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Category: KB

  • MIL-OSI Economics: InvestiRay: BaFin warns consumers about the website investi-ray.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the website investi-ray.com. According to information available to BaFin, financial and investment services are being provided on these websites without the required authorisation. The company is not supervised by BaFin.

    The operator claims to be supervised by “Crypto Assets Control”, which is not an official financial market authority. Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. Crypto Assets Control does not have the power to grant such authorisation.

    Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Staff Conclude Article IV Discussions and Reach Staff-Level Agreement on the Second Review under the Extended Credit Facility

    Source: International Monetary Fund

    October 31, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. 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’s Executive Board for discussion and decision.

    • IMF staff and the Somali authorities have reached a staff level agreement on the second review under the Extended Credit Facility (ECF). Program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks.
    • Real GDP growth has been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances. However, risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks.
    • Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth. This includes strengthening tax capacity and public financial management, promoting financial deepening, and improving governance.

    Washington, DC: A staff team from the International Monetary Fund (IMF), led by Ms. Laura Jaramillo, conducted discussions with the Somali authorities in Istanbul and in Washington DC on the 2024 Article IV consultation and reached a staff-level agreement on the second review of the Extended Credit Facility (ECF) arrangement that was approved by the IMF’s Executive Board in December 2023 (Press Release No. 23/463). This agreement is subject to approval of the IMF’s Executive Board.  

    At the conclusion of the discussions, Ms. Jaramillo issued the following statement:

    “Somalia’s real GDP growth outlook has improved, though challenges and risks remain significant. Positive trends in agriculture, exports, and remittances in 2024 are expected to continue in 2025. As a result, real GDP growth has been upgraded to 4 percent in 2024 and 2025, up by an average ¼ percentage point compared to previous forecasts. Inflation is expected to continue on a downward trend to 4.5 percent by end 2024, although the pace is slower than anticipated earlier. Despite security challenges, the Somali government remains steadfast in its fight against terrorism and continues to work with international partners to ensure a successful transition from the current African Union Transition Mission to a new force by January 2025. Near-term risks to the outlook include climate shocks, domestic and regional security developments, lower global growth, and higher commodity prices.

    “The authorities continue to focus on raising domestic revenue, aiming to fully cover operational expenditure with domestic revenues by 2027, while also accommodating higher education and health spending. Fiscal outturns in 2024 have been in line with expectations, and an overall deficit of 0.2 percent of GDP is expected for the year. The 2025 draft budget envisages domestic revenues of 3.3 percent of GDP and an overall fiscal deficit of 0.2 percent of GDP, assuming continued access to grant financing, which remains critical for Somalia.

    “The authorities recognize the importance of making steady progress on fiscal reforms. Key revenue measures—guided by the recently published Medium-term Revenue Roadmap—include the ongoing customs modernization, a new income tax law, and stronger enforcement of sales and income taxes. Public financial management continues to be strengthened, with important progress made on payroll integrity. Reforms to improve the debt management framework and capacity are also progressing well. Measures are also being taken to finalize the extractive industries legal framework, including to enhance transparency and accountability.

    “The Central Bank of Somalia (CBS) is advancing institutional governance and financial sector reforms. Focus is on promoting financial deepening, including by enhancing the legislative and oversight frameworks, improving the quality of regulatory data, and augmenting CBS technical capacity. Efforts continue to strengthen the framework for anti-money laundering and the combating the financing of terrorism to comply with international standards.

    “The authorities intend to reintroduce the Somalia Shilling (SOS) and adopt a currency board arrangement. The new SOS notes will provide an important liquidity function by facilitating payments for small value transactions and will promote financial inclusion for the most vulnerable. To provide a stable and predictable policy environment to ensure confidence in SOS across Somalia, the authorities are also starting preparations for introducing a currency board arrangement, with IMF capacity development support. Implementation of these reforms would take an estimated 18-24 months after prerequisites are in place, including necessary external financing.

    “The authorities are also committed to advancing steps to bolster inclusive growth and poverty reduction, improve resilience to climate shocks, and enhance trade integration. Raising human capital by increasing the educational attainment of Somali children and closing gender gaps in education can bring significant growth dividends. Building resilience against climate shocks and strengthening food security is also a priority. Given Somalia’s very limited resources, financing and technical assistance support from international partners remains crucial. The East African Community presents important opportunities, challenges, and risks for Somalia and the integration process needs to be managed carefully.  

    “The mission would like to express gratitude to Somali authorities for constructive and fruitful discussions. Meetings were held with the Minister of Finance, Minister of Petroleum, the CBS Governor, other government officials, development partners, and representatives from the private sector.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI China: Xi’s article on promoting high-quality, sufficient employment to be published

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 31 — An article on promoting high-quality and sufficient employment by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, will be published on Friday.

    The article by Xi, also Chinese president and chairman of the Central Military Commission, will be published in this year’s 21st issue of the Qiushi Journal, a flagship magazine of the CPC Central Committee.

    MIL OSI China News –

  • MIL-OSI Security: Defense News: Navy Recruiting Command Announces FY25 Recruiting Goals

    Source: United States Navy

    For Fiscal Year 2025, the Navy has set a target to recruit 40,600 new Sailors. This reflects the growing needs of the Navy as it continues to modernize and strengthen its capabilities.

    While the Navy is confident in achieving this target, it acknowledges several challenges ahead. The labor market remains competitive, with military service being just one of many career options for young Americans. The Navy recognizes the need to refine its messaging to ensure recruits understand the Navy as a premier choice for professional development, education, and service to the country.

    Moreover, evolving societal expectations around work-life balance and career flexibility will require the Navy to adapt its offerings to remain competitive. The Navy is also preparing to address demographic shifts and the unique expectations of Generation Z, who consume information and make career decisions differently from previous generations. The Navy will continue leveraging digital platforms, personalized outreach, and social media to connect with this new generation of recruits.

    In FY25, the Navy will continue recruiting individuals of the highest caliber who meet the Navy’s culture, mission, and specific roles, offering them the breadth and depth of opportunities that stretch from the depths of the sea to the heights of the stars. The Navy seeks recruits who align with the Navy’s core values and who can meet the physical, mental, and career expectations that come with military service. This approach aims to improve long-term retention, job satisfaction, and overall unit cohesion, ensuring that the Navy is not only well-staffed but also well-prepared to thrive in the future.

    Looking forward to FY25, Rear Adm. James Waters, Commander, Navy Recruiting Command, expressed optimism: “We are building on the foundation of success from FY24 while tackling new challenges head-on. With the strategies we’ve implemented, the talent we have in place, and the support from leadership, I’m confident that we’ll meet our goals and continue to bring in the best and brightest to serve our nation.”

    To learn about careers, joining the Navy, and the latest incentives, visit https://www.navy.com.

    Navy Recruiting Command consists of a command headquarters, two Navy Recruiting Regions, Navy Recruiting Reserve Command, and 26 Navy Talent Acquisition Groups that serve more than 1,000 recruiting stations around the world. Their mission is to attract the highest quality candidates to assure the ongoing success of America’s Navy.

    For more news from Navy Recruiting Command, go to https://www.cnrc.navy.mil. Follow Navy Recruiting on X (@USNRecruiter), Instagram (@USNRecruiter), LinkedIn (https://www.linkedin.com/company/comnavcruitcom), and Facebook (https://www.facebook.com/CommanderNavyRecruitingCommand).

    MIL Security OSI –

  • MIL-OSI Canada: CIPO Hosts 26th Annual CIPO-WIPO Executive Program

    Source: Government of Canada News

    The Canadian Intellectual Property Office (CIPO), in collaboration with the World Intellectual Property Organization (WIPO), successfully hosted its 26th annual CIPO-WIPO Executive Program from October 7 to 11, 2024, in the National Capital Region. This Program brought together senior officials from 9 intellectual property (IP) offices around the world to strengthen their skills in IP management and governance.

    On October 7th, 2024, the CEO of CIPO Mr. Konstantinos Georgaras and the Deputy Director General (DDG) of WIPO Mr. Hasan Kleib signed a bilateral Memorandum of Understanding (MOU) on delivering joint training for senior officials from IP Offices around the world. The MOU solidifies collaboration between the two organizations through the revamped CIPO-WIPO Executive Program which started 27 years ago..

    Since its inception in 1997, CIPO has collaborated with WIPO to offer an annual Executive Program, sharing management and governance techniques with IP offices from developing countries. The Program’s objective is to provide capacity building and a forum for exchange between senior IP officials from developing countries and CIPO. This annual event has become a key platform for international collaboration.

    The 2024 Program was re-designed to address current challenges, with sessions focused on reducing backlogs, improving quality control, and introducing new services to better serve stakeholders. 2024 also marked the first in-person edition since the pandemic. CIPO was honored by the attendance of WIPO’s DDG Mr. Hasan Kleib to mark this special occasion.

    “We are proud to continue our long-standing partnership with WIPO to deliver this program, which is instrumental in fostering international cooperation and advancing the global IP system. It is, in fact, CIPO’s flagship technical assistance initiative. This program allows us to share skills and knowledge with IP offices worldwide, exchange practices and experiences, and brainstorm solutions to the changing IP landscape.”

    – Konstantinos Georgaras, Commissioner of Patents, Registrar of Trademarks and Chief Executive Officer

    MIL OSI Canada News –

  • MIL-OSI Canada: Premier’s statement on Diwali

    Source: Government of Canada regional news

    Media Contacts

    Office of the Premier

    Media Relations
    premier.media@gov.bc.ca

    https://news.gov.bc.ca/31763

    MIL OSI Canada News –

  • MIL-OSI Australia: Applying for a private ruling

    Source: Australian Department of Revenue

    The easiest way to send your ruling application is by using one of our forms. They will help you give us the information we need.

    Complete an application form or send a letter

    You can use these forms to apply for a private ruling:

    You can send a letter instead of using a form. Check the Information we need to make sure it is valid and complete.

    Information we need

    You need to include all relevant information in your application even if you use our application forms. You may need to include supporting documents.

    Your questions

    Write clear questions so we can identify your issues accurately and fully. If you’re not a tax professional, you don’t need to refer to the law. If you’re a tax professional, refer to the specific provisions of law you need a ruling on.

    Facts describing the situation

    You must give us a description of all the facts relevant to your scheme or circumstance. Include details of any previous rulings you received on your issue.

    Your private ruling won’t apply if there is any substantial difference between what you:

    • describe in your private ruling
    • actually do.

    If the scheme you describe is only a proposal, the facts must still be reasonably certain. We can’t issue private rulings about hypothetical situations.

    Your arguments and references

    If you’re not a tax agent or other tax professional, this section is optional. If you’re a tax agent or other tax professional, show the results of your research. Include your opinion about how the law applies to the question.

    Valuations

    If your ruling will need a valuation of something, such as an item of plant, we may refer the matter to a professional valuer. They can determine the value or to review a valuation report you’ve included.

    For more information see Private rulings and valuations.

    Supporting documents

    We give details of Supporting documents or information required for common topics private rulings are requested on.

    See Reference guide for private rulings for more information on completing your application.

    Signature

    Lodged by you

    You must sign your application if lodging by fax or post.

    Lodged by your agent

    If the application is lodged by your agent, they must sign a declaration certifying that:

    • The application has been prepared in accordance with information you have supplied.
    • A written declaration has been obtained from you certifying that the information provided is true and correct. This declaration doesn’t need to be lodged with the application but must be presented if requested.
    • The legal personal representative has been authorised to provide the private ruling application.

    The following representatives can be your agent:

    • spouse
    • relative
    • friend
    • another agent
    • tax agent, or
    • other tax professional authorised to give this application to the Commissioner of Taxation.

    If you’re using one of our forms, see How to complete the private ruling application form for information about your signature requirements.

    Send your application

    Online

    If you’re a tax agent, lodge using:

    If you’re an individual or a sole trader or business with an ABN, lodge using:

    If you’re an individual without an ABN, you can’t lodge through our online portals at this time.

