Category: housing

  • MIL-OSI Europe: Written question – Action to reduce energy prices and address significant disparities between EU Member States – E-000319/2025

    Source: European Parliament

    Question for written answer  E-000319/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    In its answer to the question from myself and other MEPs on the rising cost of electricity[1], the Commission announced an action plan for affordable energy prices. Since then, the price of energy has remained high, while price volatility is having a significant impact on households and the competitiveness of European businesses, which face very high energy costs compared to their competitors in non-EU countries. Immediate action is needed to bring down energy prices and address significant disparities between Member States.

    In view of the above, can the Commission say:

    • 1.In what stage of preparation is the above-mentioned action plan? Are there any updates regarding its timeline and content?
    • 2.Also in view of the upcoming publication of the Clean Industrial Deal, does it plan to include provisions on improving energy interconnections, increasing cross-border flows where there are significant price differences and creating a mechanism to compensate countries that are making investments that greatly benefit the European network?

    Submitted: 24.1.2025

    • [1] https://www.europarl.europa.eu/doceo/document/E-10-2024-001736_EN.html
    Last updated: 31 January 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Text of Vice-President’s address at the 3rd National Conference of Deaf-blind on ‘Advocacy for Education and Employment’ (Excerpts)

    Source: Government of India

    I must share our joy, joy of myself and Dr Sudesh Dhankhar right from the time we came here. Our energy level has gone up. Our happiness has risen. We feel blessed to be at this place. I congratulate the Institute and others that have converged to hold this third national seminar on very important subject, Deaf-Blind on advocacy for education and employment. Education and employment, both are fundamental. Boys and Girls, loss of physical vision, I have seen can be compensated. But you have that vision which matters to us. When that vision is perverted, dangers emanate.

    What I have seen here when there was an address, I was overwhelmed, not only by what I saw but the response thereof. My deep sense of gratitude to all those who have come together and thought leaders professionals, change makers to contribute to this great cause of humanity. This collective will generate inclusivity and compassion. Rights appreciation about those who are challenged or differently-abled is fundamental. They have enormous talent and potential. They have infinite capacity to contribute. They require some handholding. Let me remind you by quoting a couplet from our great epic Ramcharitmanas. The couplet is in Uttar kand “पर हित सरिस धर्म नहिं भाई। पर पीड़ा सम नहिं अधमाई॥“In translation it means it is ultimate religiosity. It is highest the Dharma, if you alleviate suffering of someone, if you minimise pain of someone, if you hand hold someone. And it is extreme painful irreligiousityअधर्म if you inflict some kind of pain in anybody. We must draw our lessons. Let all our actions be marked by empathy, compassion. I have no doubt that the enormous potential of the differently challenged or physically challenged whom the Prime Minister has rightly given a name Divyang. Divyang is expression of divinity. A greatest respect to human being. The nation will flourish with your participation. History is a proof that disability has not tamed human spirit. Human spirit that which is in you cannot be tamed, you can overcome daunting situations. Mountains have been climbed. Rivers have been crossed. Records have been set in Paralympics. I have had the good fortune to see in India International Paralympic Games.

    The talent which is there in this group, the group before me is a source of inspiration and motivation for all who think they are abled because they have vision, they can hear, they can speak. As I said you are the gifted once with the real vision that vision is a precious jewel. Let me tell you the greatest scientist of our generation who changed understanding of physics, professor, Stephen Hawkins he was challenged and who does not know Helen Keller. She had difficulty in speaking and listening, but she turned out to be one of the greatest authors. I see all around Stephen Hawkins and Helen Kellers in our country. I have seen them myself. Our mission, therefore has to be very clear and that is in our Constitution. We have to provide a life of dignity, purpose and fulfilment. Fortunately, Prime Minister Narendra Modi is committed in mission mode to serve the cause of Divyang.

    He has got them in vote, in elections, in governance, in every walk of life. He has created policies that allow our Divyang to fully exploit their potential, their talent and realise their dreams. Let me tell you some of the schemes that make us proud, inclusive governance and Viksit Bharat is not possible without your participation. Democracy will be incomplete and suffer a great void without your satisfaction to use your talent. In 2016, as was indicated by our friend and the nation passed Rights of Person with disabilities. This was in 2016, the third year of Prime Minister‘s regime. The purpose was to facilitate their voting, special queues, voting from home, braille features on EVMs and numerous other initiatives. This has increased quality of participation in our democratic process. Election commission of India has gone a great length to enhance it. Reservation in education increased in premier institutions also from 3 to 5%. I am personally aware and delighted when a Divyang gets into Indian foreign service, Indian Administrative Service. Indian Sign Language Research and Training Centre set up in 2015 and National Institute of Mental Health Rehabilitation in 2019 are steps in the right direction.

    Centre for disability sports is being set up at Gwalior for specially abled citizens. Boys, and girls, Paralympics that are in four categories dealing with different disabilities are now global event in which Indian participation is getting glorified. Accessible India campaign, Sugamya Bharat Abhiyan launched in 2015, the result is all institutions. The infrastructure has to be friendly for Divyangjans.This as a matter of fact is a social responsibility which I am happy to note is being discharged by everyone.

    We all need to converge to bring out the best in our divyangjan. This requires special educators, special curriculum and methodologies. It is time, we employ technology, artificial intelligence, advanced technologies, so that this very valuable category of human resource can optimally perform.

    One of the most delightful moment which me and my wife, Dr. Sudesh had when we went to an autism school in Delhi, the school initiated by Rashmi Das. She took up the challenge in a passion mode, in a mission mode. She executed the project which is world class. It is there that I came to know that autism is a different kind of a challenge where you require a different kind of ecosystem. I have no doubt Rashmi Das Institute in Autism will soon be world class because we need to not only hand hold, emotionally hand hold. We need to give company to them. It is only a matter of time when we will find their touch of hand with us will convey energy to us. They will give us more than they will take from us.We need to be highly sensitive to their health requirements. We need to evolve a mechanism that engages in a system which is efficient, seamless, helpful, affirmative and productive for them. We must always ensure they must not have isolation. They must have company. That will be soothing either side. Sometimes they may require counseling, but who does not require counseling?And therefore, community engagement not with a sense of sympathy, but with a sense of empathy. Community engagement on a level playing field. Community engagement which allows them to express themselves in music, in art, in games, in sports and other aspects. I am sure all steps will be taken because government has provided futuristic affirmative policies to hand hold this category.

    Our journey to build inclusive Bharat, developed Bharat, A Bharat of our dreams cannot fructify unless your dreams are satisfied.On your own, you are capable to catalyze your dreams but others should not come in the way. In this great effort, NGOs have a greater role to play. The role should not be cosmetic or surface scratching. The role must be achievement oriented. CSR funds must be committed for development of this category. Let each one of us contribute because each one of us has a role to play. As policymakers, we have two distinguished Parliamentarians and Deputy Chairmen of the Rajya Sabha here. Great role as policymakers, as educators, advocates, caregivers, or simply as compassionate human beings. Let us discharge this divine obligation and ensure that the world is a good place to live for our dear Divyangjans.

    Let me conclude by a quote from Mahatma Gandhi: I quote, “The best way to find yourself is to lose yourself in the service of others.” Unquote. Let us dedicate ourselves to the service of those who look for us, who look us for support and solidarity, not sympathy.

    On my own behalf and that of my wife, Dr. Sudesh Dhankhar I can assure you in our own way we will look for opportunities to contribute and will be in touch with this Institute.

    I wish all of you a great future because no nation in the world has risen in last 10 years as Bharat has risen. The jump that Bharat has taken by economic upsurge, infrastructure growth, deep technological penetration, and improvement in the lives of ordinary people by toilet, by gas connection, by piped water, by connectivity of rail, road, air. And this makes our Bharat at the moment most aspirational country in the world that challenge requires every human resource in the country gets opportunity of expression, your expression and dialogue with you will define a sense of our civilization. Helping this category Divyang will turn out to be nectar for the persons who are doing it.

    I am grateful. My best wishes to all of you.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: The Economic survey aptly reflects the robust expansion of India’s power sector, which has witnessed significant strides under our government’s initiatives: Shri Manohar Lal

    Source: Government of India (2)

    The Economic survey aptly reflects the robust expansion of India’s power sector, which has witnessed significant strides under our government’s initiatives: Shri Manohar Lal

    We are committed to ensuring uninterrupted and affordable electricity for every citizen while steering India towards becoming a major energy exporter by 2047: Shri Manohar Lal

    Posted On: 31 JAN 2025 6:05PM by PIB Delhi

    The Economic Survey 2024-25, presented in Parliament today, underscores the remarkable progress of India’s power sector, driven by transformative policy measures and sustained reforms, remarked Union Minister for Power and Housing & Urban Affairs Shri Manohar Lal .

    Hon’ble Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, lauded the sector’s achievements, emphasizing its financial viability and environmental sustainability.

    India’s installed power capacity grew by 7.2% YoY, reaching 456.7 GW in November 2024, with renewable energy contributing 47% (209.4 GW). Under ₹1.85 lakh crore investments, 18,374 villages were electrified, benefiting 2.9 crore households. The Revamped Distribution Sector Scheme (₹3 lakh crore) focuses on power supply and smart meters. PM Surya Ghar: Muft Bijli Yojana targets 40-45 GW rooftop solar by 2027, while ₹7,453 crore VGF supports offshore wind energy. The Green Energy Corridor added 9,136 circuit km transmission lines, improving power supply (urban: 23.4 hrs/day, rural: 21.9 hrs/day) and reducing the energy gap to 0.1%.

    “The survey aptly reflects the robust expansion of India’s power sector, which has witnessed significant strides under our government’s initiatives. We are committed to ensuring uninterrupted and affordable electricity for every citizen while steering India towards becoming a major energy exporter by 2047, in line with the vision of Viksit Bharat,” the Union Minister stated.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: The Economic survey reaffirms the significant strides we have taken in strengthening the urban infrastructure : Shri Manohar Lal

    Source: Government of India (2)

    The Economic survey reaffirms the significant strides we have taken in strengthening the urban infrastructure : Shri Manohar Lal

    The government remains committed to building a future-ready infrastructure ecosystem that supports economic growth and improves the quality of life for all : Shri Manohar

    Posted On: 31 JAN 2025 6:03PM by PIB Delhi

    The Economic Survey 2025, presented in Parliament today, underscores the remarkable progress made in India’s infrastructure sector, driven by the government’s strategic policies and sustained development efforts.

    Hon’ble Minister for Housing and Urban Affairs, Shri Manohar Lal, lauded these advancements, highlighting their critical role in fostering inclusive and sustainable growth.

    “The survey reaffirms the significant strides we have taken in strengthening the urban infrastructure. The expansion of metro rail networks crossing the 1000 km of network length has greatly enhanced urban mobility, making cities more accessible and efficient. Additionally, the achievements of the Swachh Bharat Abhiyan have played a transformative role in improving sanitation and cleanliness across the country. These efforts are key to realizing the vision of Viksit Bharat, ensuring modern, sustainable, and well-connected infrastructure for every citizen,” the Union Minister stated.

    The Pradhan Mantri Awas Yojana – Urban (PMAY-U), launched in 2015, has sanctioned 1.18 crore houses, with 89 lakh completed as of November 2024. PMAY-U 2.0 aims to assist 1 crore more households.  The Smart Cities Mission has 7,479 projects worth ₹1.50 lakh crore completed, including 35,000+ affordable housing units, 1,700 km of smart roads, and 16 lakh LED streetlights. AMRUT has expanded tap water coverage to 70%, sewerage to 62%, and added 5,070 acres of green space across 500 cities.

    With a continued focus on smart urban planning, enhanced public transportation, and sustainable development, the government remains committed to building a future-ready infrastructure ecosystem that supports economic growth and improves the quality of life for all , remarked Union Minister Shri Manohar Lal.

     

     

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  • MIL-OSI Security: U.S. Attorney’s Office, FBI, DEA, and EPA Announce Indictment in Massive Marijuana Cultivation Scheme

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

    ALBUQUERQUE – A federal grand jury has indicted three individuals for their alleged roles in a large-scale marijuana cultivation and distribution operation. The indictment charges Dineh Benally, 48, his father, Donald Benally, 74, and Irving Rea Yui Lin, 73, a California resident, with multiple offenses related to the illegal marijuana operation.

    The charges include conspiracy to manufacture and distribute marijuana, manufacture of 1,000 kilograms and more of marijuana and 1,000 and more marijuana plants, possession with intent to distribute 1,000 kilograms and more of marijuana and 1,000 and more marijuana plants, maintaining drug-involved premises, and two counts of knowingly discharging pollutants into waters of the United States without a permit.

    According to the indictment, the operation involved:

    • 25 farms covering approximately 400 acres in the Shiprock area
    • Construction of approximately 1,107 cannabis greenhouses
    • Solicitation of Chinese investors to fund the operation
    • Recruitment of Chinese workers to cultivate the marijuana

    The defendants are also accused of violating the Clean Water Act by discharging pollutants into the San Juan River, filling in a channel along the San Juan River dam, and installing a sandbag dam along the San Juan River. These actions potentially caused significant environmental damage to the area.

    The sandbag dam was installed so that water would pool at a separate location to be used to irrigate the marijuana crops.

    In November 2020, law enforcement seized approximately 60,000 pounds of marijuana and approximately 260,000 marijuana plants from the twenty-five marijuana farms allegedly operated and controlled by the defendants.

    On January 23, 2025, during a raid on two additional marijuana farms operated by Dineh Benally in Estancia, New Mexico (as well as his residence), law enforcement identified 10 Chinese workers and seized approximately 8,500 pounds of marijuana, $35,000 cash, illegal pesticides, 43 grams of methamphetamine, two firearms, and a bullet proof vest, among many other things.

    Benally’s illegal marijuana growing operation that spans two farms in Estancia, New Mexico

    “The Department of Justice will protect the sanctity of the ancestral lands and waters of our Tribal partners from those who would exploit them for profit,” said U.S. Attorney Uballez.

    “The FBI remains committed to continue to dismantle criminal organizations operating in New Mexico.” said Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Division. “Effective law enforcement requires strong partnerships at every level. This operation is a testament to the power of collaboration between state, local, tribal, and federal agencies to ensure justice is served and our communities are protected.

    If convicted, the defendants each face no less than 10 years and up to life in prison.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, and Kim Bahney, Special Agent in Charge of the Dallas Area Office of the EPA Criminal Investigation Division, made the announcement today.

    The FBI Albuquerque Field Office and U.S. Environmental Protection Agency investigated this case with the assistance of the Bureau of Indian Affairs, U.S. Drug Enforcement Administration, Internal Revenue Service, and the Navajo Nation Police Department. In addition, the following law enforcement agencies participated in the law enforcement operation: Torrance County Sheriff’s Office, Valencia County Sheriff’s Office, United States Border Patrol, Homeland Security Investigations, New Mexico Department of Justice, New Mexico State Police, and the FBI El Paso Field Office. Assistant U.S. Attorney Matthew McGinley is prosecuting the case.

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    MIL Security OSI

  • MIL-OSI United Nations: Committee on the Rights of the Child Closes Ninety-Eighth Session after Adopting Concluding Observations on Reports of Ecuador, Eritrea, the Gambia, Honduras, Peru, Saint Kitts and Nevis, and Slovakia

    Source: United Nations – Geneva

    The Committee on the Rights of the Child this afternoon concluded its ninety-eighth session after adopting concluding observations on the periodic reports under the Convention on the Rights of the Child of Ecuador, Eritrea, the Gambia, Honduras, Peru, Saint Kitts and Nevis, and Slovakia.  The concluding observations will be made available on the session’s webpage on Thursday, 6 February.

    In closing remarks, Ann Marie Skelton, Committee Chairperson, said that the Committee had worked steadily to hold States to account where they were failing to uphold children’s rights.  The Committee had observed staggering levels of violence against children, including sexual violence, in several of the States reviewed.  Further, the Committee had also seen a normative pushback against gender equality, happening against a backdrop of high rates of teenage pregnancy, which the Committee also noted in many of the countries reviewed this session.

    Over the three weeks in which the session was held, Ms. Skelton noted, many children around the world had continued their daily struggle to survive.  Over this period, the war in Sudan had raged on, with children bearing the brunt of it.  At least 23 children were reported to have died in January.  Tensions had also increased in the Democratic Republic of the Congo and there had been a surge in children who were separated from or not accompanied by their parents.

    Ms. Skelton thanked the Committee’s many partners for their cooperation during the session, including United Nations agencies, non-governmental organizations, national human rights institutions, children, Committee members, members of the Office of the High Commissioner for Human Rights, the Secretariat and other persons who had contributed to the session.

    Francisco Vera-Francisco, a young child rights advocate from Colombia, also addressed the Committee, saying that this was a crucial moment for children’s rights across the world.  In Colombia, the internal conflict continued to impact children’s wellbeing and rights, he said.  Several thousands of children had been displaced near the border with Venezuela. The same situation was seen around the world, with children’s rights violated in Sudan, Yemen and Gaza, where many thousands of children were killed.  The violence needed to stop now.  He concluded by calling on the Committee to continue fighting for children.

    During the meeting, five Committee Experts whose mandates are coming to an end – Mikiko Otani (Japan), Luis Ernesto Pedernera Reyna (Uruguay), Velina Todorova (Bulgaria), Ratou Jean Zara (Chad), and the Chair, Ann Marie Skelton (South Africa) – made statements of thanks and reflection on their tenure.

    The Committee adopted the report of its ninety-eighth session.

    Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.  Documents related to the Committee’s ninety-eighth session can be found here.

    The Committee will hold its ninety-ninth session from 5 to 23 May 2025, when it is scheduled to review the periodic reports under the Convention of Brazil, Ethiopia, Indonesia, Iraq, Norway, Pakistan, Qatar and Romania, as well as the reports of Brazil and Pakistan under the Optional Protocol to the Convention on the Rights of the Child on the sale of children, child prostitution and child pornography.

    Statements

    ANN MARIE SKELTON, Committee Chairperson, said that the Committee had worked steadily to hold States to account where they were failing to uphold children’s rights.  The Committee had observed staggering levels of violence against children, including sexual violence, in several of the States reviewed.  There appeared to be widespread impunity regarding violence in the home and in communities and religious institutions.  In some States, children were in the grip of chaos caused by gang violence and organised crime.

    Over the last few years, Ms. Skelton said, the Committee had also seen a normative pushback against gender equality, which threatened to prevent adolescent girls from accessing reproductive health rights and services.  This was happening against a backdrop of high rates of teenage pregnancy, which the Committee also noted in many of the countries reviewed this session.

    Poverty stalked children’s lives in most of the States reviewed this session, and massive inequality left so many children behind.  Some States were also ambivalent about seeing children as independent rights holders.  Children were often not consulted and their views not considered in decisions that affected their lives.

    Over the last three weeks in which the session was held, Ms. Skelton noted, many children around the world had continued their daily struggle to survive. Over this period, the war in Sudan had raged on, with children bearing the brunt of it.  At least 23 children were reported to have died in January.  Tensions had also increased in the Democratic Republic of the Congo and there had been a surge in children who were separated from or not accompanied by their parents.

