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  • MIL-OSI USA News: Days of Remembrance of Victims of the Holocaust, 2025

    Source: The White House

    class=”has-text-align-center”>By the President of the United States of America

    A Proclamation

    On Yom HaShoah, Holocaust Remembrance Day, and during this week of solemn remembrance, we honor the blessed memories of the six million Jewish men, women, and children who were viciously slaughtered by the genocidal Nazi regime and their collaborators — one of the bleakest hours in human history.  We also remember the Roma and Sinti, peoples of Slavic and Polish ancestry, persons with disabilities, Soviet prisoners of war, Jehovah’s Witnesses, persons targeted based on their sexual orientation, and countless other innocent victims of this tragedy.
    Earlier this year, our Nation solemnly commemorated the 80th anniversary of the liberation of Auschwitz, during which we memorialized the lives of the mothers, fathers, sisters, brothers, daughters, sons, grandmothers, and grandfathers whose futures were barbarically ripped away in Nazi-occupied Europe.  During these Days of Remembrance of Victims of the Holocaust, we once again honor every Holocaust survivor who has imparted their wisdom to younger generations.  Today and every day, we commit to preserving their stories.
    The price to humanity of the lives lost during the Shoah can never be fully grasped or understood.  Yet, even in the wake of the Holocaust, a self-determined Jewish homeland rose from the ashes as the modern State of Israel.
    Sadly, our Nation has borne witness to the worst outbreak of anti-Semitism on American soil in generations.  Nearly every day following the deadly October 7, 2023, attack on Israel, Jewish Americans were threatened on our streets and in our public square — a reminder that the poison of anti-Semitism tragically still exists.
    For that reason, my Administration is proudly upholding the basic truth that anti-Semitism has no place in a civilized society.  As President, I signed an Executive Order directing the Federal Government to use all available and appropriate legal tools to combat the explosion of anti-Semitic harassment in our schools and on college campuses — including through the removal of resident aliens who violate our laws.  We are also steadfastly committed to investigating and swiftly punishing all anti-Semitic discrimination in leftist, anti-American colleges and universities.
    During these Days of Remembrance of Victims of the Holocaust, we reflect upon the dark affront to human dignity posed by Nazis.  We cherish the eternal memories of all those whose lives were lost to the deadly scourge of anti-Semitism.  Above all, we vow to never forget the atrocities of the Holocaust.  We declare that never again means now.
    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, do hereby ask the people of the United States to observe the Days of Remembrance of Victims of the Holocaust from April 20 through April 27, 2025, and the solemn anniversary of the liberation of Nazi death camps with appropriate study, prayers, and commemoration and to honor the memory of the victims of the Holocaust and Nazi persecution by remembering the lessons of this atrocity so that it is never repeated.
    IN WITNESS WHEREOF, I have hereunto set my hand this
    twenty-third day of April, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.
     
     

                                   DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI USA News: Restoring Equality of Opportunity and Meritocracy

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section 1.  Purpose.  A bedrock principle of the United States is that all citizens are treated equally under the law.  This principle guarantees equality of opportunity, not equal outcomes.  It promises that people are treated as individuals, not components of a particular race or group.  It encourages meritocracy and a colorblind society, not race- or sex-based favoritism.  Adherence to this principle is essential to creating opportunity, encouraging achievement, and sustaining the American Dream.
    But a pernicious movement endangers this foundational principle, seeking to transform America’s promise of equal opportunity into a divisive pursuit of results preordained by irrelevant immutable characteristics, regardless of individual strengths, effort, or achievement.  A key tool of this movement is disparate-impact liability, which holds that a near insurmountable presumption of unlawful discrimination exists where there are any differences in outcomes in certain circumstances among different races, sexes, or similar groups, even if there is no facially discriminatory policy or practice or discriminatory intent involved, and even if everyone has an equal opportunity to succeed.  Disparate-impact liability all but requires individuals and businesses to consider race and engage in racial balancing to avoid potentially crippling legal liability.  It not only undermines our national values, but also runs contrary to equal protection under the law and, therefore, violates our Constitution.  
    On a practical level, disparate-impact liability has hindered businesses from making hiring and other employment decisions based on merit and skill, their needs, or the needs of their customers because of the specter that such a process might lead to disparate outcomes, and thus disparate-impact lawsuits.  This has made it difficult, and in some cases impossible, for employers to use bona fide job-oriented evaluations when recruiting, which prevents job seekers from being paired with jobs to which their skills are most suited — in other words, it deprives them of opportunities for success.  Because of disparate-impact liability, employers cannot act in the best interests of the job applicant, the employer, and the American public. 
    Disparate-impact liability imperils the effectiveness of civil rights laws by mandating, rather than proscribing, discrimination.  As the Supreme Court put it, “[t]he way to stop discrimination on the basis of race is to stop discriminating on the basis of race.”
    Disparate-impact liability is wholly inconsistent with the Constitution and threatens the commitment to merit and equality of opportunity that forms the foundation of the American Dream.  Under my Administration, citizens will be treated equally before the law and as individuals, not consigned to a certain fate based on their immutable characteristics.

    Sec. 2.  Policy.  It is the policy of the United States to eliminate the use of disparate-impact liability in all contexts to the maximum degree possible to avoid violating the Constitution, Federal civil rights laws, and basic American ideals.

    Sec 3.  Revoking Certain Presidential Actions.  The following Presidential approvals of the regulations promulgated under 42 U.S.C. 2000d-1 are hereby revoked:
    (a)  the Presidential approval of July 25, 1966, of the Department of Justice Title VI regulations (31 Fed. Reg. 10269), as applied to 28 C.F.R. 42.104(b)(2) in full; and
    (b)  the Presidential approval of July 5, 1973, of the Department of Justice Title VI regulations (38 Fed. Reg. 17955, FR Doc. 73-13407), as applied to the words “or effect” in both places they appear in 28 C.F.R. 42.104(b)(3), and as applied to 28 C.F.R. 42.104(b)(6)(ii) and 28 C.F.R. 42.104(c)(2) in full.

    Sec. 4.  Enforcement Discretion to Ensure Lawful Governance.  Given the limited enforcement resources of executive departments and agencies (agencies), the unlawfulness of disparate-impact liability, and the policy of this order, all agencies shall deprioritize enforcement of all statutes and regulations to the extent they include disparate-impact liability, including but not limited to 42 U.S.C. 2000e-2, 28 C.F.R. 42.104(b)(2)–(3), 28 C.F.R. 42.104(b)(6)(ii), and 28 C.F.R. 42.104(c)(2). 

    Sec. 5.  Existing Regulations.  (a)  As delegated by Executive Order 12250 of November 2, 1980 (Leadership and Coordination of Nondiscrimination Laws), the Attorney General shall initiate appropriate action to repeal or amend the implementing regulations for Title VI of the Civil Rights Act of 1964 for all agencies to the extent they contemplate disparate-impact liability.
    (b)  Within 30 days of the date of this order, the Attorney General, in coordination with the heads of all other agencies, shall report to the President, through the Assistant to the President for Domestic Policy:
    (i)   all existing regulations, guidance, rules, or orders that impose disparate-impact liability or similar requirements, and detail agency steps for their amendment or repeal, as appropriate under applicable law; and
    (ii)  other laws or decisions, including at the State level, that impose disparate-impact liability and any appropriate measures to address any constitutional or other legal infirmities.

    Sec. 6.  Review of Current Matters.  (a)  Within 45 days of the date of this order, the Attorney General and the Chair of the Equal Employment Opportunity Commission shall assess all pending investigations, civil suits, or positions taken in ongoing matters under every Federal civil rights law within their respective jurisdictions, including Title VII of the Civil Rights Act of 1964, that rely on a theory of disparate-impact liability, and shall take appropriate action with respect to such matters consistent with the policy of this order.  
    (b)  Within 45 days of the date of this order, the Attorney General, the Secretary of Housing and Urban Development, the Director of the Consumer Financial Protection Bureau, the Chair of the Federal Trade Commission, and the heads of other agencies responsible for enforcement of the Equal Credit Opportunity Act (Public Law 93-495), Title VIII of the Civil Rights Act of 1964 (the Fair Housing Act (Public Law 90-284, as amended)), or laws prohibiting unfair, deceptive, or abusive acts or practices shall evaluate all pending proceedings that rely on theories of disparate-impact liability and take appropriate action with respect to such matters consistent with the policy of this order.
    (c)  Within 90 days of the date of this order, all agencies shall evaluate existing consent judgments and permanent injunctions that rely on theories of disparate-impact liability and take appropriate action with respect to such matters consistent with the policy of this order.  

     Sec. 7.  Future Agency Action.  (a)  In coordination with other agencies, the Attorney General shall determine whether any Federal authorities preempt State laws, regulations, policies, or practices that impose disparate-impact liability based on a federally protected characteristic such as race, sex, or age, or whether such laws, regulations, policies, or practices have constitutional infirmities that warrant Federal action, and shall take appropriate measures consistent with the policy of this order.
    (b)  The Attorney General and the Chair of the Equal Employment Opportunity Commission shall jointly formulate and issue guidance or technical assistance to employers regarding appropriate methods to promote equal access to employment regardless of whether an applicant has a college education, where appropriate.

    Sec. 8.  Severability.  If any provision of this order, or the application of any provision to any individual or circumstance, is held to be invalid, the remainder of this order and the application of its other provisions to any other individuals or circumstances shall not be affected thereby.

    Sec. 9.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect: 
    (i)   the authority granted by law to an executive department, agency, or the head thereof; or 
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. 
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations. 
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 

                                   DONALD J. TRUMP

    THE WHITE HOUSE,
        April 23, 2025.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Progress on Mill Road Stage One

    Source: New Zealand Government

    Transport Minister Chris Bishop has welcomed the NZ Transport Agency (NZTA) Board’s endorsement of the investment case for Stage One of Mill Road, a crucial Road of National Significance.
    The Board has endorsed the investment case and approved $91.1 million for completing the design work and securing consents on Stage One.
    “South Auckland is the fastest growing area in the Auckland region, with 120,000 more people expected to make it their home over the next 30 years. We need to get on and deliver crucial transport infrastructure that supports that kind of growth, reduces congestion, improves safety, and helps unlock housing,” Mr Bishop says.
    “Mill Road is one of 17 Roads of National Significance (RoNS) this Government is progressing, and the NZTA Board’s endorsement of the investment case and approval of design and consent funding for Stage 1 is a direct result of our focus to streamline the business case process and get projects into delivery faster.
    The investment case for Mill Road Stage 1 (Manukau to Alfriston) includes:

    Four lane (general traffic) corridor including a westbound bus lane at the northern end.
    Two new and six upgraded intersections between SH1 interchange and Murphys Road.
    Three new roundabouts.
    New bridges across Puhinui Creek and Cheesman’s Bush.
    Current Mill Road south of Redoubt Road becomes a shared path and property access road.

    “Delivering Mill Road Stage 1 has substantial benefits, including a 30 percent reduction in congestion on the corridor, over 60 percent reduction in deaths and serious injuries, and by 2031, 25 percent faster journey times.
    “The endorsement of the investment case and approval of design and consent funding for Stage 1 provides certainty on the next steps as the project moves to complete the design and technical work necessary for construction to begin as early as mid-2026.
    “In order to deliver benefits for the people, communities and businesses of South Auckland as soon as possible, NZTA are planning on dividing the construction of Stage 1 in different construction packages so they can start work sooner in places where there is more certainty around the existing environment.
    “Mill Road Stage 1 covers a range of different environments, including sections that are highly urban, through to rural areas, as well as locations that require more technical assessments to determine the most appropriate design and construction methods.
    “The plan is to focus on Stage 1b from Hollyford Drive to Hilltop Road, along with a piece of work to the south (Stage 1d), which includes roundabout improvements around the Mill Road Alfriston area. Stage 1a between State Highway 1 (SH1) and Hollyford Drive and Stage 1c from Hilltop Road to north of Alfriston will be delivered later.
    “Mill Road has a long history, including a confirmed designation for Stage 1 obtained in 2016. NZTA is working at pace to build on earlier designs with a focus on improving the efficiency and resilience of the corridor, and increasing capacity to deliver faster, more reliable journey times. The project will also seek to obtain statutory approvals, likely via the Fast Track Approvals Act, and this will be confirmed in coming months.
    “Technical work to secure the route protection and other approvals for future Stages 2 and 3 is scheduled to begin from mid-2026.
    “The Government Policy Statement on Land Transport 2024 (GPS) also requires NZTA to consider tolling for all new RoNS. The investment case confirms tolling is possible and the revenue will support the construction and maintenance of the road. If tolled, Mill Road Stage 1 has a Benefit Cost Ratio (BCR) of 2.2, and un-tolled the BCR is 3.1. The Government will consider this recommendation and announce next steps of the process in due course.
    “The investment case for Mill Road Stage 1 has shown it represents a strong case for investment delivering substantial benefits. Taking a staged approach to delivery and spreading investment over multiple National Land Transport Programme (NLTP) periods, helps focus delivery of priority benefits sooner, and delivers a strong pipeline of work for the construction sector into the future.
    “NZTA recently opened a Registration of Interest (ROI) for the first package of technical works, which will help move Stage 1 closer to construction.
    “South Auckland is the fastest growing area in the region, and we need to get on and deliver transport infrastructure that supports this growth. I want to thank local MPs Hon Judith Collins, Rima Nakhle and Hon Simeon Brown for their advocacy of this important project, and I know we all look forward to seeing more progress in the months and years ahead as Mill Road Stage 1 moves into construction as soon as possible.”
    For more information about the project on the NZTA website here: https://www.nzta.govt.nz/projects/south-auckland-projects/mill-road/
    Notes to Editor:
    Key features of the Stage 1 design include:

    Two lanes in each direction, including a westbound bus lane from Everglade Drive to SH1 interchange
    New intersections at Alexia Place and Bartells Drive
    Signalisation of the intersections at Diorella Drive, Goodwood Drive, Hilltop Road and Murphys Road
    Upgraded signals at the Hollyford Drive and Everglade Drive intersection
    Roundabouts to connect parts of the new Mill Road with Redoubt Road, Ranfurly Road and Alfriston Road
    New bridges across Puhinui Creek and Cheesman’s Bush
    Original Mill Road south of Redoubt Road to become a shared path and property access road only

    Project outcomes

    Economic benefits: less congestion and quicker journey times, supporting economic growth and productivity (by 2031, 25% faster journey times, 3 mins quicker Alfriston to SH1 in the morning peak, 7 mins quicker SH1 to Alfriston in the evening peak. 30% reduction in congestion on the corridor).
    Safety improvements: reduced crash risk at intersections connecting the corridor and local roads (over 60% reduction in deaths and serious injuries).
    Network resilience: viable alternative to SH1 during unplanned incidents, supporting faster network recovery across the region and reducing economic impact.
    Improved experience: greater reliability for all users, reducing frustration during unexpected delays

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: A better path for apprentices and trainees

    Source: New Zealand Government

    The Government is making changes to work-based learning so that industries have more influence over how they train apprentices and trainees, Vocational Education Minister Penny Simmonds says.          
    “Whether you’re a carpenter building the warm, dry homes of tomorrow, or a mechanic working to keep us safe on the roads, it’s important you have the right skills to do your job effectively,” Ms Simmonds says.          
    “However, industry representatives have made it clear that the current work-based learning model is not delivering because it has become overly centralised through Te Pūkenga. As a result, the training of apprentices and other workers is often disconnected from the realities of the jobs they are working towards. 
    “We are fixing this by giving industries more control over how they train people.   
    “Beginning next year, the Government will introduce a new, independent, and industry-led model for work-based learning. 
    “This means vocational education and training providers will be able to manage all aspects of an apprenticeship or traineeship at an industry level, rather than taking direction from a centralised behemoth. 
    “This is great for learners because it makes their learning more relevant to their employment, and it is beneficial to businesses who will gain access to more capable workers to boost their productivity and deliver economic growth.  
    “Public and industry consultation clearly showed that this model was the preferred option, and this Government is proud to deliver the changes that we called for,” Ms Simmonds says. 
    From 1 January 2026: 

    New Industry Skills Boards (ISBs) will be set up to set training standards, endorse programmes and moderate assessments.
    Apprentices and trainees currently with Te Pūkenga will move to the ISBs for up to two years.
    New students will enrol directly with new work-based learning private providers, polytechnics, or Wānanga.
    ISBs will be able to enrol new learners until other providers are set up to deliver work-based learning.          

    “So, if you’re a learner or an employer — keep going. Your qualifications are essential, and your training is valuable. There will be no disruption, your training stays on track,” Ms Simmonds says.          
    “We’re building a better system — for learners, for industry, and for the future of New Zealand.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Continued progress in cyclone recovery

    Source: New Zealand Government

    Councils from regions severely impacted by the 2023 North Island Severe Weather Events continue to make steady progress repairing transport routes and building future flood resilience for their communities, Emergency Management and Recovery Minister, Mark Mitchell says. 
    “As at the end of February 2025, Auckland, Gisborne and Hawke’s Bay councils have stabilised 1,125 slips, repaired 25 local bridges and completed 51 km of stop banks.
    “The Crown cost-share agreements with these councils provided more than $1.6 billion for the council-led Category 3 residential property buyouts, flood risk mitigation and local transport projects. 
    “The Government recently approved plans for the final three projects, bringing the total number of approved projects to 54,” says Mr Mitchell.
    “I would like to acknowledge the considerable work councils in Hawke’s Bay, Tairāwhiti and Auckland have done to prepare Delivery Plans for these projects.
    “Some of these projects have required significant programmes of work involving multiple workstreams, and I am conscious that councils have also been delivering other aspects of their region’s recovery. 
    “Many of the flood mitigation projects are technically complex, and councils have taken time to plan and consult with impacted communities to balance the level of protection with minimising the impact on properties before deciding on the final design. 
    “Completing the flood mitigation projects, which are part funded by the councils, will reduce the risk of future flooding, allowing many impacted properties to move from Category 2C. This will mean many people can continue living on their property with greater confidence. 
    “Progressing the flood risk mitigation projects and repairing roads and bridges will make a considerable difference for impacted communities and will support growth in these regions.”
    Combined, the total cost of the flood risk mitigation and local transport projects is $1,050 million of which the Crown is funding $907 million.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Real Estate – National market turning a corner as listings surge and buyer confidence builds

    Source: Raine & Horne

    Highlights

    • Raine & Horne recorded a significant rise in listings and buyer activity in March 2025 across the country, signalling a strong property market rebound aligned with national price growth trends.
    • Affordable prices, infrastructure investment, and coastal lifestyle appeal are driving renewed interest from both first-home buyers and investors, especially in Southland and Christchurch.
    • Falling interest rates and more realistic vendor expectations have created a sweet spot for buyers, with quality homes around $850,000 in Tauranga and Mount Maunganui drawing strong demand.