    Fax or post

    Fax and postal details for private rulings

    Entity type or matter

    Fax

    Post

    Individuals and micro business (less than $2 million turnover)

    1300 139 011

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Small and medium businesses and private entities (more than $2 million turnover)

    (02) 6225 0906

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Not-for-profit

    (02) 6225 0906

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Excise including fuel schemes and wine equalisation tax

    1300 650 128

    Australian Taxation Office
    PO Box 3001
    PENRITH  NSW  2740

    Superannuation

    1300 669 846

    Australian Taxation Office
    PO Box 3100
    PENRITH  NSW  2740

    Listed companies, foreign owned entities and international matters

    1300 661 106

    Australian Taxation Office
    PO Box 377
    ALBURY  NSW  2640

    Non-commercial losses

    1300 139 011

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Goods and services tax

    1300 139 031

    Australian Taxation Office
    PO Box 3524
    ALBURY  NSW  2640

    Resource rent taxes (petroleum or mineral)

    1300 139 011

    Australian Taxation Office
    PO Box 1130
    PENRITH  NSW  2740

    Accounting, debt, lodgment or registration matters

    1300 139 035

    Australian Taxation Office
    PO Box 9990
    ALBURY  NSW  2640

    Investment schemes advice

    1800 033 211

    Australian Taxation Office
    PO Box 3546
    ALBURY  NSW  2640

    Timing

    If you want to apply for a private ruling when you lodge your tax return, don’t attach the form to your tax return. Lodge your ruling application separately.

    You must lodge your tax returns and activity statements by the due date, even if you’re waiting for us to give you a private ruling.

    MIL OSI News –

  • MIL-OSI: Chimoney Launches a cash app for Canadians: Interledger-Powered Global Payments with Just an Email or Phone Number

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Oct. 31, 2024 (GLOBE NEWSWIRE) — As Canadians increasingly seek affordable, digital solutions for local and cross-border payments, Chimoney, a Techstars-backed Canadian startup, is thrilled to announce the launch of the Chimoney App, designed specifically for Canadians who want seamless payments in Canada and internationally. Using just an email address or phone number, Chimoney’s app empowers Canadians to send money to over 100 countries quickly and easily and is one of the first Canadian platforms to integrate the open Interledger Protocol (ILP), reinforcing Chimoney’s mission of unlocking economic opportunities for everyone, everywhere.

    “With Canadians conducting over $10.8 trillion in total payment transactions in 2021, the Chimoney App is uniquely positioned to meet the rising demand for seamless payments designed specifically for Canadians in Canada and those living and traveling abroad,” said Uchi Uchibeke, Founder and CEO of Chimoney. “Our integration with Interledger is part of our commitment to giving people financial freedom, letting them send and receive money worldwide without the usual friction.”

    Key Features That Make the Chimoney App Unique

    1. Send Money Globally with Just a Tap
      Canadians can now send money to over 100 countries with only an email or phone number. Chimoney removes the need for traditional bank information, making payments as easy as sending a text message. This feature is especially important for Canadians traveling and looking to share bills, like Dinner bills, between themselves and non Canadians.
    2. Multi-Currency Wallets
      With support for CAD, USD, and NGN, Chimoney App users can hold, manage, and exchange multiple currencies instantly at competitive rates.
    3. Flexible Payment Options
      Recipients choose how they want to receive their funds:
      • Bank account
      • Mobile money
      • Airtime
      • Gift cards
      • Other local options. This flexibility makes Chimoney an ideal solution for anyone receiving international payments.
    4. Universal Payment Links and CAD Bank Accounts
      Freelancers, businesses, and international students can receive payments from clients worldwide with Chimoney’s universal payment links, while CAD bank accounts help Canadians manage their finances locally while connecting globally.
    5. Open Payments with Interledger Integration
      Chimoney is one of the first companies to integrate Interledger, providing Canadians with secure, interoperable payments across borders. With Interledger integration, users can complete transactions on web monetization-enabled pages and receive payments from anyone online.

    Chimoney is Built For Supporting Canadians and Strengthening the Economy

    • Everyday Canadians and Small Businesses
      Chimoney understands the realities Canadians face with rising costs for housing, groceries, and daily expenses. Built for hard-working Canadians and local businesses, Chimoney’s mix of CAD bank accounts, currency exchange, and simple payment solutions provides an affordable way to manage finances and support a stable economy. Whether it’s sending funds across borders or sharing bills, Chimoney offers the financial tools that Canadians deserve.
    • Freelancers and Remote Workers
      Canada’s talented freelance and remote workforce deserves payment options that keep up with their global demand. Chimoney’s Universal Payment Links (UPA) and multi-currency wallets ensure Canadians working for international clients receive payments smoothly and on time while reinforcing Canada’s role as a hub for global talent.
    • International Students Who Respect Canada’s Values
      Chimoney recognizes that Canada attracts top-tier students from around the world, and we’re here to support those who contribute positively to our communities. With Chimoney, international students can manage their finances without additional bank accounts, so they can focus on education and contribute to our society without adding strain on local resources.
    • Canadian Associations and Community Groups
      Chimoney is proud to support Canadian associations, local organizations, and community groups. With dedicated partnership benefits, we’re here to help Canadian-based groups manage finances efficiently while offering perks to their members. For groups that want reliable, Canadian-focused financial tools, Chimoney is an ideal choice to support their unique needs.

    Interledger Protocol Support: Secure, Open, and Reliable The Chimoney App is powered by the open Interledger Protocol, providing Canadians with a secure, fast, and reliable way to transfer funds across borders. This interoperability enables seamless financial inclusion, a groundbreaking feature that sets Chimoney apart from other Canadian payment apps.

    “We’re thrilled to bring this to Canadians,” said Uchi Uchibeke, Founder and CEO of Chimoney. “Our integration with Interledger is part of our commitment to giving people financial freedom, letting them send and receive money worldwide without the usual friction.”

    Download the Chimoney App Today

    Experience seamless, cross-border payments today—download Chimoney on the App Store or Google Play Store.

    About Chimoney: Chimoney is a Toronto-based, Techstars-backed fintech company providing multi-currency Wallets API and infrastructure for cross-border Payments. Through innovative products like the Chimoney App, Chimoney aims to provide unparalleled financial services that promote inclusivity and economic empowerment. With support for payouts in over 100 countries, empowers individuals and businesses to connect financially across borders. With access to over 100 countries, multi-currency wallets, and a focus on innovation and inclusivity, Chimoney serves as a bridge between local simplicity and global reach.

    The MIL Network –

  • MIL-OSI: HUMAN Uncovers Phish ‘n’ Ships Scheme That Stole Tens of Millions from Unsuspecting Shoppers

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — HUMAN Security, Inc., the global cybersecurity leader in disrupting bot attacks and preventing digital fraud and abuse, announced today that its Satori Threat Intelligence and Research team has uncovered a complex fraud operation called Phish ‘n’ Ships that stole tens of millions of dollars from unsuspecting consumers hunting for hard-to-find items.

    Named for the operation’s ability to phish consumers of their payment card information while not shipping them the items they believe they paid for, the scheme centered on fake web shops that abuse digital payment providers to steal consumers’ money and payment card information. The Satori team identified over 1,000 infected websites used by the threat actors to stage fake product links, which redirected to 200+ fake webshops with 121 still active during the investigation. Through consultations with the affected payment processors, Phish ’n’ Ships has been disrupted: the fake product listings that made up a key source of traffic to the fake web stores have been removed by Google from the search results, and the threat actors’ accounts have been removed from the payment processor platforms. Dozens of storefronts were taken down in collaboration with HUMAN partners. However, the operation is still active, and Satori researchers continue to monitor the threat actors for new evolutions of the scheme.

    “Phish ‘n’ Ships is especially devious because it stole tens of millions of dollars from unsuspecting consumers hunting for hard-to-find items,” said Gavin Reid, Chief Information Security Officer at HUMAN. “We’ve estimated that hundreds of thousands of consumers were victimized over the past five years due to this scheme. Especially during the holiday season when more consumers will be online shopping for gifts, helping our clients protect their customers from threats like these is paramount.”

    The scheme reinforces the role digital advertising plays in fraud, since ads and sponsored search listings lead unsuspecting consumers to fake web stores. The threat actors behind Phish ‘n’ Ships used well-known vulnerabilities to infect over 1,000 websites and stage fake product listings that reached the top of search results in Dutch, English, French, and German. The techniques used included coordination of search results, SEO poisoning and cashing out with fake shops.

    “Phish ‘n’ Ships underscores the value across the entire customer journey of a unified approach to digital fraud and abuse,” said Lindsay Kaye, Vice President of Threat Intelligence at HUMAN. “Components of the scheme targeted consumers at every stage in their buying journey, from seeing and clicking on an ad to arriving on and interacting with a web store to checking out through a payment provider integration. Understanding and stopping Phish ‘n’ Ships requires a full-spectrum plan of attack.”

    HUMAN customers were not directly affected by this threat. Our Satori Threat Intelligence and Research team proactively hunts for—and disrupts—new and emerging threats like Phish ‘n’ Ships, protecting HUMAN customers from the impacts of digital fraud. HUMAN customers enjoy priority access to information about investigations like Phish ‘n’ Ships and benefit from the enhanced AI-derived capabilities of our Decision Engine.

    About HUMAN

    HUMAN is a leading cybersecurity company committed to protecting the integrity of the digital world. We ensure that every digital interaction, transaction, and connection is authentic, secure, and human. The Human Defense Platform safeguards the entire customer journey with high-fidelity decision-making that defends against bots, fraud, and digital threats. Each week, HUMAN verifies 20 trillion digital interactions, providing unparalleled telemetry data to enable rapid, effective responses to even the most sophisticated threats. Recognized by our customers as a G2 Leader, HUMAN continues to set the standard in cybersecurity. To ensure your digital connections are trusted, visit www.humansecurity.com

    Contact:

    Masha Krylova, Director of Communications

    press@humansecurity.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/66bca057-8466-45cc-8773-a20bf18312f2

    The MIL Network –

  • MIL-OSI Europe: ECB publishes consolidated banking data for end-June 2024

    Source: European Central Bank

    31 October 2024

    Chart 1

    Total assets of credit institutions headquartered in the EU

    (EUR billions)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate of total assets of credit institutions headquartered in the EU

    Chart 2

    Non-performing loans ratio of credit institutions headquartered in the EU

    (EUR billions; percentages)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate non-performing loans ratio of credit institutions headquartered in the EU

    Chart 3

    Return on equity of credit institutions headquartered in the EU in June 2024

    (percentages)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate return on equity of credit institutions headquartered in the EU

    Chart 4

    Common Equity Tier 1 ratio of credit institutions headquartered in the EU in June 2024

    (percentages)

    Source: ECB

    Note: Data for all reference periods relate to the EU27.

    Data on the aggregate Common Equity Tier 1 ratio of credit institutions headquartered in the EU

    The European Central Bank (ECB) has published consolidated banking data as at end-June 2024, a dataset for the EU banking system compiled on a group consolidated basis.

    The quarterly data provide information required to analyse the EU banking sector and comprise a subset of the information that is available in the year-end dataset. The data cover 344 banking groups and 2374 stand-alone credit institutions and non-EU controlled subsidiaries and branches operating in the EU, accounting for nearly 100% of the EU banking sector’s balance sheet. They include an extensive range of indicators on profitability and efficiency, balance sheet composition, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency. Aggregates and indicators are published for the reporting population.

    Reporters generally apply International Financial Reporting Standards and the European Banking Authority’s Implementing Technical Standards on Supervisory Reporting. However, some small and medium-sized reporters may apply national accounting standards. Accordingly, aggregates and indicators may include some data that are based on national accounting standards, depending on the availability of the underlying items.

    In addition to data as at end-June 2024, the published figures also include a few revisions to past data.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 5482.

    Notes

    • These consolidated banking data are available in the ECB Data Portal.
    • More information about the methodology used to compile the data is available on the ECB’s website.
    • Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Victims, Witnesses, and Justice Reform Bill update

    Source: Scottish Government

    Amendments to landmark legislation.

    Justice Secretary Angela Constance has updated Parliament on proposed amendments to the Victims, Witnesses, and Justice Reform Bill.

    The Justice Secretary told MSPs that, having listened to the cross-party Criminal Justice Committee and a wide range of other views, a plan to enable a time-limited pilot of single-judge trials for rape and attempted rape cases will not be pursued.

    The Government also plans to amend the Bill, subject to MSPs’ approval, to enable more detailed research into jury deliberations, including how rape myths may affect verdicts.

    The Bill includes measures to remove Scotland’s ‘not proven’ verdict and to increase the current simple majority required for a criminal conviction to a two-thirds majority of jurors. However, in line with committee recommendations, proposals to cut the jury size from 15 to 12 will be dropped.

    Victims of crime are to receive improved support, advice and information as part of planned reforms to the Victim Notification Scheme – to be delivered through the Bill – as announced earlier this month.

