft revision stipulates that institutions providing anti-money laundering services and their staff should properly handle the data and information obtained during their services in accordance with the law.

The draft revision highlights that anti-money laundering work should ensure the smooth operation of regular financial services and capital flow, and safeguard the legitimate rights and interests of relevant institutions and individuals, according to Huang.

MIL OSI China News –

January 26, 2025
MIL-OSI China: 6th Friends of Paris Agreement High-level Dialogue held in Paris

Source: China State Council Information Office 3

Participants pose for a group photo during the sixth Friends of the Paris Agreement High-Level Dialogue in Paris, France, on Oct. 28, 2024. The sixth Friends of the Paris Agreement High-Level Dialogue was held in Paris on Oct. 28-29. Organized by the European Climate Foundation and co-organized by the Institute of Climate Change and Sustainable Development of Tsinghua University, the dialogue has drawn over 20 high-level officials from signatory countries. (the European Climate Foundation/Handout via Xinhua)

The sixth Friends of the Paris Agreement High-Level Dialogue was held in Paris on Oct. 28-29, where global leaders and stakeholders gathered to review both the significant progress and ongoing challenges faced by the international community in addressing climate-related crises since the Paris Agreement’s enactment.

The dialogue was co-chaired by Xie Zhenhua, former China’s special envoy for climate change, and Laurence Tubiana, former France’s climate change ambassador and special representative for COP21.

Organized by the European Climate Foundation and co-organized by the Institute of Climate Change and Sustainable Development of Tsinghua University, the dialogue has drawn over 20 high-level officials from signatory countries.

Among the attendees are Laurent Fabius, president of the French Constitutional Council and former French prime minister, John Kerry, former U.S. Secretary of State, Teresa Ribera, European Commission’s first executive vice-president, Luiz Alberto Figueiredo Machado, former Brazilian minister of External Relations, Catherine McKenna, former Canadian minister of environment and climate change, Selwin Hart, special adviser to the UN Secretary-General and Assistant Secretary-General of the Climate Action Team, and Liu Zhenmin, China’s special envoy for climate change.

As next year marks the 10th anniversary of the Paris Agreement, participants reached a consensus on the need for all countries to embody the spirit of the United Nations Climate Change Conference (COP21) amid the current complex global challenges.

They also emphasized a strong commitment to defending and upholding multilateralism, advancing the global process for climate action, and adhering to the principle of common but differentiated responsibilities.

The attendees also agreed that countries must continue advancing climate actions under the framework of the Paris Agreement, adopt faster and larger-scale international cooperation to ensure the timely achievement of global climate goals, and accelerate the global transition toward green, low-carbon, and climate-resilient development.

The participants also held in-depth discussions on various climate-related issues, such as the Nationally Determined Contributions (NDCs), climate finance, energy transition, and technological innovation.

They all agreed to further strengthen the role of the “Friends of the Paris Agreement,” supporting and advancing the success of this year’s UN Climate Change Conference in Baku (COP29) and laying the foundation for next year’s UN Climate Change Conference in Belem (COP30) in line with the goals and principles established by the UN Framework Convention on Climate Change and the Paris Agreement.

The Friends of the Paris Agreement High-level Dialogue was initiated in 2019. It is hosted annually on a rotating basis by the European Climate Foundation and the Institute of Climate Change and Sustainable Development of Tsinghua University.

The dialogue, gathering high-level representatives who have played key roles in the formulation and implementation of the Paris Agreement, serves as a platform for them to provide recommendations to the United Nations, the host countries of the Climate Conference and the secretariat of the UN Framework Convention on Climate Change, to promote the multilateral process.

MIL OSI China News –

January 26, 2025
MIL-OSI Asia-Pac: President Lai meets delegation from Estonian parliamentary Foreign Affairs Committee

Source: Republic of China Taiwan

President Lai meets delegation from Estonian parliamentary Foreign Affairs Committee
President Lai meets delegation from Estonian parliamentary Foreign Affairs Committee
2024-11-01

On the afternoon of November 1, President Lai Ching-te met with a delegation from the Foreign Affairs Committee of the Riigikogu (Parliament of Estonia). In remarks, President Lai thanked Estonia for staunchly supporting Taiwan’s international participation and said that Taiwan has the responsibility, the ability, and the willingness to contribute even more to the international community in every domain. The president expressed his hope that we can work together to continue deepening the partnership between Taiwan and Estonia, and that by strengthening cooperation with European Union member states across many areas, we can jointly respond to the challenges posed by expanding authoritarianism, thereby safeguarding global peace, stability, and prosperity.
A translation of President Lai’s remarks follows:
I extend a warm welcome to our good friends from the Foreign Affairs Committee of the Riigikogu. This is Chairman Marko Mihkelson’s second visit to Taiwan. He visited last August with a delegation of parliamentary foreign affairs committee chairs from the Baltic states. Members of the Riigikogu Ester Karuse and Luisa Rõivas are also visiting again, having been part of a delegation led by Estonia-Taiwan Support Group Chairman Kristo Enn Vaga in March.
Your presence here demonstrates that Taiwan-Estonia relations are growing closer. I believe that with your support and assistance, our alliance, based on the shared values of freedom and democracy, and our economic and trade partnership are sure to grow even stronger. For this, I express my sincere gratitude.
The international landscape and geopolitical environment are changing rapidly. Expanding authoritarianism is challenging the universal values of freedom and democracy as well as the rules-based international order. At this critical juncture, it is even more imperative that like-minded nations unite and work together to safeguard global peace, stability, and prosperity.
In addition to strengthening cooperation with other nations to defend the values of freedom and democracy, Taiwan has actively sought inclusion in such international organizations and mechanisms as the World Health Organization, the International Civil Aviation Organization, and the United Nations Framework Convention on Climate Change. More than just a matter of the fundamental human rights of the 23 million people of Taiwan, it demonstrates that Taiwan has the responsibility, the ability, and the willingness to contribute even more to the international community in every domain.
I want to take this opportunity to thank Estonia for staunchly supporting Taiwan’s international participation. In particular, Health Minister Riina Sikkut once again spoke out for Taiwan’s meaningful engagement at this year’s World Health Assembly. We sincerely appreciate Estonia for holding Taiwan in such high regard and for taking this stand. I would also like to congratulate former Estonian Prime Minister Kaja Kallas on her appointment as High Representative of the European Union for Foreign Affairs and Security Policy. This attests to the crucial role that Estonia plays in uniting the strengths of the EU and like-minded nations around the world.
Looking ahead, we hope that, with your assistance, we will continue to deepen the partnership between Taiwan and Estonia. And by strengthening cooperation with EU member states in such areas as the economy, trade, and security, we can jointly respond to the challenges posed by expanding authoritarianism. In closing, I wish you a smooth and productive visit.
Chairman Mihkelson then delivered remarks, saying that he is honored to lead the first-ever delegation from the Estonian parliamentary Foreign Affairs Committee to Taiwan. Mentioning that yesterday they had witnessed Typhoon Kong-rey, he said that not even typhoons can break the very good relations between Estonia and Taiwan.
Chairman Mihkelson expressed his gratitude for the opportunity to meet with President Lai today and discuss very important topics, such as how to improve relations between our nations. Noting that we are living in a very turbulent world, he said that Taiwan and Estonia are like-minded nations whose relations have changed dramatically in a very positive direction from several years ago to today. The chairman observed that we have had numerous reciprocal visits and expressed his hope that one day we can mutually establish representative offices between Taiwan and Estonia.
Chairman Mihkelson emphasized that Taiwan and Estonia are strong democracies, and that we see today both in East Asia and also in Europe that democracies are under attack. In Estonia and Europe, he said, they are worried about Russia’s ongoing invasion of Ukraine. He said that the aim of both Russia and its supporters is not only Ukraine, but also to change the world order. And the recent news that North Korean troops are to participate in the aggression against Ukraine, he added, makes this conflict global.
Chairman Mihkelson stated that the reason they are here, besides strengthening our bilateral relations, is to find ways democracies can together support Ukraine, because the outcome of this war is similarly important for their own security as well as for Taiwan’s security. He said that Estonia lost its freedom for 50 years and that ever since it regained independence in 1991, there has been a very strong political consensus, but also support within society, that Estonia should never be alone again when it comes to its security and international relations. This is why, he explained, they are seeking very good partnerships with like-minded countries like Taiwan.
In closing, Chairman Mihkelson emphasized that we should do whatever it takes in our cooperation as democracies to never be challenged by autocracies. He then once again expressed his thanks for hosting them here today.
The delegation also included Deputy Chairman of the Foreign Affairs Committee Henn Põlluaas and Deputy Chair of the Anti-Corruption Select Committee Eerik-Niiles Kross.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI China: Housing market enjoys upswing

Source: China State Council Information Office

An aerial photo taken on Feb. 17, 2020 shows buildings under construction in Nanguan District of Changchun city, northeast China’s Jilin province. [Photo/Xinhua]

In October, the total transaction volume of China’s new and secondhand homes experienced their first increase after an eight-month decline, said the Ministry of Housing and Urban-Rural Development on Friday.

The nationwide sales volume of new homes rose 0.9% year-on-year in October, according to the ministry’s data.

The increase marks the first positive growth in the new housing sector after 15 consecutive months of declines since June of last year.

In addition, the transaction volume for second-hand homes grew by 8.9% year-on-year, extending its growth streak to seven months.

Overall, the combined transaction volumes of new and secondhand homes increased by 3.9% year-on-year in October, marking a significant turnaround following eight months of consistent decreases since February, the ministry said.

The real estate market in major cities may experience a “mild winter” this year and transaction volumes are expected to maintain a high momentum, with home prices holding steady under the influence of recent policy adjustments, said Zhang Dawei, chief analyst at Centaline Property, in an interview.

Data from the ministry also showed that in October, the growth in housing sales has extended beyond first-tier cities, indicating a broader market recovery across regions nationwide.

In first-tier cities, new home sales volumes rose by 14.1% year-on-year, while second-hand home transactions surged by 47.3% year-on-year in October.

Cities including Guangzhou, Shenzhen and Dongguan in Guangdong province, Nanjing in Jiangsu province, Ningbo in Zhejiang province, and Dalian in Liaoning province have seen strong growth in new home sales, up over 30% year-on-year, while second-hand home transactions in Beijing, Shanghai, Shenzhen and Hangzhou increased by more than 50%.

At the regional level, 11 provincial-level regions reported year-on-year growth in new home sales in October, an increase from five provinces in the previous month. Tianjin Municipality, Guangdong, Jiangxi, Hunan and Jiangsu provinces led with growth rates of above 10%. Additionally, 20 provincial-level regions saw increases in second-hand housing sales, a rise of two in quantity from September.

As the central government’s recent key policies have demonstrated a rather proactive and positive stance as well as a strong commitment to stabilizing the economy and halting the decline in the real estate sector, more local-level supportive policies are also expected to be implemented in the near future, said Guorong Securities’ research team.

MIL OSI China News –

January 26, 2025
MIL-OSI China: Sustained drive set to boost spending

Source: China State Council Information Office

A consumer shops at a supermarket in Tengzhou, east China’s Shandong Province, April 11, 2024. [Photo/Xinhua]

China will ramp up efforts to reinvigorate consumer spending and drive domestic demand across various sectors, to give a much-needed fillip to the country’s economic growth momentum in the final stretch of the year, officials and analysts said.

Consumption vouchers in the service sector and new incentives for businesses, among others, will be rolled out to facilitate the transition of the world’s second-largest economy toward a more consumption-led model, they added.

China’s retail sales growth accelerated by 1.1 percentage points in September compared to the previous month, indicating a positive shift in the country’s consumer market. The country will better harness the power of consumption to propel its development, Vice-Minister of Commerce Sheng Qiuping said on Friday.

By launching the consumption promotion campaign in November, the country will further unleash the potential of consumption and strongly underpin the year-end economic performance, Sheng said at a news conference.

The initiative will guide offline businesses to actively engage in promotional activities, while fostering synergies with the ongoing Double Eleven shopping festival, Sheng added. Double Eleven is an e-commerce shopping fiesta that culminates on Nov 11 each year.

In the month ahead, Beijing, Tianjin, Shanghai, and Chongqing will distribute consumption vouchers specifically for catering, cultural tourism, and sports services, according to Sheng.

China’s service consumption demand has remained robust, with the retail sales of services growing 6.7% year-on-year in the first three quarters of this year, outpacing the growth in goods retail by 3.7 percentage points, data from the National Bureau of Statistics showed.