    Wellington, NZ (24 April 2025) The national property market is showing clear signs of recovery, with a significant uplift in listing activity and buyer engagement recorded by leading real estate network Raine & Horne.

    New data reveals that Raine & Horne listings rose by 49% in March 2025 compared to December 2024, while open for inspections jumped by 175% over the same period. The uptick aligns with national trends, with CoreLogic reporting a +0.5% increase in property values in March, building on a +0.4% lift in February.

    Angus Raine, Executive Chairman of Raine & Horne, said the renewed momentum reflects improving market sentiment, buoyed by earlier interest rate cuts and increased brand awareness.

    “We’re pleased to see the property upturn beginning to take shape. The effects of OCR reductions always take time to filter through fully, but we’re starting to see confidence return,” Mr Raine said.

    “While demand remains patchy across some regional and metropolitan areas, that’s to be expected in a recovering economy. The encouraging consensus is that residential property values are likely to rise by around 5% nationally this year, fuelled by more affordable finance and steady buyer demand.”

    The return of investors is a big plus for Southland real estate

    On the ground, Raine & Horne Southland Franchise Owner Sheree Williams confirmed that market activity is building strongly.

    “Things are really starting to gain momentum here. Southland always moves to the beat of its own drum, and in the past few weeks we’ve definitely seen a noticeable upswing,” Mrs Williams said.

    “There are more buyers actively looking, and importantly, we’re also seeing a strong return of investors to the market.”

    Recent interest rate cuts are having an impact. “First-home buyers have remained a constant presence, but now investors are coming back with renewed confidence,” Mrs Williams said.

    For instance, Mrs Williams noted that a solid three-bedroom home at 586 Tay Street, Hawthorndale[i], is generating strong interest from both investors and first-home buyers. “With the potential to earn approximately $500 per week in rent, it’s a smart option for savvy investors,” she said.

    “However, it’s not all about investors. In many cases, first-home buyers are coming out ahead,” Mrs Williams added. “They’re more informed than ever, they know how to prepare financially, what steps to take, and how to position themselves competitively. So when it comes to going up against investors, they’re holding their own more than ever before.”

    As for what’s attracting buyers to Southland, Mrs Williams said: “It’s definitely our affordability, hands down.

    “Southland remains one of the most affordable regions in the country, which is a huge drawcard. But it’s not just the price point, there’s a lot happening here.

    “We’ve got exciting new infrastructure projects underway that are drawing interest from outside the region. Combined with strong local employment across key industries such as healthcare, agriculture, and education, and an unbeatable lifestyle, it’s giving people real confidence to make the move and invest in Southland.”

    Christchurch attracts buyers chasing coastal lifestyle and “bang for buck”

    In Christchurch, Nick McIsaac-Luke, Franchise Owner at Raine & Horne Parklands, New Brighton, Shirley, Burwood, and Marshland, said the local property market has remained relatively steady. “We’ve seen a bit of a dip over the past couple of years, but right now, things are looking pretty solid,” he said.

    Commenting on what’s driving demand, Mr McIsaac-Luke added, “I’m seeing more people from the North Island realising how good it is down here. Even people from the lower South Island are making the move. Everyone’s cottoning on to the fact you can get wicked bang for buck in Christchurch — you can live by the beach for under a million.”

    To illustrate, Mr McIsaac-Luke and business partner Tina Lawson recently sold a stunning and spacious four-bedroom house at 1 Iti Place, Parklands. “This is a fantastic house that sold within four and a half weeks for $975,000.

    Mr McIsaac-Luke said Parklands is proving especially popular with lifestyle seekers. “It’s probably one of the top spots right now for people wanting that laid-back lifestyle. We’re right on the edge of the forest, and the beach is just five minutes away — seven at a push.

    “In Auckland or Wellington, this would literally be a $1.8 million house — maybe more,” Mr McIsaac-Luke said. “We’re seeing buyers from those cities thinking, ‘We’re sitting on a $2 million home — let’s sell up, move to Christchurch, get relocated by our employer or work remotely, buy a million-dollar mansion, and still have money left in the bank or buying a rental or two on the side.’”

    Confidence returns to Bay of Plenty as rates fall and vendors meet the market

    In the Bay of Plenty region, Paul Billinghurst, Principal of Raine & Horne Mount Maunganui, Tauranga, Katikati, Waihi Beach, and Waihi, said there’s been a clear uplift in market activity over the past six months.

    “People have been more open to transacting. Buyers have responded well since the Reserve Bank began cutting the official cash rate (OCR) and are less spooked by high interest rates,” Mr Billinghurst said.

    “The commentary suggesting prices have bottomed out has also encouraged buyers to act. They see it as a buyers’ market and are coming in confidently.”

    On the flip side, Mr Billinghurst stated that many vendors have moved on from waiting for post-COVID price peaks to return and are now more prepared to meet the market.

    Mr Billinghurst said, “Vendors are recognising the heady days of 2021 are long past, as are the prices being achieved back then.

    “If owners are selling and buying in the same market, they are more willing to accept a lower market price on their current property and pay a lower market price for their new one to be able to move forward.”

    In Tauranga and Mount Maunganui, Mr Billinghurst said that quality properties around $850,00 were in the sweet spot for many buyers.

    “We have a lot of first home buyers really active, up to $850,000, who are snapping up quality properties in Tauranga and Mount Maunganui.

    Outside of any geopolitical risks, such as potential US tariffs, Mr Billinghurst believes the Bay of Plenty market is poised for a strong finish to 2025.

    “We’re on track for a really solid and stable market over the final three quarters of the year,” he said. “It’s shaping up to be a return to more normal conditions.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: VANUATU: Families find climate-smart ways to grow crops 18 months on from cyclone devastation

    Source: Save the Children

    Families in Vanuatu are adopting climate-smart agricultural techniques to improve food security, such as growing climate resistant crops, to prepare for future climate-driven disasters in the wake of devastating Tropical Cyclone Lola 18 months ago.
    Tropical Cyclone Lola was one of the most powerful off-season storms to strike the Pacific when it made landfall in October 2023 with wind speeds of up to 215 km/h, destroying homes, schools and plantations, claiming the lives of at least four people [2] and affecting about 91,000 people [1]. 
    Recovery efforts were made significantly more challenging when Vanuatu’s capital Port Vila was then hit by a 7.3 magnitude earthquake in December last year, claiming 14 lives and destroying critical infrastructure.
    Madleen, 11, said when the cyclone hit, her family’s crops were destroyed, leaving them short of food. 
    “It destroyed the food crops. When we came outside, we saw the crops were destroyed. The banana tree was just bearing fruit and it was destroyed. And we didn’t have enough food. We were eating rice, but we were almost running short. We were not eating well, we ate just enough. I felt bad.”  
    After the cyclone, a shortage of nutritious food put children at risk of hunger as well as diseases like diarrhea, with typically an increase in the number of children hospitalised for diarrhea following cyclones, Save the Children said. 
    Vanuatu is already one of the most climate disaster-prone countries in the world, and scientists say tropical cyclones will become more extreme as the climate crisis worsens. This will disproportionately impact children due to food shortages, disruption to education and psychosocial trauma associated with experiencing disasters. 
    Save the Children, alongside Vanuatu’s Ministry of Agriculture, Livestock, Forestry, Fisheries, and Biosecurity (MALFFB) and local partners, is supporting Madleen and her family through the Tropical Cyclone Lola Recovery Programme, which is helping improve food security and resilience in communities impacted by the cyclone. 
    As a part of the Recovery Programme, over 1,100 households have received climate-resistant [3] seeds from a seedbank. These seeds, for growing watermelon, papaya, Chinese cabbage, tomato, capsicum and cucumber, are proven to perform in Vanuatu’s changing climate, with tolerance to high rainfall, drought, pests and disease. Farmers are encouraged to preserve the seeds from crops and sell them back to the seed bank. 
    The programme is also training communities in other climate-smart agricultural techniques such as growing smaller fruit trees that are robust enough to withstand strong cyclone winds.
    Save the Children has also built a collapsible nursery for plants in Madleen’s community that can be taken down when a cyclone is predicted, so saplings and trees can be stored, protected and replanted after it passes.
    Save the Children Vanuatu Country Director, Polly Banks, said:
    “In just 18 months, people in Vanuatu have been deeply shaken by a devastating cyclone and a powerful earthquake.
    “Children have borne the brunt of this, with food taken off their plates, crops destroyed, homes and schools damaged and diseases on the rise. As the climate crisis accelerates, we must work with communities to strengthen their resilience, so children and their families are better equipped to face whatever comes next.
    “We’re working in partnership with the Government of Vanuatu and local partners to help communities build the skills and resources they need to support themselves when future cyclones and disasters strike.”
    Save the Children has been working in in Vanuatu for more than 40 years to make sure children are learning, protected from harm, and grow up healthy and strong.
    Notes:
    This project was also supported by the New Zealand Government’s Disaster Response Partnership programme.
    [3] Open-pollinated seeds (OP seeds) produce plants that can reproduce true to type, meaning farmers can save seeds from their harvest and plant them in the next season with similar results. OP varieties used and recommended by the Vanuatu Agriculture Research and Technical Centre are often locally adapted, meaning they’ve been trialed and selected for their performance in Vanuatu’s climate – including tolerance to high rainfall, drought, pests and diseases. These seeds have genetic diversity, allowing plants to better adapt to changing weather patterns.
    About Save the Children NZ:
    Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.
    Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Consumer NZ – Despite low confidence in government efforts, people want urgent action to lower grocery bills

    Source: Consumer NZ

    Consumer NZ calls for stronger regulation of supermarket pricing and promotional practices following its new survey on supermarkets.

    Consumer’s NZ Grocery Survey, carried out in mid-April, reveals a strong public appetite for government action to improve access to affordable food. Many respondents called for clear and effective intervention by the government, while also expressing low confidence in its ability to deliver.    

    “New Zealanders are struggling to access quality food at affordable prices, and they’re not seeing meaningful change at the checkout,” says Consumer NZ chief executive Jon Duffy.  

    “We’re pleased the government has kicked off a request for information process to explore how new entrants could help increase competition and deliver better grocery prices for New Zealanders. But the urgency is real.”  
     
    The survey also revealed the growing impact of rising prices on households. Thirty percent of people have needed help over the past year to get food – for example, from foodbanks, friends, family or Work and Income – based on the survey results.

    The cost of living remains the highest concern for New Zealanders across all age groups and has for three years according to its Sentiment Tracker.

    Low confidence in government action

    The nationally representative survey shows most New Zealanders don’t believe the government is doing enough to keep food affordable.  

    Two-thirds of people (66%) said they have low confidence in current government policies, while just 9% expressed high confidence in government action.

    Distrust in supermarkets also rising

    These results provide valuable insights into more recent trends in public trust in supermarkets and the government, as shown in Consumer NZ’s Sentiment Tracker.  

    Source: Consumer Sentiment Tracker

    Shoppers also report limited or declining trust in supermarkets to price and promote products fairly — an issue that raises additional concerns about consumer protection.

    “There’s increasing discomfort with how data is being used in loyalty schemes, and whether the deals offered actually benefit the consumer,” Duffy says.

    Strong support for government regulation

    When asked in the Grocery Survey what could be done to keep food accessible, hundreds of respondents said food is simply too expensive and urgent action is needed. Many supported stronger regulation and clearer rules to stop misleading promotions, not just more competition in the sector.

    “Consumers want the government to take a harder line — not only in promoting competition, but also in actively regulating how prices are set and how promotions are run,” says Duffy.

    Shoppers adapt to high costs

    Consumers are increasingly turning to cost-saving strategies, such as shopping around and buying in bulk, to deal with rising food prices and growing pressure on household budgets.

    More than half of respondents said they compare prices across supermarkets – most commonly through supermarket websites or apps, rather than in-store checks.  This behaviour signals the need for unit pricing and easy price comparison across retailers.

    Loyalty programme perceptions are mixed

    Perceptions of supermarket loyalty programmes are divided. Nearly two in five consumers feel loyalty schemes offer little or no benefit, while around one in three see them as worthwhile.

    “Consumers are rightly questioning the real value of loyalty programmes,” says Duffy.  

    “Our research found 84% of New Zealanders use loyalty cards, but the so-called ‘specials’ don’t always reflect the lowest prices available at the checkout.”

    While the Commerce Commission has not recommended a full review of loyalty programmes, it has called on supermarkets to ensure transparency in how data is collected and used, and to clearly disclose the terms of these schemes.

    Time for action

    “We are hearing loud and clear that shoppers feel unsupported and are losing trust – not just in supermarkets, but in the laws and systems that are meant to protect them,” Duffy says.  

    “To restore confidence, we need tougher regulation and greater enforcement to tackle pricing practices and market power in New Zealand’s grocery sector.”

    Consumer NZ continues to push for measures that ensure fairer pricing, improved transparency, and increased competition in the supermarket industry.

    Note

    Consumer NZ surveyed 1,005 New Zealanders aged 18 and over online, between 10 and 15 April 2025 for the NZ Grocery Survey. The sample was provided by Dynata and reflects national population profiles based on Stats NZ data.

    The Consumer NZ Sentiment Tracker is a quarterly survey that explores the interests and concerns of New Zealanders. The nationally representative survey of 1,000 respondents is conducted every three months.  

    MIL OSI New Zealand News –

  • MIL-OSI USA: LEADER JEFFRIES STATEMENT ON TERROR ATTACK IN KASHMIR

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Know Your Immigration Rights

    If you or a loved one encounter immigration enforcement officials, it is essential that you know your rights and have prepared your household for all possible outcomes.

    Ask for a warrant: The Fourth Amendment of the Constitution protects you from unreasonable search and seizure. You do not have to open your door until you see a valid warrant to enter your home or search your belongings.

    Your right to remain silent: The Fifth Amendment protects your right to remain silent and not incriminate yourself. You are not required to share any personal information such as your place of birth, immigration status or criminal history.

    Always consult an attorney: You have a right to speak with an attorney. You do not have to sign anything or hand officials any documents without speaking to an attorney. Try to identify and consult one in advance.

    The New York City Office of Civil Justice and the Mayor’s Office of Immigrant Affairs (MOIA) support a variety of free immigration legal services through local nonprofit legal organizations. To access these resources, dial 311 and say “Action NYC,” call the MOIA Immigration Legal Support Hotline at 800-354-0365 Monday through Friday from 9:00 a.m. to 6:00 p.m. or visit MOIA’s website.

    Learn more here: KNOW YOUR IMMIGRATION RIGHTS  – Congressman Hakeem Jeffries

    MIL OSI USA News –

  • MIL-OSI Russia: Uzbekistan: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    April 23, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC:

    Recent Developments, Outlook, and Risks

    The economy has continued to perform strongly. Real GDP growth was robust at 6.5 percent in 2024, supported by strong domestic demand. The external current account deficit narrowed by 2.6 percentage points of GDP to 5.0 percent in 2024 on the back of strong remittances, high commodity prices, rapidly growing non-gold exports, and the winding down of a one-off increase in imports in 2023. International reserves remain ample. The consolidated government deficit (CGD) fell by 1.7 percentage points of GDP to 3.2 percent in 2024, largely reflecting a reduction in energy subsidies and better-targeted social expenditure, with higher gold prices mitigating lower VAT revenues from high VAT refunds. However, the reduction in domestic demand from the smaller deficit was dampened by higher spending in the broader public sector, including from SOEs, facilitated by an increase in the external borrowing ceiling. Inflation remains elevated, with a headline reading of 10.3 percent year-on-year (y/y) in March 2025, reflecting last year’s needed increases in energy tariffs and other administered prices, as well as spillovers into other prices.

    Growth is expected to remain robust, however, external uncertainty has ratcheted up recently. The announced global tariff increases have increased uncertainty and tightened global financial conditions and could affect Uzbekistan through external demand, commodity prices, and financial flows. Despite this uncertainty, under the baseline, real GDP growth is projected to remain close to 6 percent in 2025 and 2026, supported by continued strength in private consumption, investment, and advancement of structural reforms. The current account deficit is forecast to remain unchanged at 5 percent of GDP in 2025, as higher gold exports and broader public sector consolidation offset weaker non-gold export performance brought about by slower growth in trading partners. Inflation is expected to moderate to slightly above 8 percent y/y at end-2025, and continue to gradually decline thereafter, supported by tight macroeconomic and macroprudential policies and the continuation of structural reforms.

    Elevated uncertainty presents both risks and opportunities. Key external risks stem from larger and protracted trade policy shocks, spillovers from the war in Ukraine, reduced availability of external financing, and commodity price volatility. Domestically, risks include higher-than-expected fiscal deficits, upward adjustments to borrowing ceilings, weakened bank balance sheets, and contingent liabilities from state-owned enterprises, state-owned commercial banks (SOCBs), and public-private partnerships (PPPs). Opportunities could arise from faster implementation of structural reforms, stronger capital and remittance inflows, and higher gold prices.

    Fiscal Policy

    The decline in the consolidated government deficit (CGD) in 2024 is welcome. Staff commends the government for reducing the CGD and remaining committed to the 3 percent medium-term fiscal target. Adhering to the external borrowing limit of US $5.5 billion in 2025 and setting future borrowing ceilings that ensure public and publicly guaranteed debt as a share of GDP doesn’t increase are paramount to enhance budget credibility, help mitigate risks from state-owned enterprises and PPPs, and alleviate demand pressures on inflation. Volatile gold prices create risks of inflationary spending pressures when they are high, and pressures to lower spending when they are low, exacerbating macroeconomic fluctuations. The authorities should thus seek to minimize responses of government spending to gold price changes.

    Revenue mobilization and spending rationalization are needed to create room for development and social needs. A medium-term revenue strategy is needed to offset the 2 percentage point of GDP decline in the tax-to-GDP ratio since 2020. Tax policy options include reforming the corporate and personal income taxes, reducing income-based tax incentives, and removing ineffective customs exemptions while refraining from granting new ones. These should be complemented by revenue administration measures, including revamping the audit program and improving large taxpayer office operations, while ensuring that taxpayers’ rights are respected. In this regard, the two strategies currently under consideration, to reform the tax administration and combat the shadow economy should be approved and implemented. Rationalizing wages, reducing the cost of goods and services leveraging recent procurement reforms, accelerating state-owned enterprise reforms, further consolidating and improving the design of social assistance programs, and reforming the pension system would enhance spending efficiency.

