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Category: Europe

  • MIL-OSI USA: PRESS RELEASE: President Pro Tempore John F. Kennedy Applauds Signing of Comprehensive Tort Reform Legislation

    Source: US State of Georgia

    ATLANTA (April 21, 2025)—Today, Governor Brian P. Kemp officially signed Senate Bills 68 and 69 into law, marking a major step forward in Georgia’s ongoing effort to balance our civil justice system and protect Georgians from abusive litigation practices. President Pro Tempore John F. Kennedy (R–Macon) carried the bills in the Senate on behalf of Governor Kemp, who named tort reform his top legislative priority for the 2025 session.

    SB 68 enacts sweeping reforms to Georgia’s tort laws, including changes to negligent security liability, apportionment of fault, and damages in civil cases. Designed to protect small businesses and consumers from the burden of frivolous lawsuits, SB 68 aims to create a fairer and more balanced civil justice environment that will benefit consumers and job creators alike.

    “Our goal as legislators is to preserve the well-being of Georgians everywhere, including small businesses, health care providers and working families,” said Sen. Kennedy. “SB 68 cracks down on excessive and frivolous litigation to ensure that our legal system works for those who play by the rules, not those looking to exploit it. Curbing lawsuit abuse is strong step in the right direction. These reforms will bring stability to small businesses and job creators across our state.”

    SB 69, the Georgia Courts Access and Consumer Protection Act, complements SB 68 by addressing the growing influence of Third-Party Litigation Financing (TPLF). The new law requires TPLF entities to register with the state, bans foreign-affiliated financiers from operating in Georgia, and opens registration records to the public for greater transparency and accountability.

    “Alongside SB 68, SB 69 specifically cracks down on predatory litigation financers who seek to take advantage of unwary Georgia consumers,” said Sen. Kennedy. “This billion-dollar industry, often backed by foreign actors, has no place in our civil justice system. With this legislation, we are upholding the integrity of Georgia’s courts and strengthening consumer protections statewide. I am thankful for the support of Governor Kemp and my Senate colleagues as we worked this session to get these measures across the finish line.”

    Together, Senate Bills 68 and 69 reinforce Georgia’s status as the No. 1 state for business by establishing a more predictable, transparent and fair legal environment. Both bills received strong support from stakeholders across Georgia’s business and legal communities and represent a critical victory in the ongoing effort to make the state’s economy more resilient and competitive.

    For more information about Senate Bill 68, click here. For more information about Senate Bill 69, click here.

    # # # #

    Sen. John F. Kennedy serves as the President Pro Tempore of the Georgia State Senate. He represents the 18th Senate District, which includes Crawford, Monroe, Peach and Upson counties, as well as portions of Bibb and Houston counties. He may be reached at (404) 656-6578 or by email at John.Kennedy@senate.ga.gov.

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

    MIL OSI USA News –

  • MIL-OSI Security: 45th Anniversary of the Joint Terrorism Task Force

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Joint Terrorism Task Forces (JTTF) can be found at each of the FBI’s 55 field offices and many of their smaller offices—around 280 locations in all. FBI Atlanta organized its JTTF in 1994. The FBI Atlanta JTTF has representatives positioned around the state of Georgia.

    JTTFs gather trained investigators, intelligence analysts, linguists, and tactical experts from federal, state, local, territorial, and tribal law enforcement and intelligence agencies. Task force members share intelligence and investigative leads and respond to threats and incidents.

    “We rely on our law enforcement partners to help keep our communities safe,” said Paul Brown, special agent in charge of FBI Atlanta. “All of our partners bring their special skills and expertise to these teams, making us all that much stronger.”

    The FBI’s JTTF model dates to 1979, when the New York Police Department and the FBI’s New York Field Office created a joint task force to tackle violent bank robberies. They imitated the model in 1980, when terrorist bombings, bomb threats, and other violence plagued the city and announced the formation of the first JTTF in April 1980.

    After the 9/11 attacks, FBI leadership directed all FBI field offices to establish a JTTF. In addition, the FBI established its National Joint Terrorism Task Force to support the local task forces in June 2002. The NJTTF, at FBI Headquarters, enhances communication, coordination, and cooperation from partner agencies.

    JTTFs have disrupted dozens of plots in the past four decades.

    FBI Atlanta counts numerous disruptions of its own, including a plan to attack the White House in 2020. Thanks to a tip from a member of the Atlanta community, Hasher Jallal Taheb was captured and sentenced to 15 years in prison.

    https://www.justice.gov/archives/opa/pr/forsyth-man-sentenced-attempted-attack-white-house

    The FBI Atlanta JTTF also investigated the Jihadists of Georgia case, where two men living in Georgia made videos of the U.S. Capitol and other Washington, D.C., landmarks with plans to travel and attend a terrorist training camp.

    https://archives.fbi.gov/archives/news/stories/2009/december/jihadists_121509
    https://archives.fbi.gov/archives/news/stories/2009/december/jihadists_12170 .

    MIL Security OSI –

  • MIL-Evening Report: Is a corporation a slave? Many philosophers think so

    Source: The Conversation (Au and NZ) – By Duncan Ian Wallace, Lecturer, Faculty of Law, Monash University

    f11photo/Shutterstock

    If you’ve ever heard the term “wage slave”, you’ll know many modern workers – perhaps even you – sometimes feel enslaved to the organisation at which they work.

    But here’s a different way of thinking about it: for-profit business corporations are themselves slaves.

    Corporations such as Microsoft, Google and Tesla are what the law describes as “legal persons”, with many of the same rights and duties in law as individual persons have.

    One right that they do not share with individuals, however, is the right not to be owned as property – the right not to be enslaved.

    For though Microsoft, Google and Tesla are persons in law, they are also owned by their shareholders as property. And as legal persons that are owned as property, I argue, such corporations are slaves.

    Wait, what?

    As someone who’s spent years researching the history and philosophy of corporate legal personhood, I’ve done a lot of thinking about the corporation as a kind of organism, or person.

    I have come to the belief that corporations are persons not only in law, but are persons also in reality. Their legal personalities are only the recognition of real, underlying, group personalities.

    I am far from the only person to believe in the reality of corporate personality.

    Philosophers Christian List and Philip Pettit, for example, advance the idea in their influential 2011 book, Group Agency.

    In the book, List and Pettit argue that an appropriately organised social group, such as a corporation, has attitudes independent of the attitudes of the group’s individual members.

    More than the sum of its parts

    Such a group is more than the sum of its parts. It has its own personality, which emerges from the coordinated action of its individual members. This personality can survive changes in membership.

    This shows, List and Pettit claim, such groups have “minds of their own”. They possess a sophisticated psychology enabling them to reflect on their choices and actions, make judgements on the basis of evidence and understand concepts such as right and wrong, or life and death.

    In short, appropriately organised social groups really are capable of being understood as persons – “group persons”. They exist, alongside individual persons, as a normal part of human society.

    And these group persons are capable of being owned as property. Consider for-profit corporations. They are traded on markets as commodities; are bought, sold and exploited; and are forced to maximise profits in the interests of their owners – their shareholders.

    They are persons owned as property. They are, in other words, in the condition of slavery.

    Look at Roman slave law

    The idea that group persons can be slaves is an old idea. With respect to the for-profit corporation, however, it is generally rejected by modern corporate law scholars.

    They argue that because corporations are persons in law, this demonstrates such entities cannot be owned.

    They also point out that shareholders have limited liability for the debts of their corporations. This shows, they say, that shareholders cannot be thought of as true owners.

    Such objections can be met, however, by examining the slave laws of societies where slavery was legal.

    Under Roman law, for instance, slaves – though the personal property of their masters – were clearly recognised as persons in law. They were able to own property, could contract, go into debt, be held responsible for wrongs, and sue others for wrongs committed against them.

    Indeed, it was common for such slaves to run businesses of their own (though ultimately for the financial benefit of the master).

    And when slaves ran such businesses, their masters had limited liability for the debts of their slaves – just as shareholders have limited liability for the debts of their for-profit corporations today.

    Roman slave law is no exception in these respects. The same can be found under the slave laws of Ancient Greece, medieval Islam, and in those of the 19th century American South.

    An Ancient Roman mosaic from Tunisia, showing slaves pouring drinks at a banquet.
    Dennis G. Jarvis, CC BY-SA

    4 reasons this matters

    Identifying for-profit corporations as slaves matters for four reasons.

    First, it highlights potential moral problems with owning corporations. When we have shares in the ownership of for-profit corporations, we are participating as masters in a system of slavery.

    Second, the ability to own for-profit corporations as “slaves” is a major driver of inequality. The richest people in the world have all made their money from owning corporations, and their ability to amass such wealth would be unimaginable otherwise.

    The third reason identifying for-profit corporations as slaves matters is because it provides an explanation for why corporations maximise profits in the interests of shareholders. It is because shareholders own them, and force this behaviour upon them.

    Fourth, identifying corporations as slaves offers a solution to the problem of corporate profit-maximising behaviour (a behaviour causing great social and environmental harm): getting rid of shareholders.

    Consider, for example, worker cooperatives like Mondragon Corporation in Spain and the John Lewis Partnership in the United Kingdom.

    They are share-less corporations. They are unowned. They are corporations free from enslavement.

    The effect is that they do not maximise profits. Instead, they value the wellbeing of their workers.

    Duncan Ian Wallace 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. Is a corporation a slave? Many philosophers think so – https://theconversation.com/is-a-corporation-a-slave-many-philosophers-think-so-253226

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free

    Source: The Conversation (Au and NZ) – By Naomi Oreskes, Professor of the History of Science, Harvard University

    President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions – the latest salvo in his administration’s campaign to roll back United States’ climate action.

    Under Trump, the US has clearly abdicated climate leadership. But the US has in fact obstructed climate action for decades – largely due to damaging actions by the powerful fossil fuel industry.

    In 20 years studying attacks on climate science and the powerful forces at work behind the scenes, I’ve come to think the United States is simply not going to lead on climate action. The fossil fuel industry has so poisoned the well of public debate in the US that it’s unlikely the nation will lead on the issue in our lifetimes.

    Australia, on the other hand, has enormous potential.

    I recently visited Australia from Harvard University for a series of public talks. This nation is very close to my heart. I trained as a mining geologist and spent three years in outback South Australia, before returning to academia.

    The vacuum Trump has created on climate policy provides a chance for other countries to lead. Australia has much more to gain from the clean-energy future than it stands to lose – and your climate action could be pivotal.

    The climate crisis: a long time coming

    Scientists first warned against burning fossil fuels way back in the 1950s. When the US Clean Air Act was passed in 1970, the words “weather” and “climate” were included because scientists had already explained to Congress that carbon dioxide was a pollutant with serious — even dire — effects.

    In the late 1980s, scientists at NASA observed changes in the climate system that could only be explained by the extra heating effect of atmospheric carbon dioxide. The predictions had become reality.

    When George H.W. Bush ran successfully for president in 1988, he promised to use the power of the “White House effect” to fight the “greenhouse effect”. In 1992, Bush and other world leaders gathered in Rio de Janeiro, Brazil, to sign the United Nations Framework Convention on Climate Change. Together, 178 countries promised action to prevent “dangerous anthropogenic interference” with Earth’s climate. But that action never came.

    Trump has undoubtedly been bad news for global climate action. He makes preposterous claims about science and is dismantling the federal agencies responsible for supporting climate science and maintaining climate data.

    But the US has long failed to play its part in cutting dangerous greenhouse gas emissions. The reason for this lies largely outside the White House.

    If only George H.W. Bush had used the White House effect to counter the greenhouse effect, as he once promised to.
    mark reinstein, Shutterstock

    A long-running campaign of disinformation

    The fossil fuel industry has known about climate change for as long as scientists have.

    In the late 1970s and early 1980s, scientists at Esso (later ExxonMobil) actively researched the topic, building climate models and coauthoring scientific papers.

    The scientists informed their managers of the risk of catastrophic damage if the burning of oil, gas and coal continued unabated. They even suggested the company might need a different business model – one not so dependent on fossil fuels.

    But managers at ExxonMobil made a fateful decision: to turn from information to disinformation. Working in tandem with other oil, gas and coal companies, as well as automobile and aluminium manufacturers, ExxonMobil launched an organised campaign, sustained over decades, to block climate action by casting doubt on the underlying science.

    They ran ad campaigns in national and local newspapers insisting the science was too unsettled to warrant action. They created “astroturf” organisations that only pretended to be green, and funded “third-party allies” to argue that proposed remedies would be too expensive, cost jobs and damage the economy.

    The company funded outlier scientists to publish papers claiming atmospheric warming was the result of natural climate variability. They pressured journalists to give equal time to “their side” of the story in the name of “balance”.

    Over the next three decades, whenever any meaningful climate policy seemed to be gaining traction, the industry and its allies lobbied Congress and state legislatures to block it. So, neither Democratic nor Republican administrations were able to undertake meaningful climate action.

    While people were dying in climate-charged floods and fires, the fossil fuel industry persuaded a significant proportion of the US population, including Trump, that the whole thing might just be a hoax.

    Rise up Australia

    In a matter of weeks after becoming president, Trump pulled out of the Paris Agreement to limit global warming, shut down government websites hosting climate data, and withdrew support for research that dares to mention the word “climate”.

    This has created a vacuum that other countries, including Australia, can step up to fill.

    Few countries have more to lose from climate change than Australia. The continent has already witnessed costly and devastating wildfires and floods — affecting remote areas and major cities. It’s not unreasonable to worry that in coming years, significant parts of Australia could become uninhabitable.

    Like the US, Australia has a powerful fossil fuel industry that has disproportionately influenced its politics. Unlike the US, however, that industry is based mainly on coal for export, which Australians do not depend on in their daily lives.

    And Australia is truly a lucky country. It has unsurpassed potential to replace fossil fuels with renewable energy.

    More than 15 years ago, Australian researchers in the Zero Carbon Australia project offered a blueprint for how the country could eliminate fossil fuel use entirely. Since then, renewable energy has only become cheaper and more efficient.

    South Australia has proved the point: the state was 100% reliant on fossil fuels for electricity in 2002, but now more than 70% comes from renewables.

    Across Australia, the share of renewable electricity generation is growing. Victoria, New South Wales and Queensland are vying for second place after SA. It’s fascinating to watch the National Electricity Market balance supply and demand in real time, where a large proportion of the electricity comes from rooftop solar.

    For decades, the fossil fuel industry has told the public our societies can’t manage without fossil fuels. Large parts of Australia have proved it’s just not so. The rest of the nation can follow that lead, and model the energy transition for the world. Here’s your chance.