    On a more positive note, Ms. Skelton said, during the past three weeks, a ceasefire had been announced in Gaza.  Some detained teenagers had been released, and hostages were being released, which hopefully would include the two remaining child hostages.

    Ms. Skelton announced that one of the Committee’s decisions in a case concerning Finland had been voted as the top United Nations treaty body case of 2024 by the Hertie School Centre for Fundamental Rights.  The case concerned three Sami indigenous girls who challenged the permission for a mining exploration permit that threatened their way of life.  The Committee was happy to know that its decisions were attracting attention and having an impact on the lives of children.

    FRANCISCO VERAFRANCISCO, child rights advocate from Colombia, said that this was a crucial moment for children’s rights across the world. In Colombia, the internal conflict continued to impact children’s wellbeing and rights, he said.  Several thousands of children had been displaced near the border with Venezuela. The same situation was seen around the world, with children’s rights violated in Sudan, Yemen and Gaza, where many thousands of children were killed.  The violence needed to stop now.

    War was the most regrettable act that human beings could engage in, Mr. Vera-Francisco said.  In war, young soldiers killed each other for the sake of old men.  He said that, for him, children were the present, and killing children amounted to killing the present.  Countries needed to not lose hope and continue fighting for children’s rights.

    Countries declared a war on children when they made environmental issues worse, he said. More than seven trillion United States dollars had been dedicated to subsidising fossil fuels last year. Almost 30 per cent of global finances had been used to finance military activities.  In the latest Conference of the Parties, developed countries decided to dedicate only 300 billion United States dollars to climate financing, even though developing States had asked for 1.2 trillion dollars.

    All children had the right to live in a peaceful world, Mr. Vera-Francisco stressed.  Countries needed to continue fighting for peace, children’s rights and their well-being. States made many inspiring statements, but these needed to be backed up with actions.  Countries needed to make peace with nature and life.  Mr. Vera-Francisco concluded by calling on the Committee to continue fighting for children.

    ANN MARIE SKELTON, Committee Chairperson, reported that, as of 22 May, there were 196 States parties to the Convention on the Rights of the Child, with the United States having not ratified; 173 States parties to the Optional Protocol on the involvement of children in armed conflict; 178 States parties to the Optional Protocol on the sale of children, child prostitution and child pornography; and only 52 States parties to the Optional Protocol on the communications procedure.  There had been no new ratifications/accessions since the beginning of this session.

    Ms. Skelton said that during the session, the Committee had conducted 90 hours of meetings.  In addition to reviewing the reports of seven States parties, the Committee adopted decisions on eight individual communications received under the Optional Protocol on a communications procedure, concerning the child justice system, separation of children from parents subject to criminal sentences, and access to health services for children with disabilities being returned to their country of origin.  The Committee found no violation of the Convention in two cases against Switzerland, and declared the communications inadmissible in a case against Belgium and a case against Ecuador.  The Committee also discontinued the consideration of four cases after they had become moot.  Finally, the Committee adopted its report on follow up to individual communications, deciding to close the follow up dialogue in nine additional cases.

    During the session, the Committee also discussed inquiries under article 13 of the Optional Protocol.  It was currently dealing with four inquiries.  It had published the report of its second inquiry against Paraguay on the killing of two 11-year-old girls by security forces, which concluded that there had been a grave violation of the right to life.  The Committee had also adopted its latest inquiry report, which it would send to the State party concerned for their observations.

    Further, during the session, the Committee had received briefings from the United Nations Working Group on Discrimination against Women and Girls, the United Nations Children’s Fund and Child Rights Connect.  Ms. Skelton thanked the Committee’s many partners for their cooperation during the session, including United Nations agencies, non-governmental organizations, national human rights institutions and children. 

    She announced that the Committee had continued its work on the next general comment, concerning children’s rights to access to justice and effective remedies.  A first round of consultations on the general comment had gathered more than 300 submissions from different parts of the world, including children’s groups.  Ms. Skelton called on interested parties to look out for the second draft of the general comment and provide feedback.

    Also, during the session, the Committee held its sixteenth informal meeting with States at the Palais des Nations.  Sixty States participated and seven took the floor for observations and questions.

    In closing, Ms. Skelton expressed thanks to Committee members, members of the Office of the High Commissioner for Human Rights, the Secretariat and other persons who had contributed to the session.

    Ms. Skelton then invited the outgoing Committee Experts to make statements.

    MIKIKO OTANI, Committee Expert, said that during her time as Chair of the Committee, the Committee issued 37 public statements on country-specific issues concerning children.  She had also worked to mainstream child rights in the wider United Nations system and had contributed to the Secretary-General’s guidance note on child rights mainstreaming. She had advocated for child participation in major conferences and had invited children to speak in the public openings of the Committee’s sessions.  The diversity of the Committee had tremendously deepened her knowledge of children’s rights.  She expressed hope that the Committee would continue to use its voice to advocate for child rights in every possible way.

    LUIS ERNESTO PEDERNERA REYNA, Committee Vice-Chair, said that over the last eight years, the Committee had launched four general comments, adopted more than 100 decisions on individual communications, reached out to other treaty bodies and special procedures mandate holders, and increased its workload without budget increases.  There had also been attacks against the Convention in the name of family values on behalf of conservative and religious groups.  The Committee’s work was more necessary than ever, and it was vital to ensure that there was no backsliding.  Mr. Pedernera Reyna said that he had learned much from fellow Committee Experts.  He expressed thanks to the governments that understood the Committee’s mandate and opened their doors to the Committee, to civil society, which had made the Committee’s work easier, and to the children and adolescents who had shared their stories with the Committee. 

    VELINA TODOROVA, Committee Expert, thanked the States parties that elected her to the Committee.  She said she was grateful to the Committee and its secretariat, non-governmental organization partners, and children.  Her eight years on the Committee had been a time of progress for children but also frustration with the slow process of implementation of the Convention, coupled with an increase in hate and polarisation in societies and a lack of protection for human rights.  She expressed hope that the Committee would continue to work to protect children’s rights.

    RATOU JEAN ZARA, Committee Expert, said that the work that the Committee had accomplished over her time on it had been very important.  She had learned much each day and shared each member’s common aim of upholding children’s rights.  She had warm memories of her time on the Committee that she would incorporate into her daily work in Chad.  She wished the Committee all the best in its important work in upholding children’s rights.

    ANN MARIE SKELTON, Committee Chairperson, said that chairing an 18-member group had been challenging at times.  Listening to different voices from different countries made the Committee able to engage with States around the world while holding true to the Convention.  Members came and went, but the Committee remained.

    Ms. Skelton expressed concern about backsliding in children’s rights.  The Committee needed to be tough in this regard. It had a collective heart that needed to be big enough to think about all the children in the world.  The Committee had kept its finger on the pulse, reviewing the situation of children in situations of war around the world, including those in Ukraine, Sudan and Israel.  It was important that even States parties in conflict had interacted with the Committee.

    Children needed to grow up in an environment of happiness, love, understanding and peace, Ms. Skelton said.  She said she was proud of the jurisprudence that the Committee had built up over her time on it.

    BRAGI GUDBRANDSSON, Committee Vice Chair, on behalf of the remaining Committee members, expressed admiration for the outgoing members’ wonderful contributions to protecting children’s rights.  They had held States parties to account, and contributed to the Committee’s jurisprudence and general comments.  Further, they had been leaders in developing and promoting children’s rights globally. Their departure from the Committee represented a great loss.  They had set high standards that the remaining Experts needed to work to meet. He called on them to continue sharing their wisdom with the Committee after they left.

    FRANCISCO VERAFRANCISCO, child rights advocate from Colombia, also expressed thanks to the outgoing Experts on behalf of all children.  It was the responsibility of all to fight for children’s rights.  Everyone needed to stay focused to fight violence and hate, and keep fighting for children’s rights.

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    CRC-25-010E

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI USA: WATCH: Senator Reverend Warnock Highlights Potential Cost Spikes for Seniors Due to Trump Administration Policies in Senate Aging Hearing

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    WATCH: Senator Reverend Warnock Highlights Potential Cost Spikes for Seniors Due to Trump Administration Policies in Senate Aging Hearing

    During a Wednesday Senate Aging committee hearing, Senator Reverend Warnock highlighted the dangers of the temporary federal funding freeze issued by the Trump Administration and its impact on health care costs for seniors
    Senator Reverend Warnock also focused on the federal funding freeze’s potential negative impact on food affordability and accessibility
    Senator Reverend Warnock during the hearing: “This Trump freeze will hurt Georgia’s seniors, make life more expensive for them, including our veteran seniors who need care” 
    Hearing expert witness Alex Lawson: “The price of prescription drugs for decades, pharmaceutical corporations have been able to raise the prices year after year, enormously above the rate of general inflation. They do it because they can. They do it for greed alone and seniors pay the consequence of this”

    Watch video of Senator Reverend Warnock’s questioning at Wednesday’s Senate Aging committee hearing HERE
    Washington, D.C. – Today, during a Senate Aging Committee hearing, Senator Reverend Warnock continued to highlight the importance of lowering costs for seniors and working-class Georgians. The hearing, called Making Washington Work for Seniors: Fighting to End Inflation and Achieve Fiscal Sanity, brought attention to several Trump Administration policies and executive orders that are likely to increase everyday costs for seniors, making their medication, utility bills, and other everyday needs more expensive.
    “Seniors, particularly those of modest means, rely on these funds [vouchers programs] to help pay for food, medicine, in-home care, rent, energy and heating bills in the dead of winter, and many other federal programs that ensure dignity throughout a person’s life,” said Senator Reverend Warnock during the hearing. 
    During the hearing, Senator Warnock also addressed the importance of extending Premium Tax Credits, which were established through the Affordable Care Act, citing by example that a senior Georgia couple, with a household income of $80,000, would see their annual premium go up by nearly $17,000 if the credits aren’t extended.
    “Mr. Lawson, how would extending the enhanced PTC support the fiscal sanity of seniors?” Senator Warnock asked Alex Lawson.
    “It would be fiscal insanity not to extend it and think that it’ll do anything other than drive millions of older Americans into poverty because you can’t just increase a bill $16,000 and expect that money to just come from nowhere,” said Lawson.
    Senator Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. In the Inflation Reduction Act, Senator Warnock secured two of his proposals in the law capping the cost of insulin at $35 a month for Medicare patients and capping the cost of prescription drugs for seniors at $2,000 a year. The Senator also pushed for solutions to close the coverage gap. Last year, Senator Warnock introduced the Capping Prescription Costs Act,legislation to expand the cap of annual out-of-pocket prescription drug costs at $2,000 for individuals and $4,000 for families. Senator Warnock remains committed to preserving and protecting access to health care for all Georgians.
    Watch the Senator’s full remarks and line of questioning HERE.
    See below the transcript the exchanges between Senator Warnock and the Aging Committee witness.
    Senator Reverend Warnock (SRW): “Today’s hearing, discussing the consequences of high prices on seniors, could not be more timely. On Monday evening, the Trump Administration ordered a total illegal freeze of federal taxpayer funds going out to communities and Georgians. This illegal funding freeze includes programs that are essential to seniors with lower and fixed incomes. I’m thankful that a federal judge temporarily halted this illegal freeze yesterday afternoon, but these programs are still at risk. The Trump Administration, to be very clear, has rescinded the OMB memo. They have not rescinded the executive order.” 
    “Mr. Lawson will the pauses to payments for nutrition programs or the Older Americans Act make food more affordable and accessible for seniors?”
    Alex Lawson (AL): “No, Senator, it would do the opposite.”
    SRW: “So what they did on Monday night won’t help?”
    AL: “It will hurt.”
    SRW: “How about a pause on payments for federal housing vouchers? Will that help?”
    AL: “That will not help. That will also hurt.”
    SRW: “And what about a pause on energy assistance funds?”
    AL: “Same answer. This won’t help at all. It will only hurt seniors.”
    SRW: “I would agree with that. Seniors, particularly those of modest means, rely on these funds to help pay for food, medicine, in-home care, rent, energy and heating bills in the dead of winter, and many other federal programs that ensure dignity throughout a person’s life.”
    “This Trump freeze will hurt Georgia’s seniors, make life more expensive for them, including our veteran seniors who need care.”
    “Mr. Lawson, how can the federal government help bring down costs for seniors?”
    AL: “One of the best ways is to focus in on one of the key drivers, that is really the rock, in the rock and the hard place, that seniors are in.”
    “The price of prescription drugs, for decades, pharmaceutical corporations have been able to raise the prices year after year, enormously above the rate of general inflation.” 
    “They do it because they can. They do it for greed alone and seniors pay the consequence of this.”
    “That’s too often having to cut their pills in half, or forgo their prescriptions, or face the choice of am ‘I going to pay my rent, or my heating bill, or be able to afford my drugs this month.” 
    “That is the reality that millions of Americans face. Now, President Biden and Democrats in Congress passed a bill that allows Medicare to negotiate prescription drug prices for the first time ever, and there will be a reduction in the prices of some specific drugs. But what we could do is expand that to all drugs. Why get ripped off on any drugs?”
    SRW: “Absolutely. And I’m proud that in that provision which caps the cost of prescription drugs, my insulin bill, which caps the cost of insulin to no more than $35 of out-of-pocket costs per month for seniors.”
    “Insulin shouldn’t be expensive, and the fact that it is, prior to our engagement in this area, speaks to the outsized influence of Big Pharma in our politics.”
    “On his first day in office, President Trump signed a wave of executive orders, and one of these executive orders rolled back an initiative that would empower Medicare prescription drugs to offer generic drugs that treat chronic conditions for a flat $2 co-pay.”
    “Mr. Lawson, would capping the cost of medication at $2 help with seniors’ ability to afford other essentials like groceries?”
    AL: “Absolutely. There’s no doubt at all on that.”
    SRW: “How do high prescription drug costs affect seniors also dealing with inflation?”
    AL: “When a senior [is] forced to try to go get groceries and they can’t afford those groceries on the $1900 average Social Security cost per month, if their drug prices are going up month after month, 13 percent, they’re going be less able to afford those groceries. And we know that this price cap works because there is now a $2000 price cap on prescription drugs in the same bill that put in negotiation and the freedom that gives seniors the anxiety of ‘will I be able to afford my next bag of groceries’ is enormous.”
    SRW: “Absolutely.”
    “The Affordable Care Act established a premium tax credit to help everyday Americans afford their healthcare costs. Several years ago, Democrats in Congress passed legislation increasing the value of the premium tax credits to help families better afford health care while dealing with inflation. But if Congress fails to extend these tax credits before the end of the year, a 60-year-old couple in Georgia with a household income of say $80,000 will see their annual premium go up by $16,798.”
    “Mr. Lawson, how would extending the enhanced PTC support the fiscal sanity of seniors?”
    AL: “It would be fiscal insanity not to extend it and think that it’ll do anything other than drive millions of older Americans into poverty because you can’t just increase a bill $16,000 and expect that money to just come from nowhere.”

    MIL OSI USA News

  • MIL-OSI USA: Senator Reverend Warnock Reminds Georgians of Looming Deadline to Apply for FEMA Assistance for Hurricane Helene Recovery 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Reminds Georgians of Looming Deadline to Apply for FEMA Assistance for Hurricane Helene Recovery 

    Deadline is February 7, 2025 for Georgians to apply for federal relief in the counties designated for Individual Assistance
    To date, FEMA has provided $290,000,000 in individual and household assistance to Georgians impacted by Hurricane Helene
    Senator Reverend Warnock: “As state and federal partners continue to process and administer federal funding to help local communities, I will remain vigilant in ensuring Georgians impacted by these devastating storms get the full assistance they are owed”

    Senator Warnock distributing bottled water to the Augusta community following Hurricane Helene in 2024
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) is reminding Georgians impacted by Tropical Storm Debby (August 4—20. 2024) and Hurricane Helene (September 24—October 30, 2024) in the counties designated for Individual Assistance that they have until February 7, 2025 to apply for FEMA assistance. To date, FEMA has provided $290,000,000 in individual and household assistance to Georgians impacted by Hurricane Helene.
    “I continue to pray for and work on behalf of all Georgians impacted by Hurricane Helene. I am proud we were able to pass major federal disaster relief for Georgia families and farmers recovering and I have been on the ground across the state helping to connect local communities to federal resources,” said Senator Reverend Warnock. “As state and federal partners continue to process and administer federal funding to help local communities, I will remain vigilant in ensuring Georgians impacted by these devastating storms get the full assistance they are owed.”
    The application period for federal disaster assistance ends on Friday, February 7, 2025. Counties approved for assistance for Hurricane Helene are: Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Dodge, Echols, Effingham, Elbert, Emanuel, Evans, Fulton, Glascock, Glynn, Hancock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, McIntosh, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Stephens, Taliaferro, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Ware, Warren, Washington, Wayne, Wheeler and Wilkes.
    Counties approved for assistance for Tropical Storm Debby are: Bryan, Bulloch, Chatham, Effingham, Evans, Liberty, Long and Screven.
    If a Georgian has storm-related expenses and lives or owns a business in one of the listed counties, they are encouraged to apply for disaster assistance. FEMA assistance can provide grants, and the U.S. Small Business Administration (SBA) may offer loans for temporary housing, home repairs and other disaster-related needs. For more information or to apply online with SBA, visit sba.gov/disaster. Additional information is also available by calling the Customer Service Center at (800) 659-2955 or via email to disastercustomerservice@sba.gov.
    Georgians can apply for FEMA assistance online at DisasterAssistance.gov. Georgians can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. Survivors can also contact the Georgia Call Center Monday through Saturday at 678-547-2861 for assistance with their application.
    To apply in person, visit a Disaster Recovery Center, where FEMA and SBA specialists can help you apply for assistance, upload documents, answer questions and provide information on available resources. Georgians may visit any open Disaster Recovery Center. For locations and hours, go online to fema.gov/drc. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.
    For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821. 

    MIL OSI USA News

  • MIL-OSI USA: Colorado Continues Leading in Clean Energy Building Practices that Save Coloradans and Businesses Money

    Source: US State of Colorado

    Colorado ranks top-ten nationally in LEED-certified buildings in annual U.S. Green Building Council report 

    DENVER – Colorado is ninth in the nation for developing Leadership in Energy and Environmental Design (LEED)-certified buildings in 2024, according to the U.S. Green Building Council’s annual Top 10 States report. This marks the sixth consecutive year that Colorado has ranked Top 10 under the Polis Administration’s leadership prioritizing greener and cost-saving building practices. 

    “Colorado continues to lead the nation in constructing more energy efficient buildings that save money on energy bills and protect our state for future generations. Since day one, we have prioritized smart construction strategies for Coloradans and businesses to help reduce costs and I’m proud that our state continues to lead our nation,” said Gov. Polis. 

    In 2024, 64 LEED projects were certified in Colorado, representing 13,884,040 square feet of space. Through lower operating costs and better efficiency, these buildings support Colorado’s clean energy goals while enhancing building safety, durability, sustainability, comfort, and affordability for households and businesses. 

    “Lowering building emissions is key to achieving our climate goals, and we’re thrilled that Colorado remains a national leader in this area. Energy efficient buildings lower utility costs for owners and tenants as well as help reduce harmful air pollution that drives climate change and impacts public health. And frankly, energy efficient buildings are quieter, and better for tenants,” said CEO Executive Director Will Toor. 