    The reform of fiscal institutions should continue in order to strengthen fiscal discipline and transparency. Staff commends the government for adhering to the budget calendar, preparing the fiscal strategy paper and fiscal risk statements, and adopting the 2025-2030 Public Financial Management Reform Strategy. Further progress is needed to unify the public investment process irrespective of the financing source, better align and integrate the preparation of capital and current budgets, cover all capital expenditures institutions are responsible for when setting their budget ceilings, and publish these ceilings with the budget documents. Importantly, to address fiscal risks from a rapidly growing PPP pipeline, the authorities have made notable progress in designing a system to monitor and manage risks from PPPs. This should be complemented by conducting a sensitivity analysis of key assumptions, include potential PPP costs in the budget, integrate PPPs in the broader public investment management framework, and lower the annual PPP cap in line with limited absorption capacity. Improving Government Financial Statistics (GFS) reporting and publishing the debt management strategy, along with annual borrowing plan, will strengthen fiscal transparency and facilitate relations with investors.

    Monetary and Exchange Rate Policy

    The Central Bank of Uzbekistan (CBU) should keep monetary policy tight until inflation approaches its 5 percent target. The recent policy rate hike in response to rising inflation and inflation expectations signals the CBU’s readiness to address existing pressures. Monetary policy should remain data-driven and be tightened further if core inflation or inflation expectations do not decline. The exchange rate should be gradually allowed to fluctuate in wider ranges to better reflect market conditions, serve as a shock absorber, safeguard reserves, incentivize firms to hedge foreign exchange exposures, and help avoid persistent depreciation expectations. In addition, adhering to the principle of neutrality within the calendar year will facilitate exchange rate flexibility. Staff commends the CBU for its efforts to enhance communication. Bolstering communication further will help anchor inflation expectations and ensure predictability of monetary policy. Efforts to strengthen monetary policy transmission should continue by further improving liquidity management, modernizing the reserve requirements framework, and reducing the role of the state in the banking sector and high dollarization.

    Financial Sector Stability

    The authorities should advance reforms of state-owned commercial banks (SOCBs) and accelerate their privatization to promote financial stability and efficient resource allocation. Their mandates should focus on profitability, and any costs arising from non-commercial operations should be fully and transparently compensated for in the budget until these operations are gradually phased out. Strengthening the corporate governance of SOCBs would support their commercial focus, facilitate privatization, promote state-owned enterprise restructuring, improve monetary policy transmission, and increase access to affordable credit for the private sector. A reduction in government ownership of banking system assets to 40 percent, as envisaged in the 2020-2025 banking reform strategy, calls for the acceleration of SOCB privatization. Transparent procedures, strong regulatory frameworks, good creditor and shareholder rights, and competitive bidding during the privatization process would ensure the attraction of qualified investors and maximize asset value. Furthermore, staff advises against current plans to keep systemic banks as policy banks, which could increase financial risks or costs to the budget.

    Bank supervision should be enhanced, including by adopting international standards. Staff advises the authorities to implement the recommendations of the recent and first Financial Sector Assessment Program (FSAP) for Uzbekistan. These call for reforms to focus on strengthening bank regulation; implementing robust risk-based supervision; enhancing systemic risk analysis and stress testing; strengthening capital requirements; aligning asset classification and non-performing loan resolution with international best practices; improving payment system oversight; and establishing adequate bank resolution, crisis management, and financial safety net arrangements.

    The Central Bank of Uzbekistan (CBU) should continue to closely monitor and be prepared to address emerging financial stability risks. The welcome introduction of macroprudential measures in 2023-24 has moderated household credit growth and resulted in banks’ increased attention to borrower’s creditworthiness. Nevertheless, the microlending segment has been growing rapidly as micro loans and credits are provided under less stringent conditions. While initiatives that aim at enhancing financial inclusion and deepening are welcome, they should not undermine proper credit assessment by banks, which would add to financial stability risks. The CBU should therefore strengthen risk-based supervision to limit these risks and deploy additional capital requirements or other binding macroprudential measures, as needed. It should also address risks from foreign exchange lending to unhedged corporate borrowers, and lending to individuals without formal income and to corporates facing heightened risks of insolvency or illiquidity. Phasing out preferential and directed lending should remain a priority.

    Structural and Governance Reforms

    After significantly advancing economic transition reforms, Uzbekistan needs to complete them and accelerate implementation of institutional reforms. Necessary energy tariff and broader administrative price increases have advanced price liberalization and should be continued until its completion to allow prices to fully reflect market forces. Significant progress has also been made with World Trade Organization accession in both bilateral and multilateral tracks, and the increased engagement with neighboring countries and other regions such as the Gulf Cooperation Council, have significantly contributed to advancing trade liberalization and diversification. Support for state-owned enterprises needs to be transparent, made conditional on restructuring, and be gradually phased out to level the playing field for the private sector. State involvement in the economy should continue to be reduced, and privatization of large state-owned enterprises should be accelerated and carried out in accordance with international best practices. Controls and direct intervention should be replaced with effective regulation and market institutions. Facilitating firm entry and exit would further contribute to stimulate a competitive environment for the private sector.  

    Governance, labor, and climate reforms should continue. Governance indicators have improved significantly in recent years. The enactment of the conflict-of-interest law, training of government officials to implement it, and the establishment of the Virtual Anti-Corruption Academy are welcome. Public discussion of the draft law on asset declaration for officials of the government and state enterprises, and cabinet review of the draft whistleblower protection law are expected soon. The authorities should enact and implement these laws as soon as possible. Improving transparency and access to information, particularly regarding procurement, and finalizing the National Strategy on Anti-Corruption would also contribute to improved efficiency of public spending and administration. Labor market reforms need to be accelerated to address low female labor participation, high informality, and skill mismatches. Completing the energy price reform and swiftly adopting measures to enhance water efficiency, diversify crops, and support reforestation efforts will significantly advance the climate agenda. Improving the quality of statistics would lead to better analysis and more informed policymaking.

    The mission would like to thank the Uzbek authorities, stakeholders, and private sector representatives for their hospitality, constructive policy dialogue, and productive collaboration during the Article IV mission.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/04/23/mcs-042325-uzbekistan-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Hattiesburg Man Sentenced to Nearly Three Years in Prison for Possession of a Firearm by a Convicted Felon

    Source: Office of United States Attorneys

    Hattiesburg, MS – A Hattiesburg man was sentenced to 35 months in prison for possession of a firearm by a convicted felon.

    According to court documents, Scotty James Conley, 40, of was found by the Forrest County Sheriff’s Office to be in possession of a firearm after responding to a complaint of a residential disturbance. Conley has a prior felony conviction from 2008 for sexual battery of a minor under 14 years of age. As a convicted felon he is prohibited by federal law from possessing a firearm or ammunition.

    Conley was indicted by a federal grand jury on January 10, 2023. He pled guilty on January 27, 2025.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

    The FBI and Forrest County Sheriff’s Office investigated the case.

    Assistant U.S. Attorney Matt Allen prosecuted the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline), a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Chula Vista Towing Company Agrees to Settle Allegations That It Illegally Auctioned a Servicemember’s Car During Deployment

    Source: Office of United States Attorneys

    SAN DIEGO – Tony’s Auto Center, a towing company in Chula Vista, California, has agreed to a settlement to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) when it auctioned a car owned by an active-duty servicemember while he was deployed at sea.

    According to the United States’ complaint, U.S. Navy Lieutenant Jonathan Liongson was deployed in November 2022 aboard the USS Bunker Hill. Before leaving for deployment, Lieutenant Liongson had placed personal items in his 2011 Mazda 6 and parked the car at a friend’s house.

    While Lieutenant Liongson was at sea, the Chula Vista Police Department impounded the car because of an expired registration, and Tony’s Auto Center towed the car to its facility. About two months later, Tony’s Auto Center, through its agent, sold Lieutenant Liongson’s car at auction without first obtaining a court order authorizing the sale, as is required by the SCRA. In March 2023, the Lieutenant returned home from deployment to find that his car had been towed. He then contacted Tony’s Auto Center and learned that they had sold his car.

    The SCRA is a federal law that provides legal and financial protections to military members and their families while they are in military service. One of the SCRA’s protections requires anyone holding a lien on the property of a servicemember to obtain a court order prior to auctioning off, selling or otherwise disposing of that property.

    “The SCRA protects the rights of the men and women who serve in our Armed Forces, which allows them to devote their full attention to defending our country,” said U.S. Attorney Adam Gordon. “While Lieutenant Liongson was at sea, he understood that his ship’s mission and the duration of their deployment could change at any moment. He accepted that reality in the fulfillment of his solemn oath. In turn, the SCRA provides grace and understanding about certain personal affairs. Lieutenant Liongson’s car should not have been auctioned off in his absence. We hope this settlement encourages all towing companies to review and improve their policies and ensure that the rights of all servicemembers are honored and respected.”

    “Members of our armed forces should not have to worry about their cars being auctioned off while they are deployed on missions defending our freedoms, liberties and rights,” said Assistant Attorney General Harmeet K. Dhillon of the Civil Rights Division. “This settlement should send a strong message to other towing companies that they should not take advantage of our servicemembers while they are keeping Americans safe.”

    Under the settlement agreement, Lieutenant Liongson will receive $7,500 in damages. The United States will also receive a $2,000 civil penalty, and Tony’s Auto Center must implement new policies to prevent future violations of the SCRA.

    The Civil Rights Division’s Housing and Civil Enforcement Section and the U.S. Attorney’s Office for the Southern District of California jointly handled this case. Since 2011, the Justice Department has obtained more than $481 million in monetary relief for more than 147,000 servicemembers through its enforcement of the SCRA. For more information about the department’s SCRA enforcement efforts, please visit https://www.justice.gov/servicemembers.

    Servicemembers and their dependents who believe that their rights under the SCRA have been violated should contact the nearest Armed Forces Legal Assistance Program Office. Office locations can be found at https://legalassistance.law.af.mil/.

    This case was handled by Assistant U.S. Attorney Kelly A. Reis.

    MIL Security OSI –

  • MIL-OSI Security: East Lyme Business Owner Pleads Guilty to Federal Tax Charge

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, and Harry Chavis, Special Agent in Charge of IRS Criminal Investigation in New England, announced that ANALIA MOUNTZOURES, 48, of East Lyme, waived her right to be indicted and pleaded guilty today before U.S. District Judge Kari A. Dooley in Bridgeport to a tax offense.

    According to court documents and statements made in court, Mountzoures operated Mountzoures Cleaning, a business with approximately 10 employees that provided cleaning services to more than 200 commercial and residential clients in southeastern Connecticut.  During the 2018 through 2023 tax years, Mountzoures often paid her employees in cash, did not report their wages to the state or federal government, did not file required IRS forms related to her employees, did not issue W-2 forms, did not withhold employee taxes as required, and did not pay federal employment taxes and withholding.  She also provided her tax return preparer with false information that resulted in personal tax returns that significantly underreported her gross receipts, income, and taxes due and owing.

    As an example, Mountzoures’ 2023 tax return reported gross receipts of $12,095 and total taxes before credits as $1,450.  In fact, Mountzoures’ gross receipts were approximately $628,072 and the tax due was approximately $96,650.

    Mountzoures has agreed to pay restitution of $380,167.60 to the IRS.

    Mountzoures pleaded guilty to aiding and assisting a false tax return, which carries a maximum term of imprisonment of three years.  Judge Dooley scheduled sentencing for July 22.  Mountzoures is released on a $40,000 bond pending sentencing.

    This investigation has been conducted by the Internal Revenue Service, Criminal Investigation Division.  The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

    MIL Security OSI –

  • MIL-OSI Security: Memphis Woman Sentenced in Healthcare Fraud Scheme and Schemes to Defraud COVID-19 Relief Program

    Source: Office of United States Attorneys

    Memphis, TN – A federal judge has sentenced Nakita Cannady, 49, to 14 months in federal prison to be followed by two years of supervised release for healthcare fraud and making false statements in connection with loan applications for the Covid-19 Relief Program.  The final sentencing hearing was concluded on April 4, 2025, with the entry of an order by Senior United States District Judge John T. Fowlkes, Jr. directing the defendant to pay more than $500,000.00 dollars in restitution to the victims.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the original federal indictment in the healthcare fraud case, Cannady owned and operated What About Us In-Home Healthcare, a home healthcare services business that purported to provide custodial healthcare services 24-hours a day, 7 days a week to mostly elderly patients. From May 29, 2017 through December 23, 2019, Cannady fraudulently billed Cigna Insurance for 24 hours a day of home healthcare when she knew the patients had only received 8 or 12 hours a day of home healthcare. Cannady was ordered to make restitution to Cigna Insurance in the amount of $193,508.10.

    According to the second federal indictment, from June 17, 2020 through April 15, 2021, Cannady submitted six fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications for four purported businesses she controlled, specifically: What About Us Childcare, What About Us Foundation, What About Us Adult Daycare, and What About Us In-Home Healthcare. Cannady’s loan applications contained false information concerning the dates of operation, gross revenues, costs of goods sold, number of employees, and amount of payroll related to the businesses. Cannady was ordered to make restitution to the Small Business Administration in the amount of $346,882.13.   

    “Those who exploit health care programs for personal gain will be held accountable to the fullest extent of the law,” said Special Agent in Charge Joseph E. Carrico of the Federal Bureau of Investigation (FBI) Nashville Field Office. “Health care fraud is a priority for the FBI, and we will continue to work with our partners to investigate those who prioritize greed over the well-being of others.”

    Interim United States Attorney Joseph C. Murphy, Jr. and Assistant United States Attorney Raney Irwin prosecuted this case on behalf of the United States. Assistant United States Attorney Christopher Cotten and former Assistant United States Attorneys Courtney Lewis and Murrell Foster also assisted in the prosecution of this case.  The FBI Nashville Field Office – Memphis Resident Agency and the Tennessee Bureau of Investigation investigated this case.

    ###

    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 Russia: Dmitry Grigorenko: Digital projects allow the FAS to create equal conditions for business and protect the interests of citizens

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The creation of a real-time price monitoring system for the timely prevention of unjustified growth, the automation of the process of conducting public procurement tenders to identify anti-competitive agreements, as well as a digital format for regulating housing and communal services tariffs are the key areas of the digital transformation of the Federal Antimonopoly Service. This was stated by Deputy Prime Minister – Head of the Government Staff Dmitry Grigorenko during a meeting of the department’s board.

    The work of the FAS Russia covers all existing commodity markets, as well as the areas of tariff regulation, public procurement, and foreign investment control. The introduction of digital technologies and big data analysis allows us to significantly increase the efficiency of many processes, creating equal conditions for business and objective control over tariffs and prices for citizens.

    “Today, the FAS is becoming more than just a supervisory body. The best system is one in which there are no violations. Digital solutions and big data analysis allow us to act preventively: to deal not with the facts of violations, but to prevent them at the stage of the problem’s emergence,” noted Dmitry Grigorenko.

    Thus, the FAS of Russia, together with the Treasury of Russia, launched an information panel (dashboard) of the national system of price indicators. The service makes it possible to monitor exchange and over-the-counter transactions and display price indicators for groups of goods on one screen. Real-time analysis allows you to see the overall picture of pricing in the markets and combat speculation. At the moment, the dashboard monitors prices for gasoline, diesel fuel, fuel oil, coal, bitumen and gas. In the future, the list of goods will be expanded.

    The GIS “Anticartel” allows for daily automated scanning of information about all tenders conducted using artificial intelligence and a risk-oriented approach. Automation of the process increases the efficiency of identifying signs of anticompetitive agreements at tenders to combat cartels. In 2025, the service is planned to be integrated with the information systems of the Federal Tax Service of Russia, the Federal Customs Service of Russia, and electronic public procurement platforms.

    The Federal State Information System “Tariff” provides for the transfer of all tariff regulation processes to a digital format and monitoring of the implementation of investment programs in the housing and communal services sector. Already in 2026, the document flow for setting housing and communal services tariffs, as well as the adoption of tariff decisions in housing and communal services and communications, will be transferred completely to electronic form. The examination of tariff applications and control over the implementation of investment programs will also be automated. This will significantly reduce the burden on regional tariff authorities and increase control by transferring document flow from paper to electronic.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Marat Khusnullin: Almost 7 million sq. m of non-residential real estate commissioned in Q1

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The construction of non-residential real estate, along with housing construction, is an important area of integrated development of populated areas. Modern business centers, industrial enterprises, trade facilities, social infrastructure and logistics complexes form a full-fledged urban environment, provide citizens with services, create jobs and contribute to the growth of the local economy, said Deputy Prime Minister Marat Khusnullin.

    “At the meeting of the State Council Presidium, chaired by the President last week, issues of creating and updating infrastructure for comfortable living were discussed. An important factor in the balanced development of territories is the construction of non-residential real estate. A modern residential area must necessarily include the necessary infrastructure for life: schools and kindergartens, hospitals, shops, and so on. Every year, about 35 million square meters of non-residential buildings are commissioned in Russia. Last year, we saw an absolute record over the past 25 years – 38.4 million square meters of non-residential real estate were commissioned. In the first three months of 2025, we have also seen positive dynamics. The commissioning of non-residential real estate compared to the same period last year increased by 2.5% – to 6.93 million square meters,” said Marat Khusnullin.

    There is also growth in certain types of real estate. Almost 36% more administrative buildings – offices, enterprises, agencies – were put into operation. 23% more commercial properties, such as shopping centers, hotels, trade and consumer services enterprises, were commissioned. 15% more other buildings were put into operation at the beginning of the year: religious, transport, communication facilities.

    “The absolute leader in the commissioning of non-residential real estate today is commercial. In the first three months of 2025, 2.37 million square meters were commissioned – this is 34% of all non-residential. This trend confirms the dynamics of the previous year, when the commercial sector also occupied leading positions. Therefore, commercial properties are the most attractive for investors today,” emphasized First Deputy Minister of Construction and Housing and Public Utilities Alexander Lomakin.

    At the same time, if you pay attention to the number of permits issued for future construction, you can see what prospects await the non-residential real estate sector.

    In the first three months of 2025, the largest number of permits were issued for the construction of industrial buildings – factories, plants, etc. – 1,036 permits for a total area of 4.5 million square meters, which is more than 34% of the area of buildings for all new permits.