    Ms Constance said:

    “This Bill proposes a significant package of reforms to ensure victims are placed at the heart of Scotland’s justice system, such as creating a specialist Sexual Offences Court, establishing a Victims & Witnesses Commissioner and abolishing the ‘not proven’ verdict.

    “I want to build as much consensus as possible for this important legislation. Clearly there is not enough parliamentary support at this time for the proposal to enable a time-limited pilot of single-judge trials for cases of rape and attempted rape, so we will no longer pursue this.

    “I remain concerned by the substantial evidence that juries may be influenced by rape myths and I will introduce amendments to the Bill to allow for more detailed research into jury deliberations. We will undertake further work with justice partners to agree how to challenge and reduce the impact of rape myths. This might include, for example, further interventions or educational resources for jurors and the wider public.

    “I believe that the most prudent approach to jury reform, including the abolition of the ‘not proven’ verdict, is to seek support for a model with two verdicts – ‘guilty’ and ‘not guilty’ – 15 jurors, and a two-thirds majority requirement for conviction.

    “I look forward to working with partners and colleagues across Parliament to deliver what I believe is a shared ambition to ensure victims and witnesses are placed at the heart of the justice system and treated with compassion.”

    Background

    Justice Secretary’s letter to the Criminal Justice Committee

    Improved support for crime victims

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Keynote – 2024 Nuclear Law School

    Source: Government of Canada News

    On October 25, 2024, Pierre Tremblay, CNSC President and CEO, delivered the keynote address at the Canadian Nuclear Law Organization’s Nuclear Law School 2024, held in Toronto, Ontario. In his remarks, he spoke about areas of focus for the CNSC and the important function the CNSC’s Legal Services team plays in supporting Canada’s nuclear regulator.  

    – Check against delivery – 

    Introduction

    Good afternoon, everyone. Thank you for that kind introduction.  

    Bonjour. Merci pour cette aimable présentation. 

    I would like to acknowledge that we are gathered here today on the traditional territory of many nations, including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples, and on what is now home to many diverse First Nations, Inuit, and Métis peoples. 

    I am honoured to work with and learn from communities across unceded lands throughout Canada, and want to acknowledge all First Nations, Inuit, and Métis peoples who’s original and treaty territories we stand upon across Turtle Island.

    As mentioned, I am Pierre Tremblay, President of the 

    Canadian Nuclear Safety Commission, or CNSC. I have now had the privilege of leading the CNSC for almost 3 months, and I could not be happier to be speaking to you all today on behalf of the regulator. 

    I’m so pleased you have also had the opportunity to hear from some of the CNSC’s many experts, with Pascale Bourassa speaking about the practical considerations around compliance with and enforcement of the nuclear regulatory requirements for Canadian export controls. 

    And from Catherine Howlett on the role of the regulator and how we intend to manage licensing decisions in the context of the Impact Assessment Act. 

    I myself have 40 years in Canada’s nuclear sector, all of which have been very rewarding. My career has given me a deep appreciation and respect for the people who work in the sector and their shared focus on safety and the culture that supports it. 

    My new position with the CNSC is affording me the opportunity to play an essential role in the nuclear sector by serving the public in protecting Canada’s environment and its people. 

    The CNSC is a world class nuclear regulator and I’m honoured to be leading this organization through such an exciting period for the nuclear sector. 

    For my remarks this afternoon, I’d like to speak about the work the CNSC is doing to fulfil our important mandate, while ensuring our readiness for the future.

    Important Work of the Regulator

    As Canada’s nuclear regulator, the CNSC oversees the full lifecycle of nuclear facilities and activities, regulating the use of nuclear energy and materials to protect the health, safety, and security of people and the environment while ensuring Canada’s respect for its international obligations, including non-proliferation. 

    All licensing decisions are made by the Commission, a quasi-judicial, independent tribunal set up at arm’s length from government, and with no ties to the nuclear industry. 

    This is an interesting and crucial time for Canada’s nuclear sector. With a growing global energy demand, driven by electrification and our collective response to climate change, the potential for nuclear as a reliable baseload energy source is significant.

    Given Canada’s long history and expertise in the nuclear field, there is of course a strong interest in maintaining its competitive advantage, and to keep pace with countries that are heavily investing in nuclear.

    While the CNSC is independent and impartial, we are aware of and engaged with the external environment in which nuclear operates. 

    The increased attention on and priority of nuclear are important factors motivating the CNSC to ensure regulatory readiness and efficiency. 

    This is particularly true as we prepare for the eventual deployment of advanced and small modular reactor technologies.

    In regulating to ensure safety, readiness and efficiency is achievable with no corners being cut. Our expectations for industry are the same. Together, we can all ensure the safe deployment of nuclear projects.

    The possibility of the broad deployment of small modular reactors – or SMRs – requires us to be ready in new and different ways.

    This is just one driver to modernize our regulatory framework and practices. 

    As a part of our modernization efforts, we undertook a full strategic review of the CNSC’s regulatory framework to identify gaps and opportunities for improvement to ensure clarity of requirements for SMRs, such as shifting from a prescriptive approach to a technology-neutral performance-based approach.

    This includes proposed Nuclear Security Regulations that respond to changes in security threats and adapt to technological advancements. 

    The current regulations do not in our view adequately consider a risk-informed approach – nor do they consider different technologies, sizes, locations, and alternative approaches to address potential security threats and risks. 

    This could prevent licensees and proponents from using new security technologies or innovative practices that meet – or exceed – the regulatory objective to delay potential adversaries. 

    Mind you, modernizing our regulations isn’t new. It is a continuation of years of work and something the CNSC is always in the process of doing.

    For example, in 2020, following extensive consultation, the Radiation Protection Regulations were updated to enhance protections for nuclear sector works, including accommodations for workers who are breastfeeding, and a lower annual limit for radiation doses to the lens of the eye.

    This is just one example where we have leveraged over 20 years of experience with the Nuclear Safety and Control Act and advances in science to ensure our regulatory framework reflects our current and modern reality.

    By necessity, this work is ongoing. As the sector evolves, so does the regulatory landscape.

    We are also ensuring we do not work in isolation. As we modernize and ready ourselves for new technologies, we continue to look for ways to collaborate and coordinate with other government agencies here at home, as well as our regulatory counterparts around the world. 

    For example, the CNSC is working closely with the Impact Assessment Agency of Canada to ensure processes are well aligned to reduce duplication of work. 

    The CNSC recognizes the vital role of the Impact Assessment Agency of Canada. The renewed emphasis on nuclear in the pursuit of clean growth requires many agencies to play equally important roles.

    We remain committed to supporting the work of our partners and the Government’s action plan – Building Canada’s Clean Future – while continuing to honour our own commitment of being efficient as the nuclear safety regulator.

    It’s not just coordination at home. International cooperation has far-reaching benefits for world-wide nuclear safety and helps to ensure a streamlined and safe approach to deployment for these projects. 

    CNSC along with our colleagues in the US and UK have taken essential steps to enable the sharing of knowledge and best practices to foster the safe deployment of nuclear technologies worldwide. 

    Agreements such as the trilateral Memorandum of Cooperation between the CNSC, the US Nuclear Regulatory Commission and the UK’s Office for Nuclear Regulation support collaboration on the technical reviews of advanced reactor and SMR technologies.

    Under this agreement we work together to develop shared technical assessment approaches, collaborate on pre-application activities to ensure mutual preparedness, and collaborate on research, training, and in the development of regulatory approaches. 

    Preparing for the future is a global effort. When we join forces with international organizations, our collective expertise can grow considerably and accelerate our progress, while also enhancing our primary focus on safety. 

    Together, we will be well-equipped to manage any challenges that we may face. 

    The CNSC’s mandate also includes communicating objective scientific, technical, and regulatory information to the public. 

    As the regulator, we must instill confidence in Canadians that decisions are risk-informed, evidence- and science-based. And that the safety of Canadians and the environment are at the forefront of all that we do. 

    We do this by communicating and engaging with the public we serve – and by disseminating objective information to the public. 

    Nuclear technologies and activities are not limited by Canada’s provincial and territorial borders. 

    And so, we share information with and provide opportunities for engagement to all Canadians, not just those in the traditional nuclear-host communities. 

    The CNSC also encourages open dialogue through consultation and engagement, with staff from across our organization engaging with communities and stakeholders nationwide.

    In practice, this includes participating in community events, engaging with the public and intervenors during Commission proceedings, delivering educational presentations, and continuing to prioritize relationship-building with Indigenous Nations and communities through continued and meaningful engagement, consultation and mutual learning.

    Effective communication and engagement build trust through openness, transparency and listening – and public trust is critical. 

    We are doing our part and expect industry to do the same. 

    The CNSC has outlined such expectations clearly in our regulatory documents for Indigenous engagement and public information and disclosure. 

    Proponents and industry have the responsibility to develop meaningful, long-term relationships with Indigenous Nations and communities whose treaty lands, territories, and potential and established rights could be impacted by nuclear activities. 

    They must also develop and maintain programs that ensure effective communication with the public as a licensing condition. 

    Only through such efforts will they earn trust and support for their projects. 

    We as the regulator will be watching and expect performance to be maintained as new technologies are sought after. 

    Internal efforts

    I have mentioned a few times today, that safety is our top priority. A strong safety culture is an essential component, helping to build trust within the organization, as well as with the public we serve.

    That is why the CNSC continues to prioritize understanding and strengthening our regulatory safety culture through various mechanisms, most recently through the Independent Safety Culture Assessment led by the International Atomic Energy Agency, or IAEA. 

    With almost 80 years of nuclear safety and security in Canada, our long history has taught us the importance of self-reflection and the need for continuous improvement, and that complacency is the enemy of excellence.

    We know that a culture for safety is an ongoing journey, which is why we continue to look for opportunities such as this mission to support our reflection and self-improvement. The IAEA recognized this in their preliminary findings, noting that we demonstrate a continued commitment for external review to help continuously improve. They recognized the strong personal commitment of staff to the CNSC safety mission, and our recognition that we face a significant amount of change in the coming years which we will need to continue to prepare for.

    The CNSC has also worked to better understand the important role diversity and inclusion play in safety culture. We know that diverse voices lead to better decision-making and better safety outcomes. 

    While I may not have faced the challenges in my career that some have, I am very aware of the need to direct our energies and efforts to ensure diversity in the talent pipeline. 

    Efforts such as this will let us engage the best and the brightest. It will foster innovation and improve our regulatory decisions. Complex challenges like those we face in the nuclear sector require varied perspectives. 

    Conclusion

    Many of you may be wondering, where do I fit? What role do I have to play? 

    There is value in gaining operational experience, which can be obtained in many ways. We live in a dynamic world, and our legislative framework is ever evolving. Embrace that uncertainty and the change that comes with it and challenge yourselves to continuously grow and learn. 

    The CNSC’s Legal Services team is a great example of this. They are an integral part of our organization, both in day-to-day operations as well as part of our management team. They act as counsel at Commission hearings and represent the CNSC in litigation. 

    Our Legal Services team directly supports the business of the CNSC as the regulator and, as such, contributes to the broader nuclear sector. 

    They do this by providing in-house legal advice to the CNSC, including advice on the interpretation of the Nuclear Safety and Control Act and its related regulations and other legislation that may affect CNSC operations. With their experience and knowledge, they assist the Commission in its modernization efforts to find ever more effective means of delivering on its mandate.

    As lawyers, you know that you do not make policy. You interpret the law and give advice. You are not in a position to dictate outcomes; rather you provide strategic legal perspectives that bring valuable insight and contributions through your work.

    There is a necessary balance here. Courageous decision-making is needed at this time, and your legal advice to your clients can help them advance their important priorities. 

    We are at a critical point in history. And we have lots to do. 

    I can reassure you that the CNSC will be here making sure that safety remains top of mind for everyone. 

    There is a strong foundation in place and a great deal of work already underway to ensure we are ready. I am eager to guide the CNSC as an organization as we continue this journey.

    This is a very exciting time for the nuclear sector, and I look forward to what the future holds.

    Thank you again for inviting me to speak at your 2024 Nuclear Law School, I look forward to answering any questions you may have. 

    MIL OSI Canada News –

  • MIL-OSI Canada: Government of Canada to announce support for the YMCA of Southwestern New Brunswick

    Source: Government of Canada News

    Government of Canada to announce support for the YMCA of Southwestern New Brunswick

    Saint John, New Brunswick · October 31, 2024 · Atlantic Canada Opportunities Agency (ACOA)

    Wayne Long, Member of Parliament for Saint John – Rothesay, on behalf of the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, will make an announcement regarding  the YMCA’s Glenn Carpenter Outdoor Education Centre
     

    Date: November 1, 2024

    Time: 11:00 a.m.       

    Location:
    YMCA of Southwestern New Brunswick
    191 Churchill Boulevard
    Saint John, New Brunswick
    E2K 3E2

    Connor Burton
    Press Secretary
    Office of the Minister of Rural Economic Development and of the Atlantic Canada Opportunities Agency
    Connor.Burton@acoa-apeca.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: Exceptional Teachers Chosen for Master Teacher Program

    Source: US State of New York

    Governor Kathy Hochul today announced the selection of 144 STEM teachers for the New York State Master Teacher Program, a professional network of more than 1,700 public-school teachers with a passion for inspiring the next generation of educational leaders. Twenty-six counselors were also selected as part of the inaugural Master Counselor Program.

    “Here in New York, we are incredibly grateful for our teachers’ and counselors’ dedication to inspiring and shaping the minds of our students – the next generation of leaders in our state,” Governor Hochul said. “Through the New York State Master Teacher Program, we’re recognizing the hardworking educational leaders who are helping us build a world-class education system here in New York for generations to come.”

    In addition, the application process for the next round is open now through January 26, 2025. Interested applicants can review the eligibility requirements and attend an information session with program staff.

    The new members represent 83 school districts with a Master Teacher or Master Counselor among their faculty, with 40 program members from high-needs districts including Albany, Buffalo, Binghamton, Plattsburgh City, Rochester, Schenectady, Syracuse, Utica, and, for counselors, New York City School Districts.

    Master Teachers support students in grades K-12 in the areas of science, technology, computer science, robotics, coding, engineering, math, and integrated STEM.

    More than half of the new members have been in the classroom for more than ten years, and more than 45 percent have been teaching for 15 or more years. The incoming group of Master Teachers is comprised of 25 percent elementary level teachers, 48 teachers with multiple teaching certifications, 15 teachers certified in Special Education and two teachers who hold a Bilingual Education Extension.

    The Master Counselors are active members of their professional associations serving in leadership roles, and regularly engage with local industries to help students and their families chart a path to student success. More than half of the 2024 Master Counselors have been in a counseling role for longer than ten years. The counselors serve in various district-level and state-level roles, joining the program as experienced leaders dedicated to developing and sharing best practices. One-third of the Master Counselors hold additional certificates or NYS trainings including Occupational Therapy, Disability Services, National Board, and Mental Health Counseling.

    SUNY Chancellor John B. King Jr. said, “As the state’s largest educator preparation provider, SUNY is proud of the success of all teachers and school counselors throughout their careers. We applaud Governor Hochul for recognizing excellence in teaching as well as the importance of school counselors in helping New York State students achieve their aspirations for college and careers.”

    Master Teachers and Master Counselors are leaders in their professions, serving as mentors for students and early-career teachers and counselors. Many new members have been awarded grants for STEM or counseling program resources. The Master Teacher Program is hosted at nine SUNY campuses to leverage the expertise of the University’s faculty and existing educator preparation programs, and SUNY counterparts collaborate regularly with local STEM career and industry experts.

    The total number of teachers and counselors selected from each region, and the respective partner SUNY campus, are:

    • Capital Region: 219 Master Teachers and 4 Master Counselors (University at Albany)
    • Central New York: 213 Master Teachers and 3 Master Counselors (SUNY Cortland)
    • Finger Lakes: 223 Master Teachers and 3 Master Counselors (SUNY Geneseo)
    • Long Island: 206 Master Teachers and 5 Master Counselor (Stony Brook University)
    • Mid-Hudson: 200 Master Teachers and 7 Master Counselors (SUNY New Paltz)
    • Mohawk Valley: 140 Master Teachers and 4 Master Counselors (SUNY Oneonta)
    • North Country: 130 Master Teachers and 6 Master Counselor (SUNY Plattsburgh)
    • Southern Tier: 252 Master Teachers and 7 Master Counselors (Binghamton University)
    • Western New York: 244 Master Teachers and 7Master Counselors (SUNY Buffalo State)
    • New York City: 160 Master Teachers (in partnership with Math for America) and 5 Master Counselors

    Throughout their four-year participation in the Program, Master Teachers, and Master Counselors will receive a $15,000 stipend annually; engage in peer mentoring and intensive content-oriented professional development opportunities throughout the academic year; work closely with pre-service and early career teachers and counselors to foster a supportive environment for the next generation of STEM teachers and counselors; and attend required regional meetings to participate in and lead professional development sessions each year.

    A full list of Master Teachers and Counselors and their school districts is available.

    MIL OSI USA News –

  • MIL-OSI Security: Clarenville — Clarenville RCMP investigates theft from Co-op in Clarenville, seeks public’s assistance

    Source: Royal Canadian Mounted Police

    Clarenville RCMP is seeking the public’s assistance in identifying suspects captured on surveillance video in relation to a theft that occurred at a Co-op grocery store on Memorial Drive in Clarenville.

    On October 22, Clarenville RCMP received a report of a theft of an angle saw from the Co-Op store on Memorial Drive. Just before 6:00 p.m., a man and a woman entered the store and departed the store without paying for the angle saw. The suspects departed in a white SUV.

    Please see attached images obtained from video surveillance footage.

    Anyone with any information about this crime, the identity of the suspects, or the vehicle captured on surveillance is asked to contact Clarenville RCMP at 709-466-3211.

    To remain anonymous, contact Crime Stoppers at 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app. #SayItHere

    MIL Security OSI –

  • MIL-OSI Security: San Antonio Couple Sentenced to Federal Prison for Tax Evasion

    Source: Office of United States Attorneys

    SAN ANTONIO – A San Antonio woman was sentenced to 15 months in federal prison for tax evasion and aiding and abetting.

    According to court documents, Rachel Olivia Markum, 41, and her husband, Robert Franklin Markum Jr., 47, prepared and signed a false and fraudulent form 1040 joint tax return for calendar year 2016, which was then submitted to the Internal Revenue Service. The fraudulent tax return reported the couple’s sole income as gross receipts or sales from the business Camping and Fishing Outlet as $3,530,473, while she was aware that the true amount of gross receipts exceeded $4 million.

    Rachel pleaded guilty May 28, 2024, to one count of tax evasion and aiding and abetting. Robert pleaded guilty on April 1, to one count of tax evasion, and was sentenced to 27 months in federal prison on Aug. 28. The husband and wife were also ordered to pay $359,108 in restitution.

    “This sentencing underscores the serious consequences of defrauding the federal government through false tax returns,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “By concealing hundreds of thousands of dollars from the IRS, this married couple betrayed the integrity of our tax system. We will continue to protect the financial interests of the United States with our IRS Criminal Investigation partners and hold accountable those who seek personal gain through deceptive, illegal means.”

    “Robert and Rachel Markum created false identities and businesses to hide their income from the IRS, but they failed to realize that money always leaves a trail. Their years in prison will give them an opportunity to reflect on their actions,” said Acting Special Agent in Charge Lucy Tan for IRS Criminal Investigation’s Houston Field Office. “Prosecuting federal tax crimes remains a priority in Texas, and our strong partnership with the U.S. Attorney’s Office for the Western District of Texas underscores our commitment to holding tax criminals accountable.”

    IRS-CI investigated the case. Assistant U.S. Attorney Justin Chung prosecuted the case.

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    MIL Security OSI –

  • MIL-OSI Security: “Bearded Bandit” Bank Robber Admits Striking the Same Rhode Island Bank Again

    Source: Office of United States Attorneys

    PROVIDENCE, RI – A Cranston man, previously convicted in federal court and incarcerated for more than six years for robbing nine banks in 2012, admitted to a federal judge on Wednesday that he participated in the robbery of an East Providence bank on New Year’s Eve in December 2019, a bank he had previously robbed during his 2012 spree, announced United States Attorney Zachary A. Cunha.

    Justin Worley, 44, known previously as the “Bearded Bandit,” admitted that he entered the bank late in the afternoon of December 31, 2019 with another person, and that they each approached a teller and demanded that they empty their money drawers. The second man, later identified as Nicholas Lage, 38, brandished a knife during the robbery. Between them, the two men fled the bank with approximately $12,000. They were spotted and arrested later in the evening at Twin River casino.

    Worley pleaded guilty on Wednesday to charges of conspiracy to commit bank robbery and bank robbery. He is scheduled to be sentenced on January 30, 2025. The defendant’s sentences will be determined by a federal district judge after consideration of the U.S. Sentencing Guidelines and other statutory factors.

    Nicholas Lage pleaded guilty on April 1, 2021, to charges of conspiracy to commit bank robbery and bank robbery.  He was sentenced on August 6, 2021, to 36 months of incarceration to be followed by three years of federal supervised release.

    The case is being prosecuted by Assistant United States Attorney Ronald R. Gendron.

    The matter was investigated by East Providence Police Department and the FBI.

    ###

    1.  

    MIL Security OSI –

  • MIL-OSI Security: Nine Men Arrested in Maine and Massachusetts for Fentanyl, Methamphetamine and Cocaine Trafficking

    Source: Office of United States Attorneys

    BOSTON – Nine men have been arrested for fentanyl, methamphetamine and cocaine trafficking.

    Ernesto Arberty Mendez Herrera, 43, of Roxbury; Ricky Junior Rodriguez Reynoso, 24, of Boston; Cristofel Baez Guerrero, 25, of Dorchester; Luis Castillo, 24, of Dorchester; Yomerli Mendez Arias, 22, of Lawrence; Estarling Perez Almonte, 28, of Roslindale; Raidyn Hernandez Montero, 24, of Dorchester; Ricardo Canela Soto, 20, of Dorchester; and Waldo Lara Arias, 19, of Boston are charged with conspiracy to distribute and to possess with intent to distribute controlled substances, including fentanyl, methamphetamine and cocaine. All nine defendants made their initial appearances in federal court in Boston and Bangor, Maine on Oct. 29, 2024.

    According to the charging documents, the defendants were part of a drug trafficking operation that regularly transported fentanyl, methamphetamine and cocaine from areas in Boston, Lawrence and Malden, Mass. to locations in Waldo County, Maine. It is alleged that the defendants distributed the narcotics in Maine and then return to Massachusetts with the narcotics proceeds. During the course of the investigation, approximately 10 kilograms of fentanyl and multiple firearms were seized.

    The charge of conspiracy to distribute and to possess with intent to distribute controlled substances provides for a sentence of up to 20 years in prison, at least three years and up to life of supervised release and a fine of up to $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy and Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division made the announcement today. Valuable assistance was provided by the New Hampshire State Police, Maine State Police; Maine Drug Enforcement Agency; Waldo, Maine County Sherriff’s Office; Boston Police Department; Federal Bureau of Investigation, Boston Field Office; Bureau of Alcohol, Tobacco, Firearms, and Explosives; and the U.S. Attorney’s Office for the District of Maine. Assistant U.S. Attorney Stephen Hassink of the Narcotics and Money Laundering Unit is prosecuting the case.

    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.

    The details contained in the charging documents are allegations. The defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI –

  • MIL-OSI Security: U.S. Marshals Add RI Man Wanted for Child’s Murder to “15 Most Wanted” List

    Source: US Marshals Service

    Washington, DC – A man wanted in Rhode Island on charges of murder, inflicting serious bodily injury to a child and unlawful flight to avoid prosecution has been added to the U.S. Marshals Service 15 Most Wanted fugitives list with an up to $25,000 reward being offered for information leading to his arrest. 

    Olalekan Abimbola Olawusi, 48, was charged in Providence with first-degree murder and two counts of inflicting serious bodily injury to a child after Providence Police and Fire personnel found his 3-month-old son bleeding from the mouth and nose at a residence April 3, 2017.

    The child was transported to the hospital in cardiac arrest and needed to be resuscitated to regain a pulse.  An examination at the hospital noted 18 injuries at various stages of healing, indicating a pattern of long-term abuse. These injuries included a skull fracture, subdural hematoma, significant brain injury, and fractures of the child’s ribs, clavicle, legs and arms.  He was placed on life support but died six months later.

    Providence police arrested and charged Olawusi April 20, 2017, with first-degree child abuse.  He was released the same day and subsequently fled.  The murder charge was added following the infant’s death Oct. 31, 2017.

    In November 2017, the Providence Police Department and the Rhode Island Attorney General’s Office requested the assistance of the U.S. Marshals Service (USMS) to locate Olawusi. Subsequent investigation revealed that Olawusi had flown out of John F. Kennedy International Airport in New York on June 20, 2017, using his Nigerian passport. Investigators believe Olawusi may be receiving assistance from family members in Nigeria and that he could be a danger to other children.

    “Mr. Olawusi is wanted for the abuse and murder of an innocent child, and has fled the country to avoid justice,” said Director Ronald L. Davis of the U.S. Marshals Service. “We have placed Mr. Olawusi on our 15 Most Wanted list due to the heinous crimes he’s committed and the threat he continues to pose to the public. The USMS will exhaust all resources necessary to bring him to justice for his family and the community.”

    Olawusi, who uses the alias Olekun Olawusi, stands 5 feet 8 inches tall and weighs approximately 185 pounds. He has black hair and brown eyes. 

    Information regarding his whereabouts may be reported to the U.S. Marshals at 1-877-WANTED2 (926-8332) or via the USMS Tips App. 

    Created in 1983, the USMS 15 Most Wanted (15MW) fugitive program draws attention to some of the country’s most dangerous and high-profile fugitives. These fugitives tend to be career criminals with histories of violence who pose a significant threat to public safety. Generally, 15MW fugitives are considered the “worst of the worst” and can include murderers, sex offenders, major drug kingpins, organized crime figures and individuals wanted for high-profile financial crimes. Since the program began in 1983, more than 250 15MW fugitive cases have been closed. 

    The USMS has a long history of providing assistance and expertise to other federal, state, and local law enforcement agencies in support of their fugitive investigations. Working with authorities at the federal, state, tribal, and local levels, USMS-led fugitive task forces arrested more than 73,000 fugitives and cleared nearly 86,000 warrants in FY 2023.     

    MIL Security OSI –

  • MIL-OSI Security: Olalekan Abimbola Olawusi

    Source: US Marshals Service

    NOTICE TO LAW ENFORCEMENT: Before arrest, verify warrant through the National Crime Information Center (NCIC). If subject is arrested or whereabouts known, contact the nearest U.S. Marshals Service office, American Embassy/Consulate, call the U.S. Marshals Service Communications Center at 1-800-336-0102, or submit a tip using U.S. Marshals Service Tips.

    For More Information Scan Code Above.

    MIL Security OSI –

  • MIL-OSI Security: United States Files Suit for Unpaid Duties and Penalties for Alleged Failure to Pay Duties on Imported Chinese Bedroom Furniture

    Source: United States Attorneys General 12

    The United States has filed a civil lawsuit against Lawrence Bivona, who was the President of LaJobi Inc., a Delaware corporation that imported Chinese-manufactured children’s bedroom furniture into the United States. The lawsuit alleges that Bivona made false statements to customs officials and, as a result, avoided paying antidumping duties owed on the imported furniture.

    At the time merchandise is entered into the United States, the importer is responsible for providing all information necessary to enable Customs and Border Protection (CBP) to assess the applicable duties owed on the goods, including any antidumping duties applicable to the merchandise. Antidumping duties are trade remedies that help protect domestic industries from unfair trade practices by foreign businesses and countries, such as government subsidies or below market sales.

    The United States’ complaint contends that Bivona caused LaJobi to misrepresent the identity of the manufacturers of the children’s furniture imported from China. In particular, the United States alleges that Bivona falsely represented that the furniture was manufactured by Chinese entities subject to duty rates of approximately 7% or less, and failed to disclose that the furniture was actually manufactured by entities subject to duty rates of 216%.

    “Anti-dumping duties play an important role in countering illegal foreign trade practices and protecting U.S. manufacturers,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to pursue those who seek to gain an unfair advantage by violating our trade laws.”

    “These civil penalties support the seriousness of CBP’s trade mission and protect the U.S. economy, while maintaining fair trade and preserving American jobs from predatory practices,” said Executive Director Susan Thomas of CBP’s Cargo and Conveyance Security, Office of Field Operations. “CBP’s antidumping and countervailing duties enforcement aims to mitigate harm by anti-competitive behavior and supports a level playing field for U.S. companies injured by unfair trade practices.”

    “We take very seriously our role in protecting the U.S. economy from illegal and predatory trade practices,” said Assistant Director Ivan J. Arvelo of Homeland Security Investigations (HSI) Global Trade Investigations. “HSI is committed to working alongside CBP and partners to stop those who engage in fraud to circumvent U.S. trade laws.”

    The complaint seeks the recovery of over $7 million in import duties and over $15 million in civil penalties.

    HSI Newark led the investigation with CBP Trade Regulatory Audit Newark, CBP Associate Chief Counsel New York, CBP Consumer Products and Mass Merchandising (CPMM) Center of Excellence and Expertise. CBP and HSI are the agencies responsible for enforcing U.S. laws related to the importation of merchandise into the United States, including the collection of duties and assessment of penalties.

    Trial Counsel Daniel Hoffman of the Civil Division’s Commercial Litigation Branch, National Courts Section, is handling the case.

    The case is filed in the Court of International Trade and captioned United States v. Lawrence Bivona No. 24-00196.

    To combat trade fraud, including avoidance of import duties, the Justice Department created a Trade Fraud Task Force. The Task Force partners with CBP and other law enforcement agencies to ensure compliance with U.S. trade laws.

    The claims in the complaint are allegations only. There has been no determination of liability. 

    MIL Security OSI –

  • MIL-OSI: Glen Burnie Bancorp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    GLEN BURNIE, Md., Oct. 31, 2024 (GLOBE NEWSWIRE) — Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $129,000, or $0.04 per basic and diluted common share for the three-month period ended September 30, 2024, compared to net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023.   Bancorp reported a net loss of $72,000, or $0.02 per basic and diluted common share for the nine-month period ended September 30, 2024, compared to net income of $1.3 million, or $0.44 per basic and diluted common share for the same period in 2023. On September 30, 2024, Bancorp had total assets of $368.4 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.

    “The Company’s positive earnings results for the third quarter 2024 reflect efficient and productive operations, a focus on disciplined loan growth, and balance sheet management. However, our financial performance for the year 2024 is disappointing and represents the challenges inherent in navigating the interest rate environment of the last several years. The Company is focused on generating additional interest earning assets at higher current market and rebuilding our base of core, low-cost deposits,” said Mark C. Hanna, President, and Chief Executive Officer. “Despite the challenges of declining net interest income, the Company’s financial strength is reflected in a strong capital position, available liquidity and prudent expense management. Although interest expense increased significantly in year over year comparisons, prompt adjustments to rates on loans contributed to expanded interest income and higher yields on earning assets that partially offset higher interest expense and helped mitigate margin compression.”

    In closing, Mr. Hanna added, “To invest in strategic opportunities that will benefit the long-term performance of the Bank, the difficult decision was made to change the longstanding practice of approving quarterly cash dividends for shareholders. As the Bank evaluates our next 75 years, we are committed to our business model and the economic strength of the communities we serve. To better serve the evolving needs of our clients, there is a need to reinvest in our people, technology, products and facilities. Based on our capital levels, conservative underwriting policies, on-and off-balance sheet liquidity, strong loan diversification, and current economic conditions within the markets we serve, management expects to navigate the uncertainties and remain well-capitalized. We will continue to execute on our strategic priorities to generate organic loan and deposit growth.”

    Highlights for the First Nine Months of 2024

    Despite growth in loans and deposits in the first nine months of the year, net interest income decreased $1.1 million, or 11.54% to $8.2 million through September 30, 2024, as compared to $9.2 million during the same period of 2023. The decrease resulted primarily from a $2.4 million increase in interest expense. The increase in interest on deposits was driven by the higher cost of money market deposit balances. The increase in interest on borrowings was driven by a $25.6 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff that occurred in 2023.

    Due to growth of $30.7 million in the loan portfolio and a 0.11% increase in the current expected credit loss (“CECL”) percentage, the Company added $591,000 to its allowance for credit losses on loans in the first nine months of 2024, as compared to a $68,000 release of allowance for credit losses in the first nine months of 2023. While this provision negatively impacted earnings in the first half of the year, the growth in loan balances should generate additional interest revenue in future periods. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 16.72% on September 30, 2024, as compared to 18.10% for the same period of 2023, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended September 30, 2024, was 0.14%, as compared to 0.61% for the three-month period ended September 30, 2023. Return on average equity for the three-month period ended September 30, 2024, was 2.63%, as compared to 12.47% for the three-month period ended September 30, 2023. Lower net income and a higher average asset balance primarily drove the lower return on average assets, while lower net income and a higher average equity balance primarily drove the lower return on average equity.

    The cost of funds increased 0.86% when comparing September 30, 2024, to the same period in 2023, rising from 0.46% to 1.32%. This 0.86% increase was primarily due to the change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds and money market deposit balances.

    On September 30, 2024, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.47% on September 30, 2024, as compared to 17.37% on December 31, 2023. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

    Balance Sheet Review

    Total assets were $368.4 million on September 30, 2024, an increase of $13.0 million or 3.66%, from $355.4 million on September 30, 2023.   Investment securities decreased by $22.7 million or 15.94% to $120.0 million as of September 30, 2024, compared to $142.7 million for the same period of 2023.   Loans, net of deferred fees and costs, were $207.0 million on September 30, 2024, an increase of $32.2 million or 18.41%, from $174.8 million on September 30, 2023. Cash and cash equivalents increased $7.9 million or 54.68%, from September 30, 2023 to September 30, 2024.

    Total deposits were $314.2 million on September 30, 2024, a decrease of $600,000 or 0.18%, from $314.8 million on September 30, 2023. Despite the year-over-year decline, deposit balances have increased $14.2 million or 4.73% from December 31, 2023. Noninterest-bearing deposits were $115.9 million on September 30, 2024, a decrease of $11.0 million or 8.64%, from $126.9 million on September 30, 2023.   Interest-bearing deposits were $198.3 million on September 30, 2024, an increase of $10.4 million or 5.53%, from $187.9 million on September 30, 2023. Total borrowings were $30.0 million on September 30, 2024, an increase of $5.0 million or 20.00%, from $25.0 million on September 30, 2023.  
    As of September 30, 2024, total stockholders’ equity was $21.2 million (5.74% of total assets), equivalent to a book value of $7.29 per common share. Total stockholders’ equity on September 30, 2023, was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share.

    Asset quality, which has trended within a narrow range over the past several years, has remained sound as of September 30, 2024. Nonperforming assets, which consist of nonaccrual loans, restructured loans to borrowers with financial difficulty, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.08% of total assets on September 30, 2024, compared to 0.15% on December 31, 2023, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.75 million, or 1.33% of total loans, as of September 30, 2024, compared to $2.16 million, or 1.22% of total loans, as of December 31, 2023. The allowance for credit losses for unfunded commitments was $597,000 as of September 30, 2024, compared to $473,000 as of December 31, 2023.

    Review of Financial Results

    For the three-month periods ended September 30, 2024, and 2023

    Net income for the three-month period ended September 30, 2024, was $129,000, as compared to net income of $551,000 for the three-month period ended September 30, 2023. The decrease is primarily the result of a $614,000 increase in interest expense on deposits and a $126,000 increase in interest expense on short-term borrowings, a $287,000 decrease in interest and dividends on securities, a $170,000 increase in the provision for credit losses on loans and a $197,000 increase in noninterest expenses. These decreases were partially offset by an increase of $763,000 in loan interest income and fees, and a $133,000 increase in interest on deposits with banks. The Company’s need to defend its deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction that resulted in the increased interest expense.

    Net interest income for the three-month period ended September 30, 2024, totaled $2.8 million, a decrease of $131,000 from the three-month period ended September 30, 2023. The decrease in net interest income was due to a $740,000 increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $16.6 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $609,000 increase in total interest income due to a 0.66% increase in the yield of interest earning assets.

    Net interest margin for the three-month period ended September 30, 2024, was 3.06%, compared to 3.21% for the same period of 2023.   Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields and balances on interest-earning assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $16.6 million, respectively, and the cost of funds increased 0.86%, when comparing the three-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets increased $0.8 million while the yield increased 0.66% from 3.64% to 4.30%, when comparing the three-month periods ending September 30, 2023, and 2024, respectively.

    The average balance of interest-bearing deposits in banks and investment securities decreased $25.3 million from $188.2 million to $162.9 million for the third quarter of 2024, compared to the same period of 2023, while the yield remained unchanged during that same period.

    Average loan balances increased $26.1 million to $203.3 million for the three-month period ended September 30, 2024, compared to $177.2 million for the same period of 2023, while the yield increased 0.89% from 4.80% to 5.69% during that same period. The increase in loan yields for the third quarter of 2024 reflected the runoff of the lower yielding loans and the origination of higher yielding loans in the current higher rate environment.

    The provision of allowance for credit loss on loans for the three-month period ended September 30, 2024, was $78,000, compared to a release of allowance for credit loss of $92,000 for the same period of 2023. The $170,000 increase in the provision for the three-month period ended September 30, 2024, when compared to the three-month period ended September 30, 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.

    For the three-month period ended September 30, 2024, noninterest expense was $3.0 million, compared to $2.8 million for the three-month period ended September 30, 2023, an increase of $200,000. The primary contributors to the $200,000 increase, when compared to the three-month period ended September 30, 2023, were increases in legal, accounting, and other professional fees, data processing and item processing services, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits.

    For the nine-month periods ended September 30, 2024, and 2023

    Net loss for the nine-month period ended September 30, 2024, was $72,000, as compared to net income of $1.3 million for the nine-month period ended September 30, 2023. The decrease is primarily the result of a $460,000 decrease in interest and dividends on securities, a $1.0 million increase in interest expense on short-term borrowings, a $1.4 million increase in interest expense on deposits and a $780,000 increase in the provision for credit losses on loans, partially offset by an increase of $1.3 million in loan interest income and fees, a $535,000 increase in interest on deposits with banks and a $569,000 decrease in the provision for income taxes.

    Net interest income for the nine-month period ended September 30, 2024, totaled $8.2 million, a decrease of $1.1 million from the nine-month period ended September 30, 2023. The decrease in net interest income was due to a $2.4 million increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $20.0 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $1.3 million increase in total interest income due to a 0.51% increase in the yield of interest earning assets.

    Net interest margin for the nine-month period ended September 30, 2024, was 2.98%, compared to 3.35% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields on interest-earning assets, were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $20.0 million, respectively, and the cost of funds increased 0.94%, when comparing the nine-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets decreased $2.7 million, while the yield increased 0.51% from 3.59% to 4.10%, when comparing the nine-month periods ending September 30, 2023, and 2024, respectively.

    The average balance of interest-bearing deposits in banks and investment securities decreased $10.1 million from $187.9 million to $177.8 million for the first nine months of 2024, compared to the same period of 2023, while the yield increased 0.20% from 2.51% to 2.71% during that same period. The increase in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.

    Average loan balances increased $7.4 million to $188.6 million for the nine-month period ended September 30, 2024, compared to $181.2 million for the same period of 2023, while the yield increased 0.72% from 4.70% to 5.42% during that same period. The increase in loan yields for the first nine months of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.

    The Company recorded a provision of allowance for credit loss on loans of $773,000 for the nine-month period ending September 30, 2024, compared to a release of allowance for credit loss of $7,000 for the same period in 2023. The $780,000 increase in the provision in 2024, compared to 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.   As a result, the allowance for credit loss on loans was $2.75 million on September 30, 2024, representing 1.33% of total loans, compared to $2.09 million, or 1.20% of total loans on September 30, 2023.

    For the nine-month period ended September 30, 2024, noninterest expense was $8.8 million, compared to $8.7 million for the nine-month period ended September 30, 2023. The primary contributors when comparing to the nine-month period ended September 30, 2023, were increases in occupancy and equipment expenses, legal, accounting, and other professional fees, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits costs.

    Glen Burnie Bancorp Information

    Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

    Forward-Looking Statements

    The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

    For further information contact:

    Jeffrey D. Harris, Chief Financial Officer
    410-768-8883
    jdharris@bogb.net
    106 Padfield Blvd
    Glen Burnie, MD 21061

    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (dollars in thousands)
                   
      September 30,   June 30,   December 31,   September 30,
        2024       2024       2023     2023  
      (unaudited)   (unaudited)   (audited)   (unaudited)
    ASSETS              
    Cash and due from banks $ 2,255     $ 1,804     $ 1,940     2,380  
    Interest-bearing deposits in other financial institutions   20,207       14,982       13,301     12,142  
    Total Cash and Cash Equivalents   22,462       16,786       15,241     14,522  
                   
    Investment securities available for sale, at fair value   119,958       117,180       139,427     142,705  
    Restricted equity securities, at cost   246       246       1,217     980  
                   
    Loans, net of deferred fees and costs   206,975       201,500       176,307     174,796  
    Less: Allowance for credit losses(1)   (2,748 )     (2,625 )     (2,157 )   (2,094 )
    Loans, net   204,227       198,875       174,150     172,702  
                   
    Premises and equipment, net   2,723       2,833       3,046     3,177  
    Bank owned life insurance   8,789       8,744       8,657     8,614  
    Deferred tax assets, net   6,879       8,329       7,897     10,187  
    Accrued interest receivable   1,478       1,358       1,192     1,373  
    Accrued taxes receivable   497       552       121     189  
    Prepaid expenses   486       355       475     538  
    Other assets   614       458       390     377  
    Total Assets $ 368,359     $ 355,716     $ 351,813     355,364  
                   
    LIABILITIES              
    Noninterest-bearing deposits $ 115,938     $ 109,631     $ 116,922     126,898  
    Interest-bearing deposits   198,335       196,235       183,145     187,943  
    Total Deposits   314,273       305,866       300,067     314,841  
                   
    Short-term borrowings   30,000       30,000       30,000     25,000  
    Defined pension liability   329       328       324     322  
    Accrued expenses and other liabilities   2,597       2,051       2,097     2,040  
    Total Liabilities   347,199       338,245       332,488     342,203  
                                 
    STOCKHOLDERS’ EQUITY                            
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,900,681; 2,893,648; 2,882,627; 2,877,084 shares as of September 30, 2024, June 30, 2024, December 31, 2023, and September 30,2023 respectively.   2,901       2,894       2,883     2,877  
    Additional paid-in capital   11,037       11,014       10,964     10,940  
    Retained earnings   22,921       23,081       23,859     23,980  
    Accumulated other comprehensive loss   (15,699 )     (19,518 )     (18,381 )   (24,636 )
    Total Stockholders’ Equity   21,160       17,471       19,325     13,161  
    Total Liabilities and Stockholders’ Equity $ 368,359     $ 355,716     $ 351,813     355,364  
                   
    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME
    (dollars in thousands, except per share amounts)
    (unaudited)
                   
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Interest income              
    Interest and fees on loans $ 2,908     $ 2,145     $ 7,648     $ 6,368  
    Interest and dividends on securities   814       1,101       2,605       3,065  
    Interest on deposits with banks and federal funds sold   237       104       1,004       469  
    Total Interest Income   3,959       3,350       11,257       9,902  
                   
    Interest expense              
    Interest on deposits   730       116       1,716       337  
    Interest on short-term borrowings   408       282       1,363       320  
    Total Interest Expense   1,138       398       3,079       657  
                   
    Net Interest Income   2,821       2,952       8,178       9,245  
    Provision (release) of credit loss allowance   78       (92 )     773       (7 )
    Net interest income after provision of credit loss provision   2,743       3,044       7,405       9,252  
                   
    Noninterest income              
    Service charges on deposit accounts   36       40       109       120  
    Other fees and commissions   273       233       584       560  
    Income on life insurance   45       42       132       120  
    Total Noninterest Income   354       315       825       800  
                   
    Noninterest expenses              
    Salary and employee benefits   1,654       1,691       4,872       5,089  
    Occupancy and equipment expenses   327       329       996       955  
    Legal, accounting and other professional fees   267       194       769       692  
    Data processing and item processing services   263       206       755       755  
    FDIC insurance costs   41       40       119       122  
    Advertising and marketing related expenses   40       26       88       72  
    Loan collection costs   5       10       11       13  
    Telephone costs   41       38       110       113  
    Other expenses   380       287       1,052       880  
    Total Noninterest Expenses   3,018       2,821       8,772       8,691  
                   
    Income (loss) before income taxes   79       538       (542 )     1,361  
    Income tax (benefit) expense   (50 )     (13 )     (470 )     99  
                   
    Net income (loss) $ 129     $ 551     $ (72 )   $ 1,262  
                   
    Basic and diluted net income (loss) per common share $ 0.04     $ 0.19     $ (0.02 )   $ 0.44  
                   
    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
    For the nine months ended September 30, 2024 and 2023
    (dollars in thousands)
    (unaudited)
                       
                  Accumulated    
          Additional       Other   Total
      Common   Paid-in   Retained   Comprehensive   Stockholders’
      Stock   Capital   Earnings   Loss   Equity
    Balance, December 31, 2022 $ 2,865   $ 10,862   $ 23,579     $ (21,252 )   $ 16,054  
                       
    Net income   –     –     1,262       –       1,262  
    Cash dividends, $0.30 per share   –     –     (861 )     –       (861 )
    Dividends reinvested under                  
       dividend reinvestment plan   12     78     –       –       90  
    Other comprehensive loss   –     –     –       (3,384 )     (3,384 )
    Balance, September 30, 2023 $ 2,877   $ 10,940   $ 23,980     $ (24,636 )   $ 13,161  
                       
                       
                  Accumulated    
          Additional       Other   Total
      Common   Paid-in   Retained   Comprehensive   Stockholders’
      Stock   Capital   Earnings   (Loss) Income   Equity
    Balance, December 31, 2023 $ 2,883   $ 10,964   $ 23,859     $ (18,381 )   $ 19,325  
                       
    Net loss   –     –     (72 )     –       (72 )
    Cash dividends, $0.30 per share   –     –     (866 )     –       (866 )
    Dividends reinvested under                  
       dividend reinvestment plan   18     73     –       –       91  
    Other comprehensive income   –     –     –       2,682       2,682  
    Balance, September 30, 2024 $ 2,901   $ 11,037   $ 22,921     $ (15,699 )   $ 21,160  
                       
    THE BANK OF GLEN BURNIE
    CAPITAL RATIOS
    (dollars in thousands)
    (unaudited)
     
                  To Be Well
                  Capitalized Under
            To Be Considered   Prompt Corrective
            Adequately Capitalized Action Provisions
      Amount Ratio   Amount Ratio   Amount Ratio
    As of September 30, 2024:                
    Common Equity Tier 1 Capital $ 36,755 15.47 %   $ 10,691 4.50 %   $ 15,443 6.50 %
    Total Risk-Based Capital $ 39,729 16.72 %   $ 19,006 8.00 %   $ 23,758 10.00 %
    Tier 1 Risk-Based Capital $ 36,755 15.47 %   $ 14,255 6.00 %   $ 19,006 8.00 %
    Tier 1 Leverage $ 36,755 10.11 %   $ 14,539 4.00 %   $ 18,173 5.00 %
                     
    As of June 30, 2024:                
    Common Equity Tier 1 Capital $ 36,896 15.59 %   $ 10,652 4.50 %   $ 15,386 6.50 %
    Total Risk-Based Capital $ 39,857 16.84 %   $ 18,937 8.00 %   $ 23,671 10.00 %
    Tier 1 Risk-Based Capital $ 36,896 15.59 %   $ 14,202 6.00 %   $ 18,937 8.00 %
    Tier 1 Leverage $ 36,896 10.10 %   $ 14,617 4.00 %   $ 18,271 5.00 %
                     
    As of December 31, 2023:                
    Common Equity Tier 1 Capital $ 37,975 17.37 %   $ 9,840 4.50 %   $ 14,213 6.50 %
    Total Risk-Based Capital $ 40,237 18.40 %   $ 17,493 8.00 %   $ 21,867 10.00 %
    Tier 1 Risk-Based Capital $ 37,975 17.37 %   $ 13,120 6.00 %   $ 17,493 8.00 %
    Tier 1 Leverage $ 37,975 10.76 %   $ 14,113 4.00 %   $ 17,641 5.00 %
                     
    As of September 30, 2023:                
    Common Equity Tier 1 Capital $ 38,053 17.12 %   $ 10,004 4.50 %   $ 14,450 6.50 %
    Total Risk-Based Capital $ 40,227 18.10 %   $ 17,785 8.00 %   $ 22,231 10.00 %
    Tier 1 Risk-Based Capital $ 38,053 17.12 %   $ 13,338 6.00 %   $ 17,785 8.00 %
    Tier 1 Leverage $ 38,053 10.56 %   $ 14,420 4.00 %   $ 18,026 5.00 %
                     
    GLEN BURNIE BANCORP AND SUBSIDIARY
    SELECTED FINANCIAL DATA
    (dollars in thousands, except per share amounts)
                   
      Three Months Ended   Year Ended
      September 30, June 30,   September 30,   December 31,
        2024       2024       2023       2023  
      (unaudited)   (unaudited)   (unaudited)   (unaudited)
                   
    Financial Data              
    Assets $ 368,359     $ 355,716     $ 355,364     $ 351,813  
    Investment securities   119,958       117,180       142,705       139,427  
    Loans, (net of deferred fees & costs)   206,975       201,500       174,796       176,307  
    Allowance for loan losses   2,748       2,625       2,094       2,157  
    Deposits   314,273       305,866       314,841       300,067  
    Borrowings   30,000       30,000       25,000       30,000  
    Stockholders’ equity   21,160       17,471       13,161       19,325  
    Net income (loss)   129       (204 )     551       1,429  
                   
    Average Balances              
    Assets $ 364,127     $ 366,071     $ 360,767     $ 361,731  
    Investment securities   142,972       148,690       177,856       173,902  
    Loans, (net of deferred fees & costs)   203,316       186,650       177,223       179,790  
    Deposits   312,019       307,427       321,318       330,095  
    Borrowings   30,001       38,891       19,946       12,580  
    Stockholders’ equity   19,559       17,369       17,548       17,105  
                   
    Performance Ratios              
    Annualized return on average assets   0.14 %     -0.22 %     0.61 %     0.40 %
    Annualized return on average equity   2.63 %     -4.72 %     12.47 %     8.35 %
    Net interest margin   3.06 %     3.02 %     3.21 %     3.31 %
    Dividend payout ratio   224 %     -142 %     52 %     80 %
    Book value per share $ 7.29     $ 6.04     $ 4.57     $ 6.70  
    Basic and diluted net income per share   0.04       (0.07 )     0.19       0.50  
    Cash dividends declared per share   0.10       0.10       0.10       0.40  
    Basic and diluted weighted average shares outstanding   2,897,929       2,891,203       2,875,329       2,873,500  
                   
    Asset Quality Ratios              
    Allowance for loan losses to loans   1.33 %     1.30 %     1.20 %     1.22 %
    Nonperforming loans to avg. loans   0.14 %     0.17 %     0.33 %     0.29 %
    Allowance for loan losses to nonaccrual & 90+ past due loans   937.5 %     827.1 %     359.4 %     409.3 %
    Net charge-offs annualize to avg. loans   -0.09 %     -0.14 %     0.09 %     0.06 %
                   
    Capital Ratios              
    Common Equity Tier 1 Capital   15.47 %     15.59 %     17.12 %     17.37 %
    Tier 1 Risk-based Capital Ratio   15.47 %     15.59 %     17.12 %     17.37 %
    Leverage Ratio   10.11 %     10.10 %     10.56 %     10.76 %
    Total Risk-Based Capital Ratio   16.72 %     16.84 %     18.10 %     18.40 %

    The MIL Network –

  • MIL-OSI Africa: Presidents, Energy Ministers, Investors and Independent Power Producers (IPP) to Meet in Togo for West Africa Energy Cooperation Summit

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

    LOMÉ, Togo, October 31, 2024/APO Group/ —

    The West Africa Energy Cooperation Summit (WA-ECS) is set to tackle project development bottlenecks across the ECOWAS region and drive sustainable energy development across West Africa from 3-5 December 2024, in Lomé, Togo. The response from the private sector, who are actively looking for energy projects, but often frustrated by the pace of development, tells us this meeting is long overdue.

    Under the distinguished patronage of the President of the Togolese Republic, H.E. Honourable Faure Essozimna Gnassingbé, WA-ECS will address regional infrastructure and the energy projects critical to economic growth, driving forward West Africa’s critical mineral resource expansion programme in cooperation with power generation, and encouraging cross-border cooperation that will bolster regional energy development.

    With success stories and blueprints from Senegal, Nigeria, Benin, Cote d’Ivoire and Togo itself, WA-ECS is urging greater collaboration between countries, sectors, private and public, to create new pathways and to reduce risk.  

    The theme for the summit is ‘Empowering West Africa’s Growth Through Strategic Energy Partnership’. In recent years, the pace of large-scale projects has stalled due to the disruptive pace of getting projects green-lit. It is, therefore, vital for all stakeholders to be more direct in their dialogue to reverse this tide and restart the region’s mineral-centric economies, and solar, wind, hydro, and gas IPPs sit firmly at the centre of this initiative.

    “As the developers behind Togo’s first utility-scale renewable energy project, AMEA Power is excited to be part of this pivotal summit, and we anticipate fruitful discussions and solutions that will advance renewable energy in West Africa,” said Hussein Matar, Senior Director, AMEA Power, the lead sponsor of WA-ECS. 

    Positive signs are already visible with the ongoing development of the Lobito Corridor, the Nigeria-Morocco gas pipeline, solar projects in Mauritania, Togo, and Mali, and the regional Battery Energy Storage System (BESS) programme, which is set to become operational in 2025.

    However, the 2030 renewable energy goals to enhance trade through the West African Power Pool (WAPP) are still a long way from being on track, underscoring the need for private sector involvement and deeper collaboration with governments and the mining sector. A series of multilateral and independent investor, utility, and ministerial boardroom discussions will follow the Presidential Day of the summit, pushing energy access up the political agenda at the highest levels.

    Ministers from The Gambia and Benin will be attending and speaking, alongside a strong contingent from the private and financial sectors. Kekeli Efficient Power, Genesis Energy, World Bank, BII, Shell Energy, Proparco, and Masdar are just some of the many who will contribute their unique perspective.

    H.E. Honourable Robert Koffi Messan Eklo, Togo’s Minister of Mines and Energy Resources, says, “As a pivotal energy hub in West Africa, our country is uniquely positioned to lead in advancing regional energy cooperation. The West Africa Energy Cooperation Summit will be a cornerstone event where we can collectively shape the future of energy infrastructure, fostering growth that transcends borders and benefits all.”

    MIL OSI Africa –

  • MIL-OSI: Total voting rights and Capital

    Source: GlobeNewswire (MIL-OSI)

    Albion Development VCT PLC

    Total Voting Rights and Capital

    LEI Code 213800FDDMBD9QLHLB38

    In conformity with the provisions of Disclosure Guidance and Transparency Rule 5.6.1, Albion Development VCT PLC (the “Company”) would like to notify the market of the following:

    As at 31 October 2024, the issued share capital and voting rights of the Company are as follows:

    Class and nominal value of share Total number of shares in issue Number of shares held in treasury (with no voting rights attached) Total number of shares in circulation with voting rights attached Number of voting rights attached to each share
    Ordinary 1p shares 167,899,752 19,309,045 148,590,707 1

    The above total voting rights figure may be used by shareholders or other persons as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

    31 October 2024

    For further information please contact:

    Vikash Hansrani
    Operations Partner
    Albion Capital Group LLP
    Tel: 020 7601 1850

    The MIL Network –

  • MIL-OSI Security: Defense News: HSC-26 Embraces History and Heritage Ahead of Veterans Day 2024

    Source: United States Navy

    Every November, the United States takes a day to honor veterans for their service and sacrifices to their country. As Veteran’s Day 2024 approaches, HSC-26 reflects on a recent and unique opportunity to do just that while hosting retired Capt. Pete Lumianski and his wife Chris for a tour of his former squadron.

    The couple now reside in Phoenix, Arizona, so the trip was inspired by the opportunity to visit friends and peers from their time in service who they don’t often have the option to visit, leading to a short stop in Norfolk to reminisce on Lumianski’s early days of service.

    A U.S. Naval Academy graduate of the class of 1965, Lumianski arrived to his first fleet command, HC-4 Detachment Norfolk, in 1967 following the conclusion of flight school and the pinning of his “Wings of Gold”. Shortly after his arrival, the squadron was re-designated as HC-6, meeting various missions with multiple different helicopters.

    “HC flying was a terrific start to my Navy career. There were three types of choppers on the flight line: H-34s, H-3s and H-46s, about 30 assigned pilots, many operational missions and lots of opportunities to head out to sea on board a variety of ships including destroyers, frigates, amphibious assault ships and aircraft carriers,” Lumianski said of his first sea tour.

    He was designated as an aircraft commander for both the Sikorsky RH-3A Sea King and the UH-34 Sea Horse helicopters, executing mine countermeasures and combat support missions respectively, but also logged copilot time in the Boeing CH-46 Sea Knight helicopter executing vertical replenishment and logistics missions before he received orders back to flight school as an instructor at Helicopter Training Squadron (HT) 8 in 1970.

    “I loved my first operational flying assignment in Norfolk, a squadron with many diverse and odd-ball pilots assigned. The ready room was always a ‘Star Wars Bar Scene’ look-alike,” Lumianski expressed.

    Lt. Maxwell Gray, a pilot currently assigned to HSC-26, assisted with the visit. Starting off in the ready room, he showed Lumianski and his wife various offices and work centers, maintenance spaces and projects as well as the paraloft, ending the tour with a static display of HSC-26’s current helicopter platform, the MH-60S Knighthawk.

    “Meeting with Capt. Lumianski was a great honor and experience that I’ll never forget. His stories of flying the mighty H-3 were inspiring and I am grateful for the wisdom he shared,” Gray said of the experience. “I’ll carry it with me for the rest of my career.”

    The hard work and dedication of squadron personnel were impossible to miss. Multiple aircraft in the hangar were in varying levels of assembly while maintenance personnel kept replacement parts as well as those which were to be returned to their airframes organized in easily identifiable locations. To the untrained eye it may have appeared chaotic, but Lumianski saw expertise, attention to detail and pride shine through.

    “Overall, the hangar looked and sounded a lot like it was back in the 60’s: busy, mission-oriented, rugged, with well-worn, hard-working aircraft, and the assignment of lots of officers and enlisted to make things work,” Lumianski said. “I leave you feeling that the Navy is in good hands and the helicopter world is still a big contributor to the Navy’s readiness and success.”

    Nowadays, Lumianski has dedicated himself to giving back to his local community and other Cold War veterans like himself by promoting a project that would bring unique Cold War monument to downtown Phoenix.

    “I’ve been working on this project in Phoenix for the past 30 years, and we’re finally making significant progress with the city’s help,” Lumianski said.

    As a plank owner of a special city-appointed group, the USS Phoenix (SSN 702) Commission, Lumianski has led an effort to ensure 65 tons of salvaged parts from the Cold War era Los Angeles-class fast attack submarine make their way to their namesake city. The project was created in an effort to help preserve history and allow visitors to “Learn, Honor and Remember” Cold War military Veterans of all services, as well as civilians serving in defense and national security areas for their contributions to ending the Cold War.

    He feels it is truly a culmination of his life in service as a Cold War era naval aviator qualified and capable of executing the anti-submarine warfare mission, and a passion project that is nearing realization.

    “I spent 27 years in the Navy, and overall had a tremendous and gratifying learning experience. The opportunities for using and growing my leadership and management skills, the accomplishment of developing and perfecting my operational and flying skills, the hard work and adventures of operational life, and most of all the fun, enjoyment and satisfaction of working with so many fine officers and enlisted persons over many years have all fixed and maintained my positive perspectives and attitudes about life,” Lumianski reflected. ”I owe a lot to my naval career, and greatly appreciate what it has done to and for me.”

    The impact and legacy of Pete Lumianski will no doubt leave a lasting impression on the members of HSC-26 who were fortunate enough to meet him.

    MIL Security OSI –

  • MIL-OSI Video: CEO Climate Alliance | Gim Huay Neo

    Source: World Economic Forum (video statements)

    With climate and biodiversity on the global agenda, the business benefits of net zero are clear, says Gim Huay Neo, co-chair of a Global Alliance of CEO Climate LeadersIn an open letter ahead of #COP29, the Alliance of CEO Climate Leaders calls for urgent action to combat climate change.

    Highlighting the critical role of collaborative leadership from business and government, the world’s largest CEO-led climate community is advocating for ambitious, science-based targets to support climate action and spur investment.

    Read the full letter: wef.ch/COP29OpenLetter24

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #WorldEconomicForum

    https://www.youtube.com/watch?v=L39TNIlTajc

    MIL OSI Video –

  • MIL-OSI United Kingdom: Report by the Co-ordinator of OSCE Economic and Environmental Activities: UK response, October 2024

    Source: United Kingdom – Executive Government & Departments

    Ambassador Holland says the OSCE is uniquely placed to view the climate crisis though a security lens.

    Location:
    Vienna
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    It has been more than six months since your inaugural address in your new role, and we continue to remain dismayed by the devastating economic and environmental effects Russia’s war of choice against Ukraine are having on our region.  

    We are pleased that your office continues to work on assessing the environmental impact of Russia’s war. The careful documentation of environmental damage provided by this project and its recommendations will be invaluable in holding Russia to account and supporting Ukraine’s recovery efforts after the war. 

    Water management was the theme of EEDIM earlier this week. As I said there, we must recognise that rivers, lakes, aquifers and glaciers often straddle borders, so regional cooperation and cross-border solutions are crucial to prevent conflicts over control of water resources.   

    At the same time, the scarcity of this natural resource is tied up with the threats posed by climate change. The OSCE is uniquely placed to view the climate crisis though a security lens, and we welcome the work your office has done via your climate security project to identify where these risks are most acute.   

    Alongside conflict and economic opportunity, climate change is one of many drivers of migration. If migration is not safe, orderly and regular it can make those on the move vulnerable to risks, put a strain on communities, and undermine public confidence in states’ and the international community’s ability to manage migration effectively.  

    In this vein, the UK is pleased to be able to contribute to the project “Strengthening the evidence-based understanding of the climate change, migration and security nexus in South-Eastern Europe”, which, as you highlight in your report, should improve our understanding of the interlinkages between climate change and human mobility, as well as of the impacts of emigration and depopulation on the environment. 

    Our work to combat money laundering and illicit finance is made more challenging by innovations in digital finance and the increasing use of virtual assets, including by serious organised crime. The UK co-funds the ExB project “Innovative Policy Solutions to Mitigate Money Laundering Risks of Virtual Assets” to build capacity in Central Asia, Eastern Europe and the South Caucasus, to deal with this fast-evolving area. 

    Finally, I would like to take this opportunity to pay tribute to the outgoing chair of the second dimension committee and thank Ambassador Raunig for chairing this committee so ably, including by keeping the war against Ukraine a focus of the committee’s work. We look forward to working with the new chair of the second dimension committee in addressing the most pressing economic and environmental issues facing our region. 

    Ambassador, thank you again for your report, and we look forward to supporting you and your able team in the months ahead.

    Updates to this page

    Published 31 October 2024

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Charity Commission Annual Public Meeting 2024

    Source: United Kingdom – Executive Government & Departments

    Charity Commission Chair, Orlando Fraser KC, and Chief Executive, David Holdsworth, invite you to our Annual Public Meeting on Tuesday 26 November at 11:00am.

    You are invited to join our Annual Public Meeting on Tuesday 26 November 2024 at 11:00am. Attend in-person in London or join online via our livestream.

    About the event

    Our Chair Orlando Fraser KC, Chief Executive David Holdsworth and colleagues will provide updates and insight into the Commission’s activities and answer questions about our work.

    This is a hybrid event open to all members of the public and charity representatives who wish to attend in-person or join online.

    In-person attendees will have the opportunity to visit our exhibition stands and speak to members of our staff both before and after the main meeting. In addition, a light lunch will be available at the conclusion of the main meeting, with an opportunity to network.

    This event is free of charge but registration is required. Please book online to join this event in-person or online.

    Date & Time

    Tuesday 26 November 2024

    11:00am to 12:30pm

    In-person attendees should please arrive from 10:00am for registration.

    Venue

    Kings Place (Hall 2)
    90 York Way
    London
    N1 9AG

    Our privacy notice for the live broadcast of our Annual Public Meeting can be found on GOV.UK.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Representatives of the architectural bureau “DA bureau” shared their experience and told how to find the desired job without having any experience

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Kamila Gilmutdinova and Olga Belyakova

    SPbGASU is holding a competition for the best concept for the main building lobby among students. Our university graduates who have achieved success in the profession have been invited as experts to evaluate the competition entries. In order to improve the students’ professional competencies, they also hold educational lectures. One of them was given by leading architect Olga Belyakova and senior architect Kamila Gilmutdinova from the architectural bureau “DA bureau”, which implements projects in Russia and abroad.

    Olga Belyakova and Kamila Gilmutdinova graduated from SPbGASU in different years and believe that they received a high-quality education, but they emphasize: in order to remain a sought-after specialist in today’s reality, an architect must study all his life, but in a bachelor’s degree it is better to focus on studying. Because the work requires a lot of time and effort, which is why there is a high risk of getting significant gaps in basic knowledge. But in these years, participation in competitions, workshops, summer schools, inter-university events, and training courses are encouraged.

    “These are great stories that help not only expand professional knowledge and skills, but also develop communication skills, provide new useful contacts in areas of interest to you. This is no less important for successful activity,” the experts believe.

    First of all, they paid attention to the range of job responsibilities of a practicing architect. Thus, work on a project includes not only design, but also interaction with the customer, builders, specialists in related industries, approvals and edits, budget allocation, adherence to the schedule and even periodic emotional and professional burnout. But all this is compensated by the successful implementation of projects. And it, in turn, is impossible not only without professionalism, but also without love for the specialty.

    “It is the love for the work and the creative approach that unite the teams of our bureau,” emphasized Olga Belyakova. Kamilla Gilmutdinova added: “We do not simply design objects, we write their unique history through design and architectural forms.”

    During the lecture, they, relying on their own projects, told how to design and implement objects with an area from ten square meters to thirteen hectares. Among them are offices, restaurants, shops, and other spaces. Kamila Gilmutdinova demonstrated a completed project of a cultural heritage site, which became a successful example of the fact that architecture does not dictate a concept. Inspired by natural phenomena, the architect used color effects, digital technologies, and distributed zones without major redevelopment. Speaking about her project of a jewelry store, Olga Belyakova advised carefully studying the customer’s technical specifications and working out all the details. Because in this case, even improper lighting and installation of mirrors can reduce sales several times.

    “A competent and beautiful design attracts a large number of visitors, the right lighting allows you to present jewelry favorably, and mirrors placed in the most advantageous places emphasize their beauty when trying on. Zoning by means of lighting helped to create a kind of navigator for customers who easily find the necessary department. We also added a unique digital element – a robotic arm, which is clearly visible from the street and attracts passers-by, therefore, potential customers. When designing stores, you should always proceed from the product range. This is one of the main rules,” Olga reminded.

    Kamila added that there are limitations in the design of any object, and they are the ones that create the rules for the architect, and therefore the project itself. Therefore, they need to be clarified at the beginning of the work.

    The numerous projects demonstrated interested the students so much that they not only clarified the smallest details in working on them, but also asked the main question: “Is it possible to get a job in a bureau if you have no experience, and what competencies do you need to have in order to attract attention?” It turned out that the lack of experience for a young specialist is not an obstacle to employment. The main thing is to have a desire to work, improve professional knowledge, the ability to work in a team, have communication skills, since the profession involves constant interaction with many people. And be proactive, and not automatically carry out assigned tasks.

    “When selecting candidates, we are also interested in their hobbies. This fact confirms the versatility of a person and the ability to organize their time. It will be much easier to work if you have a sense of humor and are not afraid to ask experienced colleagues about incomprehensible things. During the probationary period, we evaluate not only technical skills, but also pay attention to these personal qualities,” the architects said.

    In addition, they advised to learn now how to use your time rationally for work and rest, learn foreign languages, set priorities in order to understand where you need to spend more effort for the effectiveness of work or study. Because in future professional activities you need to clearly focus on the project, the design, that is, the main things. Do not be upset because of someone else’s (even authoritative) opinion that you will not succeed, because a subjective opinion is not an assessment or a sentence. Often in practice, everything turns out the other way around, and people reach professional heights.

    “I gladly accepted the offer to act as an expert of the competition, because, firstly, I graduated from SPbGASU. Secondly, it is interesting and useful to share my experience. When I was still studying in college, a university student inspired me with her story about studying to move to St. Petersburg and further receive higher education here. As a master’s student, I attended a lecture by “DA bureau”, which inspired me even more. I hope that I will become such an inspiration for the guys,” Olga said.

    “It is always important to show the path to the profession by your own example, to inspire, because it is difficult for a young specialist to immediately understand the mechanism of work, and information from practitioners expands this understanding,” summed up Kamila Gilmutdinova.

    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: Golden, colleagues urge the release of untapped LIHEAP funding

    Source: United States House of Representatives – Congressman Jared Golden (ME-02)

    WASHINGTON — Congressman Jared Golden (ME-02) yesterday joined a bipartisan group of House members requesting that U.S. Department of Health and Human Services Secretary Xavier Becerra release the maximum dispersal of Low Income Home Energy Assistance Program (LIHEAP) funding made available from the recent government funding package.

    Golden joined 15 House colleagues in sending a letter to the secretary today, as agencies in Maine are ringing alarm bells about a lack of adequate LIHEAP funds

    “To prevent a lapse in eligible families’ ability to afford their home energy bills this fall, we urge you to immediately release the highest possible amount of LIHEAP funding made available by the Continuing Resolution,” the lawmakers wrote. “It is vital to ensure our seniors and low-income families are provided sufficient resources as temperatures cool in the months ahead.”

    Congress passed a temporary spending deal in September to delay a possible government shutdown through December 20. While this agreement included LIHEAP funding at the annualized rate of over $4 billion, none of that money has been dispersed for LIHEAP recipients to date.

    “As temperatures dip below freezing at night, our agency is inundated with calls from area residents in fuel emergencies. In Aroostook County alone, the number of households qualifying for the Federal Home Energy Assistance Program has increased by 60 percent in five years,”Jason Parent, executive director and CEO of the Aroostook County Action Program said.“At the same time the average household benefit has decreased by nearly $200.  This program is a critical lifeline for so many of our vulnerable seniors and families with children in Maine.”

    “Unfortunately, the demand for this program is more than we can fund. That means more people will have a benefit, but it is going to be a smaller benefit. With higher heating costs, higher grocery and gas costs, that means real people have less money to live,” Megan Hannan, executive director of the Maine Community Action Partnership said. “Our goal is to serve as many households as possible, and to make the benefits worth the work to receive it. We hope Congress understands that people are at risk without enough money to keep their homes warm.”

    Nationwide, an estimated 5 million households receive assistance with heating and cooling costs through LIHEAP, including over 45,000 Maine households. LIHEAP is administered by states and accessed through local Community Action Agencies. Eligibility for LIHEAP is based on income, family size, and the availability of resources. More information on the LIHEAP application process can be found here.   

    Golden has successfully led several efforts to increase Mainers’ access to LIHEAP, including last Congress when he and Senator Collins secured a total of $6.1 billion for the program in FY 2023. Last September, he and the rest of Maine’s Congressional Delegation secured an additional $38 million for Mainers in FY 2024, including $1.4 million for Maine’s tribes.

    Full text of Golden’s letter can be found here, and is included below in full:

     

    +++

     

    October 30, 2024

    The Honorable Xavier Becerra
    Secretary
    U.S. Department of Health and Human Services 
    330 C Street, SW
    Washington, D.C. 20416

    Dear Secretary Becerra:

    We write to urge the immediate release of the highest possible amount of Low-Income Home Energy Assistance Program (LIHEAP) funding available under the September 2024 Continuing Resolution (PL 118-83).

    As you well know, LIHEAP helps households unable to afford to heat their homes in the winter and cool their homes in the summer, providing assistance to at-risk seniors and families. In Fiscal Year 2023 (FY23), more than five million households across the country relied on critical heating assistance from the LIHEAP program. For LIHEAP recipients, this funding is a lifeline, helping prevent them from having to make an impossible choice between staying warm and putting food on the table or affording their medications.

    With the winter months rapidly approaching, releasing the highest amount of funding from the recent government funding package is critically needed to address the growing number of households unable to pay their energy bills. Continued escalation in the Middle East and Russia’s ongoing war in Ukraine have increased uncertainty in the energy market and raised concerns about potential spikes in energy prices. These shifts disproportionately harm those who already struggle to heat their homes and underscore the need for robust funding for LIHEAP. Historically, LIHEAP has been an underfunded and oversubscribed program. This remained true in FY23, with only around 15 percent of qualifying households nationwide receiving heating assistance through the program.

    To prevent a lapse in eligible families’ ability to afford their home energy bills this fall, we urge you to immediately release the highest possible amount of LIHEAP funding made available by the Continuing Resolution. It is vital to ensure our seniors and low-income families are provided sufficient resources as temperatures cool in the months ahead.

    Thank you for your attention to this matter, and we look forward to working with you further on this crucial program.

    Sincerely,

     

    ###

    MIL OSI USA News –