    Over the past two decades, Naomi Oreskes has received grant funding from various governments and non-government organisations to support the research upon which this piece is based. She serves on the board of The Climate Science Legal Defense Fund, which works to protect the integrity of climate science, and climate scientists, from politically motivated attacks. The Fund is a registered 501 c(3) non-profit organisation, meaning it does not engage in political activities. She is also an emerita board member of Protect our Winters, a 501 c (3) that works with the winter sports community to educate people about climate change and the threat it poses to winter sports. Naomi serves on the board of the Kann-Rasmussen foundation (Denmark), a non-profit foundation that works “to support the transition to a more environmentally resilient stable, and sustainable planet”.
    Naomi currently serves as a consultant to a number of groups pursuing climate litigation in the United States, and recently submitted an expert report to the International Court of Justice on behalf of Vanuatu. She also receives speaking fees and book royalties for talks and publications on the history of climate science and climate change denial. Co-author, with Erik M. Conway, of Merchants of Doubt (2010) and The Big Myth (2023).

    – ref. Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free – https://theconversation.com/fossil-fuel-companies-poisoned-the-well-of-public-debate-with-climate-disinformation-heres-how-australia-can-break-free-251221

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0

    Source: The Conversation (Au and NZ) – By Dan Golding, Professor and Chair of the Department of Media and Communication, Swinburne University of Technology

    Lucasfilm Ltd™

    Premiering today, the second and final season of Star Wars streaming show Andor seems destined to be one of the pop culture defining moments of the second Trump presidency.

    Andor, which began airing in 2022, tells the story of the early days of the Rebel Alliance before the adventures of Luke Skywalker and Princess Leia. The series is the most politically articulate of the Star Wars franchise.

    Where older Star Wars entries focused on lightsaber battles and dogfights in space, Andor shows a world of political manifestos, fractious alliances between rebel groups, and surreptitious fundraising for revolution.

    Season one of the show followed the political awakening of the titular Cassian Andor (Diego Luna), who progresses from troubled thief to total ideological commitment to fighting the Empire. The show also follows a covert revolutionary leader (Stellan Skarsgård), an ineffective politician who secretly finances the rebellion (Genevieve O’Reilly), and two Imperials manoeuvring for power (Denise Gough and Kyle Soller).

    Showrunner Tony Gilroy has so far taken inspiration for Andor from a variety of real historical revolutionary events, from Stalin’s bank robbery in Tiflis of 1907 to the Baader-Meinhof group in West Germany.

    Aesthetically, Andor has more in common with the political filmmaking of the likes of The Battle of Algiers (1966), the films of Costa-Gavras, or early Paul Greengrass than the central Flash Gordon-inspired Star Wars saga.

    As authoritarian governments and conflicts loom large globally, the final season of Andor in 2025 is perfectly timed to articulate anxieties much closer to home than the galaxy far, far away.

    Star Wars has always been political

    Andor is far from the first time that Star Wars has captured the political zeitgeist. In fact, much of the franchise’s success stems from the way it provides us with a pop culture language to talk about politics.

    In 2016, Trump’s first election win coincided with the release of Rogue One, the Star Wars precursor to Andor.

    Within days, two Star Wars creatives made public comparisons between Trump and Rogue One’s villains, with writer Chris Weitz posting on Twitter “the Empire is a white supremacist (human) organization”. Writer Gary Whitta replied: “Opposed by a multi-cultural group led by brave women”.

    They were officially reprimanded by the studio. “This is a film that the world should enjoy,” said Disney CEO Bob Iger at the time. “It is not a film that is, in any way, a political film.”

    Under the ownership of a risk averse corporation like Disney, Star Wars is supposed to be family friendly, apolitical entertainment.

    However, since its very conception, Star Wars has been political.

    Inspired by anti-Vietnam war protests, director George Lucas described Darth Vader and the Empire as “Nixonian gangsters” in early drafts of the original film’s script. Lucas, who had developed Apocalypse Now before Francis Ford Coppola ultimately directed the film, has consistently claimed to have thought of the Rebel Alliance as similar to North Vietnamese fighters resisting United States forces.

    When it came time for the prequel trilogy in the 2000s, Lucas told a story of democracy willingly falling to dictatorship (beginning with a trade war, something not lost on contemporary observers). In 2005, Lucas even had Darth Vader paraphrase George W. Bush.

    It has also shaped politics. Scholars and critics like Andrew Britton and Robin Wood argued Star Wars was so escapist and disconnected from politics here on earth that it set the scene for Ronald Reagan’s good-versus-evil rhetoric.

    A galaxy not so far away

    It is precisely Star Wars’ apolitical image that gives it so much political utility. A series with such strong heroes and villains inevitably invites comparison.

    Almost immediately after its release in 1977, Star Wars became a pop culture language for understanding politics.

    When Maggie Thatcher won government in the United Kingdom on May 4 1979, the Conservative Party took out an advertisement in the London Evening News congratulating her with the words “May the Fourth Be With You”.

    When Ronald Reagan proposed a “Strategic Defense Initiative” missile system in 1983, critics immediately and famously labelled it “Star Wars” (something Lucas tried unsuccessfully to stop). Reagan himself eventually joined in, too, claiming in a speech in 1985 that “the Force is with us”.

    It is easy to find examples of politicians of all stripes being likened to Star Wars villains like Darth Vader (most enduring was Dick Cheney who claimed to not mind the comparison).

    Composer John Williams’ Imperial March has even been played at protests as a way to antagonise opponents.

    The enduring currency of the political language of Star Wars is in part due to its generalities. In any political conflict it helps to have a way to describe an archetypal evil puppet master (the Emperor), his henchman (Darth Vader), and the soulful heroes putting their lives on the line (the Jedi).

    The real trick to Star Wars’ ongoing relevance, however, lies in its very real inspirations. Whether it is George W. Bush, the Viet Cong, or the Bolsheviks, Star Wars has time and again turned the specifics of political history into mythology.

    At a time where many see global politics as having set the stage for the Empire to Strike Back, the final season of Andor may give many a language to articulate A New Hope.

    Dan Golding 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. Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0 – https://theconversation.com/since-its-very-conception-star-wars-has-been-political-now-andor-will-take-on-trump-2-0-254208

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage

    Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University

    If you have a child born at the start of the year, you may be faced with a tricky and stressful decision. Do you send them to school “early”, in the year they turn five? Or do you “hold them back” and send them in the year they turn six?

    Media reports refer to parents who want to “hold children back”. This is particularly the case for boys. Some parents express concerns boys may develop more slowly and school activities may favour girls.

    Our new study surveyed Australian parents to understand their reasons for sending children to school early or on time or holding them back.

    School entry in Australia

    State regulations for the age of starting school vary across Australia, and between public, Catholic and independent schools.

    Typically, however, children born in the first part of the year can be sent to school in either the year they turn five or the year they turn six. This can lead to big age caps in a school year level.

    Public school cutoff dates are April 30 in Victoria, May 1 in South Australia, June 30 in Queensland and July 31 in New South Wales.

    A 2019 study of more than 160,000 NSW students showed overall, 26% of children were held back, although there was variation between different regions. This is much higher than in many other countries. For example, delayed entry is as low as 5.5% in the United States and 6% in Germany.



    Read more:
    A push to raise the school starting age to 6 sounds like good news for parents, but there’s a catch

    Our research

    In our research published in Early Education and Development, we surveyed 226 Australian parents who had a choice about whether to send their child to school in the year they turned five or six. Parents were from a mix of states and recruited via social media and a variety of other media, including parenting magazines.

    We found 29% of parents intended to send their child to school in the first year they were eligible and 66% planned to start later. About 5% were unsure. Consistent with trends in other countries, parents were almost four times as likely to report they intended to start boys later than girls.

    There were five key factors guiding their decisions.

    1. Money and work

    One group of factors, which we labelled “practical realities”, meant parents were more likely to send a child on time or early.

    This included high early childhood education costs (it is much cheaper to send a child to a government school than pay for daycare) and parents’ work demands (and the benefits of regular school hours). As one parent said:

    School is a cheaper option for many parents and community preschool (which is cheaper, depending on the number of days) is not a practical option for many working families.

    2. A child’s size

    Parents also considered their child’s physical size relative to their peers. Other studies suggest parents worry smaller boys will be bullied and will struggle to demonstrate sporting prowess.

    Reflecting on this trend, one parent said:

    I would prefer that my child wasn’t starting school with children well over a year older just because other parents think boys need a bit more time to mature. They are then significantly older and bigger by then.

    3. Social readiness

    Another group of factors involved children’s social, emotional and behavioral readiness for school. This includes their ability to pay attention and sit still, follow instructions, regulate and manage emotions and show empathy and consideration for others.

    One parent sending their child to school in the year they turn five said:

    Our child will be fine […] He is able, social and confident and hopefully this will mean he will have a positive school experience irrespective of what year he starts.

    Another who chose to hold their child back suggested:

    I want my child to be introduced to formal schooling as late as possible to ensure his brain development and emotional regulation are mature enough to handle the transition.

    4. Family time

    Another set of reasons influencing parents’ decisions was a desire to spend time together with their child before formal schooling. As one parent said:

    I always hear that no one ever regrets sending their child a bit later but they often regret sending early. I can afford for her to have an extra year of preschool and time at home and that is a luxury I acknowledge not everyone has.

    5. Milestones

    Parents also looked to the future and considered their child’s age relative to peers. This included when they would be starting high school or completing teenage milestones, such as driving, drinking, managing friendships and finishing school. This might explain why rates of holding children back vary by region. As one parent told us:

    The people around me having a choice (and holding their children back) ended up influencing my choice. She [my daughter] could have started school but would have been in a peer group that had been held back.

    What about academic concerns?

    Interestingly, parents did not typically express academic concerns or motivations (such as a desire to see their child move ahead of others academically) as a factor in their decision. Indeed, as one parent said:

    I have very strong beliefs about what school readiness means and for me it is much more than just being academically ready.

    Although there is evidence older children have a developmental advantage over younger children when entering school, academic benefits dissipate over time. For example, older children do better on Year 3 and 5 NAPLAN numeracy and literacy tests, but benefits fade or disappear by Year 9.

    What does this mean?

    Our research suggests the reasons why parents start a child early or hold them back are complex – and very much based on the needs of individual families and children.

    Taken together they suggest teachers not only need to accommodate a wide range of ages starting school but a sizeable portion of families who will have “delayed” school for a variety of personal reasons.

    Penny Van Bergen receives funding from the ARC, Google and the Marsden Fund.

    Naomi Sweller receives funding from the ARC.

    Rebecca Andrews receives funding from NSW Department of Education and the Australian Children’s Early Childhood Quality Authority.

    Anne McMaugh and Kay Bussey do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage – https://theconversation.com/parents-delay-sending-kids-to-school-for-social-reasons-and-physical-size-its-not-about-academic-advantage-254076

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Zero Downtime, Full Transparency: UCFX Markets Raises the Industry Standard

    Source: GlobeNewswire (MIL-OSI)

    London, UK, April 21, 2025 (GLOBE NEWSWIRE) — In a time when traders are demanding clarity, performance, and accountability, UCFX Markets has emerged as a beacon of trust, efficiency, and modern trading architecture. With its recent announcement of zero system downtime and full trade transparency, the platform is drawing praise from analysts, high-volume traders, and everyday investors alike.

    This dual milestone—infrastructure reliability and complete visibility into trades, pricing, and fees—has elevated UCFX Markets into a category of its own, especially as global platforms continue to suffer from lag, withdrawal delays, and policy confusion. As noted in a series of recent independent UCFXMarkets reviews, the company is delivering not just promises, but measurable performance.

    Technology That Doesn’t Sleep

    Since the beginning of 2025, UCFX Markets has achieved and maintained 100% operational uptime, a metric that few competitors can match. During major market events—including January’s unexpected altcoin surge and March’s Bitcoin correction—the platform experienced no outages or slowdowns, enabling traders to enter, manage, and exit positions in real time without risk of system-related loss.

    “Our clients never have to worry about platform failure during volatile conditions,” said a senior infrastructure engineer at UCFX Markets. “Whether they’re day-trading, swing-trading, or holding long-term, they know the system will be there. No blackout windows. No server crashes.”

    This commitment to consistency has sparked a surge in UCFXMarkets reviews, particularly from traders who have grown frustrated with unreliable platforms that freeze or disconnect during peak demand hours.

    Full Transparency: From Fees to Execution

    Beyond stability, UCFX Markets is also setting the bar for transparency. Clients now have access to:

    • Live trade audit logs
    • Real-time spread visibility
    • Instant fee breakdowns
    • AI-generated trade rationale reports

    This level of openness has resonated with both retail and professional traders, many of whom have spent years navigating platforms with hidden charges or unclear execution histories.

    “Transparency builds trust. And in 2025, trust is everything,” said a spokesperson for UCFX Markets. “We believe that traders deserve to see exactly how every trade is processed—and exactly what it costs.”

    According to one recent financial report, over 78% of new clients cited transparency and system stability as the key reasons for moving to the platform. This has led to an influx of glowing UCFXMarkets reviews from users across Europe, Australia, and Asia.

    What Traders Are Saying

    Below are four real-world testimonials from verified clients now actively trading with UCFX Markets:

    Liam H. – Manchester, UK
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    The MIL Network –

  • MIL-OSI: TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Bank-wide financial results:
      • Key metrics for the first quarter 2025:
        • Net income of $14.3 million increased 17.7% compared to $12.1 million for the first quarter 2024
        • Net interest income of $40.4 million, up 10.4% from $36.6 million compared to the first quarter 2024
        • Average loans were up $104.7 million for the first quarter 2025 compared to the first quarter 2024
        • Average deposits were up $103.3 million for the first quarter 2025 compared to the first quarter 2024
    • Capital position and key ratios:
      • Consolidated equity to assets increased to 10.85% as of March 31, 2025 from 10.51% as of March 31, 2024
      • Book value per share as of March 31, 2025 was $36.16, up from $34.12 as of March 31, 2024
      • Stock repurchase program announced authorizing for up to one million shares or approximately 5% of TrustCo’s current outstanding common stock
    • Trustco Financial Services and Wealth Management income:
      • Fees increased to $2.1 million or 16.7% compared to first quarter 2024
      • Assets under management increased to $1.2 billion or 17.4% compared first quarter 2024

    GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of $14.3 million or $0.75 diluted earnings per share, compared to net income of $12.1 million or $0.64 diluted earnings per share for the first quarter 2024. Average loans increased $104.7 million or 2.1% for the first quarter 2025 over the same period in 2024. Average deposits increased $103.3 million or 1.9% for the first quarter 2025 over the same period in 2024.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on board rates. Despite aggressive market competition, we have favorably repriced our time deposits with the help of strong brand loyalty and digital engagement. These efforts yielded net income of $14.3 million and boosted all return metrics significantly year-over-year. Credit quality remains exceptional, with non-performing loans holding steady at a negligible 0.37%. The Bank also grew capital and thus maintains its position of strength. Based upon what we have seen in the first quarter, we anticipate that good things are likely in the future.”