    “Today, construction is still focused on commercial buildings. But new industrial facilities are on the way. Judging by the dynamics of project launches, more factories, plants, and defense industry enterprises will be commissioned. This is primarily due to the growth of industry focused on the domestic market,” said Dina Safiullina, head of the Project Directorate of the Ministry of Construction.

    As of 1 April 2025, the area of non-residential buildings with valid building permits was 171.5 million square meters, which is almost 12% more than the data as of 1 April 2024. The largest share – over 51 million square meters, or 33% – is accounted for by industrial buildings.

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

    MIL OSI Russia News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Signs Landmark Order to Restore Equality of Opportunity and Meritocracy

    Source: The White House

    TREATING AMERICANS EQUALLY: Today, President Donald J. Trump signed an Executive Order eliminating the use of disparate-impact liability in various contexts to ensure equal treatment under the law.

    • Disparate-impact liability is a legal theory holding that differences in outcomes among races, sexes, or similar groups indicate unlawful discrimination, even without discriminatory intent or policies, but the theory violates the Constitution’s guarantee of equal treatment for all by requiring race-oriented policies and practices to rebalance outcomes along racial lines.
    • The Order revokes presidential actions that approved of disparate-impact liability and sets in motion broader reform.
    • It directs all agencies to deprioritize enforcement of statutes and regulations that include disparate-impact liability.
    • The Order instructs the Attorney General to repeal or amend all Title VI (racial nondiscrimination) regulations that contemplate disparate-impact liability.
    • It directs the administration to assess all pending investigations, lawsuits, and consent judgements that rely on a theory of disparate-impact liability, and take appropriate action.

    RESTORING EQUALITY OF OPPORTUNITY: This Executive Order restores the true promise of the Civil Rights Movement—a system that does not differentiate between Americans based on race and where success is determined by individual merit, free from discriminatory practices that prioritize group outcomes over personal achievement.

    • Disparate-impact liability undermines civil-rights laws by mandating discrimination to achieve predetermined, race-oriented outcomes, contradicting the Constitution’s guarantee of equal protection and treatment.
    • It hinders businesses from making merit-based hiring decisions—depriving job seekers of opportunities best suited to their skills and preventing employers from acting in the best interests of their customers and the public.
    • The Order ensures that opportunity is based on individual effort and achievement, not immutable characteristics, upholding the promise of the American Dream.

    ADVANCING A MERIT-BASED AMERICA: President Trump is a champion of individual merit and fairness.  

    • President Trump: “Our country is going to be based on merit again.”
    • In his first week in office, President Trump signed an Executive Order to restore merit-based opportunity in the federal workforce.
    • President Trump also signed an Executive Order to restore merit and mission focus to America’s armed forces.

    MIL OSI USA News –

  • MIL-OSI: Precision Drilling Announces 2025 First Quarter Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) announces 2025 first quarter results, confirms shareholder return targets, and lowers 2025 capital budget.

    Financial Highlights

    • Revenue in the first quarter was $496 million compared to $528 million realized in the same period last year as strong drilling activity in Canada was offset by lower U.S. drilling activity.
    • Adjusted EBITDA(1) was $137 million and included $3 million of restructuring costs and $3 million of share-based compensation expense. In 2024, first quarter Adjusted EBITDA(1) was $143 million and included share-based compensation expense of $23 million.
    • First quarter net earnings attributable to shareholders was $35 million or $2.52 per share and comparable to $37 million or $2.53 per share in 2024. Precision has consistently delivered positive net earnings since mid-2022.
    • Cash provided by operations during the quarter was $63 million, allowing the Company to repurchase $31 million of common shares and repay $17 million of debt.
    • Capital expenditures were $60 million and the Company has lowered its 2025 capital budget to $200 million versus the $225 million previously announced.
    • Precision remains committed to repaying at least $100 million of debt in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, to share buybacks.

    Operational Highlights

    • Canada’s activity averaged 74 drilling rigs in the first quarter and surpassed the 73 active rigs in the same period last year.
    • Canadian revenue per utilization day was $35,601 and comparable to the $35,596 in the first quarter of 2024.
    • U.S. activity averaged 30 drilling rigs compared to 38 in the same period last year.
    • U.S. revenue per utilization day was US$33,157, which included US$1,263 per utilization day for idle but contracted rig revenue, versus US$32,867 in the first quarter of last year.
    • Internationally, we had eight rigs active in the first quarter, consistent with the first quarter of 2024, and realized revenue of US$36 million compared to US$38 million in 2024.
    • Service rig operating hours decreased 10% compared to the same quarter last year due to customer project deferrals and impacts of an earlier spring break up in Canada, plus lower U.S. activity.
            (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “I am pleased with Precision’s first quarter financial and operational results, and particularly with the efforts of the Precision team as we manage our way through a period of unusual volatility and market uncertainty. In the first quarter, our net earnings attributable to shareholders was $35 million, marking 11 consecutive quarters of positive earnings, and we are well on our way to meeting our capital allocation targets. During the quarter, we generated $63 million of cash provided by operations, allowing us to repay $17 million of debt and purchase $31 million of shares. Over the last four quarters, Precision has reduced its outstanding shares by nearly one million shares, representing 7% of our outstanding balance.

    “During the first quarter our Canadian drilling activity remained slightly higher than last year, averaging 74 active rigs compared to 73 in 2024 and we expect this trend to continue through the first half of this year. In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With initial Liquefied Natural Gas (LNG) exports beginning shortly in Canada and significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

    “Second-half industry activity in North America will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

    “Tightly controlling all aspects of our business, adjusting spending and specifically managing Precision’s cash inflows and outflows at a pace that matches the cyclicality of our industry is a cornerstone of Precision’s business model. We are reducing our 2025 capital spending by $25 million to $200 million to mitigate increased market uncertainty and a potential reduction in customer demand. This includes trimming our expected upgrade spending by approximately $8 million and maintenance capital by $17 million. We remain poised to further adjust capital spending in response to actual customer demand. 

    “We have also reduced our fixed costs by approximately $10 million annually by streamlining our internal structure and focusing more directly on customer needs and aligning with current activity levels. These changes included flattening our operations leadership structure, exiting our North Dakota well-servicing business and reducing the related staffing levels.

    “Our International drilling operations and Completion and Production business both contributed meaningful free cash flow for the quarter, and this is expected to continue for the rest of the year.

    “With a predominantly variable cost business and low debt levels, a highly experienced team committed to serving our customers, and a high-performance rig fleet, Precision is better positioned than any time in the past decade to navigate uncertainty while simultaneously creating shareholder value,” concluded Mr. Neveu.

    SELECT FINANCIAL AND OPERATING INFORMATION

    Financial Highlights

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2025       2024     % Change  
    Revenue   496,331       527,788       (6.0 )
    Adjusted EBITDA(1)   137,497       143,149       (3.9 )
    Net earnings   34,947       36,516       (4.3 )
    Net earnings attributable to shareholders   34,511       36,516       (5.5 )
    Cash provided by operations   63,419       65,543       (3.2 )
    Funds provided by operations(1)   109,842       117,765       (6.7 )
                     
    Cash used in investing activities   57,202       75,237       (24.0 )
    Capital spending by spend category(1)                
    Expansion and upgrade   19,546       14,370       36.0  
    Maintenance and infrastructure   40,419       41,157       (1.8 )
    Proceeds on sale   (3,765 )     (5,186 )     (27.4 )
    Net capital spending(1)   56,200       50,341       11.6  
                     
    Net earnings attributable to shareholders per share :                
    Basic   2.52       2.53       (0.4 )
    Diluted   2.20       2.53       (13.0 )
    Weighted average shares outstanding:                
    Basic   13,683       14,407       (5.0 )
    Diluted   14,287       14,410       (0.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Operating Highlights

      For the three months ended March 31,  
      2025     2024     % Change  
    Contract drilling rig fleet   215       214       0.5  
    Drilling rig utilization days:                
    Canada   6,680       6,617       1.0  
    U.S.   2,691       3,453       (22.1 )
    International   720       728       (1.1 )
    Revenue per utilization day:                
    Canada (Cdn$)   35,601       35,596       0.0  
    U.S. (US$)   33,157       32,867       0.9  
    International (US$)   49,419       52,808       (6.4 )
    Operating costs per utilization day:                
    Canada (Cdn$)   20,822       19,959       4.3  
    U.S. (US$)   23,568       21,719       8.5  
                     
    Service rig fleet   153       183       (16.4 )
    Service rig operating hours   66,986       74,505       (10.1 )


    Drilling Activity

      Average for the quarter ended 2024   Average for the quarter ended 2025  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31  
    Average Precision active rig count(1):                            
    Canada   73       49       72       65       74  
    U.S.   38       36       35       34       30  
    International   8       8       8       8       8  
    Total   119       93       115       107       112  

    (1) Average number of drilling rigs working or moving.


    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) March 31, 2025     December 31, 2024  
    Working capital(1)   (45,033 )     162,592  
    Cash   28,245       73,771  
    Long-term debt   567,824       812,469  
    Total long-term financial liabilities(1)   632,369       888,173  
    Total assets   2,915,984       2,956,315  
    Long-term debt to long-term debt plus equity ratio(1)   0.25       0.33  

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Summary for the three months ended March 31, 2025:

    • Revenue was $496 million compared to $528 million in the first quarter of 2024 as strong drilling activity in Canada was offset by lower U.S. drilling activity.
    • Adjusted EBITDA decreased to $137 million from $143 million, primarily due to lower drilling activity in the U.S. and restructuring costs of $3 million that were partially offset by lower share-based compensation expense. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
    • Adjusted EBITDA as a percentage of revenue was relatively stable at 28% compared to 27% in 2024.
    • Net earnings attributable to shareholders was $35 million or $2.52 per share and comparable with $37 million or $2.53 per share for the same period last year. On a diluted basis, net earnings attributable to shareholders was $2.20 versus $2.53 in 2024.
    • Cash provided by operations was $63 million, allowing the Company to repurchase 408,973 shares for $31 million, reduce debt by $17 million by repaying the outstanding balance on the Senior Credit Facility, and end the quarter with $28 million of cash and almost $550 million of available liquidity.
    • In Canada, revenue per utilization day was $35,601, consistent with the first quarter of 2024. Canadian operating costs per utilization day increased 4% to $20,822, mainly due to wage increases and Super Single rig reactivations. First quarter revenue and operating costs per utilization day were consistent with the fourth quarter of 2024.
    • In the U.S. revenue per utilization day, excluding idle but contracted rig revenue of US$1,263, was US$31,894 compared with US$32,867 in the first quarter of last year. First quarter revenue per utilization day, excluding idle but contracted rig revenue, increased by 4% from the fourth quarter of 2024.
    • U.S. operating costs per utilization day increased 9% to US$23,568 compared to the same quarter last year due to higher mobilization costs, additional rig reactivations, and fixed costs being spread over fewer activity days. These same factors caused operating costs per utilization per day in the first quarter to rise 9% compared to the fourth quarter of 2024.
    • Internationally, we realized revenue of US$36 million from eight active drilling rigs, which is similar to the US$38 million generated in the first quarter of 2024.
    • Completion and Production Services revenue was $79 million, a decrease of $8 million from 2024, as service rig operating hours decreased 10% due to a number of customer project deferrals and an earlier spring break up in Canada, plus less activity in the U.S. Adjusted EBITDA was $18 million, representing 22% of revenue compared to 21% in the first quarter of 2024.
    • General and administrative expenses were $30 million compared with $45 million in the first quarter of 2024 primarily due to lower share-based compensation expense.
    • Capital expenditures increased slightly to $60 million versus $56 million in 2024 and by spend category included $40 million for the maintenance of existing assets, infrastructure, and intangible assets and $20 million for expansion and upgrades. Precision has lowered its 2025 capital budget to $200 million.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

    Precision’s 2025 strategic priorities and the progress made during the first quarter are as follows:

    1. Maximize free cash flow through disciplined capital deployment and strict cost management.
      • Generated cash from operations of $63 million, allowing the Company to reduce debt and buy back shares.
      • Proactively reduced fixed cost structure to address market uncertainty and expect to realize approximately $10 million in annual savings.
      • Reduced our 2025 capital budget to $200 million versus the $225 million previously announced.
    2. Enhance shareholder returns through debt reduction and share repurchases. Plan to reduce debt by at least $100 million and allocate 35% to 45% of free cash flow before debt repayments for share repurchases.
      • Returned $31 million of capital to shareholders by repurchasing 408,973 shares during the quarter.
      • Reduced debt by $17 million and ended the quarter with almost $550 million of available liquidity.
      • Remain committed to reducing debt by at least $100 million in 2025 and allocating 35% to 45% of free cash flow, before debt repayments, directly to shareholders.
    3. Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.
      • Increased Canadian rig utilization, averaging 74 active rigs for the first quarter versus 73 in 2024.
      • Maintained strong pricing in Canada with revenue per utilization per day of $35,601, aligning with an average day rate of $35,596 in the first quarter of 2024.
      • Invested $20 million in expansion and upgrade capital to enhance our drilling rigs.
      • Current market conditions and commodity price volatility make acquisitions less likely in the near term.

    OUTLOOK

    Near-term expectations for global energy demand growth have been tempered by several geopolitical events including OPEC+ easing of curtailments, trade policy uncertainty, and international conflicts. However, we believe the long-term fundamentals for energy demand are positive, driven by economic growth, increasing demand from emerging economies, and new energy sources of power demand. 

    In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada will provide significant tidewater access for Canadian crude oil and natural gas, supporting Canadian drilling activity. In the U.S., the next wave of LNG export terminals is expected to add approximately 13 bcf/d of export capacity over the next five years, supporting U.S. natural gas drilling activity beyond domestic demand growth and further supporting natural gas drilling.

    Our Canadian drilling activity peaked at 82 rigs in the first quarter with our Super Triple and Super Single rigs near full utilization. We expect the traditional spring breakup period this year to have a historically small impact on our activity, as strong demand for our growing fleet of pad-capable rigs should allow 45 to 48 rigs to continue operating during this period versus 43 last year. Despite trade and tariff uncertainty and oil prices falling to approximately US$60 per barrel, we have not experienced any meaningful change in customer demand or their longer-term plans. Overall, we expect our Canadian drilling activity to be up for the first half of the year compared to the first six months of 2024.

    In the U.S., we have modestly increased our activity levels from the fourth quarter, currently operating 34 rigs, primarily by capitalizing on the emerging opportunities in natural gas plays. With significant LNG export capacity expansion underway in the U.S., we believe our market positioning for these increasing LNG opportunities is constructive.

    North American industry activity in the second half of this year will depend largely on customer realized cash flows and their capital allocation priorities. We believe industry capital discipline will remain a stabilizing market feature muting our customers’ short-term response to volatile commodity prices. However, global events and conflicts, including unexpected OPEC+ production increases, trade and tariff uncertainty, and geopolitical conflicts have the potential to impact global economic growth and access to commodity supplies, creating a range of commodity price scenarios which are difficult to predict.

    Internationally, we have eight rigs on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. In May and for the remainder of the year, we expect seven active rigs compared to eight for the first four months of the year but with no material impact on our 2025 cash flow. We continue to look for opportunities to leverage our international expertise.

    As the premier well service provider in Canada, the outlook for this business remains strong, driven by increased takeaway capacity from Trans Mountain pipeline expansion and LNG Canada, and increased regulatory spending requirements for abandonment work. With continued labour constraints, we expect firm pricing into the foreseeable future.

    Contracts

    The following chart outlines the average number of drilling rigs under term contract by quarter as at April 23, 2025. For those quarters ending after March 31, 2025, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

    As at April 23, 2025 Average for the quarter ended 2024     Average     Average for the quarter ended 2025     Average  
      Mar. 31     June 30     Sept. 30     Dec. 31     2024     Mar. 31     June 30     Sept. 30     Dec. 31     2025  
    Average rigs under term contract:                                                          
    Canada   24       22       23       23       23       20       19       18       14       18  
    U.S.   20       17       17       16       18       16       15       11       8       13  
    International   8       8       8       8       8       8       7       7       7       7  
    Total   52       47       48       47       49       44       41       36       29       38  

    SEGMENTED FINANCIAL RESULTS

    Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

    SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except where noted)   2025       2024     % Change  
    Revenue   419,457       443,367       (5.4 )
    Expenses:                
    Operating   272,412       276,692       (1.5 )
    General and administrative   11,029       13,002       (15.2 )
    Adjusted EBITDA(1)   136,016       153,673       (11.5 )
    Adjusted EBITDA as a percentage of revenue(1)   32.4 %     34.7 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Canadian onshore drilling statistics:(1) 2025     2024  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   74       214       73       208  

    (1) Canadian operations only.
    (2) Baker Hughes rig counts.

    United States onshore drilling statistics:(1) 2025     2024  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   30       572       38       602  

    (1) United States lower 48 operations only.
    (2) Baker Hughes rig counts.

    SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars, except where noted)   2025       2024     % Change  
    Revenue   79,330       87,087       (8.9 )
    Expenses:                
    Operating   59,112       65,480       (9.7 )
    General and administrative   2,672       3,002       (11.0 )
    Adjusted EBITDA(1)   17,546       18,605       (5.7 )
    Adjusted EBITDA as a percentage of revenue(1)   22.1 %     21.4 %      
    Well servicing statistics:                
    Number of service rigs (end of period)   153       183       (16.4 )
    Service rig operating hours   66,986       74,505       (10.1 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    OTHER ITEMS

    Share-based Incentive Compensation Plans

    We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2024 Annual Report.

    A summary of expense amounts under these plans during the reporting periods are as follows:

      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Cash settled share-based incentive plans   403       21,759  
    Equity settled share-based incentive plans   2,427       875  
    Total share-based incentive compensation plan expense   2,830       22,634  
               
    Allocated:          
    Operating   1,128       5,252  
    General and Administrative   1,702       17,382  
        2,830       22,634  

    FINANCIAL MEASURES AND RATIOS

    Non-GAAP Financial Measures
    We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, gain on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

    The most directly comparable financial measure is net earnings.
      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Adjusted EBITDA by segment:          
    Contract Drilling Services   136,016       153,673  
    Completion and Production Services   17,546       18,605  
    Corporate and Other   (16,065 )     (29,129 )
    Adjusted EBITDA   137,497       143,149  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   367       394  
    Finance charges   15,760       18,369  
    Gain on investments and other assets   (49 )     (228 )
    Income taxes   14,308       13,122  
    Net earnings   34,947       36,516  
    Non-controlling interests   436       —  
    Net earnings attributable to shareholders   34,511       36,516  
    Funds Provided by (Used in) Operations We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

    The most directly comparable financial measure is cash provided by (used in) operations.
    Net Capital Spending We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

    The most directly comparable financial measure is cash provided by (used in) investing activities.