By encouraging consumption in the service industries, China can better capitalize on the growing middle-income group and their increasing preference for experiential and lifestyle-oriented spending, said Chen Lifen, a researcher at the Development Research Center of the State Council.

Meanwhile, Shanghai and Guangzhou, Guangdong province, will offer support and incentives to businesses that introduce new offerings, such as launching first stores, products or exhibitions.

That is the debut economy in action. It covers everything from the unveiling of a product for the first time, the opening of flagship stores, and the launch of new services, to the creation of new business models and technologies, said Chen Wenling, chief economist at the China Center for International Economic Exchanges.

These activities are often characterized by their trendiness, cutting-edge features, and high-quality attributes, effectively aligning with consumers’ growing demand for diverse and premium experiences, Chen added.

MIL OSI China News –

January 26, 2025
MIL-OSI China: New climate financing goal expected

Source: China State Council Information Office

China will collaborate with other Global South countries at an upcoming conference to push for a new, ambitious climate financing goal from developed nations that can adequately support climate actions in developing countries.

Formerly known as the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, COP29 is slated to be held in Baku, Azerbaijan, from Nov 11 to 22.

Xia Yingxian, director of the Ministry of Ecology and Environment’s Department of Climate Change, made the remarks at a news conference organized by the State Council Information Office in Beijing on Friday.

Emphasizing the critical need to adhere to the objectives and principles outlined in the Convention and the Paris Agreement, Xia expressed China’s aspirations for COP29 to send a resoundingly positive message that the global climate multilateral process is irreversible and that international cooperation is absolutely essential.

He highlighted that the UN assembly must enhance the efficacy of global endeavors in combating the climate crisis, offer sustained momentum for worldwide green, low-carbon transitions and innovations, and buttress climate resilience.

Xia especially underscored the pivotal importance of a specific climate financing target from developed countries for developing nations to achieve a successful COP29.

A key task for the UN climate gathering is to establish a New Collective Quantified Goal on climate financing, which represents a post-2025 climate financing commitment from developed economies to developing nations.

In 2009, developed countries pledged to deliver $100 billion per year in international climate funding by 2020. The 2015 Paris Agreement on climate change extended the target, requiring contributing nations to maintain the annual contribution through 2025. But the promise has not yet been fully materialized.

Xia said parties should adhere to the authorization of Article 9 of the Paris Agreement. This means that developed countries must fulfill their funding obligations and continue to lead in mobilizing funds, rather than renegotiate or rewrite relevant arrangements, he said.

Article 9 stipulates that “developed country parties shall provide financial resources to assist developing country parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention”.

The official stressed a specific target number from developed nations as “golden key” and “master switch” to ensure fruitful outcomes from COP29. He stated that the conference must ensure that the level of support from developed countries aligns with the level of action taken by developing countries.

Continuously aligning with fellow developing nations, China will press developed countries to meet their financial commitments and devise innovative and substantial financial assistance to adequately support climate initiatives in developing countries, he said.

“China is willing to work together with all parties to make efforts for the success of COP29,” Xia said.

MIL OSI China News –

January 26, 2025
MIL-OSI USA: Rubio, Rosen, Colleagues to Blinken: Designate Houthis as Foreign Terrorist Organizations

US Senate News:

Source: United States Senator for Florida Marco Rubio

Rubio, Rosen, Colleagues to Blinken: Designate Houthis as Foreign Terrorist Organizations
Nov 1, 2024 | Press Releases

The Houthis, backed by the Iranian regime, continue to escalate their attacks in the Middle East. Redesignating the Houthis as a Foreign Terrorist Organization (FTO) would impose meaningful costs on them and limit their ability to commit acts of terrorism.
U.S. Senators Marco Rubio (R-FL), Jacky Rosen (D-NV), and colleagues led a letter to U.S. Secretary of State Antony Blinken urging him to redesignate the Houthis as a FTO after the Biden-Harris Administration foolishly removed that designation.
“We therefore urge you to immediately restore the designation of the Houthis as an FTO, which would enable the United States to better target the group’s assets and financial support and hold the group accountable for committing terrorism against the United States, Israel, and our partners and allies throughout the region.”
Joining Rubio and Rosen were Senators Rick Scott (R-FL), Bob Casey (D-PA), Marsha Blackburn (R-TN), and Catherine Cortez Masto (D-NV).
The full text of the letter is below.
Dear Secretary Blinken:
We write to request that you redesignate the Houthis, also known as Ansarallah, as a Foreign Terrorist Organization (FTO). Since the misguided revocation of the Houthis’ FTO designation in 2021, the Houthis, backed by the Iranian regime, have only escalated their efforts to destabilize the Middle East. These actions include firing drones and missiles against Israel that have killed civilians, disrupting international shipping by targeting commercial vessels, directly attacking U.S. forces, and obstructing the delivery of humanitarian aid to civilians in Yemen. While we recognize that your administration has listed the Houthis as a Specially Designated Global Terrorist (SDGT), that designation is nowhere near as impactful as an FTO listing. Designating the Houthis as an FTO would impose meaningful costs on the Houthis and degrade their ability to commit acts of terrorism.
The Houthis, whose longstanding call to arms includes the phrase “death to America, death to Israel, curse on the Jews,” are a key actor in Iran’s terrorist proxy network. As the world’s leading state sponsor of terrorism, Tehran has fueled the conflict between Yemen’s internationally-recognized government and the Houthis by providing the group with a wide array of advanced weapons, including ballistic, surface-to-air, and cruise missile components, unmanned aerial vehicles, and small arms. According to the Defense Intelligence Agency, the U.S. and its partners have interdicted at least 20 Iranian smuggling vessels destined for the Houthis since 2015. By providing the Houthis with advanced capabilities, the Iranian regime has allowed the group to expand its aggression well beyond Yemen’s borders, including by repeatedly firing drones and missiles at Israel. These attacks include a drone strike on Tel Aviv in July 2024 using an Iranian-made drone that killed one person and wounded 10 others.
Following the October 7, 2023 Hamas terrorist attack on Israel, the Houthis began targeting commercial shipping in the Red Sea and Gulf of Aden, posing a significant threat to the free flow of commerce in one of the world’s most critical shipping lanes. These attacks have employed anti-ship ballistic missiles, unmanned aerial vehicles, and cruise missiles. These actions not only threaten the security of our partners in the region, but also disrupt the delivery of humanitarian aid to Yemen and other conflict areas, endanger global energy markets and supply chains, and increase shipping costs.
Additionally, following the U.S.-led coalition’s launch of Operation Prosperity Guardian on December 18, 2023 to ensure freedom of navigation in the Red Sea and Gulf of Aden, the Houthis have launched multiple attacks on U.S. military forces. Despite coalition strikes in Yemen intended to disrupt and degrade the capabilities of the Houthis, the group has been able to continue committing acts of terrorism. We should not wait for U.S. casualties to take further action to impose costs on the Houthis.
Relisting the Houthis as an FTO would make individuals or entities providing material support to the group liable for criminal prosecution and considered Tier III terrorists subject to sanctions and a travel ban, open up economic tools to target the Houthis’ weapons procurement networks and manufacturing capabilities, provide a legal right of action to U.S. victims of Houthi terrorism, and ban Houthi members from obtaining a visa or entering the United States. Moreover, relisting the Houthis as an FTO would not inherently disrupt the delivery of international aid to Yemeni civilians.
We therefore urge you to immediately restore the designation of the Houthis as an FTO, which would enable the United States to better target the group’s assets and financial support and hold the group accountable for committing terrorism against the United States, Israel, and our partners and allies throughout the region. Thank you for your attention to this matter, and we look forward to your response.
Sincerely,

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: ICYMI: Rubio Joins Kudlow

US Senate News:

Source: United States Senator for Florida Marco Rubio
U.S. Senator Marco Rubio (R-FL) joined Kudlow to discuss the October jobs report, the influence of illegal immigration on the workforce, and the Biden-Harris Administration’s economic policy failures. See below for highlights and watch the full interview on YouTube and Rumble.

On job losses among native-born Americans:

“All the net jobs in the last three and a half years, they’ve all gone to people not born in the United States. Now, some of them are U.S. citizens, they’ve been here a while, but a significant percentage of that is being driven by migrants coming into the country that Biden and Harris have allowed in. What the numbers tell us is that there are people that have lived here most, if not their entire lives, who have lost jobs. Meanwhile, some of those jobs are being taken, or the new jobs are being taken by people that are coming from overseas, and we know a large number of them, nine, ten, 11 million that have come in just the last three years because of the open border.”

On the October jobs report:

“Look, this is probably, the worst jobs numbers, the ones we got in October. And what really bothers me is the way every one of these now, I think 14 of the last 16 massive down[ward] adjustments, they come back and they revise the numbers, but they get the headline. The media runs with the headline, ‘oh, look at these great numbers for Biden and Harris. The economy is turning around.’ Then they come back and revise them. When I said that last month, they said I was lying. Biden himself said I was lying from the podium at the White House. And here we get the revisions now for August and September. Another downward revision, a combined 112,000 jobs less than what they said had been created.”

On the failure of the Biden-Harris economic policies:

“People feel it in their lives. This is an enormous disconnect between the people talking about finance. I don’t think there’s any doubt that in the last week we have seen a disinformation campaign by major media outlets in this country to influence this election that has no precedent. … They go out there and they say, ‘Oh, the economy is doing great.’ They have spent months trying to convince people that our economy is doing phenomenally well and they point to things like the unemployment number, which doesn’t tell you and doesn’t account for the millions of people that you just cited that have stopped looking for work or basically are working off and on as they need, but not really the kind of work that people want in order to start a family and build communities and get ahead in life. But, that disconnect in people’s real lives, they feel it, they see it, they feel this every single day and that’s why an overwhelming number of Americans are not happy with the direction of our country.”

MIL OSI USA News –

January 26, 2025
MIL-Evening Report: Palau newspaper sued by president’s family company ahead of general election

By Stefan Armbruster of BenarNews

Palau’s largest newspaper is being sued for defamation by the company of President Surangel Whipps Jr’s father, just days ahead of general elections in the Pacific nation.

Surangel and Sons alleges “negligence and defamation” by the Island Times and its editor Leilani Reklai for an article published on Tuesday with “false and unsubstantiated allegations,” owner Surangel Whipps Sr said in a press release on Thursday.

Reklai has rejected the company’s allegations and said the “lawsuit is trying to control how media here in Palau tells a story”, a news article about the case in the Island Times reported on Friday.

“I feel like we are being intimidated, we are being forced to speak a certain narrative rather than present diverse community perspectives,” said Reklai, who is also a stringer for BenarNews.

The Micronesian nation of 17,000 people — 650 km north of Papua New Guinea — goes to the polls on November 5. Whipps Jr’s rival is his brother-in-law Tommy Remengesau Jr, who was president from 2001 to 2009 and 2013 to 2021.

The controversy comes after Palau was top of the inaugural 2023 Pacific Media Freedom Index of 14 island countries that highlighted the region’s media facing significant political and economic pressures, bribes and corruption, as well as self-censorship.

Island Times editor Leilani Reklai . . . fears the lawsuit could have serious consequences for the media in Palau and bankrupt the newspaper. Image: Stefan Armbruster

Island Times reported on Friday the suit is seeking compensation and punitive damages and that the company asserts the “monetary awards should be substantial enough to prevent similar conduct from the newspaper and Reklai in future”.

Surangel and Sons financial details — leaked from the country’s tax office — were posted on social media last weekend, prompting heated online debate over how much it paid.

A new corporate and goods and services tax system introduced by Whipps Jr’s government is currently being rolled out in Palau and its merits have been a focus of election campaigning.

The company in a statement said its “privacy rights had been violated,” the tax details were obtained illegally, posted online without consent, and some of the figures had been altered.

Motivation ‘confusing voters’
“The motivation behind the circulation of this document is clearly for misinformation and disinformation to confuse voters. In the end Surangel and Sons is not running for office. Unfortunately, it has been victimised by this smear campaign,” the company posted on social media.

Island Times in a 225-word, front-page story headlined “Surangel & Sons condemns tax report leak as privacy violation” reported the company’s statement on Tuesday. It also quoted financial details from the leaked documents and accompanying commentary.

Whipps Jr. in a press conference on Wednesday accused the Island Times of publishing disinformation.

“Island Times continues to print political propaganda, it’s not accurate,” Whipps Jr said, calling for a correction to be published.