    ###

    MIL OSI USA News

  • MIL-OSI USA: Kennedy backs bill to provide tax exemption for Louisianians, all Americans who protect homes ahead of disasters

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.) today joined Sens. Thom Tillis (R-N.C.) and Alex Padilla (D-Calif.) and colleagues in reintroducing the Disaster Mitigation and Tax Parity Act. The bill would exempt state rebates for Americans who harden their homes in preparation for natural disasters and floods from federal taxation.

    “Louisianians invest their hard-earned money in protecting their homes from hurricanes and flooding. When states provide a rebate for this disaster mitigation, it’s foolish and unfair to tax it,” said Kennedy.

    Louisiana is one of several states that incentivize citizens to fortify their homes against natural disasters by offering rebates for protection measures. Current law requires Louisianians to pay federal taxes on rebates that come from a source other than the federal government. The Disaster Mitigation and Tax Parity Act would make sure Americans do not have to pay federal taxes on state-provided rebates.

    “This commonsense legislation takes a critical step toward empowering individuals and communities to better protect themselves from the devastating effects of natural disasters like Hurricane Helene. By excluding qualified catastrophe mitigation payments from income tax, we are incentivizing property owners to make the necessary improvements that reduce damage and save lives. This proactive approach to disaster preparedness not only helps families rebuild faster but strengthens our resilience in the face of future disasters,” said Tillis.

    “The devastating fires in Southern California underscored the urgent need to empower homeowners to take proactive steps to keep their families and homes safe. As these disasters become more frequent and more extreme due to the climate crisis, we should incentivize—not penalize—taxpayers for protecting their homes. That’s why the Disaster Mitigation and Tax Parity Act would provide a tax exemption on payments from state-based programs for homeowner investments in critical disaster-related improvements,” said Padilla.

    The full bill text is available here. 

    MIL OSI USA News

  • MIL-OSI USA: Kennedy introduces resolution to block Biden climate activism scheme

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)
    WASHINGTON – Sen. John Kennedy (R-La.) today introduced a joint resolution under the Congressional Review Act (CRA) to overturn the Biden administration’s final guidance on voluntary carbon credits.
    The Biden-era Commodity Futures Trading Commission (CFTC) final guidance would legitimize and pave the way for regulating the voluntary trade of carbon credits, also known as carbon offsets. Voluntary carbon credit schemes function by allowing companies to “offset” their own carbon dioxide emissions by funding purportedly “green” projects elsewhere. The state of California and much of Europe have adopted controversial laws that force certain companies to cut emissions, many of which opt to buy voluntary carbon credits.
    “The American people rejected Pres. Biden’s radical green agenda, but the last administration’s bureaucratic schemes could still force California- and European-style climate craziness on the rest of the country. Congress should join me in voting to stop radical policies that put unrealistic expectations on American businesses,” said Kennedy.
    The CRA allows Congress to overturn certain federal agency regulations and actions through a joint resolution of disapproval. If both houses of Congress approve such a joint resolution and the president signs it, or if Congress successfully overrides a presidential veto, the final guidance at issue becomes invalid.
    Sen. Tim Sheehy (R-Mont.) cosponsored the resolution.
    Text of the resolution is available here.

    MIL OSI USA News

  • MIL-OSI USA: Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene

    Source: US State of North Carolina

    Headline: Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene

    Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene
    bwood

    Raleigh, NC

    Today in Boone, Governor Josh Stein joined Dogwood Health Trust to announce a $30 million small business grant program to support businesses impacted by Hurricane Helene and bolster economic recovery. Small businesses with an annual revenue of up to and including $2.5 million are eligible to apply for grants up to $50,000 from the Western North Carolina Small Business Initiative grant program. 

    “Small businesses are the heart of western North Carolina and need our support to get through these slow winter months,” said Governor Josh Stein. “The Western North Carolina Small Business grant program will help small businesses with their urgent needs and support the region’s economic recovery. I am proud these state dollars are leveraging additional Dogwood Trust dollars, and I am grateful to Dogwood for its leadership.” 

    “As a private foundation committed to Western North Carolina’s health and wellbeing, Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts to provide grants to small businesses most impacted by the storm. These businesses are vital to the health of our communities,” said Dogwood President and CEO Dr. Susan Mims. “We are proud to expand our support alongside the state of North Carolina and encourage more philanthropic organizations to support this critical effort.” 

    Governor Stein also announced that the state is awarding $3 million to Baptists on Mission and $3 million to Habitat for Humanity NC to support their housing repair initiatives. Every day, both organizations are mobilizing hundreds of volunteers to repair and rebuild homes that are safe and habitable. 

    “Our volunteers are working day in and day out to get homeowners back into their homes as quickly as possible,” said Richard Brunson, Executive Director of Baptists on Mission. “We are grateful for Governor Stein’s support to ensure this work can continue to help the people of western North Carolina recover from this devastating storm.”

    “We have seen tremendous need across the western North Carolina region, and people want more than anything to be back in their homes,” said Marlowe Foster, President & CEO of Habitat for Humanity North Carolina. “We thank Governor Stein for recognizing the needs of this region and giving us the tools to continue helping families rebuild.” 

    In the wake of Helene, impacted businesses lost $13 billion in revenue. These grants will help businesses make payroll, pay operating expenses, and stabilize the local economy as tourism slowly ramps up again.

    Funds will be managed by Appalachian Community Capital, with the partnership of the Community Reinvestment Fund on the application process. Eligible businesses can apply through the portal here. Eligibility requirements are below: 

    • Businesses with an annual revenue of up to and including $2.5 million

    • Businesses in the 28 counties and the Eastern Band of Cherokee Indians that are covered by President Biden’s federal disaster declaration or in Dogwood Health Trust’s 18-county footprint, including:  Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin, Yancey.   

    Jan 31, 2025

    MIL OSI USA News

  • MIL-OSI: Security Federal Corporation Announces Fourth Quarter and Annual Earnings and Financial Results for 2024

    Source: GlobeNewswire (MIL-OSI)

    AIKEN, S.C., Jan. 31, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the quarter and year ended December 31, 2024.

    The Company reported net income available to common shareholders of $3.0 million, or $0.94 per common share, for the quarter ended December 31, 2024, compared to $3.6 million, or $1.12 per common share, for the fourth quarter of 2023. Year-to-date net income available to common shareholders was $8.9 million, or $2.77 per common share, for the year ended December 31, 2024, compared to $10.2 million, or $3.14 per common share, for the year ended December 31, 2023. Both the quarterly and year-to-date decreases in net income available to common shareholders were primarily due to increases in the provision for credit losses and non-interest expense, as well as the payment of preferred stock dividends during 2024, which were partially offset by increases in net interest income and non-interest income.

    Fourth Quarter Financial Highlights

    • Net interest income increased $818,000, or 7.8%, to $11.3 million as the increase in interest income exceeded the increase in interest expense.
    • Total interest income increased $1.9 million, or 10.1%, to $20.2 million while total interest expense increased $1.0 million, or 13.0%, to $9.0 million during the fourth quarter of 2024 compared to the same quarter in 2023. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest-earning assets and interest-bearing liabilities.
    • Non-interest income increased $77,000, or 2.8%, to $2.8 million during the fourth quarter of 2024 compared to the same quarter in the prior year primarily due to an increase in gain on sale of loans.
    • Non-interest expense increased $472,000, or 5.2%, to $9.5 million during the quarter ended December 31, 2024, compared to the same quarter in the prior year primarily due to increases in salaries and expenses for employee benefits and cloud services.
      Quarter Ended
    (Dollars in Thousands, except for Earnings per Share) 12/31/2024   12/31/2023
    Total interest income $ 20,235   $ 18,384
    Total interest expense   8,982     7,949
    Net interest income   11,253     10,435
    Provision for credit losses   280     25
    Net interest income after provision for credit losses   10,973     10,410
    Non-interest income   2,847     2,770
    Non-interest expense   9,523     9,051
    Income before income taxes   4,297     4,129
    Provision for income taxes   879     513
    Net income   3,418     3,616
    Preferred stock dividends   414    
    Net income available to common shareholders $ 3,004   $ 3,616
    Earnings per common share (basic) $ 0.94   $ 1.12
           

    Full Year Comparative Financial Highlights

    • Net interest income increased $2.6 million, or 6.6%, to $41.8 million when compared to the prior year primarily due to increases in interest income on loans and interest income from our overnight time deposit account with the Federal Reserve Bank, which were partially offset by an increase in interest expense on deposits.
    • Total interest income increased $12.3 million, or 19.0%, to $77.3 million while total interest expense increased $9.8 million, or 37.9%, to $35.5 million.
    • Non-interest income increased $857,000, or 9.1%, to $10.2 million primarily due to increases in gain on sale of loans, trust income and ATM and check card fee income.
    • Non-interest expense increased $2.2 million, or 6.2%, to $38.1 million primarily due to increases in salaries and employee benefits expense and cloud services.
      Year Ended
    (Dollars in Thousands, except for Earnings per Share) 12/31/2024   12/31/2023
    Total interest income $ 77,306   $ 64,977
    Total interest expense   35,479     25,729
    Net interest income   41,827     39,248
    Provision for credit losses   1,370     246
    Net interest income after provision for credit losses   40,457     39,002
    Non-interest income   10,247     9,390
    Non-interest expense   38,140     35,914
    Income before income taxes   12,564     12,478
    Provision for income taxes   2,757     2,288
    Net income   9,807     10,190
    Preferred stock dividends   926    
    Net income available to common shareholders $ 8,881   $ 10,190
    Earnings per common share (basic) $ 2.77   $ 3.14
               

    Credit Quality

    • The Bank recorded a $1.5 million provision for credit losses on loans and a $110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $1.4 million during 2024 compared to a $601,000 provision for credit losses on loans and a $355,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $246,000 during 2023.
    • Non-performing assets were $7.6 million, or 0.47% of total assets, at December 31, 2024, compared to $6.8 million, or 0.44% of total assets, at December 31, 2023.
    • The allowance for credit losses as a percentage of gross loans was 1.98% at both December 31, 2024, and 2023.
    At Period End (dollars in thousands): 12/31/2024 9/30/2024 12/31/2023
    Non-performing assets $ 7,636     $ 6,770     $ 6,825  
    Non-performing assets to total assets   0.47 %     0.43 %     0.44 %
    Allowance for credit losses $ 13,894     $ 13,604     $ 12,569  
    Allowance for credit losses to gross loans   1.98 %     1.95 %     1.98 %
                           

    Balance Sheet Highlights and Capital Management

    • Total assets were $1.6 billion at December 31, 2024, an increase of $62.1 million, or 4.0%, during 2024.
    • Total loans receivable, net was $687.1 million at December 31, 2024, an increase of $64.6 million, or 10.4%, during 2024.
    • Investment securities decreased $39.9 million, or 5.7%, to $660.8 million at December 31, 2024, as maturities and principal paydowns of investments exceeded purchases during 2024.
    • Deposits increased $129.0 million, or 10.8%, during the year to $1.3 billion at December 31, 2024.
    • Borrowings decreased $77.1 million, or 45.3%, during the year to $93.0 million at December 31, 2024, primarily due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program and the redemption of our 10-year subordinated debentures in the amount of $16.5 million on their call date.
    • Common equity book value per share increased to $31.21 at December 31, 2024, from $27.69 at December 31, 2023.
    Dollars in thousands (except per share amounts) 12/31/2024 9/30/2024 12/31/2023
    Total assets $ 1,611,773     $ 1,576,326     $ 1,549,671  
    Cash and cash equivalents   178,277       132,376       128,284  
    Total loans receivable, net   687,149       686,708       622,529  
    Investment securities   660,823       672,054       700,712  
    Deposits   1,324,033       1,257,314       1,194,997  
    Borrowings   92,964       120,978       170,035  
    Total shareholders’ equity   182,389       185,082       172,362  
    Common shareholders’ equity   99,440       102,133       89,413  
    Common equity book value per share $ 31.21     $ 31.97     $ 27.69  
    Total risk-based capital to risk weighted assets (1)   19.96 %     19.21 %     19.49 %
    CET1 capital to risk weighted assets (1)   18.71 %     17.96 %     18.24 %
    Tier 1 leverage capital ratio (1)   9.88 %     10.27 %     9.83 %
    (1) – Ratio is calculated using Bank only information and not consolidated information
     

    Security Federal has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

    Forward-looking statements:

    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

    The MIL Network

  • MIL-OSI Security: U.S. Attorney’s Office Collects Nearly $3M for Taxpayers and Victims in 2024

    Source: Office of United States Attorneys

    Memphis, TN – Acting United States Attorney Reagan Fondren announced today that the U.S. Attorney’s Office for the Western District of Tennessee collected $2,932,631.57 in criminal and civil actions in Fiscal Year 2024. Of that amount, $2,635,982.75 was collected in criminal actions and $296,648. 82 was collected in civil actions.

    Additionally, the Western District of Tennessee worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $23,145.23 in cases pursued jointly by these offices.

    “The federal government has a responsibility to collect restitution for victims of crime. Our Criminal and Civil Divisions, including the Financial Litigation Program, work diligently to ensure that this mission is met,” said Acting U.S. Attorney Reagan Fondren.

    The U.S. Attorney’s Office in Tennessee’s Western District, working with partner agencies and divisions, also collected $2,688,743 in asset forfeiture actions in fiscal year 2024. Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

    Several cases generated significant collection efforts in fiscal year 2024, including:

    U.S. v. Rosemary Covey and Morgan Stanley, 06-cr-20408 and 24-cv-2257. Covey was convicted of Bank Fraud and Access device fraud and ordered to pay restitution in the amount of $1,034,105.49. After years of minimal restitution payments, the USAO learned of a retirement account at Morgan Stanley. The USAO filed a Writ of Garnishment on defendant’s IRA and received $73,843.54 in proceeds that were applied to the restitution.

    U.S. v. Teresa T. Parsley, 07-cr-20035. Parsley was convicted of bank fraud and conspiracy to commit bank fraud. As a result, she was ordered to pay $3,829,605.29 in restitution. After she made only minimal payments, the U.S. Attorney’s Office recovered $143,845 from the proceeds of the sale of her home, which was applied to her restitution.

    The U.S. Attorney’s Offices, along with the Department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims.  The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss.  While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI

  • MIL-OSI Security: Buchanan Man Pleads Guilty to Child Exploitation Charges

    Source: Office of United States Attorneys

    ROANOKE, Va. – A Buchanan, Virginia, man, who exposed the genitals of a minor female during a party at his residence and took pictures of the victim on his cellphone, pled guilty last week to related federal charges.

    Christopher Buono, 45, pled guilty to one count of child sexual exploitation and one count of possession of child pornography.

    According to court documents, in January 2024 a party was hosted the defendant’s home in Buchanan, Virginia. At one point in the evening, Buono and a minor female, who was approximately six-years-old at the time, went to Buono’s game room, and either the minor victim or Buono pulled down her pants and underwear, exposing her genitals.

    Buono then used his cellphone to take sexually explicit photographs of the minor victim. Later that night, Buono used a messaging application to send one of these photos to another individual with a sexual interest in minors.

    At sentencing, Buono faces a maximum of forty years in federal prison.

    Acting United States Attorney Zachary T. Lee announced the guilty plea.

    The investigation was conducted by the Department of Homeland Security with assistance from the Botetourt County Sheriff’s Office.

    Assistant U.S. Attorney Jason Scheff is prosecuting the case.

    The case is brought as part of Project Safe Childhood. In 2006, the Department of Justice created Project Safe Childhood, a nationwide initiative designed to protect children from exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who exploit children, as well as identity and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov/

    MIL Security OSI

  • MIL-OSI Security: Culver City Man Agrees to Plead Guilty to Recklessly Crashing Drone into Super Scooper Firefighting Aircraft During Palisades Fire

    Source: Office of United States Attorneys

    LOS ANGELES – A Culver City man agreed to plead guilty to recklessly operating a drone that crashed into and damaged a Super Scooper firefighting aircraft fighting the Palisades Fire earlier this month, the Justice Department announced today.

    Peter Tripp Akemann, 56, has agreed to plead guilty to one count of unsafe operation of an unmanned aircraft. This morning federal prosecutors filed a criminal information charging Akemann with the misdemeanor offense that carries a prison sentence of up to one year in federal prison.

    In a plea agreement also filed this morning, Akemann agreed to plead guilty to the criminal offense and admitted to his reckless and illegal conduct in flying the drone that posed an imminent safety hazard to the Super Scooper crew. As a result of the drone collision, the firefighting aircraft was taken out of service for a period of time and was not able to continue its firefighting mission. As part of the plea agreement, Akemann agreed to pay full restitution to the Government of Quebec, which supplied the plane, and an aircraft repair company that repaired the plane. Akemann also agreed to complete 150 hours of community service in support of the 2025 Southern California wildfire relief effort.

    “This defendant recklessly flew an aircraft into airspace where first responders were risking their lives in an attempt to protect lives and property,” said Acting United States Attorney Joseph T. McNally. “This damage caused to the Super Scooper is a stark reminder that flying drones during times of emergency poses an extreme threat to personnel trying to help people and compromises the overall ability of police and fire to conduct operations. As this case demonstrates, we will track down drone operators who violate the law and interfere with the critical work of our first responders.”

    “Lack of common sense and ignorance of your duty as a drone pilot will not shield you from criminal charges,” said Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “Please respect the law, respect the FAA’s rules and respect our firefighters and the residents they are protecting by keeping your drone at home during wildfires.”

    Akemann is expected to make his initial appearance this afternoon in United States District Court in downtown Los Angeles. 

    According to the plea agreement, while the wildfire was burning in and around Pacific Palisades on January 9, Akemann drove to the Third Street Promenade in Santa Monica and parked his vehicle on the top floor of the parking structure. He then launched a drone and flew it towards Pacific Palisades to observe damage caused by the Palisades Fire.

    Akemann flew the drone at least 2,500 meters (more than 1.5 miles) toward the fire and lost sight of the drone. As Akemann was flying the drone, it collided with a Government of Quebec Super Scooper carrying two crewmembers attempting to fight the blaze. The impact caused an approximately 3-inch-by-6-inch hole in the left wing. After landing, maintenance personnel identified the damage and took the aircraft out of service for repairs.

    At the time of the collision, the Federal Aviation Administration had issued temporary flight restrictions that prohibited drone operations near the Los Angeles County wildfires that erupted earlier this month.

    As a result of the collision, the Government of Quebec and an aircraft repair company incurred costs of at least $65,169 to repair the plane.

    The FBI investigated this matter. The Department of Transportation’s Office of Inspector General, the Federal Aviation Administration, the Los Angeles Fire Department, and the California Department of Forestry and Fire Protection (CALFIRE) provided substantial assistance.

    Assistant United States Attorneys Kedar S. Bhatia and Ian V. Yanniello of the Terrorism and Export Crimes Section are prosecuting this case.

    MIL Security OSI

  • MIL-OSI Security: PCP Trafficker Sentenced to 65 Months in Federal Prison

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

                WASHINGTON – Kelvin Sanker Jr., 42, of Washington D.C., was sentenced today in U.S. District Court to 65 months in federal prison for his participation in a major fentanyl and PCP trafficking ring that operated in Washington, D.C.

                The sentence was announced by U.S. Attorney Edward R. Martin, Jr., FBI Special Agent in Charge Sean Ryan of the Washington Field Office Criminal and Cyber Division.

               Sanker pleaded guilty October 22, 2024, before U.S. District Court Judge Dabney L. Friedrich, to one count of conspiracy to distribute and possess with intent to distribute Phencyclidine (PCP). As part of the four-member conspiracy, between August 2023 and February 2024, Sanker assisted in the preparation, storage, and sale of approximately two kilograms of PCP to two undercover officers. In addition to the 65-month prison-term, Judge Friedrich ordered Sanker to serve five years of supervised release. 

              According to court documents, Sanker supplied the PCP for at least seven sales of the illegal drug to undercover officers. Sanker stored the PCP at the home he shared with his elderly mother in a residential area of Washington, D.C. He prepared it for sale by placing it in 8 or 16 oz. water bottles or juice bottles. He then distributed it to his co-conspirators for further sale.

                On March 6, 2024, FBI and DEA agents executed search warrants on five residences associated with the conspiracy including Sanker’s home where law enforcement found approximately 1 pound of marijuana, about $1,000 in cash, body armor, and a Glock gun box with two empty magazines and one 30-round extended magazine. In Sanker’s backyard, officers found trace amounts of PCP in a paint can, his patio littered with cans of starter fluid, a substance he used to cut pure PCP prior to distribution, plastic funnels used for pouring liquids, and empty water bottles — materials often used to prepare and store PCP for distribution. On Sanker’s phone, investigators found photographs of the paint can with the PCP residue, a Draco semi-automatic pistol similar to the one found in a co-defendant’s car, and other apparent firearms.

                Sanker was arrested on April 17, 2024, and has been held since.

              Co-conspirator Jamar Bennett, 45, was sentenced on January 15, 2025, to 121 months in prison for conspiracy to distribute one kilogram or more of PCP, and for being a felon in possession of a firearm.  Co-defendant Lamont M. Langston, 44, pleaded guilty December 19, 2024, to conspiracy to distribute one kilogram or more of PCP and for being a felon in possession of a firearm. Langston’s sentencing is pending. A third co-conspirator, Norman Morris, 44, is being held pending trial. 

               This investigation is part of Washington/Baltimore High Intensity Drug Trafficking (HIDTA) Washington Area Group Initiative, which seeks to identify, disrupt, and dismantle drug trafficking organizations and money laundering organizations; reduce drug-related crime and violence; and identify and respond to emerging drug trends.

               The case is being investigated by FBI. It is being prosecuted by Special Assistant U.S. Attorney Adam Stempel and Assistant U.S. Attorney Peter V. Roman of the Violence Reduction and Trafficking Offenses Section (VRTO).

    24cr109

    MIL Security OSI

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Samoa

    Source: International Monetary Fund

    January 31, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Samoa on January 16, 2025 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Samoa’s economic recovery has been remarkable. Following a 15 percent contraction over 3 years during the pandemic, GDP growth rebounded to 9.2 percent in FY2023 and accelerated further to 9.4 percent in FY2024, driven by a quick recovery in the tourism sector. Inflation has declined from double digit levels in FY2023 to 2.9 percent year-on-year in October 2024. The fiscal surplus increased further to 10.1 percent of GDP in FY2024, supported by robust grant flows, buoyant tax revenues, and restrained expenditures, including low capital spending amid capacity constraints. The current account moved to a surplus in FY2024 which, combined with continued strong grant inflows, supported a significant increase in foreign reserves.

    GDP growth is projected to remain robust at 5.5 percent in FY2025, driven by an anticipated pickup in public investment and the preparations and hosting of the Commonwealth Heads of Government Meeting (CHOGM). Inflation is expected to rise moderately amid the ongoing economic recovery. While the near-term outlook remains favorable, growth is expected to slow to the historical average of around 2 percent in the medium term. Furthermore, risks to the outlook are skewed to the downside amid heightened global uncertainties and potential pressures on inflation, including from significant excess liquidity in the banking system.

    Executive Board Assessment

    In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

    Samoa’s near-term economic outlook remains favorable. GDP growth in FY2025 is projected to remain well above pre-pandemic levels, supported by the preparations and hosting of CHOGM and the envisaged expansionary fiscal stance. Inflation is expected to rise moderately as the economic recovery continues. GDP growth is expected to converge towards the historical average of about 2 percent over the medium-term. Risks to the outlook are tilted to the downside, including from a slowdown in key trading partners amid heightened global uncertainty, as well as upside risks to inflation from external and domestic sources.

    Samoa’s recent policy mix has helped build significant economic buffers but has also presented challenges. Large fiscal surpluses have improved debt dynamics, resulting in an upgrade to Samoa’s debt distress rating from high to moderate in the IMF-WB DSA, but low capital spending is undermining the economy’s productive capacity. The tight fiscal stance, coupled with high grants and remittance inflows and the exchange rate peg, has resulted in the emergence of a large current account surplus with the external sector assessed to be substantially stronger than the level implied by fundamentals and desired policy settings. The resulting large build up in foreign reserves has also created excess liquidity in the banking system.

    An expansionary fiscal stance will support the economy, while fiscal reforms can improve the effectiveness of policy and mitigate risks. The focus in the near term should be overcoming capacity constraints to execute much needed public investment, including climate-related projects.

    Maintaining PFM controls over the DDP, including through the election cycle, remains a priority. Improving fiscal data and implementing further PFM reforms can also help improve policy formulation, implementation, and credibility. Fully reversing the pandemic-era utility tariff cuts, while implementing any support for low-income households transparently through the budget, can help address lingering weakness in some SOEs while protecting the vulnerable.

    Monetary policy normalization should continue, with an aim to guide interest rates higher. The exchange rate peg remains the appropriate nominal anchor. However, to guard against domestic inflation risks, monetary policy should aim to reduce excess liquidity to reasonable levels and push real short-term rates to positive territory.

    Further strengthening financial supervision and regulation, including for PFIs, should be a priority. Financial sector risks have declined relative to the pandemic but require continued monitoring. Priorities for the banking system include operationalizing the emergency liquidity assistance framework and enhancing prudential standards. Upgrading governance and prudential regulations for PFIs is also needed to contain potential risks. Establishing an online credit registry will help advance financial inclusion.

    A multi-pronged approach can help mitigate CBR pressures. Strengthening the AML/CFT legal framework and implementing effective risk-based supervision will help prepare Samoa for its APG mutual evaluation in 2027. Ensuring the timely rollout of the e-KYC facility and the National Digital ID will help improve customer due diligence. Given low ML/TF risks from remittance payments, effort should be made to streamline regulatory and supervisory requirements on both sides of main remittance corridors.

    Overcoming significant structural challenges which impede the medium-term growth potential will require concerted reform efforts. Key priorities include attracting foreign investment, reducing trade facilitation costs, and mitigating the impact of the pickup in the seasonal workers program, including by enhancing human capital and raising labor force participation rates.

    Table 1. Samoa: Selected Economic and Financial Indicators 1/

    Proj.

    2020/21

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    2026/27

    2027/28

    2028/29

    Output
    and
    Inflation

    (12-month percent change)

    Real GDP

    -7.0

    -5.4

    9.2

    9.4

    5.5

    2.8

    2.1

    2.0

    2.0

    Nominal GDP

    -7.5

    0.0

    18.0

    14.9

    8.7

    6.0

    5.2

    5.0

    5.1

    Consumer price
    index
    (end of period)

    4.1

    10.8

    10.7

    0.8

    3.5

    2.6

    3.0

    3.0

    3.0

    Consumer price
    index
    (period average)

    -3.0

    8.7

    12.0

    3.6

    3.1

    3.0

    3.0

    3.0

    3.0

    Central Government Finances

    (In percent of GDP)

    Revenue
    and grants

    36.5

    38.5

    34.1

    36.0

    33.0

    32.0

    31.5

    31.5

    31.4

    Of which: Grants

    6.8

    9.4

    4.5

    6.2

    4.2

    4.0

    4.0

    4.0

    4.0

    Expenditure

    34.7

    33.1

    31.0

    25.9

    33.1

    33.5

    33.4

    33.5

    33.6

    Of which: Expense

    31.3

    32.2

    27.5

    25.7

    27.9

    28.3

    28.2

    28.3

    28.2

    Of which: Net acquisition
    of non-financial assets

    3.4

    0.9

    3.5

    0.3

    5.2

    5.2

    5.2

    5.2

    5.4

    Overall balance

    1.7

    5.4

    3.0

    10.1

    -0.1

    -1.5

    -1.9

    -2.0

    -2.2

    Gross debt outstanding

    46.3

    43.7

    33.3

    27.7

    22.5

    19.3

    20.4

    21.5

    22.6

    Money
    and
    Credit Aggregates

    (12-month percent change)

    Broad
    money (M2)

    8.1

    2.2

    16.3

    7.7

    7.5

    6.0

    6.0

    6.0

    6.0

    Private
    sector
    credit, commercial banks

    1.5

    0.2

    -2.6

    3.5

    4.0

    5.0

    5.0

    5.0

    5.0

    Private
    sector
    credit,
    other financial corporations

    -0.9

    4.9

    2.9

    8.2

    Private
    sector
    credit,
    total
    financial system

    2.0

    0.6

    -0.1

    3.7

    Private Sector Credit

    (In percent of GDP)

    Commercial banks

    53.1

    53.2

    43.9

    39.5

    Total financial system

    94.0

    94.6

    80.1

    72.3

    Bank Financial Soundness

    Regulatory capital to risk-
    weighted assets, ratio

    28.1

    28.8

    33.2

    29.0

    Non-performing loans to
    total gross loans, ratio

    3.7

    4.6

    4.7

    4.6

    Balance of Payments

    (In percent of GDP)

    Current account balance

    -14.5

    -11.3

    -3.3

    4.0

    -0.5

    -1.2

    -1.3

    -1.6

    -2.0

    Merchandise exports,
    f.o.b.

    4.1

    3.8

    4.6

    3.5

    3.4

    3.5

    3.5

    3.5

    3.7

    Merchandise imports, f.o.b.

    37.8

    41.4

    47.1

    41.3

    43.0

    42.9

    42.7

    42.5

    42.5

    Services
    (net)

    -3.9

    -2.9

    10.8

    17.6

    16.4

    16.0

    16.0

    16.0

    16.0

    Of which: Tourism receipts

    0.0

    0.0

    16.4

    21.0

    21.9

    21.5

    21.5

    21.5

    21.5

    Income
    (net)

    -1.7

    -2.6

    -1.3

    -2.3

    -2.7

    -2.8

    -2.8

    -2.8

    -2.8

    Current transfers
    (net)

    24.8

    31.7

    29.6

    26.4

    25.4

    25.1

    24.6

    24.1

    23.7

    External Reserves and Debt

    Gross
    official reserves (million
    U.S.
    dollars) 2/

    288.5

    303.2

    401.7

    494.3

    503.8

    506.2

    523.9

    542.9

    557.5

    (in months
    of next
    year’s imports)

    7.9

    6.4

    8.3

    9.0

    8.8

    8.5

    8.5

    8.3

    8.2

    External
    debt (in percent of GDP)

    46.1

    43.6

    33.3

    25.9

    20.9

    17.8

    19.0

    20.3

    21.5

    Exchange Rates

    Market rate (tala/U.S. dollar,
    period average)

    2.57

    2.61

    2.73

    2.76

    Real
    effective exchange
    rate

    -0.5

    6.4

    9.2

    -0.6

    (12-month percent change) 3/

    Memorandum items:

    Nominal GDP
    (million 
    tala)

    2,169

    2,170

    2,562

    2,943

    3,200

    3,391

    3,568

    3,748

    3,938

    GDP per capita (U.S. dollars)

    4,136

    4,032

    4,498

    5,070

    5,474

    5,728

    5,945

    6,160

    6,440

    Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.

    1/ Fiscal years July-June.

    2/ Incorporates August 2021 SDR allocation.

    3/ Increase signifies appreciation.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics

  • MIL-OSI Global: The Austin 7 is back – a short history of the iconic British car that changed the automotive industry

    Source: The Conversation – UK – By Tom Stacey, Senior Lecturer in Operations and Supply Chain Management, Anglia Ruskin University

    In perhaps one of the greatest brand comeback stories in automotive since the Fiat 500 in 2007, British car company Austin announced the return of the Austin Arrow.

    Its name is an unashamed reference to one of the most memorable Austin 7 models – first introduced in the 1920s the Arrow was the original “everyman sportscar”, before the muscle cars (think of the Dodge Challenger) of the US became popular in the 1960s. Now reimagined as an electric Vehicle (EV), the Arrow is designed and made in the UK and aims to be to 2020s consumers what the original was 90 years ago.

    A number of cars are synonymous with the British car industry. In fact, as a small nation, Britain punches above its weight when it comes to classic automobile brands – The Mini, the Range Rover, London black cabs, James Bond’s Aston Martins, and even the London red bus. However, if one car can be credited for creating the dawn of the motor vehicle in the UK, it would be the diminutive Austin 7.

    The car was created in the 1920s at the time when Austin was struggling. New laws were pushing manufacturers to produce smaller, less powerful cars. But Austin’s board of directors didn’t support a cheap, small car with low profit margins. Austin was known for its larger, luxury products.

    However, Sir Herbert Austin and his 18-year-old apprentice Stanley Edge decided to secretly create a small car. Thank god they didn’t heed the board, because they ended up creating the greatest democratising automotive product Britain had ever seen (until they repeated it with the Austin Mini).

    The reason why products such as the Austin 7 come to define their period is rarely due to their technical prowess or exhilarating performance – it’s because they bring to the masses a technology that is both useful and traditionally seen as out of reach.

    The Austin 7 was a bit like the iPhone. There were smartphones that came before it, like the Sony Ericsson p800. However, these were considered expensive and out of reach for the average consumer. The Iphone did the same thing but at a cheaper price and so came to be the definitive smartphone.


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    With the Austin 7, Herbert Austin’s team applied the key lessons from Ford’s Model T – creating a simple, modestly powered car with just enough features for mass appeal while incorporating clever design elements that earned the respect of car enthusiasts.

    When the Austin 7 was unveiled in July 1922, it was priced at just £165, when an Austin 20 was between £600 and £700. At a time when the average British worker earned around £5 per week, the only real affordable car had been Ford’s basic and utilitarian Model T at around £250.

    The 7’s ingenious design was the key to its success. With a shared base frame for the car, it could be a four-seater family car, a stylish coupe, or even a racing car.

    This cheap, tiny car not only was a legend in its own right and familiar around the world, but it influenced other legends too.

    Colin Chapman, the founder of Lotus Cars, based his first Lotus 1 on the Austin 7. What is less known is that German car manufacturer BMW built Austin 7s under licence in the 1920s and 30s but called them “Dixis”. Nissan did the same in Japan in the pre-war period. Such licensing deals helped set up both manufacturers’ future success as the powerhouses they are today.

    Austin 7s were produced all over Europe, Asia and even in Australia. The 7 was also produced in the US as the “American Bantam” and its design contributed to the “Willy’s Jeep”, one of the US’s most famous vehicles.

    Ultimately, the beginning of the second world war marked the end of Austin 7 production as the Austin factory at Longbridge, near Birmingham, needed to be repurposed to produce munitions. When the war ended, tastes for vehicles had changed and factories started to produce more modern designs, and not those from the 1920s, marking the end of a British automotive icon in 1939.

    Now it’s back, thanks to the engineer John Stubbs who bought the Austin brand after noticing the brand and trademarks were available. The rights to these had been owned by the Nanjing Automobile Group, which bought MG Rover when it collapsed in 2005. However, Nanjing had let these lapse and Stubbs bought them for £170 in 2015.

    The new Essex-based Austin Motor Company aims to recreate this classic brand, tugging at the heartstrings of those looking nostalgically at Britain’s automotive heyday. The announcement featured images of fun, cheap (£31,000) and light cars driving around the B-roads of Britain, or perhaps being taken to a racetrack for an amateur competition, harking back to earlier days. However, this car is thoroughly modern, featuring an electric motor.

    The new Austin Arrow is not meant to be the usable “everyman” car the original 7 was. For starters, to be compliant with quadricycle (a micro car with less than 6kW of power and an unladen mass no more than 425 kg) legislation it is limited to 60mph as a top speed and the range will be a maximum of 100 miles on one charge.

    However, as that fun, racy, open-top car that it’s predecessors were, it very much captures the spirit of the original Austin 7 Arrow.

    Tom Stacey 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 Austin 7 is back – a short history of the iconic British car that changed the automotive industry – https://theconversation.com/the-austin-7-is-back-a-short-history-of-the-iconic-british-car-that-changed-the-automotive-industry-248712

    MIL OSI – Global Reports

  • MIL-OSI Global: Leonardo da Vinci’s incredible studies of human anatomy still don’t get the recognition they deserve

    Source: The Conversation – UK – By Michael Carroll, Reader / Associate Professor in Reproductive Science, Manchester Metropolitan University

    Wikimedia, CC BY-SA

    The mere mention of Leonardo da Vinci evokes genius. We know him as a polymath whose interests spanned astronomy, geology, hydrology, engineering and physics. As a painter, his Mona Lisa and Last Supper are considered works of mastery.

    Yet one great achievement that frequently goes unrecognised is his studies of human anatomy. More than 500 years after his death, it’s time this changed.

    Leonardo is thought to have been born on April 15 1452 in Anchiano, a small hamlet near the town of Vinci, close to Florence. His mother was a 16-year-old peasant girl called Caterina di Meo Lippi, and his father was Ser Piero da Vinci, a 26-year-old notary.

    Being illegitimate, the young Leonardo was only permitted an elementary education in reading, writing and arithmetic. He was also barred from becoming a notary, but this worked out to his advantage. Instead of being constrained by life as an officiate, he was free to be creative and explore the world of nature, satisfying his insatiable appetite for knowledge.

    The human anatomy became one of his great interests. This was seeded during his time as an apprentice in Andrea del Verrocchio’s bottega (studio) in Florence, where studying the human form was crucial for achieving realistic depictions.

    Creating detailed anatomical drawings required precise sketching skills and the ability to accurately depict the structures being studied. As Leonardo’s fascination grew, he would delve deeper into anatomy as a discipline.

    Pioneers

    This traces back to the 2nd-century Greek physician Galen of Pergamum, whose anatomical descriptions were mostly based on insights he had gained through dissecting animals and studying wounded gladiators. However, he did no human dissections – they were illegal during his time – and many of his extrapolations from animal to human anatomy were wrong.

    Galen dissecting a monkey, Veloso Salgado (1906).
    wikimedia

    It wasn’t until the 14th century that anatomy and medical science advanced thanks to the start of systematic human cadaver dissections. The physician Mondino de Liuzzi, who practised the first public dissections of human cadavers at the University of Bologna, published the first modern anatomical text, Anathomia Corporis Humani, in 1316.

    The text was mostly descriptive in nature, like that of Galen, lacking drawings to illustrate anatomy. Subsequent texts on the subject during the 14th and early 15th centuries did contain drawings, but these were basic and unrealistic.

    Leonardo advanced this discipline through his remarkable observational skills, knowledge of perspective and, most notably, his outstanding drawing abilities. His anatomical sketches were unlike anything seen before. For example, his sketches of the muscles of the arms and human skull are comparable to illustrations in today’s medical anatomy texts.

    Sketches of human muscles, 1515.
    Italian Renaissance Art, CC BY-SA

    According to Leonardo’s biographer, Giorgio Vasari, the artist “was one of the first who, with Galen’s teachings, began to bring honour to medical studies and to shed real light upon anatomy, which had until that time been shrouded in the deepest shadows of ignorance”.

    Leonardo was the first to depict a detailed study of the human spine, showing its natural curvature and correctly numbered vertebrae. He drew and described nearly all the bones and muscles of the body in beautiful detail, as well as investigating their biomechanics.

    His studies on the heart combined both experimentation and observation. Using an ox’s heart to understand blood flow though the aortic valves, Leonardo poured molten wax into the surrounding cavities to make a wax cast, from which a glass model of the heart was made. He then pumped water mixed with grass seeds through this model to visualise the flow pattern. From this experiment, he concluded that the vortex-like flow of blood through the aortic valves was responsible for closing them during each heartbeat.

    Sketches of the heart, c1507.
    MAG, CC BY-SA

    Over 450 years later, in 1968, scientists used dyes and radiography methods to observe this blood flow and prove that Leonardo was correct. A study in 2014 using MRI (magnetic resonance imaging) also demonstrated that he had provided a strikingly precise depiction of these vortex-like flows.

    Shortcomings

    Leonardo may have dissected around 30 human corpses during his lifetime. Most took place at the Santa Maria Nuova hospital in Florence, and later at the Santo Spirito hospital in Rome. The fact he didn’t have more human cadavers to study probably helps to explain why he also got things wrong.

    In addition, Leonardo was very influenced by Galen, through his readings of both Mondino de Liuzzi and the Persian writer Avicenna (c980-1037), while also dissecting animals such as dogs, cattle and horses to fill in human anatomical gaps.

    This approach is evident in his study of the male and female reproductive system, as I found when carrying out a detailed review of his work in this area. Misconceptions included the presence of three channels in the penis for semen, urine and “animal spirit”. The prostate gland is also missing in all his sketches of the male reproductive system. Meanwhile, he made the uterus spherical (derived from cow dissections), and similarly misrepresented the fallopian tubes and ovaries.

    Even then, Leonardo still got a lot right. He correctly depicts the position of the foetus in the uterus, and the umbilical cord anatomy. He also correctly argued that penile erections were caused by blood engorgement and not by air or “vital spirits” flowing into the penis, as suggested by Galen.

    Sketch of baby in the womb, c1510-1513.
    Wikimedia, CC BY-SA

    Where he got things wrong, Leonardo’s shifting focus may also have played a part. His restlessness, disorganised notes and unfinished work suggest ADHD (attention deficit hyperactivity disorder). Equally, this may also explain his boundless curiosity and incredible creativity.

    Despite his shortcomings, Leonardo’s anatomical studies were centuries ahead of their time, rivalling modern standards. His work in this area might have been more appreciated had he published it in a book: he had planned one, and is said to have been collaborating with the Renaissance physician and professor, Marc’Antonio della Torre.

    Unfortunately, this was cut short with Marc’Antonio’s death in 1511. Leonardo died in 1519 at the age of 67, and while his gifts to the world have received endless attention, his important contributions to anatomy remain overshadowed, and deserve greater recognition.

    Michael Carroll 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. Leonardo da Vinci’s incredible studies of human anatomy still don’t get the recognition they deserve – https://theconversation.com/leonardo-da-vincis-incredible-studies-of-human-anatomy-still-dont-get-the-recognition-they-deserve-248708

    MIL OSI – Global Reports

  • MIL-OSI Global: Why bats need tunnels

    Source: The Conversation – UK – By Eleanor Harrison, Lecturer in Ecology, Keele University

    A soprano pipistrelle, one of the commonest UK species, often roosts in buildings. Bearacreative/Shutterstock

    Developers need not “worry about bats and newts” before they start building, Chancellor Rachel Reeves has said in a speech that outlined her plans to reform the UK’s planning process. Reeves’ comments suggest construction firms and housebuilders will be allowed to destroy habitat if they pay into “a nature fund” that might finance restoration elsewhere.

    As an ecologist (with a passion for bats), I have serious concerns about what this would mean for the UK’s dwindling biodiversity. The comments from the chancellor are, at best, disheartening at a critical time for nature conservation.

    Bats and newts are derided as the gum in the wheels of the planning system. But the idea that nature inherently obstructs development and stymies our collective prosperity is wrong. There are many ways infrastucture can be designed to work with nature in mind from the start – often with low cost.

    The chancellor’s own calculations are off if she attaches no economic value to nature. In one scientific study that tried to quantify the economic contribution of wildlife, researchers found that losing pest-eating bats in North American farmland would cost farmers several billions of dollars in crop losses.

    Blaming wildlife for economic challenges will only worsen the biodiversity crisis. A report from 2023 found that nearly one in six UK species are at risk of extinction, and that the country is one of the most nature depleted in the world.

    Rather than weakening protections for nature, the UK should be doing much more to help the plants and animals that call these islands home.

    Why we should worry about bats and newts

    Populations of the great crested newt halved between 1965 and 1975 and have continued to decline by 2% every five years since. The enormous loss of habitat is partly to blame: half of all ponds vanished in the 20th century and 80% of those remaining are in poor condition. These figures highlight the long-running failure of the planning system to protect nature.

    Newts need ponds to breed in, but they also traverse surrounding grasslands and marshes to find food and new homes. Destruction of these habitats will not be easily remedied by digging a new pond elsewhere, with money from the chancellor’s new fund. Connections between habitats are also essential – isolated, artificial ponds are of little use if wildlife cannot reach them.

    The UK has lost a vast area of nature habitat within a generation.
    Kyaw Thiha/Shutterstock

    This approach will be even less helpful to bats, whose habitat requirements are even more varied.

    Bats are highly sensitive to environmental changes. The UK is home to 18 species, including the brown long-eared bat and the pug-like barbastelle. Far from being the menace of developers, bats have suffered greatly as changes to buildings have excluded them from making roosts while changes to the wider landscape have made it harder for them to find feeding and breeding sites.

    The numbers of some species have shown a small increase since monitoring began in 1998, but a wider perspective is instructive: the barbastelle bat, for instance, has declined by 99% in the UK over the past few hundred years.

    The wider decline of nature now poses a terrible strain. Local bat conservation groups have reported an uptick in the number of starving or underweight bats. All UK bats eat insects, so their health is linked with moths and butterflies and other pollinators that knit ecosystems together. Bats are an early warning system for the overall health of our environment.

    Develop with nature, not against it

    Conservation measures have to be tailored to the relevant species and setting. Careful deliberation in the planning system is important to protect species – it cannot be replaced with a pot of money that each developer pays into.

    Take “bat tunnels”, the structures designed to help bats safely navigate developments which recently drew the chancellor’s ire. These tunnels have been installed along the HS2 trainline and, in theory, protect bats from the 220-mph train as it intersects their flight paths.

    Bat tunnels maintain connections between habitats, enabling bats to reach their roosting, feeding and breeding sites without risking their lives near roads or other man-made barriers. It’s not just a fatal collision bats risk – noise and pollution also perturb bats and the insects they eat.

    While some species might benefit from a simple bat box that allows bats to roost by providing a roosting structure either outside of a building or on trees, others might need more complex changes. Bats rely on sound to navigate, emitting squeaks that bounce around their environment to create an audible impression of the world.

    Conservationists might build them flight paths composed of hedgerows and other features that bats can use to orient themselves. This can be particularly important for developments over a large area.

    In these instances, it’s important that bats, who may travel several kilometres from their roosts to feeding sites, have well-connected habitats. Fragmenting the landscape leaves smaller and smaller pockets of available habitat which in turn support fewer and fewer species.

    Some measures to help wildlife are cheap and easy to implement.
    Heather Wharram/Shutterstock

    Instead of being an expensive burden, most measures for mitigating development are fairly easy to implement. It could be as simple as maintaining and improving hedgerows or preserving old trees. More ambitious schemes include designing rail lines that allow animals to pass over or beneath.

    Instead of weakening protections and treating biodiversity as a hindrance, a smarter approach would be to integrate nature into development from the outset, and so prevent harm to protected sites and reduce the need for compensation later. The Woodland Trust said that “HS2’s assessment of woodland was significantly deficient” and its impacts to ancient woodland could have been avoided with alternative routes or proposals. In lieu of better assessment, the developers ran into avoidable delays.

    There is no one-size-fits-all approach to conservation – no big pot of funding that can pay to repair all the damage later. It requires careful, species-specific strategies, because the needs of wildlife vary greatly. Ignoring the necessity of protecting wildlife jeopardises ecosystems which underpin the economy.

    Effective conservation is not a barrier to development, but rather, key to a sustainable future, for people, nature and industries.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.


    Eleanor Harrison is affiliated with Staffordshire Bat Group, who aid in bat conservation locally.

    ref. Why bats need tunnels – https://theconversation.com/why-bats-need-tunnels-248782

    MIL OSI – Global Reports

  • MIL-OSI Global: DeepSeek claims to have cured AI’s environmental headache. The Jevons paradox suggests it might make things worse

    Source: The Conversation – UK – By Peter Howson, Assistant Professor in International Development, Northumbria University, Newcastle

    William Stanley Jevons also invented an early computer. University of Manchester Libraries / wiki, CC BY-SA

    AI burns through a lot of resources. And thanks to a paradox first identified way back in the 1860s, even a more energy-efficient AI is likely to simply mean more energy is used in the long run.

    For most users, “large language models” such as OpenAI’s ChatGPT work like intuitive search engines. But unlike regular web-searches that find and retrieve data from anywhere along a global network of servers, AI models return data they’ve generated from scratch. Like powering up a nuclear reactor to use a calculator, this tailored process is very inefficient.

    One study suggests the AI industry will be consuming somewhere between 85 and 134 terrawatt-hours (TWh) of electricity by 2027. That’s a similar amount of energy as the Netherlands consumes each year. One prominent researcher predicts that by 2030, over 20% of all electricity produced in the US will be feeding AI data centres (huge warehouses filled with computers).

    Big tech firms have always claimed to be heavy investors in wind and solar energy. But AI’s appetite for 24/7 power means most are developing their own nuclear options. Microsoft even plans to revive the infamous Three Mile Island power plant, scene of America’s worst ever civil nuclear accident.

    Despite Google’s ambitious target of being carbon neutral by 2030, the company’s AI developments mean its emissions have climbed 48% in the past few years. And the computing power needed to train these models increases tenfold each year.

    However, Chinese start-up DeepSeek claims to have created a fix: a model that matches the performance of established US rivals like OpenAI, but at a fraction of the cost and carbon footprint.

    An environmental game changer?

    DeepSeek has created a powerful open-source, relatively energy-lite model. The company claims it spent just US$6 million renting the hardware needed to train its new R1 model, compared with over $60 million for Meta’s Llama, which used 11 times the computing resources.

    DeepSeek uses a “mixture-of-experts” architecture, a machine-learning method that allows the model to scale up and down depending on the complexity of prompts. The company claims its model can also store more data and be trained without the need for huge amounts of expensive processor chips.

    Compared with its US rivals, DeepSeek promises to do more with less.
    Chitaika / shutterstock

    In reaction, US chip manufacturing and energy stocks plummeted following investor concerns that AI companies would rethink their energy-intensive data centre developments. As the world’s largest supplier of specialist AI processors, Nvidia saw its share price fall by US$589 billion, the biggest one-day loss in Wall Street history.

    Paradoxically, as well as upsetting the performance of US tech stocks, improving the energy efficiency of AI platforms could actually worsen the industry’s environmental performance as a whole.

    With tech stocks crashing, Microsoft CEO Satya Nadella tried to bring a longer-term perspective: “Jevons paradox strikes again!” he posted on X. “As AI gets more efficient and accessible, we will see its use skyrocket, turning it into a commodity we just can’t get enough of.”

    The Jevons paradox

    The idea that energy efficiency isn’t always a good thing for Earth’s resources has been around for well over a century. In 1865, a young Englishman named William Stanley Jevons wrote “The Coal Question”, a book in which he suggested that Britain’s place as an industrial superpower might soon come to an end, due to its rapidly depleting coal reserves.

    But to Jevons, frugality was not the solution. He argued: “It is wholly a confusion of ideas to suppose that the economical use of fuel is equivalent to a diminished consumption. The very contrary is the truth.”

    According to Jevons, any increase in resource efficiency generates an increase in long-term resource consumption, rather than a decrease. Because greater energy efficiency has the effect of reducing energy’s implicit price, it increases the rate of return – and demand.

    Jevons offered the example of the British iron industry. If technological advancements helped a blast furnace produce iron with less coal, profits would rise and new investment in iron production would be attracted. At the same time, falling prices would stimulate additional demand. He concluded: “The greater number of furnaces will more than make up for the diminished [coal] consumption of each.”

    More recently, the economist William Nordhaus applied this idea to the efficiency of lighting since the dawn of human civilisation. In a paper published in 1998, he concluded that in ancient Babylon, the average labourer might need to work more than 40 hours to purchase enough fuel to produce the equivalent amount of light emitted by a modern lightbulb for one hour. But by 1992, an average American would need to work for less than half a second to produce the same.

    Throughout time, efficiency gains haven’t reduced the energy we expend on lighting or shrunk our energy consumption. On the contrary, we now generate so much electric light that areas without it have become tourist attractions.

    Warming and lighting our homes efficiently, driving our cars, mining Bitcoin and, indeed, building AI models are all subject to the same so-called rebound effects identified in the Jevons paradox. And this is why it will be impossible to ensure a more efficient AI industry actually leads to an overall reduction in energy use.

    A Sputnik moment

    In the 1950s, the US was horrified when the Soviets launched Sputnik, the first space satellite. The emergence of a more efficient rival caused America to allocate more resources to the space race, not less.

    DeepSeek is Silicon Valley’s Sputnik moment. More efficient AI will probably mean more distributed and powerful models, in an arms race that is no longer made up only of US tech giants. AI offers superpower status, and the floodgates may now be fully open for the UK and other global competitors, as well as China.

    What’s for certain is that in the long term, the AI industry’s appetite for energy and other resources is only going to increase.

    Peter Howson has received research funding from the British Academy.

    ref. DeepSeek claims to have cured AI’s environmental headache. The Jevons paradox suggests it might make things worse – https://theconversation.com/deepseek-claims-to-have-cured-ais-environmental-headache-the-jevons-paradox-suggests-it-might-make-things-worse-248720

    MIL OSI – Global Reports

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Samoa

    Source: IMF – News in Russian

    January 31, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Samoa on January 16, 2025 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Samoa’s economic recovery has been remarkable. Following a 15 percent contraction over 3 years during the pandemic, GDP growth rebounded to 9.2 percent in FY2023 and accelerated further to 9.4 percent in FY2024, driven by a quick recovery in the tourism sector. Inflation has declined from double digit levels in FY2023 to 2.9 percent year-on-year in October 2024. The fiscal surplus increased further to 10.1 percent of GDP in FY2024, supported by robust grant flows, buoyant tax revenues, and restrained expenditures, including low capital spending amid capacity constraints. The current account moved to a surplus in FY2024 which, combined with continued strong grant inflows, supported a significant increase in foreign reserves.

    GDP growth is projected to remain robust at 5.5 percent in FY2025, driven by an anticipated pickup in public investment and the preparations and hosting of the Commonwealth Heads of Government Meeting (CHOGM). Inflation is expected to rise moderately amid the ongoing economic recovery. While the near-term outlook remains favorable, growth is expected to slow to the historical average of around 2 percent in the medium term. Furthermore, risks to the outlook are skewed to the downside amid heightened global uncertainties and potential pressures on inflation, including from significant excess liquidity in the banking system.

    Executive Board Assessment

    In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

    Samoa’s near-term economic outlook remains favorable. GDP growth in FY2025 is projected to remain well above pre-pandemic levels, supported by the preparations and hosting of CHOGM and the envisaged expansionary fiscal stance. Inflation is expected to rise moderately as the economic recovery continues. GDP growth is expected to converge towards the historical average of about 2 percent over the medium-term. Risks to the outlook are tilted to the downside, including from a slowdown in key trading partners amid heightened global uncertainty, as well as upside risks to inflation from external and domestic sources.

    Samoa’s recent policy mix has helped build significant economic buffers but has also presented challenges. Large fiscal surpluses have improved debt dynamics, resulting in an upgrade to Samoa’s debt distress rating from high to moderate in the IMF-WB DSA, but low capital spending is undermining the economy’s productive capacity. The tight fiscal stance, coupled with high grants and remittance inflows and the exchange rate peg, has resulted in the emergence of a large current account surplus with the external sector assessed to be substantially stronger than the level implied by fundamentals and desired policy settings. The resulting large build up in foreign reserves has also created excess liquidity in the banking system.

    An expansionary fiscal stance will support the economy, while fiscal reforms can improve the effectiveness of policy and mitigate risks. The focus in the near term should be overcoming capacity constraints to execute much needed public investment, including climate-related projects.

    Maintaining PFM controls over the DDP, including through the election cycle, remains a priority. Improving fiscal data and implementing further PFM reforms can also help improve policy formulation, implementation, and credibility. Fully reversing the pandemic-era utility tariff cuts, while implementing any support for low-income households transparently through the budget, can help address lingering weakness in some SOEs while protecting the vulnerable.

    Monetary policy normalization should continue, with an aim to guide interest rates higher. The exchange rate peg remains the appropriate nominal anchor. However, to guard against domestic inflation risks, monetary policy should aim to reduce excess liquidity to reasonable levels and push real short-term rates to positive territory.

    Further strengthening financial supervision and regulation, including for PFIs, should be a priority. Financial sector risks have declined relative to the pandemic but require continued monitoring. Priorities for the banking system include operationalizing the emergency liquidity assistance framework and enhancing prudential standards. Upgrading governance and prudential regulations for PFIs is also needed to contain potential risks. Establishing an online credit registry will help advance financial inclusion.

    A multi-pronged approach can help mitigate CBR pressures. Strengthening the AML/CFT legal framework and implementing effective risk-based supervision will help prepare Samoa for its APG mutual evaluation in 2027. Ensuring the timely rollout of the e-KYC facility and the National Digital ID will help improve customer due diligence. Given low ML/TF risks from remittance payments, effort should be made to streamline regulatory and supervisory requirements on both sides of main remittance corridors.

    Overcoming significant structural challenges which impede the medium-term growth potential will require concerted reform efforts. Key priorities include attracting foreign investment, reducing trade facilitation costs, and mitigating the impact of the pickup in the seasonal workers program, including by enhancing human capital and raising labor force participation rates.

    Table 1. Samoa: Selected Economic and Financial Indicators 1/

    Proj.

    2020/21

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    2026/27

    2027/28

    2028/29

    Output
    and
    Inflation

    (12-month percent change)

    Real GDP

    -7.0

    -5.4

    9.2

    9.4

    5.5

    2.8

    2.1

    2.0

    2.0

    Nominal GDP

    -7.5

    0.0

    18.0

    14.9

    8.7

    6.0

    5.2

    5.0

    5.1

    Consumer price
    index
    (end of period)

    4.1

    10.8

    10.7

    0.8

    3.5

    2.6

    3.0

    3.0

    3.0

    Consumer price
    index
    (period average)

    -3.0

    8.7

    12.0

    3.6

    3.1

    3.0

    3.0

    3.0

    3.0

    Central Government Finances

    (In percent of GDP)

    Revenue
    and grants

    36.5

    38.5

    34.1

    36.0

    33.0

    32.0

    31.5

    31.5

    31.4

    Of which: Grants

    6.8

    9.4

    4.5

    6.2

    4.2

    4.0

    4.0

    4.0

    4.0

    Expenditure

    34.7

    33.1

    31.0

    25.9

    33.1

    33.5

    33.4

    33.5

    33.6

    Of which: Expense

    31.3

    32.2

    27.5

    25.7

    27.9

    28.3

    28.2

    28.3

    28.2

    Of which: Net acquisition
    of non-financial assets

    3.4

    0.9

    3.5

    0.3

    5.2

    5.2

    5.2

    5.2

    5.4

    Overall balance

    1.7

    5.4

    3.0

    10.1

    -0.1

    -1.5

    -1.9

    -2.0

    -2.2

    Gross debt outstanding

    46.3

    43.7

    33.3

    27.7

    22.5

    19.3

    20.4

    21.5

    22.6

    Money
    and
    Credit Aggregates

    (12-month percent change)

    Broad
    money (M2)

    8.1

    2.2

    16.3

    7.7

    7.5

    6.0

    6.0

    6.0

    6.0

    Private
    sector
    credit, commercial banks

    1.5

    0.2

    -2.6

    3.5

    4.0

    5.0

    5.0

    5.0

    5.0

    Private
    sector
    credit,
    other financial corporations

    -0.9

    4.9

    2.9

    8.2

    Private
    sector
    credit,
    total
    financial system

    2.0

    0.6

    -0.1

    3.7

    Private Sector Credit

    (In percent of GDP)

    Commercial banks

    53.1

    53.2

    43.9

    39.5

    Total financial system

    94.0

    94.6

    80.1

    72.3

    Bank Financial Soundness

    Regulatory capital to risk-
    weighted assets, ratio

    28.1

    28.8

    33.2

    29.0

    Non-performing loans to
    total gross loans, ratio

    3.7

    4.6

    4.7

    4.6

    Balance of Payments

    (In percent of GDP)

    Current account balance

    -14.5

    -11.3

    -3.3

    4.0

    -0.5

    -1.2

    -1.3

    -1.6

    -2.0

    Merchandise exports,
    f.o.b.

    4.1

    3.8

    4.6

    3.5

    3.4

    3.5

    3.5

    3.5

    3.7

    Merchandise imports, f.o.b.

    37.8

    41.4

    47.1

    41.3

    43.0

    42.9

    42.7

    42.5

    42.5

    Services
    (net)

    -3.9

    -2.9

    10.8

    17.6

    16.4

    16.0

    16.0

    16.0

    16.0

    Of which: Tourism receipts

    0.0

    0.0

    16.4

    21.0

    21.9

    21.5

    21.5

    21.5

    21.5

    Income
    (net)

    -1.7

    -2.6

    -1.3

    -2.3

    -2.7

    -2.8

    -2.8

    -2.8

    -2.8

    Current transfers
    (net)

    24.8

    31.7

    29.6

    26.4

    25.4

    25.1

    24.6

    24.1

    23.7

    External Reserves and Debt

    Gross
    official reserves (million
    U.S.
    dollars) 2/

    288.5

    303.2

    401.7

    494.3

    503.8

    506.2

    523.9

    542.9

    557.5

    (in months
    of next
    year’s imports)

    7.9

    6.4

    8.3

    9.0

    8.8

    8.5

    8.5

    8.3

    8.2

    External
    debt (in percent of GDP)

    46.1

    43.6

    33.3

    25.9

    20.9

    17.8

    19.0

    20.3

    21.5

    Exchange Rates

    Market rate (tala/U.S. dollar,
    period average)

    2.57

    2.61

    2.73

    2.76

    Real
    effective exchange
    rate

    -0.5

    6.4

    9.2

    -0.6

    (12-month percent change) 3/

    Memorandum items:

    Nominal GDP
    (million 
    tala)

    2,169

    2,170

    2,562

    2,943

    3,200

    3,391

    3,568

    3,748

    3,938

    GDP per capita (U.S. dollars)

    4,136

    4,032

    4,498

    5,070

    5,474

    5,728

    5,945

    6,160

    6,440

    Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.

    1/ Fiscal years July-June.

    2/ Incorporates August 2021 SDR allocation.

    3/ Increase signifies appreciation.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/01/31/pr25023-samoa-imf-executive-board-concludes-2024-article-iv-consult

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend

    Source: GlobeNewswire (MIL-OSI)

    LYNCHBURG, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and 12 month periods ended December 31, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

    Net income for the three months ended December 31, 2024 was $1.62 million or $0.36 per basic and diluted share compared with $2.11 million or $0.45 per basic and diluted share for the three months ended December 31, 2023. Net income for the 12 months ended December 31, 2024 was $7.94 million or $1.75 per share compared with $8.70 million or $1.91 per share for the year 12 months ended December 31, 2023.

    Robert R. Chapman III, CEO of the Bank, commented: “Our Company delivered another year of high-quality earnings driven by a wide range of banking products, services, and investment management. These diversified sources of revenue were supported by a large regional market and broad base of commercial and retail clients, enabling the Company and the Bank to record strong financial performance and grow shareholder value in a year that presented its share of economic changes and challenges.

    “With a more stable interest rate environment, we made new loans and repriced existing loans to accurately reflect prevailing rates, which generated a positive trend in yields on earning assets. We began to slow the rate of interest expense increases that have characterized the past three years. Although margins continue to experience pressure, there was net interest margin expansion beginning in the second half of 2024 – a positive trend that we anticipate will continue in coming quarters.

    “Noninterest income was an important component of earnings that included fee income from commercial treasury management, wealth management through PWW, gains on the sale of originated residential mortgages, card services and more. Led by healthy growth in these activities, noninterest income in 2024 rose 18% from a year earlier.

    “Total loans, net, increased 6% in 2024, with commercial real estate loan growth leading the way. Commercial & industrial and commercial construction loan portfolios grew moderately year-over-year. Residential mortgages increased 6% as we continued our practice of selling most originated mortgages to the secondary market. Our mortgage lending team did an outstanding job of maintaining our Bank’s leadership as a premier mortgage originator in the markets we serve.

    “Key to generating consistent, predictable earnings is maintaining high levels of loan quality through credit management. Measures such as asset quality ratios, total nonperforming loans, and provisioning for credit losses continue reflect exceptional credit management. Our credit management team, headed by Chief Credit Officer Chip Umberger, continue to do outstanding work ensuring loan quality.

    “Total deposits increased in 2024 compared with 2023. We remain focused on growing deposits from commercial and retail customers, particularly core deposits, and building this important source of funding for loans and providing liquidity. During the year, we opened strategic locations in Buchanan and Nellysford, Virginia, further expanding the Bank’s deposit-gathering capabilities and value to customers.

    “We provided meaningful value to our shareholders in 2024. Solid earnings, strong asset quality and efficient operation contributed to a consistent, longstanding trend of enhancing the Company’s value to its shareholders. Stockholders’ equity rose 8% from a year earlier, retained earnings increased by more than $6 million, and book value per share rose to $14.28 at December 31, 2024 from $13.21 a year earlier. The Company also paid quarterly cash dividends to shareholders, as it has for many years.

    “We believe the Company is well-positioned for the coming year, continuing on a path of providing superior value to our shareholders, customers and communities.”

    Fourth Quarter and Full Year of 2024 Highlights

    • Net income and earnings per share (EPS) in the fourth quarter and full year of 2024 was impacted by higher noninterest expense, which included a $534,000 fee related to the negotiation of a contract with a credit/debit card processor. Over the term of the contract, the Company expects to recognize up to $438,000 in incentive payments from the card processor, and anticipates generating additional long-term benefits and savings of $2.1 million associated with the contract.
    • Total interest income rose 13% to $44.64 million for the full year of 2024 compared with $39.36 million in 2023. The growth primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to 5.50% in 2024 compared with 5.05% in 2023.
    • Net interest income after provision for (recovery of) credit losses in the full year of 2024 was $29.89 million compared with $29.92 million for the full year of 2023. The full year of 2024 reflected loan loss recoveries driven by strong asset quality, and the impact of elevated interest expense.
    • Net interest margin in the fourth quarter of 2024 was 3.18%, trending up from 3.16% in the third quarter and 3.02% in the second quarter of 2024, reflecting continuing margin expansion. Net interest margin for the full year of 2024 was 3.11% compared with 3.29% in 2023. Interest spread for the full year of 2024 was 2.78% compared with 3.06% a year earlier.
    • Total noninterest income for the full year of 2024 was $15.14 million, up 17.64% from $12.87 million a year earlier. Growth primarily reflected gains on sale of loans held for sale, fee income generated by commercial treasury services and residential mortgage originations, and wealth management fee income from PWW, which contributed $0.34 per share to earnings in 2024.
    • Loans, net of the allowance for credit losses, increased 6% to $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023.
    • Commercial real estate loans (owner occupied and non-owner occupied) grew 9% to $335.53 million at December 31, 2024 from $306.86 million a year earlier.
    • Measures of asset quality included a ratio of nonperforming loans to total loans of 0.25% at December 31, 2024, low levels of nonperforming loans, and zero other real estate owned (OREO).
    • Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023.
    • Total deposits were $882.40 million at December 31, 2024, up from $878.46 million at December 31, 2023.
    • Shareholder value measures included 8% growth in stockholders’ equity at December 31, 2024 from a year earlier, retained earnings of $42.80 million, up from $36.68 million a year earlier, and a book value per share of $14.28 compared with $13.21 at December 31, 2023.
    • On January 21, 2025 the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of March 7, 2025, to be paid on March 21, 2025.

    Fourth Quarter, Full Year of 2024 Operational Review

    Net interest income after provision for (recovery of) credit losses for the fourth quarter of 2024 was $7.76 million compared to net interest income after provision for credit losses of $7.29 million a year earlier. In the full year of 2024, net interest income after recovery of credit losses was $29.89 million compared with $29.92 a year earlier. The credit loss recovery in the full year of 2024 was $655,000 compared with $179,000 in the full year of 2023.

    Total interest income increased to $11.64 million in the fourth quarter of 2024 compared with $10.54 million a year earlier. The full year of 2024 total interest income was $44.64 million, up from $39.36 million in the full year of 2023. The year-over-year increases primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

    During 2024, investment portfolio management and appropriate rate increases on loans contributed to year-over-year growth in yields on total earning assets, which were 4.75% in 2024 compared with 4.36% in 2023.

    Total interest expense in the fourth quarter of 2024 was $3.95 million and $15.41 million for the full year of 2024, increasing 25.44% and 60.12% from $3.15 and $9.62 in the comparable periods of 2023. The increase primarily reflects higher deposit rates commensurate with the prevailing interest rate environment, and also more interest-bearing deposits.

    A stabilizing interest rate environment contributed to some margin pressure relief, particularly in the second half of 2024. For the full year of 2024, the net interest margin was 3.11% compared with 3.29% a year earlier, while interest spread was 2.78% for the full year of 2024, compared with 3.06% a year earlier.

    Noninterest income in the fourth quarter of 2024 rose 20% to $3.82 million compared with $3.18 million in the fourth quarter of 2023. For the full year of 2024, noninterest income was up 18% to $15.14 million from $12.87 million in 2023.

    Noninterest income in 2024 included income contributions from debit card activity, a write-up on an investment in an SBIC fund, commercial treasury services, and the mortgage division. Strong contributions from wealth management fees, primarily generated by PWW, were $4.84 million in 2024, up from $4.20 million a year earlier. Steady activity in residential mortgage originations throughout 2024 was reflected in gains on sale of loans held for sale of $4.49 million compared with $3.94 million a year earlier.

    Noninterest expense in the fourth quarter of $9.50 million compared with $8.42 million in the fourth quarter of 2023. Noninterest expense for the full year of 2024 was $35.11 million compared with $32.51 million for the full year of 2023. As previously noted, noninterest expense was impacted by a one-time payment to a consultant that helped negotiate a contract with a debit card provider, recorded in the fourth quarter of 2024. We will recognize incentive payments and cost savings from the underlying contract in subsequent quarters. Diligent expense management, judicious personnel expenses related to new locations, and accrual of year-end employee compensation throughout the year contributed to stable year-over-year salaries and employee benefits costs in the fourth quarter and full year of 2024.

    Balance Sheet: Strong Cash Position, High Asset Quality

    Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

    Loans, net of allowance for credit losses, were $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and stability in other loan categories.

    Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $335.53 million at December 31, 2024 compared with $306.86 million at December 31, 2023, reflecting new loans and a decreasing rate of loan payoffs. Of this amount, commercial real estate (non-owner occupied) was approximately $195.09 million and commercial real estate (owner occupied) was $140.44 million. The Bank closely monitors concentrations in these segments, and has no commercial real estate loans secured by large office buildings in large metropolitan city centers.

    Commercial construction/land loans and residential construction/land loans were $50.04 million at December 31, 2024 compared with $50.28 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects. Commercial and industrial loans were $66.42 million at December 31, 2024 compared with $65.32 million at December 31, 2023, reflecting a continuing trend of stability in this loan segment.

    Residential mortgage loans that we intend to keep on the balance sheet were $113.30 million at December 31, 2024 compared with $106.99 million at December 31, 2023. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $78.31 million at December 31, 2024 compared with $76.52 million at December 31, 2023.

    Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at December 31, 2024 was 0.25% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.09% at December 31, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

    Total deposits were $882.40 million at December 31, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits, NOW, money market and savings were down moderately compared with 2023 and time deposits increased. At both December 31, 2024 and December 31, 2023, the Bank had no brokered deposits.

    Key measures of shareholder value were positive. Stockholders’ equity increased 8% to $64.87 million at December 31, 2024 from $60.04 million a year earlier. Retained earnings increased to $42.80 million at December 31, 2024 compared with $36.68 million a year earlier. Book value per share was $14.28 compared with $13.21 at December 31, 2023, but down from $15.15 at September 30, 2024, in part reflecting quarterly fluctuations in required fair market valuations of the Company’s available-for-sale investment portfolio.

    Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

    About the Company

    Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

    CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

    FINANCIAL RESULTS FOLLOW

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollar amounts in thousands, except per share amounts)

      (unaudited)    
    Assets 12/31/2024   12/31/2023
    Cash and due from banks $ 23,287     $ 25,613  
    Federal funds sold   50,022       49,225  
    Total cash and cash equivalents   73,309       74,838  
           
    Securities held-to-maturity (fair value of $3,170 and $3,231 as of December 31, 2024 and 2023)   3,606       3,622  
    Securities available-for-sale, at fair value   187,916       216,510  
    Restricted stock, at cost   1,821       1,541  
    Loans, net of allowance for credit losses of $7,044 and $7,412 as of December 31, 2024 and 2023   636,552       601,921  
    Loans held for sale   3,616       1,258  
    Premises and equipment, net   19,313       18,141  
    Interest receivable   3,065       2,835  
    Cash value – bank owned life insurance   22,907       21,586  
    Customer relationship Intangible   6,725       7,285  
    Goodwill   2,054       2,054  
    Income taxes receivable         128  
    Deferred tax asset   8,936       8,206  
    Other assets   9,424       9,446  
    Total assets $ 979,244     $ 969,371  
           
    Liabilities and Stockholders’ Equity      
    Deposits      
    Noninterest bearing demand $ 129,692     $ 134,275  
    NOW, money market and savings   522,208       538,229  
    Time   230,504       205,955  
    Total deposits   882,404       878,459  
           
    Capital notes, net   10,048       10,042  
    Other borrowings   9,300       9,890  
    Income taxes payable   86        
    Interest payable   722       480  
    Other liabilities   11,819       10,461  
    Total liabilities $ 914,379     $ 909,332  
           
    Stockholders’ equity      
    Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of December 31, 2024 and 2023   9,723       9,723  
    Additional paid-in-capital   35,253       35,253  
    Accumulated other comprehensive (loss)   (22,915 )     (21,615 )
    Retained earnings   42,804       36,678  
    Total stockholders’ equity $ 64,865     $ 60,039  
           
    Total liabilities and stockholders’ equity $ 979,244     $ 969,371  
     
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Income
    (dollar amounts in thousands, except per share amounts)
    (unaudited)

        For the Year Ended
        Ended December 31,
    Interest Income     2024       2023  
    Loans   $ 34,505     $ 31,378  
    Securities        
    US Government and agency obligations     1,471       1,273  
    Mortgage-backed securities     2,381       1,899  
    Municipals     1,244       1,212  
    Dividends     95       82  
    Corporates     543       560  
    Interest bearing deposits     775       496  
    Federal Funds sold     3,629       2,462  
    Total interest income     44,643       39,362  
             
    Interest Expense        
    Deposits        
    NOW, money market savings     5,455       2,984  
    Time Deposits     9,173       5,796  
    FHLB borrowings           31  
    Finance leases     76       86  
    Other borrowings     376       398  
    Capital notes     327       327  
    Total interest expense     15,407       9,622  
             
    Net interest income     29,236       29,740  
             
    Recovery of credit losses     (655 )     (179 )
             
    Net interest income after recovery of credit losses     29,891       29,919  
             
    Noninterest income        
    Gains on sale of loans held for sale     4,494       3,938  
    Service charges, fees and commissions     4,003       3,901  
    Wealth management fees     4,843       4,197  
    Life insurance income     721       548  
    Other     1,014       283  
    Gain on sales of available-for-sale securities     62        
             
    Total noninterest income     15,137       12,867  
             
    Noninterest expenses        
    Salaries and employee benefits     19,294       18,311  
    Occupancy     1,964       1,819  
    Equipment     2,499       2,416  
    Supplies     542       530  
    Professional, data processing, and other outside expense     6,528       5,296  
    Marketing     768       919  
    Credit expense     816       805  
    Other real estate expenses, net           40  
    FDIC insurance expense     441       419  
    Amortization of intangibles     560       560  
    Other     1,693       1,392  
    Total noninterest expenses     35,105       32,507  
             
    Income before income taxes     9,923       10,279  
             
    Income tax expense     1,979       1,575  
             
    Net Income   $ 7,944     $ 8,704  
             
    Weighted average shares outstanding – basic and diluted     4,543,338       4,562,374  
             
    Net income per common share – basic and diluted   $ 1.75     $ 1.91  
     
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Dollar amounts in thousands, except per share data
    unaudited

    Selected Data: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Interest income $     11,636   $    10,538     10.42 % $     44,643   $     39,362     13.42 %
    Interest expense   3,950     3,149     25.44 %   15,407     9,622     60.12 %
    Net interest income   7,686     7,389     4.02 %   29,236     29,740     -1.69 %
    Provision for (recovery of) credit losses   (71 )   99     -171.72 %   (655 )   (179 )   265.92 %
    Noninterest income   3,816     3,178     20.08 %   15,137     12,867     17.64 %
    Noninterest expense   9,503     8,416     12.92 %   35,105     32,507     7.99 %
    Income taxes   452     (56 )   -907.14 %   1,979     1,575     25.65 %
    Net income   1,618     2,108     -23.24 %   7,944     8,704     -8.73 %
    Weighted average shares outstanding – basic and diluted   4,543,338     4,543,338         4,543,338     4,562,374     (19,036 )
    Basic and diluted net income per share $        0.36   $         0.45   $     (0.09 ) $         1.75   $      1.91   $     (0.16 )
    Balance Sheet at
    period end:
    Dec 31,
    2024
    Dec 31,
    2023
    Change Dec 31,
    2023
    Dec 31,
    2022
    Change
    Loans, net $    636,552 $ 601,921   5.75 % $    601,921 $    605,366   -0.57 %
    Loans held for sale   3,616   1,258   187.44 %   1,258   2,423   -48.08 %
    Total securities   191,522   220,132   -13.00 %   220,132   189,426   16.21 %
    Total deposits   882,404   878,459   0.45 %   878,459   848,138   3.58 %
    Stockholders’ equity   64,865   60,039   8.04 %   60,039   50,226   19.54 %
    Total assets   979,244   969,371   1.02 %   969,371   928,571   4.39 %
    Shares outstanding   4,543,338   4,543,338       4,543,338   4,628,657   (85,319 )
    Book value per share $       14.28 $       13.21 $         1.07   $        13.21 $        10.85 $      2.36  
    Daily averages: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Loans $ 642,197   $ 609,800   5.31 % $ 623,769   $ 616,047   1.25 %
    Loans held for sale   3,612     3,406   6.05 %   3,494     3,512   -0.51 %
    Total securities (book value)   218,680     236,267   -7.44 %   232,992     226,637   2.80 %
    Total deposits   920,655     882,277   4.35 %   901,449     867,269   3.94 %
    Stockholders’ equity   68,563     50,097   36.86 %   62,575     50,977   22.75 %
    Interest earning assets   963,217     921,665   4.51 %   939,900     903,491   4.03 %
    Interest bearing liabilities   801,812     753,144   6.46 %   783,003     738,335   6.05 %
    Total assets   1,021,547     963,511   6.02 %   995,738     950,276   4.78 %
                 
    Financial Ratios: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Return on average assets   0.63 %   0.87 % (0.24 )   0.80 %   0.92 % (0.12 )
    Return on average equity   9.39 %   16.69 % (7.30 )   12.70 %   17.07 % (4.37 )
    Net interest margin   3.18 %   3.18 %     3.11 %   3.29 % (0.18 )
    Efficiency ratio   82.62 %   79.64 % 2.98     79.11 %   76.29 % 2.82  
    Average equity to average assets   6.71 %   5.20 % 1.51     6.28 %   5.36 % 0.92  
    Allowance for credit losses: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Beginning balance $ 7,078   $ 7,320   -3.31 % $ 7,412   $ 6,259   18.42 %
    Retained earnings adjustment related to impact of adoption of ASU 2016-13         N/A         1,245   -100.00 %
    Provision for (recovery of) credit losses*   (39 )   123   -131.71 %   (533 )   (65 ) 720.00 %
    Charge-offs       (40 ) -100.00 %   (84 )   (236 ) -64.41 %
    Recoveries   5     9   -44.44 %   249     209   19.14 %
    Ending balance   7,044     7,412   -4.96 %   7,044     7,412   -4.96 %
                 
    * does not include provision for or recovery of unfunded loan commitment liability    
    Nonperforming assets: Dec 31,
    2024
    Dec 31,
    2023
    Change Dec 31,
    2023
    Dec 31,
    2022
    Change
    Total nonperforming loans $ 1,640 $ 391 319.44 % $ 391 $ 633 -38.23 %
    Other real estate owned     N/A       566 -100.00 %
    Total nonperforming assets   1,640   391 319.44 %   391   1,199 -67.39 %
    Asset quality ratios: Dec 31,
    2024
    Dec 31,
    2023
    Change Dec 31,
    2023
    Dec 31,
    2022
    Change
    Nonperforming loans to total loans 0.25 % 0.06 % 0.19   0.06 % 0.10 % (0.04 )
    Allowance for credit losses for loans to total loans 1.09 % 1.22 % (0.12 ) 1.22 % 1.02 % 0.19  
    Allowance for credit losses for loans to nonperforming loans 429.51 % 1895.65 % (1,466.14 ) 1895.65 % 988.78 % 906.87  

    The MIL Network

  • MIL-OSI Video: Presidential Lecture: Paraguay’s Santiago Peña

    Source: World Trade Organization – WTO (video statements)

    The President of Paraguay, Santiago Peña Palacios, stressed the critical role of the WTO in promoting peace and prosperity through free trade during his delivery on 31 January of the latest edition of the WTO Presidential Lecture. President Peña emphasized that, amid the current global challenges faced by the multilateral trading system, middle powers like Paraguay have a unique responsibility to act as bridge-builders and to foster dialogue and consensus. This will contribute to a more stable and cooperative international order, he said.

    What the lecture: https://youtube.com/live/jzTIuAaewY4?feature=share

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=3JJg1kuUE4A

    MIL OSI Video

  • MIL-OSI USA: Senator Coons decries President Trump’s freeze on almost all foreign assistance in speech on Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senator Chris Coons (D-Del.), a member of the Senate Appropriations and Foreign Relations Committees, condemned President Donald Trump’s executive order (EO) to pause almost all U.S. foreign assistance in a speech on the Senate floor yesterday, calling it unconstitutional and harmful to U.S. security and values.

    Last week, following the Trump EO, the State Department issued a “stop-work” order that halted all current foreign assistance and paused new projects, with narrow exceptions. This abrupt action created widespread confusion, further complicated by the White House budget office’s decision to send and then rescind a separate memo that had ordered a freeze on all federal grant spending. The actions have left essential aid programs and global partnerships in a state of uncertainty, weakening the United States’ standing around the world.

    In his remarks, Senator Coons emphasized that foreign assistance is not charity, but an investment that strengthens our security and economy. The Trump EO by contrast, harms our allies and friends, and benefits adversaries like China. It has halted payments to contractors rebuilding Ukraine’s electrical infrastructure in the wake of Russian attacks and frozen support that is critical to ensuring Taiwan’s defense. This pause has halted vital pandemic surveillance work that keeps us safe from lethal diseases and rapidly emerging pandemics, at a time when we are seeing new outbreaks of highly transmissible diseases like Ebola in Uganda and Marburg in Tanzania. The pause has impacted critical global health funding, including PEPFAR, which provides HIV treatment for more than 20 million people living with HIV globally. U.S. institutions that monitor global elections like the National Democratic Institute and International Republic Institute are also frozen in the run-up to elections in nations like Moldova and Romania that are expected to be targets of Russian interference. This reckless step harms U.S. credibility and economic stability and creates long-term consequences that weaken our allies and empower our adversaries.

    Senator Coons also underscored that while foreign assistance accounts for less than 1 percent of the federal budget, its strategic significance is crucial.

    A video and partial transcript of Senator Coons’ comments are available below.

    WATCH HERE.

    Senator Coons: Mr. President, I’m speaking today in strong opposition to President Trump’s illegal executive order of last Friday night that pauses all of our foreign assistance and development assistance. Let’s be clear: our development assistance, our foreign aid, isn’t about charity. It’s about security, and it’s about values. We have alliances and partnerships around the world that are undergirded by our soft power – by our partnerships and investment in helping make our world safer, more stable, and more secure. What happened last Friday night, at the end of the workday and there was no one there to answer urgent questions – was a freeze on all foreign assistance, with a very narrow exception for food aid, and it has caused chaos in the global community that delivers aid and assistance around the world. 

    For days, there were questions unanswered. What did this mean in Ukraine, in Lebanon, where there are wars and ceasefires, where critical grant funding and work by contractors helps put the lights back on after Russian attacks on the electrical infrastructure in Ukraine, where ceasefire implementation in Lebanon was ongoing. In parts of the world where we were continuing to bring home to the United States those who served alongside us in Afghanistan, Afghan SIVs waiting for processing, abandoned in Qatar and here in the United States. 

    A halt on drug supplies that helped keep 20 million people living with HIV through the program PEPFAR, long supported by presidents and Congresses of both parties. A freeze on activity to counter fentanyl and narcotics trafficking, to push back on Chinese and Russian disinformation, and to promote democracy. With urgent upcoming elections, the International Republican Institute and the National Democratic Institute are frozen in their activities and forced to lay off or furlough their workforce. Let me thank Secretary Rubio for responding to urgent calls to broaden the aperture for humanitarian waivers for this freeze, but let me also say that with dozens and dozens of the most senior people at USAID put on furlough, implementing this got harder, and with thousands of contractors who work for USAID in countries around the world dismissed or laid off, the consequences will be severe. 

    I’ll just give you one example. I suspect everyone listening has heard of the disease Ebola. I suspect not everyone has heard of the disease Marburg. They are related. They’re highly transmissive and deadly viruses. There is a new outbreak of Ebola in the capital of Uganda. There’s an ongoing outbreak of Marburg in the neighboring country of Tanzania. This freeze pauses the pandemic surveillance work, the urgent public health work, the assistance we provide that makes sure that we are safe from a rapidly emerging and lethal global pandemic that we put in place after the last pandemic. 

    When we halt foreign assistance, it has consequences. It’s just one percent of our total budget. Most Americans think it’s a big percent of our spending, but it’s one percent, actually, less than one percent of the total federal budget. And there’s a winner here, and it’s not the American taxpayer. Freezing programs like this causes chaos and often costs more to restart them after a review. The winner is China. Our biggest global competitor and adversary is delighted that we’ve handed them an opportunity to say to communities and countries around the world that we are not a reliable partner – that despite contracts and promises, commitments, and programs, they now have months to crow about how we have abandoned our partnerships with county after country around the world. China is delighted when we layoff, or furlough, or cut the resources that help fuel the work of our diplomats and our development professionals. And China has seen its opportunity to expand its influence through programs like the Belt and Road Initiative. They’ve spent a trillion dollars on projects across the Global South in the last decade, and our ability to counter Chinese influence, to make strategic investments, has been put gravely at risk by putting on hold the workforce and the contracts that help deliver them. 

    The administration may be claiming that this pause is temporary, but its effects will not be. The lasting impacts on small businesses, on contractors, on NGOs and loss of expertise, loss of their workforce, loss of their credibility I think will be lasting, dangerous, and harmful.

    MIL OSI USA News

  • MIL-OSI Global: How should Keir Starmer handle Donald Trump – and how’s it going so far?

    Source: The Conversation – UK – By Martin Farr, Senior Lecturer in Contemporary British History, Newcastle University

    The pairing of British prime minister Keir Starmer and US president Donald Trump connotes many imponderables. The only certainty happens to be the most significant: they will be in office together for four years.

    It is rare for a prime minister and a president to have the luxury of knowing – barring extreme unpredictabilities, such as death or incapacity – they have a full term in harness. And personal chemistry matters.

    Trump emphasises (rather too much for the liking of America’s allies) the deal, the handshake, the gaze; the bond that only the lonely, only those who lead, can have. Starmer emphasises level-headedness (although his government has not been particulary conspicuous in evincing it).

    Opposites may well attract, but the precedents for coterminous presidents and prime ministers are not encouraging. John Major and Bill Clinton, elected seven months apart, spent 1992 to 1997 together. But in the very definition of what not to do before an election, London had made its preference for the result of the election in America known – and the other guy won. The Conservative and the Democrat were no more than coolly cordial thereafter.

    On his re-election in 2001, Tony Blair knew he had George W. Bush for at least four years – it turned out to be eight – but the consequences for him were disastrous once the two decided to partake in a war on “terror”.

    In 1964, Harold Wilson and Lyndon Johnson were elected almost simultaneously, and spent 1964 to 1968 together. Though they were Labour and Democrat, and therefore from sister parties, it was not a harmonious pairing. Wilson’s meddling in, but lack of support for, Johnson’s war in Vietnam was a source of unbridled irritation in the White House.

    Trump and May

    The last time Trump became president, Theresa May was prime minister and she travelled with undisguised haste to the White House. There she achieved a highly untypical diplomatic coup in getting Trump to commit publicly to Nato (that bars should be so low was a general feature of the presidency).

    Their subsequent relationship was, however, toxic. No prime minister has been less likely to gaze, to bond (despite pictures of them holding hands), and the president held her as having mangled Brexit, a bid for freedom with which he was keen to associate himself.

    Before the US election, Starmer displayed a unfamiliar deftness of touch, and banked some credit. His immediate phone call to candidate Trump following an attempt on his life in July was both bold and smart. There followed the fabled Trump Tower two-hour chicken dinner.

    It was more typical for Starmer that when it emerged, in a most unfortunate echo of 1992, Labour activists – and Starmer’s own pollster – were working on the Kamala Harris campaign, Trump’s people cried foreign interference and threatened legal action.

    And the two in Starmer’s team who will have the most exposure to the new administration have both been publicly rude about Trump. David Lammy, now foreign secretary, called him “deluded, dishonest, xenophobic [and] narcissistic” in 2019.

    Peter Mandelson, nominated but not yet confirmed as the UK ambassador to the US, has made comments about Trump being a “bully” and a “danger to the world”. To appease opposition in DC on his appointment, Mandelson has since turned on a sixpence (or perhaps a dime).

    This is, at root, about Trump. No other president would have attracted such comments from frontline politicians. But from TV studio to TV studio, Lammy and Mandelson will have those quotes hung about their necks as if they were modern-day ancient mariners. Starmer’s innate caution in public utterance, in this area at least, has inured him.

    Indeed, the repercussions of his unusual boldness in picking Mandelson over a career diplomat may discourage Starmer from ever thinking imaginatively again.

    Most members of the Trump administration would be naturally hostile to a Labour government even without its leading figures insulting their boss or campaigning for his opponent. Certainly, the grounds for disagreement are great: the threat of tariffs, demanded increases in defence spending, the sovereignty of the Chagos Islands, co-operation with China and support for Ukraine.

    Thus Morgan McSweeney – architect of Labour’s 2024 victory, planner of its re-election and Starmer’s chief of staff – flew out to meet Susie Wiles, his equivalent in the White House. (It did not, a person privy to such information told me, go well. Voices were raised.)

    Elon Musk, this moment’s most prominent presidential acolyte inveighed on X, “Starmer must go”, adding for good measure, “He is a national embarrassment.” It is indeed embarrassing – for Starmer – but he will be consoled with the well-founded suspicion that the life-expectancy of Musk and Trump’s tech bromance will be much less than four years.

    Cause for self-reflection

    The return of Trump, emboldened and more powerful than before, has effectively forced the posing of the age-old question: over which expanse of sea should Britain gaze – the Channel or the Atlantic? Churchill thought it should – and that only Britain could – do both.

    Hence, perhaps, Trump’s own public statement about the possible destination of his first international trip: “It could be UK. Traditionally, it’s been UK.”

    It hasn’t. Only Jimmy Carter, in 1977, and Joe Biden, in 2021, visited the UK first – and then because of summits. More than a few presidents (most recently Ford and Johnson) didn’t visit at all.

    But even what might have been a supportive comment was laced with arsenic: “Last time, I went to Saudi Arabia because they agreed to buy 450 billion dollars’ worth of United States merchandise … And if that offer were right, I’d do that again.” Which at least may free the British government to be as unsentimentally transactional.

    Trump and Starmer achieved big victories, albeit when painted in the most flattering terms. Starmer’s came on a historically low combination of vote share and voter turnout, Trump’s with fewer votes than Biden. But Trump will like that Starmer won a large majority. When May managed to lose hers in 2017, what little respect Trump had for her went with it.

    Starmer would much rather have had four years with Biden, and even more with Harris, another public prosecutor of the left. But he has to deal with the transatlantic relationship as it is, rather than as he would wish it to be, and this one is most unlikely to be special.

    Starmer is, moreover, a realist. Which is why he’ll also know that the second Trump presidency will be much more consequential than the first. Caution may have limited effect.

    Martin Farr 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. How should Keir Starmer handle Donald Trump – and how’s it going so far? – https://theconversation.com/how-should-keir-starmer-handle-donald-trump-and-hows-it-going-so-far-248697

    MIL OSI – Global Reports

  • MIL-OSI Africa: Emphasis on leadership, sustainability, youth engagement and digitalisation as International Olympic Committee (IOC) presidential candidates present plans for global sports

    Source: Africa Press Organisation – English (2) – Report:

    LAUSANNE, Switzerland, January 31, 2025/APO Group/ —

    The seven candidates running to become the next President of the International Olympic Committee (IOC) are hoping that with their 15-minute presentations at the Olympic House on Thursday, 30 January, they have been able to convince the IOC membership of their capabilities to lead the biggest sports organisation in the world. 

    Although they were unable to read the room during the in-camera meeting, especially as their audience was barred from asking questions, the candidates appeared satisfied with their campaign pitches. 

    BEHIND CLOSED DOORS There will be no other opportunities for presentations before the election scheduled for 20 March in Greece. Speaking to the media after giving their presentations behind closed doors, some of the candidates believe the current election process requires a review. 

    Prince Feisal Al Hussein of Jordan, who was the first to appear before the press, said: “If I’m President, I think I would have more flexibility in the rules… We are part of a global sports community and the world has the right to know who is running and what they stand for.” 

    Below are excerpts from the candidates’ interaction with the media at the Château de Vidy, the historical building next to Olympic House, where the presentations took place. 

    HRH PRINCE FEISAL AL HUSSEIN  

    PRESENTATION: It was an honor to deliver my speech to my fellow IOC members, where I laid out my vision for the future blueprint of the Olympic Movement centered on consensus leadership. My speech was structured around three strategic imperatives that are in my manifesto; inspiring imagination, ensuring integrity and developing inclusion. 

    EXPERIENCE DEALING WITH HEADS OF STATE, AN ADVANTAGE?: Absolutely, yes. I think I’ve learned from the experience of not just learning how to deal with people, but by consensus. At the end of the day, all leaders are human beings, and the ability to find a common ground upon which you can build an understanding is a key benefit from the experience that I’ve had just being who I am. 

    DEALING WITH THE IOC’S BIGGEST CHALLENGE: One of the things we have to face and we have to deal with literally focuses on the issue of integrity. When you see the global community, the youth in particular have lost their trust in global institutions, and the IOC is a global institution, so we need to regain both the trust and the sense of relevance with the youth of this world. They are our future movement. And I think this is one of the key areas I would focus on as IOC president. 

    CONFIDENCE IN WADA DESPITE WITHDRAWAL OF US FUNDING: It’s not for me to comment on the policies of the United States. We (the IOC) are an institution that helped establish WADA and I think it has been doing a terrific job in dealing with the issue of doping. We’ve seen such a large reduction of doping incidents in the Olympic Games, and I think this means that they have been effective, and we will continue to support that. 

    DEALING WITH BOXING AHEAD OF LA28: I would love to see boxing back on the programme. It is one of the oldest Olympic sports, and I just hope that we can find a global Federation that can take on that responsibility of organising boxing in LA. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: There’s nothing I’d like more than to be able to have the whole world at the Olympic Games, I think that’s what our objective is. But I also recognise that there are certain limitations and concerns. Right now, to my understanding, the exclusion of Russian athletes is based on a violation of the Olympic Charter. As President of the IOC, my role and responsibility is to uphold the Olympic Charter. And as long as nobody is in violation, then there is no reason for sanctions. And I would very much like to find a mechanism where we can reintroduce Russia. The world is stronger when we are all together. And I think that is what the Olympic Games does.  

    MR DAVID LAPPARTIENT  

    PRESENTATION: I hope that I have convinced my colleagues that I can be a real leader for the IOC. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: Russia shouldn’t be indefinitely suspended by the IOC. This is a country of sport, so our objective would be to have them come back into the fold. However, there are reasons why the IOC suspended the NOC of Russia… So it is obvious then that these subjects should be dealt with before decisions can be taken.  

    THE OLYMPIC GAMES IN AFRICA: The IOC is on the five continents. Sport is universal, and African athletes are exceptional, but Africa has until today, never hosted the Olympic Games, they of course, are going to have the Youth Olympic Games. I suggest that the Olympics should take place in Africa, not fixing a specific date. But the idea is, nonetheless, that during this coming mandate or two mandates, we would like Africa to host the Olympic Games, because Africa deserves the Olympic Games.  

    BIGGEST CHALLENGE: One of the challenges will be the instability of the world. It’s becoming more and more difficult, and sure we’ll have some crises to face in the future. This is why we need to source strong leadership. Climate change is also an issue. We also saw what happened in the winter time in Los Angeles, and it’s also the result of climate change. Another key challenge will be digitalization. The world is completely changing, disrupting. But what I also tried to explain this morning is how we can turn all these challenges into opportunities. We have opportunities to bring the world together. This is what we want. This is our vision. This is the ideal of the Olympic movement. We can also properly address the issue of climate change. This is what Paris has done. We also have the potential Olympic Esports Games, that’s also a way to interact with the younger generation. We can also reach a wider audience with digitalization.  

    MR JOHAN ELIASCH 

    TRACK RECORD: In a world of division and disruption, we need hope more than ever before. I’m standing because I believe that I have a proven track record and experience to deliver. I have successfully run large international corporations, led important commercial and political negotiations across business, sport, media and entertainment, foreign affairs, technology, and a lot of areas. I’ve been very active in climate action, preserving millions of acres of rainforest. In the last four years, I’ve led the transformation of the International Ski and Snowboard Federation. We oversee more than half of the medal events in the Olympic Winter Games. So I think that’s a perfect and perfect trip for the presidency. I know what it takes to lead and drive change. This is not a popularity contest. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: The individual, neutral athletes programme works very well. And I think it’s very important, because no athlete can choose where they were born. And the athletes must never be weaponized for political purposes. So I believe in this programme, and that we should make sure that also for Milano-Cortina, this is something that all the winter federations will adopt. 

    WHAT NEEDS TO CHANGE: Of course, we have to put the athletes front and centre. And we need to make sure that they have the best experience before, during, and after the Games. We have a very fast-changing landscape when it comes to digital, and we have to stay ahead of the curve here. We have a responsibility and a very strong voice when it comes to sustainability and this is an area which is very close to my heart, so this will certainly be at the forefront of my agenda. We also need to make sure that we uphold the magic of the Olympic Games. There is a lot of competition from other events and other sports and we need to make sure that we’re the best. 

    ENGAGING SPONSORS: Well, sponsorship is much more than just sticking your name to something. It’s about partnership. And this area is also changing very fast. Activations, people expect more here. We need to make sure that we deliver, that these partnerships are value-added for our sponsors. We have an incredible brand. But in today’s day and age, we also have to make sure that these partnerships are as attractive as possible. 

    BALANCING FUTURE OLYMPICS IN AFRICA, INDIA OR THE MIDDLE EAST WITH SUSTAINABILITY COMMITMENTS: Here, for instance, the proposed rotation scheme of the Winter Olympics is very important. We have infrastructure in place to deliver the events. We need to make sure that we find solutions with the IFs to make sure that the capacity of investment is kept up. So we don’t have to retrace what already exists in places where it’s not going to go. Now, with the Middle East, with Africa, with India, it is essential that we are very strong and committed to no carbon impact on anything that we do. 

    MR JUAN ANTONIO SAMARANCH  

    THE IOC: I understand our organization as two different parts. On one hand, we are an extraordinarily big, large and efficient NGO – we distribute most of the money we generate in our business through the International Federation, National Olympic Committees and the organizing committees to the base of the world’s sports pyramid. So this is an NGO. Second, we need a powerful business machine to generate the necessary revenues to feed the NGO. So I have thrown my hat in the ring because I have significant experience on both sides. I’ve more than 25 years of experience in critical roles throughout the Olympic movement, and I’ve more than 25 years of experience in critical roles with my own company in the finance industry. 

    EMPOWERING IOC MEMBERS We must empower the members and ensure governance led by members and not by a selected few. 

    CHANGES In the 12 years of President Bach, we had to deal with so many complications and so many threats and managed to get the organization to move and evolve at a rapid pace. But that rapid pace of change that we implemented is no way near what is coming. I think we have a very important base, a very solid base, from the past, but the recipes of yesterday will not make it in the future. 

    LEGACY OF HIS FATHER, HELP OR HINDRANCE: My father left office 25 years ago and, as his son, I appreciate his legacy very much. His example is always with me, but the recipes of today have nothing to do with a presidency that ended years ago. Bear in mind, he joined the Olympic Movement more than 60 years ago. 

    PRESENTATION: I felt very good in the room, because I have something interesting to say, something I am passionate about. And I was so happy to have the opportunity to share that with my fellow members. So, it’s for them to decide. But my presentation is clear. I have a very clear programme. My manifesto is very much action-based and it leaves very little room for future surprises. 

    BIDDING PROCESS FOR OLYMPIC GAMES HOSTS: I think that we need to produce not a more traditional, but a better, new model that is more aligned to the current times, that would include a final decision in a significant participation of all IOC members. 

    MEDIA: I told my fellow IOC members this, ‘let’s refocus our relationship with the media. They are not our enemies. They are our allies.’ You (the media) shape the opinion of the world on the Olympic Games. This I intend, if I become IOC President, to maintain and you can hold me accountable for that if I am there. 

    MRS KIRSTY COVENTRY 

    THE OLYMPIC DREAM: My journey started as a nine-year-old girl watching the 92 Barcelona Olympic Games and just setting myself a dream and then finally realizing that dream in Athens getting to stand on the podium and win my first Olympic medal. In Athens, I won three medals and finally in my last event got to win the gold even though Zimbabwe was in a difficult situation. But when I got home to Zimbabwe, it was a time of three or four days of peace, so I really got to see the power of sport. 

    TODAY’S NINE-YEAR-OLD: The nine-year-olds in today’s world are not watching a television screen, they’re holding a phone and that phone is going to be their starting point to connect with us through online streaming platforms, and it’s going to be our chance to engage with them and ensure that we’re inspiring them, and to take it even further, we’re going to be developing and promoting applications that are going to allow them to train anywhere and everywhere in the world. And this is the world that we live in today, and let’s embrace it and walk that road together. 

    SUPPORTING AFRICAN ATHLETES: We need to find more ways of directly impacting and getting revenue to athletes before they become Olympians. That is generally the toughest thing most athletes find. From my own journey it was easy to get sponsorship once I’d won a medal. But getting to that medal was tough. 

    BACKING FROM BACH?: I have known President Bach since I came into the IOC, and I think being a fellow athlete, we share a lot of commonalities, a lot of common ideas and philosophies. But in this race, he’s the President. He has a vote, but he doesn’t vote, he chooses not to vote, and I do very firmly believe that he is being very fair to all candidates.  

    BEING A MOTHER OF A SIX-MONTH OLD AND A CAREER WOMAN: First and foremost, I want to be the best candidate to win, not just because of my gender or from where I come from. And I believe I’ve got a lot of expertise to bring to this role, to leading the organisation. 

    IT TAKES A VILLAGE TO RAISE A CHILD: When I was stepping into my ministerial role seven years ago, I was pregnant with my first baby girl and had to quickly learn how to navigate and be a woman with a career as well as a mom and a wife and everything else. And it can be done. I’m very lucky to come from Africa because culturally we know and we firmly believe that it takes a village to raise a child. 

    PROTECTING WOMEN ATHLETES: As a female athlete, you want to be able to walk onto a level playing field always. It’s our job as the IOC to ensure that we are going to create that environment, and that we are going to not just create a level playing field, but we’re going to create an environment that allows for every athlete to feel safe. Along the road. We’re going to learn lessons, and we’re going to get stronger and we’re going to make better rules and regulations.  

    LORD SEBASTIAN COE 

    PRESENTATION: I enjoyed this morning’s process. I hope I was able to communicate my love for the movement. It’s something that I genuinely feel I’ve been training for for the best part of my life, or at least since the age of 11, when my father bought me my first pair of running shoes. I hope I was able to convey that, but I’m also hoping that I was able to convey the core pillars of my manifesto, my commitments and my pledges. 

    SUSTAINING IOC REVENUE: The world has changed and we do have to change with it – I’ve been in the sports marketing world for 30 years. Primarily we do need to adopt an audience first approach, which is in essence, to give them what they want, when they want it, and where they want it. Above all, for National Olympic Committees of all shapes and sizes, of some of the smaller International Federations, to enjoy that with a barrier-free physical and digital experience. 

    BIGGEST CHALLENGE FOR THE IOC: The biggest challenge faced by the International Olympic Committee is no different, and it is not unique from any National Olympic Committee, any sporting organization, any club, private or public. It is how do you continue to excite and engage with young people, and how do you utilize, optimize fully the use of cutting edge technology? And we talk a lot about technology, we actually run the risk of sounding a little bit analog, because I don’t think there’s anyone in this room that hasn’t recognized that the organizations they work in, they deliver services in, have gone through that digital transformation. But I do think that engaging, exciting and challenging tomorrow’s generation is going to be critical, because it’s that cohort that is ultimately going to be your future sponsors, your future thought leaders, your future governments, your future politicians. And we need to create amongst that group of people a lifelong bond for sport. So even if they don’t remain in sport as coaches, administrators, communicators, we at least have the opportunity for them to assume leadership roles wherever they are, and really fundamentally understand the nature of sport, and it is only that way that we will raise sport to the top of government agendas. Engaging with young people is the key to unlocking so many of the other interdependencies. 

    ELECTION RULES: I’ve been in politics for a long time. I’ve found it a fairly unproductive process to pick a fight with the returning officer in the process. The rules are the same for everybody. I do think we need to review them, and I’m sure that whoever succeeds in March will want to look at that amongst other things too. 

    MR MORINARI WATANABE 

    OLYMPIC GAMES IN FIVE CONTINENTS: I propose to stage the Olympic Games in five cities on five continents at the same time. It would allow the IOC to offer the best possible conditions for each sport, to reduce the financial burden on host cities, to offer greater potential for broadcast and commercial opportunities, sustainability with reduction of travel, and alleviate other hosting problems like governmental restrictions and war.  

    POTENTIAL OF SPORT: Paris 2024 was a historic success, thanks to all the athletes, thanks to the leadership of President Thomas Bach and thanks to the excellent work of the Paris Organizing Committee. However, I believe that we should not be satisfied and that we must build on the success of these Games. Because, in contrast to the spectacular Olympic Games, the situation of the NOCs is far from strong. As FIG President, I have visited 162 countries. I have seen with my own eyes the situation of our sport in each country. As a result I saw the reality. Economically, these countries are not wealthy. In many countries, their relations with the government are not good. The presence of sport in each country is not high enough. I used to be a gymnast myself. That’s why I believe sport has even greater potential. To unleash that potential I propose that the Games be held on all five continents at the same time. 

    WORLD SPORTS ORGANISATION: I also envision upgrading the IOC into a World Sports Organization, like the World Health Organization. If the IOC continues and expands its activities, it would remain independent of politics and uphold the barriers of democracy, transparency, and gender equality. As a World Sports Organization we must contribute to society. We must make a new business for sports. My vision is not focused on only the Olympic Games. We must see a wider view for sports. Sports can contribute to society. I believe the 21st century industrial revolution will be driven by sports and healthcare. So, which organization is best placed to lead this transformation globally? It is the IOC. 

    BICAMERALISM: I am proposing a two-chamber system; a House and a Senate because many IOC members have very good ideas, even non-IOC members. We must take these ideas and listen to these opinions to develop sports. We have to be open. There are many professionals, athletes, royalty, politicians, lawyers, bankers, and many others. If we work together, we can do anything. Let’s open the door to a new era. 

    MIL OSI Africa

  • MIL-OSI Security: Four week firearms amnesty to take lethal convertible guns off the streets

    Source: United Kingdom London Metropolitan Police

    A firearms amnesty will get underway on Monday after new evidence emerged about the potentially lethal risk posed by a particular type of blank firing gun.

    The guns, known as ‘top-venting blank firers’ (TVBFs), are manufactured in Turkey. In their original form they pose little risk, but in recent years an increasing number have been converted and have been used in serious violence.

    Since 2021, more than 800 have been recovered in criminal circumstances across the UK.

    A converted TVBF was used in the fatal shooting of 20-year-old Sebastiaan James-Kraan in Ealing in June 2024.

    Three people charged in connection with Sebastiaan’s murder will stand trial in April.

    While no gun was ever recovered, forensic analysis indicates that a TVBF was also used in the fatal shooting of 17-year-old Tyler McDermott in Tottenham in April 2023.

    In June, four people were found guilty of Tyler’s murder.

    TVBFs can be handed in at police stations across London from Monday, 3 February until Friday, 28 February.

    This is part of a national amnesty taking place across the country over the same period.

    Detective Superintendent Tim Mustoe, from the Met’s Specialist Crime Command, said: “We are increasingly concerned about the risk posed by these weapons if they fall into the hands of criminals and those intent on causing serious violence on the streets of London.

    “We’ve already seen their lethal potential in at least two cases here in London. We know they’ve also been used in many other non-fatal incidents too.

    “The majority of top venting blank firers in circulation were bought lawfully by people with no ill intent. However we now know what can happen if they’re converted to do harm which is why it’s important that we recover as many as we can.

    “I would urge anyone who has one of these weapons at home to do the responsible thing and hand it in at a police station. They will not face police action for possession of the gun at the point of surrender if they do so during the amnesty, but if they choose not to do so now and are found to have one of these guns at a later date, then the consequences will be quite different.”

    TVBFs are legal to buy in the UK without a licence, unless they are readily convertible.

    Tests by the National Crime Agency and police forces show models produced by four Turkish manufacturers – Retay, Ekol, Ceonic and Blow – are readily convertible and are therefore illegal.

    Anyone found to be in possession of one, after the amnesty period, could face up to 10 years’ imprisonment.

    During the Amnesty period, those handing in a Turkish manufactured TVBF will not face prosecution for the illegal possession and will not have to give their details.

    However, the weapons will be examined to determine if they’ve previously been used in serious violence or other criminality.

    Assistant Chief Constable Tim Metcalfe, the National Police Chiefs’ Council Lead for the Criminal Use of Firearms, said: “The top-venting blank firers are used by criminals and can be converted into lethal firearms.

    “During the last two years, policing and the NCA have identified and disrupted several workshops used to convert these pistols into lethal weapons.

    “In the same period, large numbers of converted weapons were recovered across multiple locations, alongside thousands of rounds of blank calibre and modified ammunition.

    “One investigation recovered more than 400 converted weapons from a single crime group. There is a strong demand for them evidenced by the numbers imported and subsequent recovery from criminals.

    “Stopping the sale of these top-venting blank firers from being converted will go a significant way to help protect the public.”

    While TVBFs can be handed in at any police station during the amnesty, the Met is asking people to aim to go to one of these stations:

    • Edmonton
    • Chingford
    • Colindale
    • Wembley
    • Islington
    • Stoke Newington
    • Bethnal Green
    • Ilford
    • Lewisham
    • Bexleyheath
    • Croydon
    • Bromley
    • Kingston
    • Brixton
    • Acton
    • Charing Cross
    • Hammersmith

    Anyone intending to hand in a TVBF as part of the amnesty is encouraged to check the opening times of the relevant station on the Met Police website. To receive advice on how best to transport the weapon responsibly from home to the police station, phone 101 before travelling.

    If you know of people involved in illegal firearms activity, you should call the police on 101 or report the information to the independent charity Crimestoppers on 0800 555 111.

    Every call to Crimestoppers is anonymous and potentially vital to preventing or solving serious crimes. Removing an illegally held firearm from circulation may just save someone’s life.

    MIL Security OSI

  • MIL-OSI USA: Brass: Week Three Under the Gold Dome

    Source: US State of Georgia

    The third week of the 2025 Legislative Session has wrapped up, and we’re staying focused on passing commonsense legislation that puts Georgia families, businesses and communities first.

    Last week’s snowstorm may have delayed budget hearings for a few days, but it didn’t slow us down. The General Assembly has been hard at work in joint sessions, carefully reviewing budget requests to ensure taxpayer dollars are spent wisely. Passing a balanced budget is not only our constitutional duty—it’s the foundation of a responsible government that serves its people.

    One of the most crucial budget proposals this session is Governor Brian P. Kemp’s plan to return $1 billion in surplus funds to taxpayers directly. Thanks to years of conservative budgeting and fiscal responsibility, we can give back to the hardworking Georgians who keep our state running. This is just part of the $2.2 billion in statewide allocations designed to benefit families, businesses, and communities across Georgia. I’m proud to support Gov. Kemp’s efforts to strengthen our economy by putting money back where it belongs – in the pockets of hardworking Georgia taxpayers.

    Another key priority is ensuring communities hit hardest by Hurricane Helene have the necessary resources to rebuild. Gov. Kemp has proposed $614.72 million in recovery funding, including $150 million for the Governor’s Emergency Fund to help with debris removal and housing assistance. Another $300 million will go to the Georgia Department of Transportation to restore roads and infrastructure. Many rural counties are still reeling from this storm, and we’re committed to ensuring they get the support they need to recover and move forward.

    I’m excited to share that March 9th—12th is Multiple Sclerosis Week at the Capitol. This week, however, the Senate was honored to have several representatives from the Multiple Sclerosis Society, including my mother, Linda Brass, in the Senate chamber. Each year, members of the Society join us to recognize this week and bring attention to the medical condition. I commend the advocacy work conducted by the Multiple Sclerosis Society and their funding of $1 billion in research funding.  

    Finally, I encourage students ages 12 to 18 to apply for the Senate Page Program. This is an excellent way for young people to see firsthand how the General Assembly works. If you know a student who might be interested, they can apply here.

    As always, I’m here to listen. If you have any questions, concerns, or ideas about our work at the Capitol, please don’t hesitate to reach out. It’s an honor to serve you, and I appreciate your trust as we work together throughout the remainder of the 2025 legislative session.

    # # # #

    Sen. Matt Brass serves as Chairman of the Senate Committee on Rules. Sen. Brass represents the 6th Senate District, which includes Coweta and Heard, as well as parts of Carroll County. He can be reached by email at matt.brass@senate.ga.gov

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

    MIL OSI USA News