    Net capital spending is calculated as follows:
      For the three months ended March 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Capital spending by spend category          
    Expansion and upgrade   19,546       14,370  
    Maintenance, infrastructure and intangibles   40,419       41,157  
        59,965       55,527  
    Proceeds on sale of property, plant and equipment   (3,765 )     (5,186 )
    Net capital spending   56,200       50,341  
    Purchase of investments and other assets   11       —  
    Receipt of finance lease payments   (208 )     (191 )
    Changes in non-cash working capital balances   1,199       25,087  
    Cash used in investing activities   57,202       75,237  
    Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Working capital is calculated as follows:
      March 31,     December 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Current assets   481,111       501,284  
    Current liabilities   (526,144 )     (338,692 )
    Working capital   (45,033 )     162,592  
    Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Total long-term financial liabilities is calculated as follows:
      March 31,     December 31,  
    (Stated in thousands of Canadian dollars)   2025       2024  
    Total non-current liabilities   688,940       935,624  
    Deferred tax liabilities   (56,571 )     (47,451 )
    Total long-term financial liabilities   632,369       888,173  
    Non-GAAP Ratios
    We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA % of Revenue We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
    Long-term debt to long-term debt plus equity We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
    Net Debt to Adjusted EBITDA We believe that the Net Debt (long-term debt plus current portion of long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations. For the period ended March 31, 2025 long-term debt includes long-term debt plus current portion of long-term debt as reported in our Consolidated Interim Consolidated Statements of Financial Position.
    Supplementary Financial Measures
    We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Capital Spending by Spend Category We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

    Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

    In particular, forward-looking information and statements include, but are not limited to, the following:

    • our strategic priorities for 2025;
    • our capital expenditures, free cash flow allocation and debt reduction plans for 2025 and beyond;
    • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
    • the average number of term contracts in place for 2025;
    • customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
    • potential commercial opportunities and rig contract renewals; and
    • our future debt reduction plans.

    These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

    • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
    • the status of current negotiations with our customers and vendors;
    • customer focus on safety performance;
    • existing term contracts are neither renewed nor terminated prematurely;
    • our ability to deliver rigs to customers on a timely basis;
    • the impact of an increase/decrease in capital spending; and
    • the general stability of the economic and political environments in the jurisdictions where we operate.

    Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

    • volatility in the price and demand for oil and natural gas;
    • fluctuations in the level of oil and natural gas exploration and development activities;
    • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
    • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
    • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
    • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
    • liquidity of the capital markets to fund customer drilling programs;
    • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
    • the impact of weather and seasonal conditions on operations and facilities;
    • the impact of tariffs and trade disputes;
    • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
    • ability to improve our rig technology to improve drilling efficiency;
    • general economic, market or business conditions;
    • the availability of qualified personnel and management;
    • a decline in our safety performance which could result in lower demand for our services;
    • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
    • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
    • fluctuations in foreign exchange, interest rates and tax rates; and
    • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

    Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2024, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

    (Stated in thousands of Canadian dollars) March 31, 2025     December 31, 2024  
    ASSETS          
    Current assets:          
    Cash $ 28,245     $ 73,771  
    Accounts receivable   397,684       378,712  
    Inventory   49,176       43,300  
    Assets held for sale   6,006       5,501  
    Total current assets   481,111       501,284  
    Non-current assets:          
    Deferred tax assets   2,437       6,559  
    Property, plant and equipment   2,342,482       2,356,173  
    Intangibles   13,537       12,997  
    Right-of-use assets   63,223       66,032  
    Finance lease receivables   4,670       4,806  
    Investments and other assets   8,524       8,464  
    Total non-current assets   2,434,873       2,455,031  
    Total assets $ 2,915,984     $ 2,956,315  
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Accounts payable and accrued liabilities $ 271,696     $ 314,355  
    Income taxes payable   4,526       3,778  
    Current portion of lease obligations   19,703       20,559  
    Current portion of long-term debt   230,219       —  
    Total current liabilities   526,144       338,692  
               
    Non-current liabilities:          
    Share-based compensation   5,391       13,666  
    Provisions and other   7,478       7,472  
    Lease obligations   51,676       54,566  
    Long-term debt   567,824       812,469  
    Deferred tax liabilities   56,571       47,451  
    Total non-current liabilities   688,940       935,624  
    Equity:          
    Shareholders’ capital   2,287,422       2,301,729  
    Contributed surplus   77,011       77,557  
    Accumulated other comprehensive income   197,827       199,020  
    Deficit   (866,323 )     (900,834 )
    Total equity attributable to shareholders   1,695,937       1,677,472  
    Non-controlling interest   4,963       4,527  
    Total equity   1,700,900       1,681,999  
    Total liabilities and equity $ 2,915,984     $ 2,956,315  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars, except per share amounts) 2025     2024  
               
               
    Revenue $ 496,331     $ 527,788  
    Expenses:          
    Operating   329,068       339,506  
    General and administrative   29,766       45,133  
    Earnings before income taxes, gain on
    investments and other assets, finance
    charges, foreign exchange, gain on asset
    disposals, and depreciation and amortization    		   137,497       143,149  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   367       394  
    Finance charges   15,760       18,369  
    Gain on investments and other assets   (49 )     (228 )
    Earnings before income taxes   49,255       49,638  
    Income taxes:          
    Current   1,106       1,017  
    Deferred   13,202       12,105  
        14,308       13,122  
    Net earnings $ 34,947     $ 36,516  
    Attributable to:          
    Shareholders of Precision Drilling Corporation $ 34,511     $ 36,516  
    Non-controlling interests $ 436     $ —  
    Net earnings per share attributable to shareholders
    of Precision Drilling Corporation:    		          
    Basic $ 2.52     $ 2.53  
    Diluted $ 2.20     $ 2.53  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Net earnings $ 34,947     $ 36,516  
    Unrealized gain (loss) on translation of assets
    and liabilities of operations denominated in
    foreign currency    		   (658 )     32,253  
    Foreign exchange loss on net investment hedge
    with U.S. denominated debt    		   (535 )     (20,159 )
    Comprehensive income $ 33,754     $ 48,610  
    Attributable to:          
    Shareholders of Precision Drilling Corporation $ 33,318     $ 48,610  
    Non-controlling interests $ 436     $ —  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

      Three Months Ended March 31,  
    (Stated in thousands of Canadian dollars) 2025     2024  
    Cash provided by (used in):          
    Operations:          
    Net earnings $ 34,947     $ 36,516  
    Adjustments for:          
    Long-term compensation plans   3,016       7,451  
    Depreciation and amortization   75,036       78,213  
    Gain on asset disposals   (2,872 )     (3,237 )
    Foreign exchange   (783 )     728  
    Finance charges   15,760       18,369  
    Income taxes   14,308       13,122  
    Gain on investments and other assets   (49 )     (228 )
    Income taxes paid   (321 )     (234 )
    Interest paid   (29,637 )     (33,430 )
    Interest received   437       495  
    Funds provided by operations   109,842       117,765  
    Changes in non-cash working capital balances   (46,423 )     (52,222 )
    Cash provided by operations   63,419       65,543  
               
    Investments:          
    Purchase of property, plant and equipment   (59,965 )     (55,527 )
    Proceeds on sale of property, plant and equipment   3,765       5,186  
    Purchase of investments and other assets   (11 )     —  
    Receipt of finance lease payments   208       191  
    Changes in non-cash working capital balances   (1,199 )     (25,087 )
    Cash used in investing activities   (57,202 )     (75,237 )
               
    Financing:          
    Repayment of long-term debt   (17,110 )     (716 )
    Repurchase of share capital   (30,766 )     (10,081 )
    Lease payments   (3,587 )     (3,200 )
    Cash used in financing activities   (51,463 )     (13,997 )
    Effect of exchange rate changes on cash   (280 )     457  
    Increase (decrease) in cash   (45,526 )     (23,234 )
    Cash, beginning of period   73,771       54,182  
    Cash, end of period $ 28,245     $ 30,948  

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

      Attributable to shareholders of the Corporation              
    (Stated in thousands of
    Canadian dollars)    		 Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling
    interest    		     Total
    Equity    		  
    Balance at January 1, 2025 $ 2,301,729     $ 77,557     $ 199,020     $ (900,834 )   $ 1,677,472     $ 4,527     $ 1,681,999  
    Net earnings for the period   —       —       —       34,511       34,511       436       34,947  
    Other comprehensive income
    for the period    		   —       —       (1,193 )     —       (1,193 )     —       (1,193 )
    Settlement of Executive
    Performance and Restricted
    Share Units    		   11,651       (2,790 )     —       —       8,861       —       8,861  
    Share repurchases   (26,141 )     —       —       —       (26,141 )     —       (26,141 )
    Redemption of non-management
    directors share units    		   183       (183 )     —       —       —       —       —  
    Share-based compensation
    expense    		   —       2,427       —       —       2,427       —       2,427  
    Balance at March 31, 2025 $ 2,287,422     $ 77,011     $ 197,827     $ (866,323 )   $ 1,695,937     $ 4,963     $ 1,700,900  
      Attributable to shareholders of the Corporation              
    (Stated in thousands of
    Canadian dollars)    		 Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2024 $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  
    Net earnings for the period   —       —       —       36,516       36,516       —       36,516  
    Other comprehensive income
    for the period    		   —       —       12,094       —       12,094       —       12,094  
    Settlement of Executive
    Performance and Restricted
    Share Units    		   21,846       (1,479 )     —       —       20,367       —       20,367  
    Share repurchases   (10,081 )     —       —       —       (10,081 )     —       (10,081 )
    Share-based compensation
    expense    		   —       875       —       —       875       —       875  
    Balance at March 31, 2024 $ 2,376,894     $ 74,482     $ 159,570     $ (975,513 )   $ 1,635,433     $ —     $ 1,635,433  

    2025 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST

    Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, April 24, 2025.

    To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

    https://register-conf.media-server.com/register/BIfac587dca2994a30be564b41d99b43ac

    The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

    https://edge.media-server.com/mmc/p/gifawh57

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For further information, please contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network –

  • MIL-OSI Canada: Prime Minister announces Canadian delegation to the funeral of His Holiness Pope Francis

    Source: Government of Canada – Prime Minister

    The Prime Minister, Mark Carney, today announced that Their Excellencies the Right Honourable Mary Simon, Governor General of Canada, and Mr. Whit Fraser will travel to Vatican City on April 25, 2025, to attend the funeral of His Holiness Pope Francis, which will take place at St. Peter’s Basilica on April 26, 2025. They will lead a Canadian delegation that will also include the Speaker of the Senate, the Honourable Raymonde Gagné.

    As Catholics in Canada and around the world mourn the late Pope Francis through tributes, memorial masses, vigils, and individual prayers, the funeral for His Holiness will be broadcast live from the heart of Rome, allowing everyone the opportunity to witness the official service.

    Quote

    “I join Canadians and Catholics around the world in mourning the passing of His Holiness Pope Francis, Bishop of Rome – a shepherd of deep moral clarity, spiritual courage, and boundless compassion. From every corner of the globe, the prayers of the faithful go with Pope Francis as he journeys to his eternal rest. Pope Francis leaves a spiritual and ethical legacy that will shape our collective conscience for generations to come. May we honour his memory by continuing to work for a world that reflects the solidarity, justice, and sustainability that he so powerfully embodied. Requiescat in pace.”

    Quick Facts

    • His Holiness Pope Francis served as the head of the Catholic Church from March 13, 2013, until his death on April 21, 2025.
    • The first Jesuit and Latin American pope, His Holiness was born in 1936 in Buenos Aires, Argentina, as Jorge Mario Bergoglio. He chose Francis as his papal name in honour of Saint Francis of Assisi.
    • Pope Francis visited Canada in 2022. During his visit, he delivered a historic apology to Survivors of the residential school system, marking an important step on the shared path of reconciliation.
    • Pope Francis’s papacy was notable for his advocacy of the poor and marginalized, his commitment to environmental stewardship, and his efforts to foster greater inclusion within the Catholic Church.
    • The flags on all Government of Canada buildings and establishments across Canada, including the Peace Tower in Ottawa and at Canadian embassies to the Holy See and to Italy, have been half-masted until sunset on April 26, 2025.

    Related Product

    Associated Link

    MIL OSI Canada News –

  • MIL-OSI: Northfield Bancorp, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

    • DILUTED EARNINGS PER SHARE WERE $0.19 FOR THE CURRENT QUARTER COMPARED TO $0.27 FOR THE TRAILING QUARTER, AND $0.15 FOR THE FIRST QUARTER OF 2024.
      • Fourth Quarter 2024 earnings included a gain of $3.4 million, or $0.06 per share, on the sale and consolidation of a branch in December 2024.
    • NET INTEREST MARGIN INCREASED TO 2.38% FOR THE CURRENT QUARTER AS COMPARED TO 2.18% FOR THE TRAILING QUARTER AND 2.03% FOR THE FIRST QUARTER OF 2024, REFLECTING LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
    • DEPOSITS (EXCLUDING BROKERED) INCREASED $133.6 MILLION, OR 13.8% ANNUALIZED, FROM DECEMBER 31, 2024. COST OF DEPOSITS AT MARCH 31, 2025 WAS 1.94% AS COMPARED TO 1.95% AT DECEMBER 31, 2024.
    • LOANS DECLINED BY $30.7 MILLION, OR 3.0% ANNUALIZED, FROM DECEMBER 31, 2024, PRIMARILY DUE TO A DECREASE IN MULTIFAMILY LOANS, PARTIALLY OFFSET BY INCREASES IN HOME EQUITY AND CONSTRUCTION AND LAND LOANS.
    • ASSET QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.48% AT MARCH 31, 2025 AND 0.51% AT DECEMBER 31, 2024.
    • THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $1.12 BILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $547 MILLION.
    • THE BOARD OF DIRECTORS APPROVED A $10.0 MILLION REPURCHASE PLAN ON APRIL 23, 2025. THE PREVIOUSLY APPROVED $5.0 MILLION PLAN WAS COMPLETED DURING THE CURRENT QUARTER AND THE COMPANY REPURCHASED 440,150 SHARES.
    • CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON MAY 21, 2025, TO STOCKHOLDERS OF RECORD AS OF MAY 7, 2025.

    WOODBRIDGE, N.J., April 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, compared to $11.3 million, or $0.27 per diluted share, for the three months ended December 31, 2024, and $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025, compared to the trailing quarter was primarily due to a $3.4 million, or $0.06 per share, gain on sale of property in the trailing quarter. The increase in net income in the current quarter as compared to the first quarter of 2024 was primarily the result of an increase in net interest income, attributable to lower funding costs and higher yields on interest-earning assets, partially offset by an increase in the provision for credit losses on loans.

    Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer stated, “The Northfield team continued to focus on growing our franchise, deploying our strong capital base, and delivering solid financial performance for the quarter.” Mr. Klein commented further, “We remained focused on serving our communities, and the fundamentals of reducing our funding costs and increasing the yield on our interest-earning assets resulting in higher net interest income and net interest margin.” Mr. Klein further stated, “We remain committed to prudently managing our operating expenses, maintaining strong asset quality, and managing our strong capital levels through dividends and stock repurchases.”

    Mr. Klein concluded, “I am pleased to announce that the Board of Directors has declared a cash dividend of $0.13 per common share, payable on May 21, 2025 to stockholders of record on May 7, 2025.”

    Results of Operations

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024

    Net income was $7.9 million and $6.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $3.9 million increase in net interest income, a $2.2 million increase in the provision for credit losses on loans, a $359,000 decrease in non-interest income, an $897,000 decrease in non-interest expense, and a $616,000 increase in income tax expense.

    Net interest income for the three months ended March 31, 2025, increased $3.9 million, or 14.0%, to $31.8 million, from $27.9 million for the three months ended March 31, 2024, due to a $2.5 million decrease in interest expense and a $1.4 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the cost of interest-bearing liabilities which decreased by 15 basis points to 2.74% for the three months ended March 31, 2025, from 2.89% for the three months ended March 31, 2024, driven by a 20 basis point decrease in the cost of borrowed funds to 3.67% from 3.87%, partially offset by a two basis point increase in the cost of interest-bearing deposits to 2.51% from 2.49%, due to a higher concentration of certificates of deposit. The decrease in the average balance of interest-bearing liabilities was primarily due to a $413.6 million, or 37.3% decrease in the average balance of borrowed funds, partially offset by a $307.8 million, or 9.9%, increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to a 23 basis point increase in the yield on interest-earning assets, specifically higher yields on mortgage-backed securities, partially offset by a $104.0 million, or 1.9%, decrease in the average balance of interest earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of other securities of $273.9 million, the average balance of loans of $167.4 million and the average balance of interest-earning deposits in financial institutions of $143.9 million, partially offset by an increase in the average balance of mortgage-backed securities of $483.9 million.

    Net interest margin increased by 35 basis points to 2.38% for the three months ended March 31, 2025, from 2.03% for the three months ended March 31, 2024. The increase in net interest margin was primarily due to higher yields on mortgage-backed securities, coupled with a decrease in the cost of borrowed funds. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $223,000 for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025, included loan prepayment income of $245,000 as compared to $351,000 for the three months ended March 31, 2024.

    The provision for credit losses on loans increased by $2.2 million to $2.6 million for the three months ended March 31, 2025, compared to $415,000 for the three months ended March 31, 2024, primarily due to higher net charge-offs, changes in model assumptions, including a reduction in prepayment speeds and an increase in loss given defaults in the multifamily loans related to risk rating downgrades of certain loans in the portfolio. Net charge-offs were $2.8 million for the three months ended March 31, 2025, primarily due to $2.4 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $911,000 for the three months ended March 31, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $25.5 million at March 31, 2025.