The lawsuit against the paper and its editor was served the next day.

Whipps Jr’s spokesperson told BenarNews any questions related to the lawsuit should be directed to the parties involved.

Eightieth birthday celebrations for Surangel Whipps Sr (left) with his son Surangel Whipps Jr in February 2020. Image: Diaz Broadcasting Palau screenshot BenarNews

Surangel and Sons was founded in 1980 by Whipps Sr, who also served as Palau’s president briefly in 2005 and for two years from 2007.

Business ‘offers everything’
The privately-owned business “offers everything from housing design and automotive repair to equipment rentals, groceries, and scuba gear” through its import, sales, construction and travel arms, the company’s website says.

Previously as CEO, Whipps Jr transformed the company from a family store to one of Palau’s largest and most diversified businesses, employing more than 700 people.

His LinkedIn profile states he finished as CEO in January 2021, after 28 years in the position and in the month he became president. His spokesperson did not respond to questions from BenarNews about if he still retains any direct financial or other links to the company.

Surangel and Sons said the revelation of sensitive business information threatens their competitive advantage and puts jobs at risk.

Palau’s Minister of Finance Kaleb Udui Jr told the president’s press conference on Wednesday an investigation was underway, a special prosecutor would be appointed and apologized for the leak to the company.

“I would hope the media would make extra effort to help educate the public and discourage misinformation and breaches of privacy of the tax office and any other government office,” Udui said, confirming the tax documents had been altered before being posted on social media.

He said tax office staff have previously been warned about leaks and ensuring data confidentiality, as breaches negatively impact the confidence of foreign investors in Palau.

Explanation rather than leak
Whipps Jr added that the newspaper should have explained the tax system instead of reporting the leaked information.

He also accused Island Times of failure to disclose a paid advertisement in this week’s edition of the paper for his political opponent.

“I’m disappointed in the Island Times, because there was an article that was not an article, a paid advertisement,” Whipps Jr said about a colourful blue and yellow election campaign graphic.

Island Times told BenarNews it was not usual practice to put “Paid Advertisement” on advertisements but it would review its policy for political campaign material.

Reklai fears the lawsuit could have serious consequences for the media in Palau and bankrupt Island Times, the paper reported.

“If I don’t stand up to this, it sends a signal to all journalists that they risk facing claims for damages for powerful companies and government officials while carrying out their work,” she said.

Palau has two newspapers and four radio stations and enshrined in its constitution are protections for journalists, including a guarantee they cannot be jailed for refusing to disclose sources.

Surangel and Sons said they would no longer sell Island Times through their outlets.

Copyright ©2015-2024, BenarNews. Republished with the permission of BenarNews.

MIL OSI Analysis – EveningReport.nz –

January 26, 2025
MIL-OSI Russia: Transferring experience beyond the Urals: welders trained in laser technologies at the Polytechnic

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Welders from the Trans-Urals and Krasnoyarsk region became the first students in the additional professional education program at the Research Laboratory “Laser and Additive Technologies” of the Institute of Mechanical Engineering of Materials and Transport of SPbPU. Specialists from various branches of the ISO company came to St. Petersburg to study laser welding and additive technologies.

Transfer of knowledge in the field of innovative laser technologies to representatives of the regions is important for meeting the needs of the national economy and state security. Training specialists of enterprises of the real sector of the economy at the Institute of Mechanical Engineering, Materials and Transport contributes to strengthening the technological sovereignty of Russia, – emphasized the director of IMMiT SPbPU Anatoly Popovich.

Five specialists completed a course in the direction of “Technological Fundamentals of Surface Restoration and Modification”. The advanced training program included theoretical intensives in the lecture hall and practical classes on equipment provided by the laboratory.

The ISO company is an important strategic partner for us. During the work on joint projects in the field of laser welding technologies, we found common ground in science, production and training. Such interaction helps to transfer the technological experience accumulated by the laboratory staff to the regions of Russia. We hope that cooperation between the university and the industrial partner will develop even more actively, – noted the head of the Scientific Research Laboratory “LiAT” of the IMMiT SPbPU Mikhail Kuznetsov.

The material and technical base of the Scientific and Research Laboratory “LiAT” is represented by unique equipment, including our own development, for laser and hybrid laser-arc welding, direct laser deposition, laser cladding and laser surface hardening. This makes it possible to solve a wide range of scientific and applied problems and to train specialists in laser welding and additive technologies in practice.

The classes were conducted by the employees of the Scientific and Research Laboratory “LiAT”. Experienced specialists shared their knowledge with representatives of industrial enterprises of the Ural Federal District and Krasnoyarsk Krai. A visit by the General Director of “ISO” Alexander Baranchikov was a pleasant surprise for the students. Alexander Nikolaevich familiarized himself with the program, asked his colleagues about the opinion of the training and discussed with the head of the laboratory the possibilities of further cooperation between the company and the university.

The practical development of laser welding technologies helped to reveal that the hybrid laser-arc method is more suitable for the needs of our enterprise. Therefore, we decided to train our employees in innovative welding methods. The optimal number is five to six people. As in art – in small groups, where talents absorb the basics. During their training at the Polytechnic, our specialists learned to program industrial robots, were engaged in welding and heat treatment. Returning to their workplaces, they will become flagships of innovations and lead their colleagues. Such continuity will contribute to the sustainable development of the technology industry and will become a support for import substitution in our country, – said Alexander Baranchikov.

After successful completion of the training, the students received state certificates of completion of the course and took additional knowledge and skills to the regions, which will help them improve their professional activities and apply new technologies in their work.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 26, 2025
MIL-OSI USA: New Jersey Resident Pleads Guilty to Helping Russia’s Defense Sector Evade U.S. Export Controls

Source: US State of North Dakota

Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development

Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.

“This defendant joins the nearly two dozen other criminals that our Task Force KleptoCapture has brought to justice in American courtrooms over the past two and a half years for enabling Russia’s military aggression,” said Attorney General Merrick B. Garland. “This defendant admitted to playing a central role in a now-disrupted scheme with Russian intelligence services to smuggle sniper rifle ammunition and U.S. military grade equipment into Russia. The Justice Department will never stop working to aggressively disrupt and prosecute both the criminal networks and the individuals responsible for bolstering the Russian war machine.”

“The illegal export of sensitive, dual-use technologies in support of Russia’s war effort poses a significant threat to the United States and its allies and must not be tolerated,” said FBI Director Christopher Wray. “The defendant in this case played a key role in exporting U.S. technology that in the hands of our adversaries could pose great danger to our national security. The FBI and its partners will continue to focus on protecting strategic innovation at home and hold accountable anyone who facilitates illegal transfers to hostile nations like Russia.”

“To facilitate the Russian war machine, the defendant played a critical role in exporting sensitive, dual-use technologies to Russia, facilitating shipping and the movement of millions of dollars through U.S. financial institutions,” said U.S. Attorney Breon Peace for the Eastern District of New York. “This plea highlights my Office and our law enforcement partners continued commitment to use all tools available to prosecute those who unlawfully procure U.S. technology to send to Russia.”

According to court documents, the defendant was affiliated with Serniya Engineering and Sertal LLC, Moscow-based companies that operate under the direction of Russian intelligence services to procure advanced electronics and sophisticated testing equipment for Russia’s military industrial complex and research and development sector. Serniya and Sertal operated a vast network of shell companies and bank accounts throughout the world, including the United States, that were used in furtherance of the scheme to conceal the involvement of the Russian government and the true Russian end users of U.S.-origin equipment.

The defendant and his co-conspirators unlawfully purchased and exported highly sensitive, export controlled electronic components, some of which can be used in the development of nuclear and hypersonic weapons, quantum computing and other military applications. Following Russia’s invasion of Ukraine in February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) levied sanctions and imposed additional export restrictions on Serniya, Sertal, and several individuals and companies used in the scheme, calling them “instrumental to the Russian Federation’s war machine.”

Sertal was licensed to conduct highly sensitive and classified procurement activities by Russia’s Federal Security Service (FSB), Russia’s principal security agency and the main successor agency to the Soviet Union’s KGB. The Serniya network’s Russian clients included State Corporation Rostec, the state-owned defense conglomerate; State Atomic Energy Corporation Rosatom (Rosatom); the Ministry of Defense; the Foreign Intelligence Service (SVR); and various components of the FSB, including the Department of Military Counterintelligence and the Directorate for Scientific and Technological Intelligence, commonly known as “Directorate T.”

To carry out the scheme, the defendant helped set up numerous shell companies and dozens of bank accounts in the U.S. to illicitly move money and export-controlled goods. During the period charged in the indictment, more than $12 million passed through accounts owned or controlled by the defendant. These funds were used in part to purchase sensitive equipment used in radar, surveillance and military research and development. In one instance, money from one of the defendant’s accounts was used to purchase export-controlled sniper bullets, which were intercepted in Estonia before they could be smuggled into Russia.

Co-defendant Alexey Brayman previously pleaded guilty to conspiracy to defraud the United States and is awaiting sentence. The case against co-defendant Vadim Konoshchenok, a suspected FSB operative, was dismissed after Konoshchenok was removed from the United States as part of a prisoner exchange negotiated between the United States and Russia. Defendant Nikolaos Bogonikolos’ case remains pending. Defendants Boris Livshits, Alexey Ippolitov, Svetlana Skvortsova, and Yevgeniy Grinin remain at large.

The FBI, BIS, and IRS are investigating the case.

The U.S. Customs and Border Protection, Department of Justice’s Office of International Affairs, and Estonian authorities provided valuable assistance.

Assistant U.S. Attorneys Artie McConnell, Andrew D. Reich, and Matthew Skurnik for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.

Today’s actions were coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: Lyft to Pay Civil Penalty to Resolve Allegations of Misleading Drivers About Their Potential Earnings

Source: US State of North Dakota

The Justice Department, together with the Federal Trade Commission (FTC), today announced that Lyft Inc. (Lyft) has agreed to resolve allegations that it made false and misleading statements about how much Lyft drivers would earn. The settlement includes an agreement to pay $2.1 million in civil penalties and a permanent injunction prohibiting such false and misleading earnings claims.

Lyft operates a mobile app ride-hailing platform that connects consumers seeking rides with those who provide rides with their own personal vehicles. Through marketing campaigns and advertisements, Lyft recruits drivers. After a driver is hired, Lyft sets the rates the driver charges and collects a portion of the fare for each ride. In a civil complaint filed in the U.S. District Court for the Northern District of California, the government alleges that, as early as 2021, Lyft made false and misleading claims in its advertising and marketing regarding potential earnings and incentives to be earned by drivers who signed up to drive for Lyft. Lyft allegedly continued these practices even after it received a Notice of Penalty Offenses in October 2021 that placed the company on notice that false and misleading earnings claims were unlawful.

The complaint alleges that Lyft disseminated advertisements promoting specific hourly amounts that drivers throughout the United States could earn. The company, however, did not disclose that the potential hourly amounts were based on the earnings of the top 20% of its drivers. The complaint also further alleges that Lyft also tried to induce drivers to offer more rides by promoting “earnings guarantees,” which guaranteed that drivers would be paid a set amount if they completed a specific number of rides in a certain time. These guarantees allegedly did not clearly disclose that drivers were paid only the difference between what they otherwise earned for the rides and Lyft’s advertised guaranteed amount, rather than receiving the full guaranteed amount in addition to their regular earnings for the rides.

In the stipulated order entered today by the federal district court, Lyft is required to pay a $2,100,000 civil penalty. The order also enjoins Lyft from making any misrepresentations regarding driver earnings and includes other monitoring and reporting provisions aimed at promoting Lyft’s compliance with the order.

“The Justice Department will vigorously enforce the law to stop companies from misleading Americans about their potential earnings in the gig economy,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to work with the FTC to stop unfair and deceptive marketing practices.”

“Lyft drivers deserve accurate information about how much they will be paid for the work they do,” said Director Samuel Levine of the FTC’s Bureau of Consumer Protection. “Our settlement with Lyft bans exaggerated earnings claims and underscores the FTC’s commitment to ensuring gig workers are treated fairly.”

Trial Attorney Paulina Stamatelos and Assistant Director Zachary Dietert of the Civil Division’s Consumer Protection Branch, Assistant U.S. Attorney Ekta Dharia for the Northern District of California and Abdiel Lewis and Evan Rose of the FTC’s Bureau of Consumer Protection handled the matter.

For more information about the Consumer Protection Branch and its enforcement efforts, visit www.justice.gov/civil/consumer-protection-branch. For more information about the FTC, visit www.FTC.gov.

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: Compound Ingredient Supplier Medisca Inc., to Pay $21.75M to Resolve Allegations of False and Inflated Average Wholesale Prices for Ingredients Used in Compounded Prescriptions

Source: US State of California

The Justice Department announced today that Medisca Inc. (Medisca), has agreed to pay $21.75 million to resolve allegations concerning the establishment of false and inflated Average Wholesale Prices (AWPs) for two ingredients used in compound prescriptions. Medisca’s pricing scheme allegedly caused pharmacies that purchased those ingredients to submit false prescription claims to the Defense Health Agency, which administers the TRICARE Program for the Department of Defense and the Department of Labor’s Office of Workers’ Compensation Programs (federal health care programs).

“We will not tolerate fraudulent pricing schemes targeting health care programs that support veterans and other federal beneficiaries,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “As today’s settlement demonstrates, we will hold accountable not just those who submit false claims, but all who participate in schemes designed to defraud the American taxpayers.”

Compounding pharmacies purchase ingredients or chemicals from ingredient suppliers, such as Medisca, to prepare and fill compound prescriptions for patients who require a specially made prescription that is not generally available in the marketplace. Medisca knew that compound prescription reimbursement under federal health care programs was based in part on the AWPs it reported to various price listing agencies. The United States alleged that Medisca knowingly inflated the AWPs for resveratrol (NDC No. 38779-2863) and mometasone furoate (NDC No. 38779-2413) in order to increase the reimbursement that its pharmacy customers received from the federal healthcare programs for using those Medisca ingredients.

Medisca acquired resveratrol from manufacturers for approximately $0.37 per gram. It repackaged and sold resveratrol for under $2 per gram. Medisca reported an AWP for resveratrol at $777 per gram, creating a spread of over $775 for each gram of resveratrol used by a pharmacy customer in a compound prescription reimbursed by the federal healthcare programs. Medisca acquired mometasone furoate from manufacturers for under $8 per gram. It repackaged and sold that ingredient to compound pharmacies for over $1,000 per gram. Medisca reported an AWP for mometasone furoate at over $7,300 per gram, thereby creating a spread of approximately $6,300 for each gram of the ingredient used by a pharmacy customer in a compound prescription reimbursed by the federal healthcare programs.

Medisca allegedly used the high AWPs it reported and the resulting profit potential it created for its customers as an inducement to its compound pharmacy customers to purchase those ingredients. Medisca’s alleged fraudulent pricing scheme enabled its pharmacy customers to bill federal healthcare programs inflated amounts – often thousands of dollars per prescription – for compound formulations containing those ingredients.

“The systems establishing federal reimbursements for compounded pharmaceuticals should not be viewed by companies as an opportunity to artificially inflate reimbursements from federal payors such as TRICARE,” said U.S. Attorney Damien M. Diggs for the Eastern District of Texas. “When companies seek to manipulate the system for their own gain, the Eastern District of Texas will hold them accountable.”

“When federal healthcare programs are defrauded it hurts all Americans,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “My office is committed to using the False Claims Act (FCA) to hold individuals and companies accountable for the impact their actions have on our critical programs. Taxpayers deserve honest pricing and assurances that the government is never overcharged.”

“This settlement sends a clear message about the unwavering commitment of the Defense Criminal Investigation Service (DCIS) to protect the integrity of TRICARE, the Department of Defense’s health care benefit program which serves our U.S. military, their family members, and military retirees,” said Acting Special Agent in Charge Ryan Settle of the Department of Defense – Office of Inspector General, DCIS Southwest Field Office. “Health care providers who use fraudulent means to seek financial gain at the expense of TRICARE and the taxpayer will be diligently investigated and held accountable.”

The settlement resolves claims brought under the whistleblower or qui tam provisions of the FCA by Doug McMakin against Medisca. Mr. McMakin is a pharmacist who owned and operated a compounding pharmacy that dispensed compounded prescriptions. Under the FCA, private parties may sue on behalf of the government for false claims for government funds and receive a share of any recovery. Mr. McMakin will receive $3,425,625 from the proceeds of the settlement. The lawsuit is captioned United States ex rel. McMakin v. Medisca Inc. (EDTX).

The resolution of these matters was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorneys’ Offices for the Eastern District of Texas and the Western District of Texas, with investigative support from the DCIS, U.S. Postal Service Office of Inspector General (USPS OIG) and the Department of Labor.

The investigation and resolution of these matters illustrates the government’s emphasis on combating health care fraud. One of the most powerful tools in this effort is the FCA. Tips and complaints from all sources about potential fraud, waste, abuse and mismanagement can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

Senior Trial Counsel Sanjay Bhambhani and Trial Attorney John Deck of the Civil Division, Assistant U.S. Attorney Mary Kruger for the Western District of Texas and Assistant U.S. Attorney James Gillingham for the Eastern District of Texas handled the matter, with investigative assistance from Special Agents Nicholas Koechig of DCIS and Timothy Jones of USPS OIG.

The claims resolved by the settlement are allegations only. There has been no determination of liability.

Settlement

MIL OSI USA News –

January 26, 2025
MIL-OSI Security: Compound Ingredient Supplier Medisca Inc., to Pay $21.75M to Resolve Allegations of False and Inflated Average Wholesale Prices for Ingredients Used in Compounded Prescriptions

Source: United States Attorneys General 7

The Justice Department announced today that Medisca Inc. (Medisca), has agreed to pay $21.75 million to resolve allegations concerning the establishment of false and inflated Average Wholesale Prices (AWPs) for two ingredients used in compound prescriptions. Medisca’s pricing scheme allegedly caused pharmacies that purchased those ingredients to submit false prescription claims to the Defense Health Agency, which administers the TRICARE Program for the Department of Defense and the Department of Labor’s Office of Workers’ Compensation Programs (federal health care programs).

“We will not tolerate fraudulent pricing schemes targeting health care programs that support veterans and other federal beneficiaries,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “As today’s settlement demonstrates, we will hold accountable not just those who submit false claims, but all who participate in schemes designed to defraud the American taxpayers.”

Compounding pharmacies purchase ingredients or chemicals from ingredient suppliers, such as Medisca, to prepare and fill compound prescriptions for patients who require a specially made prescription that is not generally available in the marketplace. Medisca knew that compound prescription reimbursement under federal health care programs was based in part on the AWPs it reported to various price listing agencies. The United States alleged that Medisca knowingly inflated the AWPs for resveratrol (NDC No. 38779-2863) and mometasone furoate (NDC No. 38779-2413) in order to increase the reimbursement that its pharmacy customers received from the federal healthcare programs for using those Medisca ingredients.

Medisca acquired resveratrol from manufacturers for approximately $0.37 per gram. It repackaged and sold resveratrol for under $2 per gram. Medisca reported an AWP for resveratrol at $777 per gram, creating a spread of over $775 for each gram of resveratrol used by a pharmacy customer in a compound prescription reimbursed by the federal healthcare programs. Medisca acquired mometasone furoate from manufacturers for under $8 per gram. It repackaged and sold that ingredient to compound pharmacies for over $1,000 per gram. Medisca reported an AWP for mometasone furoate at over $7,300 per gram, thereby creating a spread of approximately $6,300 for each gram of the ingredient used by a pharmacy customer in a compound prescription reimbursed by the federal healthcare programs.

Medisca allegedly used the high AWPs it reported and the resulting profit potential it created for its customers as an inducement to its compound pharmacy customers to purchase those ingredients. Medisca’s alleged fraudulent pricing scheme enabled its pharmacy customers to bill federal healthcare programs inflated amounts – often thousands of dollars per prescription – for compound formulations containing those ingredients.

“The systems establishing federal reimbursements for compounded pharmaceuticals should not be viewed by companies as an opportunity to artificially inflate reimbursements from federal payors such as TRICARE,” said U.S. Attorney Damien M. Diggs for the Eastern District of Texas. “When companies seek to manipulate the system for their own gain, the Eastern District of Texas will hold them accountable.”

“When federal healthcare programs are defrauded it hurts all Americans,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “My office is committed to using the False Claims Act (FCA) to hold individuals and companies accountable for the impact their actions have on our critical programs. Taxpayers deserve honest pricing and assurances that the government is never overcharged.”

“This settlement sends a clear message about the unwavering commitment of the Defense Criminal Investigation Service (DCIS) to protect the integrity of TRICARE, the Department of Defense’s health care benefit program which serves our U.S. military, their family members, and military retirees,” said Acting Special Agent in Charge Ryan Settle of the Department of Defense – Office of Inspector General, DCIS Southwest Field Office. “Health care providers who use fraudulent means to seek financial gain at the expense of TRICARE and the taxpayer will be diligently investigated and held accountable.”

The settlement resolves claims brought under the whistleblower or qui tam provisions of the FCA by Doug McMakin against Medisca. Mr. McMakin is a pharmacist who owned and operated a compounding pharmacy that dispensed compounded prescriptions. Under the FCA, private parties may sue on behalf of the government for false claims for government funds and receive a share of any recovery. Mr. McMakin will receive $3,425,625 from the proceeds of the settlement. The lawsuit is captioned United States ex rel. McMakin v. Medisca Inc. (EDTX).

The resolution of these matters was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorneys’ Offices for the Eastern District of Texas and the Western District of Texas, with investigative support from the DCIS, U.S. Postal Service Office of Inspector General (USPS OIG) and the Department of Labor.

The investigation and resolution of these matters illustrates the government’s emphasis on combating health care fraud. One of the most powerful tools in this effort is the FCA. Tips and complaints from all sources about potential fraud, waste, abuse and mismanagement can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

Senior Trial Counsel Sanjay Bhambhani and Trial Attorney John Deck of the Civil Division, Assistant U.S. Attorney Mary Kruger for the Western District of Texas and Assistant U.S. Attorney James Gillingham for the Eastern District of Texas handled the matter, with investigative assistance from Special Agents Nicholas Koechig of DCIS and Timothy Jones of USPS OIG.

The claims resolved by the settlement are allegations only. There has been no determination of liability.

Settlement

MIL Security OSI –

January 26, 2025
MIL-OSI Security: Lyft to Pay Civil Penalty to Resolve Allegations of Misleading Drivers About Their Potential Earnings

Source: United States Attorneys General 7

The Justice Department, together with the Federal Trade Commission (FTC), today announced that Lyft Inc. (Lyft) has agreed to resolve allegations that it made false and misleading statements about how much Lyft drivers would earn. The settlement includes an agreement to pay $2.1 million in civil penalties and a permanent injunction prohibiting such false and misleading earnings claims.

Lyft operates a mobile app ride-hailing platform that connects consumers seeking rides with those who provide rides with their own personal vehicles. Through marketing campaigns and advertisements, Lyft recruits drivers. After a driver is hired, Lyft sets the rates the driver charges and collects a portion of the fare for each ride. In a civil complaint filed in the U.S. District Court for the Northern District of California, the government alleges that, as early as 2021, Lyft made false and misleading claims in its advertising and marketing regarding potential earnings and incentives to be earned by drivers who signed up to drive for Lyft. Lyft allegedly continued these practices even after it received a Notice of Penalty Offenses in October 2021 that placed the company on notice that false and misleading earnings claims were unlawful.

The complaint alleges that Lyft disseminated advertisements promoting specific hourly amounts that drivers throughout the United States could earn. The company, however, did not disclose that the potential hourly amounts were based on the earnings of the top 20% of its drivers. The complaint also further alleges that Lyft also tried to induce drivers to offer more rides by promoting “earnings guarantees,” which guaranteed that drivers would be paid a set amount if they completed a specific number of rides in a certain time. These guarantees allegedly did not clearly disclose that drivers were paid only the difference between what they otherwise earned for the rides and Lyft’s advertised guaranteed amount, rather than receiving the full guaranteed amount in addition to their regular earnings for the rides.

In the stipulated order entered today by the federal district court, Lyft is required to pay a $2,100,000 civil penalty. The order also enjoins Lyft from making any misrepresentations regarding driver earnings and includes other monitoring and reporting provisions aimed at promoting Lyft’s compliance with the order.

“The Justice Department will vigorously enforce the law to stop companies from misleading Americans about their potential earnings in the gig economy,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to work with the FTC to stop unfair and deceptive marketing practices.”

“Lyft drivers deserve accurate information about how much they will be paid for the work they do,” said Director Samuel Levine of the FTC’s Bureau of Consumer Protection. “Our settlement with Lyft bans exaggerated earnings claims and underscores the FTC’s commitment to ensuring gig workers are treated fairly.”

Trial Attorney Paulina Stamatelos and Assistant Director Zachary Dietert of the Civil Division’s Consumer Protection Branch, Assistant U.S. Attorney Ekta Dharia for the Northern District of California and Abdiel Lewis and Evan Rose of the FTC’s Bureau of Consumer Protection handled the matter.

For more information about the Consumer Protection Branch and its enforcement efforts, visit www.justice.gov/civil/consumer-protection-branch. For more information about the FTC, visit www.FTC.gov.

MIL Security OSI –

January 26, 2025
MIL-OSI Asia-Pac: HKTE participates in two job fairs offering over 11 500 job vacancies (with photos)

Source: Hong Kong Government special administrative region

Hong Kong Talent Engage (HKTE) will participate in two job fairs to assist incoming talent in directly matching jobs with employers, facilitating their career development in the city. About 500 companies will take part in these job fairs, offering over 11 500 job vacancies.

     To dovetail with national development strategies, “The Chief Executive’s 2024 Policy Address” includes a specific chapter on building Hong Kong into an international hub for high-calibre talent with an aim to empower the high-quality development of Hong Kong as well as contribute to the development of new quality productive forces of the country. To this end, HKTE will support talent in pursuing development in Hong Kong by expanding its network of collaborative partners and co-organising job fairs with industries and employer organisations.

     HKTE is participating in the Innovating Hong Kong – Global Talent Carnival Autumn 2024 at the AsiaWorld-Expo today and tomorrow (November 2 and 3). The event offers over 10 000 job vacancies for local and incoming talent, covering positions in technical support, business development, customer service, and graduate trainee roles.

     Speaking at the opening ceremony of the event, the Secretary for Labour and Welfare, Mr Chris Sun, reaffirmed the Government’s commitment to assisting talent in pursuing development in Hong Kong. He said that both local and incoming talent will help enrich the city’s talent pool, spur industrial development, and inject impetus for the long-term development of Hong Kong.

     HKTE has established a sharing station at the event to invite industry experts to advise on job-seeking strategies and provide consultation services to help incoming talent integrate into the local community.

     In addition, HKTE will participate in the Hong Kong Talent Recruitment Exhibition 2024 Autumn at Tsim Sha Tsui Community Hall next Friday (November 8). Participating companies are from various sectors, including real estate development, telecommunications, public utilities, and financial services, with an expected offer of over 1 500 job vacancies.

     HKTE will continue to collaborate with industry partners, stakeholders, and government departments to provide comprehensive one-stop support services for talent, including co-organising at least 12 job fairs with the industries and employer organisations in 2025.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: Talent Engage joins job fairs

Source: Hong Kong Information Services

Hong Kong Talent Engage (HKTE) is participating in a job fair this weekend to assist incoming talent in directly matching with employers, and will also attend another fair due to be held next week.

The Innovating Hong Kong – Global Talent Carnival Autumn 2024 is being held at the AsiaWorld-Expo today and tomorrow. The event offers over 10,000 job vacancies for local and incoming talent, covering technical support, business development, customer service, and graduate trainee roles.

Speaking at the carnival, Secretary for Labour & Welfare Chris Sun reaffirmed the Government’s commitment to assist talent in pursuing career development in Hong Kong.

He added that both local and incoming talent will enrich Hong Kong’s talent pool, spur industrial development, and inject impetus for the city’s long-term development.

HKTE has established a sharing station at the event, with industry experts being invited to advise attendees on their job-seeking strategies, and consultation services being offered to help incoming talent.

Additionally, HKTE will take part in the Hong Kong Talent Recruitment Exhibition 2024 Autumn at Tsim Sha Tsui Community Hall on Friday. Participating companies are from various sectors, including real estate development, telecommunications, public utilities and financial services. More than 1,500 job vacancies are expected to be on offer.

HKTE will continue to collaborate with industry partners, stakeholders, and government departments to provide one-stop support services for talent, including co-organising at least 12 job fairs in collaboration with industries and employer organisations in 2025.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Russia: BRICS representatives discussed the development of statistics in the countries of the association

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

The importance of statistics in the digital age is reaching a new level. Most decisions at the state level and in business are made based on data analysis. However, the attitude towards official statistics is ambiguous, and this negatively affects the level of trust in government policy. How to change this was discussed by the heads of statistical agencies of the BRICS countries in Kazan. A representative of the Higher School of Economics also took part in the forum.

The 16th meeting of heads of national statistical services of the BRICS countries was held in Kazan on October 28–29 as part of the BRICS Summit. Representatives of various government agencies and experts from Russia, South Africa, the UAE, Brazil, China, Ethiopia, Iran, Egypt, India, the Republic of Belarus and the Republic of Azerbaijan participated in it.

The special session “Development of the statistical community in Russia and the BRICS countries” was organized at the initiative of the Russian delegation. The experts discussed issues of cooperation between statistical professional and expert communities, modernization of statistical production, interaction of state statistical services with the public and increasing statistical literacy of the population.

Professor of the National Research University Higher School of Economics, Chairman of the Board of the Russian Association of Statisticians Alexey Ponomarenko said that in Russia, starting in 2023, the subject “Probability Theory and Statistics” has become a mandatory part of the school curriculum. In grades 7–11, there is at least one lesson on statistics per week. Thus, about 6 million schoolchildren receive knowledge and skills in statistical thinking. They will be able to understand and competently apply information containing statistical data.

Meanwhile, today school teachers need the help of professional statisticians. Moreover, targeted efforts are needed to develop literacy and education in this area. One of the centers of such work could be the National Research University Higher School of Economics, where a team of statisticians with extensive experience in practical work and scientific research has been formed.

“We are ready to cooperate with both Russian teachers and colleagues from the BRICS countries, especially since the statistical community of many BRICS countries is well developed and there is much to learn from our colleagues,” emphasized Alexey Ponomarenko.

Teachers and researchers of the Department of Statistics and Data Analysis of the Faculty of Economic Sciences of the National Research University Higher School of Economics fully support the idea of cooperation with statisticians of the BRICS countries, confirmed the Director of Statistical Research at the HSE, Head of the Department of Statistics and Data Analysis of the National Research University Higher School of Economics Department of Statistics and Data Analysis FEN Alexander Surinov. “We have many common problems with such huge BRICS countries as China, India or Brazil. For example, subnational studies of indicators of socio-economic development of regions taking into account local specifics. I think that if such projects are implemented, HSE statisticians will take an active part in them,” he concluded.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 26, 2025
MIL-OSI Russia: Polytechnic University presented the project “Russian-African Network University” (RAFU) in Tanzania

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

The first meeting of the Joint Intergovernmental Russian-Tanzania Commission on Trade and Economic Cooperation was held in Tanzania. The parties agreed to begin work on a whole range of issues, including science and higher education, and also emphasized the importance of developing a regulatory framework for cooperation.

The Russian Center for Science and Culture (Russian House) in Tanzania hosted a Russian-Tanzanian inter-university meeting, organized by the Ministry of Science and Higher Education of the Russian Federation. The Deputy Director of the Department of International Cooperation of the Ministry of Education and Science of Russia Stepan Sokolov gave a welcoming speech, thanking the Embassy of the Russian Federation in Tanzania and the Russian House for their assistance in organizing our meeting.

Today we have an excellent opportunity to discuss current issues of developing cooperation between Russian and Tanzanian universities. The Russian Ministry of Education and Science attaches great importance to strengthening educational cooperation with Tanzania. It is worth noting that, as part of the training of national personnel for Tanzania for the 2024-2025 academic year, within the quota of the Government of the Russian Federation, 90 places for study in Russian higher education institutions have been allocated for Tanzanian citizens, as well as for the 2023-2024 academic year, – said Stepan Sokolov.

Cooperation between Russia and Tanzania will be able to significantly expand the scope of interests and practical results in science, educational and methodological work, will improve the quality and versatility of professional training of personnel, and will also contribute to the familiarization of the peoples of Russia and Tanzania with the peculiarities of national cultures.

From the Tanzanian side, the meeting was attended by representatives of the University of Dodoma, the University of Dar es Salaam (UDSM), Dar es Salaam Tumaini University (DarTU), and the State University of Zanzibar (SUZA).

The Russian side included representatives from Peter the Great St. Petersburg Polytechnic University, Sevastopol State University, Samara State Technical University, Bauman Moscow State Technical University, Patrice Lumumba Peoples’ Friendship University of Russia, Russian State Humanitarian University, and A. A. Kadyrov Chechen State University.

SPbPU was represented by Maxim Zalyvskiy, head of the project office of the Russian-African Network University (RAFU), which is coordinated by the Polytechnic University on behalf of the Russian Ministry of Education and Science.

Russian participants spoke about the activities of their universities, areas of professional training, and academic exchange programs.

Representatives of Tanzanian universities received information about the Consortium “Russian-African Network University” (RAFU), which is the flagship project of the Russian Ministry of Education and Science to create a single Russian-African educational space.

At the moment, more than 80 Russian universities and more than 30 African organizations from 12 countries have joined the consortium. Such African countries as Malawi, Gambia, Lesotho, Sudan, and the Central African Republic are currently considering their participation in RAFU. Through RAFU, we are already inviting African countries to actively participate in our events, especially in such events as the Summer Multidisciplinary University, which is being held for the third time this year, noted Maxim Zalyvsky.

This year, from July to September, 19 Russian universities conducted 19 educational programs for African students in various fields: geology and meteorology, ecology and sustainable development, computer science and artificial intelligence, medical and biotechnology, agriculture and water management, as well as Russian language, culture and traditions. During the Summer University in 2024, about 290 African citizens studied.

On October 29, agreements between Russian and Tanzanian universities were signed in the Pushkin Hall of the Russian House in Dar es Salaam. The Russian-African Network University Consortium signed memorandums of accession to RAFU with Tumaini University (Dar es Salaam) and the Association of Graduates of Russian and Soviet Universities in Tanzania.

In addition, representatives of Russian universities took part in the opening ceremony of an exhibition at the Russian Center of Science and Culture dedicated to the contribution of the USSR to the liberation of African peoples from colonial oppression.

Together with employees of the Russian Ministry of Education and Science, Maxim Zalyvskiy spoke at a business forum on strengthening business ties between Russia and Tanzania. The Russian delegation was headed by the head of the Ministry of Economic Development Maxim Reshetnikov.

The importance of cooperation with Tanzania is difficult to overestimate. The country occupies an advantageous position on the African continent, it could become for Russia, as well as in the global logistics chain, a continuation of the development of the North-South transport corridor. Now the parties are actively discussing the prospects for cooperation between Russia and Tanzania in the field of agriculture, digitalization of the economy, and tourism. There is great potential in the energy sector, the development of peaceful nuclear energy, and the extraction of minerals. I am confident that the busy program of the first meeting of the Joint Intergovernmental Russian-Tanzania Commission on Trade and Economic Cooperation and the agreements signed in Tanzania, including between educational organizations, will give an additional impetus to the development and strengthening of Russian-Tanzanian economic, tourist, and educational ties, Maxim Zalyvsky emphasized.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 26, 2025
MIL-OSI: Titan Fund Management Services Expands Investment Offerings to Meet Growing Demand for Tailored Wealth Solutions

Source: GlobeNewswire (MIL-OSI)

MELBOURNE, Australia, Nov. 02, 2024 (GLOBE NEWSWIRE) — Titan Fund Management Services, a respected financial services provider in the global market, is excited to announce the expansion of its service portfolio to meet the evolving needs of individual, corporate, and institutional clients. This expansion highlights Titan’s dedication to offering comprehensive, client-centered financial strategies that align with a variety of wealth goals.

Titan Fund Management Services is committed to delivering personalized, diversified wealth management solutions. This includes innovative approaches to asset management, comprehensive retirement planning, and IPO advisory services, each carefully tailored to align with specific client needs. The firm’s service expansion is driven by its core philosophy of responsible wealth building, combining expertise with a focus on long-term client success.

Titan Fund Management Services has announced an expansion aimed at providing clients with a broader range of choices tailored to their individual financial goals. The company emphasizes that each investment strategy is crafted to foster long-term relationships grounded in trust, transparency, and results-oriented planning.

A key component of Titan’s approach is its commitment to fostering informed decision-making. Titan’s experienced financial specialists work closely with clients, offering insights and guidance tailored to each unique financial journey. By providing clarity and transparency in its services, Titan enables clients to navigate complex financial landscapes confidently.

Titan Fund Management Services has been dedicated to excellence in client service since its inception. The firm’s commitment to staying ahead of industry trends allows it to provide clients with leading-edge solutions that address current and future financial needs. By expanding its capabilities, Titan remains dedicated to fostering secure, sustainable growth, empowering clients to make informed choices in every stage of wealth management.

The firm’s robust array of offerings is backed by a knowledgeable team with significant expertise across various financial sectors. The diverse skill set of Titan’s professionals ensures successful, long-term wealth planning.

For further details, please visit our website to explore how our comprehensive approach to wealth building accommodates a range of investment objectives and planning horizons.

About Titan Fund Management Services:

Titan Fund Management Services, remains committed to identifying and fostering innovative companies that are set to shape the future of the financial markets through disruptive technologies and transformative growth strategies. As Titan Fund Management Services continues to expand its investment portfolio, the firm remains focused on innovation and adaptability. The financial markets are constantly evolving, and the firm is committed to pushing the boundaries towards innovation and enhancing its investment offerings and strategies.

CONTACT INFORMATION:
Head of Media: Richard Clarkson
Company Name: Titan Fund Management Services
Address: 555 Collins Street Melbourne VIC 3000
Tel: +61 3 6317 3722
Email: info@titanfundmanagement.com

Disclaimer: This content is provided by the sponsor. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e34e0821-1986-4ed3-8fba-6ab917b50bc6

The MIL Network –

January 26, 2025
MIL-OSI: Walstreamz Set to Expand its E-commerce Solutions with the Launch of Ecom Private Label, eBay Automation, and TikTok Automation

Source: GlobeNewswire (MIL-OSI)

PISCATAWAY, N.J., Nov. 02, 2024 (GLOBE NEWSWIRE) — In the latest record, Walstreamz set to expand its e-commerce solutions with the launch of Ecom Private Label, eBay Automation, and TikTok Automation. The platform designed these services to empower entrepreneurs and individuals seeking to generate consistent returns without the need for constant oversight.

The platform’s Ecom Private Label service provides a turnkey option for people who want to produce and market their branded goods on well-known e-commerce sites. With this service, clients can concentrate on marketing and sales while Walstreamz sources products, brand the products, and package the products as well.

Walstreamz manages the entire fulfillment process for its clients. Customers can quickly and easily launch an online business by utilizing Walstreamz’s Ecom Private label services. In addition, Walstreamz’s Ecom Private label service paves the way for its clients to maximize their reach and grow their business to unexpected heights.

By focusing on the other new e-commerce venture, Walstreamz’s eBay Automation service offers cutting-edge tools and tactics for individuals trying to increase their eBay sales. Order fulfillment, inventory tracking, customer support, and automated listing management are all included in this service. Clients can boost their productivity and volume of sales on eBay by automating these laborious activities. Walstreamz provides exceptional services to its clients, ensuring complete customer satisfaction. The platform also manages their clients’ order fulfillment to listing management, creating opportunities for clients to increase their sales and boost their business.

Moreover, Walstreamz underscores the enormous potential of TikTok, as a platform for sales and marketing. The platform created a TikTok Automation service that helps to connect clients with this effective marketing and sales tool. With the use of this TikTok Automation service, users may produce interesting content, enhance their profiles, and expand their TikTok following. Clients can increase traffic and revenue to their website or online store by taking advantage of TikTok’s reach and algorithm.

Consequently, by offering comprehensive solutions, Walsteamz pushes the boundaries towards success and intends to establish a reputable online store. These services enable customers to start their online business fast and simply and include store design, setup, product listing, and marketing.

About Walstreamz:

Walstreamz is a technology-driven company dedicated to providing innovative online business solutions. With a focus on passive income and automation, the platform empowers individuals and entrepreneurs to achieve financial freedom and success. Walstreamz is also a renowned service provider offering Shopify done for you, Amazon wholesale automation, and Walmart dropshipping automation.

The platform’s Amazon FBA automation service offers a comprehensive solution for anyone wishing to sell their goods on Amazon. Product procurement, inventory control, fulfillment, and customer service are all included in this service. On the biggest online marketplace in the world, clients can increase their sales potential by utilizing Amazon’s extensive customer base and effective fulfillment network.

With Walstreamz’s Walmart Dropshipping automation service, customers may easily sell goods at Walmart without having to keep inventory. This service helps customers reach a wider audience and boost revenues by taking care of order fulfillment, shipping, and product sourcing.

Visit the brand website Walstreamz.

Website | Facebook | Instagram

Media Details
Person Contact Name: Andrew William
Webmail: andrewwilliam@walstreamz.com
Location: 371 Hoes Ln Ste 200, Piscataway, NJ 08854
Company Name: Walstreamz
Website: https://walstreamz.com/

Disclaimer: This content is provided by the sponsor. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

The MIL Network –

January 26, 2025
MIL-OSI Global: Undoing the ‘deep state’ means Trump would undo over a century of progress in building a federal government for the people and not just for rich white men

Source: The Conversation – USA – By Joseph Patrick Kelly, Professor of Literature and Director of Irish and Irish American Studies, College of Charleston

If elected, Donald Trump has vowed to demolish what he calls the “deep state” – a conspiratorial term for the American federal bureaucracy. A second Trump administration, running mate JD Vance has said, should fire thousands of civil servants and replace them with MAGA loyalists.

Trump has said he would tap the billionare Elon Musk as the hatchet man to lead his proposed government commission on “efficiency” in government.

Compared with the other fireworks of the campaign – like Trump’s promise to criminally prosecute his political rivals and suppress news organizations – threats to gut the United States’ vast federal bureaucracy don’t get much attention. But doing so is a big a threat to democracy.

For years, conservatives have claimed that taking power from government agencies gives it back to the people. Yet while it might seem counterintuitive, Americans actually exercise their sovereignty through the administrative state.

The American administrative state was established almost 100 years ago by President Franklin Delano Roosevelt. As a historian of American democracy, I think it’s valuable to remember what the old deal looked like while Trump rails against the New Deal.

The Gilded Age

Around 1900, America was not really democratic. The federal government did not rule by the consent of the governed. As historian Heather Cox Richardson recently argued, the American government was an oligarchy.

Millions of working-class Slavs, Jews, Italians, Asians and Scotch-Irish Appalachians toiled mercilessly in death-trap sweatshops, suffocating mines and fiery steel mills. Cotton farmers in the Black Belt lived like peons.

These people were America’s “other half,” as the social reformer Jacob Riis called them in 1890. And they were effectively excluded from the social contract.

Meanwhile, for rich white men like Andrew Carnegie and John D. Rockefeller it was, as Mark Twain quipped, a “Gilded Age.” Robber barons ran their industrial empires with impunity.

When their employees tried to organize or protest, industrialists got sheriffs and police to suppress them. Or they hired private armies of “detectives,” like the Pinkertons, as Carnegie did when steelworkers struck in Homestead, Pennsylvania.

Governors called in the National Guard, as Ephraim Morgan did in 1921 to suppress a labor dispute in West Virginia. Sometimes, it was the regular Army, as in 1919, when soldiers from Camp Pike propped up the peonage system of tenant farming by indiscriminately machine-gunning Black farmers hiding in the woods outside Elaine, Arkansas.

‘We stand at Armageddon’

Forced by popular clamor, Congress decided to act.

It created the Interstate Commerce Commission in 1887 and told its commissioners to compel railroads, which were gouging some customers and favoring others, to charge fair rates to everyone.

This was the start of federal regulation.

In 1895, the New York Legislature passed the Bakeshop Act, making it illegal to force an employee to work more than 10 hours a day or 60 hours a week.

The Supreme Court, however, was still friendly to business. In its 1905 decision in Lochner v. New York, the court ruled against the Bakeshop Act. No one could regulate the workday or work week. The decision stripped Congress and state legislatures of their nascent regulatory powers. That enraged President Teddy Roosevelt.

“(T)he right of the people to rule,” Roosevelt later thundered, had been usurped by the corporations. With apocalyptic fury he predicted, “We stand at Armageddon!”

That was in 1912. The Lochner era, as historians call this period when workers and the public had few protections from exploitative businesses, lasted another 20 years.

Then, in 1929, the U.S. economy collapsed.

One-quarter of Americans had no work. Starving and desperate migrants wandered across the country. An army of veterans marched on Washington.

The apocalyptic misery of the Great Depression finally made American oligarchy untenable.

Liberal democracy

In 1932, the people rewrote the social contract: They elected Franklin Delano Roosevelt and his New Deal in a landslide.

It was, in essence, a revolution. After nearly 60 years of corporate domination, the 1932 election would “return America to its own people,” to use Roosevelt’s words.

Of course, it was not really a “return.” In the precorporation world, most Americans – notably women and Black people – couldn’t participate in their own government. But 1932 was a giant step toward democracy. And the great innovation that would usher in this modern, liberal democracy was the administrative state: a meritocracy of career civil servants dedicated to carrying out the law.

Have you ever wondered why a green light means “go” in every state? In 1935, the Bureau of Public Roads – now the Federal Highway Administration – wrote and enforced its first Manual on Uniform Traffic Control Devices for Streets and Highways.

That’s the administrative state in action. It’s how 122 million people cooperated to make complex, modern society work – without surrendering their sovereignty to some dictator like Benito Mussolini or Josef Stalin.

But the Supreme Court kept striking down New Deal laws and regulations.

After a massive electoral victory in 1936, FDR threatened to “pack” the court by raising the number of justices from nine to 15. Finally, the court relented. In a 5-4 decision, it allowed the state of Washington’s Industrial Welfare Committee to establish a minimum wage – $14.50 for a 48-hour work week.

Most history textbooks don’t mention this milestone, but that’s when liberal democracy was secured.

To be sure, it would take almost 30 more years before the Civil Rights Acts of the 1960s brought democracy to the Jim Crow South. But even that victory depended on the Justice Department’s power to regulate elections in historically white supremacist states.

The administrative state has been protecting the rights of ordinary Americans and executing the sovereignty of the people for the past 87 years.

Who grounded Boeing airplanes when a door blew off a 737 in midflight? It was civil servants in the Federal Aviation Administration, a government agency founded by Congress in 1958 “to regulate civil aviation.”

Why does the U.S. have cleaner air and water today than it did in the 1960s? Because in 1970, Congress passed the Clean Air Act, and a new Environmental Protection Agency was empowered to write and perpetually rewrite regulations that execute Congress’ antipollution laws.

The alternative

This system produces the occasional injustice or overreach.

A farmer’s puddling acre, for example, might be overregulated as a “wetland.” A fishing company might be ordered to maintain a government-appointed herring counter at a cost of $710 a day.

But gutting regulatory agencies and replacing a meritocratic bureaucracy with MAGA loyalists won’t help small farmers or family-owned fishing boats. It will empower big corporations to pollute, exploit their workers, price-gouge customers, cut corners on safety – and to corrupt the political system.

It’s also illegal. Congress has deliberately protected those bureaucrats from the volatility of presidential politics.

Unlike presidential appointees, who serve at the pleasure of the president, civil servants work for the people. They are empowered by Congress, and the president cannot fire them. At least for now.

Joseph Patrick Kelly has previously volunteered as an officer at the county and precinct level in the Democratic Party.

– ref. Undoing the ‘deep state’ means Trump would undo over a century of progress in building a federal government for the people and not just for rich white men – https://theconversation.com/undoing-the-deep-state-means-trump-would-undo-over-a-century-of-progress-in-building-a-federal-government-for-the-people-and-not-just-for-rich-white-men-234421

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI USA: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chaves County Flood

Source: US Federal Emergency Management Agency

Headline: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chaves County Flood

FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chaves County Flood

Chaves County homeowners and renters, who sustained damage from the Oct. 19-20, 2024, severe storm and flooding may be eligible for disaster assistance under FEMA’s Individuals and Households Program. FEMA disaster assistance may include grants for temporary housing and home repairs, to cover uninsured property losses, and other programs to help people recover from the effects of the disaster.FEMA’s assistance offers benefits that provide flexible funding directly to survivors when needed the most. In addition, FEMA’s new simplified Individual Assistance process and expanded eligibility allows New Mexicans access to a wider range of assistance including for serious needs.Serious Needs Assistance (SNA) provides funding for households to cover important items like water, food, first aid, breast-feeding supplies, infant formula, diapers, personal hygiene items, fuel for transportation or other emergency supplies for eligible households. To qualify for SNA, you must be displaced, need shelter or have other emergency costs due to the disaster on your application.Displacement Assistance (DA) provides people with up-front funds to assist with immediate housing options of their choice, to keep people housed. The money can be used to stay in a hotel, with family and friends or other options.Before receiving funds for Serious Needs Assistance (SNA) or Displacement Assistance (DA), an inspection is required to confirm eligibility.How to Apply to FEMANew Mexico residents can apply to FEMA for federal financial assistance three ways:Visit DisasterAssistance.gov,Download the FEMA App for mobile devices, or Call the FEMA Helpline at 800-621-3362. Calls are accepted every day from 5 a.m. to 9 p.m. MT. Help is available in most languages. Dial 711 or video relay services are available.To view an American Sign Language (ASL) video about how to apply visit Three Ways to Register for FEMA Disaster Assistance – YouTube.Additional Assistance and BenefitsStreamlined Application Requirements so you can apply for a low-interest, long-term disaster loan from the U.S. Small Business Administration (SBA) and for FEMA assistance at the same time.Support for Underinsured Claims to help with aspects of home repair not covered by insurance.Simplified Assistance for Entrepreneurs by providing self-employed survivors with initial financial support to replace disaster-damaged tools and equipment to help them land on their feet. Expanded Habitability Criteria to help survivors make their post-disaster homes safer and cleaner. Previously, for example, if a home had a leaky roof pre-disaster, that area of the home wouldn’t qualify.Make Accessibility Improvements to help survivors with disabilities improve their living conditions by making their homes even more accessible than they were pre-disaster.Streamlined Temporary Housing Assistance Applications by reducing documentation requirements for applicants who need to extend their stay in FEMA-supported temporary housing.Simplified Process for Appeals so survivors who wish to appeal FEMA’s decisions will no longer need to provide a signed, written appeal letter to accompany the supporting documentation.Computer Assistance for survivors who need to repair or replace disaster-damaged computers.Rental Assistance for Temporary Housing. If you suffered damage to your primary residence, FEMA may be able to provide rent for a temporary place to live while you are displaced. Rental assistance is intended to cover monthly rent, security deposit and cost of essential utilities such as electricity and water.FEMA’s Individuals and Household Program assistance is intended to help jumpstart your recovery. Here are some examples of basic needs:Home Repair Assistance may be provided to homeowners to repair the structural parts of your home. This includes windows, doors, floors, walls, ceilings, cabinets, heating, ventilation and air-conditioning system (HVAC), utilities (electrical, plumbing and gas systems) and entrance ways. FEMA may also reimburse for the actual cost to repair or replace your furnace, private well and septic system that was damaged or destroyed by the disaster.Even if you applied for federal assistance previously for other disasters in New Mexico, you could still apply to FEMA for assistance following the Oct. 19-20 severe storms and flooding in Chaves County.
angela.ambroise
Sat, 11/02/2024 – 17:29

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chavez County Flood

Source: US Federal Emergency Management Agency

Headline: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chavez County Flood

FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chavez County Flood

Chaves County homeowners and renters, who sustained damage from the Oct. 19-20, 2024, severe storm and flooding may be eligible for disaster assistance under FEMA’s Individuals and Households Program. FEMA disaster assistance may include grants for temporary housing and home repairs, to cover uninsured property losses, and other programs to help people recover from the effects of the disaster.FEMA’s assistance offers benefits that provide flexible funding directly to survivors when needed the most. In addition, FEMA’s new simplified Individual Assistance process and expanded eligibility allows New Mexicans access to a wider range of assistance including for serious needs.Serious Needs Assistance (SNA) provides funding for households to cover important items like water, food, first aid, breast-feeding supplies, infant formula, diapers, personal hygiene items, fuel for transportation or other emergency supplies for eligible households. To qualify for SNA, you must be displaced, need shelter or have other emergency costs due to the disaster on your application.Displacement Assistance (DA) provides people with up-front funds to assist with immediate housing options of their choice, to keep people housed. The money can be used to stay in a hotel, with family and friends or other options.Before receiving funds for Serious Needs Assistance (SNA) or Displacement Assistance (DA), an inspection is required to confirm eligibility.How to Apply to FEMANew Mexico residents can apply to FEMA for federal financial assistance three ways:Visit DisasterAssistance.gov,Download the FEMA App for mobile devices, or Call the FEMA Helpline at 800-621-3362. Calls are accepted every day from 5 a.m. to 9 p.m. MT. Help is available in most languages. Dial 711 or video relay services are available.To view an American Sign Language (ASL) video about how to apply visit Three Ways to Register for FEMA Disaster Assistance – YouTube.Additional Assistance and BenefitsStreamlined Application Requirements so you can apply for a low-interest, long-term disaster loan from the U.S. Small Business Administration (SBA) and for FEMA assistance at the same time.Support for Underinsured Claims to help with aspects of home repair not covered by insurance.Simplified Assistance for Entrepreneurs by providing self-employed survivors with initial financial support to replace disaster-damaged tools and equipment to help them land on their feet. Expanded Habitability Criteria to help survivors make their post-disaster homes safer and cleaner. Previously, for example, if a home had a leaky roof pre-disaster, that area of the home wouldn’t qualify.Make Accessibility Improvements to help survivors with disabilities improve their living conditions by making their homes even more accessible than they were pre-disaster.Streamlined Temporary Housing Assistance Applications by reducing documentation requirements for applicants who need to extend their stay in FEMA-supported temporary housing.Simplified Process for Appeals so survivors who wish to appeal FEMA’s decisions will no longer need to provide a signed, written appeal letter to accompany the supporting documentation.Computer Assistance for survivors who need to repair or replace disaster-damaged computers.Rental Assistance for Temporary Housing. If you suffered damage to your primary residence, FEMA may be able to provide rent for a temporary place to live while you are displaced. Rental assistance is intended to cover monthly rent, security deposit and cost of essential utilities such as electricity and water.FEMA’s Individuals and Household Program assistance is intended to help jumpstart your recovery. Here are some examples of basic needs:Home Repair Assistance may be provided to homeowners to repair the structural parts of your home. This includes windows, doors, floors, walls, ceilings, cabinets, heating, ventilation and air-conditioning system (HVAC), utilities (electrical, plumbing and gas systems) and entrance ways. FEMA may also reimburse for the actual cost to repair or replace your furnace, private well and septic system that was damaged or destroyed by the disaster.Even if you applied for federal assistance previously for other disasters in New Mexico, you could still apply to FEMA for assistance following the Oct. 19-20 severe storms and flooding in Chaves County.
angela.ambroise
Sat, 11/02/2024 – 17:29

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: Disaster Recovery Center Opens in Gaston County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Gaston County

Disaster Recovery Center Opens in Gaston County

RALEIGH, N.C. – A Disaster Recovery Center (DRC) will open Sunday, November 3, in Dallas (Gaston County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene. The Gaston County DRC is located at: Dallas Civic Center206 S. Oakland St.Dallas, NC 28034Open: 8 a.m. – 7 p.m., Sunday through SaturdayA DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more. FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs, such as childcare, transportation, medical needs, funeral or dental expenses. To find additional DRC locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will open soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.   Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA App. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service.
barbara.murien…
Sat, 11/02/2024 – 19:02

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: Congressman Dan Goldman Pushes the Department of Justice to Ensure Election Workers are Safe Ahead of November Elections

Source: United States House of Representatives – Congressman Dan Goldman (NY-10)

More Than One-Third of Election Workers Have Experienced Threats, Harassment, Abuse

Read the Letter Here

Washington, DC – Congressman Dan Goldman (NY-10) joined Congresswoman Nikema Williams (GA-05) and 59 of his Democratic colleagues in sending a letter to U.S. Attorney General Merrick Garland and Deputy Attorney General Lisa Monaco urging the Department of Justice (DOJ) to take additional steps to protect election officials, workers, and volunteers in their workers as they carry out their duties during the 2024 election.

“According to recent surveys, more than one in three election officials have experienced threats, harassment, or abuse, and more than half who received threats were threatened in person. Additional research has tied this pervasive hostility to concerning levels of turnover among election workers, leading to increased strain on the expertise of those responsible for facilitating our elections,” the Members wrote.

In 2021, the Department of Justice acknowledged that its response to threats on election officials following the 2020 election was ‘inadequate’. While the Department’s Elections Threats Task Force demonstrates a strong commitment to election workers well-being, its plans to combat harassment of election workers on and after election day, remain unclear.

“With our concerns about threats increasing on and around Election Day itself, we request more information about the Department and the Election Threats Task Force’s rapid response plans to ensure election workers are able to safely, effectively, and securely carry out the 2024 election,” the Members concluded.

Read the letter here or below:

Dear Attorney General Garland and Deputy Attorney General Monaco:

We write to express our support of the Department of Justice’s Elections Threats Task Force amidst the severe and concerning attacks levied against election workers around the United States, and to call on the Department to take additional steps to protect election officials, workers, and volunteers: the people responsible for ensuring the success of our democracy.

According to recent surveys, more than one in three election officials have experienced threats, harassment, or abuse, and more than half who received threats were threatened in person. Additional research has tied this pervasive hostility to concerning levels of turnover among election workers, leading to increased strain on the expertise of those responsible for facilitating our elections. This turnover is more acute in the most competitive states, where election officials have been particularly targeted for harassment, and where the perception of effective and efficient election administration is particularly important given the scrutiny their results will likely receive.

We are concerned that the attacks on election workers will continue and increase as we approach the 2024 elections, and we are especially concerned about threats, harassment, and violence in the immediate run-up to Election Day, on Election Day, and throughout the counting, reporting, and certification process. In 2021, the Department acknowledged that their response to threats on election officials post-2020 election was “inadequate,” and we are grateful for the focus the Department has placed on ensuring a stronger response this election cycle.

With our concerns about threats increasing on and around Election Day itself, we request more information about the Department and the Election Threats Task Force’s rapid response plans to ensure election workers are able to safely, effectively, and securely carry out the 2024 election. We kindly request answers to the following questions:

1. What is the Department’s plan to ensure threats against election workers are addressed promptly?

2. How will the Department coordinate with federal and local law enforcement to determine the validity of a threat and ensure the safety of election workers?

1. What outreach has already occurred to law enforcement to ensure awareness of the proper forums to report threats against election workers and how to receive support from the Department?

2. What outreach has already occurred to local elections officials to ensure they have the resources and capabilities needed to identify and report serious threats?

3. How will the Department coordinate with local governments and local election administrators to ensure real-time information sharing regarding the safety of election workers?

1. What outreach has already occurred to local governments and election administrators to ensure awareness of the proper forums to report threats against election workers and how to receive support from the Department?

2. What precautions are being taken to ensure any public-facing updates do not unnecessarily expose local officials’ private information?

3. Does the Department have any dedicated personnel devoted entirely to outreach to election officials in critical periods like this? If not, what personnel is responsible for this outreach?

4. What resources, if any, has the Department developed, either on its own or in concert with partners such as CISA or the EAC, to provide security information to election workers?

1. If so, what outreach has been done to increase awareness of these resources?

2. If not, are there plans for developing new resources or updating older ones? Are there plans to engage stakeholders in the development of those resources?

5. What financial authorities, if any, has the Department utilized to build local capacity to protect election workers and respond to threats to election workers?

1. If financial authorities have been used, how?

6. What additional Congressional support would aid the Department in protecting election workers?

Thank you and the Department for your commitment to keeping the backbone of our democracy safe, and taking steps to ensure that officials are able to carry out free, fair, efficient, safe, and secure elections that enable all of our constituents to have their voices heard. We look forward to continuing to partner with you in defense of our democracy.

###

MIL OSI USA News –

January 26, 2025
MIL-OSI USA: Congressman Dan Goldman Requests Information on Bank of America Decision to Reverse Ban on Financing Assault-Weapons Manufacturers
Source: United States House of Representatives – Congressman Dan Goldman (NY-10)

Following Legislation Passed in Texas and Florida, Bank of America Backtracked Implementation of Landmark Financing Ban

Read the Letter Here

Washington, DC – Congressman Dan Goldman (NY-10) joined Congressman Sean Casten (IL-06) and 50 of his Democratic colleagues in sending a letter to Bank of America CEO and Chair of the Board Brian Moynihan requesting information regarding Bank of America’s decision to reverse their ban on financing assault-style gun manufacturers, who design weapons frequently used by perpetrators of mass shootings.

“We write with disappointment regarding the recent news that Bank of America has reversed its ban on financing assault-style gun manufacturers in response to pressure from Republican-led states, such as Florida and Texas. When the second-largest bank in the country backtracks on gun violence prevention, it sends a message to the entire industry: it’s permissible for other financial institutions to put short-term politics over the protection of American lives,” the Members wrote.

In 2018, following the Marjorie Stoneman Douglas High School mass shooting, Bank of America announced it would no longer finance military-style firearms for civilian use. Bank of America described the financing of these gunmakers as “contrary to our values, operating principles and Code of Conduct.”

However, in 2021, Texas passed a law restricting companies that discriminate against firearms entities from doing business with the state. In January 2024, Florida passed an anti-ESG law which required banks that accept state or local funds to verify they don’t “politically discriminate.”

In response, Bank of America weakened its policy, stating that financing military-style firearms would be subject to an “enhanced due-diligence process,” directly contradicting their 2018 proposal. The members contend that this policy change unnecessarily puts lives at risk.

“The strong positions by Bank of America in 2018 likely saved lives. Your retreat in recent years strikes us as situational ethics. Perhaps you fear the political risk of alienating certain politicians. We would suggest that pales in comparison to the fear felt by a classroom full of kids looking down the barrel of an assault rifle. The least you could do is show a fraction of the courage that too many children are asked to show in a country awash in these weapons of war,” the Members continued.

The members concluded asking the following questions regarding Bank of America’s policy change:
1. “Since 2018, what steps has Bank of America taken to reverse its prior policies and decisions that were intended to reduce gun violence?
2. Please explain why Bank of America now deems it appropriate to finance assault-style gun manufacturers.
3. Please detail how Bank of America implemented the enhanced due diligence standard and review process for clients and transactions involving the manufacture of military-style firearms for civilian use, including:
  1. What “specialized industry knowledge” did the internal subject matter experts (SMEs) possess that contributed to the development of this policy?
    
    What are their professional backgrounds?
  2. Please provide specifics about the “clear process” for review with senior executive checkpoints, escalation routines, and risk management considerations, including how Bank of America will assess the reputational and litigation risk associated with specific, potential clients.
  3. What factors would cause Bank of America to decide to provide financing or underwriting to a manufacturer of military-style firearms for civilian use?
4. Since this enhanced due diligence process was put in place, what, if any, financing or underwriting has Bank of America provided to firearm manufacturers, including those specified below?
  1. Sturm Ruger & Company (RGR)
  2. Smith and Wesson (SWBI)
  3. Axon (AXON:US)
  4. Sportsman’s Warehouse Holdings (SPWH)
  5. Big Five Sporting Goods Corporation (BGFV)”
Read the letter here or below:

Dear Mr. Moynihan,

We write with disappointment regarding the recent news that Bank of America has reversed its ban on financing assault-style gun manufacturers in response to pressure from Republican-led states, such as Florida and Texas. When the second-largest bank in the country backtracks on gun violence prevention, it sends a message to the entire industry: it’s permissible for other financial institutions to put short-term politics over the protection of American lives.

In 2018, following the Marjorie Stoneman Douglas High School mass shooting, Bank of America announced that it would no longer finance military-style firearms for civilian use. In an interview that April, Vice Chair Anne Finucane stated that Bank of America wants to contribute in “any way we can” to reduce mass shootings. Specifically, Ms. Finucane said: “It’s our intention not to finance these military-style firearms forcivilian use” on a “go forward basis.” At Bank of America’s annual shareholder meeting that same month, one conservative activist said the bank was “willfully giving up money.” You responded to shareholders that the policy change was prompted in part because more than 150 Bank of America employees “directly lost a relative in the shootings in the last couple [of] years.”

Remington, Vista Outdoor, and Sturm, Ruger & Co. were three of your clients affected by this policy change in 2018. Remington made the Bushmaster assault weapon that was used in the 2012 mass shooting that killed 26 children and educators at Sandy Hook Elementary School in Newtown, Connecticut. Remington had been a client of Bank of America since at least 2012 until the bank cut ties—but only after contributing $43 million to a lending package that helped Remington exit bankruptcy in 2018. Vista Outdoor sold rifles and shotguns, including AR-15-style weapons, until 2019, when Bank of America helped finance Vista’s acquisition of another sporting goods company in 2016. Lastly, Sturm Ruger makes the AR-556 pistol, which resembles an AR-15-style rifle but has been designed to circumvent existing gun laws. This weapon was used in the 2021 mass shooting that killed ten people at a King Soopers supermarket store in Boulder, Colorado. In 2013, Bank of America extended a $25 million line of credit to Sturm Ruger. Between 2012 and 2018, Bank of America issued $273.6 million in bonds and loans to these firearm companies. To be clear, none of these guns are designed for hunting or for self-defense. They are designed to kill large numbers of people as quickly as possible.

In 2019, Bank of America described the financing of these gunmakers as “contrary to our values, operating principles and Code of Conduct” in its Environmental and Social Risk Policy Framework. In 2022, Bank of America reiterated that it “will not currently finance the manufacture of military-style firearms for non-law enforcement, non-military use.” Then in November 2023, Bank of America assured members of Congress that its “lines of business continue to follow this policy.”

However, in December 2023, Bank of America weakened its firearms lending policy in its updated policy framework, stating that financing military-style firearms would be subject to an “enhanced due diligence process” and review by the Senior-level Risk Committee. This directly contradicts Vice Chair Finucane’s 2018 statement that “going forward we will not finance the manufacture of these firearms.”

Recent reports suggest that this policy change was prompted by anti-ESG laws in states like Florida and Texas. In 2021, Texas passed a law restricting companies that “discriminate” against firearms entities from doing business with the state. Specifically, it requires that government contracts include a written verification that the company does not and will not “have a practice, policy, guidance, or directive that discriminates against a firearm entity or firearm trade association.”18 In October 2023, shortly before Bank of America changed its policy, the Texas Attorney General issued an advisory urging government entities to closely review these written verifications and consider other “red flags,” citing Bank of America’s approach towards certain firearm entities. More recently, in January 2024, Florida announced that it will begin enforcing violations of an anti- ESG law passed last year, which requires banks that accept state or local funds to verify that they don’t “politically discriminate.” In particular, these requirements prohibit banks from denying services on the basis of enumerated factors, including a company’s “engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition.” In May 2024, Florida enacted a law, effective July 1, 2024, that provides for a customer complaint process for alleged violations of these requirements and expands the scope to include non-Florida chartered banks.

The strong positions by Bank of America in 2018 likely saved lives. Your retreat in recent years strikes us as situational ethics. Perhaps you fear the political risk of alienating certain politicians. We would suggest that pales in comparison to the fear felt by a classroom full of kids looking down the barrel of an assault rifle. The least you could do is show a fraction of the courage that too many children are asked to show in a country awash in these weapons of war.

To that end, we seek clarification on this policy change and ask that you answer the following questions by August 8, 2024:
1. Since 2018, what steps has Bank of America taken to reverse its prior policies and decisions that were intended to reduce gun violence?
2. Please explain why Bank of America now deems it appropriate to finance assault-style gun manufacturers.
3. Please detail how Bank of America implemented the enhanced due diligence standard and review process for clients and transactions involving the manufacture of military-style firearms for civilian use, including:
  1. What “specialized industry knowledge” did the internal subject matter experts (SMEs) possess that contributed to the development of this policy?
    
    What are their professional backgrounds?
  2. Please provide specifics about the “clear process” for review with senior executive checkpoints, escalation routines, and risk management considerations, including how Bank of America will assess the reputational and litigation risk associated with specific, potential clients.
  3. What factors would cause Bank of America to decide to provide financing or underwriting to a manufacturer of military-style firearms for civilian use?
4. Since this enhanced due diligence process was put in place, what, if any, financing or underwriting has Bank of America provided to firearm manufacturers, including those specified below?
  1. Sturm Ruger & Company (RGR)
  2. Smith and Wesson (SWBI)
  3. Axon (AXON:US)
  4. Sportsman’s Warehouse Holdings (SPWH)
  5. Big Five Sporting Goods Corporation (BGFV)”
We look forward to your prompt response either in writing or via a briefing and the opportunity to continue to work together to stem the tragedies caused by gun violence and make our communities safer. Thank you foryour attention to this matter.

###

MIL OSI USA News –
January 26, 2025
MIL-OSI New Zealand: Todd McClay to lead large trade mission to China

Source: New Zealand Government

Trade and Agriculture Minister Todd McClay will lead a large trade delegation to the 7th annual China International Import Expo (CIIE) in Shanghai next week, followed by a visit to Guangzhou.

This year, almost 70 New Zealand companies will participate in CIIE, to interact with over 3,400 exhibitors and 410,000 visitors.

“This visit is part of the Government delivering on its promise to lead more trade missions than any previous administration during this term of parliament, Mr McClay says.

“China is our largest export market accounting for $38 billion in two-way trade. This is a significant economic partnership for both countries. It’s important we continue to invest in this relationship and grow the New Zealand economy by assisting our exporters to sell more,

“The CIIE will showcase New Zealand’s safe, high-quality and innovative products and our world-leading service sector to China’s growing middle class of over 500 million consumers.”

While supporting New Zealand exhibitors at the Expo, Minister McClay will also meet with Chinese trade leaders and deliver a keynote address at the Hongqiao International Economic Forum, underscoring New Zealand’s commitment to expanding its trade partnerships and reinforcing the Government’s goal of doubling New Zealand’s exports by value in ten years.

Following CIIE, Mr McClay will visit Guangzhou, a commercial gateway for New Zealand into southern China where he will engage with Kiwi businesses operating in the region.

“A strong export sector is part of our plan to grow the economy, lift incomes for kiwis, and create jobs.”

This will be Mr McClay’s second visit to China this year following political meetings in April.

MIL OSI New Zealand News –

January 26, 2025
MIL-OSI United Kingdom: New deal for biodiversity from using nature’s genetic information
Source: United Kingdom – Government Statements

Breakthrough deal struck on sharing the benefits from Digital Sequence Information (DSI) at CBD COP16 in Colombia
Negotiations on Digital Sequence Information (DSI) have concluded today (2 November) at CBD COP16 in Cali, Colombia.

DSI is genetic information that has been sequenced from the natural world, with the DNA code then made available online for use in research. This is the type of data used by companies across the world for the creation of new medicines, vaccines and other products. By continuing to ensure it is freely available digitally, it will enable scientists to share information and develop the products that we rely on, whilst supporting the conservation of nature.

This research can be applied to medicine, agriculture, conservation and public health, with benefits such as the development of vaccines or adapting plants to be more resilient to climate change.

The deal reached means businesses have the option of voluntarily contributing to a new fund – known as the Cali Fund – if they use this genetic information from nature.

This Fund will then support further use of DSI and the conservation and sustainable use of nature, with a significant proportion flowing to Indigenous People and local communities.

Nature Minister Mary Creagh said:

We have seen the many benefits of DSI, including identifying infectious diseases, predicting which plants will survive in a warming climate, or helping protect threatened species.

More than half of the global economy is estimated to be dependent in some way on the ecosystem services that nature provides, so this latest deal is critical in supporting future growth and development.

I would like to thank the UK negotiating team and all those involved who helped conclude these important negotiations.

Eva Zabey, Chief Executive at Business for Nature, said:

Nature underpins every aspect of our economy. The benefits of natural resources – including through digital sequencing – must be valued and shared fairly, which is why this deal is so important.

Ms Bupe Mwambingu, Biodiversity Partnerships Manager at Basecamp Research, a UK-based company which is working to build the first fully traceable DSI database, said:

We are thrilled to welcome the COP16 decision on Digital Sequence Information (DSI). We believe that by working together to address the challenges around DSI, we have a unique opportunity to accelerate the development of life-saving medicines, sustainable food supplies, and carbon-negative industries, while also driving the protection of our planet’s precious biodiversity.

Over 196 governments – plus businesses, researchers, Indigenous Peoples and local communities – have been involved in reaching this deal

The UK government will now work with industry on developing a voluntary mechanism.

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Updates to this page

Published 2 November 2024
MIL OSI United Kingdom –
January 26, 2025

Category: Economy

The Gilded Age

‘We stand at Armageddon’

Liberal democracy

The alternative

Nature Minister Mary Creagh said:

Eva Zabey, Chief Executive at Business for Nature, said:

Ms Bupe Mwambingu, Biodiversity Partnerships Manager at Basecamp Research, a UK-based company which is working to build the first fully traceable DSI database, said:

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