NewzIntel.com

Category: Economy

  • MIL-OSI United Kingdom: York care leavers celebrate award nomination during national Care Leavers’ Week

    Source: City of York

    Young care leavers from York’s Care Leavers Forum ‘I Still Matter’ are celebrating being nominated for a prestigious national award this Care Leavers’ Week (28 October-3 November).

    The group, which represents care leavers across the city, and City of York Council’s Pathway Team, which supports care leavers, have been shortlisted for the National Voice Awards 2024 in The Collaboration Award category.

    The shortlisting highlights the work the team and ‘I Still Matter’ group have been doing to work together to reshape and design the new local offer for care leavers. The project included consultations with wide groups of care leavers to ensure the new offering was designed around lived experiences, and includes increase support for care leavers who are parents and improvements to financial support, leisure and travel offering and wellbeing support. The awards will be announced on 30 October.

    National Care Leavers’ Week gives young care leavers the opportunity to challenge the perceptions given to them and raise awareness of the issues those in care face, whilst also celebrating the incredible things many go on to achieve. The theme this year will be: All of us, we are one.

    Events are being organised across the city to celebrate care leavers and the family, carers, friends, and mentors who support them.

    The council is also launching its new Care Leavers’ Offer during Care Leavers’ Week. The document sets out what young people leaving care can expect from the council and how they can access help and support.

    Danielle Johnson, the council’s, Director of Safeguarding, Children’s Services said:

    “We want to support our young people as they make the transition from care through to independent living and beyond, just as most parents support their children well into adulthood.

    “In York, we’re incredibly fortunate to have the support of some fabulous businesses and partners who help support our care leavers, through opportunities or Christmas gifts, work experience placements or apprenticeships. I’d like to thank all those who have helped support our care leavers over the last year. It really does take a village – or in our case, a city – to raise a child.”

    Abbie, a care leaver, said:

    “We’ve spent a lot of time working with the pathway team to co-produce the new offer.

    “We wanted an offer that was tailored more to the individual rather than a blanket offer – because we all need different things at different times.”

    Find more information on helping care leavers.

    MIL OSI United Kingdom –

  • MIL-OSI: Rising Star: Kommunitas Takes Home Emerging Launchpad of the Year Award

    Source: GlobeNewswire (MIL-OSI)

    JAKARTA, Indonesia, Oct. 28, 2024 (GLOBE NEWSWIRE) —  Kommunitas, a decentralized launchpad renowned for its focus on fairness and transparency, has been awarded the Emerging Launchpad of the Year at the India Blockchain Summit 2024. This recognition highlights Kommunitas’ innovative efforts in supporting early-stage blockchain projects, providing a trusted and inclusive environment for decentralized finance (DeFi) development.

    In 2024, Kommunitas made significant strides, supporting a wide range of blockchain projects through its decentralized launchpad. The platform has gained trust within the industry by focusing on inclusivity, transparency, and creating equal opportunities for both large and small investors alike. The India Blockchain Summit, which drew over 5,000 attendees, recognized these contributions, positioning Kommunitas as a leader in the decentralized finance movement.

    While Robby Jeo, CEO of Kommunitas, was unable to attend the event, Ashish Kumar Jain, Chief Information Officer (CIO) of Kommunitas, stepped in to accept the award on his behalf. Jain expressed the company’s appreciation for the recognition, noting the team’s collective dedication to driving blockchain innovation and fostering a transparent, community-driven ecosystem.

    Despite being unable to attend the event in person, Robby Jeo, CEO of Kommunitas, shared his thoughts on the recognition:

    “We are deeply honored to receive the Emerging Launchpad of the Year award. This achievement reflects the dedication and hard work of our entire team, along with the steadfast support of our community. I would like to offer my sincere thanks to the India Blockchain Summit organizers and everyone who has been part of our journey. We are excited to continue shaping the future of decentralized finance, empowering both projects and investors moving forward.”

    The Emerging Launchpad of the Year award positions Kommunitas as a key player in the blockchain and DeFi space, with significant innovations on the horizon that are expected to transform how decentralized projects are launched. As the platform continues to evolve, it remains focused on fostering inclusivity, transparency, and providing opportunities for blockchain projects and investors alike.

    About Kommunitas
    Kommunitas is a decentralized blockchain launchpad that connects blockchain projects with global investors through a fair, transparent, and inclusive platform. As a leader in decentralized finance, Kommunitas provides accessible solutions that empower both startups and investors in the growing blockchain ecosystem.

    Contact Information:
    Robby Jeo, CEO
    Email: bizdev@kommunitas.net
    Website: www.kommunitas.net

    Disclaimer: This content is provided by “kommunitas”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e80a97c9-4884-496a-b00b-9c4bdb9a9603

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fcb2f6a6-da21-4307-bce4-e7aee769f77a

    The MIL Network –

  • MIL-OSI USA: NASA Announces STEM Engagement Lead, Chief Economist Retirements

    Source: NASA

    NASA Administrator Bill Nelson announced Monday Mike Kincaid, associate administrator, Office of STEM Engagement (OSTEM), and Alexander MacDonald, chief economist, will retire from the agency.
    Following Kincaid’s departure on Nov. 30, Kris Brown, deputy associate administrator for strategy and integration in OSTEM, will serve as acting associate administrator for that office beginning Dec. 1, and after MacDonald’s departure on Dec. 31, research economist Dr. Akhil Rao from NASA’s Office of Technology, Policy and Strategy will serve as acting chief economist.
    “I’d like to express my sincere gratitude to Mike Kincaid and Alex MacDonald for their service to NASA and our country,” said Nelson. “Both have been essential members of the NASA team – Mike since his first days as an intern at Johnson Space Center and Alex in his many roles at the agency. I look forward to working with Kris Brown and Dr. Akhil Rao in their acting roles and wish Mike and Alex all the best in retirement.”
    As associate administrator of NASA’s Office of STEM Engagement, Kincaid led the agency’s efforts to inspire and engage Artemis Generation students and educators in science, technology, engineering, and mathematics (STEM). He also chaired NASA’s STEM Board, which assesses the agency’s STEM engagement functions and activities, as well as served as a member of Federal Coordination in STEM, a multiagency committee focused on enhancing STEM education efforts across the federal government. In addition, Kincaid was NASA’s representative on the International Space Education Board, leading global collaboration in space education, sharing best practices, and uniting efforts to foster interest in space, science, and technology among students worldwide.
    Having served at NASA for more than 37 years, Kincaid first joined the agency’s Johnson Space Center in Houston as an intern in 1987, and eventually led organizations at Johnson in various capacities including, director of education, deputy director of human resources, deputy chief financial officer and director of external relations. Kincaid earned a bachelor’s degree from Texas A&M and a master’s degree from University of Houston, Clear Lake.
    MacDonald served as the first chief economist at NASA. He was previously the senior economic advisor in the Office of the Administrator, as well as the founding program executive of NASA’s Emerging Space Office within the Office of the Chief Technologist. MacDonald has made significant contributions to the development of NASA’s Artemis and Moon to Mars strategies, NASA’s strategy for commercial low Earth orbit development, NASA’s Earth Information Center, and served as the program executive for the International Space Station National Laboratory, leading it through significant leadership changes. He also is the author and editor of several NASA reports, including “Emerging Space: The Evolving Landscape of 21st Century American Spaceflight,” “Public-Private Partnerships for Space Capability Development,” “Economic Development of Low Earth Orbit,” and NASA’s biennial Economic Impact Report.
    As chief economist, MacDonald has guided NASA’s economic strategy, including increasing engagement with commercial space companies, and influenced the agency’s understanding of space as an engine of economic growth. MacDonald began his career at NASA’s Ames Research Center in the Mission Design Center, and served at NASA’s Jet Propulsion Laboratory as an executive staff specialist on commercial space before moving to NASA Headquarters. MacDonald received his bachelor’s degree in economics from Queen’s University in Canada, his master’s degree in economics from the University of British Columbia, and obtained his doctorate on the long-run economic history of American space exploration from the University of Oxford.
    For information about NASA and agency programs, visit:

    Home Page

    -end-
    Meira Bernstein / Abbey DonaldsonHeadquarters, Washington202-358-1600meira.b.bernstein@nasa.gov / abbey.a.donaldson@nasa.gov

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Middle East: Foreign Secretary’s statement, 28 October 2024

    Source: United Kingdom – Executive Government & Departments 3

    Foreign Secretary David Lammy gave an oral statement to the House of Commons on the situation in the Middle East.

    Delivered on:

    With permission, Mr Speaker, I will make a statement on the Middle East.

    After over a year of horrifying violence, civilian suffering has increased, the conflict has widened, the risks of a yet wider regional war have risen.  

    Today, Mr Speaker, I want to address three elements of this crisis, and outline the urgent steps the Government’s taking in response.

    Mr Speaker, I will first consider events over the weekend. Targeted Israeli strikes hit military sites inside Iran, including a missile manufacturer and an air defence base.

    This was in response to Iran’s escalatory ballistic missile attacks on Israel condemned across the House. These attacks were the latest in a long history of malign Iranian activity. Its nuclear programme, with their total enriched uranium stockpile now reported by the IAEA to be thirty times the JCPoA limit. And political, financial and military support for militias, including Hizballah and Hamas.

    Let me be clear. The Government unequivocally condemns Iranian attacks on Israel. This Government has imposed three rounds of sanctions on Iranian individuals and organisations responsible for malign activity, most recently on the fourteenth of October. And we have consistently supported Israel’s right to defend itself against Iranian attacks, and attacks by Iranian-backed terrorists, whose goal is the complete eradication of the Israeli state. We do not mourn the deaths of the heads of proscribed terrorist organisations.

    The priority now is immediate de-escalation. Iran should not respond. All sides must exercise restraint. We do not wish to see the cycle of violence intensifying, dragging the whole region into a war with severe consequences. Escalation is in no one’s interest as it risks spreading the regional conflict further. We and our partners have been passing this message clearly and consistently. Yesterday, Mr Speaker, I spoke to Iranian Foreign Minister Aragchi and Israeli Foreign Minister Katz and urged both countries to show restraint and avoid further regional escalation.

    Mr Speaker, let me turn to the devastating situation in northern Gaza, where the United Nations estimates over four hundred thousand Palestinian civilians remain.

    Access to essential services worsen by the day. Yet still, very little aid is being allowed in. Israel’s evacuation order in the north has displaced tens of thousands of Palestinian civilians. Driven from destruction, disease, and despair. To destruction, disease and despair. Nine in ten Gazans have been displaced since the war began. Some have had to flee more than ten times in the past year. What must parents say to their children? How can they explain this living nightmare? How can they reassure it will ever end?

    There is no excuse for Israeli’s government’s ongoing restrictions on humanitarian assistance – they must let more aid in now. Aid is backed up at Gaza’s borders. In many cases funded by the UK and our partners. But now stuck, out of reach of those who need it so desperately. These restrictions fly in the face of Israel’s public commitments. They risk violating international humanitarian law. They are a rebuke to every friend of Israel, who month after month have demanded action to address the catastrophic conditions facing Palestinian civilians. So let me be clear once again. This Government condemns these restrictions in the strongest terms.

    Since our first day in office, the Government has led efforts to bring this nightmare to an end. We have announced funding for UK-Med’s efforts to provide medical treatment in Gaza, for UNICEF’s work to support vulnerable families in Gaza, for Egyptian health facilities treating medically evacuated Palestinians from Gaza.

    We are matching donations to the Disaster Emergency Committee’s Middle East Humanitarian Appeal. And, together with France and Algeria, we called an emergency UN Security Council meeting to address the dire situation. We sanctioned extremist settlers, making clear their actions do not serve the real interests of either Israel or the region.

    And we have moved quickly to restore funding to UNRWA, overturning the position of the last Government. We did that to support UNRWA’s indispensable role in assisting Palestinians, and to enable them to implement the recommendations of the independent Colonna report.

    All over the world, in every war zone, every refugee camp, the United Nations is a beacon of hope. And so it’s a matter of profound regret that the Israeli parliament is considering shutting down UNRWA’s operations. The allegations against UNRWA staff earlier this year were fully investigated, and offer no justification for cutting off ties with UNRWA.

    This weekend, we therefore joined partners in expressing concerns at the Knesset’s legislation, and urged Israel to ensure UNRWA’s lifesaving work continues. We call on UNRWA to continue its path to reform, demonstrating its commitment to the principle of neutrality.

    And finally, Mr Speaker, I will cover the conflict in Lebanon. A country that has endured so much in my lifetime and now sees fighting escalate once again, killing many civilians, and forcing hundreds of thousands from their homes. While in northern Israel, communities live in fear of Hizballah attacks, unable to return home.

    Here too, the Government has led efforts to respond. Our swift call for an immediate ceasefire was taken up by our partners and in the United Nations Security Council. The Defence Secretary and I have visited Lebanon, where Britain’s ongoing support for the Lebanese Armed Forces is widely recognised as an investment in a sovereign and effective Lebanese state.

    At the start of October, I announced ten million pounds for the humanitarian crisis in Lebanon. Last week, my Right Honourable Friend Minister Dodds announced further funding for the most vulnerable amongst those fleeing from Lebanon into Syria, while my Honourable Friend Minister Falconer joined the Lebanon Support Conference in Paris. And today, my Right Honourable Friend the Prime Minister will meet Prime Minister Mikati to reassure him of our support.

    Mr Speaker, across the region, our priorities are clear. De-escalation. Humanitarian assistance. Immediate ceasefires. Upholding international law. Political solutions.

    This is how we save lives. How we liberate hostages, like British national Emily Damari. And how we pull the region back from the brink.

    The Government has stepped up our diplomatic engagement to this end. The Prime Minister has spoken directly to both Prime Minister Netanyahu and President Pezeshkian. While I have made five visits to the region in just four months, held around fifty calls and meetings with Ministers and leaders in the region, and spoke this weekend to US Secretary Blinken, just back from the region.

    Mr Speaker, it is a source of deep frustration that these efforts have not yet succeeded. We have no illusions about the deep-seated divisions in this region. A region scarred by fighting and false dawns in the past. But it is never too late for peace. Never too late for hope.

    This Government will not give up on the people of the region. We will keep playing our part in achieving a lasting solution. So that, one day, they might all live side by side in peace and security.

    I commend this statement to the House.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Three takeaways from the first ICC WCF Europe and Asia Summit 

    Source: International Chamber of Commerce

    Headline: Three takeaways from the first ICC WCF Europe and Asia Summit 

    Here are 3 highlights from the event: 

    1. Accelerating the transition to a net-zero economy 

    Co-hosted by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), the Summit featured opening speeches by ICC Chair, Philippe Varin, ICC Secretary General John W.H Denton AO and WCF Chair Rifat Hisarcıklıoğlu with a clear message on the role of business to lead the charge on climate action in the final stretch ahead of the United Nations climate conference (COP29) in Baku from 11 to 22 November. 

    “Our collective response to the challenge of climate change will shape the world for generations to come. We are at a pivotal moment in history, where what we choose to do – or not do – will, most certainly, echo far into the future.”  

    ICC Chair, Philippe Varin 

    1. Boosting cross border business for SMEs 

    ICC’s new ICC One Click platform was unveiled by ICC Chair Philippe Varin.  Designed to help small businesses grow through international trade, ICC One Click is a one-stop gateway to ICC’s extensive and practical range of tools and services for every step of the trade journey. Available in several languages, the platform features trusted ICC solutions including ICC Model Contracts, Incoterms® Rules, ATA Carnets and Dispute Resolution – as well as specialised services made available by ICC institutional partners – such as the Global Trade Helpdesk. 

    1. Insights from the global real economy   

    Findings of the first ICC World Chambers Federation Global Economic Survey were presented at the Summit during a panel discussion led by ICC Lead Economist Melanie Laloum.  The “Chamber Pulse” survey captures insights from over 200 chambers of commerce from businesses on key economic and sustainability issues across economies that collectively account for 90% of global GDP.  

    Building on the resounding success of the ICC WCF World Chambers Congress, WCF regional summits are aimed at tackling global challenges through a regional perspective. They are co-hosted with local chambers further extending ICC’s impact and global reach. 

    The next regional summit will be the first WCF Africa Summit, hosted by Kenya. “Africa’s Global Future: Integrated, Innovative, and Sustainable” will take place from 9 to 11 April 2025 in Nairobi.     

    Learn more about the ICC World Chambers Federation. 

    MIL OSI Economics –

  • MIL-OSI USA: Pfluger Fly-By: October 25, 2024

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    Pfluger Fly-By: October 25, 2024

    Washington, October 25, 2024

    October 25, 2024

    DOE Cover-Up of LNG Report

    I led forty-five of my colleagues in sending a letter to Department of Energy (DOE) Secretary Jennifer Granholm raising serious concerns about the lack of transparency and accountability within the agency regarding the Biden-Harris Administration’s handling of liquefied natural gas (LNG) exports.

    In the letter, we write: “The Biden-Harris Administration’s attempt to conceal its findings on liquefied natural gas impacts is troubling. Despite evidence that U.S. LNG benefits both the economy and global energy security, the Department of Energy has imposed an indefinite ban on LNG exports to non-free trade agreement countries without legal justification.”

    The American people deserve accountability on the decision-making process surrounding our energy future. Read more in the Daily Caller here or below.

    CBP Releases Fiscal Year 2024 Border Apprehensions

    U.S. Customs and Border Protection (CBP) released final border encounters for Fiscal Year 2024, ending the year with 3 million illegal alien apprehensions and bringing the numbers under the Biden-Harris Administration up to over 10 million illegal aliens.

    For the past four years, the Biden-Harris Administration has unleashed chaos at American borders by reversing President Trump’s border policies and creating mass-parole programs. Their policies have allowed millions of inadmissible aliens to be released into our communities.

    House Republicans have fought to restore order at the border and enforce the laws on our books. It is four years too late for the Biden-Harris Administration to secure the border and protect Americans. Read the Committee on Homeland Security’s Startling Fact Sheet here or below.

    Federal Judge Orders Virginia to Add Noncitizens to Voter Rolls

    Today, a federal judge ordered the State of Virginia to reinstate 1,600 individuals who identified as noncitizens to their voter rolls. This move is alarming, especially during a presidential election year.

    My legislation preventing illegal aliens and foreign nationals from voting in Washington, D.C., and the Republican-led SAVE Act, which prevents noncitizen voting nationwide, both passed the U.S. House of Representatives. These bills are being held up in the Democrat-controlled Senate.

    This is not a partisan issue. Noncitizens, illegal immigrants, and foreign nationals do not have the right to vote in this country or determine the integrity of our elections. I will continue standing up for free and fair elections to ensure only citizens are voting in the United States of America.

    Meta Suppressing Political Content from Users

    For the past year, I have actively engaged with Meta, the parent company of Facebook and Instagram, and probed its decision to actively opt users out from viewing political content.

    Social media has become a vital tool for government agencies and Members of Congress to communicate with constituents. Preventing users from viewing political or social content is a grave threat, especially during emergencies or times of need. Read more about the letter in The Hill here or below.

    National Retail Federation ‘Crime Fighter Award’

    I am honored to be recognized as a Retail Crime Fighter by the National Retail Federation for my support of the Combating Organized Retail Crime Act.

    Organized retail crime is out of control across the country, harming small businesses and threatening public safety. As Chairman of the Homeland Security Subcommittee on Counterterrorism, Law Enforcement, and Intelligence, I have led the charge to address the cause of organized retail crime along with the impact on American businesses. We must continue to aid law enforcement across the country to deter retail crime.

    Female Athletes Lost Nearly 900 Medals to Transgender Athletes

    A U.N. report titled “Violence against women and girls in sports” revealed that female athletes have lost nearly 900 athletic competition medals to transgender athletes.

    As a father to girls in sports, this is unacceptable. I was proud to vote in favor of the Protection of Women and Girls in Sports Act, which protects female athletes by clarifying that under Title IX, sex shall be recognized solely on a person’s genetics at birth and blocks biological males from competing in school athletic programs for women or girls. It is sad that we must continue to fight for biological men to stay out of women’s sports.

    I will always defend the rights of women and girls to have fair competition in sports. Read more in the New York Post here.

    Biden-Harris Spent $900 Million on Flawed COVID-19 Campaign

    The U.S. House Committee on Energy and Commerce released a report unveiling the failings of a $900 million COVID-19 public relations campaign overseen by the U.S. Department of Health and Human Services. This campaign, funded by taxpayer dollars, was used to amplify flawed messaging on the COVID-19 pandemic.

    The Biden-Harris Administration’s guidance on the COVID-19 pandemic led to prolonged closures of small businesses and schools. I am proud of the Committee for uncovering the truth behind the Administration’s use of taxpayer dollars that led to public distrust in our public health institutions. Read the report here or below.

    Thank you for reading. It is the honor of my lifetime to serve you in Congress. Please follow me on Facebook, Instagram, and Twitter for daily updates.

    Rep. August Pfluger

    Member of Congress

    MIL OSI USA News –

  • MIL-OSI USA: Governor Lamont Announces FEMA Amends Major Disaster Declaration for August Storm To Include Public Assistance Program

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that he has received notification from the Federal Emergency Management Agency (FEMA) informing him that the major disaster declaration President Joe Biden approved for Fairfield County, Litchfield County, and New Haven County as a result of the historic rainfall and extreme flooding that region of Connecticut received on August 18, 2024, has been amended to include the governor’s request for FEMA’s Public Assistance Program.

    Approval of this program means that municipal governments within those three counties, as well as Connecticut state government and certain nonprofit organizations, are now eligible to apply for federal reimbursement of 75% of the costs associated with repairing and rebuilding uninsured damage to public infrastructure caused by the storm – such as roads, bridges, rail lines, schools, parks, and other facilities – and the costs associated with their emergency response and protective measures.

    Previously, the declaration was approved to include the Individual Assistance Program – which makes federal disaster funding available to individuals to cover the costs of uninsured damage to private property and other related emergency actions – and the Hazard Mitigation Program, which supports state and local governments with the costs of taking actions that can reduce or eliminate long-term risk to people and property from natural disasters. The initial declaration also brought Small Business Administration loan assistance to eligible businesses and individuals.

    In his application to FEMA, Governor Lamont estimates that state and local governments in these counties experienced roughly $14.3 million in damage to public infrastructure from this storm, with much of the damage impacting the transportation system, such as state and local roads and bridges, as well as the Waterbury Branch Line of Metro-North Railroad’s New Haven Line.

    Governor Lamont said, “Approval of this program will be a relief to many towns that experienced significant damage to public infrastructure from this storm, especially to roads and bridges that were completely destroyed and needed swift rebuilding to ensure that residents who live in these areas have access to critical routes. The Biden-Harris administration has been extremely helpful in their response to this unprecedented flooding event, and I thank FEMA and the Small Business Administration for their on-the-ground actions in Connecticut to help our residents and businesses recover. I also thank the members of Connecticut’s Congressional delegation for helping our state secure this declaration and the associated resources it provides.”

    U.S. Senator Richard Blumenthal said, “We’ve been holding our breath for this decision. In my multiple visits to towns hard hit by catastrophic flooding, I’ve seen the huge costs and consequences of rebuilding that such historic federal aid will support. It will enable public assets like roads and bridges to be rebuilt – better and stronger for the new weather normal – sparing Connecticut taxpayers most of the fiscal burden. It’s a day well worth the wait. Our state will be more resilient with less financial burden.”

    U.S. Representative Rosa DeLauro (CT-03) said, “The inclusion of the Public Assistance Program in this disaster declaration is a crucial step in helping Connecticut communities recover and rebuild. With this, local governments can now access federal support to cover the costs of restoring essential public infrastructure damaged by the storm. Roads, bridges, and other critical public infrastructure connect us to our workplaces, schools, and our families. Rebuilding them is key to our recovery. This support from FEMA means that our towns won’t have to bear the financial strain alone. I will continue to fight to ensure our communities receive the resources they need to recover.”

    U.S. Representative Jahana Hayes (CT-05) said, “Amending the major disaster declaration will unlock federal reimbursement resources for municipalities, state government and eligible nonprofits – reducing the financial burden in addition to restoring critical infrastructure. When Connecticut was impacted by record flooding, we received swift support from our federal partners. I remain grateful to the Biden-Harris administration for the continued support our residents, businesses, and communities have received to rebuild and recover.”

    U.S. Representative Jim Himes (CT-04) said, “So many in southwest Connecticut are still rebuilding from August’s devastating flooding. I was glad to help bring federal disaster relief to repair the damage and support families in need of assistance, and I’m thrilled that the program has been expanded to offer additional aid without raising property taxes. With this change, our towns will have access to the resources they need to restore roads, bridges, and other critical public infrastructure that Connecticut’s families depend on. Thank you to the Biden-Harris administration, Governor Lamont, and my Congressional colleagues for their continued efforts to support this disaster recovery effort.”

    The Lamont administration, through the Connecticut Division of Emergency Management and Homeland Security, will be in touch with municipal officials in the impacted areas to ensure they have information on how they can begin applying for federal disaster assistance under the Public Assistance Program.

    So far under his declaration, FEMA has approved more than $8 million in federal disaster assistance to Connecticut residents through the Individual Assistance Program. The deadline for residents to apply for the Individual Assistance Program is November 19, 2024.

     

    MIL OSI USA News –

  • MIL-OSI: Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 21 to 25 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, 28 October 2024, 06:00pm
      

    Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
    Category of securities: Ordinary shares (ISIN: FR0013269123)
    Period: From 21 to 25 October 2024

    In accordance with the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback programme, the Company operated, between 21 and 25 October 2024, the purchases of its own shares in view of their cancelation presented below.

    Aggregate presentation per day and per market

    Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code)
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 1,926 24.8716 AQEU
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 18,222 25.0016 CEUX
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 236 24.9000 TQEX
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 32,134 25.0057 XPAR
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 1,934 24.9800 AQEU
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 17,445 24.7951 CEUX
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 2,082 24.9595 TQEX
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 32,115 24.8554 XPAR
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 2,000 24.8600 AQEU
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 19,645 24.8445 CEUX
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 2,185 24.8602 TQEX
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 35,343 24.8299 XPAR
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 2,000 24.9800 AQEU
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 18,500 25.0168 CEUX
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 2,000 24.9800 TQEX
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 36,000 25.0313 XPAR
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 2,000 24.9800 AQEU
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 19,000 24.8760 CEUX
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 3,000 24.9200 TQEX
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 28,469 24.9479 XPAR
    * Four-digit rounding after the decimal TOTAL 276,236 24.9247  

    Detailed presentation per transaction

    Detailed information on the transactions carried out from 21 to 25 October 2024 is available on the Company’s website (www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

      Contact
      RUBIS – Legal Department
      Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network –

  • MIL-OSI: StoneX Expands with IIBX Membership, New Offices in Pune and Bengaluru, India

    Source: GlobeNewswire (MIL-OSI)

    BENGALURU, India, Oct. 28, 2024 (GLOBE NEWSWIRE) — StoneX Group Inc., a Nasdaq-listed Fortune 100 financial services firm, has announced the opening of its new offices in Pune and Bengaluru, with a collective capacity of 800 seats. This marks a significant expansion of its operations in India, and is part of StoneX’s strategy to leverage India’s deep talent pool.

    Since establishing its Global Capability Centre in India in 2019, StoneX has experienced remarkable growth, and now employs over 550 staff in-country, contributing to its global workforce of more than 4,300 employees.

    Greg Kallinikos, APAC CEO, StoneX, emphasised India’s pivotal role in the Group’s technological advancements. “India has consistently been at the forefront of technological innovation across various sectors, making it a natural choice for expanding our technology and support operations. The robust talent pool in the financial services sector has been another point of attraction in establishing our Global Capability Centres in Bangalore and Pune“, Kallinikos stated.

    Abbey Perkins, Chief Information Officer, StoneX, reiterated the company’s commitment to the Indian market. “This is a growing firm. We are a hiring firm, and our commitment to this market is strong“, Perkins said.

    Manu Dhir, General Manager, StoneX India, highlighted the company’s journey and future aspirations. “We started in India with one technology team for our Global Payments business, and have now matured into a cross-functional Global Capability Centre. We have been growing rapidly in terms of headcount numbers: almost 40% year-on-year. We offer substantial career growth opportunities, including leadership roles to our employees, and are also focused on recruiting top talent from local universities“, Dhir explained.

    GIFT City
    In addition to strengthening its Global Capability Centre presence in India, StoneX has established an office in GIFT City (Gujarat International Finance Tec-City) to facilitate trading in precious metals. StoneX successfully commenced operations in June 2024, trading in precious metals on the IIBX (India International Bullion Exchange), becoming the first international entity to be a trading and self-clearing member on IIBX.

    About StoneX Group Inc.:
    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    For more information please contact:
    Manu Dhir, General Manager, SNEX Technology Services Private Limited
    Manu.dhir@stonex.com
    www.stonex.com
    NASDAQ: SNEX

    The MIL Network –

  • MIL-OSI USA: Governor Murphy Holds Roundtable Discussion on Expanding Access to Public Contracting Opportunities for Historically Marginalized Businesses

    Source: US State of New Jersey

    Discussion Seeks to Address Findings of Statewide Disparity Study

     

    TRENTON – Governor Phil Murphy today held a roundtable discussion where he met with legislators and stakeholders to gather input on potential legislative remedies and ongoing administrative initiatives to eliminate disparities in the public procurement process and create a more equitable business environment for Minority and Women-Owned Business Enterprises (MWBEs) in New Jersey.

    The discussion follows the release of a comprehensive statewide disparity study earlier this year – the first since 2005 – which reviewed statewide procurement data relating to goods and services, professional services, and construction between 2015 and 2020, and found statistically significant disparities in the awarding of public contracts to MWBEs. The study was necessary so that the State had a legal basis for addressing these gaps. This discussion also follows a series of meetings over the past months led by the Governor’s Office and the Department of Treasury with community partners, faith leaders, labor, and diverse business chambers across the state.

    “One of New Jersey’s best attributes has always been its vast diversity. Our state is home to people of so many different backgrounds, who all deserve the opportunity to succeed in their chosen field; however, lingering inequities continue to create barriers to entry for our minority and women-owned businesses that want to contract with our state government. This is unacceptable and, with the help of our lawmakers and business community, we will take action,” said Governor Murphy. “Today’s meeting underscores our steadfast commitment to building a stronger, fairer, more equitable, and more inclusive New Jersey. I look forward to continuing this conversation and working with our partners in the Legislature and our state’s business community to create a system where all businesses can thrive.”

    The Governor was joined by Assemblywoman Shavonda Sumter, Chair of the Legislative Black Caucus; Senator Nellie Pou, Chair of the Legislative Latino Caucus; Assemblyman Sterley Stanley, Chair of the Asian American Pacific Islander Legislative Caucus; and Assemblyman Benjie Wimberly, Co-Chair of the Joint Committee on Economic Justice and Equal Employment Opportunity and Member of the Legislative Black Caucus.

    The African American Chamber of Commerce, the Statewide Hispanic Chamber of Commerce, the Women’s Chamber of Commerce, the Punjabi Chamber of Commerce, the Veteran’s Chamber of Commerce, and the NJ Diverse Business Advisory Council —  a coalition representing small and diverse businesses in New Jersey, such as LGBTQ+ and veteran-owned businesses — were also in attendance, in addition to Senior Pastor of Saint James AME Church Reverend Ronald Slaughter, Jo-Ann Povia, Chief of Staff to the Department of the Treasury and Associate Deputy State Treasurer, Michelle Bodden, Chief Diversity and Inclusion Officer at the Economic Development Authority, and Jayné Johnson, Director of the Governor’s Office of Equity.

    “I want to commend Governor Murphy for his courageous leadership in commissioning the public contracting disparity study that equips us to make long-needed reforms. I also want to thank the Treasurer and the Treasury team for their work in overseeing the disparity study and Chief Diversity Officer Candice Alfonso for getting it over the finish line, as well as our partners in the Legislature and the business community who joined us at the table today to discuss legislative reforms. The study— as an assessment tool— equips us to tailor remedies specific to the study’s findings and the nuances of New Jersey law,” said Jayné Johnson, Director, Governor’s Office of Equity. “Our office has convened the Cabinet and the authorities across state government in support of efforts to accelerate capacity-building through initiatives that engage historically marginalized businesses. We are also leading statewide efforts to advance people-centered workplace initiatives—recognizing that when our colleagues have a better awareness of their neighbors, the outcomes of our policies and systems are more equitable and responsive.”

    “From day one, Treasury has been committed to advancing the Murphy Administration’s goal of building a more equitable landscape for New Jersey businesses,” said State Treasurer Elizabeth Maher Muoio. “The recent disparity study overseen by Treasury’s Office of Diversity and Inclusion, led by Chief Diversity Officer Candice Alfonso, shone a light on inequities faced by diverse businesses in the public contracting system. This years-long effort will serve as a roadmap as the State plans responsive action to promote a more equitable procurement process.”

    “Under Governor Murphy’s leadership, New Jersey has made tremendous strides to increase transparency and create a more equitable economy, especially across state contracting opportunities for diverse entrepreneurs. I am proud of the investments we are making to bolster diverse-owned businesses and ensure they have the capacity to secure larger-scale contracts,” said NJEDA Chief Executive Officer Tim Sullivan. “But undoing decades of unfair treatment and unequal outcomes is a work in progress, and conversations like the one today are critical to guaranteeing our work to improve the procurement process is bold, meaningful, and transparent.”

    Throughout the Murphy Administration, the State has instituted a number of initiatives designed to promote equitable contracting practices and uplift small businesses across all sectors. This has ranged from bonding readiness assistance to matchmaking and outreach events, complementing a whole-of-government approach to create new opportunities for New Jersey’s MWBEs.

    Today’s discussion served as a valuable working session for representatives from the Executive and Legislative Branches to hear directly from industry stakeholders, fostering a collaborative foundation as the State works to establish concrete legislative solutions to make the public bidding process more accessible and resolve disparities in procurement processes.

    “We have a moral obligation to ensure economic opportunities for every New Jerseyan,” said Assembly Speaker Craig J. Coughlin. “Equity in the contracting process for minority- and women-owned businesses will benefit every corner of our state. We have demonstrated that when every community has the chance to thrive, it grows the entire economy. I commend the work of my colleagues in the Legislature, the Administration, and the business community to find solutions to the challenges outlined in the Disparity Study and look forward to our next steps.”

    “Today’s discussion will serve as an important foundation as we work on viable, long-term solutions to make New Jersey’s business community more equitable,” said Senator Nellie Pou, Chair of the Legislative Latino Caucus. “We must ensure our minority and women-owned businesses are able to succeed in New Jersey, especially when it comes to doing business with the State. I was pleased to see so many come together in collaboration this morning and look forward to continuing our work in this space.”

    “The findings of the New Jersey Disparity Study serve as a stark reminder of the long road we still must travel to ensure true equity for minority- and women-owned businesses in our state,” said Assemblywoman Shavonda E. Sumter, Chair of the Legislative Black Caucus. “This study sheds light on critical gaps that continue to limit fair access to government contracts and the essential resources needed to allow these businesses not only to compete but to thrive. Armed with this data, we’re seizing this opportunity to enact real change. After hearing from our communities and stakeholders earlier this year, we introduced a bold package of a dozen bills that will help shape a more inclusive New Jersey. One where every business owner has a fair shot at success. Roundtable discussions like today’s are vital steps forward, bringing us closer to a more equitable economy that benefits all New Jerseyans.”

    “The New Jersey Disparity Study authored an undeniable truth: minority and women-owned businesses are not being afforded the public contract opportunities that align with their product. This disparity does not reflect their ability to deliver quality services. Instead, it highlights systemic barriers that have gone unaddressed, barriers that allow state agencies to be relaxed about diversifying vendors and broadening business opportunities, and this demands immediate, decisive action,” said Assemblyman Benjie E. Wimberly, Co-Chair of the Joint Committee on Economic Justice and Equal Employment Opportunity. “Since this report was released, I have collaborated with many stakeholders like the African American Chamber of Commerce NJ and the New Jersey State Women’s Chamber of Commerce to launch a targeted legislative agenda focused on eliminating these obstacles and creating a more fair approach to market competition. But our commitment needs to go beyond legislation; it’s about real, actionable solutions for business owners and the government agencies responsible for contracting. By deepening our work with stakeholders and business leaders, we’re positioning New Jersey as a model of economic fairness and inclusion driving lasting impact for diverse business owners and strengthening our state economy.”

    “The recently released disparity study highlighted the urgent need for change, and this roundtable was an important step in ensuring that New Jersey’s public contracting opportunities reflect the diversity of our communities,” said Assemblyman Sterley Stanley, Chair of the Asian American Pacific Islander Legislative Caucus. “Minority- and women-owned businesses have faced significant marginalization, but by working with stakeholders, our fellow legislators, and government representatives, we can create pathways for all businesses to succeed in today’s marketplace.” 

    “I am grateful to Governor Murphy for his invitation to discuss how we move forward with policies and systems that will yield more equitable outcomes for the 1.2 million black residents and over 88,000 black owned businesses. Blacks have demonstrated tremendous patience, sacrifice, and support to help so many New Jerseyans to achieve their goals; now it’s time for the leadership within all sectors of our state to apply that same level of vigor and intentionality in partnership with the African American Chamber of Commerce of New Jersey to enable our constituency to achieve their dreams and aspirations,” said John Harmon, Founder, President, and CEO of the African American Chamber of Commerce of New Jersey.

    “Since the Disparity Study results were presented, the Governor’s Office has been highly engaged in keeping us informed. We’ve been part of roughly a dozen meetings, working closely together. While the findings are stark, the Governor’s Office has shown unwavering partnership from day one, committing to meaningful collaboration and sustained efforts. This joint approach aims to create a level playing field, drive increased competition, and ultimately secure greater savings for the state,” said Carlos Medina, Chair of the Statewide Hispanic Chamber of Commerce of New Jersey.

    “Governor Murphy’s proactive approach in addressing the findings of the disparity study is paving the way for a more inclusive economy in New Jersey,” said Robin Tabakin, Public Policy Leader and President Elect of New Jersey State Women’s Chamber of Commerce. “I appreciate that Governor Murphy has taken the initiative to sign legislation directing the Department of the Treasury to establish procurement goals that prioritize women, minority, veteran, and LGBTQ owned businesses. Additionally, by increasing delegated purchasing authority for state agencies from $46,000 to $250,000, he has empowered these agencies to create real opportunities for diverse businesses in state contracting. His commitment to working with state chambers is critical to building a stronger, more equitable economic future for all New Jerseyans.”

    “I want to applaud Governor Murphy and his Administration for the groundbreaking step they have taken toward remedying the stark economic injustices uncovered in this disparity study. As one of the founders of, and today’s representative of, the New Jersey Diverse Business Advisory Council—a coalition of diverse business chambers across the state, including the Veteran’s Chamber—I urge us all to continue to be reminded of the stark findings in this study and to ensure the remedies are inclusive of all the impacted communities outlined in the study, and even those not in the study, including our veteran, minority, and LGBTQ+ business owners. I look forward to working with the members of this roundtable and the community at large in the coming months to deliver on this critical initiative,” said Francisco Cortes, Founder of the NJ Diverse Business Advisory Council & President of the NJ State Veteran’s Chamber of Commerce.

    “The Punjabi Chamber of Commerce along with our fellow Asian Americans commends Governor Murphy for directing attention and resources to addressing disparity in public contracting opportunities for Minority and Women Business Enterprises. New Jersey is fortunate to have a Governor who not only recognizes the disparity but is willing to assert leadership in remedying this serious issue,” said Gurpreet “Gary” Pasricha, Founder of the Punjabi Chamber of Commerce.

    “By being the first Governor to conduct a disparity study in our state’s history, Governor Murphy has taken a measurable step towards fostering equity and inclusivity in our State’s multi-billion dollar contracting sphere. This conversation today to address these disparities not only highlights the commitment to achieving economic justice for all, but also sets a precedent for leadership in creating a more just society. As a faith leader, I will work to see that the state accomplishes this tall task and that the effects trickle down to every member of my community. I look forward to sharing this much-needed information with the various houses of worship and community groups throughout the state, as it all flows through us.  This is a pivotal step by the Governor that will indeed pave the way for meaningful change,” said Senior Pastor of Saint James AME Church Reverend Ronald Slaughter.

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: Conference “Ethics and AI: on the edge of technology and human values” was held with the support of the Moscow Exchange

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On October 24–25, 2024, the annual conference “Ethics and AI: on the Edge of Technology and Human Values” was held, organized by the Institute of Compliance and Business Ethics of the Higher School of Law at the National Research University Higher School of Economics with the support of the Moscow Exchange.

    The conference was attended by experts in the field of compliance, including representatives of regulators and major domestic companies, as well as scientific and professional communities.

    The conference discussed global trends in compliance and the use of artificial intelligence technologies to automate it. An exchange of practical developments and innovative solutions in the field of compliance took place, and changes in the regulatory environment were analyzed.

    Irina Grekova, Managing Director for Compliance and Business Ethics at Moscow Exchange:

    “The Russian compliance community continues to actively develop, adapting to modern realities and implementing best practices. Strengthening interaction between business, government agencies and expert organizations remains an important area. The conference once again confirmed that compliance today has become a full-fledged interdisciplinary science that requires the involvement of specialists of different levels: lawyers, economists, IT specialists and ethics specialists. All of them are developing their field, and by combining efforts, they provide a synergy effect in protecting and developing business. Moscow Exchange Group pays special attention to issues of increasing the transparency and efficiency of internal control procedures, as well as training employees and raising their awareness of compliance with regulatory requirements. In addition, we are expanding the use of digital tools to optimize compliance processes, which allows us to promptly identify potential threats and prevent violations of the law.”

    The conference included an award ceremony for the winners of the Compliance 2024 award. The award’s expert council awarded:

    Alfa-Bank – for the best EdTech solution in business education on compliance topics for entrepreneurs; MTS – for the use of modern technologies in creating the methodology and tools for managing SCM; B1 Group of Companies – for creating its own best compliance practices in the changing conditions in the field of professional audit services; KSK LLC – for its original approach to implementing a compliance culture taking into account limitations and opportunities; Anton Kuznetsov, Deputy Director of the Anti-Corruption Policy and Corporate Ethics Department at NOVATEK – for a proactive response to modern challenges and threats; Oksana Kaminskaya, Chairperson of the AML/CFT Committee at the Association of Belarusian Banks – for the effective implementation of compliance practices in the financial sector in the Republic of Belarus; Daria Afanasyeva, leading specialist of the Competence and Corruption Prevention Center of ANO Moscow Directorate of Transport Services – for an inspiring start in compliance.

    The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

    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.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n74360

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Over £1 billion to boost bus services across the country as bus fares capped at £3

    Source: United Kingdom – Executive Government & Departments

    The £3 fare cap will keep bus travel affordable while ensuring it is fair to taxpayers.

    • single bus fares to be capped at £3 until the end of 2025, ensuring services remain affordable and supporting travel in rural areas and towns
    • fare cap extension comes on top of nearly £925 million invested to deliver high quality services and protect vital bus routes up and down the country
    • part of government plans to end the postcode lottery of bus services, ensure access to opportunities and deliver growth

    Millions of people will enjoy better bus services as the government invests over £1 billion to protect vital bus routes and cap bus fares, particularly in rural communities and towns where there is a heavy reliance on buses. 

    Prime Minister Keir Starmer confirmed today (28 October 2024) that bus travel will be kept down at £3 at the Budget for an additional year – saving up to 80% on some routes. 

    Under the inherited plans, funding for the current cap on bus fares had been due to expire at the end of 2024, with fares set to soar by as much as £13 for the Leeds to Scarborough route, unless the government intervened to keep fares down.

    The government’s announcement will ensure fares remain affordable from 1 January 2025 and prevent a financial cliff-edge for bus operators that would have seen vital services put at risk across the country. 

    The £3 maximum fare cap will keep bus travel affordable while ensuring the cap is fair to taxpayers, helping millions of people access better opportunities and protect vital bus routes, particularly lifeline services in rural communities. 

    The cap means no bus fare will exceed £3, and routes where fares are less than £3 will only be allowed to increase by inflation in the normal way. Local authorities and Metro Mayors can also fund their own schemes to keep fares down, as is already the case in London, West Yorkshire and Manchester.

    Some of the biggest bus savings on some key routes up and down the country include: 

    Journey Normal fare Amount save under £3 cap % saving under £3 cap
    Newcastle to Middlesbrough £8.00 £5.00 63%
    Hull to York £8.50 £5.50 65%
    Leeds to Scarborough £15.00 £12.00 80%

    The cap is being funded by £151 million from government until the end of 2025. It comes as the Department for Transport confirms an additional £925 million for the 2025 to 2026 financial year to improve bus services across the country, bringing total bus investment at the Budget to over £1 billion.

    Local authorities can use the £925 million to introduce new bus routes, make services more frequent and protect crucial bus routes for local communities.

    Moving forward, the government will also explore more targeted options that deliver value for money to the taxpayer to ensure affordable bus travel is always available for the groups who need it the most – such as young people. 

    Transport Secretary Louise Haigh said: 

    Buses are the engines of economic opportunity across the country.  

    We know that reliable, affordable bus services are vital to keeping Britain moving. That’s why the government will cap fares at £3 for an additional year and provide over £1 billion to deliver better bus services. 

    This will avoid a cliff-edge at the end of this year and keep fares affordable across the country – improving access to opportunities, particularly in towns and rural areas, while offering value for the taxpayer. 

    Our bus revolution will give every community the power to take back control of their services, end the postcode lottery of services and turn the page on 4 decades of failed deregulation.

    The move comes ahead of the new Buses Bill, to be introduced later this parliamentary session, which will help bring an end to the current postcode lottery of bus services by empowering local authorities to deliver modern and integrated bus networks that put passengers at the heart of local decision making. 

    The bill will mean local transport authorities can emulate the huge success of publicly controlled buses in Greater Manchester and London. Greater Manchester’s successful Bee Network has already seen passenger numbers grow by 5% since public control began to be rolled out just a year ago.

    Buses remain the most used form of public transport across the country, but – after almost 4 decades of failed deregulation – thousands of vital services have been slashed, with passengers left frustrated at the lack of accountability. 

    Since 2010, the number of miles driven by buses has plummeted by around 300 million. The transformative work this government is doing will turn the tide by giving communities access to reliable and affordable services and the opportunity to have a real say in building local transport networks that work for them.

    David Sidebottom, director at the independent watchdog Transport Focus, said:

    We know that bus passengers want simpler, better value for money fares and buses provide a lifeline for so many people up and down the country. Our research shows the fare cap is having a big impact in helping more people get around by bus.

    We welcome the wider investment in services, and the announcement of a new £3 cap on bus fares will provide certainty for many people who are struggling and worried about the cost of travel.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Coface SA: Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Source: GlobeNewswire (MIL-OSI)

    Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Paris, 28 October 2024 – 18.45

    The rating agency Fitch affirmed today Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

    Fitch has also affirmed Coface SA’s Long-Term Issuer Default Rating (IDR) at ‘A+’, with a stable outlook.

    The rating action reflects “Coface’s very strong company profile and capitalisation, as well as a strong profitability through the cycle”. The stable outlook reflects Fitch’s view that “Coface continues to maintain sufficient rating headroom to withstand weaker macro-economic conditions and rising corporate default risk over the next 12-24 months”.

    In Fitch’s press release, the rating agency recognises Coface’s “very strong, well established and geographically diversified franchise in the global trade credit insurance sector”. Fitch highlights also that “factoring, information services and other fee-based activities enhance Coface’s business diversification”.

    Fitch views Coface’s financial performance “as strong across the economic cycle, underpinned by underwriting profitability and effective risk management and reinsurance”.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    2024 FINANCIAL CALENDAR
    9M-2024 results: 5 November 2024 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
    http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognised provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2023, Coface employed ~4,970 people and registered a turnover of €1.87 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Mnémonique: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2022 Universal Registration Document filed with AMF on 6 April 2023 under the number D.23-0244 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Blaine’s Bulletin: The Promise of NextGen MURR

    Source: United States House of Representatives – Representative Blaine Luetkemeyer (MO-03)

    For so many of us, cancer isn’t just a word—it’s personal.  Whether it’s touched a friend, family member, or even ourselves, cancer has left its mark on our lives and our communities. It’s a fight that impacts not only our loved ones but also our entire nation. But here in the Third District, we are leading the charge in the fight against this devastating disease. With each passing day, research and treatment options are advancing, and I’m proud to say that Missouri is at the forefront of that progress.

    Over the past 15 years, I’ve been an avid supporter of funding the nuclear reactor at the University of Missouri. This isn’t just about funding a reactor; it’s about powering life-saving discoveries. The NextGen MURR project will bring a new, 20-megawatt state-of-the-art research reactor to Mizzou, expanding critical medical isotope research and production for cancer treatments. These are the technologies that make a real difference in the lives of cancer patients—technologies that come from uranium, cobalt, and rare earth elements, which are the backbone of nuclear reactors and the radiopharmaceuticals they produce. NextGEN MURR builds on the legacy of the existing MURR facility, the only U.S. producer of four essential medical isotopes used to treat liver, thyroid, pancreatic, and prostate cancers.  This new reactor will allow Missouri to remain a global leader in the development of radiopharmaceuticals, strengthening our role in research that will impact healthcare nationwide. 

    This couldn’t have come at a more crucial moment. As the demand for critical minerals essential for lifesaving treatments is projected to surge by over 20% in the next decade—largely fueled by the increasing need for cancer therapies that rely on isotopes—NextGEN MURR is perfectly positioned to meet this challenge. Currently, MURR is already making significant contributions to healthcare, generating billions through enhanced diagnostics and treatment. With the development of NextGEN MURR, we have the potential to elevate that impact to an astounding $3 billion annually. 

    I began supporting the research reactor at the University of Missouri because I believed in its potential to change lives right here in the Third District. Supporting Missouri-based research has always been an easy decision for me—not just for the research dollars, but for positioning Missouri as a hub for innovation. Today, we’re seeing that vision realized as MURR leads groundbreaking work that’s saving lives and advancing cancer treatment. But this is just the beginning. As NextGEN MURR propels us into the next 15 years, driving new discoveries in nuclear research, medical treatments, and technological advancements that will directly benefit our district and our nation, its impact will extend far beyond the lab. It will create high-skilled jobs, boost our local economy, and ensuring more families in our community have access to cutting-edge treatments.

    I’ll leave you with this – I can assure you that the future of the Third District is bright as we lead the nation in nuclear research and medical technology, offering real hope in the fight against cancer. Our investment today is more than just a financial commitment; it’s a promise to future generations to come.  

    CONTACT US: I encourage you to visit my official website or call my offices in Jefferson City (573-635-7232) or Cottleville (636-327-7055) with your questions and concerns. If you want even greater access to what I am working on, please visit my YouTube site, Facebook page, and keep up-to-date with Twitter and Instagram. 

    ###

    MIL OSI USA News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $12.7 million, or $0.97 per basic share and $0.95 per diluted share, for the three months ended September 30, 2024 compared to net income of $11.8 million, or $0.80 per basic and diluted share, for the three months ended September 30, 2023. In addition, the Company generated net income of $36.9 million, or $2.81 per basic share and $2.78 per diluted share, for the nine months ended September 30, 2024 compared to net income of $34.2 million, or $2.42 per basic share and $2.41 per diluted share, for the nine months ended September 30, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, offset by a reduction in interest rates towards the end of the third quarter of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months and nine months ended September 30, 2024 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.62%, a return on average shareholders’ equity ratio of 16.48%, and an efficiency ratio of 36.04% for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company generated a return on average total assets ratio of 2.61%, a return on average shareholders’ equity ratio of 16.55%, and an efficiency ratio of 36.37%.
    • Net interest income increased by $1.2 million and $5.5 million, or 4.6% and 7.7%, respectively, for the three months and nine months ended September 30, 2024 compared to the same periods in 2023.
    • Our commitments, loans-in-process, and standby letters of credit outstanding totaled $659.0 million at September 30, 2024 compared to $719.6 million at December 31, 2023.

    Balance Sheet Summary

    Total assets increased $203.8 million, or 11.6%, to $2.0 billion at September 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase in net loans of $173.6 million and an increase in cash and cash equivalents of $29.1 million.

    Cash and cash equivalents increased $29.1 million, or 42.4%, to $97.8 million at September 30, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $228.0 million, partially offset by a decrease in borrowings of $57.0 million, an increase of $173.6 million in net loans, and stock repurchases of $2.4 million.

    Equity securities increased $2.4 million, or 13.5%, to $20.5 million at September 30, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $2.0 million in equity securities during the third quarter of 2024 and market appreciation of $445,000 due to market interest rate volatility during the nine months ended September 30, 2024.

    Securities held-to-maturity decreased $799,000, or 5.0%, to $15.1 million at September 30, 2024 from $15.9 million at December 31, 2023 due to $810,000 in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $173.6 million, or 11.0%, to $1.8 billion at September 30, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $569.2 million during the nine months ended September 30, 2024, consisting primarily of $499.7 million in construction loans with respect to which approximately 34.1% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the nine months ended September 30, 2024, we originated $44.7 million in commercial and industrial loans, $14.0 million in non-residential loans, $4.2 million in multi-family loans, and $600,000 in mixed-use loans.

    Loan originations during the nine months ended September 30, 2024 resulted in a net increase of $148.8 million in construction loans, $14.4 million in commercial and industrial loans, $9.2 million in non-residential loans, $3.6 million in multi-family loans, and $788,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $1.7 million in residential loans and $1.2 million in mixed-use loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of September 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $115,000.  

    Premises and equipment decreased $507,000, or 2.0%, to $24.9 million at September 30, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $217,000, or 23.4%, to $712,000 at September 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $486,000, or 1.9%, to $25.6 million at September 30, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.4%, to $13.5 million at September 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned decreased $478,000, or 32.8%, to $978,000 at September 30, 2024 from $1.5 million at December 31, 2023 due to a charge-off of $478,000 resulting from a decrease in the estimated fair value of the foreclosed property.

    Right of use assets — operating decreased $422,000, or 9.2%, to $4.1 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets decreased $548,000, or 6.8%, to $7.5 million at September 30, 2024 from $8.0 million at December 31, 2023 due to decreases in tax assets of $671,000, prepaid expenses of $56,000, miscellaneous assets of $4,000, and securities receivables of $1,000, partially offset by increase in suspense accounts of $184,000.

    Total deposits increased $228.0 million, or 16.3%, to $1.6 billion at September 30, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $230.5 million, or 30.3%, and NOW/money market accounts increased $83.5 million, or 57.4%, partially offset by decreases in savings account balances of $53.4 million, or 27.7%, and non-interest bearing demand deposits of $32.6 million, or 10.9%.

    Federal Home Loan Bank advances decreased $7.0 million, or 50.0%, to $7.0 million at September 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024. Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 were paid-off during the nine months ended September 30, 2024.

    Advance payments by borrowers for taxes and insurance increased $442,000, or 21.9%, to $2.5 million at September 30, 2024 from $2.0 million at December 31, 2023 due primarily to accumulation of real estate tax payments by borrowers.

    Lease liability – operating decreased $384,000, or 8.3%, to $4.2 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $2.4 million, or 17.8%, to $16.0 million at September 30, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable of $3.2 million and deferred compensation of $395,000, partially offset by a decrease in accrued expense of $810,000. The allowance for credit losses for off-balance sheet commitments decreased $130,000, or 12.5%, to $908,000 at September 30, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $30.3 million, or 10.8% to $309.6 million at September 30, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $36.9 million for the nine months ended September 30, 2024, the amortization expense of $1.4 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, a reduction of $652,000 in unearned employee stock ownership plan shares coupled with an increase of $532,000 in earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $10,000 in other comprehensive income, partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $6.7 million.

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

    Net Interest Income

    Net interest income was $26.3 million for the three months ended September 30, 2024, as compared to $25.1 million for the three months ended September 30, 2023. The increase in net interest income of $1.2 million, or 4.6%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases in 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balances on our savings and club deposits.

    Total interest and dividend income increased $6.0 million, or 17.2%, to $41.2 million for the three months ended September 30, 2024 from $35.1 million for the three months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $282.6 million, or 18.0%, to $1.9 billion for the three months ended September 30, 2024 from $1.6 billion for the three months ended September 30, 2023, partially offset by a decrease in the yield on interest earning assets by 6 basis points from 8.95% for the three months ended September 30, 2023 to 8.89% for the three months ended September 30, 2024.

    Interest expense increased $4.9 million, or 48.9%, to $14.9 million for the three months ended September 30, 2024 from $10.0 million for the three months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 59 basis points from 3.86% for the three months ended September 30, 2023 to 4.45% for the three months ended September 30, 2024 and an increase in average interest bearing liabilities of  $301.8 million, or 29.1%, to $1.3 billion for the three months ended September 30, 2024 from $1.0 billion for the three months ended September 30, 2023.

    Our net interest margin decreased 72 basis points, or 11.3%, to 5.68% for the three months ended September 30, 2024 compared to 6.40% for the three months ended September 30, 2023. The decrease in the net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a provision for credit loss of $105,000 for the three months ended September 30, 2024 compared to a provision for credit loss of $156,000 for the three months ended September 30, 2023. The credit loss expense of $105,000 for the three months ended September 30, 2024 was comprised of a credit loss expense for off-balance sheet commitments of $105,000 primarily attributable to an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments. The credit loss expense of $156,000 for the three months ended September 30, 2023 was comprised of credit loss for loans of $438,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $278,000 and credit loss expense reduction for held-to-maturity securities of $4,000.

    With respect to the allowance for credit losses for loans, we charged-off $82,000 during the three months ended September 30, 2024 as compared to charge-offs of $71,000 during the three months ended September 30, 2023. These charge-offs during the three months ended September 30, 2024 and 2023 were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the three months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 was $1.3 million compared to non-interest income of $221,000 for the three months ended September 30, 2023. The increase of $1.1 million, or 510.4%, in total non-interest income was primarily due to increases of $977,000 in unrealized gain on equity securities, $225,000 in other loan fees and service charges, $26,000 in miscellaneous other non-interest income, and $14,000 in BOLI income, partially offset by a decrease of $114,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 compared to an unrealized loss of $430,000 on equity securities during the three months ended September 30, 2023. The unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 was due to market interest rate volatility during the quarter ended September 30, 2024.

    The increase of $225,000 in other loan fees and service charges was due to an increase of $210,000 in other loan fees and loan servicing fees and an increase of $15,000 in ATM/debit card/ACH fees.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 11.7%, to $10.0 million for the three months ended September 30, 2024 from $8.9 million for the three months ended September 30, 2023. The increase resulted primarily from increases of $477,000 in real estate owned expense, $435,000 in salaries and employee benefits, $119,000 in occupancy expense, and $112,000 in outside data processing expense, partially offset by decreases of $53,000 in equipment expense, $39,000 in other operating expense, and $5,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.9 million and $4.4 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, we had approximately $203,000 in tax exempt income, compared to approximately $187,000 in tax exempt income for the three months ended September 30, 2023. Our effective income tax rates were 27.8% and 27.3% for the three months ended September 30, 2024 and 2023, respectively.

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

    Net Interest Income

    Net interest income was $77.5 million for the nine months ended September 30, 2024 as compared to $72.0 million for the nine months ended September 30, 2023. The increase in net interest income of $5.5 million, or 7.7%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the nine months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the balances of our savings and club deposits.

    Total interest and dividend income increased $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30, 2024 from $95.4 million for the nine months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $332.7 million, or 22.7%, to $1.8 billion for the nine months ended September 30, 2024 from $1.5 billion for the nine months ended September 30, 2023 and an increase in the yield on interest earning assets by 19 basis points from 8.66% for the nine months ended September 30, 2023 to 8.85% for the nine months ended September 30, 2024.

    Interest expense increased $18.7 million, or 79.9%, to $42.0 million for the nine months ended September 30, 2024 from $23.4 million for the nine months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.35% for the nine months ended September 30, 2023 to 4.36% for the nine months ended September 30, 2024, and an increase in average interest bearing liabilities of $355.6 million, or 38.2%, to $1.3 billion for the nine months ended September 30, 2024 from $931.5 million for the nine months ended September 30, 2023.

    Net interest margin decreased 80 basis points, or 12.2%, for the nine months ended September 30, 2024 to 5.74% compared to 6.54% for the nine months ended September 30, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $286,000 for the nine months ended September 30, 2024 compared to a credit loss expense totaling $767,000 for the nine months ended September 30, 2023. The credit loss expense reduction of $286,000 for the nine months ended September 30, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for off-balance sheet commitments of $130,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for loans of $145,000 for the nine months ended September 30, 2024 was primarily attributed to favorable trends in the economy.   The credit loss expense reduction for off-balance sheet commitments of $130,000 for the nine months ended September 30, 2024 was primarily attributed to a reduction of $69.1 million in the level of off-balance sheet commitments, partially offset by an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments during the quarter ended September 30, 2024.

    The credit loss expense of $767,000 for the nine months ended September 30, 2023 was comprised of credit loss expense for loans of $1.2 million, partially offset by a credit loss expense reduction for off-balance sheet commitments of $395,000 and credit loss expense reduction for held-to-maturity investment securities of $1,000.

    We charged-off $115,000 during the nine months ended September 30, 2024 as compared to charge-offs of $285,000 during the nine months ended September 30, 2023. The charge-offs of $115,000 during the nine months ended September 30, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $285,000 during the nine months ended September 30, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $126,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the nine months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the nine months ended September 30, 2024 was $2.6 million compared to non-interest income of $2.4 million for the nine months ended September 30, 2023. The increase of $277,000, or 11.8%, in total non-interest income was primarily due to increases of $772,000 in unrealized gains on equity securities, $196,000 in other loan fees and service charges, and $23,000 in miscellaneous other non-interest income, offset by decreases of $371,000 in BOLI income and $343,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $445,000 on equity securities during the nine months ended September 30, 2024 compared to an unrealized loss of $327,000 on equity securities during the nine months ended September 30, 2023. The unrealized gain of $445,000 on equity securities during the 2024 period was due to market interest rate volatility during the nine months ended September 30, 2024.

    The increase of $196,000 in other loan fees and service charges was due to increases of $164,000 in other loan fees and loan servicing fees, $27,000 in ATM/debit card/ACH fees, and $5,000 in savings account fees.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the nine months ended September 30, 2023. The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024 from $26.0 million for the nine months ended September 30, 2023. The increase resulted primarily from increases of $1.7 million in salaries and employee benefits, $800,000 in other operating expense, $475,000 in real estate owned expense, $286,000 in outside data processing expense, and $226,000 in occupancy expense, partially offset by decreases of $183,000 in equipment expense and $110,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $14.4 million and $13.4 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, we had approximately $597,000 in tax exempt income, compared to approximately $956,000 in tax exempt income for the nine months ended September 30, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the nine months ended September 30, 2023. Our effective income tax rates were 28.1% and 28.2% for the nine months ended September 30, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.4 million at September 30, 2024 compared to $5.8 million at December 31, 2023. At September 30, 2024 and December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. The other non-performing assets consisted of one foreclosed property at September 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets remained low at 0.27% at September 30, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of September 30, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at September 30, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at September 30, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $908,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.73% as of September 30, 2024.   At September 30, 2024, the Company had the ability to borrow $832.1 million from the Federal Reserve Bank of New York, $14.8 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of September 30, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of September 30, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

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

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
      September 30,   December 31,
      2024   2023
      (In thousands, except share
      and per share amounts)
    ASSETS          
    Cash and amounts due from depository institutions $ 16,023     $ 13,394  
    Interest-bearing deposits   81,766       55,277  
    Total cash and cash equivalents   97,789       68,671  
    Certificates of deposit   100       100  
    Equity securities   20,547       18,102  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $136, respectively)   15,061       15,860  
    Loans receivable   1,760,504       1,586,721  
    Deferred loan (fees) costs, net   (245 )     176  
    Allowance for credit losses   (4,833 )     (5,093 )
    Net loans   1,755,426       1,581,804  
    Premises and equipment, net   24,945       25,452  
    Investments in restricted stock, at cost   712       929  
    Bank owned life insurance   25,568       25,082  
    Accrued interest receivable   13,463       12,311  
    Real estate owned   978       1,456  
    Property held for investment   1,380       1,407  
    Right of Use Assets – Operating   4,144       4,566  
    Right of Use Assets – Financing   348       351  
    Other assets   7,496       8,044  
    Total assets $ 1,967,957     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities:          
    Deposits:          
    Non-interest bearing $ 267,592     $ 300,184  
    Interest bearing   1,360,475       1,099,852  
    Total deposits   1,628,067       1,400,036  
    Advance payments by borrowers for taxes and insurance   2,462       2,020  
    Borrowings   7,000       64,000  
    Lease Liability – Operating   4,241       4,625  
    Lease Liability – Financing   599       571  
    Accounts payable and accrued expenses   15,965       13,558  
    Total liabilities   1,658,334       1,484,810  
               
    Stockholders’ equity:          
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,020,602 shares and 14,144,856 shares outstanding, respectively   140       142  
    Additional paid-in capital   109,368       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (5,911 )     (6,563 )
    Retained earnings   205,699       175,505  
    Accumulated other comprehensive income   327       317  
    Total stockholders’ equity   309,623       279,325  
    Total liabilities and stockholders’ equity $ 1,967,957     $ 1,764,135  
               
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
                  (In thousands, except per share amounts)
    INTEREST INCOME:                      
    Loans $ 39,484   $ 33,757     $ 114,821     $ 91,826  
    Interest-earning deposits   1,472     1,181       4,058       2,886  
    Securities   227     199       662       650  
    Total Interest Income   41,183     35,137       119,541       95,362  
    INTEREST EXPENSE:                      
    Deposits   14,630     9,889       40,459       23,050  
    Borrowings   257     109       1,559       299  
    Financing lease   10     10       29       28  
    Total Interest Expense   14,897     10,008       42,047       23,377  
    Net Interest Income   26,286     25,129       77,494       71,985  
    Provision for (reversal of) credit loss   105     156       (286 )     767  
    Net Interest Income after Provision for (Reversal of) Credit Loss   26,181     24,973       77,780       71,218  
    NON-INTEREST INCOME:                      
    Other loan fees and service charges   589     364       1,613       1,417  
    Earnings on bank owned life insurance   167     153       486       857  
    Investment advisory fees   –     114       –       343  
    Unrealized gain (loss) on equity securities   547     (430 )     445       (327 )
    Other   46     20       90       67  
    Total Non-Interest Income   1,349     221       2,634       2,357  
    NON-INTEREST EXPENSES:                      
    Salaries and employee benefits   5,135     4,700       15,738       14,079  
    Occupancy expense   735     616       2,116       1,890  
    Equipment   187     240       661       844  
    Outside data processing   681     569       1,924       1,638  
    Advertising   128     133       310       420  
    Real estate owned expense   488     11       527       52  
    Other   2,607     2,646       7,864       7,064  
    Total Non-Interest Expenses   9,961     8,915       29,140       25,987  
    INCOME BEFORE PROVISION FOR INCOME TAXES   17,569     16,279       51,274       47,588  
    PROVISION FOR INCOME TAXES   4,883     4,436       14,416       13,413  
    NET INCOME $ 12,686   $ 11,843     $ 36,858     $ 34,175  
                           
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                      
    Earnings per share – basic $ 0.97     $ 0.80     $ 2.81     $ 2.42  
    Earnings per share – diluted   0.95       0.80       2.78       2.41  
    Weighted average shares outstanding – basic   13,075       14,743       13,108       14,143  
    Weighted average shares outstanding – diluted   13,417       14,822       13,279       14,192  
    Performance ratios/data:                      
    Return on average total assets   2.62 %     2.87 %     2.61 %     2.95 %
    Return on average shareholders’ equity   16.48 %     17.26 %     16.55 %     16.95 %
    Net interest income $ 26,286     $ 25,129     $ 77,494     $ 71,985  
    Net interest margin   5.68 %     6.40 %     5.74 %     6.54 %
    Efficiency ratio   36.04 %     35.17 %     36.37 %     34.96 %
    Net charge-off ratio   0.02 %     0.02 %     0.01 %     0.03 %
                           
    Loan portfolio composition:               September 30, 2024     December 31, 2023
    One-to-four family             $ 3,507     $ 5,252  
    Multi-family               202,516       198,927  
    Mixed-use               28,399       29,643  
    Total residential real estate               234,422       233,822  
    Non-residential real estate               30,312       21,130  
    Construction               1,368,222       1,219,413  
    Commercial and industrial               125,520       111,116  
    Consumer               2,028       1,240  
    Gross loans               1,760,504       1,586,721  
    Deferred loan (fees) costs, net               (245 )     176  
    Total loans             $ 1,760,259     $ 1,586,897  
    Asset quality data:                      
    Loans past due over 90 days and still accruing             $ –     $ –  
    Non-accrual loans               4,413       4,385  
    OREO property               978       1,456  
    Total non-performing assets             $ 5,391     $ 5,841  
                           
    Allowance for credit losses to total loans               0.27 %     0.32 %
    Allowance for credit losses to non-performing loans               109.52 %     116.15 %
    Non-performing loans to total loans               0.25 %     0.28 %
    Non-performing assets to total assets               0.27 %     0.33 %
                           
    Bank’s Regulatory Capital ratios:                      
    Total capital to risk-weighted assets               14.04 %     14.11 %
    Common equity tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 leverage ratio               14.76 %     16.21 %
                               
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,717,875     $ 39,484     9.19 %   $ 1,446,946     $ 33,757     9.33 %
    Securities   34,920       212     2.43 %     33,754       181     2.14 %
    Federal Home Loan Bank stock   712       15     8.43 %     929       18     7.75 %
    Other interest-earning assets   98,903       1,472     5.95 %     88,156       1,181     5.36 %
    Total interest-earning assets   1,852,410       41,183     8.89 %     1,569,785       35,137     8.95 %
    Allowance for credit losses   (4,914 )                 (4,404 )            
    Non-interest-earning assets   90,313                   85,133              
    Total assets $ 1,937,809                 $ 1,650,514              
                                       
    Interest-bearing demand deposit $ 228,975     $ 2,423     4.23 %   $ 78,768     $ 522     2.65 %
    Savings and club accounts   140,047       848     2.42 %     235,613       1,624     2.76 %
    Certificates of deposit   946,290       11,359     4.80 %     707,142       7,743     4.38 %
    Total interest-bearing deposits   1,315,312       14,630     4.45 %     1,021,523       9,889     3.87 %
    Borrowed money   23,603       267     4.52 %     15,631       119     3.05 %
    Total interest-bearing liabilities   1,338,915       14,897     4.45 %     1,037,154       10,008     3.86 %
    Non-interest-bearing demand deposit   271,207                   322,213              
    Other non-interest-bearing liabilities   19,758                   16,694              
    Total liabilities   1,629,880                   1,376,061              
    Equity   307,929                   274,453              
    Total liabilities and equity $ 1,937,809                 $ 1,650,514              
                                       
    Net interest income / interest spread       $ 26,286     4.44 %         $ 25,129     5.09 %
    Net interest rate margin               5.68 %                 6.40 %
    Net interest earning assets $ 513,495                 $ 532,631              
    Average interest-earning assets                                  
    to interest-bearing liabilities   138.35 %                 151.36 %            
                                           
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,672,582     $ 114,821     9.15 %   $ 1,353,446     $ 91,826     9.05 %
    Securities   34,071       607     2.38 %     39,375       589     1.99 %
    Federal Home Loan Bank stock   752       55     9.75 %     1,002       61     8.12 %
    Other interest-earning assets   93,417       4,058     5.79 %     74,308       2,886     5.18 %
    Total interest-earning assets   1,800,822       119,541     8.85 %     1,468,131       95,362     8.66 %
    Allowance for credit losses   (4,977 )                 (4,640 )            
    Non-interest-earning assets   90,087                   83,200              
    Total assets $ 1,885,932                 $ 1,546,691              
                                       
    Interest-bearing demand deposit $ 202,097     $ 6,300     4.16 %   $ 84,920     $ 1,433     2.25 %
    Savings and club accounts   160,296       3,032     2.52 %     262,977       5,373     2.72 %
    Certificates of deposit   880,741       31,127     4.71 %     567,378       16,244     3.82 %
    Total interest-bearing deposits   1,243,134       40,459     4.34 %     915,275       23,050     3.36 %
    Borrowed money   43,916       1,588     4.82 %     16,216       327     2.69 %
    Total interest-bearing liabilities   1,287,050       42,047     4.36 %     931,491       23,377     3.35 %
    Non-interest-bearing demand deposit   282,786                   329,993              
    Other non-interest-bearing liabilities   19,163                   16,373              
    Total liabilities   1,588,999                   1,277,857              
    Equity   296,933                   268,834              
    Total liabilities and equity $ 1,885,932                 $ 1,546,691              
                                       
    Net interest income / interest spread       $ 77,494     4.49 %         $ 71,985     5.31 %
    Net interest rate margin               5.74 %                 6.54 %
    Net interest earning assets $ 513,772                 $ 536,640              
    Average interest-earning assets                                  
    to interest-bearing liabilities   139.92 %                 157.61 %            

    The MIL Network –

  • MIL-OSI Canada: Regional Artificial Intelligence Initiative will support AI innovation and adoption in British Columbia

    Source: Government of Canada News

    PacifiCan funding of over $32 million will help businesses bring new technologies to market and adopt AI 

    October 28, 2024 – Burnaby, British Columbia – PacifiCan               

    Artificial Intelligence (AI) is a transformational opportunity for British Columbians. With a strong AI ecosystem – one that includes researchers developing technology, companies creating AI-based solutions to the world’s challenges, and adopters putting the power of AI to work in their operations – British Columbian businesses are well-positioned to leverage the power of AI to drive innovation across the province, creating jobs and economic growth.

    Today, the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced that businesses and not-for-profit organizations will be able to apply for funding from the new Regional Artificial Intelligence Initiative in British Columbia beginning November 18. In British Columbia, PacifiCan will deliver the RAII with $32.2 million, making investments that help businesses commercialize and adopt AI technologies. 

    To ensure that Canada stays at the forefront of innovation, the Government of Canada is making strategic investments that will help drive AI adoption across the country. This includes $200 million over five years for Canada’s regional development agencies (RDAs) to deliver the Regional Artificial Intelligence Initiative (RAII) to help businesses bring new AI technologies to market and speed up AI adoption across the country. 

    In British Columbia, PacifiCan will prioritize projects that not only have strong economic benefits but also bring positive outcomes for human health, the environment, and/or economic resilience and productivity across a wide range of sectors. PacifiCan will welcome project ideas from both businesses and not-for-profit organizations.

    PacifiCan is investing in British Columbian businesses, workers and organizations to ensure they have access to the tools they need to succeed at home and compete in the global economy.

    More information is available on PacifiCan’s web page: Regional Artificial Intelligence Initiative – Canada.ca

    MIL OSI Canada News –

  • MIL-OSI USA: CFTC Commissioner Pham Announces Global Markets Advisory Committee will Meet November 21

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee, announced the GMAC will hold a virtual public meeting Thursday, Nov. 21, from 9:30 a.m. to 10:30 a.m. EST. The meeting will be open to the public via live webcast or listen-only audio feed via telephone.

    “The GMAC is continuing to meaningfully address innovations in market structure through pragmatic recommendations for applying existing regulatory frameworks to new and emerging technology,” Commissioner Pham said. “I look forward to the presentations on tokenized collateral to improve operational efficiency and mitigate risks, and development of regulatory approaches to utility tokens.”

    At this meeting, the GMAC will hear a presentation by the Tokenized Collateral workstream of the GMAC’s Digital Asset Markets Subcommittee on expanding use of non-cash collateral through use of distributed ledger technology and consider a recommendation from the Subcommittee. The meeting will also include a presentation by the Utility Tokens workstream of the Digital Asset Markets Subcommittee summarizing their work to-date on defining utility tokens and developing guidance for market participants.

    A detailed agenda is available here.

    Under Commissioner Pham’s sponsorship, the GMAC has advanced 13 recommendations in less than a year, and continues making progress on developing solutions to the most significant challenges in global markets as set forth in its 2023-2025 work program. Learn more about the GMAC and its work here.

    Meeting Details

    What:

    Global Markets Advisory Committee Meeting

    Location (virtual):

    The meeting will take place virtually. Viewing instructions below

    When:

    Thursday, November 21, 2024

    9:30 a.m. – 10:30 a.m. (EST)

    Viewing/Listening Instructions: View a live webcast on CFTC.gov or through the CFTC’s YouTube channel. Use the numbers below to call in. Call-in participants should be prepared to provide their first name, last name, and affiliation, if applicable. Materials presented at the meeting will be made available on CFTC.gov.

    Participation Details

    Domestic Toll-Free:

     

     

    Domestic Toll:

     

    +1 833 568 8864 or +1 833 435 1820 

     

    +1 669 254 5252 or +1 646 828 7666 or +1 551 285 1373 or +1 669 216 1590 or (U.S. Spanish Lines) +1 415 449 4000 or +1 646 964 1167

     

    Webinar ID:

    161 533 1062

     

    Passcode: 990545

     

    International Numbers:

    International Numbers

    Additional information is available in the Federal Register.

    About the GMAC and Advisory Committees

    The GMAC was created to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. In June 2023, Commissioner Pham announced the leadership and membership of the GMAC and its subcommittees—the largest-ever single advisory committee initiative sponsored by the CFTC. Members include financial market infrastructures, market participants, end-users, service providers, and regulators. Harry Jung is the GMAC Designated Federal Officer, and Nicholas Elliot is the GMAC Alternate Designated Federal Officer.

    There are five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.

    MIL OSI USA News –

  • MIL-OSI: John Nicola’s Visionary Impact Earns Hall of Fame Induction in B.C.

    Source: GlobeNewswire (MIL-OSI)

    Vancouver, BC, Oct. 28, 2024 (GLOBE NEWSWIRE) — Nicola Wealth Management Ltd. (Nicola Wealth) is proud to announce that John Nicola, Chairman, Chief Executive Officer and founder of Nicola Wealth, will be inducted into the Business Laureates of British Columbia (BLBC) Hall of Fame. The award recognizes Mr. Nicola’s contributions to the province and Canada’s business communities and highlights his innovative approach to wealth management.

    The BLBC Hall of Fame was established by JA British Columbia (JABC) in 2005 to honour business leaders whose efforts have shaped the province and country. The Hall of Fame celebrates the lasting legacy these leaders leave for future generations.

    Since founding Nicola Wealth in 1994, John Nicola has been the driving force behind the firm’s remarkable evolution from a boutique practice into one of Canada’s fastest-growing private investment counsels. Under his visionary leadership, Nicola Wealth expanded from $80 million to a current total of over $16.4 billion in assets under management. His innovative approach to diversified investment strategies has influenced the financial planning landscape for many high-net-worth and ultra-high-net-worth individuals in Canada.

    As the organization has grown, so too has its dedication to making a positive impact. John’s legacy of “sharing the pie” exemplifies how visionary leadership, entrepreneurial spirit, and a commitment to mentorship and philanthropy can not only transform businesses but also enrich lives and inspire future generations.

    “It is a great honour to receive this recognition from the Business Laureates of B.C. Hall of Fame,” said Mr. Nicola. “This award reflects the incredible work of the entire Nicola Wealth team, whose commitment to innovation and excellence drives our success. As I shift my focus from daily operations to mentoring the next generation of leaders, I am excited about the opportunities ahead. Together, we will continue to make a positive impact in our community.”

    Chris Nicola, President of Nicola Wealth, added, “John’s vision and leadership have established a unique and better way for clients to grow and protect their wealth, create a legacy, and make a meaningful social impact. I am committed to continuing to build on this foundation to further elevate the standard of wealth management in Canada.”

    “John Nicola’s induction is a testament to his leadership and dedication to both business excellence and community impact,” said Wendi Campbell, JA British Columbia President and CEO. “His achievements have shaped the business landscape in B.C. and inspired future generations of leaders.” 

    Mr. Nicola will be inducted at the 2025 BLBC Hall of Fame Gala Dinner & Ceremonies in May. The event will bring together industry leaders, dignitaries and the business community to celebrate the achievements and legacies of these inductees.

    About Nicola Wealth 

    Nicola Wealth is an independent wealth management firm dedicated to serving the complex needs of high-net-worth individuals, families, and institutions. Today, the firm manages over $16.4 billion in assets for clients across Canada, with advisors in BC, Alberta and Ontario. Nicola Wealth delivers a level of diversification; building upon a foundation of publicly traded securities, providing access to a wide range of private asset classes including hard asset real estate, private equity, private debt, commercial mortgages and more.  For more information, please visit www.nicolawealth.com.   

    About the Business Laureates of British Columbia Hall of Fame

    The Business Laureates of British Columbia Hall of Fame was created by JA British Columbia in 2005 to honour the lifetime achievements of outstanding B.C. business leaders whose efforts have shaped our province and country. Nominations are open to the public to ensure B.C.’s diverse business community is represented and the broadest group of nominees is put forward. Laureates have demonstrated vision, leadership, integrity and legacy throughout their lifetime, and the Hall of Fame stands as a testament to the positive legacy they leave behind for future generations of business leaders. 

    For more information about the Business Laureates of British Columbia Hall of Fame and this year’s inductees, please visit the official website at https://businesslaureatesbc.jabc.ca/.

    The MIL Network –

  • MIL-OSI: Why $MAD is Positioned to Become the Next Big Meme Coin, and How MAD TAP Will Accelerate Its Growth

    Source: GlobeNewswire (MIL-OSI)

    Dubai, UAE, Oct. 28, 2024 (GLOBE NEWSWIRE) — In the rapidly evolving world of meme coins, where viral narratives and community-driven hype reign supreme, standing out from the crowd requires more than just a catchy name or fleeting trends. $MAD (Memes After Dark), a meme coin making waves in the crypto community, has emerged as a frontrunner in a crowded space. With a unique blend of strong storytelling, strategic partnerships, and an innovative ecosystem, $MAD is primed to reach the upper echelons of the meme coin landscape. One of the key drivers of this growth will be the launch of MAD TAP, an app that is poised to revolutionize the project and elevate it to new heights.

    The Cult-Like Community Behind $MAD

    The rise of meme coins often hinges on community loyalty, and $MAD has built a fanbase that’s more like a movement. From Twitter to Telegram, the $MAD community boasts an active and loyal group of supporters, often likened to a cult following. With over 96% of holders being diamond hands—a staggering figure for any crypto project—this is not just another speculative coin. The community’s devotion has been key to the project’s remarkable growth, including a jump from a $600K to a $42M market cap in a matter of days.

    This strong foundation is built on compelling storytelling, a well-executed narrative that intertwines humor, culture, and community values. The project doesn’t just ride the meme wave; it defines it. By appealing to both seasoned crypto enthusiasts and the broader public through entertaining and engaging content, $MAD has established itself as more than just another “pump and dump” meme coin. It is creating lasting value and a sense of identity within its ecosystem.

    The Power of MAD TAP: Bringing Utility to the Meme Coin Space

    While the meme coin market is often characterized by speculation, $MAD is taking a different approach by integrating real-world utilities into its ecosystem. MAD TAP is the flagship application that will serve as a game-changer for the project. In a space where most meme coins lack functional utility, MAD TAP is set to become a key differentiator.

    MAD TAP is not just a feature; it’s a strategic tool that will allow $MAD to transition from hype-driven growth to sustainable expansion. The app will provide users with real-world rewards, game economies, and utilities, expanding the $MAD ecosystem and giving holders tangible reasons to stay engaged. This utility adds a layer of depth that is often missing from meme coins, offering a degen-friendly space for collaboration and interaction that extends beyond the token itself.

    With multi-language support, including major Asian languages like Chinese and Korean, MAD TAP is set to open the doors for massive expansion into Asian markets. Following $MAD’s presence at Token2049 in Singapore, rumors are swirling that the project will aggressively expand in the region. This move could unlock significant liquidity and drive further adoption, making $MAD a truly global phenomenon.

    Strategic Partnerships and Upcoming CEX Listings

    $MAD has already secured high-profile partnerships with key players in the crypto ecosystem, further boosting its credibility. The project’s presence in large-scale events and massive Twitter Spaces with influential figures have solidified its standing in the broader community. These partnerships are not just for show—they reflect a long-term vision for growth and integration.

    Adding to the bullish sentiment, upcoming CEX listings are expected to give $MAD a significant boost. With these listings, $MAD will gain access to a broader range of investors, increased liquidity, and greater visibility. This is crucial as the meme coin market matures and transitions from niche communities to mainstream adoption.

    The Pokémon Connection: Building an IP for Mass Appeal

    One of the most intriguing aspects of $MAD is its potential to become the next Pokémon of the crypto world. The team has even brought a Pokémon advisor on board, signaling that the project is aiming for mainstream success far beyond the typical meme coin trajectory. This is not about short-term gains; $MAD is building an intellectual property (IP) that resonates emotionally with its community, similar to how Pokémon captured the imaginations of generations.

    This combination of viral meme culture, real utility, and mainstream appeal positions $MAD as a project with staying power. As the team continues to develop its ecosystem and roll out features like MAD TAP, it’s clear that $MAD has the potential to break out from the meme coin mold and evolve into a major player in the crypto space.

    Conclusion: The Road Ahead for $MAD

    $MAD is more than just a meme coin—it’s a project with a strong community, real-world utilities, and a vision for the future. The launch of MAD TAP will unlock new possibilities, expanding the ecosystem, increasing user engagement, and opening doors to new markets. With its strategic approach and dedicated following, $MAD is positioning itself to become the next blue-chip meme coin, and possibly, a cultural icon in the crypto world.

    As the project continues to grow and gain momentum, it’s clear that $MAD is not just riding the meme wave—it’s shaping the future of it.

    Website | Twitter | Telegram | Instagram | TikTok | DEXScreener | CoinMarketCap | CoinGecko

    MAD Token

    https://www.mad.vip

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. 

    The MIL Network –

  • MIL-OSI Global: How a Trump election win could hit the US food industry and leave millions of Americans hungry

    Source: The Conversation – UK – By Shonil Bhagwat, Professor of Environment and Development, The Open University

    Sheila Fitzgerald/Shutterstock

    As the US presidential election inches closer, a recent survey found that the economy is the top issue for voters, and many are also concerned about healthcare, foreign policy and inequality. Amid all the noise about these key issues however, food has received only marginal coverage in the campaigning despite the country’s high cost of living.

    Project 2025, a 900-page policy document produced by conservative thinktank the Heritage Foundation, has become a major talking point in the election campaign. Although Republican candidate Donald Trump has denied any links between his campaign and Project 2025, the people who have authored this document are no strangers to the former president, with more than half of the 307 contributors having served in the Trump administration or on his campaign or transition teams.

    Trump’s Democratic rival in the race to the White House, Vice President Kamala Harris, has been very vocal about the dangers to the American people if the Project 2025 proposals were to be implemented. Instead, her campaign has promised an “opportunity economy” to support the American middle class, which will seek to cut prices and taxes, lower household costs, and offer various tax reliefs.

    Analyses of Harris’ versus Trump’s economic policies suggest that the tariffs Trump has proposed will cause a rise in prices of imported goods – including food. On the other hand, Trump’s policies could lower energy costs because more domestic fossil fuel production could make US-produced foodstuffs cheaper.

    But Project 2025 proposes deregulation of US dietary guidelines and US food assistance programmes, including Supplemental Nutrition Assistance Program (Snap), Women, Infants and Children Program (WIC), and the National School Lunch Program. Democrats have argued that this will “drastically reduce” the access that families have to fresh American-grown food, threatening the health of the most vulnerable.



    Read more:
    How Harris and Trump’s economic pledges stack up

    Democrats have also claimed that Project 2025 policies would reduce support to small-scale farmers, favouring large agribusinesses while deregulating the flow of ultra-processed food manufactured and distributed by influential corporations. Some estimates suggest that 73% of US food supply is already made up of ultra-processed foods, and they have been found to provide 60% of the calories consumed by the average US adult.

    The links between ultra-processed food and negative health outcomes are increasingly being drawn. As such, food policy under Project 2025 would be very likely to have a negative impact on wider public health in the US.

    But at the same time, Project 2025 would probably make healthcare less affordable and more restrictive for millions of citizens. It promises to reinstate the ability of the pharmaceutical industry to fix prices, raising the cost of drugs for American people.

    It would also cut funding for health coverage for low-income Americans, threatening the survival of hospitals, health centres or doctors who serve those people.

    These healthcare policies, combined with deregulation of the food industry and dietary guidelines, as well as the defunding of food assistance programmes, could spell a triple whammy for the health and wellbeing of some of the most vulnerable people in America.

    How do Harris’s plans compare?

    Harris’s plans, on the other hand, aim to make healthcare less expensive and more accessible, particularly for those from vulnerable groups such as black Americans or those on low incomes, the elderly or veterans.

    But while these proposals might remove barriers to healthcare, they won’t directly improve food provision for Americans. Some of the proposals in Harris’s “opportunity economy”, however, could directly address the issue.

    The outcome of the presidential election could have serious consequences for food security and wellbeing – especially among America’s poorer populations.
    Tada Images/Shutterstock

    Harris’s proposals focus on strengthening and diversifying supply chains for food production, processing and distribution. She has been outspoken about investigating price-fixing of food products by large corporations – and prosecuting firms anywhere in the supply chain where this is found to have happened.

    Harris’s plans would also support small producers, processors, distributors, family farms and food and farm workers with more funding to compete with large conglomerates. This could result in more decentralised supply chains, which are known to make it easier to provide healthier food to more people by encouraging crop diversity and lowering the cost of fresh local products.

    And she is promising to crack down on mergers and acquisitions of food corporations, which are known to compromise the sustainable provision of healthy food by curbing farmers’ bargaining power and leaving communities with little say over how their land is used.

    Food is integral to the public sector economy, alongside things such as providing healthcare, protecting the environment and reducing inequalities. The organisation of the entire food system – from production to processing, trade to transport, and consumption to nutrition – needs to consider ways in which feeding a country can strenghten its public sector economy, and meet its obligation to the United Nations Sustainable Development Goals. The US has already made a commitment to these goals through global food security programmes like Feed the Future.

    These issues are especially pertinent to the US, as its food system is highly centralised. In fact, 6% of farms grow 60% of food. Meanwhile family farms – which represent 88% of the total – contribute only 19%. Harris’s proposals could go some way to correcting this imbalance. But the rhetoric coming from her rivals on the other hand could ultimately end up making the US worse off in terms of food provision and health.

    Shonil Bhagwat is a member of the UK Department for Environment Food & Rural Affairs Science Advisory Council: Social Science Expert Group and the National Trust, UK, Specialist Advice Network: Natural Environment Advisory Group. He has received funding from UK Research and Innovation (Research England, Natural Environment Research Council, Economic and Social Research Council), European Union Horizon 2020, The Leverhulme Trust, The Royal Society, and the British Ecological Society.

    – ref. How a Trump election win could hit the US food industry and leave millions of Americans hungry – https://theconversation.com/how-a-trump-election-win-could-hit-the-us-food-industry-and-leave-millions-of-americans-hungry-242316

    MIL OSI – Global Reports –

  • MIL-OSI USA: McConnell Announces Over $38 Million in Federal Funding for Kentucky’s Railroads

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) announced today that the U.S. Department of Transportation will award $32,183,290 to the R.J. Corman Railroad Group and $6,492,000 to the Louisville and Indiana Railroad Company (LIRC) through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program.

    R.J. Corman will use today’s award to rehabilitate tracks across multiple rail lines in Central and Western Kentucky, enhancing the efficiency and timeliness of its rail operations. The federal funding awarded to LIRC will support critical repairs to Clagg Bridge, an important rail bridge traversing the Ohio River between Louisville, Kentucky and Clarksville, Indiana that services both rail and waterway traffic.

    Today’s awards are funded through the Infrastructure Investment and Jobs Act as well as annual appropriations from Fiscal Year 2023 and Fiscal Year 2024. Senator McConnell, a senior member of the Senate Appropriations Committee, contacted the U.S. Secretary of Transpiration in support of both railways’ competitive grant applications and advocated for CRISI funding in both the Bipartisan Infrastructure Law and the annual appropriations process.

    “As a transportation and logistics hub, Kentucky’s railroads have been the linchpin of economic growth for generations of workers and job creators in the Commonwealth. The grants announced today will increase the speed, efficiency, and safety on two of Kentucky’s keystone rail operations, improvements that support good jobs and commerce across our state. I supported the Bipartisan Infrastructure Law precisely for projects like these, and I’ll continue to be a fierce advocate for Kentucky’s railroads, riverports, and waterways in years to come,” said Senator McConnell.

    “We are incredibly grateful to the Federal Railroad Administration for this grant, as well as to Senator McConnell, officials, and communities that supported this initiative. This partnership with R. J. Corman and Logan Aluminum underscores the power of collaboration between the public and private sectors. By leveraging federal infrastructure dollars alongside private investment, we are maximizing economic development opportunities for rail infrastructure in Kentucky. These enhancements will not only strengthen our ability to serve our customers but will also benefit a range of manufacturing companies and industries in central Kentucky. By improving the transportation of key commodities—such as agricultural products, automotive components, and raw materials—this project will bolster the region’s economy, expand market access, and enhance the overall efficiency of our supply chain,” said R. J. Corman Railroad Group President and CEO Ed Quinn.

    “The Louisville & Indiana Railroad is grateful for this award which will ensure that our 100-year-old lift span bridge over the Ohio River will remain a key component for our country’s economy for the next 100 years.  I would like to thank everyone that made this happen with a special thanks to Senator McConnell whose support is greatly appreciated,” said LIRC President John Goldman.

    MIL OSI USA News –

  • MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing healthy meals for kids in Manitoba

    Source: Government of Canada News

    We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression. Our economy shrank by 17 per cent and it’s been tough getting out of that. In recent weeks, we’ve had some good news. What we’ve been seeing is light at the end of the tunnel. We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.

    October 18, 2024 – Winnipeg, Manitoba

    Check against delivery

    I would like to begin by acknowledging that we are in Treaty 1 territory and that the land on which we gather today is the traditional territory of the Anishinaabeg, Cree, Ojibway, Oji-Cree, Dakota, and Dene Peoples, and the homeland of the Red River Métis.

    I want to start by saying a couple of things about the Canadian economy.

    We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression.  Our economy shrank by 17 per cent and it’s been tough getting out of that.  In recent weeks, we’ve had some good news.  What we’ve been seeing is light at the end of the tunnel.  We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.

    What kind of good news am I talking about?  First of all, inflation in September was at 1.6 per cent.  That is in the lower end of the Bank of Canada’s target range, below the central target of two per cent.  For the past nine months, inflation has been within the Bank of Canada’s target range.  I know that is a relief for people here.

    What that means is that interest rates are coming down, too.  Canada was the first G7 country to lower interest rates for the first time, the first G7 country to lower interest rates for the second time and the first G7 country to lower interest rates for the third time.  That is a relief for a lot of Canadians, a lot of Manitobans as well.

    Wages and employment are going up.  We had strong jobs numbers in September.  The Canadian economy added 47,000 new jobs and unemployment went down a bit.  For the past 20 months, wages have been outpacing inflation.

    All these things are important for Canadians, for families like the parents of the kids here who want to ensure they can take care of their kids, feed their kids, pay their mortgage, pay their rent.  What that economic progress means is that we as a country are able to make investments in our most precious resources, our kids.

    That is why we announced the National School Food Program in the 2024 Budget, which is, in my opinion, one of our government’s key programs.

    The National School Food Program is one of the most important investments we can make in our kids, in our families.  It’s $1 billion over five years.  It’s going to mean 400,000 kids can get fed at school, 400,000 kids who are hungry in their classroom are going to be able to have a snack or some breakfast or some lunch.  That’s going to make such a difference to them, to their teachers.  A family with two kids will save as much as $800 a year on groceries.

    We can only deliver a program like this when we have provincial partners who share our values, who share our commitment to Canada’s kids.  That’s what we have in Manitoba.  That is why I am deeply thrilled to be able to announce today that we have a deal with the great province of Manitoba to invest in school food for Manitoba’s kids.

    The federal government is investing $17.2 million over three years to expand school food programs in Manitoba.  Manitoba is putting money on the table too.  The result is 19,080 more kids in Manitoba are going to get school meals.

    Manitoba is, as usual, in a leadership position with Premier Kinew.  Manitoba is just the second province to conclude a school food deal.  It’s meaningful for every parent who has a kid and knows their kid is going to get a snack, for every kid who’s not going to be hungry.

    This is part of our government’s absolute commitment to investing in families and in children.  It is a companion program to our national system of early learning and childcare, and Manitoba is also playing a leadership role in the country.  You guys are down to $10 a day.  That is fantastic.  That is saving a family in Manitoba $2,610 per child per year, a real affordability measure.  There is also the Canada Child Benefit, where a family can get up to $7,787 per child per year thanks to that benefit.  When you put those programs together, this is a real investment in the most important people in our country, our kids.

    I would like to thank the Government of Manitoba, especially Premier Kinew, who is an excellent partner for us. Our work is not always easy but, because we share the same values, we are able to work together to get things done.

    We need our economy to grow, but that needs to be growth with a purpose. Our purpose needs to be to invest in Canadians.  There is no better investment and no more important investment that we can make than investing in our beautiful, amazing, precious children.  That’s what we’re here to celebrate today.  Thank you.

    MIL OSI Canada News –

  • MIL-OSI Global: Rising vet fees leave pet owners facing tough choices – and vets often bear the brunt

    Source: The Conversation – UK – By Rachel Williams, Reader in Human Resource Management, Cardiff University

    shutterstock SAI SU PAW KA/Shutterstock

    If you’re a pet owner, you may have noticed increases in your vet bills in recent years. The average cost of pet booster injections increased by 48% in the UK between 2020 and early 2024, while pet insurance prices rose by 21% in the year to March. Many families are struggling to afford care for their pets.

    But this situation isn’t just about rising prices – it’s about how these changes are affecting the people at the heart of veterinary care. For the past three years, I’ve been studying the experiences of early-career vets and what I’ve found is unsettling.

    The vets I spoke to described an emotional and ethical struggle that goes far beyond routine pet care. They’re increasingly having to balance the cost of treatment with the welfare of animals – sometimes being forced to euthanise otherwise healthy pets because the owners can’t afford treatment.

    Concerns about veterinary fees are also receiving national attention. The Competition and Markets Authority (CMA) is conducting an investigation into the sector, citing a lack of transparency in pricing and the dominance of corporate ownership. For example, 60% of UK vet practices are owned by just six companies, including VetPartners, MediVet and IVC.

    Strikes at branches of Valley Vets in south Wales – the first in the UK veterinary sector – have also drawn attention to the issue of pay and the rising cost of treatment. Staff at the practice, owned by York-based VetPartners, are demanding a fair wage and pushing back against fee hikes that are pricing owners out of care.

    For vets, the stakes are high. Many enter the profession out of a love for animals, but increasing costs force them into difficult conversations with owners who can’t afford the necessary treatment.

    One early-career vet I interviewed described treating a four-month-old puppy with a broken leg. The owners couldn’t pay for surgery and had to make the heartbreaking decision to put the dog down. This not only caused distress to the family but also to the veterinary team performing the procedure.

    Prevention

    Veterinary practices are increasingly promoting preventative care to help avoid costly treatment down the road. But some pet owners view this merely as an attempt to maximise profit.

    The Royal College of Veterinary Surgeons (RCVS), which regulates the sector, has expressed concern about a rise in abusive behaviour towards vets. The RCVS is encouraging owners to raise fee issues with practice owners rather than individual vets. Many practices have started removing abusive clients from their client lists, though some vets I spoke to were unhappy that abusive clients were allowed to return.

    Vet students are taught how to discuss costs with clients. For many new vets, however, these conversations are nerve-wracking, particularly when charges are high. Several vets described how they “forgot” to charge for items or charged reduced amounts when they believed the fees were too high. In some cases, the vets believed that managers chose not to notice, whereas others were criticised.

    But as vets gained experience, they also began to charge more accurately, partly due to valuing their training and expertise. They also realised that if they reduced a bill, clients were more likely to complain if the next vet charged correctly.

    60% of UK vet practices are owned by just six companies.
    FamVeld/Shutterstock

    I found evidence that over time some vets became less emotionally attached to their patients, particularly when they had no long-term relationship with the owner. They always wanted to reduce suffering and provide the best care. At the same time, though, they were exasperated at owners who acquired pets without investigating future costs or who failed to set money aside for emergencies.

    Some also expressed frustration at the owners of their practices imposing large fee increases. They described being ignored when warning managers that further fee increases would lead to a reduction in clients, and vindicated when clients left and associated income reduced.

    The CMA review could potentially reshape the veterinary sector, introducing greater price transparency and competition. The RCVS has welcomed the investigation, seeing it as an opportunity for much needed legislative reform.

    It is also seeking to extend its regulatory oversight to entire veterinary practices, not just individual vets and nurses. But it has warned the CMA to be cautious of breaking up businesses as this may lead to the closure of practices and leave pet owners without access to veterinary care.

    Crossroads

    The veterinary profession is at a crossroads. Rising costs, recruitment and retention challenges, as well as increasing emotional burnout are driving many vets to leave the profession. Meanwhile, pet owners are left struggling with tough decisions about how much care they can afford for their beloved animals.

    There are no easy answers. Teaching veterinary students how to offer treatment options that fit different budgets could help reduce the emotional burden on both vets and owners. Addressing vet retention through manageable working hours, supportive workplaces and fair salaries may also reduce pressures.

    Transparent pricing and educating owners about the real costs of pet care may help to enable more informed decisions. And giving vets a say in business and pricing decisions could help practices balance financial sustainability with compassionate animal care.

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

    – ref. Rising vet fees leave pet owners facing tough choices – and vets often bear the brunt – https://theconversation.com/rising-vet-fees-leave-pet-owners-facing-tough-choices-and-vets-often-bear-the-brunt-241647

    MIL OSI – Global Reports –

  • MIL-OSI Global: Alzheimer’s drug approved in the UK, but it won’t be available on the NHS – here’s why

    Source: The Conversation – UK – By Rahul Sidhu, PhD Candidate, Neuroscience, University of Sheffield

    Donanemab is delivered intravenously to slow the progression of Alzheimer’s disease. Studio Romantic/ Shutterstock

    The UK’s drugs regulator – the MHRA – has approved the Alzheimer’s drug donanemab, but it won’t be available on the NHS.

    The National Institute for Health and Care Excellence (Nice), which determines what treatments are available on the NHS, decided not to recommend donanemab for NHS use. This is because of its cost, potential side-effects and what some consider insufficient benefits.

    While Nice’s decision is disappointing for a lot of people (about 70,000 people people in England would have qualified to receive the drug), it’s important to know why the decision was made.

    Slowing decline

    A key characteristic of Alzheimer’s disease is the presence of amyloid plaques. These are sticky proteins that clump together and destroy brain cells (neurons), resulting in Alzheimer’s.

    Donanemab is a monoclonal antibody – a lab-made protein that targets and binds to amyloid to help eliminate it. This treatment is administered by an intravenous infusion, so the drug is delivered directly into the bloodstream. Each session lasts about 30 minutes and is needed every four weeks.

    In a clinical trial, donanemab was shown to be reasonably successful. The trial compared participants with early Alzheimer’s disease taking donanemab against those taking a placebo.

    Donanemab slowed the decline in memory and thinking by as much as 35% in people in the early stages of Alzheimer’s disease. This is the equivalent of reducing the disease’s progression by four to seven months. Participants taking donanemab experienced a 40% slower decline in their ability to perform daily tasks, including managing finances, driving and enjoying hobbies.

    Donanemab helps eliminate amyloid from the brain.
    Signal Scientific Visuals/ Shutterstock

    While these results are promising, it’s important to note that the clinical trial had some limitations.

    The trial lasted only 18 months, so it remains unclear how donanemab’s effects will play out long-term for those using it. Future studies will be needed to explore the long-term effects.

    Although the trial had a large sample size of 1,736 participants with early Alzheimer’s disease, 90% of the participants were white. More diversity in clinical trials is needed to ensure that donanemab is effective for people of all races and ethnic backgrounds. Unfortunately, this lack of diversity is a common issue in medical research.

    But the major drawback with donanemab was its side-effects. About 80% of the side-effects participants experienced were either mild or participants showed no symptoms at all and side-effects were only picked up in further tests.

    However, 15% of participants had a serious side-effect. This included brain swelling or small brain bleeds known as amyloid-related imaging abnormalities. This may initially cause mild symptoms such as headaches, confusion or dizziness. But without constant monitoring, these conditions can become detrimental to health.

    There were three deaths believed to be linked to this brain swelling among the 853 participants who were administered the drug.

    Another concern in using the drug relates to the existing difficulties with diagnosis. To even qualify for the treatment, patients must be in the very early stages of Alzheimer’s disease – and already have confirmed high amyloid levels through a PET scan or lumbar puncture.

    In the UK, only 2% of dementia patients receive these gold-standard diagnoses. More than one-third of people living with dementia don’t receive a diagnosis at all.

    Improved and more accessible diagnostic methods would ensure more patients are eligible to receive the drug at the optimal time.

    But the key reason donanemab isn’t available through the NHS is its cost. The treatment is estimated to cost around £25,000 a year per patient, based on the US cost. This does not include the expense of brain scans to monitor its effects.

    Additionally, it requires monthly infusions at the hospital and careful monitoring for side-effects, which may seem excessive considering the treatment’s modest benefits.

    The future for Alzheimer’s treatments

    Nice’s decision on donanemab closely mirrors the decision they made about lecanemab in August 2024. This was the first ever Alzheimer’s slowing drug approved by the MHRA, and, like donanemab, is only available via private healthcare. The reasons both drugs were rejected by the Nice and the NHS are similar – with costs and side-effects being the main concerns.

    While people with dementia and their families may feel let down by this decision, the fact that these new therapies can slow the disease, even slightly, offers hope.

    Nice will be reassessing donanemab in 2025. There are also over 100 drugs currently in clinical trials for treating Alzheimer’s. Hopefully, one of these will prove to be as effective, if not more effective, as donanemab but with fewer side-effects and at a lower cost.

    Still, it’s a remarkable step that there are two drugs licensed in the UK for treating Alzheimer’s. Although there’s still a way to go before an NHS treatment is readily available.

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

    – ref. Alzheimer’s drug approved in the UK, but it won’t be available on the NHS – here’s why – https://theconversation.com/alzheimers-drug-approved-in-the-uk-but-it-wont-be-available-on-the-nhs-heres-why-242127

    MIL OSI – Global Reports –

  • MIL-OSI USA: Pennsylvania Office of Outdoor Recreation Rolls Out ‘Elevate’ Initiative to Engage Outdoor Businesses

    Source: US State of Pennsylvania

    October 28, 2024 – Easton, PA

    Pennsylvania Office of Outdoor Recreation Rolls Out ‘Elevate’ Initiative to Engage Outdoor Businesses

    Pennsylvania Director of Outdoor Recreation Nathan Reigner visited Easton Outdoor Company to announce the launch of Elevate, a new business engagement initiative designed to strengthen Pennsylvania’s outdoor recreation industry by engaging directly with the businesses that drive it.

    The Elevate initiative will connect with outdoor recreation businesses across the Commonwealth to identify barriers to growth, develop workforce solutions, and highlight Pennsylvania as a premier destination for outdoor recreation and a place where related businesses can thrive. Pennsylvania businesses involved in or benefiting from outdoor recreation are invited to complete a brief questionnaire.

    This initiative advances Governor Josh Shapiro’s commitment to strengthening Pennsylvania’s outdoor industry, delivering on his promise to make Pennsylvania a national leader in outdoor recreation, entrepreneurial opportunity, and job creation.

    “Outdoor recreation is already a major economic driver in Pennsylvania and my Administration is working to grow the industry even further by connecting the dots between businesses in the Commonwealth’s outdoor recreation economy so they can help each other grow and succeed,” said Governor Shapiro. “This initiative is an example of how our commitment to outdoor recreation can lift up communities, create good jobs, and fuel economic growth across Pennsylvania. Outdoor recreation isn’t just about business or economics – it’s about our quality of life and enjoying the incredible natural beauty we’re lucky to have here in Pennsylvania.”

    Speakers Include:
    Nathan Reigner, Director of Outdoor Recreation
    Neil Fowler, Executive Director, Center for Strategic Partnerships, DCED
    Adam Fairchild, Easton Outdoor Company, Owner
    Karen Prieto, Twin Rivers Tubing, Owner
    Bill Strickland, Editorial Director, Hearst Publications
    Lamont McClure, Northampton County Executive
    Ken Brown, Vice Mayor, Easton City Council
    Frank Pintabone, Easton City Council

    MIL OSI USA News –

  • MIL-OSI USA: October 28th, 2024 Heinrich, Luján, Leger Fernández Welcome Over $1 Million to Break Down Barriers to Home Ownership for New Mexicans Living With HIV/AIDS

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    SANTA FE, N.M. — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representative Teresa Leger Fernández (D-N.M.) welcomed $1,345,637 for the Santa Fe Housing Trust to provide more pathways to first-time home ownership to 2,050 New Mexicans living with HIV/AIDS. 

    This grant is funded through the U.S. Department of Housing and Urban Development’s Housing Opportunities for Persons With AIDS (HOPWA) Program. The HOPWA program is the only federal program dedicated to the housing needs of people living with HIV/AIDS and their families.

    During the domestic HIV/AIDS crisis, individuals surviving with HIV/AIDS faced barriers to employment and incurred expensive medical costs. This trend continues and disproportionately impact low-income individuals who are struggling to afford stable housing even before diagnosis and treatment. The financial and health vulnerabilities associated with HIV/AIDS often result in housing instability and homelessness. Research shows individuals living with HIV/AIDS who have a stable place to live have more positive health outcomes and spend less time in hospitals or emergency rooms.

    “We should be making it easier for all New Mexicans to become homeowners. Full stop,”said Heinrich. “This funding will break down barriers for individuals living with HIV/AIDS to become first-time home buyers, ensuring more folks have a safe and secure place to call home. I’ll keep fighting to increase our housing stock, bring down the cost of housing, and ensure all people in our state have a shot at achieving the dream of home ownership.”

    “No New Mexican should ever worry about whether they will have a safe place to sleep at night,” said Luján. “I’m proud to welcome more than $1.3 million in federal funding that will help allow New Mexicans living with HIV/AIDS to secure permanent, stable housing so they can focus on their health. I will continue to fight to expand housing options for all New Mexicans.”

    “Home is more than a roof you live under, it provides safety and stability,” said Leger Fernández. “As we work to tackle the home affordability crisis across the country, we must use all tools available to help. We know one of the biggest hurdles homebuyers face is saving up for a downpayment. This $1.3 million for the Santa Fe Housing Trust will provide funding for important services like down payment reduction assistance for first-time home buyers living with HIV/AIDS. I’ll continue to fight for funding that helps our communities through legislation like my Home of Your Own Act which would also help first time homebuyers with down payment assistance.”

    Background

    Heinrich, Luján, and Leger Fernández are tireless advocates for lowering housing costs, increasing housing supply, and expanding housing affordability and access for families in New Mexico.

    Through Heinrich’s role as a member of the Senate Appropriations Committee, particularly through his seat as Chairman of the Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, Heinrich has worked to deliver millions of dollars to New Mexico for renters and home buyers.

    Most recently, Heinrich secured Committee support for the following investments in Fiscal Year 2025 (FY25) Appropriations:

    In Heinrich’s Fiscal Year 2024 Agriculture Appropriations Bill, he secured $1.6 billion for rental assistance, an increase of $120 million over Fiscal Year 2023. Heinrich’s 2024 Appropriations Bill also provided for a pilot program that decoupled rental assistance from Multifamily Direct Loans, preventing thousands of low-income families from losing rental assistance.

    Additionally, Heinrich secured $1,100,000 through the Fiscal Year 2024 Appropriations process for Santa Fe Habitat for Humanity to develop land into a mixed-income development focused on building 25 to 30 housing units for working families. In total, Heinrich has secured $14,500,000 in Congressionally Directed Spending (CDS) for northern New Mexico to address the housing shortage.

    In May, Heinrich, Luján, Leger Fernández, and the N.M. Congressional Delegation welcomed $11.8 million from the U.S. Department of Housing to support public housing authorities build, renovate, and modernize public housing across New Mexico.

    In February, Heinrich, Luján, Leger Fernández, and the N.M. Congressional Delegation welcomed more than $16 million in federal funding from the U.S. Department of Housing and Urban Development’s (HUD) Continuum of Care program to support New Mexico projects that provide housing assistance and supportive services to people experiencing homelessness.

    Luján has also been a champion of expanding access to affordable housing for all New Mexicans. Earlier this year, Luján partnered with Heinrich to push for more funding for Tribal housing programs.

    Through Luján’s work on the Senate Committee on Health, Education, Labor and Pensions, Luján has also fought to secure critical support for individuals living with HIV/AIDS.

    Luján introduced the bipartisan Ryan White PrEP Availability Act, bipartisan legislation to increase flexibility for Ryan White HIV/AIDS Program clinics, which provide care and treatment for individuals living with HIV/AIDS.

    In the Fiscal Year 2023 (FY23) Appropriations package, Luján secured $300,000 to advance the goals of his Oral Health Literacy Act and support the Ryan White HIV/AIDS Program.

    Heinrich and Luján have also introduced a number of bills to tackle New Mexico’s housing crisis.

    Last month, Heinrich introduced the New Homes Tax Credit Act, legislation that would provide tax credits to incentivize new investments and additional resources for single-family home construction and renovations for working families. The bill would address the lack of housing inventory for individuals and families whose incomes are up to 120 percent of the area median income (AMI), particularly including in areas where middle-income families have historically been priced out. In Albuquerque, Santa Fe, and Las Cruces, New Mexico, for example, this added housing inventory would benefit families with annual incomes of up to $103,680, $109,800, and $78,960, respectively.

    At a recent roundtable conversation with local educators in Albuquerque, Heinrich announced his Educator Down Payment Assistance Act, legislation designed to help more educators and school staff in New Mexico purchase a home and keep teachers in the communities where they teach.  

    In March, Heinrich co-led the First-Time Homebuyer Tax Credit Act, legislation to support homeownership among lower- and middle-income Americans by establishing a refundable tax credit worth up to 10 percent of a home’s purchase price – up to a maximum of $15,000 – for first-time homebuyers. 

    Heinrich also cosponsored the Housing for All Act, comprehensive legislation to expand access to affordable housing in New Mexico and supporting those experiencing homelessness. The bill would invest in proven solutions and provide a historic level of federal funding for strategic, existing programs to keep people housed and reduce homelessness, as well as for innovative, locally developed solutions to help vulnerable populations experiencing homelessness.

    Last year, Heinrich introduced the Affordable Housing Credit Improvement Act, which would help build over 14,000 new affordable homes in New Mexico over the next decade, generating over $2.5 billion in wages and business income. The legislation would support the financing of more affordable housing by expanding and strengthening the Low-Income Housing Tax Credit, our country’s most successful affordable housing program.    

    Heinrich also introduced the Delivering Essential Protection, Opportunity, and Security for Tenants (DEPOSIT) Act, which would help an estimated 12,000 New Mexican families access rental housing through the Housing Choice Voucher Program to pay security deposits and get into a rental home. Luján is also a cosponsor of this bill.

    In January, as Chairman of the U.S. Joint Economic Committee (JEC), Heinrich released a report highlighting policy approaches to increasing housing supply in America. Heinrich also chaired a JEC hearing on the report. His full opening statement can be found here.

    Luján introduced the bipartisan Homes for Every Local Protector, Educator, and Responder Act of 2023 or the HELPER Act of 2023, legislation that would establish a new home loan program under the Federal Housing Administration (FHA) to make homeownership more accessible to teachers and first responders.

    Luján also introduced the bipartisan Reforming Disaster Recovery Act, legislation that would establish a community disaster assistance fund for housing.

    Additionally, Luján introduced bipartisan legislation to expand Native American housing programs that builds on successful Native American housing programs at the Department of Housing and Urban Development (HUD) authorized by the Native American Housing Assistance and Self-Determination Act (NAHASDA).

    Luján and Heinrich introduced the bipartisan Native American Rural Homeownership Improvement Act of 2021, legislation that would expand an existing U.S. Department of Agriculture (USDA) pilot program and deploy loans to eligible Native borrowers.

    MIL OSI USA News –

  • MIL-OSI USA: Video: Cassidy Showcases Recent Energy Security Summit, Highlights Foreign Pollution Fee Act in New Video

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    (Click here to download and here to watch)  
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) showcased his recent “Louisiana Energy Security Summit: Unleashing America Abundance in a Changing Global Landscape” in a new video. The summit, hosted in Baton Rouge, Louisiana, in mid-October, brought together leaders from the federal, state, and local government, industry, the research community, and elsewhere. During his keynote address and fireside chat, Cassidy highlighted his Foreign Pollution Fee Act, which would even the playing field for American manufacturers while holding China accountable.
    “Right now, China is taking jobs from the United States by not enforcing environmental regulations. If the United States wants the jobs back, we got to begin to make China pay,” said Dr. Cassidy. “My Foreign Pollution Fee Act works for fairness, works for job creation, and stops giving China a cost advantage. It allows us to build a stronger economy not just for Louisiana but for our country.”  
    The summit featured ten panels which explored protecting U.S. interests from unfair trade practices, Louisiana’s low emissions manufacturing advantage, and the role of natural gas in strengthening U.S. geopolitical influence. Panelists included presidents and CEOs from Entergy, First Solar, Buzzi UnicemUSA, Orsted, and Aluminum Technologies, former Trump administration officials, and leaders from Louisiana trade associations and major energy and Fortune 500 companies. 
    Background
    Cassidy and U.S. Senator Lindsey Graham (R-SC) introduced their Foreign Pollution Fee Act to level the playing field with Chinese manufacturing and expand American production.
    In September, he released the 3rd episode of Bill on the Hill, where he highlights his Foreign Pollution Fee Act and discusses China’s growing economy and military coming at the expense of the American worker. After hearing fellow Americans share their concerns, Cassidy presented his plan to address the nexus between economic development, national security, and the environment. His Foreign Pollution Fee Act would even the playing field while holding China accountable.
    He penned editorials in Foreign Affairs, The Washington Times, and jointly in the USA Today Network discussing the geopolitical threat that China poses to U.S. global standing. Cassidy also joined Greta Van Susteren on Newsmax to discuss his foreign pollution fee, noting the competitive advantage China receives from intentionally ignoring environmental standards. 
    Last Spring, the Louisiana Senate and House of Representatives unanimously adopted a resolution urging Congress to pursue an industrial manufacturing and trade policy to counter competition from China. Learn more here. 
    Last Congress, Cassidy released a landmark energy policy outline in response to the Biden administration’s assault on domestic energy. The outline details how we can successfully reset U.S. energy policy, including Cassidy’s plan for an Energy Operation Warp Speed to cut permitting red tape and unleash domestic energy and manufacturing. In support of this complete vision and in addition to the Foreign Pollution Fee Act, Cassidy led Republican colleagues in opposition to a domestic carbon tax and introduced the first comprehensive judicial reform for permitting bill. He also pushed back on disastrous proposals from the Biden administration to limit development in the Outer Continental Shelf with the introduction of the WHALE Act and the Offshore Energy Security Act of 2023.

    MIL OSI USA News –

  • MIL-OSI: Extraordinary Experiences Cultivate Loyal Brand Advocates

    Source: GlobeNewswire (MIL-OSI)

    Solidifi releases results from its Annual 2024 Consumer Mortgage Experience Survey(1)and the Solidifi 2024 Future Plans of Homeowners Survey(2)

    BUFFALO, N.Y. and DENVER, Oct. 28, 2024 (GLOBE NEWSWIRE) — The sixth annual national survey(1) commissioned by Solidifi U.S. Inc. (“Solidifi”) revealed pent-up demand for home purchases remains strong even amid uncertain market conditions. The 2024 results offer valuable insights on how to make homeownership more accessible for borrowers as the market shifts and how to create extraordinary experiences and cultivate loyal brand advocates to drive future business.

    “The findings show that during times of uncertainty, brand loyalty strengthens as consumers seek stability in their financial decisions,” said Solidifi President Loren Cooke. “The leading factor in lender choice continues to be a strong lending relationship. As a majority of consumers face increasing affordability issues, their propensity to bundle services with lenders also increases. And, this year more than ever, consumers are acting on their positive experiences – driving repeat and referral business.”

    This year, the survey also introduced the mortgage industry’s Net Promoter Score (NPS), which received a solid 53 – well above the 30+ NPS benchmark for the financial services sector. “Interestingly, Gen Z consumers rated the industry lower, with a 34 NPS compared to all other demographics whose scores were in the 50’s. This suggests an opportunity to engage younger generations by focusing on transparency and building meaningful connections,” added Cooke. “Across generations, providing extraordinary experiences instills trust within the lender’s customer base and consumers become more likely to continue to expand existing relationships,” Cooke concluded.

    In addition to the Annual 2024 Consumer Mortgage Experience Survey(1), Solidifi also conducted the 2024 Future Plans of Homeowners Survey(2) to explore how market conditions influence borrowers’ future real estate plans. The Solidifi 2024 Future Plans Survey revealed that while affordability issues remain prevalent, borrowers are increasingly researching options and adjusting expectations. Despite rising costs, homeownership continues to be seen as a pathway to generational wealth, with 60% of respondents planning to purchase a home within the next three to five years.

    “Though higher interest rates have left many borrowers hesitant, the intent to buy remains strong. The median timeframe for future purchases is now around 2.25 years,” noted Cooke. “Exurb migration is outpacing urban growth as consumers seek more space, affordability, and better quality of life – trends particularly notable in underserved markets.”

    For future borrowers, the rising cost of homeownership and a feeling of not being prepared are the largest barriers to entry. This year, borrowers faced greater difficulty with down payments; credit score challenges were on the rise, and many were increasingly motivated by the need to access cash for life events. Lenders are addressing this by offering special programs to overcome barriers to homeownership and rising housing costs. In 2024, borrowers were more informed about the special programs available to help reduce their costs in anticipation of their next move.

    “Consistent with results from the past five years, borrowers continue to prioritize in-person interactions for both appraisals and closings,” said Cooke. “Across all generations, face-to-face engagement continues to be preferred due to the trust and care it fosters during what is the most significant financial transaction in a person’s life. However, there are opportunities to raise awareness, encourage adoption, and increase acceptance of digital tools throughout the process to provide the efficient, transparent and personalized experience consumers want.”

    Results indicated that 82% of respondents prefer an in-person closing though Gen Z is most open to hybrid closing processes at 39%. Of the 82% who prefer face-to-face interactions: 56% prefer a paper process, 19% prefer in-person with fully electronic documents, and 25% prefer an in-person hybrid process. The top reasons for preferring face-to-face interactions are trust and the ability to get immediate answers during such a significant transaction.

    “Results point to a direct relationship between offering convenience, transparency and flexibility, and a higher customer satisfaction,” said Cooke. “Providing an extraordinary experience including proactive communication throughout the transaction, convenient scheduling options, offering closing options and meeting expectations will result in happy customers, every time.”

    To download the full survey results, visit: go.solidifi.com/2024mortgageexperiencesurvey.

    [1]
    In the Solidifi 2024 Consumer Mortgage Experience Survey, Market Street Research surveyed 1,000+ residential borrowers 18 years of age or older in the United States who purchased, refinanced or closed on a home equity loan or line of credit within the last two years. Panelists included a mix of those who purchased a home, refinanced or obtained a home equity loan or line of credit with approximately 49% closing within the past year, and 51% closing one to two years ago.

    [2]
    In the Solidifi 2024 Future Plans of Homeowners Survey, Market Street Research, surveyed 1,100+ residential borrowers 18 years of age or older in the United States who are a current homeowner or intend on owning a home at some point in the future. 56% of respondents currently own a home, 10% previously owned a home and 34% have never owned a home. Panelists included a mix of future buyers across the U.S. and those in underserved markets.

    Both surveys were fielded by Snap Surveys, and the panels were sourced by Dynata. Fielding was executed July 2024.

    About Solidifi
    Solidifi is a leading network management services provider for the residential lending industry. Our platform combines proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending services. We are a leading independent provider of residential real estate appraisals and title, and settlement services. Our clients include top 100 mortgage lenders in the U.S. Solidifi is a wholly-owned subsidiary of Real Matters (TSX: REAL). Visit www.solidifi.com for more information and stay connected with our latest news on LinkedIn.

    For more information:
    Jennie Craig
    Vice President, Marketing
    jlcraig@solidifi.com
    832.236.3392

    Solidifi and the Solidifi logo are trademarks of Real Matters and/or its subsidiaries. All other trademarks are the property of their respective owners.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b0d1d0e2-8767-4632-a822-15904de0041d

    The MIL Network –

  • MIL-OSI USA: Feenstra Helps Lead Letter Demanding Answers from USDA over Pure Prairie Poultry Fiasco

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    HULL, IOWA – Last Friday, U.S. Rep. Randy Feenstra (R-Hull) helped lead a letter with U.S. Senator Chuck Grassley (R-IA), U.S. Rep. Brad Finstad (R-MN), and U.S. Rep. Derrick Van Orden (R-WI) to U.S. Secretary of Agriculture Tom Vilsack demanding answers about the U.S. Department of Agriculture’s 2022 approval of nearly $46 million in taxpayer dollars for Pure Prairie Poultry and its subsequent bankruptcy in late September.

    “Iowa taxpayers deserve to know the full story behind the Pure Prairie Poultry bankruptcy and how the USDA approved nearly $46 million in taxpayer dollars for a company that left millions of chickens uncared for. This serious lack of oversight is extremely concerning and has caused massive uncertainty for our growers who are already facing a harsh farm economy,” said Rep. Feenstra. “Our letter to USDA will help us get answers for our growers and address the federal government’s carelessness with taxpayer dollars. I commend Secretary Naig for responding quickly and professionally to this crisis.”

    “USDA has provided millions of dollars in taxpayer-funded loans and grants to meat and poultry processors across the country, which is why my colleagues and I are calling on USDA to provide answers,” said Rep. Finstad. “While expanding livestock markets and processing capacity is critical for farm country, the lack of oversight of these dollars by USDA harmed producers and caused a significant disruption to our nation’s food supply chain.”

    “USDA is responsible for keeping tabs on the taxpayer-funded grants it administers, but it clearly dropped the ball with Pure Prairie. Iowans and others across America’s Heartland have lost their jobs and their poultry market as a result of Pure Prairie’s closure. USDA must explain to Congress and the public what went wrong to help prevent a repeat scenario,” said Sen. Grassley.

    Pure Prairie Poultry’s bankruptcy left approximately 1.3 million broiler chickens in Iowa without feed causing Secretary Naig and the Iowa Department of Agriculture and Land Stewardship to take over care, custody, and control of the birds in Iowa. After several alternative efforts were made to sell the broilers, depopulation of the birds in Iowa concluded last Friday.

    The full letter can be found HERE.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Houchin Cosigns Letter Urging Farm Bill Reauthorization

    Source: United States House of Representatives – Congresswoman Erin Houchin (Indiana 09)

    Washington, D.C. – Congresswoman Erin Houchin (IN–09) has joined a letter to House Leadership supporting the full reauthorization of the Farm Bill by the end of the 118th Congress.

    Farmers are currently operating under policies put in place in 2018. Six years later, these outdated policies restrict the growth of our nation’s agricultural community. Production expenses have increased by roughly 30% since 2018, while 2024 inflation-adjusted net cash farm income projections are the worst in 15 years. Many farmers cannot afford to wait another year for updated provisions to address the challenges they face, especially those growing major row crops.

    In late May, the House Committee on Agriculture introduced the bipartisan Farm, Food, and National Security Act of 2024, developed with input from farmers, ranchers, and other stakeholders at listening sessions and town hall events across the country. The bill also included input from the entire Republican Conference and included over 2,600 priorities submitted to the committee by members of Congress.

    In their letter supporting the reauthorization of a 5-year Farm Bill, the Members reaffirm their commitment to advancing a bill that meets the needs of production agriculture and rural America. Congresswoman Houchin is dedicated to finding a solution for American farmers.

    “Reauthorizing the Farm Bill is critical to supporting our farmers and keeping our agricultural economy strong,” said Congresswoman Houchin. “I will continue to fight for policies that uplift our rural communities and that ensure our farmers and producers have the support they need to succeed.”

    MIL OSI USA News –