    Non-interest income decreased by $359,000, or 10.6%, to $3.0 million for the three months ended March 31, 2025, compared to $3.4 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease of $998,000 in gains on sales of trading securities, partially offset by an increase in income on bank-owned life insurance of $675,000, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields. Losses on trading securities in the three months ended March 31, 2025, were $299,000, as compared to gains of $699,000 in the three months ended March 31, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation.  Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

    Non-interest expense decreased $897,000, or 4.0%, to $21.4 million for the three months ended March 31, 2025, compared to $22.3 million for the three months ended March 31, 2024. The decrease was primarily due to a $990,000 decrease in employee compensation and benefits, primarily attributable to a decrease in deferred compensation expense, which is described above, and had no effect on net income. Additionally, there was a $268,000 decrease in advertising expense. Partially offsetting the decreases were increases of $263,000 in professional fees related to outsourced audit services and recruitment fees and $164,000 in other expense.

    The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2025, compared to $2.3 million for the three months ended March 31, 2024. The effective tax rate for both the three months ended March 31, 2025, and March 31, 2024, was 27.0%. The effective tax rate for three months ending March 31, 2025, and March 31, 2024, were negatively impacted by increased tax expense of $79,000 and $18,000, respectively, as a result of vesting of stock awards.

    Comparison of Operating Results for the Three Months Ended March 31, 2025 and December 31, 2024

    Net income was $7.9 million and $11.3 million for the quarters ended March 31, 2025, and December 31, 2024, respectively. Significant variances from the prior quarter are as follows: a $2.1 million increase in net interest income, a $640,000 increase in the provision for credit losses on loans, a $4.0 million decrease in non-interest income, a $613,000 increase in non-interest expense, and a $246,000 increase in income tax expense.

    Net interest income for the quarter ended March 31, 2025, increased by $2.1 million, or 7.1%, primarily due to a $1.7 million decrease in interest expense and a $370,000 increase in interest income. The decrease in interest expense was primarily due to an 11 basis point decrease in the cost of interest-bearing liabilities to 2.74% for the quarter ended March 31, 2025, from 2.85% for the quarter ended December 31, 2024, and a $7.0 million, or 0.2%, decrease in the average balance of interest-bearing liabilities attributable to an $80.4 million decrease in the average balance of borrowed funds, partially offset by a $73.3 million increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to an 11 basis point increase in the yield on interest-earning assets and a $206,000 increase in the average balance of interest-earning assets primarily due to an increase in the average balance of mortgage-backed securities of $182.4 million, partially offset by decreases in the average balance of interest-earning deposits in financial institutions of $85.2 million, the average balance of other securities of $59.4 million, and the average balance of loans of $37.5 million.

    Net interest margin increased by 20 basis points to 2.38% for the quarter ended March 31, 2025, from 2.18% for the quarter ended December 31, 2024, primarily due to higher yields on loans and mortgage-backed securities coupled with a decrease in the cost of funds. Net interest income for the quarter ended March 31, 2025, included loan prepayment income of $245,000 as compared to $215,000 for the quarter ended December 31, 2024. The Company accreted interest income related to PCD loans of $223,000 for the quarter ended March 31, 2025, as compared to $568,000 for the quarter ended December 31, 2024.

    The provision for credit losses on loans increased by $640,000 to $2.6 million for the quarter ended March 31, 2025, from $1.9 million for the quarter ended December 31, 2024. The increase in the provision for the current quarter was primarily due to an increase in reserves in the commercial and industrial and in multifamily loans related to risk rating downgrades of certain loans in the portfolio, and higher net charge-offs. Net charge-offs were $2.8 million for the quarter ended March 31, 2025, as compared to net charge-offs of $2.0 million for the quarter ended December 31, 2024.

    Non-interest income decreased by $4.0 million, or 56.9%, to $3.0 million for the quarter ended March 31, 2025, from $7.0 million for the quarter ended December 31, 2024. The decrease was primarily due to a $3.4 million gain on sale of property in the quarter ended December 31, 2024. Additionally, there was a $367,000 decrease in gains on sales of trading securities, net, and a $561,000 decrease in other income, primarily due to lower swap fee income. For the quarter ended March 31, 2025, losses on trading securities, net, were $299,000, compared to gains of $68,000 for the quarter ended December 31, 2024. Partially offsetting the decreases was a $362,000 increase in income on bank owned life insurance, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields.

    Non-interest expense increased by $613,000, or 2.9%, to $21.4 million for the quarter ended March 31, 2025, from $20.8 million for the quarter ended December 31, 2024. The increase was primarily due to increases of $280,000 in occupancy expense, related to higher repairs and maintenance costs, $201,000 in data processing costs due to an increase in core system expenses, $310,000 in professional fees primarily due to an increase in outsourced audit services and recruitment fees, and a $158,000 increase in credit loss expense/(benefit) for off-balance sheet exposure. The increase in credit loss/(benefit) for off-balance sheet exposure was due to a provision of $103,000 recorded during the quarter ended March 31, 2025, as compared to a benefit of $55,000 recorded during the quarter ended December 31, 2024. Partially offsetting the decreases was a $283,000 decrease in other expense.

    The Company recorded income tax expense of $2.9 million for the quarter ended March 31, 2025, compared to $2.7 million for the quarter ended December 31, 2024. The effective tax rate for the quarter ended March 31, 2025 was 27.0%, compared to 19.2% for the quarter ended December 31, 2024. The effective tax rate for the quarter ending December 31, 2024, was positively impacted by the revaluation of certain state deferred tax assets.

    Financial Condition

    Total assets increased by $43.6 million, or 0.8%, to $5.71 billion at March 31, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $145.7 million, or 13.2%, partially offset by decreases in cash and cash equivalents of $66.1 million, or 39.4%, loans receivable of $30.7 million, or 0.8% and other assets of $4.5 million, or 9.6%.

    Cash and cash equivalents decreased by $66.1 million, or 39.4%, to $101.7 million at March 31, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

    Loans held-for-investment, net, decreased by $30.7 million, or 0.8%, to $3.99 billion at March 31, 2025 from $4.02 billion at December 31, 2024, primarily due to decreases in multifamily real estate loans, partially offset by increases in home equity and lines of credit and construction and land loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $29.6 million, or 1.1%, to $2.57 billion at March 31, 2025 from $2.60 billion at December 31, 2024, commercial real estate loans decreased $7.2 million, or 0.8%, to $882.6 million at March 31, 2025 from $889.8 million at December 31, 2024, one-to-four family residential loans decreased $3.4 million, or 2.3%, to $146.8 million at March 31, 2025 from $150.2 million at December 31, 2024, and commercial and industrial loans decreased $1.3 million, or 0.8%, to $162.1 million at March 31, 2025 from $163.4 million at December 31, 2024, and other loans decreased $754,000, or 34.8%, to $1.4 million at March 31, 2025 from $2.2 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $7.3 million, or 4.2%, to $181.4 million at March 31, 2025 from $174.1 million at December 31, 2024, and construction and land loans of $4.4 million, or 12.2%, to $40.3 million at March 31, 2025 from $35.9 million at December 31, 2024.

    As of March 31, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 424%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

    Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At March 31, 2025, office-related loans represented $182.4 million, or 4.6% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.0% in New York, 48.5% in New Jersey and 1.5% in Pennsylvania. At March 31, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.5 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At March 31, 2025, multifamily loans that have some form of rent stabilization or rent control totaled approximately $435.8 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At March 31, 2025, our largest rent-regulated loan had a principal balance of $16.7 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

    PCD loans totaled $9.0 million and $9.2 million at March 31, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $223,000 attributable to PCD loans for three months ended March 31, 2025, compared to $426,000 for three months ended March 31, 2024. PCD loans had an allowance for credit losses of approximately $2.7 million at March 31, 2025.

    Loan balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Real estate loans:      
    Multifamily $ 2,567,913   $ 2,597,484
    Commercial mortgage   882,600     889,801
    One-to-four family residential mortgage   146,791     150,217
    Home equity and lines of credit   181,354     174,062
    Construction and land   40,284     35,897
    Total real estate loans   3,818,942     3,847,461
    Commercial and industrial loans   162,133     163,425
    Other loans   1,411     2,165
    Total commercial and industrial and other loans   163,544     165,590
    Loans held-for-investment, net (excluding PCD)   3,982,486     4,013,051
    PCD loans   9,043     9,173
    Total loans held-for-investment, net $ 3,991,529   $ 4,022,224
     

    The Company’s available-for-sale debt securities portfolio increased by $145.7 million, or 13.2%, to $1.25 billion at March 31, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At March 31, 2025, $1.21 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $33.4 million in corporate bonds, substantially all of which were investment grade, $683,000 in municipal bonds and $608,000 in U.S. Government agency securities at March 31, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $16.7 million and $307,000, respectively, at March 31, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

    Equity securities were $10.9 million at March 31, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a decrease in money market mutual funds.

    Total liabilities increased $37.2 million, or 0.7%, to $5.00 billion at March 31, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $42.8 million, partially offset by a decrease in total deposits of $6.5 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

    Deposits decreased $6.5 million, or 0.2%, to $4.13 billion at March 31, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $140.1 million, or 53.2%, as the Company placed less reliance on brokered deposits which were used as a lower-cost alternative to borrowings in the trailing quarter. Deposits, excluding brokered deposits, increased $133.6 million, or 3.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $97.1 million in transaction accounts and $41.6 million in time deposits, partially offset by decreases of $4.5 million in savings accounts, and $579,000 in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

    Estimated gross uninsured deposits at March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated uninsured deposits of approximately $934.7 million, or 22.6%, of total deposits. At December 31, 2024, estimated uninsured deposits totaled $896.5 million, or 21.7% of total deposits.

    Deposit account balances are summarized as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
    Transaction:      
    Non-interest bearing checking $ 722,994   $ 706,976
    Negotiable orders of withdrawal and interest-bearing checking   1,367,219     1,286,154
    Total transaction   2,090,213     1,993,130
    Savings and money market:      
    Savings   899,674     904,163
    Money market   271,566     272,145
    Total savings   1,171,240     1,176,308
    Certificates of deposit:      
    $250,000 and under   602,959     580,940
    Over $250,000   144,255     124,681
    Brokered deposits   123,289     263,418
    Total certificates of deposit   870,503     969,039
    Total deposits $ 4,131,956   $ 4,138,477
     

    Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

      March 31, 2025   December 31, 2024
           
    Business customers $ 891,545   $ 885,769
    Municipal (governmental) customers $ 929,611   $ 859,319
               

    Borrowed funds increased to $770.7 million at March 31, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $67.0 million increase in borrowings under an overnight line of credit, partially offset by a decrease of $24.2 million in other borrowings due to maturities. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

    The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at March 31, 2025 (dollars in thousands):

    Year   Amount   Weighted Average Rate
    2025   $160,684   3.89%
    2026   148,000   4.36%
    2027   173,000   3.19%
    2028   154,288   3.96%
        $635,972   3.83%
     

    Total stockholders’ equity increased by $6.5 million to $711.1 million at March 31, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $7.9 million for the three months ended March 31, 2025, an $8.1 million increase in accumulated other comprehensive income, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $900,000 increase in equity award activity, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company has no outstanding repurchase program.

    The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of March 31, 2025 was 24.3%.

    The Company had the following primary sources of liquidity at March 31, 2025 (dollars in thousands):

    Cash and cash equivalents(1)   $ 89,139
    Corporate bonds(2)   $ 19,323
    Multifamily loans(2)   $ 547,043
    Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)   $ 1,102,759
         

    (1) Excludes $12.5 million of cash at Northfield Bank.
    (2) Represents estimated remaining borrowing potential.

    The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At March 31, 2025, the Company and the Bank’s estimated CBLR ratios were 12.08% and 12.62%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

    Asset Quality

    The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Non-accrual loans:      
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 2,565     $ 2,609  
    Commercial mortgage   4,565       4,578  
    Home equity and lines of credit   1,267       1,270  
    Commercial and industrial   4,972       5,807  
    Total non-accrual loans   13,369       14,264  
    Loans delinquent 90 days or more and still accruing:      
    Held-for-investment      
    Real estate loans:      
    Multifamily   —       164  
    One-to-four family residential   878       882  
    Home equity and lines of credit   140       140  
    Total loans held-for-investment delinquent 90 days or more and still accruing   1,018       1,186  
    Non-performing loans held-for-sale      
    Commercial mortgage   4,397       4,397  
    Commercial and industrial   500       500  
    Total non-performing loans held-for-sale   4,897       4,897  
    Total non-performing loans   19,284       20,347  
    Total non-performing assets $ 19,284     $ 20,347  
    Non-performing loans to total loans   0.48 %     0.51 %
    Non-performing assets to total assets   0.34 %     0.36 %
    Accruing loans 30 to 89 days delinquent $ 6,845     $ 9,336  
     

    Accruing Loans 30 to 89 Days Delinquent

    Loans 30 to 89 days delinquent and on accrual status totaled $6.8 million and $9.3 million at March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2025 and December 31, 2024 (dollars in thousands):

      March 31, 2025   December 31, 2024
    Held-for-investment      
    Real estate loans:      
    Multifamily $ 1,296   $ 2,831
    Commercial mortgage   147     78
    One-to-four family residential   2,584     2,407
    Home equity and lines of credit   1,141     1,472
    Commercial and industrial loans   1,674     2,545
    Other loans   3     3
    Total delinquent accruing loans held-for-investment $ 6,845   $ 9,336
     

    The decrease in delinquent multifamily loans was primarily due to one relationship totaling $2.1 million that became current during the quarter ended March 31, 2025. The decrease in delinquent commercial and industrial loans was primarily due to five unsecured small business loans that were charged off totaling $797,000. Management continues to monitor the unsecured small business commercial and industrial loan portfolio which represents the majority of the commercial and industrial delinquencies in the table above.

    PCD Loans (Held-for-Investment)

    The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at March 31, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At March 31, 2025, 2.1% of PCD loans were past due 30 to 89 days, and 25.2% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2024.

    Our multifamily loan portfolio at March 31, 2025 totaled $2.57 billion, or 64% of our total loan portfolio, of which $435.8 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

    % Rent Regulated   Balance   % Portfolio Total NY Multifamily Portfolio   Average Balance   Largest Loan   LTV*   Debt Service Coverage Ratio (DSCR)*   30-89 Days Delinquent   Non-Accrual   Special Mention   Substandard
    0   $ 279,630   39.1 %   $ 1,175   $ 16,441   50.6 %   1.48x   $ 580   $ 499   $ —   $ 1,800
    >0-10     4,696   0.6       1,565     2,107   50.9     1.33     —     —     —     —
    >10-20     18,397   2.6       1,415     2,834   48.7     1.40     —     —     —     —
    >20-30     19,268   2.7       2,141     5,449   53.2     1.65     —     —     —     —
    >30-40     14,958   2.1       1,247     3,037   47.8     1.59     —     —     —     —
    >40-50     21,558   3.0       1,268     2,710   46.9     1.77     —     —     —     —
    >50-60     9,298   1.3       1,550     2,313   39.4     1.80     —     —     —     —
    >60-70     20,765   2.9       2,966     11,181   53.4     1.51     —     —     —     —
    >70-80     22,158   3.1       2,462     4,874   47.5     1.43     —     —     —     —
    >80-90     20,516   2.9       1,140     3,124   46.1     1.64     —     —     1,124     —
    >90-100     284,164   39.7       1,733     16,698   51.6     1.60     665     2,067     3,630     4,389
    Total   $ 715,408   100.0 %   $ 1,442   $ 16,698   50.6 %   1.55x   $ 1,245   $ 2,566   $ 4,754   $ 6,189
     

    The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

    County   Balance   LTV*   DSCR*
    Bronx   $ 116,944   51.2 %   1.60x
    Kings     184,545   50.5 %   1.57
    Nassau     2,155   35.8 %   1.88
    New York     48,838   46.3 %   1.61
    Queens     37,633   44.3 %   1.69
    Richmond     32,258   60.1 %   1.41
    Westchester     13,405   58.7 %   1.78
    Total   $ 435,778   50.6 %   1.59x
                 

    * Weighted Average

    None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 27 loans with an aggregate principal balance of $46.0 million will re-price.