    Details

    Average loans were up $104.7 million, or 2.1%, in the first quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $26.2 million, or 0.6%, and $61.0 million, or 17.3%, respectively, in the first quarter 2025 over the same period in 2024. Average commercial loans also increased $20.7 million, or 7.5%, in the first quarter 2025 over the same period in 2024. This uptick reflects a strong local economy and increased demand for credit. Average deposits were up $103.3 million, or 1.9%, for the first quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the Bank’s competitive deposit offerings. As we move forward, despite a complex economic environment, we believe that our strategic focus on relationship banking and solid financial practices has positioned us for continued success.

    During the first quarter of 2025, the TrustCo announced a stock repurchase program of up to one million shares, or approximately 5% of TrustCo’s current outstanding shares of common stock. This repurchase initiative is part of the Bank’s broader capital management strategy and is intended to enhance shareholder value while maintaining flexibility to support future growth. As of March 31, 2025, our equity to asset ratio was 10.85%, compared to 10.51% as of March 31, 2024. Book value per share as of March 31, 2025 was $36.16, up 6.0% compared to $34.12 a year earlier.  

    Net interest income was $40.4 million for the first quarter 2025, an increase of $3.8 million, or 10.4%, compared to the first quarter of 2024, driven by loan growth at higher interest rates and less interest expense on deposit products, partially offset by lower investment interest income and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the first quarter 2025 was 2.64%, up 20 basis points from 2.44% in the first quarter of 2024. The yield on interest earnings assets increased to 4.13% in the first quarter of 2025, up 14 basis points from 3.99% in the first quarter of 2024. The cost of interest bearing liabilities decreased to 1.92% in the first quarter 2025, down from 1.99% in the first quarter 2024. As the Federal Reserve signals potential interest rate reductions in 2025, the Bank is proactively preparing to navigate the evolving rate environment. In this context, the Bank anticipates that a lower interest rate environment will provide opportunities to manage deposit costs more effectively, thereby supporting net interest margin. The Bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities’ banking needs.

    Non-interest income increased to $5.0 million as compared to $4.8 million for the first quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 16.7% to $2.1 million, driven by strong client demand and higher assets under management. These revenues now represent 42.6% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $1.4 million over the first quarter of 2024 due to increases in several areas of expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $300 thousand in the first quarter of 2025, which is the result of a provision for credit losses on loans of $100 thousand, and a provision for credit losses on unfunded commitments of $200 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.98% as of March 31, 2025 and 2024, respectively. The allowance for credit losses on loans was $50.6 million as of March 31, 2025, compared to $49.2 million as of March 31, 2024. Nonperforming loans (NPLs) were $18.8 million as of March 31, 2025, compared to $18.3 million as of March 31, 2024. NPLs were 0.37% of total loans as of March 31, 2025 and 2024. The coverage ratio, or allowance for credit losses on loans to NPLs, was 269.8% as of March 31, 2025, compared to 269.3% as of March 31, 2024. Nonperforming assets (NPAs) were $20.9 million as of March 31, 2025, compared to $20.6 million as of March 31, 2024.  

    A conference call to discuss first quarter 2025 results will be held at 9:00 a.m. Eastern Time on April 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 048251. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 486810. The call will also be audio webcast at https://events.q4inc.com/attendee/647533404,and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of March 31, 2025.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2025. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    TRUSTCO BANK CORP NY  
    GLENVILLE, NY  
       
    FINANCIAL HIGHLIGHTS  
       
    (dollars in thousands, except per share data)  
    (Unaudited)  
      Three months ended  
      3/31/2025   12/31/2024   3/31/2024  
    Summary of operations            
    Net interest income $ 40,373   $ 38,902   $ 36,578  
    Provision for credit losses   300     400     600  
    Noninterest income   4,974     4,409     4,843  
    Noninterest expense   26,329     28,165     24,903  
    Net income   14,275     11,281     12,126  
                 
    Per share            
    Net income per share:            
    – Basic $ 0.75   $ 0.59   $ 0.64  
    – Diluted   0.75     0.59     0.64  
    Cash dividends   0.36     0.36     0.36  
    Book value at period end   36.16     35.56     34.12  
    Market price at period end   30.48     33.31     28.16  
                 
    At period end            
    Full time equivalent employees   740     737     761  
    Full service banking offices   136     136     140  
                 
    Performance ratios            
    Return on average assets   0.93 %   0.73 %   0.80 %
    Return on average equity   8.49     6.70     7.54  
    Efficiency ratio (GAAP)   58.06     65.03     59.94  
    Adjusted Efficiency ratio (1)   58.00     63.93     59.94  
    Net interest spread   2.21     2.15     2.00  
    Net interest margin   2.64     2.60     2.44  
    Dividend payout ratio 47.97     60.70     56.48  
                 
    Capital ratios at period end            
    Consolidated equity to assets   10.85 %   10.84 %   10.51 %
    Consolidated tangible equity to tangible assets (1)   10.84 %   10.83 %   10.50 %
                 
    Asset quality analysis at period end            
    Nonperforming loans to total loans   0.37 %   0.37 %   0.37 %
    Nonperforming assets to total assets   0.33     0.34     0.33  
    Allowance for credit losses on loans to total loans   0.99     0.99     0.98  
    Coverage ratio (2) 2.7x   2.7x   2.7x  
                 
                 
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
    (2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.            
                 
                       
    CONSOLIDATED STATEMENTS OF INCOME
                       
    (dollars in thousands, except per share data)                  
    (Unaudited)                  
       Three months ended
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024
    Interest and dividend income:                  
    Interest and fees on loans $ 53,450   $ 53,024   $ 52,112   $ 50,660   $ 49,804
    Interest and dividends on securities available for sale:                  
    U. S. government sponsored enterprises   596     680     718     909     906
    State and political subdivisions   –     –     –     1     –
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   1,483     1,418     1,397     1,451     1,494
    Corporate bonds   260     358     361     362     476
    Small Business Administration – guaranteed                  
    participation securities   81     84     90     94     100
    Other securities   7     6     2     2     3
    Total interest and dividends on securities available for sale   2,427     2,546     2,568     2,819     2,979
                       
    Interest on held to maturity securities:                  
    obligations – residential   57     59     62     65     68
    Total interest on held to maturity securities   57     59     62     65     68
                       
    Federal Home Loan Bank stock   151     152     153     147     152
                       
    Interest on federal funds sold and other short-term investments   6,732     6,128     6,174     6,894     6,750
    Total interest income   62,817     61,909     61,069     60,585     59,753
                       
    Interest expense:                  
    Interest on deposits:                  
    Interest-bearing checking   558     397     311     288     240
    Savings   734     719     770     675     712
    Money market deposit accounts   1,989     2,024     2,154     2,228     2,342
    Time deposits   18,983     19,680     18,969     19,400     19,677
    Interest on short-term borrowings   180     187     194     206     204
    Total interest expense   22,444     23,007     22,398     22,797     23,175
                       
    Net interest income   40,373     38,902     38,671     37,788     36,578
                       
    Less: Provision for credit losses   300     400     500     500     600
    Net interest income after provision for credit losses   40,073     38,502     38,171     37,288     35,978
                       
    Noninterest income:                  
    Trustco Financial Services income   2,120     1,778     2,044     1,609     1,816
    Fees for services to customers   2,645     2,226     2,482     2,399     2,745
    Net gains on equity securities   –     –     23     1,360     –
    Other   209     405     382     283     282
    Total noninterest income   4,974     4,409     4,931     5,651     4,843
                       
    Noninterest expenses:                  
    Salaries and employee benefits   11,894     12,068     12,134     12,520     11,427
    Net occupancy expense   4,554     4,563     4,271     4,375     4,611
    Equipment expense   1,944     2,404     1,757     1,990     1,738
    Professional services   1,726     1,782     1,863     1,570     1,460
    Outsourced services   2,700     3,051     2,551     2,755     2,501
    Advertising expense   361     590     339     466     408
    FDIC and other insurance   1,188     1,113     1,112     797     1,094
    Other real estate expense, net   28     476     204     16     74
    Other   1,934     2,118     1,969     1,970     1,590
    Total noninterest expenses   26,329     28,165     26,200     26,459     24,903
                       
    Income before taxes   18,718     14,746     16,902     16,480     15,918
    Income taxes   4,443     3,465     4,027     3,929     3,792
                       
    Net income $ 14,275   $ 11,281   $ 12,875   $ 12,551   $ 12,126
                       
    Net income per common share:                  
    – Basic $ 0.75   $ 0.59   $ 0.68   $ 0.66   $ 0.64
                       
    – Diluted   0.75     0.59     0.68     0.66     0.64
                       
    Average basic shares (in thousands)   19,020     19,015     19,010     19,022     19,024
    Average diluted shares (in thousands)   19,044     19,045     19,036     19,033     19,032
                       
               
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
      3/31/2025 12/31/2024 9/30/2024 6/30/3024   3/31/2024  
    ASSETS:          
               
    Cash and due from banks $ 48,782   $ 47,364   $ 49,659   $ 42,193   $ 44,868  
    Federal funds sold and other short term investments   707,355     594,448     473,306     493,920     564,815  
    Total cash and cash equivalents   756,137     641,812     522,965     536,113     609,683  
               
    Securities available for sale:          
    U. S. government sponsored enterprises   65,942     85,617     90,588     106,796     128,854  
    States and political subdivisions   18     18     26     26     26  
    Mortgage-backed securities and collateralized mortgage          
    obligations – residential   219,333     213,128     222,841     218,311     227,078  
    Small Business Administration – guaranteed          
    participation securities   13,683     14,141     15,171     15,592     16,260  
    Corporate bonds   24,779     44,581     54,327     53,764     53,341  
    Other securities   698     700     701     688     682  
    Total securities available for sale   324,453     358,185     383,654     395,177     426,241  
               
    Held to maturity securities:          
    Mortgage-backed securities and collateralized mortgage          
    obligations-residential   5,090     5,365     5,636     5,921     6,206  
    Total held to maturity securities   5,090     5,365     5,636     5,921     6,206  
               
    Federal Reserve Bank and Federal Home Loan Bank stock   6,507     6,507     6,507     6,507     6,203  
               
    Loans:          
    Commercial   302,753     286,857     280,261     282,441     279,092  
    Residential mortgage loans   4,380,561     4,388,302     4,382,674     4,370,640     4,354,369  
    Home equity line of credit   419,806     409,261     393,418     370,063     355,879  
    Installment loans   13,017     13,638     14,503     15,168     16,166  
    Loans, net of deferred net costs   5,116,137     5,098,058     5,070,856     5,038,312     5,005,506  
               
    Less: Allowance for credit losses on loans   50,606     50,248     49,950     49,772     49,220  
    Net loans   5,065,531     5,047,810     5,020,906     4,988,540     4,956,286  
               
    Bank premises and equipment, net   37,178     33,782     33,324     33,466     33,423  
    Operating lease right-of-use assets   34,968     36,627     37,958     38,376     39,647  
    Other assets   108,681     108,656     98,730     102,544     101,881  
               
    Total assets $ 6,338,545   $ 6,238,744   $ 6,109,680   $ 6,106,644   $ 6,179,570  
               
    LIABILITIES:          
    Deposits:          
    Demand $ 793,306   $ 762,101   $ 753,878   $ 745,227   $ 742,997  
    Interest-bearing checking   1,067,948     1,027,540     988,527     1,029,606     1,020,136  
    Savings accounts   1,094,968     1,086,534     1,092,038     1,144,427     1,155,517  
    Money market deposit accounts   478,872     465,049     477,113     517,445     532,611  
    Time deposits   2,061,576     2,049,759     1,952,635     1,840,262     1,903,908  
    Total deposits   5,496,670     5,390,983     5,264,191     5,276,967     5,355,169  
               
    Short-term borrowings   82,275     84,781     91,450     89,720     94,374  
    Operating lease liabilities   38,324     40,159     41,469     42,026     43,438  
    Accrued expenses and other liabilities   33,468     46,478     43,549     42,763     37,399  
               
    Total liabilities   5,650,737     5,562,401     5,440,659     5,451,476     5,530,380  
               
    SHAREHOLDERS’ EQUITY:          
    Capital stock   20,097     20,097     20,058     20,058     20,058  
    Surplus   259,182     258,874     257,644     257,490     257,335  
    Undivided profits   453,931     446,503     442,079     436,048     430,346  
    Accumulated other comprehensive loss, net of tax   (132 )   (3,861 )   (6,600 )   (14,268 )   (14,763 )
    Treasury stock at cost   (45,270 )   (45,270 )   (44,160 )   (44,160 )   (43,786 )
               
    Total shareholders’ equity   687,808     676,343     669,021     655,168     649,190  
               
    Total liabilities and shareholders’ equity $ 6,338,545   $ 6,238,744   $ 6,109,680   $ 6,106,644   $ 6,179,570  
               
    Outstanding shares (in thousands)   19,020     19,020     19,010     19,010     19,024  
               
    NONPERFORMING ASSETS  
                 
    (dollars in thousands)  
    (Unaudited)  
      3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024  
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial $ 688   $ 343   $ 466   $ 741   $ 532    
    Real estate mortgage – 1 to 4 family   14,795     14,671     15,320     14,992     14,359    
    Installment   139     108     163     131     149    
    Total non-accrual loans   15,622     15,122     15,949     15,864     15,040    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   15,622     15,122     15,949     15,864     15,040    
    Other real estate owned   2,107     2,175     2,503     2,334     2,334    
    Total nonperforming assets $ 17,729   $ 17,297   $ 18,452   $ 18,198   $ 17,374    
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial $ –   $ –   $ 314   $ 314   $ 314    
    Real estate mortgage – 1 to 4 family   3,135     3,656     3,176     2,985     2,921    
    Installment   3     22     5     22     –    
    Total non-accrual loans   3,138     3,678     3,495     3,321     3,235    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   3,138     3,678     3,495     3,321     3,235    
    Other real estate owned   –     –     –     –     –    
    Total nonperforming assets $ 3,138   $ 3,678   $ 3,495   $ 3,321   $ 3,235    
                 
    Total            
    Loans in nonaccrual status:            
    Commercial $ 688   $ 343   $ 780   $ 1,055   $ 846    
    Real estate mortgage – 1 to 4 family   17,930     18,327     18,496     17,977     17,280    
    Installment   142     130     168     153     149    
    Total non-accrual loans   18,760     18,800     19,444     19,185     18,275    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   18,760     18,800     19,444     19,185     18,275    
    Other real estate owned   2,107     2,175     2,503     2,334     2,334    
    Total nonperforming assets $ 20,867   $ 20,975   $ 21,947   $ 21,519   $ 20,609    
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial $ (3 ) $ 62   $ 65   $ –   $ –    
    Real estate mortgage – 1 to 4 family   41     (316 )   104     (74 )   (78 )  
    Installment   4     41     11     (2 )   36    
    Total net chargeoffs (recoveries) $ 42   $ (213 ) $ 180   $ (76 ) $ (42 )  
                 
    Florida            
    Commercial $ (315 ) $ 314   $ –   $ –   $ –    
    Real estate mortgage – 1 to 4 family   –     –     –     17     –    
    Installment   15     1     42     7     –    
    Total net (recoveries) chargeoffs $ (300 )  $ 315   $ 42   $ 24   $ –    
                 
    Total            
    Commercial $ (318 )  $ 376   $ 65   $ –   $ –    
    Real estate mortgage – 1 to 4 family   41     (316 )   104     (57 )   (78 )  
    Installment   19     42     53     5     36    
    Total net (recoveries) chargeoffs $ (258 )  $ 102   $ 222   $ (52 ) $ (42 )  
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1) $ 18,760   $ 18,800   $ 19,444   $ 19,185   $ 18,275    
    Total nonperforming assets (1)   20,867     20,975     21,947     21,519     20,609    
    Total net (recoveries) chargeoffs (2)   (258 )    102     222     (52 )   (42 )  
                 
    Allowance for credit losses on loans (1)   50,606     50,248     49,950     49,772     49,220    
                 
    Nonperforming loans to total loans   0.37 %   0.37 %   0.38 %   0.38 %   0.37 %  
    Nonperforming assets to total assets   0.33 %   0.34 %   0.36 %   0.35 %   0.33 %  
    Allowance for credit losses on loans to total loans   0.99 %   0.99 %   0.99 %   0.99 %   0.98 %  
    Coverage ratio (1)   269.8 %   267.3 %   256.9 %   259.4 %   269.3 %  
    Annualized net (recoveries) chargeoffs to average loans (2)   -0.02 %   0.01 %   0.02 %   0.00 %   0.00 %  
    Allowance for credit losses on loans to annualized net chargeoffs (2)   N/A     123.2x     56.3x     N/A     N/A    
       
    * Includes New York, New Jersey, Vermont and Massachusetts.  
    (1) At period-end  
    (2) For the three-month period ended  
       
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                      
    (Unaudited) Three months ended     Three months ended  
      March 31, 2025     March 31, 2024  
      Average   Interest Average     Average   Interest Average  
      Balance     Rate     Balance     Rate  
    Assets                      
                           
    Securities available for sale:                      
    U. S. government sponsored enterprises $ 74,680     $ 596 3.19 %   $ 125,973     $ 906 2.88 %
    Mortgage backed securities and collateralized mortgage                    
    obligations – residential   239,509       1,483 2.46       258,814       1,494 2.30  
    State and political subdivisions   18       – 6.77       26       0 6.90  
    Corporate bonds   40,019       260 2.60       73,625       476 2.59  
    Small Business Administration – guaranteed                      
    participation securities   15,003       81 2.15       18,224       100 2.20  
    Other   699       7 4.01       696       3 1.72  
                           
    Total securities available for sale   369,928       2,427 2.62       477,358       2,979 2.50  
                           
    Federal funds sold and other short-term Investments   613,646       6,732 4.45       497,652       6,750 5.45  
                           
    Held to maturity securities:                      
    Mortgage backed securities and collateralized mortgage                    
    obligations – residential   5,233       57 4.34       6,329       68 4.30  
                           
    Total held to maturity securities   5,233       57 4.34       6,329       68 4.30  
                           
    Federal Home Loan Bank stock   6,507       151 9.28       6,203       152 9.80  
                           
    Commercial loans   297,926       4,165 5.59       277,183       3,661 5.28  
    Residential mortgage loans   4,385,646       42,614 3.89       4,359,476       40,415 3.71  
    Home equity lines of credit   413,981       6,435 6.30       353,004       5,464 6.22  
    Installment loans   12,967       236 7.37       16,128       264 6.58  
                           
    Loans, net of unearned income   5,110,520       53,450 4.19       5,005,791       49,804 3.98  
                           
    Total interest earning assets   6,105,834     $ 62,817 4.13       5,993,333     $ 59,753 3.99  
                           
    Allowance for credit losses on loans   (50,475 )             (48,824 )        
    Cash & non-interest earning assets   201,154               185,230          
                           
                           
    Total assets $ 6,256,513             $ 6,129,739          
                           
                           
    Liabilities and shareholders’ equity                      
                           
    Deposits:                      
    Interest bearing checking accounts $ 1,038,218     $ 558 0.22 %   $ 990,130     $ 240 0.10 %
    Money market accounts   469,070       1,989 1.72       544,687       2,342 1.73  
    Savings   1,089,358       734 0.27       1,158,558       712 0.25  
    Time deposits   2,054,494       18,984 3.75       1,889,929       19,677 4.19  
                           
    Total interest bearing deposits   4,651,140       22,265 1.94       4,583,304       22,971 2.02  
    Short-term borrowings   83,207       180 0.88       93,316       204 0.88  
                           
    Total interest bearing liabilities   4,734,347     $ 22,445 1.92       4,676,620     $ 23,175 1.99  
                           
    Demand deposits   761,800               726,299          
    Other liabilities   78,748               80,158          
    Shareholders’ equity   681,618               646,662          
                           
    Total liabilities and shareholders’ equity $ 6,256,513             $ 6,129,739          
                           
    Net interest income     $ 40,372           $ 36,578    
                           
    Net interest spread       2.21 %         2.00 %
                           
                           
    Net interest margin (net interest income to                      
    total interest earning assets)       2.64 %         2.44 %
                           

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  

    NON-GAAP FINANCIAL MEASURES RECONCILIATION        
             
    (dollars in thousands)        
    (Unaudited)        
        3/31/2025 12/31/2024 3/31/2024
    Tangible Book Value Per Share        
             
    Equity (GAAP)   $ 687,808   $ 676,343   $ 649,190  
    Less: Intangible assets     553     553     553  
    Tangible equity (Non-GAAP)   $ 687,255   $ 675,790   $ 648,637  
             
    Shares outstanding     19,020     19,020     19,024  
    Tangible book value per share     36.13     35.53     34.10  
    Book value per share     36.16     35.56     34.12  
             
    Tangible Equity to Tangible Assets        
    Total Assets (GAAP)   $ 6,338,545   $ 6,238,744   $ 6,179,570  
    Less: Intangible assets     553     553     553  
    Tangible assets (Non-GAAP)   $ 6,337,992   $ 6,238,191   $ 6,179,017  
             
    Equity to Assets (GAAP)     10.85 %   10.84 %   10.51 %
    Tangible Equity to Tangible Assets (Non-GAAP)     10.84 %   10.83 %   10.50 %
             
        Three months ended
    Efficiency and Adjusted Efficiency Ratios   3/31/2025 12/31/2024 3/31/2024
             
    Net interest income (GAAP) A $ 40,373   $ 38,902   $ 36,578  
    Non-interest income (GAAP) B   4,974     4,409     4,843  
    Revenue used for efficiency ratio (GAAP) C $ 45,347   $ 43,311   $ 41,421  
             
    Total noninterest expense (GAAP) D $ 26,329   $ 28,165   $ 24,903  
    Less: Other real estate expense, net E   28     476     74  
    Expense used for efficiency ratio (Non-GAAP) F $ 26,301   $ 27,689   $ 24,829  
             
    Efficiency Ratio (GAAP) D/C   58.06 %   65.03 %   59.94 %
    Adjusted Efficiency Ratio (Non-GAAP) F/C   58.00 %   63.93 %   59.94 %
             
    Subsidiary:   Trustco Bank
         
    Contact:   Robert Leonard
        Executive Vice President
        (518) 381-3693

    The MIL Network –

  • MIL-OSI USA: SCHUMER: SAVE OUR SMALL BUSINESSES FROM TRUMP’S TARIFF WAR; STANDING AT ALBANY’S YONO’S RESTAURANT WITH CAPITAL REGION BUSINESSES THAT ARE SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Albany’s Renowned Yono’s Restaurant Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers In Capital Region Like Latham Pool Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 14,000 NY-ers In The Capital Region Work In Industries Directly Impacted By Tariffs, And Albany Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Albany’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Albany’s renowned Yono’s Restaurant with Capital Region small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in the Capital Region estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 14,000 jobs in the Capital Region in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Albany and the Capital Region are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of the Capital Region and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout the Capital Region and across Upstate New York.”
    Schumer explained Capital Region restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 14,000 New Yorkers across the Capital Region including 4,400 in Albany County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    Yono’s Restaurant has Indonesian influences and relies on spices and fruits that are not widely produced domestically, such as coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, and galangal. Without knowing how much they will cost, it is impossible for Yono’s to plan its menu, which they often shift seasonally, and now they do not know which products they can maintain a consistent, affordable supply of. In addition, as the market has shifted to more takeout and delivery options, Yono’s has relied on imported containers and bags that are already more expensive and could get more expensive with tariffs in effect.
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Here at Yono’s we support an immense amount of USA grown meats, vegetables, cheeses, beer, spirits and wine. However our guests appreciate a broad amount of options. We use coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, galangal, and pandan. These items are not able to be grown in the USA, let alone in the amounts we need. We also import lamb from New Zealand and Australia. Of course, he biggest items imported that affect us will be coffee (99.5% of the coffee consumed in the USA is imported). We can only grow coffee in Hawaii in this county. Even our fine wine glasses come from Austria,” said Dominick Purnomo, of Yono’s Restaurant.
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    Other businesses across industries are also facing uncertainty. Latham Pool, the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, has called the Capital Region its home for nearly 70 years. Latham Pool has 1,500 employees including 300 in New York State, mostly in the Capital Region. Tariffs on foreign goods – especially aluminum and steel – are impacting Latham Pool’s ability to serve its customers and his company along with so many others are deeply fearful of customers pulling back. We are already seeing these fears manifest across America as consumer confidence is cratering and is the lowest it has been in years due to tariffs.
    Latham Pool estimates that 15-20% of their materials are sourced from overseas and will be impacted by the tariffs. Worse, they are impacted by the devolving trade relationship with Canada, where the Canadian reciprocal tariff now disadvantages their products for sale in Canada, which has been a strong market for them.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR RESTAURANTS & SMALL BUSINESSES FROM TRUMP’S TARIFF WAR, STANDING WITH CENTRAL NY BUSINESSES SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS, SENATOR ANNOUNCES SENATE DEMS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Syracuse’s Renowned Emerald Cocktail Kitchen Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers Across Central NY Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 16,000 NY-ers In Central NY Work In Industries Directly Impacted By Tariffs, And Syracuse Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Syracuse’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Syracuse’s renowned Emerald Cocktail Kitchen with Central NY small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in Central NY estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 16,000 jobs in Central NY in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Syracuse and Central New York are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of Central New York and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout Central New York and across Upstate New York.”
    Schumer explained Central NY restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 16,000 New Yorkers across Central NY including 10,000 in Onondaga County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    At the Emerald Cocktail Kitchen, co-founded by local businesswomen Michelle and Nora Roesch, Trump’s tariffs have already begun to take root and are among the Roesch’s chief concerns moving forward, with some of their liquor and wine being imported from Canada and other countries. On the food side of the house, Emerald’s culinary experts use cheeses like feta and gouda, imported from Greece and the Netherlands, as key ingredients in their burgers, pizzas and salads. They also use fruits and other products imported from Canada and Mexico.
    In addition to the wide ranging impact that tariffs will have on Emerald Cocktail Kitchen’s menu, they are driving increased costs across the board, which in turn are driving down consumer discretionary spending. As a result, Emerald Cocktail Kitchen customers have started spending less money on an average visit and opting to save by skipping an appetizer or desert. With customers spending less, the business brings in less and employees receive less in tips on smaller checks. Altogether, Trump’s tariffs have left small businesses like Emerald Cocktail Kitchen exposed to significant impacts, uncertain about how to proceed, and uneasy about what could be next. 
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Imported goods like tequila, gin, prosecco, Aperol, avocados, limes, feta, gouda, and more – all of which are staples behind our bar and in our kitchen – have surged in price as a result of recent United States tariff policy decisions. In Central New York, small businesses like ours depend on steady customer traffic and predictable costs to survive. Unfortunately, the administration’s back-and-forth approach to tariff implementation has made long-term planning feel impossible,” said Michelle Roesch, Co-owner of Emerald Cocktail Kitchen. “For small Syracuse businesses like ours, Trump’s tariffs have created the same kind of stress and uncertainty we felt during COVID – except this time, it’s self-inflicted. As a result, customers are watching their wallets, staff are taking home smaller tips, and we’ve had to cut back on bulk orders. We need trade policies that lift up small and local businesses, not weigh them down. That is why I am proud to stand in support of Senator Schumer as he fights to force a vote Trump’s trade war in support of small businesses here in Syracuse and all across Upstate NY.”
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    Other businesses across industries are also facing uncertainty. In the City of Syracuse alone, tariffs are among the top concerns at restaurants and artisanal food shops like The Wedge and the Curd Nerd, veteran-owned businesses like Talking Cursive Brewing Company, and local food vendors like Firecracker Thai Kitchen at Salt City Market. Elsewhere in Central New York, 5th generation family and employee-owned northern hardwood lumber producer, Gutchess Lumber, and it’s 500 employee-owners are also bracing for negative impacts to their business.  
    In the North Country, Trump’s tariffs and trade war with Canada have already taken a toll on craft breweries like 1812 Brewing Company in Watertown, manufacturing companies like AmTech Yarns in Massena, and transportation authorities like the Ogdensburg Bridge & Port Authority. In addition, Alcoa, an aluminum producer based in the North Country, predicts tariffs will cost the company an additional $90 million this quarter alone.
    In the Mohawk Valley, local coffee shops like Character Coffee in the City of Utica, and trendy fast-casual restaurants like Laffa’s Mediterranean Grill in the Town of New Hartford have both started to feel the impact of tariffs.
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    “At a small business like Firecracker Thai, we feel the impact of tariffs and increased costs on every single order and with every single purchase. We plan to increase menu prices by 10-15% to help offset rising costs, but our prices can only go so high before we risk pricing out customers. Unfortunately, our planned 10-15% increase is not enough to cover all of our increased costs, so the remainder will take a bite out of our bottom line,” said Sarah Tong-Ngork, Owner of Firecracker Thai Kitchen. “In addition, tariffs have made it more difficult to find authentic, imported ingredients like Jasmine Rice and Rice Noodles at local markets. After the devastating impact that COVID had on the food service industry, the last thing we need is to increase prices and disrupt supply chains. I would like to thank Senator Schumer for coming to Syracuse to fight for small businesses like Firecracker Thai and small business owners like me.”
    “As a small craft brewery in Central New York, Talking Cursive Brewing Company faces significant challenges due to tariffs. We rely on imported aluminum cans from Canada, as well as hops and grain from the EU, Australia, and New Zealand. These tariffs, coupled with their ripple effects on the global economy, have been compounded by other actions from the current administration that are reshaping travel, tourism, and consumer behavior. While we experienced a brief uptick in business at the end of 2024 and into January, February and March of this year have seen a sharp decline, with customer counts and sales dropping more than 25% year-over-year. This marks the first time in our seven years of operation that we’ve faced such a downturn in the first quarter,” said Andrew Brooks, Co-Owner of Talking Cursive Brewing Company. “Tourism is a vital part of our business, especially in the summer when 15-20% of our customers are tourists, including about 7% from Canada. Many Canadians I know that travel here often have expressed that they feel disrespected by the current administration, and no longer plan to visit the U.S. in the near future. This decline in tourism directly impacts the revenue of both our tasting room and accounts that we distribute to across New York, including several in the Thousands Islands Region that depend on Canadian tourists. We anticipate a significant loss of sales in that region and will need to reassess the viability of distributing there. I appreciate the efforts that Senator Schumer is taking to help support small businesses like ours during these challenging times.”
    “Over the last 24 month, 1812 Brewing Company has invested hundreds of man hours and significant capital to gain entry into the Ontario, Canada market.  Because of recently implemented tariffs, the Provincial Government of Ontario has put a stop on the purchase of all American-made craft beer, including our gold medal winning War of 1812 Amber Ale. This will immediately cut off around 10% of our sales,” said Thomas W. Scozzafava, Chairman & CEO of 1812 Brewing Company. “Although relatively small, 1812 Brewing Company and its employees will be hurt by an escalating Trade War with Canada, which could ultimately result in the loss of jobs in our local plant. I hope that those deciding these policies – on both sides of the aisle – understand the true human impact of sudden and dramatic changes to the parameters of trade with our Canadian partners. I thank Senator Schumer for sticking up for small businesses like 1812 and always fighting to protect New York State’s craft breweries.”
    “As the owner of Character Coffee in Utica, I rely on specialty roasters who are already feeling the impact of new tariffs. Coffee isn’t grown in the U.S. — so by design, our industry depends on farmers around the world. Even more concerning, these tariffs are piling onto an already fragile supply chain, strained by climate shifts and a year of poor harvests. It’s not just the coffee we have to worry about, but everything from cups and lids to delivery fees,” said Katie Aiello, Owner of Character Coffee. “When costs rise, customers pull back — starting with discretionary spending like grabbing a cup of coffee. The uncertainty is costly too. It’s hard to plan, price, or grow when every week brings new instability in the market. Independent cafes aren’t faceless corporations. We’re local businesses trying to offer good jobs, contribute to the community, and serve something meaningful. These tariffs threaten that. We urgently need thoughtful trade policy that protects American small businesses, and that is why I am proud to stand alongside Senator Schumer in Syracuse today to join in his fight for to safeguard locals businesses like mine.”
    “Since we opened in 2021, rising costs have been one of our biggest challenges, and we’ve had no choice but to pass some of that burden onto our customers just to stay open. With tariffs on the horizon, we’re already seeing price hikes on ingredients we depend on, like kalamata olives, tahini, and feta,” said Elias Zeina, Owner of Lafa Mediterranean. “It’s heartbreaking—we’re trying to protect our team and our guests, but I worry about how much more our customers can take. Small business owners like me are feeling squeezed, and our customers are the ones paying the price.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp Signs Historic Legislation Delivering Commonsense, Meaningful Tort Reform

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp, joined by First Lady Marty Kemp, Lieutenant Governor Burt Jones, Speaker Jon Burns, Constitutional Officers, members of the Georgia General Assembly, and state and local leaders signed historic legislation delivering commonsense, meaningful tort reform. 

    The legislative package, signed into law by the Governor, levels the playing field in our courtrooms, bans hostile foreign powers from taking advantage of consumers and legal proceedings, aims to stabilize insurance costs for businesses and consumers, increases transparency and fairness, and ensures Georgia continues to be the best place to live, work, and raise a family.

    “Today is a victory for the people of our state who for too long were suffering the impacts of an out-of-balance legal environment,” said Governor Brian Kemp. “While there was great passion on all sides of this issue, I am grateful for the diligent work of Commissioner John King and his office in studying this issue, the leadership of Lieutenant Governor Burt Jones and Speaker Jon Burns, the unrelenting work of Senate President Pro Tempore John F. Kennedy and House Majority Whip James Burchett, as well as Chairmen Brian Strickland and Rob Leverett for leading a thorough review, and the thoughtful deliberation of our legislative partners in the General Assembly. As a result of this collective effort and outpouring of support from Georgians of all backgrounds, Georgia continues to move in the right direction as we work to stabilize costs and compete for economic opportunities that will create good paying jobs for hardworking Georgians across our state.”

    “My position on this important issue has not changed – these are not anti-lawyer or pro-insurance bills, these are pro-Georgia bills,” said Lt. Governor Burt Jones. “From the extensive debate we saw on this issue, it is clear that the environment we are in right now is not playing well consistently and something had to change to level the playing field. I want to thank Governor Brian Kemp and his entire team for making these measures a top priority. These bills ensure that we put Georgia families and consumers first by tackling the hidden costs we have all been paying thanks to Georgia’s current tort laws. These much-needed reforms, which I was proud to support, strike a balance by stabilizing insurance costs for businesses and consumers, while increasing transparency and fairness for all Georgia citizens.”

    “Today was certainly a great day to be a Georgian as Governor Kemp signed into law the most comprehensive lawsuit reform legislation our state has seen in nearly two decades,” said House Speaker Jon Burns. “The House was proud to support these measures that return much-needed balance to our state’s courtrooms and deliver financial relief to Georgia’s citizens and businesses facing skyrocketing insurance premiums—all while ensuring we protect the rights of Georgians with legitimate claims.”

    “Getting lawsuit reform across the finish line took all of us coming together to deliver this win for Georgia,” said President Pro Tempore Kennedy. “Georgians deserve a balanced civil justice system, not one that incentivizes frivolous lawsuits, leading to higher insurance premiums that burden small businesses, job creators, healthcare providers, and families. I am grateful to Governor Kemp for his trust in me as the Bill Sponsor and his unwavering leadership to get these meaningful pieces of legislation across the finish line.“

    “With today’s signing of these important bills by the Governor we bring balance to Georgias civil justice system,” said House Majority Whip Burchett I’m proud of the work of the General Assembly to protect Georgia’s small businesses and job creators from frivolous lawsuits while ensuring that Georgians that are injured are still able to recover for their claims.”

    “Georgians have been footing the bill of a legal system that has gone unchecked for far too long,” said Commissioner John King. “By enacting these reforms, we are giving breathing room to consumers and small businesses in every community across our state, while protecting the rights of those are truly hurt. Our achievements today would not have been possible without the steadfast leadership and hard work of Governor Kemp, Lieutenant Governor Jones, Speaker Burns, and members of the General Assembly. Their tireless commitment to meaningful reform has brought long-overdue accountability to a broken system.”

    Below are the specific policy areas addressed by the legislation:

    • Reevaluates the Standard for Negligent Security Liability (“Premises Liability”): Ensures businesses are only liable for what they directly control. The legislation holds property owners accountable when they fail to keep their property safe for their customers and the public, but protects establishments for simply opening their doors and employing hardworking Georgians in communities and neighborhoods that need them.
    • Truthful Calculation of Medical Damages in Personal Injury Cases  (“Truth-in-Damages”):  Ensures Georgians injured by negligent actions are made whole and have their costs covered, while protecting consumers from inflated costs being passed on to them. The legislation permits counsel in a jury trial to submit evidence of the medical bills charged by providers, as well as the evidence of what was actually paid by an insurer to satisfy those charges. Jurors may then determine the reasonable value of the plaintiff’s past medical care with full transparency into the billed and paid value of their treatment.
    • Eliminates the Ability to Arbitrarily Anchor Pain and Suffering Damages to a Jury (“Anchoring”): The new law stops the use of anchoring tactics when presenting damages for pain and suffering to a jury during the closing arguments of a trial. The bill instructs that closing arguments describing damages must be related to actual evidence of the plaintiff’s pain and suffering, which prevents counsel from using an artificial benchmark–like a professional athlete’s salary, the cost of fighter jets, or the number of miles driven by a truck—to describe what a plaintiff should be owed for their injuries. 
      • This bill does NOT place a cap on the amount of money a jury may award. In fact, the Governor’s legislation protects the jury’s decision making from irrelevant and improper arguments from counsel – empowering the jury to decide an award amount based on real evidence in the case.
    • Bifurcated Trials: Permits a party in a case to move for bifurcation of the trial, so that the defendant is found liable before the jury hears evidence detailing the extent of the plaintiff’s damages. This clarifies important procedure in the courtroom and gives both sides of a case the same opportunity to have their arguments heard.
    • Allows a Jury to Know Whether the Plaintiff Wore Their Seatbelt (“Admissible Seatbelt Evidence”): Removes the current exclusion from the evidence code that prevents the defendant from showing evidence the plaintiff was not wearing his or her seatbelt in an auto accident. Allowing admission of seatbelt evidence at trial may be used by the defense to mitigate damages, particularly where the plaintiff’s failure to use this essential safety feature results in significantly worse injuries for the plaintiff.  
    • Eliminates Double Recovery of Attorney’s Fees: Closes an misused loophole that allowed plaintiff’s counsel to recover their fees twice for the same lawsuit. Courts will remain able to award attorney fees—but only once.
    • Eliminates Voluntary Dismissal During Trial: Amends the timeline for voluntary dismissals – putting an end to the practice of plaintiffs dismissing a case just to refile or “cherry pick” a more favorable jurisdiction after the defense has already racked up the cost of preparing and beginning the trial.
    • Motion to Dismiss Timing Changes: Changes the Georgia Civil Practice Act to allow a defendant to file a motion to dismiss in lieu of an answer – cutting down unnecessary discovery expenses while a motion to dismiss is pending.
    • Reforming and Bringing Transparency to Third Party Litigation Funding: 
      • First, the legislation bans hostile foreign adversaries from using our judicial system to undermine our vital security and economic interests – protecting Georgia businesses and consumers from foreign actors who may fund litigation to obtain trade secrets or advance their own political interests against the interests of the citizens of this state.
      • Second, the legislation protects consumers from predatory lenders that want to take advantage of litigants in vulnerable situations by prohibiting litigation funders from having any input into the litigation strategy or from taking the plaintiff’s whole recovery and making sure plaintiffs are aware of their rights.
      • Third, the bill increases transparency for all parties—the courts, opposing litigants, and the plaintiffs themselves.

    MIL OSI USA News –

  • MIL-OSI Economics: Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

    Source: GlobalData

    Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

    Posted in Power

    The global nuclear power sector has witnessed steady growth in recent years, driven by the need for low-carbon baseload power, energy security, and a renewed interest in decarbonizing industrial sectors. New capacity additions, advancements in reactor technology with small modular reactors (SMRs) emerging as a transformative solution, and supportive policies have contributed to increased generation and reinforced the role of nuclear power in the energy transition. Against this backdrop, nuclear capacity is forecast to grow from 395GW in 2024 to 494GW by 2035, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Nuclear Power Market, Update 2025 – Market Size, Segmentation, Major Trends, and Key Country Analysis to 2035,” reveals that nuclear electricity generation will rise from 2,616 TWh to 3,410 TWh over 2024-35, reflecting a CAGR of 2%. While nuclear power accounted for around 9% of global electricity generation, countries with aging reactors have pursued lifetime extensions, while others have aggressively expanded their nuclear fleets, especially in Asia.

    The US remains the world’s largest producer of nuclear power, with 97GW of installed capacity generating 787.6 TWh in 2024. France, which relies on nuclear for over 60% of its electricity, follows with 61.4GW and 333.3 TWh of annual generation. China, with the youngest and fastest-growing nuclear fleet, has expanded its capacity to 56GW, producing 386.1 TWh, surpassing France in total nuclear electricity generation.

    Mohammed Ziauddin, Power Analyst at GlobalData, comments “The growing focus on energy security due to geopolitical tensions, increasing demand for low-carbon dispatchable power, government support through regulations and incentives such as grants, loan guarantees, production and investment tax credits (PTCs and ITCs), and market-based mechanisms like Contracts for Difference (CfDs), advancements in SMRs and next-gen technologies, and a surge in electricity demand from data centers are the major reasons behind the increasing adoption of nuclear energy worldwide.”

    Unlike traditional large-scale nuclear reactors, SMRs offer compact designs, flexible deployment, and advanced safety features that make them well-suited for remote regions, smaller grids, and industrial applications. With capacities typically under 300MW, SMRs can be factory-fabricated, transported, and assembled on-site, significantly reducing construction time and costs.

    The global SMR pipeline is expanding rapidly, with over 100 reactors at various stages of development. Although only a few SMRs are currently operational, primarily in Russia and China, the next decade is expected to bring a significant increase in new capacity, with more than 10,000MW anticipated by 2035. Countries such as the US, Canada, the UK, China, and Russia are leading the charge with diverse deployment strategies, marking SMRs as a key pillar in the global transition toward secure, low-carbon energy systems.

    Zia concludes: “With growing concerns over climate change and energy security, nuclear power has re-emerged as a crucial pillar in the global energy transition. Governments across the world are implementing ambitious net-zero targets and investing in clean, dispatchable energy sources to decarbonize their economies. Nuclear energy, with its ability to provide reliable baseload power and reduce dependency on fossil fuels, is playing a vital role in this transition.

    “As countries ramp up their focus on SMRs, lifetime extensions, and advanced nuclear technologies, the nuclear power market is poised for long-term growth, driven by the dual goals of energy resilience and climate neutrality.”

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Clyde Visits Chatuge Dam to Advocate for Sensible Approach to Address Spillway Vulnerabilities

    Source: United States House of Representatives – Representative Andrew S. Clyde (R-GA)

    Rep. Clyde Visits Chatuge Dam to Advocate for Sensible Approach to Address Spillway Vulnerabilities

    Gainesville, April 21, 2025

     

    GAINESVILLE, GA — Last week, Congressman Andrew Clyde (GA-09) visited the Chatuge Dam with Towns County Sole Commissioner Cliff Bradshaw, Towns County EMA Director Marty Roberts, and members of Rep. Chuck Edwards’ (NC-11) staff to meet with Tennessee Valley Authority (TVA) officials and discuss the TVA’s proposed plans to address spillway safety concerns.

     

    A recent TVA study identified a key vulnerability in the spillway of Chatuge Dam. While the conditions of the current spillway are not an emergency, the TVA is aiming to improve the safety of the spillway to reduce the risk of the dam’s long-term operations. The TVA study has judged the spillway at Chatuge Dam exhibits some of the vulnerabilities that led to the damage and failure of the Oroville Dam spillway in California. To address the issue, the agency announced four potential alternatives for a long-term solution.

    “My top priority is reaching a sensible approach to a long-term solution that benefits both the structural integrity of Chatuge Dam and the well-being of local communities,” said Clyde. “Residents, local officials, and small business owners throughout Towns County have shared serious concerns about the potential disastrous economic consequences of the Tennessee Valley Authority’s current proposals for dam modification. Given Chatuge Lake attracts incredible tourism and seasonal activity, potential drawdown plans present tremendous challenges to the economic lifeblood of Towns County. My office and I remain highly engaged in this matter, and I look forward to working with local officials, stakeholders, and the TVA to reach the best solution that effectively balances the safety of spillway operations and the continued economic prosperity of our North Georgia community.”

     

    “Last week, Towns County officials visited with Congressman Andrew Clyde at Chatuge Dam to discuss TVA’s proposals for dam modification. I am extremely grateful for Congressman Clyde’s response to the concerns of Towns County constituents — the potential impact of a long-term drawdown of Chatuge Lake would be disastrous to the livelihood of our community,” said Towns County Sole Commissioner Cliff Bradshaw.

     

    “I would like to thank everyone in the County for their support. I highly encourage residents to provide input during TVA’s public commenting period. TVA will be hosting a series of public meetings and accepting public comments starting April 22 through May 28,” Bradshaw added.

     

    Public Meetings:

    • May 6th | 5:30 – 6:30 PM: Virtual public meeting
    • May 8th | 5:30 – 7:30 PM: Hayesville, NC at the Community Services Building on Riverside Circle
    • May 13th | 5:00 – 7:00 PM: Young Harris, GA at the Towns County Recreation Center
    • May 15th | 5:30 – 6:30 PM: Virtual public meeting

     

    Additional information on the Tennessee Valley Authority receiving public input on Chatuge Dam safety modifications can be found HERE.

     

    Details on the TVA’s notice of intent, including proposed plans, is available in the Federal Register HERE.

     

     

    Rep. Clyde Observes Chatuge Dam Spillway

     

     

    Chatuge Dam Spillway

     

     

    Rep. Clyde Reviews TVA’s Proposals for Dam Modification

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Statement following Leeds United’s promotion to the Premier League

    Source: City of Leeds

    The leader of Leeds City Council has hailed Leeds United’s return to the Premier League as “fantastic news” for the club, its fans and the whole local community.

    A 6-0 win for Leeds over Stoke City at Elland Road – coupled with a defeat for promotion rivals Sheffield United – means the Whites will be back in the top flight again next season.

    Councillor James Lewis, leader of Leeds City Council, said:

    “Leeds United’s return to the Premier League is fantastic news and, on behalf of the council, I want to send our warmest congratulations to everyone at the club.

    “As an Elland Road season ticket holder myself, I know how much promotion will mean to the fans, not just here in Leeds but right around the world.

    “Supporting Leeds has plenty of ups and downs, and days like today are a fitting reward for all those who continue to march on together in their thousands even when times are tough.

    “Leeds’s players, coaching staff, directors and the many, many unsung heroes behind the scenes at Elland Road should feel very proud of what they have achieved.

    “A special mention, of course, must go to Daniel Farke, who now stands alongside the legendary likes of Don Revie, Howard Wilkinson and Marcelo Bielsa as a manager who has guided Leeds into the top flight of English football.

    “The profile and publicity that comes with the Premier League’s huge global appeal can also bring wider economic benefits to Leeds as a whole while showcasing it as a wonderful place to live, work and visit.

    “This, therefore, is a great day for Leeds, both on and off the pitch. Congratulations once again to Daniel and his players, they’ve put the club back where it belongs and put smiles on countless faces. Roll on next season!”

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair April 26 in Burke County

    Source: US Federal Emergency Management Agency 2

    EMA is hosting a Housing Resource Fair on Saturday, April 26 from 9 a.m. to 5 p.m. in Burke County at the following location:
    Burke County Office Park Auditorium
    715 W 6thSt.
    Waynesboro, GA 30830
    The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene.  
    The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery.
    Survivors will meet with local housing organizations, property owners and landlords, as well as get information on the HEARTS Georgia Sheltering Program and U.S. Small Business Administration loans.
    The Housing Resource Fair is an opportunity for survivors to: 

    Explore affordable housing options and rental assistance programs.
    Meet with representatives from local housing organizations, landlords and property managers.
    Gain access to resources for displaced individuals and families.
    Learn from community partners about educational funding resources. 

    For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair is an opportunity to give survivors a one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said. “We will walk them through their options to ensure they are aware of the resources that are available to fit their need.”
    Anyone affected by Tropical Storm Debby or Hurricane Helene, whether they applied for FEMA assistance or not, is welcome to attend.

    MIL OSI USA News –

  • MIL-OSI Video: Haiti: Women & girls – Joint Security Council Media Stakeout

    Source: United Nations (Video News)

    Comments to the media by Jérôme Bonnafont, Permanent Representative of the Republic of France to the United Nations and President of the Security Council for the month of April, on behalf of Denmark, Greece, Guyana, Panama, the Republic of Korea, Sierra Leone, Slovenia, the United Kingdom and France, signatories of the shared commitments on Women, Peace and Security, on the situation on Haiti.

    https://www.youtube.com/watch?v=GZgDTxNCvh0

    MIL OSI Video –

  • MIL-OSI United Kingdom: Passing of Shelly Feeney

    Source: Traditional Unionist Voice – Northern Ireland

    Commenting on the passing of Shelly Feeney TUV vice chairman Councillor Allister Kyle said:

    “I am deeply saddened to learn of the death of Shelly Feeney following a tragic accident last week. I know her partner well as a result of his involvement with Coleraine Football Club. The esteem in which the family is held is demonstrated by the fact that a Go Fund Me set up in the wake of the accident has already raised in excess of £20,000.”

    TUV leader Jim Allister MP added:

    “Every death is keenly felt by the loved ones impacted. However, when the passing is so sudden and the result of a tragic accident it is felt all the more keenly. I know there will be people over a wide area who will be upholding them in prayer at this time.”

    Note
    The fundraiser is online here.

    MIL OSI United Kingdom –

  • MIL-OSI Security: Hagerstown Man Pleads Guilty to Federal Swatting Charges

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Baltimore, Maryland – Owen Jarboe, 19, of Hagerstown, Maryland, has pled guilty to conspiracy, cyberstalking, interstate threatening communications, and threats to damage or destroy by means of fire and explosives.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

    According to the guilty plea, from December 2023 through January 18, 2024, Jarboe along with other co-conspirators, knowingly and unlawfully conspired to place swatting calls to multiple police and emergency departments across the United States. Swatting is a form of criminal harassment that involves deceiving an emergency service into sending a police or emergency service response team to another person’s location.

    Jarboe helped create an online group known as “Purgatory.” The group used multiple online social-media platforms, including Telegram and Instagram, to coordinate and plan swatting activities and to announce swats that they had conducted.  Jarboe and his co-conspirators often used shared scripts to obscure their phone numbers and identities.

    Swatting incidents perpetrated as part of this scheme include threatening to burn down a residential trailer park in Alabama and shoot a teacher and unnamed students at a Delaware high school. Other swatting occurrences include false allegations about multiple homicide events and shooting threats of individuals at a residence in Eastman, Georgia, and bombing and shooting threats of Albany International Airport in New York and an Ohio casino.

    “Swatting is a very serious offense – one that can easily become dangerous for law enforcement and the victims involved,” Hayes said.  “Emergency personnel work hard every day to ensure that first responders are dispatched to render aid to those who truly need it. Mr. Jarboe and his co-conspirators’ actions showed a complete disregard for law enforcement, the victims, and those who actually needed emergency assistance during these incidents.”

    “Jarboe’s crimes are despicable and dangerous. He put our brave first responders and countless innocent lives at risk while creating unnecessary fear in many different communities,”  DelBagno said. “Jarboe’s guilty plea shows that the FBI will not tolerate swatting or hoax threats and will make sure anyone committing these crimes is found and charged to the full extent of the law.”

    Jarboe is facing a maximum sentence of five years in federal prison for each count of conspiracy, cyberstalking, and interstate threat, and a maximum sentence of 10 years for each charge to damage or destroy by means of fire and explosive. 

    Actual sentences for federal crimes are typically less than the maximum penalties.  A federal district court judge determines sentencing after taking into account the U.S. Sentencing Guidelines and other statutory factors. Sentencing is set for Wednesday, July 23, at 10 a.m.

    U.S. Attorney Hayes commended the FBI for its outstanding work in the investigation.  Additionally, Ms. Hayes praised the Joint Terrorism Task Force, Columbus; Ohio Police Department; Newark, Delaware Police Department; Lenoir City, Tennessee Police Department; Albany, New York Police Department; Albany County, New York Sheriff’s Office; Fairburn City, Georgia Police Department; Bethel Park, Pennsylvania Police Department; Giles County, Virginia Sheriff’s Office; Blue Springs, Missouri Police Department; Tarboro, North Carolina Police Department; Boston, Massachusetts Police Department; Dodge County, Georgia Sheriff’s Office; Houston County, Alabama Sheriff’s Office; and the FBI’s Mobile, Richmond, Boston, Charlotte, and Cincinnati Field Offices for their valuable assistance. Ms. Hayes also thanked Assistant U.S. Attorneys Robert I. Goldaris and Patricia C. McLane who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: VNBTC – Revolutionizing Cloud Mining with Profitable Plans and an Innovative Affiliate Program

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom, April 21, 2025 (GLOBE NEWSWIRE) — Cryptocurrencies continue to shape financial futures, and VNBTC is leading the charge with its advanced, user-friendly, and profitable cloud mining platform. Offering high-performing mining packages and a dynamic affiliate program, VNBTC is creating boundless earning opportunities for newcomers and seasoned investors alike.

    Profitable Mining Packages Tailored to Your Goals

    VNBTC’s mining plans are designed to cater to a wide range of users, offering something for beginners and high-capital investors alike. With transparent terms and efficient operations, these plans generate consistent profits daily, making them an attractive choice for anyone seeking passive income.

    Plan Name Price ($) Duration Daily ROI Total Profit ($)
    DOGE STARTER PLAN 79.00 7 Days 1.20% 6.64
    LITECOIN SPEED PACK 100.00 5 Days 1.50% 7.50
    POLYGON GROWTH PLAN 500.00 10 Days 1.36% 68.00
    AVALANCHE MINER PACK 2,000.00 20 Days 1.40% 560.00
    SOLANA POWER MINER 5,000.00 30 Days 1.48% 2,220.00
    CARDANO VIP SPECIAL 8,000.00 25 Days 1.50% 3,000.00
    ETHEREUM MAX YIELD PLAN 10,000.00 35 Days 1.55% 5,425.00
    BNB TURBO PACK 30,000.00 20 Days 1.70% 10,200.00
    BITCOIN PREMIUM HASHRATE 70,000.00 15 Days 2.00% 21,000.00

    These plans provide access to hassle-free mining of prominent cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. With real-time performance monitoring and smooth fund withdrawals, VNBTC offers unparalleled convenience and reliability.

    Exclusive Free Trial Offer – $79 Welcome Bonus

    VNBTC is committed to providing every new user with a risk-free mining experience. Upon registration, new users will receive a $79 welcome bonus, which can be exclusively applied to the DOGE STARTER PLAN.

    This free trial plan includes:

    • Full access to the DOGE STARTER PLAN’s 7-day mining cycle.
    • A return of 1.20% daily for seven days, making new users eligible to earn additional profits risk-free.

    This initiative allows investors to explore VNBTC’s platform features, experience effortless mining, and begin generating cryptocurrency without any upfront financial commitment.

    Multiply Earnings with VNBTC’s Affiliate Program

    For users looking to expand their income streams, VNBTC offers a powerful affiliate program that rewards participants for sharing the platform with their networks.

    Affiliate Benefits:

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    VNBTC encourages users to creatively promote their referral links through various channels to maximize exposure and earnings, such as:

    • Sharing on forums and crypto community boards to connect with targeted audiences.
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    Why Choose VNBTC? A Platform Designed for Success

    1. Simplified Cloud Mining: No technical skills or hardware needed. Start earning instantly after choosing your plan.
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    Making your first step into the world of cloud mining has never been easier. Every new user receives a $79 Welcome Bonus, giving them a risk-free opportunity to explore VNBTC’s offerings. The registration process is quick and straightforward, and mining begins immediately after activating your plan.

    Seize the Opportunity with VNBTC

    With advanced infrastructure, unbeatable plans, and an affiliate program that multiplies earning potential, VNBTC is not just a platform but your complete solution for turning cryptocurrency into a steady income avenue. Whether you’re an experienced trader or a curious beginner, VNBTC provides everything you need to succeed and grow in the crypto world.

    Start Mining Now and Invite the World to Join

    It’s time to make the most of cloud mining with VNBTC. Sign up today, choose the perfect plan, and invite your network to amplify your earning potential. By sharing VNBTC’s opportunities, you can build a passive income that grows along with the platform’s success.

    For more information or to begin your mining success story, visit VNBTC’s Official Website.

    The MIL Network –

  • MIL-OSI USA: Klobuchar Statement on the Passing of Pope Francis

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    MINNESOTA – U.S. Senator Amy Klobuchar released the following statement on the passing of Pope Francis.

    “John and I mourn the death of Pope Francis, who led the Catholic Church with humility and hope. He encouraged each and every one of us to consider our responsibility to uplift those most in need. 

    He did not just preach that value, he lived it. When I visited Vatican City in 2014, I saw him address the crowd gathered at St. Peter’s Square where he finished as he always did—by blessing those with disabilities first. 

    I was honored to be part of the escort committee that brought Pope Francis around the Capitol when he addressed Congress in 2015. That speech was a resounding call for us to put aside our differences and come together with a renewed spirit of cooperation in pursuit of the common good. One moment in particular stood out to me from that day – as the Pope was getting ready to address thousands of people gathered on the Mall, one of the security guards plucked a woman out with her baby, who Pope Francis blessed. He understood that faith exists in the moments big and small. 

    Pope Francis leaves behind a legacy of humility, compassion, and faith that will continue to inspire us all.”

    MIL OSI USA News –

  • MIL-OSI USA: Reed Statement on the Passing of Pope Francis

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    PROVIDENCE, RI — U.S. Senator Jack Reed issued the following statement on the passing of Pope Francis, 88, the head of the Catholic Church and sovereign of the Vatican City State, who was elected to the papacy on March 13, 2013, becoming the first person from the Southern Hemisphere to hold the papacy:

    “I join people of all faiths in mourning the loss of Pope Francis.  His dynamic leadership, humility, compassion, and care for the downtrodden resonate widely and continue to inspire.  A man of great wisdom, courage, and faith, his life and ministry are marked by love, devotion, and a commitment to bringing people together and promoting peace and cross-cultural understanding.  His selfless example continues to resonate and inspire.”

    MIL OSI USA News –

  • MIL-OSI Security: Georgia Man Charged With Sending Threatening Letter to Spiritual Mission in Suburban Chicago

    Source: Office of United States Attorneys

    CHICAGO — A Georgia man has been charged with sending a threatening letter to a spiritual mission in suburban Chicago.

    A criminal complaint filed in U.S. District Court in Chicago charges JIMIL PARMAR, 33, of Lawrenceville, Ga., with one count of mailing a threatening communication.  Parmar was arrested last week in the Northern District of Georgia. A preliminary hearing is scheduled for May 2, 2025, in U.S. District Court in Atlanta.

    According to the complaint, Parmar mailed a letter in July 2023 to the Sant Nirankari Mission in West Chicago, Ill.  The letter stated, “CANCEL US CANADA TOUR IMMEDIATELY SRS ATTACK PLANNED,” the complaint states.  The threat coincided with a visit by the Mission’s spiritual leader, Satguru Mata Sudiksha Ji Maharaj, who was touring the United States and Canada that summer and had appearances scheduled in the Chicago and Atlanta areas. 

    At least four other Sant Nirankari Missions in the United States that month received what appeared to be identical letters, the complaint states.  The federal investigation is being led by the FBI and remains active.

    The complaint and arrest were announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  Valuable assistance was provided by the Atlanta Field Office of the FBI.  The government is represented by Assistant U.S. Attorney Kavitha J. Babu.

    “When a threat of mass violence occurs, our Office will find, arrest, and prosecute those responsible to the fullest extent of the law,” said U.S. Attorney Boutros.  “This case demonstrates our Office’s commitment to hold accountable those who seek to intimidate and instill fear in members of our community.”

    “The subject’s alleged actions serve as a disturbing reminder of the hatred that many marginalized people encounter simply because of their beliefs,” said FBI SAC DePodesta.  “We extend our appreciation to the FBI Atlanta Field Office and all of our dedicated law enforcement partners who work tirelessly to apprehend those who dare to threaten the safety of our communities.”

    The charge in the complaint is punishable by up to five years in federal prison.  The public is reminded that a complaint is not evidence of guilt.  The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt. 

    MIL Security OSI –

  • MIL-OSI USA: Senator Reverend Warnock Statement on Passing of Pope Francis

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia
    In April 2024, Senator Reverend Warnock met, prayed with Pope Francis during a Papal Audience in Vatican City

    April 2024 Papal Audience in Vatican City
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) released the following statement after the announcement of Pope Francis’ death. 
    “I’m deeply saddened by the passing of Pope Francis.”
    “As a longtime admirer of the Pope and his work to center the poor and marginalized, I was honored to meet him and pray with him last year.”
    “I join all those across the world mourning his death and celebrating his remarkable life.”
    “Precious in the sight of the Lord is the death of his faithful servants.” -Psalm 116:15

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Scottish Green MSP tables ‘Mansion Tax’ proposals

    Source: Scottish Greens

    21 Apr 2025 Finance

    The wealthiest people should pay the most to fund services.

    More in Finance

    Proposals for a ‘mansion tax’ on the sale of the million pound homes have been tabled in Parliament by Scottish Green MSP Ross Greer, with the money raised being used to protect public services.

    Scottish Greens finance spokesperson Ross Greer has tabled amendments to the Housing Bill which would introduce a new band of Land and Buildings Transaction Tax on the most expensive homes.

    Currently, the top rate of Land and Buildings Transaction Tax for residential properties is 12% from £750,000. The Scottish Greens are proposing a further rate from £1 million, which they have suggested be set at 15%.

    Mr Greer said:

    “A mansion tax on the biggest and most luxurious houses is one of many ways we can raise more money to support services like the NHS and schools while only impacting the very wealthiest people.

    “There is more than enough wealth in Scotland to end injustices like child poverty tomorrow, but far too much of it is in the hands of a very small number of extremely rich people and big companies.

    “The powers needed to tax them fairly mostly sit at Westminster rather than Holyrood, but we can use tools like Scottish property taxes to make sure the richest people in society pay a bit more when they are buying a new house.”

    Mr Greer added:

    “The Scottish Greens have already delivered an income tax system for Scotland which raises £1.7 billion more every year for public services like our schools and NHS. If we want to protect these services though, we need to go further.”

    In 2023, the Scottish Greens delivered new powers to double Council Tax on second homes. The party has also doubled the Additional Dwelling Supplement, a tax paid when buying second and holiday homes.

    Alongside the Mansion Tax plan, Ross Greer is also tabling proposals to end the tax exemptions currently enjoyed by two types of companies notorious for tax avoidance and property speculation and by foreign militaries buying property in Scotland, to create an additional charge for overseas buyers of Scottish properties and to allow councils to further increase Council Tax on holiday homes.

    MIL OSI United Kingdom –

  • MIL-OSI Global: Rating agencies don’t treat the Global South fairly: changes South Africa should champion in G20 hot seat

    Source: The Conversation – Africa – By Daniel Cash, Reader in Law, Aston University

    Credit rating agencies like S&P Global and Fitch have an outsized influence on the economic fortunes of developing countries. Their assessments shape investor perceptions, influence borrowing costs, and ultimately shape a country’s development path. With many African countries now issuing bonds in global markets amid falling levels of official development assistance (ODA), their role is coming under increasing scrutiny.

    The major credit rating agencies exist to opine on the likelihood that a debtor (say, a country) will repay their creditors on time and in full. They are rated on a sliding scale. Whenever a rating agency believes that a debtor will not meet their obligations, they are obliged to put that debtor into a ‘default’ rating. This means that the debtor can no longer access private financing.



    Read more:
    African countries can’t resolve their debt crisis under a system rigged against them

    The negative role of rating agencies has been felt in other ways too. For example, threats of downgrades have also led to developing countries steering away from seeking debt relief under a recently introduced G20-initiated debt treatment programme. The reason is that getting help would mean that sovereign debtors have to restructure their debts. But credit rating agencies have warned that doing this will likely lead countries being given a ‘default’ rating.

    As a result, no rated country has applied for debt relief through the G20. This has been called a ‘credit rating impasse’.

    Change needs to happen on two fronts: the building of credit rating capability in the Global South, combined with shoring up capacity in countries in an effort to rebalance existing relationships with rating agencies.



    Read more:
    Rating agencies and Africa: the absence of people on the ground contributes to bias against the continent – analyst

    As a researcher who has looked closely at the working of rating agencies, I would argue that South Africa’s 2024–25 G20 Presidency presents a rare opportunity to push for more equitable reforms. It also provides a platform to spotlight African-led initiatives that are already making progress.

    The aim is not to ensure every country receives a top-tier credit rating. Rather, it is to ensure that all countries have the capacity, knowledge, and tools to engage in the rating process on fair terms.

    Alternatives

    Among the boldest reform efforts so far is the establishment of the African Credit Rating Agency spearheaded by the African Union. The agency aims to deliver fairer, more contextually grounded credit assessments of African sovereigns.

    Structured as a specialised agency owned by AU member states and funded through a mix of regional support and service revenue, the agency is a tangible step toward rating independence. Naturally, there are challenges. These include legitimacy, credibility with global investors, generating the necessary capital to appropriately invest in research and credit analysis, and blowback if and when it will have to downgrade.

    Its creation is rooted in dissatisfaction with the big three agencies. But it’s also inspired by parallel developments in other regions, such as China’s own domestic rating ecosystem.

    Though still in development, the proposed African agency represents the most advanced reform effort in the credit rating space from a Global South perspective.

    But building this institutional capacity is only one piece of a larger puzzle. For many countries, support is urgently needed to engage more effectively with the existing system.

    Expertise mismatch

    The lag in expertise and experience on the part of countries in the global south is understandable: sovereign debt trading has been around since the 19th Century. The first Eurobond was issued in 1963. In contrast, many African nations only began issuing Eurobonds in the late 1990s, with Tunisia being the first in 1997.

    At present, that expertise is often provided by ‘credit rating advisory’ teams embedded within the Investment Banks arranging a country’s bond sale – typically offered at no cost. There is a valid perception that this advice is not independent.

    One way to close the gap is through independent credit rating-related capacity building. Done well, it can empower developing countries to engage with credit rating agencies on a more equal footing, improve the quality of credit interactions, and make informed decisions in a market that often prioritises investor interests over national development goals.

    A few initiatives are well underway.

    The African Union’s Africa Peer Review Mechanism , in partnership with the United Nations Economic Commission for Africa, has been offering tailored, hands-on support. This includes technical workshops, advocacy against problematic ratings, and the publication of the ‘Africa Sovereign Credit Rating Review’, a regular report that helps member states track trends and identify areas for improvement.

    Building on this, the UNDP Africa and AfriCatalyst recently launched the ‘Credit Ratings Initiative’. This includes an innovative web platform, a panel of former rating analysts known as the ‘Concilium’, and a community of practice to share knowledge.

    Early pilots with East African countries have already made an impact, showing how independent, neutral advice can boost sovereigns’ technical understanding and strategic engagement with rating agencies.

    All parties are actively collaborating to share best practice at key global events. This momentum is a promising sign of broader change.

    These efforts underscore an important lesson: while long-term reform is crucial, short-term, practical tools can have an immediate and meaningful effect.

    Quest for a fairer financing systems

    South Africa currently holds the G20 Presidency. The government has adopted the idea of a ‘Cost of Capital Commission’ to examine how financing conditions affect developing nations. One of its aims is to review credit rating methodologies and promote transparency and data efficiency.



    Read more:
    The G20: how it works, why it matters and what would be lost if it failed

    This is a promising start. But there is room to go further. South Africa could use its leadership role to champion the establishment of a global credit rating capacity building initiative. Such a move would align with its development priorities, position Africa as a leader in financial reform, and create a blueprint for global action.

    Crucially, this would not be just another technical fix. It would be a shift in the power dynamics of global finance – from crisis response to structural empowerment. As the U.S. prepares to take over the G20 Presidency next, South Africa’s advocacy could lay the groundwork for a broader coalition committed to fairer financing systems.

    Daniel Cash 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. Rating agencies don’t treat the Global South fairly: changes South Africa should champion in G20 hot seat – https://theconversation.com/rating-agencies-dont-treat-the-global-south-fairly-changes-south-africa-should-champion-in-g20-hot-seat-254735

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Rating agencies don’t treat the Global South fairly: changes South Africa should champion in G20 hot seat

    Source: The Conversation – Africa – By Daniel Cash, Reader in Law, Aston University

    Credit rating agencies like S&P Global and Fitch have an outsized influence on the economic fortunes of developing countries. Their assessments shape investor perceptions, influence borrowing costs, and ultimately shape a country’s development path. With many African countries now issuing bonds in global markets amid falling levels of official development assistance (ODA), their role is coming under increasing scrutiny.

    The major credit rating agencies exist to opine on the likelihood that a debtor (say, a country) will repay their creditors on time and in full. They are rated on a sliding scale. Whenever a rating agency believes that a debtor will not meet their obligations, they are obliged to put that debtor into a ‘default’ rating. This means that the debtor can no longer access private financing.

    Read more: African countries can’t resolve their debt crisis under a system rigged against them

    The negative role of rating agencies has been felt in other ways too. For example, threats of downgrades have also led to developing countries steering away from seeking debt relief under a recently introduced G20-initiated debt treatment programme. The reason is that getting help would mean that sovereign debtors have to restructure their debts. But credit rating agencies have warned that doing this will likely lead countries being given a ‘default’ rating.

    As a result, no rated country has applied for debt relief through the G20. This has been called a ‘credit rating impasse’.

    Change needs to happen on two fronts: the building of credit rating capability in the Global South, combined with shoring up capacity in countries in an effort to rebalance existing relationships with rating agencies.

    Read more: Rating agencies and Africa: the absence of people on the ground contributes to bias against the continent – analyst

    As a researcher who has looked closely at the working of rating agencies, I would argue that South Africa’s 2024–25 G20 Presidency presents a rare opportunity to push for more equitable reforms. It also provides a platform to spotlight African-led initiatives that are already making progress.

    The aim is not to ensure every country receives a top-tier credit rating. Rather, it is to ensure that all countries have the capacity, knowledge, and tools to engage in the rating process on fair terms.

    Alternatives

    Among the boldest reform efforts so far is the establishment of the African Credit Rating Agency spearheaded by the African Union. The agency aims to deliver fairer, more contextually grounded credit assessments of African sovereigns.

    Structured as a specialised agency owned by AU member states and funded through a mix of regional support and service revenue, the agency is a tangible step toward rating independence. Naturally, there are challenges. These include legitimacy, credibility with global investors, generating the necessary capital to appropriately invest in research and credit analysis, and blowback if and when it will have to downgrade.

    Its creation is rooted in dissatisfaction with the big three agencies. But it’s also inspired by parallel developments in other regions, such as China’s own domestic rating ecosystem.

    Though still in development, the proposed African agency represents the most advanced reform effort in the credit rating space from a Global South perspective.

    But building this institutional capacity is only one piece of a larger puzzle. For many countries, support is urgently needed to engage more effectively with the existing system.

    Expertise mismatch

    The lag in expertise and experience on the part of countries in the global south is understandable: sovereign debt trading has been around since the 19th Century. The first Eurobond was issued in 1963. In contrast, many African nations only began issuing Eurobonds in the late 1990s, with Tunisia being the first in 1997.

    At present, that expertise is often provided by ‘credit rating advisory’ teams embedded within the Investment Banks arranging a country’s bond sale – typically offered at no cost. There is a valid perception that this advice is not independent.

    One way to close the gap is through independent credit rating-related capacity building. Done well, it can empower developing countries to engage with credit rating agencies on a more equal footing, improve the quality of credit interactions, and make informed decisions in a market that often prioritises investor interests over national development goals.

    A few initiatives are well underway.

    The African Union’s Africa Peer Review Mechanism , in partnership with the United Nations Economic Commission for Africa, has been offering tailored, hands-on support. This includes technical workshops, advocacy against problematic ratings, and the publication of the ‘Africa Sovereign Credit Rating Review’, a regular report that helps member states track trends and identify areas for improvement.

    Building on this, the UNDP Africa and AfriCatalyst recently launched the ‘Credit Ratings Initiative’. This includes an innovative web platform, a panel of former rating analysts known as the ‘Concilium’, and a community of practice to share knowledge.

    Early pilots with East African countries have already made an impact, showing how independent, neutral advice can boost sovereigns’ technical understanding and strategic engagement with rating agencies.

    All parties are actively collaborating to share best practice at key global events. This momentum is a promising sign of broader change.

    These efforts underscore an important lesson: while long-term reform is crucial, short-term, practical tools can have an immediate and meaningful effect.

    Quest for a fairer financing systems

    South Africa currently holds the G20 Presidency. The government has adopted the idea of a ‘Cost of Capital Commission’ to examine how financing conditions affect developing nations. One of its aims is to review credit rating methodologies and promote transparency and data efficiency.

    Read more: The G20: how it works, why it matters and what would be lost if it failed

    This is a promising start. But there is room to go further. South Africa could use its leadership role to champion the establishment of a global credit rating capacity building initiative. Such a move would align with its development priorities, position Africa as a leader in financial reform, and create a blueprint for global action.

    Crucially, this would not be just another technical fix. It would be a shift in the power dynamics of global finance – from crisis response to structural empowerment. As the U.S. prepares to take over the G20 Presidency next, South Africa’s advocacy could lay the groundwork for a broader coalition committed to fairer financing systems.

    – Rating agencies don’t treat the Global South fairly: changes South Africa should champion in G20 hot seat
    – https://theconversation.com/rating-agencies-dont-treat-the-global-south-fairly-changes-south-africa-should-champion-in-g20-hot-seat-254735

    MIL OSI Africa –

  • MIL-OSI Global: Canada’s federal election must grapple with the limits of neoliberal economics

    Source: The Conversation – Canada – By Daniel Horen Greenford, Lecturer and postdoctoral researcher in Ecological Economics and Climate Policy, Department of Geography, Planning and Environment, Concordia University

    With a federal election on the horizon, economic policy is once again taking centre stage. Yet missing from the national debate is a serious reckoning with the failures of neoliberalism and the urgent need for alternatives.

    A continued adherence to neoliberal policy, and the fiscal austerity it entails, risks deepening social divides and strengthening the electoral prospects of the far right (absent a compelling populist left). To meet today’s challenges, parties must explore more progressive schools of economic thought like modern monetary theory.

    Liberal Leader Mark Carney, with his experience across banking and global finance, is one figure who could potentially steer that shift. Carney’s career, spanning Morgan Stanley, the Bank of Canada, the Bank of England and Brookfield Asset Management, has exemplified his competence within the bounds of economic orthodoxy.

    As the Bank of Canada’s governor, Carney pre-emptively cut interest rates to cushion the blow of the 2008 financial crisis. Standard measures like interest rate cuts and quantitative easing are meant to keep economies afloat during downturns. While necessary, these steps remained squarely within the bounds of conventional economic thinking.

    Today, however, those old tricks aren’t enough. The twin crises of climate collapse and socioeconomic inequality demand bolder policy and braver leadership from policymakers.

    The case for modern monetary theory

    Modern monetary theory (MMT) offers a more ambitious economic toolkit to policymakers than current approaches do.

    MMT scholars argue that countries that issue their own currency, like Canada, have monetary sovereignty. These governments don’t need to rely on bond markets for funding; instead, they can create money directly through public spending. And, when they do sell debt, there’s never a shortage of demand for it.



    Read more:
    Explainer: what is modern monetary theory?

    From this perspective, the real constraint isn’t money, but productive capacity: materials, energy and labour. Public debt is neither inherently dangerous, nor is it “owed” to anyone.

    MMT also argues the “tax and spend” perspective is backwards — taxes are not needed to fund public spending. In its view, governments spend first, then tax to remove money from circulation to keep inflation under control.

    Inflation risk stems not from government spending, but from economic over-demand or supply constraints. During periods of low growth, spending is not just safe — it’s essential, as we saw during the COVID-19 pandemic.

    Inflation during the pandemic was driven predominantly by supply chain disruptions and gas price spikes, not overspending. Strategic taxation can be used to curb demand and reduce inequality when inflation emerges.

    MMT’s job guarantee

    The hallmark policy of MMT is a job guarantee — a public option for employment that would employ anyone wanting to work. This would effectively end structural unemployment while improving conditions for those employed in the private sector through competition.

    Such an initiative would help unlock productivity needed to revitalize and decarbonize housing, transport, energy and other critical infrastructure.

    Yet instead of embracing such ideas, centrist parties like the Canadian Liberal Party and United Kingdom’s Labour Party cling to outdated concerns over “fiscal responsibility,” echoing debates that have been outdated since the end of the gold standard in the 1970s.

    The cost of playing it safe

    Carney appears to have retreated into political caution and has avoided challenging fiscal conservatism in any substantive way. Immediately upon taking office, he capitulated to misleading narratives promoted by politicians like Conservative Leader Pierre Poilievre, and cut the consumer carbon price.

    Carney also is cancelling a proposed hike to the amount of capital gains subject to tax to avoid penalizing Canada’s “builders.” But who are the real “builders”? Not hedge fund managers, but the workers who actually produce goods and services.

    According to the government’s own analysis, only the top 0.13 per cent of Canadians stood to lose from a modest increase in the inclusion rate for taxing unearned income.

    Like Poilievre, Carney has expressed support for new oil and gas projects, including pipelines — despite the scientific consensus that any new fossil fuel infrastructure is incompatible with avoiding climate catastrophe. Poilievre and Carney’s positions contradict the urgent need for a rapid energy transition — which begins with no new fossil fuel projects.



    Read more:
    Canada needs to set its businesses up for success in the clean energy transition

    During the Liberal leadership race, Carney advocated for using public investment to attract private capital during a CBC News interview. Sidestepping a direct answer about whether he’d balance the overall budget, he instead committed to balancing “operational spending.” When pressed, he said he would run deficits when necessary to “invest [in] and grow Canada’s economy.”

    Carney’s approach frames public spending as a way to mobilize private capital, rather than as a driver of public-led economic transformation. True to his background, his language casts the government as a shrewd investor, not a driver of structural change.

    Carney also framed public investment as “borrowing,” which MMT clarifies is a misnomer: unlike a household or a business, a currency-issuing government doesn’t need to borrow in the traditional sense and faces no risk of running out of its own currency.

    A bolder path forward is needed

    Canada needs more than cautious tweaks to the status quo. A climate jobs program, like a Youth Climate Corps, could guarantee well-paid, meaningful work in communities across the country for anyone ready to contribute. Public opinion is already there: more than half of Canadians support a climate corps.

    Public-sector competition in industries like housing and renewable energy could keep private firms efficient and accountable. During World War II, engineer and businessman C.D. Howe became Minister of the Department of Munitions and Supply and oversaw the creation of 28 Crown corporations that drove wartime production.

    That same spirit of pragmatic, state-led investment could help address the ongoing climate and economic crises, instead of being used to buy more pipelines.



    Read more:
    Canada’s federal election doesn’t seem like it’s about climate change, but it actually is

    Towards more affordable housing

    Canada already has a Crown corporation mandated to support affordable housing: the Canada Mortgage and Housing Corporation. This agency could be expanded to not only finance, but also tender contracts and build housing. It could be a federal landlord, with long-term goals of community management and ownership.

    The more affordable units kept out of an increasingly profit-driven market, the more accessible housing will be. This would stabilize the market and provide a floor (and roof) for affordability.

    Some MMT scholars and social movements have even called for a homes guarantee — a federally-funded program to guarantee a place to live for anyone squeezed out of the housing market.

    Critics might say bold investment is politically infeasible. But is it? Or could one of Canada’s federal parties champion policies that inspire instead of capitulate? Traditionally, the NDP would pick up this mantle, but they ceded their place as the progressive vanguard after former NDP Leader Tom Mulcair promised to balance the budget in 2015.

    The real risk isn’t ambitious reform, but relying on outdated tricks in a world that demands new solutions.

    Daniel Horen Greenford receives funding from the Social Sciences and Humanities Research Council.

    – ref. Canada’s federal election must grapple with the limits of neoliberal economics – https://theconversation.com/canadas-federal-election-must-grapple-with-the-limits-of-neoliberal-economics-254364

    MIL OSI – Global Reports –

  • MIL-OSI Global: The new abnormal: Debating Canada’s future at a hinge point in history

    Source: The Conversation – Canada – By Stewart Prest, Lecturer, Political Science, University of British Columbia

    Canadians watched the two leaders’ debates unfold last week in Montréal. The debates, and this election, occur at a pivotal moment in history. Canadians go to the polls as the future of global democracy and governance, and in fact the very independence of the country, is in the balance.

    In crucial ways, the debates failed to meet the moment — and therefore will likely be forgotten as Canadians vote cast their ballots in a week. Unlike a past debate that focused on Canadian sovereignty between John Turner and Brian Mulroney in 1988, this one featured few knockout punches or memorable moments.

    Shadows of the past

    In the weeks prior to the debates, observers drew comparisons to that momentous English-language leaders’ showdown 37 years ago. That debate laid out a clear question for voters: Are you in favour of entering a free-trade agreement with the United States?

    Prime Minister Mulroney was supportive of the agreement, while Liberal Leader Turner was sharply opposed, fearing for the country’s independence.

    In the end, both Mulroney and Turner had a point. In the ensuing decades, free trade with the U.S. has brought both prosperity and dependence on the country as the Canadian economy became ever more deeply intertwined with that of the United States.

    A hinge point in history

    In 2025, we face an even more pivotal moment. The global order is shifting.

    Under Donald Trump, the U.S. has moved away from its decades-old position at the heart of a liberal international order centred on western democracies to embrace a transactional and illiberal foreign policy built on the language of power.



    Read more:
    Like dictators before him, Trump threatens international peace and security

    Given the gravity of the moment however, we heard comparatively little during the debates about how Canada must respond at this hinge point in history as Canadians adapt to a predictably unpredictable future.

    The threat of economic tariffs, while real, are just the beginning. Leaders alluded to the fact that Canada’s erstwhile closest ally now constitutes a threat to Canadian sovereignty, but it was not a major point of discussion, even as the the White House Press secretary recently affirmed Trump still wants Canada to become the 51st state. Threats to the territorial integrity of other former American allies continue as well.

    Viewers heard questions during the debate related to the possibility that the U.S. may no longer support Ukraine, but nothing about how Trump shocked the world with a very public dressing-down of Ukraine’s president or how he seems more comfortable co-operating with Vladimir Putin’s Russia.

    Virtually no mention was made of the fact that the U.S. is, by some measures, no longer a democracy. Its courts are politicized. Congress is polarized. The federal civil service remains under siege, and key institutions of civil society are under pressure to conform to Trump’s demands. Nor was there any discussion about how the Trump administration is openly defying court orders, effectively flouting the rule of law, and what that could mean for Trump’s annexation threats against Canada.

    There was some talk during the debate of Canada trying to reach the (Trump-demanded) NATO military target for military spending, but nothing about the fact that the future of the alliance is uncertain. European states are openly questioning the credibility of American support in the event of an attack and European leaders discussing defence strategies without American involvement for the first time since the Second World War.



    Read more:
    How could Canada deter an invasion? Nukes and mandatory military service

    A debate like any other

    It’s clear from such silences on the debate stage that Canadian voters, journalists, debate moderators and politicians alike are all still coming to terms with the depth of change in the world around them.

    The debate was filled with talk of pipelines, housing strategies and domestic law and order. In fact, neither debate was much different from those of the past 20 years.

    That’s not to suggest domestic challenges don’t require substantive discussion and policy proposals. As I and others have argued, the populist anti-incumbent wave that we saw sweeping Canadian and global politics in recent years can be traced to the sense that a portion of the population — younger voters in particular — feel left behind and ignored.



    Read more:
    Justin Trudeau’s bleak poll numbers are part of a global trend as young voters reject incumbents

    The challenges are multiple and significant, including but not limited to housing and affordability, public safety and policing, slow economic development and the challenges of responding to climate change in an economy dependent on energy exports.

    Nonetheless, in focusing so heavily on domestic and not global threats, the debate verged at times on the parochial.

    Bloc leader Yves-François Blanchet, for instance, tried to keep provincial jurisdiction and Québec’s interests top of mind. NDP leader Jagmeet Singh’s message, at its most effective, was that as the country turns to face new challenges, it cannot forget about the marginalized in Canadian society and abroad. Worthy points, but secondary to the larger moment.

    Ultimately, the debate was dominated by the other two men on the stage with a real chance to govern the country next week: Liberal Leader Mark Carney and Conservative Leader Pierre Poilievre.

    The two appeared united in their passion for the country and pipelines, and share some other priorities, notably facilitating interprovincial economic integration.

    Conservative base is divided

    In other respects, the two leaders diverged significantly in their views. Of all the leaders, Carney was the most willing to discuss the Trump threat, including when he suggested in his closing English remarks that Trump is “trying to break us so the U.S. can own us.”

    For the majority of the debates, however, the Liberal leader focused primarily on the economic threat. He argued that the country must look away from the U.S., and instead build inward with investment in housing and energy at home, and build outward by identifying more reliable markets and allies abroad.

    Poilievre’s messaging was more nuanced, moving in different directions to suit different audiences. No doubt this is because the country’s Conservative voting base is itself deeply divided between mainstream conservatives who share their fellow Canadians’ concerns about Trump and a populist faction that tends to identify with the MAGA movement in numerous ways.



    Read more:
    Why some Canadians are in denial about Donald Trump

    In attempting to square that circle, Poilievre has signalled strong opposition to Trump and his tariffs — a point he repeatedly discussed during the debate — and called for measures to enhance Canadian productivity, notably in the energy sector.

    At the same time, however, he endorsed other policies that evoke aspects of Trump’s own political agenda, something he largely avoided mentioning during the debates. Notable among are Poilievre’s promised war on “woke” culture. While not discussed in detail during the debates, disruptive questions from right-wing media outlets following the French debate illustrated just how close to the surface such issues remain.

    The ‘new abnormal’

    In the absence of a significant gaffe, knockout blow or other dramatic twist, the debates are unlikely to change many minds, and seem likely to soon fade from memory.

    Initial post-debate polling suggests as much. Anyone leaning one way or another heard enough to affirm their views as they tuned into the debates, and nothing to make them question their choice.

    Answers to larger questions about how Canada should move forward in this emergent new global order, amid daunting new threats to peace and democracy, remain only hinted at. Whoever wins the election, those questions will continue to be asked with increased urgency in the coming years.

    Stewart Prest 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. The new abnormal: Debating Canada’s future at a hinge point in history – https://theconversation.com/the-new-abnormal-debating-canadas-future-at-a-hinge-point-in-history-254675

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: PM call with President Zelenskyy of Ukraine: 21 April 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    PM call with President Zelenskyy of Ukraine: 21 April 2025

    The Prime Minister spoke to President of Ukraine, Volodymyr Zelenskyy this afternoon.

    The Prime Minister spoke to President of Ukraine, Volodymyr Zelenskyy this afternoon.

    The Prime Minister reiterated his iron-clad support for Ukraine. He said that the UK supports Ukraine’s calls for Russia to commit to a full ceasefire and that now is the time for Putin to show he is serious about ending his brutal war.

    They discussed the latest developments on the Coalition of the Willing, and looked forward to further progress towards a just and lasting peace.

    Updates to this page

    Published 21 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM call with Prime Minister Støre of Norway: 21 April 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    PM call with Prime Minister Støre of Norway: 21 April 2025

    The Prime Minister spoke to the Prime Minister of Norway, Jonas Gahr Støre this afternoon.

    The Prime Minister spoke to the Prime Minister of Norway, Jonas Gahr Støre this afternoon. 

    Reflecting on their shared priority of seeing peace in Ukraine, the leaders agreed there can be no let-up in their support for Ukraine. They also discussed the importance of keeping up economic pressure on Russia to ensure they engage seriously in talks.

    On the topic of global trade, the Prime Minister reiterated his commitment to protecting UK interests through a cool and calm approach. The leaders agreed a trade war is in nobody’s interests.

    They welcomed progress being made on the new bilateral defence agreement between their two countries and looked forward to discussing further soon.

    Updates to this page

    Published 21 April 2025

    MIL OSI United Kingdom –