    About Northfield Bank

    Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

    Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, fluctuations in real estate values and both residential and commercial real estate market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, competition among depository and other financial institutions, including with respect to fees and interest rates, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments  and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

    Company Contact:
    William R. Jacobs
    Chief Financial Officer
    Tel: (732) 499-7200 ext. 2519

    (Tables follow)

    NORTHFIELD BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
    (Dollars in thousands, except per share amounts) (unaudited)
     
      At or For the Three Months Ended
      March 31,   December 31
      2025   2024   2024
    Selected Financial Ratios:          
    Performance Ratios (1)          
    Return on assets (ratio of net income to average total assets) 0.56 %   0.43 %   0.79 %
    Return on equity (ratio of net income to average equity) 4.52     3.59     6.40  
    Average equity to average total assets 12.43     12.04     12.28  
    Interest rate spread 1.76     1.39     1.54  
    Net interest margin 2.38     2.03     2.18  
    Efficiency ratio (2) 61.57     71.43     56.75  
    Non-interest expense to average total assets 1.53     1.55     1.46  
    Non-interest expense to average total interest-earning assets 1.61     1.63     1.53  
    Average interest-earning assets to average interest-bearing liabilities 129.42     128.66     129.20  
    Asset Quality Ratios:          
    Non-performing assets to total assets 0.34     0.29     0.36  
    Non-performing loans (3) to total loans (4) 0.48     0.41     0.51  
    Allowance for credit losses to non-performing loans (5) 242.73     214.83     227.72  
    Allowance for credit losses to total loans held-for-investment, net (6) 0.87     0.89     0.87  
     

    (1) Annualized where appropriate.
    (2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
    (4) Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
    (5) Excludes loans held-for-sale.
    (6) Includes originated loans held-for-investment, PCD loans, and acquired loans.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      March 31, 2025   December 31, 2024
    ASSETS:      
    Cash and due from banks $ 12,523     $ 13,043  
    Interest-bearing deposits in other financial institutions   89,139       154,701  
    Total cash and cash equivalents   101,662       167,744  
    Trading securities   13,003       13,884  
    Debt securities available-for-sale, at estimated fair value   1,246,473       1,100,817  
    Debt securities held-to-maturity, at amortized cost   8,883       9,303  
    Equity securities   10,855       14,261  
    Loans held-for-sale   4,897       4,897  
    Loans held-for-investment, net   3,991,529       4,022,224  
    Allowance for credit losses   (34,921 )     (35,183 )
    Net loans held-for-investment   3,956,608       3,987,041  
    Accrued interest receivable   19,648       19,078  
    Bank-owned life insurance   177,398       175,759  
    Federal Home Loan Bank of New York stock, at cost   38,350       35,894  
    Operating lease right-of-use assets   27,345       27,771  
    Premises and equipment, net   21,431       21,985  
    Goodwill   41,012       41,012  
    Other assets   42,435       46,932  
    Total assets $ 5,710,000     $ 5,666,378  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
    LIABILITIES:      
    Deposits $ 4,131,956     $ 4,138,477  
    Federal Home Loan Bank advances and other borrowings   709,159       666,402  
    Subordinated debentures, net of issuance costs   61,498       61,442  
    Lease liabilities   31,630       32,209  
    Advance payments by borrowers for taxes and insurance   29,270       24,057  
    Accrued expenses and other liabilities   35,338       39,095  
    Total liabilities   4,998,851       4,961,682  
           
    STOCKHOLDERS’ EQUITY:      
    Total stockholders’ equity   711,149       704,696  
    Total liabilities and stockholders’ equity $ 5,710,000     $ 5,666,378  
           
    Total shares outstanding   42,676,274       42,903,598  
    Tangible book value per share(1) $ 15.70     $ 15.46  
     

    (1) Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $57 and $69 at March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

    NORTHFIELD BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      For the Three Months Ended
      March 31,   December 31,
        2025       2024     2024  
    Interest income:          
    Loans $ 45,283     $ 46,047   $ 45,902  
    Mortgage-backed securities   12,009       4,398     9,160  
    Other securities   797       3,841     1,428  
    Federal Home Loan Bank of New York dividends   862       970     885  
    Deposits in other financial institutions   1,141       3,392     2,347  
    Total interest income   60,092       58,648     59,722  
    Interest expense:          
    Deposits   21,191       19,273     22,031  
    Borrowings   6,291       10,663     7,169  
    Subordinated debt   819       828     837  
    Total interest expense   28,301       30,764     30,037  
    Net interest income   31,791       27,884     29,685  
    Provision for credit losses   2,582       415     1,942  
    Net interest income after provision for credit losses   29,209       27,469     27,743  
    Non-interest income:          
    Fees and service charges for customer services   1,620       1,615     1,634  
    Income on bank-owned life insurance   1,639       964     1,277  
    (Losses)/gains on trading securities, net   (299 )     699     68  
    Gain on sale of property   —       —     3,402  
    Other   62       103     623  
    Total non-interest income   3,022       3,381     7,004  
    Non-interest expense:          
    Compensation and employee benefits   11,775       12,765     11,761  
    Occupancy   3,533       3,553     3,253  
    Furniture and equipment   414       484     436  
    Data processing   2,122       2,147     1,921  
    Professional fees   1,072       809     762  
    Advertising   250       518     287  
    Federal Deposit Insurance Corporation insurance   617       588     625  
    Credit loss expense/(benefit) for off-balance sheet exposures   103       83     (55 )
    Other   1,549       1,385     1,832  
    Total non-interest expense   21,435       22,332     20,822  
    Income before income tax expense   10,796       8,518     13,925  
    Income tax expense   2,920       2,304     2,674  
    Net income $ 7,876     $ 6,214   $ 11,251  
    Net income per common share:          
    Basic $ 0.19     $ 0.15   $ 0.28  
    Diluted $ 0.19     $ 0.15   $ 0.27  
    Basic average shares outstanding   40,864,529       42,367,243     40,889,355  
    Diluted average shares outstanding   40,922,829       42,408,953     41,029,275  
     
    NORTHFIELD BANCORP, INC.
    ANALYSIS OF NET INTEREST INCOME
    (Dollars in thousands) (unaudited)
     
      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)   Average Outstanding Balance   Interest   Average Yield/ Rate(1)
    Interest-earning assets:                                  
    Loans(2) $ 4,007,266   $ 45,283   4.58 %   $ 4,044,787   $ 45,902   4.51 %   $ 4,174,668   $ 46,047   4.44 %
    Mortgage-backed securities(3)   1,132,715     12,009   4.30       950,309     9,160   3.83       648,811     4,398   2.73  
    Other securities(3)   118,082     797   2.74       177,462     1,428   3.20       391,980     3,841   3.94  
    Federal Home Loan Bank of New York stock   36,929     862   9.47       37,065     885   9.50       39,599     970   9.85  
    Interest-earning deposits in financial institutions   118,983     1,141   3.89       204,146     2,347   4.57       262,884     3,392   5.19  
    Total interest-earning assets   5,413,975     60,092   4.50       5,413,769     59,722   4.39       5,517,942     58,648   4.27  
    Non-interest-earning assets   277,586             277,067             266,428        
    Total assets $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW, and money market accounts $ 2,502,664   $ 12,148   1.97 %   $ 2,424,370   $ 11,997   1.97 %   $ 2,464,297   $ 12,331   2.01 %
    Certificates of deposit   923,713     9,043   3.97       928,658     10,034   4.30       654,328     6,942   4.27  
    Total interest-bearing deposits   3,426,377     21,191   2.51       3,353,028     22,031   2.61       3,118,625     19,273   2.49  
    Borrowed funds   695,281     6,291   3.67       775,722     7,169   3.68       1,108,880     10,663   3.87  
    Subordinated debt   61,461     819   5.40       61,406     837   5.42       61,239     828   5.44  
    Total interest-bearing liabilities   4,183,119     28,301   2.74       4,190,156     30,037   2.85       4,288,744     30,764   2.89  
    Non-interest bearing deposits   706,217             703,886             699,640        
    Accrued expenses and other liabilities   94,819             97,918             99,594        
    Total liabilities   4,984,155             4,991,960             5,087,978        
    Stockholders’ equity   707,406             698,876             696,392        
    Total liabilities and stockholders’ equity $ 5,691,561           $ 5,690,836           $ 5,784,370        
                                       
    Net interest income     $ 31,791           $ 29,685           $ 27,884    
    Net interest rate spread(4)         1.76 %           1.54 %           1.39 %
    Net interest-earning assets(5) $ 1,230,856           $ 1,223,613           $ 1,229,198        
    Net interest margin(6)         2.38 %           2.18 %           2.03 %
    Average interest-earning assets to interest-bearing liabilities         129.42 %           129.20 %           128.66 %
     

    (1) Average yields and rates are annualized.
    (2) Includes non-accruing loans.
    (3) Securities available-for-sale and other securities are reported at amortized cost.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6) Net interest margin represents net interest income divided by average total interest-earning assets.

    The MIL Network –

  • MIL-Evening Report: The billions spent on NZ’s accommodation supplement is failing to make rent affordable – so what will?

    Source: The Conversation (Au and NZ) – By Edward Yiu, Associate Professor, School of Business, University of Auckland, Waipapa Taumata Rau

    Pixelbliss/Shutterstock

    New Zealand’s unaffordable housing market has left many low and middle-income families reliant on the accommodation supplement to cover rent and mortgage payments.

    But our new research has found the scheme, which costs the government almost NZ$5 billion a year, might not be an effective tool in addressing the country’s housing affordability crisis.

    Introduced in 1993, the accommodation supplement is a weekly, means-tested payment designed to subsidise part of a household’s rent or mortgage. The supplement is calculated independently of actual rent or mortgage payments.

    But our study looking at data from Auckland between 2019 and 2023 found accommodation supplement rental subsidies were not delivering meaningful improvements in affordability for renters. Subsidies used to support mortgage payments, however, appeared to be more effective in offering relief to low-income households wanting stable and affordable housing.

    Our results raise questions about whether the current policy of subsidising private rentals is working to address housing affordability in New Zealand.

    Renters left behind

    Our study compared the proportion of household disposable income spent on rent between households receiving the supplement versus those in the same income group who did not receive it.

    The results revealed a striking gap.

    In 2023 renters in the middle-income bracket who received the accommodation supplement were spending, on average, 35.6% of their income (including the supplement) on rent. Similar households without the subsidy spent 25.85% of their income on rent. This suggests the support is not significantly narrowing the affordability gap between subsidised and unsubsidised renters.

    This study also picked up potential signs of landlords inflating the rents for tenants receiving subsidies. This is known as “subsidy capturing”. On average, middle-income tenants receiving the accommodation supplement paid NZ$539.40 per week in rent in 2023. Non-recipients paid $502.90. That’s a 7.3% difference.

    Further research is needed to determine whether this discrepancy is due to rent inflation or differences in housing quality. But the finding aligns with international studies showing that subsidies can unintentionally drive up market rents.

    If landlords are capturing part of the subsidy by increasing rents, then the benefit meant for vulnerable tenants is being diluted.

    New Zealand’s housing market ranks as one of the least affordable in the OECD.
    ChameleonsEye/Shutterstock

    Greater promise with mortgage support

    Our data suggests mortgage support seems to level the playing field more effectively than rental assistance. The mortgage-to-income ratio for subsidised households stood at 25.55% and 29.95% in 2022 and 2023, respectively (income includes the supplement). This closely matches the 26.6% and 27.5% recorded for non-subsidised households in the same income group.

    One reason for the difference in the effectiveness of the supplement is that homeowners are typically required to contribute more upfront – a deposit – giving them a greater financial stake in their housing. This commitment may encourage better financial decisions and housing choices. It may also offer long-term benefits such as asset building and housing stability.

    Rental subsidies are essential for immediate relief, especially in emergencies or periods of transition. But our research calls into question their effectiveness in enhancing affordability. More targeted support for low-income homeowners could offer a more sustainable path forward.

    Intentions must match results

    The accommodation is undoubtedly grounded in good intentions. But considering how much of the national budget is being spent on housing-related welfare, it is essential the programmes deliver the best possible results for taxpayers.

    Measuring effectiveness is not about questioning the intent but about ensuring public resources truly achieve meaningful objectives.

    Simply increasing funding for subsidies is unlikely to solve the problem. As New Zealand confronts an ongoing housing affordability crisis, this study adds to growing evidence that policy effectiveness – not just how much is spent – is what truly matters.

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

    – ref. The billions spent on NZ’s accommodation supplement is failing to make rent affordable – so what will? – https://theconversation.com/the-billions-spent-on-nzs-accommodation-supplement-is-failing-to-make-rent-affordable-so-what-will-254779

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: A golden era for personalized medicine is approaching, but are we ready?

    Source: The Conversation (Au and NZ) – By Nazia Pathan, PhD, Postdoctoral Researcher, Population Health Research Institute, McMaster University

    Biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale (Piqsels/Siyya)

    If there’s a disease that seems to run in your family, if you’ve had a negative reaction to a drug or wondered why a standard treatment didn’t work on you, the answers may lie in your genes.

    The unique sequence of DNA that acts as a blueprint for building and maintaining your body often plays a major role in shaping your predisposition to diseases and reactions to drugs.

    Genes in the DNA make proteins, which can act as biomarkers or influence other types of biomarkers. Biomarkers are molecules in the body that help measure health conditions, such as those detected in blood or urine tests.

    Blood glucose, for example, is a biomarker for diabetes, cholesterol levels can be biomarkers for heart diseases and albumin is a protein used to assess kidney and liver functions.

    Tailoring treatments

    By understanding a patient’s unique genetic profile, biomarker readings and lifestyle information, doctors could tailor the most effective and safest treatments for that individual.

    Genetics offer the opportunity for individualized health care that can improve patient outcomes, save lives and alleviate strain on the health-care system.

    This is the promise of personalized medicine, which is already making a difference in areas such as cardiovascular diseases, cancer, mental health and rare diseases.

    The question is, are we prepared to seize this golden opportunity in Canada?

    Genetic testing and data

    Canadians are not averse to genetic testing. By 2018, a survey by Abacus Data showed around 11 per cent of Canadian adults had used direct-to-consumer genetic testing and analysis kits, and 60 per cent were open to ordering a test.

    This level of interest highlights a general acceptance of and readiness for genetic advancements in health care, which is encouraging, since we need much more reliable, population-level genetic information to make the most of this opportunity.

    Current genetic data is either scattered across relatively small, fragmented groups, which is severely limiting from a broader research perspective, or held by private companies. These companies have varying regulatory standards, raising concerns about privacy and data security, especially if a company is financially unstable or ceases to exist. This recently occurred when genetic testing company 23andMe filed for bankruptcy.



    Read more:
    With 23andMe filing for bankruptcy, what happens to consumers’ genetic data?

    The better model is publicly managed biobanks, which prioritize broad societal health over profit and offer stronger data protection through robust regulation of access, storage and usage. Strict oversight ensures the protection of individual privacy while promoting transparency.

    The potential of biobanks

    In this age of big data, biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale.

    This is possible because of technological advancements that allow large-scale genetic and biomarker testing, the adoption of cloud-based servers, and improvements in statistical modelling, machine learning and artificial intelligence.

    Establishing a biobank begins with collecting small amounts (five to 10 millilitres) of blood, saliva or tissue from consenting participants in the presence of health experts.

    Biobanks use next-generation sequencers to perform the genetic sequences at high speed, while the latest proteomics platforms enable measurement of thousands different biomarkers from a very small amount of blood. The resulting genetic and biomarker profiles are curated and made accessible through platforms like a national library.

    Countries such as the United Kingdom and the United States are paving the way with national efforts such as the UK Biobank and the All of Us Research Program.

    The British Biobank houses genetic and health data from more than 500,000 participants. Similarly, the U.S. program aims to enrol more than one million participants.

    Genomics in Canada

    As a genetic epidemiologist, I have had the opportunity to identify several potential genetic targets by using these treasure troves of information.

    The problem is that we don’t yet have a ready way of knowing if the results are directly applicable to the Canadian population.

    This is about to change. Genome Canada has launched the Canadian Precision Health Initiative to sequence the genomes of at least 100,000 Canadians.

    Biobanks enable scientists to study the relationships between genes, health and disease on an unprecedented scale.
    (Pixabay/Shameersrk)

    A Pan-Canadian Genome Library (PCGL) is also in the works to harmonize genetic data produced across Canada. It aims to capture, store and provide access to Canadian genomic data in a secure and ethical manner. Although this work is in the developmental phase, and the target population size remains unclear, these efforts are significant.

    These visions are closer to becoming a reality with the recent announcement of a $200 million investment in the Canadian Precision Health initiative. This is in addition to the more than $1 billion previously invested in health genomics research projects.

    These funds will support Canada’s Genomic centres, the PCGL, and enhance the translation of genomics into real-world applications, boosting the development of personalized medicine and advanced diagnostics to treat diseases.

    A potential model for the world

    Canada, with its uniquely diverse population, has a rare opportunity to lead the way in equitable, multi-ethnic genetic research that would address current biases that predominantly focus on individuals with European ancestry.

    This would ensure that everyone in Canada, including Indigenous communities, can benefit from this health-care revolution in an equitable, ethical and safe manner that balances privacy with the opportunities for groundbreaking research.

    With public trust and robust oversight, and making population-level data internationally accessible, Canada’s biobank initiative could become a model for the world in the golden era of personalized medicine.

    Nazia Pathan, PhD 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. A golden era for personalized medicine is approaching, but are we ready? – https://theconversation.com/a-golden-era-for-personalized-medicine-is-approaching-but-are-we-ready-250336

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Promotes Excellence and Innovation at HBCUs

    US Senate News:

    Source: The White House
    ADVANCING HBCU EXCELLENCE: Today, President Donald J. Trump signed an Executive Order to promote excellence and innovation at Historically Black Colleges and Universities (HBCUs).
    The Order establishes a White House Initiative on HBCUs, housed in the Executive Office of the President, to enhance HBCUs’ capacity to deliver high-quality education to a growing number of students.
    The Initiative will prioritize private-sector partnerships, institutional development, and workforce preparation in high-growth industries like technology, healthcare, manufacturing, and finance.
    The Initiative will enhance HBCUs’ capabilities by supporting implementation of the HBCU PARTNERS Act, fostering research and program excellence, improving affordability and retention, and building pipelines for students to attend HBCUs.
    The Initiative will work to address barriers to HBCUs receiving certain Federal and state grant dollars and to improve their competitiveness for R&D funding.
    The Initiative will convene an annual White House Summit on HBCUs to foster collaboration and address key priorities for HBCU success.

    The Order establishes the President’s Board of Advisors on HBCUs within the Department of Education, comprising leaders from philanthropy, education, business, finance, entrepreneurship, innovation, private foundations, and current HBCU presidents.
    EMPOWERING HBCUs FOR AMERICA’S FUTURE: President Trump supports our Nation’s incredible HBCUs and their critical contributions to opportunity, innovation, and the economic strength of the United States.
    HBCUs areessential to fostering opportunity, economic mobility, and national competitiveness, serving as engines of success for American students.
    HBCUs have made extraordinary contributions to the general welfare and prosperity of the United States while producing many leaders in business, government, academia, and the military.
    Nearly 300,000 individuals annually pursue their dreams at HBCUs throughout the United States.
    These institutions generate $16.5 billion in annual economic impact and support over 136,000 jobs, strengthening communities and the Nation. 
    BUILDING ON A LEGACY OF SUPPORT: President Trump is committed to elevating HBCUs as beacons of educational excellence and economic opportunity, building on transformative actions from his first term.  
    President Trump relocated the Federal HBCU Initiative to the White House to ensure direct oversight and prioritization, and will once again locate it there.
    President Trump signed the FUTURE Act into law, securing $255 million in permanent annual funding for HBCUs and increasing funding for Federal Pell Grants.
    President Trump authorized more than $100 million for scholarships, research, and centers of excellence at HBCU land-grant institutions.
    President Trump provided $322 million in hurricane-related relief to four HBCUs in 2018 so they could fully focus on educating their students.
     President Trump ensured that faith-based HBCUs received equal access to Federal support.

    MIL OSI USA News –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Advances AI Education for American Youth

    US Senate News:

    Source: The White House
    EMPOWERING AMERICA’S YOUTH: Today, President Donald J. Trump signed an executive order to create new educational and workforce development opportunities for America’s youth, fostering interest and expertise in artificial intelligence (AI) technology from an early age to maintain America’s global dominance in this technological revolution for future generations.
    AI is rapidly transforming the modern world, driving innovation, enhancing productivity, and reshaping how we live and work.
    America’s youth need opportunities to cultivate the skills and understanding necessary to use and create the next generation of AI technology.
    Early training in AI will demystify this technology and prepare America’s students to be confident participants in the AI-assisted workforce, propelling our nation to new heights of scientific and economic achievement.

    Preparing our students to be leaders in AI technology also requires investing in our educators, providing them with the tools and knowledge to both train students about AI and utilize the technology in the classroom.
    Lifelong learners also need new resources to develop technical skills for a rapidly evolving work environment that increasingly incorporates digital technology.
    PROMOTING AI LITERACY AND PROFICIENCY: President Trump promised to ensure and advance America’s position as the global leader in AI technology. By incorporating AI into education and providing AI training for educators, we will help equip the next generation of American AI innovators.
    To do this, President Trump is establishing the White House Task Force on AI Education.
    The task force will be chaired by the Director of the White House Office of Science and Technology Policy and include other key members of the administration, such as the Secretary of Education, the Secretary of Labor, and the Special Advisor for AI & Crypto.
    The task force will plan and help agencies implement a Presidential AI Challenge, which will encourage and highlight student and educator achievements in AI, promote wide geographic adoption of technological advancement, and foster collaboration between government, academia, philanthropy, and industry to address national challenges with AI solutions.
    The task force will also establish public-private partnerships to provide resources for K-12 AI education, both to enhance AI-related education but also to better utilize AI tools in education generally.
    The order directs the Secretary of Education to prioritize the use of AI in discretionary grant programs for teacher training and directs the Director of the National Science Foundation (NSF) to prioritize research on the use of AI in education.
    PREPARING AMERICA’S WORKFORCE: Protecting and preparing the American workforce for the challenges of the future has always been at the forefront of the President’s AI agenda.
    Today’s executive order instructs the Secretary of Labor to leverage authorities and financial incentives to increase participation in AI-related apprenticeships.
    It also instructs the Secretary of Labor to encourage States and grantees to use Workforce Innovation and Opportunity Act (WIOA) funding to develop AI skills and support work-based learning opportunities within occupations utilizing AI.
    The Secretary of Labor, through the Assistant Secretary of Labor for Employment and Training, in collaboration with the Director of NSF, will work with State and local workforce organizations and training providers to identify and promote high-quality AI skills education coursework and certifications across the country.
    The Secretary of Labor, the Secretary of Education, and the NSF Director will work together to create opportunities for high school students to take AI courses and certification programs.

    MIL OSI USA News –

  • MIL-OSI USA: Illuminating NYS Landmarks for Work Zone Awareness Week

    Source: US State of New York

    overnor Kathy Hochul today announced 13 State landmarks will be illuminated orange for “Go Orange Day” and to commemorate National Work Zone Awareness Week.

    “Safety for all New Yorkers is my top priority, especially those who have dedicated their careers to ensuring that our roadways are well maintained and safe for motorists,” said Governor Hochul. “This year, I encourage all New Yorkers to do their part by reducing speed, eliminating distractions and staying vigilant in work zones so that our hard-working and dedicated roadside workers are safe.”

    On Monday, Governor Hochul highlighted April 21-25, 2025 as National Work Zone Awareness Week. Throughout the week, the New York State Thruway Authority and State Department of Transportation will be hosting awareness events, lighting digital highway signs with safety messages and sharing important safety reminders on social media platforms. This continues the Governor’s commitment to traffic safety, from launching the public awareness campaign, “Slow Down, Move Over” and signing a bill to expand the “Move Over” law in 2023.

    Governor Hochul has proposed making the Automated Work Zone Speed Enforcement pilot program permanent and increasing penalties for repeat violators in her Fiscal Year 2026 Executive Budget, in addition to expanding the program to include Metropolitan Transportation Authority (MTA) Bridges and Tunnels and New York State Bridge Authority properties. Additionally, the Governor has proposed enhancing penalties for assaults against transportation workers, extending protections similar to those provided to many MTA and retail workers. These actions will improve safety for both highway workers and drivers.

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “The lighting of state landmarks as part of ‘Go Orange Day’ is a fitting tribute to the highway workers across New York who work every day in dangerous conditions to make our roads and bridges safe for all New Yorkers. I thank Governor Hochul for her ongoing commitment to protect our state highway workers by supporting the work zone speed camera program and encouraging all motorists to exercise extreme caution in work zones across New York State.”

    New York State Thruway Authority Executive Director Frank G. Hoare said, “We express our gratitude to Governor Hochul for emphasizing and raising awareness about work zone safety. The Governor’s leadership and commitment to expanding New York’s Move Over Law, proposing to make the Automated Work Zone Speed Enforcement program permanent, and increasing penalties for repeat offenders are crucial measures in safeguarding our hardworking individuals and ensuring they return home safely each day.”

    State Senator Lea Webb said, “As a champion of the ‘Move Over’ law which promotes driver and transportation safety, I’m proud that New York is standing up for our roadside workers. Seeing our state landmarks glow orange tonight is a powerful reminder of the men and women who risk their lives every day to keep our roads safe and accessible. It’s more than just a show of light – it’s a beacon of respect, appreciation and a call to action.”

    State Senator Jeremy Cooney said, “As chair of the NYS Senate Transportation Committee, ensuring the safety of New York’s roadside workers is a top priority. By slowing down and practicing extra caution in work zones, we can do our part to ensure our dedicated roadside workers return home safely each night. I’m proud to support Governor Hochul’s ‘Move Over Law’ to make our roads safer for both motorists and workers.”

    Assemblymember Bill Magnarelli said, “Work Zone safety continues to be a priority for me as Chair of the Transportation Committee. In 2021, I was proud to sponsor and get passed into law legislation creating a pilot program for the use of speed cameras in work zones. Our workers deserve a safe working environment and to safely go home to their families at the end of their shifts.”

    Landmarks to be lit include:

    • 1WTC
    • Governor Mario M. Cuomo Bridge
    • Kosciuszko Bridge
    • The H. Carl McCall SUNY Building
    • Alfred E. Smith State Office Building
    • Empire State Plaza
    • State Fairgrounds – Main Gate & Expo Center
    • Niagara Falls
    • The “Franklin D. Roosevelt” Mid-Hudson Bridge
    • Albany International Airport Gateway
    • MTA LIRR – East End Gateway at Penn Station
    • Fairport Lift Bridge over the Erie Canal
    • Moynihan Train Hall

    MIL OSI USA News –

  • MIL-OSI USA: Wittman, Warner, Kaine Call for Stronger Oversight of Nursing Homes Following Troubling Reports in Colonial Heights

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    Published: April 23 2025

    WASHINGTON, D.C. – Today, Congressman Rob Wittman (VA-01), Senator Mark Warner (D-VA), and Senator Tim Kaine (D-VA) called on the Centers for Medicare and Medicaid Services (CMS) to conduct enhanced oversight of nursing homes and implement stronger safeguards to protect seniors in the wake of alarming reports of alleged abuse, neglect, and falsified records coming out of Colonial Heights Rehabilitation and Nursing Center. 
    “These reports are simply heartbreaking; it is critical that our seniors receive the quality care they’ve earned and deserve,” the letter states. “We share the same goal of quality care for all seniors, and it is critical that we conduct rigorous review of the reports at Colonial Heights Rehabilitation and Nursing Center. … We look forward to working with CMS to improve Medicare for all Americans to ensure accountability and transparency in all Medicare expenditures.”
    Their letter references a December 2024 report from the U.S. Department of Health and Human Services Office of Inspector General (HHS OIG), which found that half of the sampled Skilled Nursing Facilities (SNFs) failed to properly adjust related-party costs in their Medicare reporting—resulting in over $1.7 million in overstated costs.
    Read the full letter here and below.

    MIL OSI USA News –

  • MIL-OSI USA: BREAKING: Rep. Mary Miller Calls for Investigation into Illinois High School Association’s Dangerous Policies

    Source: United States House of Representatives – Congresswoman Mary Miller (IL-15)

    FOR IMMEDIATE RELEASE

    DATE: April 23, 2025
    CONTACT: Gabriel Spencer, Gabriel.spencer@mail.house.gov

    WASHINGTON, D.C. — Congresswoman Mary Miller (IL-15) sent a letter to Attorney General Pam Bondi and Secretary of the Department of Education Linda McMahon, urging an immediate investigation into the Illinois High School Association (IHSA) and the State of Illinois for actions that undermine fairness and safety in girls’ sports. In the letter, Rep. Miller cites blatant violations of federal law and the rejection of biological reality as grounds for urgent federal investigation.

    Read the Fox News Exclusive HERE.

    “The Illinois High School Association has crossed a dangerous line. By blatantly violating federal law and rejecting biological reality, they are not only undermining fairness in girls’ sports — they’re putting the safety of young women at risk,” said Congresswoman Mary Miller. “I’m calling on Attorney General Pam Bondi and Secretary Linda McMahon to launch an immediate investigation into the IHSA and the State of Illinois. Governor JB Pritzker and radical Illinois Democrats must be held accountable for enforcing abusive, anti-science gender policies ahead of the safety of our daughters and the fairness of girls’ sports.”

    Read the letter to Attorney General Bondi and Secretary McMahon HERE.

    Congresswoman Mary Miller introduced H.R. 2452, the Keep Our Girls Safe Act. This legislation would codify President Trump’s Executive Order 14201 and strip federal funding from any school that defies the commonsense protections for women and girls established under President Trump’s leadership.

    Congresswoman Miller currently serves as Chair of the Congressional Family Caucus and sits on the House Committees on Agriculture, Education and Workforce, and House Administration.

    Website: Marymiller.house.gov | X: @RepMaryMiller | Facebook: @RepMaryMiller

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Wyden, Merkley Co-Sponsor Bills to Permanently Protect the Pacific and Atlantic Oceans from Offshore Drilling

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    April 23, 2025

    Wyden co-sponsors additional Merkley-led bill to protect the Arctic Ocean

    Washington, D.C. —U.S. Senators Ron Wyden and Jeff Merkley today announced they are co-sponsoring two bills that would permanently protect the Pacific and Atlantic oceans from the environmental and economic costs of fossil fuel drilling off our coastal shores. Merkley also led a bill to prohibit drilling in the Arctic, which Wyden also co-sponsored.  

    “The U.S. simply does not need to drill in the coastal waters of the Pacific. We have more than enough clean energy resources without putting Oregon’s outdoor recreation and seafood industries at risk,” Wyden said. “These bills are all about looking out for small businesses that depend on tourism and the fishing industry, rather than capitulating to the ‘oiligarchs’ whose only goal is to fatten their wallets, no matter the environmental and economic toil it could bring to our shores.”    

    “Offshore drilling guarantees future oil spills with devastating consequences: from oiled beaches to catastrophic damage to tourism, commercial sport fishing, and ocean ecosystems,” Merkley said. “Trump’s Dirty Energy First strategy would see his administration expand offshore drilling—all to enrich billionaire corporate polluters—but Senator Wyden and I are leading the charge to protect the Oregon Coast and beyond from dangerous offshore oil and gas drilling.”

    The West Coast Protection Act would permanently prohibit new oil and gas leases for drilling off the coast of California, Oregon, and Washington. 

    The Clean Ocean and Safe Tourism (COAST) Anti-Drilling Act would permanently prohibit the U.S. Department of the Interior from issuing leases for the exploration, development, or production of oil and gas in the North Atlantic, Mid-Atlantic, South Atlantic, and Straits of Florida Planning Areas of the U.S. Outer Continental Shelf.

    The Stop Arctic Ocean Drilling Act, led by Merkley, would permanently ban new or renewed leases for oil, gas, or mineral extraction in the Arctic Ocean Planning Areas of the Outer Continental Shelf, protecting one of the planet’s most fragile ecosystems. 

    This legislation comes following the 15th anniversary of the Deepwater Horizon oil spill, which resulted in the deaths of 11 workers, 134 million gallons spilled into the Gulf of Mexico over 87 days, the demise of thousands of marine mammals and sea turtles, and billions of dollars in economic losses from the fishing, outdoor recreation, and tourism industries.

    “The Pacific west coast economy provides over $80 Billion in GDP via industries like tourism, outdoor recreation, fishing, retail, and real estate, supporting more than 825,000 jobs. And BAPPC’s 8,100 business members rely on a clean ocean to drive their revenues and provide for their customers, employees and families. We strongly support the West Coast Protection Act and other legislation to prohibit new offshore drilling and protect our businesses by prioritizing a healthy coastal ecosystem,” said Grant Bixby, Founding Member, The Business Alliance for Protecting the Pacific Coast.

    In addition to Wyden and Merkley, the West Coast Protection Act is cosponsored by Senators Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Edward J. Markey (D-Mass.), Patty Murray (D-Wash.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), and Sheldon Whitehouse (D-R.I.) and led by Senator Alex Padilla (D-Calif.). 

    The COAST Anti-Drilling Act, led by Senators Cory Booker (D-NJ) and Jack Reed (D-R.I.), is co-sponsored by Wyden and Merkley, along with Senators Richard Blumenthal (D-Conn.), Chris Coons (D-Del.), Angus King (I-Maine), Markey, Sanders, Jeanne Shaheen (D-N.H.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), and Whitehouse.

    Merkley’s Stop Arctic Ocean Drilling Act was co-sponsored by Markey, Blumenthal, Sanders, and Warren, in addition to Wyden. 

    Full text of the West Coast Protection Act is here. 

    Full text of the COAST Anti-Drilling Act is here. 

    Full text of the Stop Arctic Drilling Act is here. 

    MIL OSI USA News –

  • MIL-OSI USA: Two UConn School of Nursing Students Attend a ‘Once in a Lifetime’ Conference Visiting State Senators and Representatives on Capitol Hill

    Source: US State of Connecticut

    DNP student Ryan Davis, CRNA, MSN and Sean Flaherty ’25 (NURS), have a passion for advocating, on a federal basis, for nurses and the profession itself.

    Accompanied by the School of Nursing’s Dean Victoria Vaughan Dickson, Ph.D., RN, FAHA, FHFSA, FAAN, these two students were able to take that passion to the Capitol where they attended the American Association of Colleges of Nursing annual Student Policy Summit.

    Established in 1969, the AACN currently represents over 875 schools of nursing in universities nationwide, UConn being one of them.

    The conference was held on March 30-31 in Washington, DC, open to baccalaureate and graduate nursing students. Only two students from each AACN member institution can attend and permission from the dean is acquired.

    “Nurses play a crucial role in health policy advocacy, influencing healthcare legislation and shaping the future of healthcare,” said Dean Victoria Vaughan Dickson, PhD, RN, FAHA, FHFSA, FAAN. “The Student Policy Summit provides student nurses with the unique opportunity to experience how nurses can effectively advocate for changes that benefit patients, their communities, and the broader healthcare system.”

    Ryan Davis, CRNA, MSN, posing at the American Association of Colleges of Nursing annual Student Policy Summit on March 30, 2025, in Washington DC. (Contributed Photo)

    Davis, a certified registered nurse anesthetist (CRNA) was nominated by her advisor Joy Elwell, DNP, FNP-BC, CNE, FAAN, FAANP, based on her DNP project which deals with recognizing CRNAs as advanced practice registered nurses (APRN) in her home state of New York, which is the only state in the nation that does not recognize them as such.

    The conference was an invaluable experience for Davis. She was able to witness a panelist who, like her, is a CRNA. Seeing him advocate on a federal level inspired and motivated her to continue doing the same.

    “Having these people in bigger platforms and on the federal level, just advocating for our profession is really nice to see,” Davis said.

    Like Davis, Flaherty has always had an interest in the legislative side of nursing, and after being nominated to go to the conference by the dean, he couldn’t say no.

    “I looked at this and I thought what a great opportunity, to go to Washington DC and do something completely different than what we traditionally are doing in this four-year program, which is nursing completely at the bedside,” he said.

    Sharing similar remarks to Davis, Flaherty said the conference was very insightful and showed him a side to the nursing profession that he is not used to seeing.

    It was humbling to see “how complex the field of nursing is and how many different alleys you can go down and still be extremely successful and influential,” Flaherty said.

    “It sounds so simple,” he added, but it was really “learning about the government.”

    Beyond the Bedside

    A key takeaway for both Davis and Flaherty was how nursing can go beyond the bedside.

    “Hearing some of the speakers and the panels, how they advocate and what they advocate for is just so inspiring for me to want to take it beyond my practice of doing nurse anesthesia and take it more politics and health policy,” said Davis.

    The importance of advocacy and being exposed to multiple nursing avenues was a crucial part in the students’ experience at the conference.

    “To be involved in the other side of nursing, this legislative making process with all of the rules and regulations, the laws and the practices of what we [as nurses] practice by was really neat to kind of open my eyes to that side of nursing,” Flaherty said.

    Using Your Voice

    The conference taught Davis a lot – how to speak to legislators, write letters, and follow up – but what she really learned, was how to use her voice.

    “What I got from it in terms of applying it to my DNP project and even as a UConn student is to not be afraid to use my voice when it comes to advocating for something that I believe in or something that my profession needs, such as being APRNs,” she said.

    They had the opportunity to visit with Connecticut Senators and Representatives “to discuss the importance of support for nursing, nursing research, and nursing education,” said Dickson.

    Specifically, they discussed the importance of the PRECEPT Nurses Act and the Title VIII Nursing Workforce Development Programs.

    The PRECEPT Nurses Act is a bill that provides a tax credit for nurses “who serve at least 200 hours as a clinical preceptor to nursing students, advanced practice nursing students, or newly hired licensed nurses in a Health Professional Shortage Area,” according to the AACN website.

    The Title VIII Nursing Workforce Development Programs address nursing workforce demand including education, retention, practice, and recruitment.

    Flaherty also advocated for university funding. As an out-of-state student from upstate NY, he knows how crucial financial aid is in supporting the nursing workforce.

    There’s plenty of people who want to be in the workforce and continue their education in the nursing field, but they can’t afford the education of a state school, said Flaherty. “If you’re going to talk about how we have this nursing shortage, the quick solution would be to get more nurses,” he said. “And how do we do that? It’s funding students to be able to have that education because the number one barrier is going to be the cost.”

    MIL OSI USA News –

  • MIL-OSI Security: Randolph County Man Sentenced for Methamphetamine Trafficking

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – William Durnal, 60, of Elkins, West Virginia, was sentenced today to 100 months in federal prison for methamphetamine possession and distribution.

    According to court documents and statements made in court, Durnal was part of a drug trafficking organization that was distributing large amounts of methamphetamine, fentanyl, and cocaine in Morgantown, West Virginia. A search of his home recovered hundreds of grams of methamphetamine. Durnal has a criminal history that includes theft, forgery, burglary, battery, and passing counterfeit money.

    Durnal will serve three years of supervised release following his prison sentence.

    Assistant U.S. Attorney Zelda Wesley and Stephen Warner prosecuted the case on behalf of the government.

    Investigative agencies include the Mon Metro Drug Task Force and the Mountain Region Task Force, both HIDTA-funded initiatives.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –