NewzIntel.com

Category: Politics

  • MIL-Evening Report: PNG govt’s latest ID plan unlikely to be achieved, says academic

    RNZ Pacific

    The Papua New Guinea government wants to have everyone on their National Identity (NID) card system by the country’s 50th anniversary on 16 September 2025.

    While the government has been struggling to set up the NID programme for more than 10 years, in January the Prime Minister, James Marape, announced they aimed to have 100 percent of Papua New Guineans signed up by September 16.

    However, an academic with the University of PNG, working in conjunction with the Australian National University, Andrew Anton Mako, said there was no chance the government could achieve this goal.

    Anton Mako spoke with RNZ Pacific senior journalist Don Wiseman:

    ANDREW ANTON MAKO: The NID programme was established in November 2014, so it’s 10 years now. I wouldn’t know the mechanics of the delay, why it has taken this long for the project to not deliver on the outcomes, but I can say a lot of money has been invested into the programme.

    By the end of this year, the national government would have spent about 500 million kina (over NZ$211 million). That’s a lot of money to be spent on a particular project, and then it would have only registered about 30 to 40 percent of the total population. So there’s a serious issue there. The project has failed to deliver.

    DON WISEMAN: Come back to that in a moment. But why does the government think that a national ID card is so important?

    AAM: It’s got some usefulness to achieve. If it was well established and well implemented, it would address a number of issues. For example, on doing business and a form of identity that will help people to do business, to apply for jobs in Papua New Guinea or elsewhere, and all that. I believe it has got merit towards it, but I think just that it has not been implemented properly.

    DW: Does the population like the idea?

    AAM: I think generally when it started, people were on board. But when it got delayed, you see a lot of people venting frustration on the NID Facebook page. I think [it’s] popularity has actually fallen over the years.

    DW: It’s money that could go into a whole lot of other, perhaps, more important things?

    AAM: Exactly, there’s pressing issues for the country, in terms of law and order, health and education. Those important sectors have actually fallen over the years. So that 500 million kina would have been better spent.

    DW: So now the government wants the entire country within this system by September 16, and they’re not going to get anywhere near it. They must have realised they wouldn’t get anywhere near it when the Prime Minister made that statement. Surely?

    AAM: It’s not possible. The numbers do not add up. They’ve spent more than 460 million kina over the last 10 years or so, and they’ve only registered 36 percent of the total — 3.3 million people. And then of the 3.3 million people, they’ve only issued an ID card to about 30 to 40 perCent of them . . .

    DW: 30 to 40 percent of those who have already signed up. So it’s what, 10 percent of the country?

    AAM: That’s right, about 1.2 million people have been issued an ID card, including a duplicate card. It is not possible to register the entire country, the rest of the country, in just six, seven or eight months.

    DW: It’s not the first time that the government has come out with what is effectively like a wish list without fully backing it, financially?

    AAM: That’s right. The ambitions that the government and the Prime Minister, their intentions are good, but there is no effective strategy how to get there.

    The resources that are needed to be allocated. It’s just not possible to realise the the end results. For example, the Prime Minister and his government promised that by this year, we would stop importing rice. That was a promise that was made in 2019, so the thing is that the government has not clearly laid out a plan as to how the country will realise that outcome by this year.

    If you are going to promise something, then you have to deliver on it. You have to deliver on the ambitions. Then you have to set up a proper game plan and proper indicators and things like this.

    I think that’s the issue, that you have promised something [and] you must deliver. But you must chart out a proper pathway to deliver that.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Noting Ukraine’s People Have Endured Three Years of Relentless Death, Destruction, Displacement, Senior Official Tells Security Council ‘It Is High Time for Peace’

    Source: United Nations MIL OSI b

    ‘We Cannot Have the Aggressor Impose a Deal on the Victim,’ Stresses Special Envoy

    “It is high time for peace in Ukraine,” a senior United Nations official told the Security Council today, as Member States echoed that call and outlined contrasting visions of ending the three-year conflict.

    “For three long years, the people of Ukraine have endured relentless death, destruction and displacement,” said Rosemary DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs, adding that the resolution the Council adopted earlier on 24 February urges a swift end to the conflict.  The Office of the High Commissioner of Human Rights (OHCHR) has verified that, since 24 February 2022, at least 12,654 Ukrainian civilians — including 673 children — have been killed and 29,392 — including 1,865 children — have been injured.

    The war has created the largest displacement crisis in Europe since the Second World War, she observed, adding that over 10 million Ukrainians remain uprooted — 3.6 million displaced within Ukraine and 6.9 million seeking refuge abroad.  Furthermore, the massive destruction of civilian infrastructure impacts millions. For three consecutive winters, repeated strikes on the energy grid have left communities without power, heating or other essential services.  At least 790 attacks have damaged or destroyed medical facilities, putting the lives of countless patients at risk.  In 2024 alone, attacks on medical facilities tripled compared to 2023.  The education system has also been decimated, preventing 600,000 children from attending in-person classes.

    Over the past three years, the conflict has expanded into parts of the Russian Federation, she said, pointing to reports of increased civilian casualties and damage to civilian infrastructure in the Kursk, Belgorod and Bryansk regions due to alleged Ukrainian attacks.  The war’s impact is also felt globally, destabilizing economies, disrupting food security and threatening international peace.  The further internationalization of the conflict is deeply alarming, particularly with the reported deployment of troops from the Democratic People’s Republic of Korea into the conflict zone.  Moreover, she cautioned that the risk of a nuclear incident remains “unacceptably high”.

    Detailing the systematic and widespread use of torture — including sexual violence — by Russian Federation authorities against Ukrainian prisoners of war, as documented by OHCHR, she said 95 per cent of them and three quarters of Ukrainian civilian detainees interviewed have suffered torture or ill-treatment in captivity. Additionally, at least 71 Ukrainian prisoners were executed since February 2022, with an alarming spike in executions since August 2024.  Meanwhile, about half of the 469 Russian Federation’s prisoners of war interviewed by OHCHR described torture and ill-treatment, and 26 of those interviewed reported having been subjected to sexual violence.  The human rights monitoring mission in Ukraine has also verified the execution of 26 Russian Federation prisoners of war.  “These crimes must not go unpunished,” she asserted, underscoring that “accountability is not optional — it is an obligation under international law”.

    “We recognize it will be challenging to get an agreement, but the time for Moscow to make difficult choices and end fighting is now,” stated the representative of the United States, underscoring her country’s commitment to ending the war.  Washington, D.C., has been in close contact with Ukrainian counterparts throughout the conflict and will continue to do so.  It has also opened a direct dialogue with the Russian Federation in the past week. Following discussions in Riyadh, the United States and the Russian Federation have committed to negotiating towards an end of the conflict, which is enduring and acceptable to all engaged parties.  She called on all Member States to push for a durable peace “to bring stability to Europe and deter further aggression”.

    The Russian Federation’s delegate noted significant dissonance in European support for Ukraine, with ministers reading out “cookie-cutter statements”.  Calling the meeting an “open attempt to thwart the positive progress that has been made which will soon help result” in a lasting settlement to the Ukrainian crisis, he emphasized that the “Kyiv regime and its European sponsors are interested not in peace, but in pursuing war until the last Ukrainian”.  Welcoming the new positive policy of the Administration of United States President Donald J. Trump, he pointed to emerging details about what “took place and continues to take place under the [Ukraine President Volodymyr] Zelenskyy regime” despite Moscow’s persistent efforts to prevent this.

    Condemning Ukraine’s “anti-Russian project”, financed from the beginning by the West, he noted that, from 2021 to 2024, the United States Agency for International Development spent $30.6 billion in Ukraine, without which Ukrainian gross domestic product (GDP) “independently did not exist”.  He stated that up to 90 per cent of Ukrainian media outlets were financed by the Agency, with payments for public opinion leaders to appear on social networks, compelling “everybody to believe in the universal popularity of the erstwhile comic”, which “turned out to be a lie”, but was shaping Ukraine’s political landscape.  He noted that Volodymyr Zelenskyy, upon election, immediately abandoned his promises regarding the East and for the defence of the Russian language.

    Meanwhile, Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine, said the Council resolution just adopted “lacks the qualification” of the war as an aggression of one Member State against another.  Despite the disparity in military strength — with over 600,000 Russian Federation troops deployed on Ukraine’s territory today — Ukraine’s defence forces continue to stand firm.

    “We gave up the world’s third-largest nuclear arsenal in the hope of making the world a safer place,” she said, citing the Budapest Memorandum as “a deal without viable security guarantees”.  Meanwhile, Moscow has significantly expanded Soviet-era stockpiles, and today, it is capable of striking Ukrainian front-line positions and residential areas, with thousands of guided aerial bombs every month.  In 2024 alone, its aviation launched 40,000 such bombs.  Moreover, the Russian Federation engaged Tehran and Pyongyang in its war of aggression.

    Nonetheless, she said the Russian Federation has failed to break Ukraine on the battlefield.  “There is nothing about Ukraine without Ukraine, and there is nothing about Europe without Europe,” she asserted.  And while Ukraine wants peace “more than anyone”, that doesn’t mean just any peace, she emphasized, calling for clear security guarantees.  She added that the North Atlantic Treaty Organization (NATO) and the European Union are indispensable elements of regional security, and “Ukraine is eager to be part of them”.

    Many speakers highlighted the devastating and long-lasting consequences of Moscow’s aggression on food security, the environment and nuclear security, calling for a comprehensive, just and lasting peace — not an agreement imposed under duress on the victim.

    “We cannot have the aggressor impose a deal on the victim, an aggressor who continues to intensify its attacks on civilian population and infrastructure,” underscored Erica Schouten, the representative of the Netherlands and Special Envoy for Ukraine.  She called for “nothing about Ukraine without Ukraine” and for Europe — whose security is directly impacted — to be involved, too.  This war must end, not just for the sake of Ukraine and Europe but for the sake of the world, she stressed.

    In the same vein, France’s delegate stressed that Europe — whose security is at stake — must participate in any negotiations and affirmed that any resolution to the conflict without Ukraine will be a dead letter and “lay the groundwork for future wars”.  He recalled that the Russian Federation alone decided on 24 February 2022 to bring war back to European soil — carrying out deliberate strikes against the Ukrainian civilian population and energy infrastructure, using sexual violence as a weapon of war and forcing deportations of Ukrainian children.

    A war Russian Federation President Vladimir V. Putin said would take three days is now three years on, concurred his counterpart from the United Kingdom.  Ukraine is more than ready for the war to end, but its voice must be at the heart of any talks towards a peace that “shows aggression does not pay, and ends forever Putin’s imperialist ambitions”, she stressed.  By contrast, President Putin “only wants capitulation”.  The strength and courage shown by Ukraine must be underpinned by robust security agreements from the outset, she stated, adding that President Putin has repeatedly demonstrated that he will break a weak deal and has long denied Ukraine’s right to exist as a free State.

    Georgios Gerapetritis, Minister for Foreign Affairs of Greece, affirmed that his Government’s stance on Ukraine “has been crystal clear from the very beginning of the war, which now enters its fourth year”. All Member States must work towards an end to the suffering and destruction in Ukraine; however, it is incumbent to explicitly refer to international law and the Charter of the United Nations in the resolution.  He stated it was not easy to understand why amendments proposed by European Council members were not upheld — including that the Council would employ a swift end to the conflict, urging a just, lasting and comprehensive peace between Ukraine and the Russian Federation.

    Radosław Sikorski, Minister for Foreign Affairs of Poland, also speaking for the High Representative of the European Union, urged Moscow to “stop the killing and leave territories it illegally occupies”. Calling on Member States to never forget the crimes committed by Russian Federation troops in Bucha, Mariupol and many other places across Ukraine, he also acknowledged the far-reaching repercussions beyond Ukraine.

    “We will never recognize the illegal annexation of Crimea, Donetsk, Luhansk or any other region of Ukraine,” echoed Baiba Braže, Minister for Foreign Affairs of Latvia, also speaking for Estonia and Lithuania.  Underlining that borders must not be altered by force, she recalled that, three years ago, the International Court of Justice ordered the Russian Federation to stop its military activities in Ukraine.  “Three years on, Ukraine has stopped a nuclear-armed State of 140 million from realizing its imperialist goals,” she added.

    Pasi Rajala, State Secretary for Foreign Affairs of Finland, also speaking for Denmark, Iceland, Norway and Sweden, demanded the immediate return of thousands of children who have been unlawfully deported or transferred by the Russian Federation, which violates the laws of war at every turn.  Hailing the General Assembly’s decision earlier today to support just and fair peace in Ukraine, he affirmed that Ukrainians want peace and love freedom, and the Council must advance these goals.  Any solution for lasting peace will necessitate a strong European involvement as Member States have “a collective interest to prevent a resurgence of violence and destruction”.

    MIL OSI United Nations News –

  • MIL-OSI USA News: Addressing the Threat to National Security from Imports of Copper

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (Trade Expansion Act), it is hereby ordered:

    Section 1.  Policy.  Copper is a critical material essential to the national security, economic strength, and industrial resilience of the United States.  Copper, scrap copper, and copper’s derivative products play a vital role in defense applications, infrastructure, and emerging technologies, including clean energy, electric vehicles, and advanced electronics.  The United States faces significant vulnerabilities in the copper supply chain, with increasing reliance on foreign sources for mined, smelted, and refined copper.

    The United States has ample copper reserves, yet our smelting and refining capacity lags significantly behind global competitors.  A single foreign producer dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities.  This dominance, coupled with global overcapacity and a single producer’s control of world supply chains, poses a direct threat to United States national security and economic stability.

    It is the policy of the United States to ensure a reliable, secure, and resilient domestic copper supply chain.  The United States’ increasing dependence on foreign sources of copper, particularly from a concentrated number of supplier nations, along with the risk of foreign market manipulation, necessitate action under section 232 of the Trade Expansion Act to determine whether imports of copper, scrap copper, and copper’s derivative products threaten to impair national security.

    Sec. 2.  Investigation Into the National Security Impact of Copper Imports.  (a)  The Secretary of Commerce shall initiate an investigation under section 232 of the Trade Expansion Act to determine the effects on national security of imports of copper in all forms, including but not limited to:

    (i)    raw mined copper;

    (ii)   copper concentrates;

    (iii)  refined copper;

    (iv)   copper alloys;

    (v)    scrap copper; and

    (vi)   derivative products.

    (b)  In conducting the investigation described in subsection (a) of this section, the Secretary of Commerce shall assess the factors set forth in 19 U.S.C. 1862(d), labeled “Domestic production for national defense; impact of foreign competition on economic welfare of domestic industries,” as well as other relevant factors, including:

    (i)     the current and projected demand for copper in United States defense, energy, and critical infrastructure sectors;

    (ii)    the extent to which domestic production, smelting, refining, and recycling can meet demand;

    (iii)   the role of foreign supply chains, particularly from major exporters, in meeting United States demand;

    (iv)    the concentration of United States copper imports from a small number of suppliers and the associated risks;

    (v)     the impact of foreign government subsidies, overcapacity, and predatory trade practices on United States industry competitiveness;

    (vi)    the economic impact of artificially suppressed copper prices due to dumping and state-sponsored overproduction;

    (vii)   the potential for export restrictions by foreign nations, including the ability of foreign nations to weaponize their control over refined copper supplies;

    (viii)  the feasibility of increasing domestic copper mining, smelting, and refining capacity to reduce import reliance; and

    (ix)    the impact of current trade policies on domestic copper production and whether additional measures, including tariffs or quotas, are necessary to protect national security.

    Sec. 3.  Required Actions.  (a)  The Secretary of Commerce shall consult with the Secretary of Defense, the Secretary of the Interior, the Secretary of Energy, and the heads of other relevant executive departments and agencies as determined by the Secretary of Commerce to evaluate the national security risks associated with copper import dependency.

    (b)  Within 270 days of the date of this order, the Secretary of Commerce shall submit a report to the President that includes:

    (i)    findings on whether United States dependence on copper imports threatens national security;

    (ii)   recommendations on actions to mitigate such threats, including potential tariffs, export controls, or incentives to increase domestic production; and

    (iii)  policy recommendations for strengthening the United States copper supply chain through strategic investments, permitting reforms, and enhanced recycling initiatives.

    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    THE WHITE HOUSE,

        February 25, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Addresses the Threat to National Security from Imports of Copper

    Source: The White House

    SECURING AMERICA’S COPPER SUPPLY: Today, President Donald J. Trump signed an Executive Order launching an investigation into how copper imports threaten America’s national security and economic stability.

    • The Order directs the Secretary of Commerce to initiate a Section 232 investigation under the Trade Expansion Act of 1962.
    • This investigation will assess the national security risks arising from the United States’ increasing dependence on imported copper, in all its forms, and the potential need for trade remedies to safeguard domestic industry.
    • The investigation will culminate in a report identifying vulnerabilities in the copper supply chain and providing recommendations to enhance the resilience of America’s domestic copper industry.

     
    ADDRESSING THE THREAT TO NATIONAL SECURITY: President Trump recognizes that an overreliance on foreign copper, in all its forms, could jeopardize U.S. defense capabilities, infrastructure development, and technological innovation.

    • Copper is an essential material for national security, economic strength, and industrial resilience.
      • Copper plays a vital role in defense applications, infrastructure, and emerging technologies like clean energy, electric vehicles, and advanced electronics.
      • Copper is the Defense Department’s second-most utilized material.
    • Despite possessing ample copper reserves, America’s smelting and refining capacity lags behind global competitors like China, which controls over 50% of global smelting.
      • The United States isn’t even in the top five nations in copper smelting capacity.
    • America’s reliance on copper imports has surged from virtually 0% in 1991 to 45% of consumption in 2024, heightening risks to supply chain security.
    • Foreign overcapacity in smelting and refining, coupled with potential export restrictions from other nations, threaten to disrupt copper availability for U.S. defense and industry needs.

     
    STRENGTHENING AMERICAN INDUSTRY: This Executive Order builds on previous actions taken by the Trump Administration to ensure U.S. trade policy serves the nation’s long-term interests.

    • On Day One, President Trump initiated his America First Trade Policy to make America’s economy great again.
    • President Trump signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminum.
    • President Trump implemented a 10% additional tariff on imports from China in response to China’s role in the border crisis.  
    • President Trump unveiled the “Fair and Reciprocal Plan” on trade to restore fairness in U.S. trade relationships and counter non-reciprocal trade agreements.   

    President Trump signed a memorandum to safeguard American innovation, including the consideration of tariffs to combat digital service taxes (DSTs), fines, practices, and policies that foreign governments levy on American companies.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Announces Actions to Make Healthcare Prices Transparent

    Source: The White House

    EMPOWERING PATIENTS THROUGH RADICAL PRICE TRANSPARENCY: Today, President Donald J. Trump signed an Executive Order to empower patients with clear, accurate, and actionable healthcare pricing information.

    • The order directs the Departments of the Treasury, Labor, and Health and Human Services to rapidly implement and enforce the Trump healthcare price transparency regulations, which were slow walked by the prior administration.
      • The departments will ensure hospitals and insurers disclose actual prices, not estimates, and take action to make prices comparable across hospitals and insurers, including prescription drug prices.
      • The departments will update their enforcement policies to ensure hospitals and insurers are in compliance with requirements to make prices transparent.

    LOWERING COSTS FOR AMERICAN FAMILIES: When healthcare prices are hidden, large corporate entities like hospitals and insurance companies benefit at the expense of American patients. Price transparency will lower healthcare prices and help patients and employers get the best deal on healthcare.

    • Prices vary widely from hospital to hospital in the same region. One patient in Wisconsin saved $1,095 by shopping for two tests between two hospitals located within 30 minutes of one another.
    • One economic analysis found that President Trump’s original price transparency rules, if fully implemented, could deliver savings of $80 billion for consumers, employers, and insurers by 2025.
    • Employers can lower their healthcare costs by an average of 27% on 500 common services by better shopping for care.
    • The Biden Administration was sued in 2023 for not enforcing the prescription drug transparency requirements. The Trump Administration will work to hold health plans accountable for making drug prices transparent.

    DELIVERING ON PROMISES TO PUT AMERICAN PATIENTS FIRST: President Trump is delivering on his promise to once again put American patients first by holding the healthcare industrial complex accountable for delivering transparent prices.

    • In his first Administration, President Trump took historic action by mandating that hospitals and insurers make prices public.
    • While the prior Administration failed to prioritize further implementation and enforcement of these requirements, President Trump is delivering on his promises to make the healthcare system more affordable and easier to navigate for patients.
    • American patients are fed up with the status quo – 95% deem healthcare price transparency an important priority, with six in ten saying it should be a top priority of the government.
    • President Trump has long pushed for radical price transparency to ensure the healthcare system puts American patients first:
      • President Trump: “Our goal was to give patients the knowledge they need about the real price of healthcare services.  They’ll be able to check them, compare them, go to different locations, so they can shop for the highest-quality care at the lowest cost.  And this is about high-quality care.  You’re also looking at that.  You’re looking at comparisons between talents, which is very important.  And then, you’re also looking at cost.  And, in some cases, you get the best doctor for the lowest cost.  That’s a good thing.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Northland News – $6.2M Northland exotic Caulerpa funding welcomed

    Source: Northland Regional Council

    News the Northland Regional Council will receive more than $6M in government funding for groundbreaking work to tackle invasive exotic Caulerpa seaweed is being welcomed even as news comes it has spread to nearby Urupukapuka, Motukiekie and Moturua Islands.
    Biosecurity Minister Andrew Hoggard announced yesterday (subs: Tues 25 Feb) the council had been awarded $6.2 million to progress its large-scale mechanical suction dredging technique centred on Omakiwi Cove, Te Rāwhiti in the Bay of Islands, about 3km from Urupukapuka.
    The funding news comes as authorities reveal exotic Caulerpa has been found recently at Paradise Bay, on the western side of Urupukapuka, at Army/Waiwhapuku Bay (off Moturua Island) as well as at the southern end of Motukiekie Island (west of Urupukapuka.)
    Council chair Geoff Crawford says the exotic Caulerpa was discovered after a member of the public reported what they thought was the seaweed on an anchor at Paradise Bay earlier this month.
    Since then, the council had been diving around the island and working hard with Biosecurity New Zealand to try to determine the extent of the seaweed’s spread and ensure the most effective response. (Previous dives of the area – as recently as April last year – had not revealed any exotic Caulerpa.)
    Chair Crawford says it is still not clear how the exotic Caulerpa had spread there, but likely possibilities included hitching a ride with an unsuspecting yachtie or boatie, or natural dispersal from another site.
    “While this latest development is very concerning, our focus is on ensuring we continue to develop the tools that can fight exotic Caulerpa – without these we haven’t any effective response.”
    He says ongoing government investment in new technologies is critical and with that in mind the council is grateful to Government for the funding announced yesterday.
    “It gives us a chance to remove exotic Caulerpa at scale and prevent the further spread – and the devastating effects – of it.”
    The Minister’s announcement details projects that are financed by a $10 million funding injection last year aimed at driving improvements to technology and getting new tools in the water.
    Chair Crawford says the funding will enable the council to continue an existing relationship with Ōpua-based marine contractor Johnson Bros, which has been working with the council and local mana whenua partners Ngāti Kuta and Patukeha hapū to remove exotic Caulerpa in Omakiwi Cove.
    The relationship saw Andrew Johnson last year develop a world-first large-scale suction dredge technology system, essentially vacuuming the seaweed from the sea floor, using a digger on a barge sporting a custom-built dredge head. (That technology was used to treat approximately two hectares of exotic Caulerpa – discovered there in May 2023 – over six months last year.)
    The latest funding will allow development of a new tool called a ‘submersible dredge planer’ (SDP) which will operate remotely on the seafloor and aims to remove exotic Caulerpa in a single pass.
    The new system will include a remotely operated SDP, dredge head, pumping arrangement, GPS position system, dredge spoil processing plant, and disposal system.
    Chair Crawford says the advantage of an SDP over the current barge system is it has the ability to move more quickly, accurately and easily across the sea floor under its own power. Additionally, it is less likely to be affected by poor weather conditions.
    “While work on the concept is still in the development phase, it’s expected that the tool will be operationally tested at Omakiwi from September.”
    Chair Crawford says the council appreciated the ongoing and tireless efforts of Ngāti Kuta and Patukeha hapū who had worked closely with authorities since exotic Caulerpa’s original discovery in Northland.
    “Our mana whenua partners have been informed of the latest discovery, and we look forward to continuing these relationships as we collectively work to deal with the latest find.”
    He says it is too soon to say what management approach will be taken as a result of the find at Urupukapuka Island, which is about 7km from Paihia and a popular destination for yachties and other holidaymakers.
    “The council is liaising with Biosecurity New Zealand on the appropriate measures to take.”
    In the meantime, boaties and fishers are urged to be cautious when using the affected areas as they have a key role in avoiding the spread of this pest.
    Chair Crawford says exotic Caulerpa can get snagged on anchors, chains and dive and fishing gear and be accidentally moved to new locations.
    He says there are a few simple actions people can take to avoid this.
    “When out at sea – before leaving a location, check your vessel’s anchor and anchor chain, and any equipment you’ve used in the water for any tangled seaweed.” “If you have an automatic retrieval system, still look out for any attached pieces of seaweed.”
    He says if any type of seaweed is found, it should be removed, bagged or contained securely so it can’t get back into the water and taken ashore for disposal in a rubbish bin.
    “If you can’t securely contain it so it can’t get back into the water – put it back into the water it came from.”
    If someone finds they’ve picked up seaweed when they arrived back at shore, they should remove it and put it in the rubbish.
    Chair Crawford says suspected sightings of exotic Caulerpa – including any washed up on beaches – should be reported to Biosecurity New Zealand.
    “Take a photo, if possible, and note the location then either call them on freephone (0800) 809 966 or complete the online form at: report.mpi.govt.nz “
    He says full information about exotic Caulerpa and the legal controls is at: www.biosecurity.govt.nz/caulerpa

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICE Gulfport worksite enforcement operation results in multiple arrests

    Source: US Immigration and Customs Enforcement

    U.S. Immigration and Customs Enforcement, working with U.S. Border Patrol’s Gulfport Station, and the Drug Enforcement Administration Gulfport, conducted a worksite enforcement operation at Gulf Coast Prestress Partners, Ltd. in Pass Christian, Mississippi.

    ICE Gulfport served a Notice of Inspection and immigration subpoena to Gulf Coast Prestress. While serving the paperwork and interviewing employees, agents observed a large group of individuals running from the back of the business property. Agents apprehended 18 total fleeing individuals. An immigration inspection on the individuals resulted in the identification of 18 citizens of Mexico, Guatemala, and Honduras. Two individuals had immigration court dates and work authorization and were released. One 16-year-old juvenile Mexican national was identified. ICE Gulfport conducted overnight monitoring of the juvenile and transported the juvenile to Office of Refugee Resettlement custody.

    Under federal law, employers are required to verify the identity and employment eligibility of all individuals they hire, and to document that information using the Employment Eligibility Verification Form I-9. ICE uses the I-9 inspection program to promote compliance with the law, part of a comprehensive strategy to address and deter illegal employment. Inspections are one of the most powerful tools the federal government uses to ensure that businesses are complying with U.S. employment laws.

    ICE’s worksite enforcement strategy includes leveraging the agency’s other investigative disciplines, since worksite investigations can often involve additional criminal activity, such as alien smuggling, human trafficking, money laundering, document fraud, worker exploitation and/or substandard wage and working conditions.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Demands Answers from Social Security Administration on Musk and DOGE’s Access to Personal Information

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) and a group of her colleagues demanded answers from the Social Security Administration regarding the recent turmoil at the agency as Elon Musk and his so-called Department of Government Efficiency (DOGE) embed themselves and gain access to Wisconsinites most sensitive personal information.

    “Providing access to personally identifiable information on hundreds of millions of Americans stored by SSA to DOGE employees without a legitimate reason, and in apparent disregard for privacy laws, regulations, and procedures, raises serious concerns about the security of that data and what DOGE plans to do with it,” wrote Baldwin and the lawmakers.

    The letter seeks answers from Acting Commissioner Leland Dudek about DOGE’s activities at SSA, including:

    • Whether the Acting Commissioner has disclosed any sensitive personal or financial information to any unauthorized persons outside SSA.
    • Whether DOGE has requested or received access to any SSA system that is used in determining eligibility or benefit amount of Social Security or SSI benefits.
    • Whether DOGE has gained access to SSA databases that include personally identifiable information, wage or tax information, or personal health information.
    • Whether any private or commercial servers been connected or integrated into SSA data systems to review, edit, modify, access, delete, move or otherwise change data.
    • What steps are being taken to prevent DOGE from stopping lawful benefit payments or utilizing personally identifiable information for political purposes.

    Earlier this month, Senator Baldwin called on Veterans Affairs (VA) Secretary Doug Collins to take immediate actions to secure veterans’ personal information provided by the VA or other agencies from Elon Musk and DOGE.

    A full version of this letter is available here and below.

    Acting Commissioner Dudek: 

    We write to express deep concern regarding disturbing reports that the President replaced Social Security Administration (SSA) Acting Commissioner Michelle King for refusing to provide Elon Musk and the so-called “Department of Government Efficiency” (DOGE) access to the agency’s most sensitive data without proper documentation, and that you have provided DOGE unfettered access.

    As the central hub for Americans’ most sensitive personal and financial information, and the nation’s largest benefit-paying agency, DOGE’s actions–in seeking access to this information-represent a two-front invasion on Americans’ financial security and privacy.  In response to earlier media reports detailing DOGE’s efforts to access SSA systems, Senator Wyden demanded information from then-Acting Commissioner King to verify these reports and to understand what steps she has taken to protect Americans’ privacy.  In her February 11 response, she wrote that no one affiliated with DOGE had “requested nor received access to the agency’s programmatic systems.”  Further, she stressed that employee access to SSA’s systems is limited to the least privileges necessary to complete job duties, and its systems are continuously monitored to identify suspicious behaviors.

    Stringent privacy laws, regulations, and administrative procedures are in place to protect American’s data, including personally identifiable information, stored and used for legitimate purposes by government agencies. Maybe nowhere is that more important than SSA. For example, the Privacy Act of 1974, as amended (5 U.S.C. 552a, Public Law 93-579), protects Americans against an unwarranted invasion of their privacy related to the disclosure of their personal information. And, in so doing, it requires each federal agency to publish in the Federal Register information related to how and why it is accessing a specific system of records—data that are collected, maintained, used, or disseminated that contain personally identifiable information. To date, no justification has been published related to DOGE actions at SSA or otherwise.  Providing access to personally identifiable information on hundreds of millions of Americans stored by SSA to DOGE employees without a legitimate reason, and in apparent disregard for privacy laws, regulations, and procedures, raises serious concerns about the security of that data and what DOGE plans to do with it.

    We are also concerned that DOGE’s access to these systems has been provided under false pretenses claiming rampant fraud to cut benefits to Americans.  Over the past weekend, Elon Musk repeatedly posted and reposted a false claim that millions of individuals over age 150 are receiving Social Security benefits.  These claims are so easily disproven, and have been repeatedly, that this cannot be a justifiable reason to need complete access to all data housed at SSA.  A simple internet search would show U.S. Census data estimating approximately 80,000 Americans over age 100 living in the United States today, and SSA’s own data shows that roughly 53,000 Americans over age 100 receive Social Security benefits in December 2023. As you know, SSA’s Office of Inspector General (OIG) published an audit in 2023 which found that of the 18.9 million individuals over age 100 that did not have death information reported to SSA, almost none currently receive benefit payments or have reported earnings in the past 50 years.  In the same audit, SSA noted that combing through the agency’s records to update the information of these individuals would cost up to $9.7 million, with little benefit to SSA’s administration of the programs. 

    As you know, the information collected and housed at the agency could have significant commercial value, as well as competitive advantage for individuals seeking to use it for financial gain. Likewise, it could be misappropriated to target American citizens and businesses for political or exploitative means. This includes Americans’ Social Security Numbers; bank and credit card information; birth and marriage certificates; pension information; home and work addresses; school records; citizenship status; immigration or naturalization records; IRS earnings records; health care providers’ contact information; family court records; employment and employer records; psychological or psychiatric health records; hospitalization records; addiction treatment; and test for or records of HIV/AIDS. These records are handled by career civil servants under stringent federal and state privacy laws and regulations to protect Americans’ health and financial information.

    As you well know, SSA employs sophisticated systems, processes, and controls to ensure that benefits are paid the correct amount to the correct person. SSA has made great strides in improving its program integrity systems to reduce improper payments and to prevent instances of waste, fraud, or abuse.  While we agree that more can always be done to improve SSA’s process, Musk and DOGE do not appear to be interested in improving the system for Americans.  Rather than working collaboratively with the agency to understand and improve its existing systems, Musk and DOGE have been keener on publicizing misleading or blatantly inaccurate information about Social Security. This raises questions on whether their pursuit of combatting waste, fraud, and abuse is purely performative rather than sincere.

    Moreover, the President’s decision to replace a career SSA official with over three decades of agency experience with an employee with no executive experience will likely trigger a cascade of departures of experienced agency personnel, as former Commissioner O’Malley warned. At a time when the agency’s workforce is at a 50-year low, the potential loss of centuries’ worth of agency experience will risk worsening backlogs, longer wait times, and interruption of benefit payments.  When combined with SSA providing inexperienced individuals unfettered access to the agency’s sensitive systems, there is a profound risk of causing irreparable harm to the agency’s systems and Americans’ financial security.

    Finally, we are also concerned of reports that prior to your appointment as Acting Commissioner, you were placed on administrative leave pending an investigation into you sharing sensitive documents with individuals not authorized to access such information, and for harassing and threatening fellow SSA employees to work with DOGE. If accurate, your actions demonstrate a betrayal of trust and your oath of office and may violate federal privacy laws.

    For this reason, we request that you respond to the following questions no later than February 25, 2025:

    1. Have you disclosed any personally identifiable information (PII), protected health information (PHI), federal tax information (FTI), or other sensitive personal and financial information in any SSA data systems to:
      1. Any SSA personnel or SSA contractors who lacked the appropriate statutory authority to access such information;
      2. Non-SSA federal employees;
      3. Non-SSA federal contractors;
      4. Special Government Employees (SGEs); or
      5. Any other unauthorized persons?
    1. Has DOGE, or any individuals or entities operating under the guise of or direction of DOGE (including such individuals who may have been onboarded to the Agency and received an Agency or Departmental email address) requested or received access to any SSA system that is used in determining eligibility or benefit amount of Social Security or SSI benefits?
      1. If so, who granted such access, to which systems, and for what specific purposes? Please name each system and provide the names of individuals who have been given access to such system.
      2. Under what legal authority did SSA grant such access? Please provide a detailed description of this authority and copies of all communication between individuals associated with the “Department of Government Efficiency” and SSA systems.
      3. For each individual who has been given access to SSA data systems since January 20, 2025, please provide information on:
        1. The agency to which each such individual has been onboarded (or working as a contractor for) and whether an individual who may have been onboarded to a different agency has been given an SSA email address;
        2. Which federal forms each such individual completed relating to background checks (i.e. SF-85, SF-85P, SF 85PS, SF-86);
        3. Whether the Federal Bureau of Investigation (FBI) completed a background check for each such individual;
        4. Whether the individuals have used their data access privileges consistent with any restrictions based on their respective security clearance levels;
        5. What trainings on security, health information privacy, cybersecurity, financial, fraud, or other trainings required of SSA or their contractors these individuals have undertaken and when.
      4. Please provide a list of queries run on each such system by each user, since January 20, 2025, including dates and usernames.
      5. Please provide a thorough accounting of the information each individual reviewed, modified, accessed, deleted, or otherwise edited under such system.
      6. For any information that has been modified, edited, or deleted, please provide an accounting of the variables, entries, and the exact changes made, as well as for what purpose.
      7. Please provide details on any information from any such systems that were downloaded, copied, transferred, or otherwise removed from the Agency. Please specify which data, by what means they were downloaded or transferred, and to whom or what entity.
    1. Has DOGE, or any individuals or entities operating under the direction of DOGE gained access to SSA databases that include personally identifiable information, wage or tax information, or personal health information?
      1. If so, which data have been reviewed, modified, deleted, or otherwise edited or removed, copied, or downloaded or otherwise transferred by these individuals?
      2. Under what legal authority did SSA grant such access? Please provide a detailed description of this authority and copies of all communication between individuals or entities operating under the direction of DOGE and SSA officials related to the granting of this access.
      3. How many individuals does this affect? Have these individuals been notified that their information has been accessed and for what purposes in accordance with the requirements of the Privacy Act of 1974, as amended, and Section 1106 of the Social Security Act (42 U.S.C. 1306)? Please provide documentation.
      4. To the extent personally identifiable information were accessed since January 20, 2025, please provide the System of Record Notice included in the Federal Register reflective of this access.
    1. Have any private or commercial servers been connected or integrated into SSA data systems to review, edit, modify, access, delete, move or otherwise change data?
      1. If so, please explain the origin of such servers and provide documentation related to testing and validating controls to ensure no new vulnerabilities were introduced into SSA data systems upon use.
      2. For any data that were moved to a private or commercial server, please show how that system has been reviewed and is abiding by the National Institute of Standards and Technology (NIST) special publication 800-171, Protecting Controlled Unclassified Information in Nonfederal Systems and Organizations.
      3.  For any data that were moved to a private or commercial server, please provide detailed information related to whether any safe storage standards are being employed.
    1. Attempts to suspend federal payments have been reportedly attempted by individuals or entities operating under the direction of DOGE. We are deeply concerned that DOGE may attempt to stop lawful payments for Social Security and SSI benefit payments, deny benefits to individuals who are perceived to not support President Trump, or otherwise inflict financial harm on individuals.
      1. What steps have been taken to ensure that the data of individuals, beneficiaries, and health care providers are protected from unlawful payment suspensions or data leaks?
      2. What specific steps have been taken to ensure compliance with current laws, guidance, and regulations to ensure that the use of these data will not interfere with timely payments of Social Security and SSI benefits?
      3. What specific steps have been taken to ensure compliance with current laws, guidance, and regulations to ensure that personally identifiable information that is held on SSA systems is not being utilized for politically motivated purposes?

    Thank you for your attention to this urgent matter. We look forward to your prompt response.

    Sincerely,

    An online version of this release is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Polis in Washington Pushing Congress to Reject Harmful Medicaid Cuts

    Source: US State of Colorado

    WASHINGTON DC – While in Washington DC, Colorado Governor Jared Polis spoke with Members of Congress today, urging them to reject the proposed $880 billion dollar proposed cuts to Medicaid which would be devastating for hardworking Coloradans, rural hospitals, and safety net providers. Roughly 1.3 million Colorado children and adults are enrolled in Medicaid and the Child Health Plan Plus, which are funded jointly by the state and federal government. These cuts could lead to 15.9 million Americans losing Medicaid and CHIP coverage in 2026. The U.S. House of Representatives has a scheduled vote on Medicaid cuts this week.

     “Today I urged members of Congress to reject these harmful cuts to Medicaid, which would devastate hardworking Coloradans. If Congress votes to cut Medicaid they will be pulling the rug out from under rural hospitals, communities, and safety net providers. Hundreds of thousands of people In Colorado could be kicked off their health care. The bottom line is that these cruel proposed cuts simply don’t make sense, and would harm Coloradans and children,” said Colorado Governor Jared Polis. 

    Recently, Governor Polis led the National Governors Association Winter Meeting as Chair, where Governors approved Federal Priorities, including protecting funding for important support like Medicaid and ensuring states have flexibility and waiver opportunities to deliver this critical support. 

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Former NOPD Sergeant Sentenced to 5 Years Probation After Pleading Guilty to Six Counts of Wire Fraud tor Double Billing and Billing for Time Not Worked

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced today that United States District Judge Jay C. Zainey sentenced former New Orleans Police Department Sergeant TODD F. MORRELL, age 57, a resident of New Orleans, to 5 years of probation, 8 months of home confinement, 150 hours of community service, a $5,000 fine, and payment of a mandatory $600 special assessment fee after he previously pleaded guilty to six (6) counts of wire fraud, in violation of Title 18, United States Code, Section 1343, for perpetrating a multi-year scheme to defraud NOPD and the New Orleans Fair Grounds, an entity that paid him to provide off-duty police details.  A restitution hearing is set for April 29, 2025.

    According to court documents, MORRELLwas a NOPD Sergeant with NOPD’s Special Operations Division, serving both on a Tactical Platoon and the Bomb Disposal Unit.  He supplemented his NOPD income with security-oriented secondary employment (i.e., “police details”) while off-duty, including a detail with the New Orleans Fair Grounds Neighborhood Patrol (“Fair Grounds Patrol”).  The Fair Grounds Patrol was created by city ordinance to enhance police service around the New Orleans Fair Grounds Racecourse.  The Fair Grounds Patrol consisted of two patrol cars operating 24 hours per day, 7 days a week, with one off-duty NOPD officer per car.  MORRELL signed annual certifications attesting to his understanding of NOPD policies, including the secondary employment policy, and acknowledging that he would “actively monitor my hours” and would “not engage in activities or personal business which would cause them to neglect or be inattentive to duty.”

    Notwithstanding these annual certifications, on numerous occasions between early 2017 and November 30, 2021, MORRELL submitted and certified timecards to NOPD and time sheets to the Fair Grounds Patrol,falsely claiming to have been on duty (for NOPD) and on detail (for the Fair Grounds Patrol) when, in actuality, MORRELL was not present for duty.  Instead, MORRELL engaged in personal, recreational activities unrelated to his work duties.  Often, MORRELL was engaged in recreational race car driving in Avondale, Louisiana, and Austin, Texas, while claiming to be on duty and on detail.  Additionally, MORRELL “double billed” NOPD and the Fair Grounds Patrol by submitting time sheets to both entities reflecting that he was working for both entities simultaneously.  The six counts to which MORRELL pled guilty, are representative examples of his scheme.  These counts related to individual payments MORRELL received for submitting false and fraudulent time sheets for on duty and secondary employment shifts while a part of the Fair Grounds Patrol.  The various dates he falsely claimed to work that constituted the six counts were: July 1, 2019, December 21, 2020, January 23, 2021, March 13, 2021, March 14, 2021, April 25, 2021, April 30, 2021, and October 23, 2021.

    “When anyone willfully commits fraud, our office will investigate, and if warranted, prosecute,” stated Acting United States Attorney Michael M. Simpson.  “Mr. Morrell’s sentencing is an acknowledgment of the betrayal, and breach of public trust, as well as the resultant harm stemming therefrom, that his serial fraudulent acts have caused the New Orleans Police Department, and the citizens of New Orleans.  This successful investigation and prosecution, exemplify the strong partnership between our office, the FBI, the New Orleans Office of Inspector General and the New Orleans Public Integrity Bureau.”

    “The FBI will continue to investigate fraud and corruption at all levels of government and individuals like Mr. Morrell who exploit the public’s trust for personal gain,” said FBI New Orleans Acting Special Agent in Charge Stephen Cyrus.  “We thank the New Orleans Inspector General’s Office and the New Orleans Public Integrity Bureau for their assistance in bringing this misconduct to light.”

    Acting U.S. Attorney Simpson praised the work of the Federal Bureau of Investigation in investigating this matter and expressed appreciation for the support provided by the City of New Orleans Office of Inspector General and the New Orleans Public Integrity Bureau.  Assistant United States Attorneys Jordan Ginsberg, Chief of the Public Integrity Unit, and Brittany L. Reed also of the Public Integrity Unit, are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Economics: Media release: Boosting gas supply a priority for Australia’s economic and energy security – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Boosting gas supply a priority for Australia’s economic and energy security – Australian Energy Producers

    Australian Energy Producers today released its priorities to restore Australia’s competitiveness and ensure reliable and affordable gas for Australians ahead of the federal election. The industry’s plan for Australia’s economic and energy security comes as new polling in key Western Australian seats confirms strong support for the natural gas industry and its role in WA’s long-term energy mix.

    Australian Energy Producers Chief Executive Samantha McCulloch said the industry’s federal election platform outlines key actions for the next Australian Government to unlock the economic, energy security and emissions reduction potential of Australia’s abundant gas resources.

    “Natural gas will play an essential role in Australia’s energy mix to 2050 and beyond, but regulatory uncertainty, approval delays and policy interventions have delayed critical projects and damaged Australia’s reputation as a safe place to invest,” Ms McCulloch said.

    “Australia has abundant gas resources and yet we are facing forecast gas shortfalls on the east coast from 2027 and from 2030 in Western Australia.

    “Without new gas projects, Australian households and businesses face higher energy prices, uncertain energy supply, and increased risk of blackouts that will hit every part of the economy. Addressing these risks should be a national priority.”

    Australian Energy Producers is urging the major parties to commit to working with industry on the following priority actions:

    • Boost Australian gas supply to ease cost of living pressures
    • Restore Australia’s global competitiveness for investment
    • Deliver real emissions reductions with gas and carbon capture, utilisation and storage (CCUS)
    • Remain a reliable energy partner in our region

    “Australia and our region’s economic growth and energy security needs reliable and affordable gas supply, and this requires continued investment in new gas exploration and development,” Ms McCulloch said.

    “The Australian gas industry contributes $105 billion a year to the Australian economy and supports 215,000 jobs. Natural gas provides around 40 per cent of the energy used by Australia’s manufacturing sector, and in WA gas provides more than half the energy used in mining and minerals processing.

    “Polling confirms that Western Australians understand the importance of natural gas to the state’s economy. The next Australian Government should take note and prioritise actions to boost new gas supply, address approval delays, and ensure reliable and affordable energy for Australian households and businesses.”

    Read Australian Energy Producers’ policy platform for the 2025 Federal Election: https://energyproducers.au/2025election    

    Key findings from JWS Research polling in the electorates of Curtin, Tangney and Bullwinkel are summarised below.

    JWS Research polling results relating to the natural gas sector 

    JWS conducted online polling on 11-12 February on behalf of Australian Energy Producers, with around 830 respondents in each electorate. Key results of voters’ views on the role of natural gas in WA’s energy mix and its importance to the WA economy are summarised below. 

    Curtin

    • 73% support WA’s natural gas industry
    • 64% believe natural gas has a long-term role in WA’s energy mix
    • 78% believe the natural gas industry is important to WA’s economy
    • 69% oppose the Greens’ policy to ban all new gas projects
    • 65% oppose Labor forming a minority government with the Greens at the election
    • 69% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 47% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 15% said they were more likely to vote against a candidate that supported the gas industry (36% said it would not influence their vote).

    Tangney

    • 72% support WA’s natural gas industry
    • 68% believe natural gas has a long-term role in WA’s energy mix, including 54% of Greens voters
    • 80% believe the natural gas industry is important to WA’s economy, including 61% of Greens voters
    • 60% oppose the Greens’ policy to ban all new gas projects, only 12% support it
    • 57% oppose Labor forming a minority government with the Greens at the election
    • 63% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 48% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 6% said they were more likely to vote against a candidate that supported the gas industry (45% said it would not influence their vote).

    Bullwinkel

    • 77% support WA’s natural gas industry
    • 75% believe natural gas has a long-term role in WA’s energy mix, including 69% of Greens voters
    • 80% believe the natural gas industry is important to WA’s economy, including 85% of Greens voters
    • 74% oppose the Greens’ policy to ban all new gas projects
    • 70% oppose Labor forming a minority government with the Greens at the election
    • 71% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 46% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 6% said they were more likely to vote against a candidate that supported the gas industry (45% said it would not influence their vote).

    Contact: 0434 631 511

    MIL OSI Economics –

  • MIL-OSI USA: Gillibrand And Hawley Introduce Bipartisan Legislation To Establish A Mental Health Hotline For First Responders

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    Today, U.S. Senators Kirsten Gillibrand and Josh Hawley introduced the bipartisan First Responders Wellness Act, legislation to establish a national mental health hotline for first responders. The bill would also expand mental health services for first responders during major disasters.
    “Police officers, firefighters, and EMTs face unique stressors, and as a result, they are at high risk of developing PTSD and other mental health problems,” said Senator Gillibrand. “We owe it to our first responders to do more to help. I am introducing bipartisan legislation to establish a mental health hotline specifically tailored to the needs of first responders and staffed by peer specialists and counselors who have an understanding of the occupational stressors experienced by first responders and have completed trauma-informed training. The bill would also expand professional mental health services for first responders during times of major disasters. I am proud to be introducing this legislation with Senator Hawley and hope to get it passed soon.”
    “Congress should prioritize the wellbeing of those first on the scene of life’s crises. That starts with investing in the health and safety of our police officers, firefighters, and EMTs. This bipartisan legislation would provide first responders with the mental health tools they need to cope with past trauma and the resources necessary to support them in their jobs,” said Senator Hawley.
    According to the Substance Abuse and Mental Health Services Administration (SAMHSA), first responders face higher rates of behavioral health conditions, such as post-traumatic stress disorder (PTSD) and depression, compared to civilians. Furthermore, a study from the Ruderman Family Foundation found that law enforcement officers and firefighters are more likely to die by suicide than in the line of duty. EMS providers are 1.39 times more likely to die by suicide than the general public, and up to a quarter of all public safety telecommunicators have symptoms of PTSD or depression.
    Although first responders are trained to respond to challenging situations, the post-response mental health needs of these professionals often go unaddressed. There is a clear and distinct need for mental health professionals and services that account for the occupational culture and hazards of first responders. 
    The First Responders Wellness Act would direct the Secretary of Health and Human Services to establish a national mental health hotline for first responders. Specifically, this bill would:
    Establish a first responders mental health hotline to provide peer and emotional support, information, brief intervention, and mental or behavioral health and substance use disorder resources.
    Require the Secretary of Health and Human Services to submit an annual report to Congress on the hotline and its implementation.
    Ensure first responders can receive professional counseling and other mental health services offered through the FEMA Crisis Counseling Assistance and Training Program.
    Direct HHS to issue a report on best practices and recommendations to establish a new mobile health care delivery site to provide short-term crisis services to first responders during a major disaster.
    This legislation is endorsed by the NYPD Sergeants Benevolent Association, National Association of Police Organizations (NAPO), National Fraternal Order of Police (FOP), Federal Law Enforcement Officers Association, Major Cities Chiefs Association, Port Authority Lieutenants Benevolent Association, Uniformed EMTs, Paramedics, & Fire Inspectors FDNY – Local 2507, NYPD Detectives’ Endowment Association (DEA), and the Nassau County Police Benevolent Association.
    “Federal, state, and local law enforcement officers are often exposed to more on-the-job trauma and traumatic events in a week than most people will experience in an entire lifetime,” said NYPD Sergeants Benevolent Association President Vincent Vallelong.  “By supporting efforts to expand access to mental health and wellness services, this legislation will provide the NYPD and other police departments with new resources to support the well-being of those who keep our communities safe. That is why we are grateful for Sen. Gillibrand and Hawley’s continued strong leadership on the ‘First Responders Wellness Act’ and working with us to ensure our nation’s police officers have access to the services they need when they need them most.” 
    “Law enforcement officers routinely encounter highly volatile, chaotic, and dangerous situations which put them in physical jeopardy. There is also overwhelming evidence that the cumulative and corrosive effects of the mental stresses suffered by officers in the line of duty inflict ‘invisible injuries’ which can be just as disabling—or as deadly—as any physical injury,” said Fraternal Order of Police National President, Patrick Yoes. “Too often, this unseen damage goes unaddressed. Our officers need greater access to mental health professionals and services that are culturally competent in the occupational culture and hazards of law enforcement. This legislation, the First Responders Wellness Act, would establish a grant program for law enforcement mental health and wellness professionals and establish a national mental health hotline specifically for law enforcement and other public safety officers. We look forward to working with Senators Gillibrand and Hawley in getting this bill through the Senate.” 
    “State and local law enforcement officers are our nation’s first responders. They respond to our country’s greatest tragedies, violent crimes, and horrible accidents that are occurring more frequently in our communities. They have seen and experienced horrors that they cannot forget, yet we still expect them each day to protect and serve our communities,” said National Association of Police Organizations Executive Director Bill Johnson. “The least we can do is ensure they have the culturally competent and accessible mental health and wellness services necessary for their wellbeing and that of their families, which is why we support the First Responders Wellness Act.  NAPO thanks Senators Gillibrand and Hawley for their leadership and we look forward to working with them to pass this important bill.” 
    “The First Responders Wellness Act is a significant step toward addressing the mental health needs of federal law enforcement officers and other first responders,” said President Mathew Silverman of the Federal Law Enforcement Officers Association (FLEOA).  “Senators Gillibrand and Hawley have led this initiative, working alongside FLEOA, to ensure that first responders have access to a crisis hotline staffed by professionals who truly understand their unique challenges. This effort underscores a growing recognition of the psychological toll faced by first responders and their need for tailored support systems.” 
    “Supporting our nation’s law enforcement means supporting them in all aspects of their wellness and health care,” said Major Cities Chief Association Executive Director Laura Cooper. “MCCA is proud to support this important bipartisan legislation that will help accomplish that critical goal.” 
    “The Detectives’ Endowment Association of the NYPD applauds the efforts of the sponsors of this bill to care for the mental health and safety of those, like ourselves, who are daily on the stressful and dangerous front lines of our nation’s emergency situations,” said Detectives’ Endowment Association President Scott Munro.  
    “First Responders see things daily that are not normal.  Most of our work is dealing with crisis and negativity.  We need assistance processing and dealing with the mental health issues that our jobs create,” said Nassau County Police Benevolent Association President Tommy Shevlin. “I am honored to support this bill and thankful for Senator Gillibrand and Hawley’s dedication and support to our mental health and wellness.” 
    “The Port Authority Police Lieutenant’s Benevolent Association proudly supports the efforts of Senator Kristen Gillibrand for her sponsorship of the First Responders Wellness Act,” said Port Authority Police Department Lieutenants Benevolent Association President James Griglio. “Her collaborative efforts with Senator Josh Hawley demonstrate their selfless actions, putting the needs of first responders ahead of political agenda. Senator Gillibrand’s tireless efforts in support of this legislation will have significant impact on the health and well-being of our nation’s first responders for years to come. We sincerely thank Senators Gillibrand and Hawley for all their efforts. 

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Joins Risch to Introduce Bill to End Taxpayer Funded Handouts to Illegal Immigrants

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) joined Senator Jim Risch (R-Idaho) in introducing the No Bailout for Sanctuary Cities Act, which would block federal funding to sanctuary cities intended to benefit illegal immigrants.
    The bill aligns with President Trump’s Executive Order “Ending Taxpayer Subsidization of Open Borders,” which blocks federal agencies and programs from providing taxpayer-funded services to illegal immigrants.
    “Not a single taxpayer dollar should be used to provide unwarranted hand-outs to non-citizen migrants or to cities giving them any unearned financial advantages,” said Crapo.  “Federal resources should be used to secure the borders, not invite and encourage illegal immigration.”
    “Sanctuary cities abuse taxpayer dollars and fuel the illegal immigration crisis,” said Risch.  “My No Bailout for Sanctuary Cities Act stops these jurisdictions from using federal funding to directly give handouts to illegal immigrants.” 
    Additional co-sponsors of the legislation include Senators Steve Daines (R-Montana), Tim Sheehy (R-Montana), Eric Schmitt (R-Missouri), Pete Ricketts (R-Nebraska), Mike Lee (R-Utah), Jim Banks (R-Indiana) and Cindy Hyde-Smith (R-Mississippi).  Representative Nick LaLota (R-New York) introduced companion legislation in the U.S. House of Representatives.
    The No Bailout for Sanctuary Cities Act would:
    Define “sanctuary jurisdiction” as any local or state government entity that withholds information regarding an individual’s citizenship status from federal, state or other local authorities; and
    Prevent sanctuary jurisdictions from receiving federal funds for the specific benefit of illegal immigrants.

    MIL OSI USA News –

  • MIL-OSI Canada: The City of Whitehorse and the Government of Yukon partner on Community Safety and Wellbeing Plan for Whitehorse

    The City of Whitehorse and the Government of Yukon partner on Community Safety and Wellbeing Plan for Whitehorse

    This is joint news release between the Government of Yukon and City of Whitehorse.

    The City of Whitehorse and the Government of Yukon are partnering to begin community safety and wellbeing planning for Whitehorse. Efforts will focus on improving safety and wellness throughout the city and complement and enhance existing initiatives focused on improving safety in the downtown core, including the Yukon government-led Downtown Whitehorse Safety Response Action Plan.

    With support from the Aboriginal Community Safety Planning Initiative (ACSPI) and the Canadian Centre for Safer Communities (CCFSC), the City of Whitehorse and the Government of Yukon will develop a multi-year action plan focused on proactive actions to reduce risk, vulnerability and harm throughout Whitehorse. This will be the first time ACSPI and CCFSC have collaborated on a Community Safety and Wellbeing Plan.

    The Community Safety and Wellbeing Plan for Whitehorse will identify local safety concerns, prioritize actions to address them and outline strategies to improve overall safety and wellbeing throughout the community. As actions are identified they will be implemented during the planning process, which is is expected to take approximately 18 months to complete. As part of the planning process, the City and Government of Yukon, together with ACSPI and CCFSC, will conduct research, collect data and undertake community engagement. We encourage Whitehorse residents to participate in this planning process as it unfolds to share their views and inform future action to improve safety and wellbeing in the city.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Stats NZ information release: Tourism satellite account: Year ended March 2024

    Source: Statistics New Zealand

    Tourism satellite account: Year ended March 2024 – 26 February 2025 – Tourism satellite account (TSA) provides an overview of tourism’s role in New Zealand, highlighting the changing levels and impact of tourism activity. It presents information on tourism’s contribution to the economy in terms of expenditure and employment.

    This release covers provisional figures for the year ended March 2024 and detailed results for 2023.

    Key provisional estimates

    For the year ended March 2024 (expressed in nominal terms):

    • total tourism expenditure was $44.4 billion, up 14.6 percent ($5.6 billion) from 2023
    • international tourism expenditure was up 59.9 percent ($6.3 billion) to $16.9 billion, returning to levels similar to 2019 ($17.2 billion)
      • international student expenditure (studying less than 12 months) was $3.8 billion, up 76.2 percent ($1.6 billion)
      • GST from international tourists totalled $1.7 billion, up $689 million
      • international tourism’s contribution to total exports of goods and services was 17.2 percent, up 6.0 percentage points
    • overseas visitor arrivals to New Zealand increased 44.8 percent to 3,183,376
    • domestic tourism expenditure decreased 2.5 percent ($697 million) to $27.5 billion
      • household tourism expenditure decreased 5.8 percent ($1.3 billion)
      • business and government expenditure increased 8.4 percent ($559 million)
    • tourism’s direct contribution to GDP was $17.0 billion (4.4 percent of GDP), up 16.0 percent ($2.3 billion)
    • indirect value added of industries supporting tourism was $11.7 billion (3.1 percent of GDP)
    • the number of people directly employed in tourism was 182,727, up 13.5 percent (21,729 people)
      • the number of tourism employees was 159,030, up 13.3 percent (18,624 people)
      • the number of tourism working proprietors was 23,697, up 15.1 percent (3,102 people)
      • direct tourism employment as a share of the total number of people employed in New Zealand was 6.4 percent.

    More details:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: New heights for Queensland’s sustainable aviation fuel industry

    Source: Australian Executive Government Ministers

    A Bundaberg biorefinery that will convert sugar mill waste into sustainable aviation fuel (SAF) and a second project to supply SAF at the Brisbane Airport, are taking off with new funding from the Albanese Labor Government.

    The Australian Renewable Energy Agency (ARENA) is providing $8 million to Australian technology developer Licella to assess the viability of establishing a biorefinery facility in the rum city region.

    It would be co-located with the Isis Central Sugar Mill, which would provide the agricultural residue feedstock.

    If studies prove successful, the biorefinery would be a huge boost for the regional economy and create about 300 construction jobs and 100 ongoing operational roles.

    Meanwhile, Viva Energy will receive $2.4 million to demonstrate the storage and use of SAF within the Brisbane Airport.

    The funding will help recondition a fuel tank at the Pinkenba Terminal to enable blended SAF supply into the airport for commercial use.

    Viva Energy will share its insights with airports across the country, helping ensure airport infrastructure is ready when domestic SAF is available.

    Australia is in a unique position to capitalise on a local industry with readily available biomass feedstock, willing offtake interest and existing expertise with liquid fuels that could combine to address domestic jet fuel demand in the 2020s.

    This renewable fuel could reduce domestic aviation emissions by up to 80% compared to conventional fossil-based fuel, providing a practical and real pathway to net zero for aviation.

    Quotes attributable to Minister for Climate Change and Energy Chris Bowen:

    “This ARENA funding is another demonstration of our government’s commitment for a Future Made in Australia – using our natural resources to build industry, cut emissions from planes, and create real jobs right now.

    “By making more fuel on Australian shores, from Australian renewable energy and feedstock, we can make our fuel supply stronger, cleaner and more secure.”

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “The size of our nation means that aviation is often the only option for Australians to get where they need to go.

    “The development of a local sustainable aviation fuel industry is a necessity, but also a huge opportunity for job creation in the regions.” 

    MIL OSI News –

  • MIL-OSI: First Commerce Bancorp, Inc. Announces Additions to Its Board and Management

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, N.J., Feb. 25, 2025 (GLOBE NEWSWIRE) — First Commerce Bancorp, Inc., (the “Company”) (OTC: CMRB), the holding company for First Commerce Bank, (the “Bank”), proudly announces the addition of several individuals to the Bank’s Board of Directors and Management Team. The Bank has added two new members to its Board of Directors: Mr. Aaron Bookman and Mr. Stanley Koreyva.

    Commenting on their attributes and experience, Chairman Thomas P. Bovino remarked, “Mr. Bookman, a seasoned corporate finance executive and CPA, brings over 25 years of experience leading large public companies. With deep roots in the Lakewood community, he has demonstrated a strong commitment to both shareholder value and corporate governance. His expertise in financial strategy and operational leadership will enhance the Board’s ability to navigate today’s dynamic financial landscape. Mr. Koreyva, a former senior banking executive, brings many years of successful and disciplined banking and regulatory experience to the Board with a fresh and independent perspective regarding relationship building and value creation. His extensive familiarity of industry challenges will assist the independent Board members in understanding the intricate aspects of today’s banking environment. We welcome both gentlemen to our Board of Directors and look forward to their contributions in the many diverse facets of the complex industry and communities that we endeavor to serve.”

    Additionally, the Bank has recently bolstered its Business Development and Risk Management teams by hiring several successful senior level Business Development Officers, Community Banking Specialists and Risk Professionals. With respect to Business Development and Relationship Management, the Bank has hired: Mr. Leonard Allen, VP/Business Banking Officer; Mr. Daniel Dunn, VP/Treasury Management Officer; Mr. Matteo DiGrigoli, Retail Sales & Service Officer; Ms. Wendy Glatz-Akmentins, AVP/Branch Manager and Mr. Logan Cheow, AVP/Relationship Manager. The hiring of these experienced bankers demonstrates the Bank’s continued commitment to a superior customer experience by offering quality personalized service to our business and retail clients.

    Further, as the Bank continues its organic growth by providing a more diverse menu of products and services for its clients, it is imperative that the Bank maintain robust risk management protocols. To that effect, the Bank acquired the services of Daniel Beagle, SVP/Chief Risk Officer to oversee the Risk Management function of the Bank. Mr. Beagle has a proven track record in effectively managing risk over his 30+ years in the banking and insurance industries.  

    On the acquisition of their talents, President & CEO Donald Mindiak commented, “through the disruption created by recent merger and acquisition activity within our industry, the Bank was able to secure the services of these exceptionally talented and experienced banking professionals. Each brings a distinctly unique and comprehensive skill set to our Bank, with a dedication to professionalism and service to customer and community alike. We are extremely proud of these hires and look forward to their positive contribution of creating an enhanced customer service experience as well as a heightened level of value creation for our shareholder base.”

    About First Commerce Bancorp, Inc.

    First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company’s wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.

    Forward-Looking Statements

    This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank’s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); inflation; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms and the impact of a potential shutdown of the federal government.        

    Media Contact:

    Donald Mindiak
    President and Chief Executive Officer 
    dmindiak@firscommercebk.com

    The MIL Network –

  • MIL-OSI Global: USAID’s apparent demise and the US withdrawal from WHO put millions of lives worldwide at risk and imperil US national security

    Source: The Conversation – USA – By Nicole Hassoun, Professor of Philosophy, Binghamton University, State University of New York

    USAID was established by President John F. Kennedy in 1961 as a way to consolidate existing foreign aid programs. JAM STA ROSA/AFP via Getty Images

    On his first day in office, Jan. 20, 2025, President Donald Trump began a drastic reshaping of the United States’ role in global health as part of the first 26 executive orders of his new term.

    He initiated the process of withdrawing the U.S. from the World Health Organization, which works to promote and advance global health, following through on his first attempt in 2020. He also ordered staff members of the Centers for Disease Control and Prevention to cut off all communications with WHO representatives.

    In his first week, Trump also issued a stop-work order pending a 90-day review on nearly all programs of the United States Agency for International Development, or USAID.

    Many experts view this as a first step in dismantling the organization, which facilitates global efforts to improve health and education and to alleviate poverty. The sweeping move left aid workers and the people who depend on them in a panic and interrupted dozens of clinical trials across the world.

    President Trump’s executive order sparked legal action from international health care organizations, resulting in a federal judge ordering a temporary halt to the Trump administration’s freeze on foreign aid. Ultimately, that legal action was unsuccessful.

    On Feb. 23, the Trump administration put nearly all of USAID’s 4,700 workers on paid administrative leave globally and stated that it would be terminating 1,600 of those positions.

    Most recently, on Feb. 25, a federal judge ordered the Trump administration to allow some USAID funding to resume and required that it pay all of its invoices for work completed before the foreign aid freeze went into effect.

    I am the executive director of the Global Health Impact project, an organization that aims to advance access to essential medicines in part by evaluating their health consequences around the world, and a researcher focusing on global health and development ethics and policy.

    In my view and that of many other public health scholars, closing down USAID will imperil our national security and put millions of lives at risk.

    Because of the USAID stop-work order, 500,000 metric tons of food are at risk of spoiling.

    20 million with HIV treated

    USAID works with both nongovernmental organizations and private companies to help distribute medicines and vaccines around the world. The agency also helps improve government policies and invest in research and development to contain and address epidemics and pandemics.

    Starting in the late 1960s, for instance, USAID helped lead the effort to eliminate smallpox and has also helped fight polio and other devastating diseases over the past six decades.

    The smallpox pandemic was one of the worst of all time – it killed one-third of the people infected, causing an estimated 300 million to 500 million deaths worldwide in the 20th century. By contrast, COVID-19 killed less than 1% of those infected.

    These efforts have brought immense financial as well as health benefits to the U.S. and the rest of the world. Some economists estimate that the Global Polio Eradication Initiative, created in 1988, alone saved the world more than US$27 billion as of 2017, and that it will save a total of $40 billion to $50 billion by 2035.

    USAID also plays an important role in promoting global health equity. The agency works to increase access to primary health care, combat hunger and strengthen health systems – ultimately saving lives. In addition, USAID has provided a great deal of funding to fight infectious diseases such as malaria, tuberculosis and HIV.

    For instance, the U.S. President’s Emergency Plan for AIDS Relief, or PEPFAR, provides treatment for 20 million people living with HIV in Africa. Trump’s federal aid freeze has halted funding for PEPFAR projects.

    While the limited waiver under which the agency must now operate means some PEPFAR activities may eventually resume, many are now left without federal funding indefinitely. Unless another organization fills the gap, millions will die without USAID assistance.

    A 2022 photo of men in Afghanistan lining up to receive a monthly food ration, largely supplied by USAID.
    Scott Peterson/Getty Images News via Getty Images

    Mistakes made

    This is not to deny that USAID has made some grave errors in its history.

    For instance, USAID provided significant funding to the Democratic Republic of Congo (formerly Zaire) during the murderous regime of Mobutu Sese Seko, who was in power from 1965 to 1997.

    But USAID also has done an immense amount of good. For instance, it has helped contain the Ebola epidemic in the Democratic Republic of Congo since 2018. USAID’s work in preventing epidemics from spreading helps people everywhere, including in the U.S.

    If anything, there is a strong argument for increasing USAID funding. China has invested heavily in Asia and Africa through its Belt and Road Initiative, which is an attempt to recreate ancient trade routes by investing in roads, trains and ports. Some researchers argue that this has shifted diplomatic relations in favor of China. They believe that if the U.S. does not make similar investments and instead cuts foreign aid, it will affect the United States’ ability to achieve its foreign policy objectives.

    Similarly, there is a strong argument for increasing U.S. support for the WHO rather than withdrawing from the organization.

    Trump’s withdrawal order cites what he sees as the organization’s failures in addressing the COVID-19 pandemic as the rationale. But the WHO helped lead efforts to accelerate vaccine development and distribution, and retrospective reports claim that even more deaths could have been avoided with greater international cooperation.

    While dismantling USAID will cause irreparable harm to global health, these actions taken together are likely to deal a devastating blow to efforts to protect Americans and everyone else in the world from sickness and death.

    Alyssa Figueroa, an undergraduate student at Binghamton University, contributed to this article.

    Nicole Hassoun has received funding for research from the World Health Organization and the United Nations. She is the executive director of Global Health Impact (global-health-impact.org) which participates in the Pandemic Action Network.

    – ref. USAID’s apparent demise and the US withdrawal from WHO put millions of lives worldwide at risk and imperil US national security – https://theconversation.com/usaids-apparent-demise-and-the-us-withdrawal-from-who-put-millions-of-lives-worldwide-at-risk-and-imperil-us-national-security-249260

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Updating regulation, licensing of addiction treatment

    [. The model is based on the fact that recovery is possible, and Albertans deserve the best care to support them on their path of recovery.

    The Mental Health Services Protection Act provides a foundation to ensure safe, quality mental health and addiction care, and the authority to establish licensing programs for mental health and addiction services. Services for bed-based addiction treatment, narcotic transition, drug consumption and psychedelic drug treatment are currently licensed under the act.

    Alberta’s government is proposing amendments to be more flexible and responsive to the evolving needs of Albertans. The proposed amendments position the act as a framework legislation to provide better oversight for mental health and addiction services and help ensure Albertans receive quality, standardized treatment and services.

    If passed, the amendments would come into effect in fall 2025.

    “We are committed to developing a recovery-oriented system of care that grows and evolves to meet the needs of every Albertan. These proposed amendments reflect our dedication to maintaining a system that is both effective and adaptable.”

    Dan Williams, Minister of Mental Health and Addiction

    Enhancing bed-based addiction treatment services

    Currently, all bed-based addiction treatment services are subject to the same licensing requirements, regardless of the type or intensity of services provided. The proposed amendments would create three types of bed-based addiction treatment services subject to separate licensing requirements:

    • Withdrawal management services: medically supervised services to manage or support an individual through the process of withdrawal from one or more substances;
    • Intensive treatment services: intensive and structured residential care services for individuals with addiction; and
    • Non-intensive recovery services: services in a recovery-oriented environment that provide less-intensive treatment compared to intensive treatment services.

    In addition, proposed amendments would add a provision for title protection. This would mean only licensed bed-based addiction treatment services providers would be able to use these service descriptions.

    The goal of these changes is to better support Albertans to find services, get the right support and know what to expect when accessing each type of service. Matching individuals with the appropriate level of care promotes better health outcomes and maximizes the effectiveness of resources. Service providers would also benefit from increased licensing clarity.

    Introducing exemptions

    Another proposed amendment includes authorizing the Minister of Mental Health and Addiction to exempt specific people or service providers on a unique case-by-case basis from the act’s framework.

    Exemptions would only be allowed in very specific instances, such as for medical reasons, scientific research, or when there’s a clear public benefit. Clear guidelines would be developed to ensure exemptions would only be granted in appropriate circumstances.

    The ability for the minister to grant exemptions would allow for flexibility and adaptability in rare circumstances or complex situations.

    Refining regulatory requirements

    The proposed legislation also includes administrative amendments to address regulatory inconsistencies, clarify requirements, and better align the act with the Alberta Recovery Model. As an example, references to residential addiction treatment services would be updated to bed-based treatment services.

    Alberta’s government is making record investments and removing barriers to recovery-oriented supports for all Albertans, regardless of where they live or their financial situation. Actions include adding more than 10,000 new publicly funded addiction treatment spaces; eliminating daily user fees for bed-based treatment services; and expanding access to the Virtual Opioid Dependency Program, which provides same-day access to life-saving treatment medication.

    Quick facts

    • Albertans can call 211 Alberta to find supports and services in their area.
    • Albertans struggling with opioid addiction can contact the Virtual Opioid Dependency Program (VODP) by calling 1-844-383-7688, seven days a week, from 6 a.m. to midnight. The VODP provides same-day access to addiction medicine specialists. There is no wait list.

    Related information

    • Modernizing addiction treatment licensing
    • Mental Health Services Protection Act
    • Residential addiction treatment service providers
    • Residential addiction treatment service provider licensing

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Third Quarterly Investment Report released

    Source: New Zealand Government

    The Government has released its third Quarterly Investment Report as part of the drive to deliver better value for money from government expenditure and restore fiscal discipline, Associate Minister of Finance and Minister for Infrastructure Chris Bishop says.

    “This is the third quarter where we are publishing the Government’s Quarterly Investment Report in our effort to provide the public better visibility of the government’s investment pipeline and portfolio, and to improve investment discipline and better performance from agencies.

    “This report, prepared by the Treasury for the July to September 2024 period, shows incremental progress in terms of planning and delivery behaviours by agencies. Cabinet has made it very clear to agency Chief Executives that they need to drive improvements in their agencies regarding full and accurate data, robust business cases, and improved asset management.

    “Getting this right is critical to ensuring the successful delivery of our strategic priorities such as the 30-year National Infrastructure Plan. Ministers will continue to closely monitor the progress and performance of major investments and take any steps required to put a project back on the right course.”

    The next Quarterly Investment Report covering the October to December 2024 quarter will be released in May.

    Note to Editors:

    Quarterly Investment Reports are published to ensure that the status of investments is open and transparent. They are developed based on investment information that government agencies submit to the Treasury following the end of a quarter. 

    Agencies are responsible for the accuracy and completeness of investment information they submit to the Treasury. The Treasury does not edit or update agency information, save for correcting minor data formatting issues. 

    The Quarterly Investment Report for July to September 2024 information release can be accessed here: https://www.treasury.govt.nz/publications/information-release/quarterly-investment-report-july-september-2024-quarter

    MIL OSI New Zealand News –

  • MIL-OSI: CPS Announces Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenues of $105.3 million for the fourth quarter and $393.5 million for 2024
    • Net income of $19.2 million, or $0.79 per diluted share for 2024
    • Total portfolio balance of $3.491 billion, highest in company history
    • New contract purchases of $1.682 billion for the full year 2024

    LAS VEGAS, NV, Feb. 25, 2025 (GLOBE NEWSWIRE) — Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $5.1 million, or $0.21 per diluted share, for its fourth quarter ended December 31, 2024.

    Revenues for the fourth quarter of 2024 were $105.3 million, an increase of $13.3 million, or 14.5%, compared to $92.0 million for the fourth quarter of 2023. Total operating expenses for the fourth quarter of 2024 were $98.0 million compared to $82.1 million for the 2023 period.   Pretax income for the fourth quarter of 2024 was $7.4 million compared to pretax income of $9.8 million in the fourth quarter of 2023.

    For the twelve months ended December 31, 2024 total revenues were $393.5 million compared to $352.0 million for the twelve months ended December 31, 2023, an increase of approximately $41.5 million, or 11.8%. Total operating expenses for the twelve months ended December 31, 2024 were $366.1 million, compared to $290.9 million for the twelve months ended December 30, 2023. Pretax income for the twelve months ended December 31, 2024 was $27.4 million, compared to $61.1 million for the twelve months ended December 31, 2023. Net income for the twelve months ended December 31, 2024 was $19.2 million compared to $45.3 million for the twelve months ended December 31, 2023.

    During the fourth quarter of 2024, CPS purchased $457.8 million of new contracts compared to $445.9 million during the third quarter of 2024 and $301.8 million during the fourth quarter of 2023. The total number of contracts purchased for 2024 totaled $1.682 billion compared to $1.358 billion in 2023. The Company’s receivables totaled $3.491 billion as of December 31, 2024, an increase from $3.330 billion as of September 31, 2024 and an increase from $2.970 billion as of December 31, 2023.

    Annualized net charge-offs for the fourth quarter of 2024 were 8.02% of the average portfolio as compared to 7.74% for the fourth quarter of 2023. Delinquencies greater than 30 days (including repossession inventory) were 14.85% of the total portfolio as of December 31, 2024, compared to 14.55% as of December 31, 2023.

    “New loan originations grew by 24% in 2024 over the prior year, leading to solid top line revenue growth,” said Charles E. Bradley, Chief Executive Officer. “With positive trends in loan originations and operating efficiencies, we remain optimistic in all aspects of our business going into 2025.”

    Conference Call

    CPS announced that it will hold a conference call on February 26, 2025 at 1:00 p.m. ET to discuss its fourth quarter 2024 operating results.

    Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BI34e818cf84a24e118241657af74dd2d4. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations.

    About Consumer Portfolio Services, Inc.

    Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

    Forward-looking statements in this news release include the Company’s recorded figures representing allowances for remaining expected lifetime credit losses, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company’s business is concentrated. Any or all of such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance.

    Investor Relations Contact

    Danny Bharwani, Chief Financial Officer

    949-753-6811

    Consumer Portfolio Services, Inc. and Subsidiaries
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                   
      Three months ended   Twelve months ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Revenues:              
    Interest income $ 98,150     $ 83,260     $ 363,962     $ 329,219  
    Mark to finance receivables measured at fair value   5,000       6,000       21,000       12,000  
    Other income   2,153       2,718       8,544       10,795  
        105,303       91,978       393,506       352,014  
    Expenses:              
    Employee costs   23,889       23,157       96,192       88,148  
    General and administrative   14,422       13,777       54,710       50,001  
    Interest   52,522       40,277       191,257       146,631  
    Provision for credit losses   (728 )     (1,600 )     (5,307 )     (22,300 )
    Other expenses   7,847       6,523       29,223       28,437  
        97,952       82,134       366,075       290,917  
    Income before income taxes   7,351       9,844       27,431       61,097  
    Income tax expense   2,206       2,657       8,228       15,754  
    Net income $ 5,145     $ 7,187     $ 19,203     $ 45,343  
                   
    Earnings per share:              
    Basic $ 0.24     $ 0.34     $ 0.90     $ 2.17  
    Diluted $ 0.21     $ 0.29     $ 0.79     $ 1.80  
                   
    Number of shares used in computing earnings per share:              
    Basic   21,412       21,136       21,292       20,896  
    Diluted   24,274       24,879       24,325       25,218  
                                   
    Condensed Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
           
      December 31,   December 31,
        2024       2023  
    Assets:      
    Cash and cash equivalents $ 11,713     $ 6,174  
    Restricted cash and equivalents   125,684       119,257  
    Finance receivables measured at fair value   3,313,767       2,722,662  
           
    Finance receivables   5,420       27,553  
    Allowance for finance credit losses   (433 )     (2,869 )
    Finance receivables, net   4,987       24,684  
           
           
    Deferred tax assets, net   1,010       3,736  
    Other assets   36,707       27,233  
      $ 3,493,868     $ 2,903,746  
           
    Liabilities and Shareholders’ Equity:      
    Accounts payable and accrued expenses $ 70,151     $ 62,544  
    Warehouse lines of credit   410,898       234,025  
    Residual interest financing   99,176       49,875  
    Securitization trust debt   2,594,384       2,265,446  
    Subordinated renewable notes   26,489       17,188  
        3,201,098       2,629,078  
           
    Shareholders’ equity   292,770       274,668  
      $ 3,493,868     $ 2,903,746  
                   

    Operating and Performance Data ($ in millions)

        At and for the   At and for the
        Three months ended   Twelve months ended
        December 31,   December 31,
          2024       2023       2024       2023  
                     
    Contracts purchased   $ 457.81     $ 301.80     $ 1,681.94     $ 1,357.75  
    Contracts securitized   $ 298.42     $ 306.70       1,256.13       1,352.11  
                     
    Total portfolio balance (1)   $ 3,490.96     $ 2,970.07     $ 3,490.96     $ 2,970.07  
    Average portfolio balance (1)   $ 3,445.52     $ 2,958.95       3,209.99       2,913.57  
                     
                     
    Delinquencies (1)                
    31+ Days     12.11 %     12.29 %        
    Repossession Inventory     2.74 %     2.26 %        
    Total Delinquencies and Repo. Inventory     14.85 %     14.55 %        
                     
    Annualized Net Charge-offs as % of Average Portfolio (1)     8.02 %     7.74 %     7.62 %     6.53 %
                     
    Recovery rates (1), (2)     27.2 %     34.3 %     30.1 %     39.2 %
                     
      For the   For the
      Three months ended   Twelve months ended
      December 31,   December 31,
      2024   2023   2024   2023
        $ (3)     % (4)     $ (3)     % (4)     $ (3)     % (4)     $ (3)     % (4)
    Interest income $ 98.15     11.4 %   $ 83.26     11.3 %   $ 363.96     11.3 %   $ 329.22     11.3 %
    Mark to finance receivables measured at fair value   5.00     0.6 %     6.00     0.8 %     21.00     0.7 %     12.00     0.4 %
    Other income   2.15     0.2 %     2.72     0.4 %     8.54     0.3 %     10.80     0.4 %
    Interest expense   (52.52 )   -6.1 %     (40.28 )   -5.4 %     (191.26 )   -6.0 %     (146.63 )   -5.0 %
    Net interest margin   52.78     6.1 %     51.70     7.0 %     202.25     6.3 %     205.38     7.0 %
    Provision for credit losses   0.73     0.1 %     1.60     0.2 %     5.31     0.2 %     22.30     0.8 %
    Risk adjusted margin   53.51     6.2 %     53.30     7.2 %     207.56     6.5 %     227.68     7.8 %
    Other operating expenses (5)   (46.16 )   -5.4 %     (43.46 )   -5.9 %     (180.13 )   -5.6 %     (166.59 )   -5.7 %
    Pre-tax income $ 7.35     0.9 %   $ 9.84     1.3 %   $ 27.43     0.9 %   $ 61.10     2.1 %
                           
    (1) Excludes third party portfolios.
    (2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale.
    (3) Numbers may not add due to rounding.
    (4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding.
    (5) Total pre-tax expenses less provision for credit losses and interest expense.
     

    The MIL Network –

  • MIL-OSI USA: King Sounds Alarm on Drastic Cuts to Veterans Services

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — In a joint hearing before the Senate Veterans Affairs Committee (SVAC) and the House Veterans Affairs Committee (HVAC), Senator Angus King (I-Maine) raised concerns over how mass layoffs at the Department of Veterans Affairs (VA) that closely resemble provisions in Project 2025 will negatively affect veteran benefits and care with Daniel Contreras, the National Commander of the Disabled American Veterans — who echoed the Senator’s worries. The hearing comes the day after the VA announced plans to cut more than 1,400 probationary federal employees in a second round of layoffs. Earlier this month, the VA dismissed more than 1,000 employees; however, some workers have since been reinstated. In addition, job cuts across all government agencies are disproportionally impacting veterans who make up approximately 30% of the federal workforce.
    “Thank, Mr. Chairman. I would call to the attention of the DAV a very troubling paragraph in something called Project 2025 which I suspect you have heard of, which seems to be the template for this administration’s approach. Here is the sentence that I hope you will attend to, ‘The next administration should explore how veterans’ reviews should be accelerated with clearance from OMB to target significant cost savings from revising disability rating awards for future claimants.’ And listen to this, ‘while preserving them fully or partially for existing claims.’ Mr. Leader, how do you feel about that idea,” asked Senator King.
    “Anything that will take away from veterans’ benefits, we do not support that. We are aware of Project 2025’s initiatives not only to reduce Category 7 and 8, also to tax veterans’ benefits or to look at unemployment benefits as far as social security age. I would say that we would not be in favor of that. One of our critical policy goals outlines that we need to protect those benefits. There will be great opposition to that. We had the Secretary visit at the conference recently and he stated — and we are going to hold him to it — that he is putting veterans first. That would not be putting veterans first,” replied National Commander Contreras.  
    “I appreciate that. We’ve been talking a lot about the layoffs. In fact, combining the hiring freeze with the normal attrition, we are really down about 5000 people at the VA in the last month. Now, the secretary, when he released his statement last night, said that in fact, veterans will notice a change for the better. My question to you and to the veterans is, tell us if that is what you notice. The power is with the veterans, and you need to use your voice,” said Senator King. “It is hard for me to believe that these cuts which have been made in the last 20 days, as near as I can tell, pretty indiscriminately, are going to change things for the better for the veterans. By the way, talking about bureaucracy, in my view, the person who answers the phone can be as important as the person that delivers the care. If a veteran calls for a health care appointment and there was no one there to answer the phone, that is a denial of benefits, just as sure as if they cannot see the doctor. I hope that the people in this room will hold us accountable and thereby the agency, the department, the new secretary to truly putting veterans first. That is an easy phrase to say, but I look at what is actually being done. Thank you, Mr. Chairman, for the work you are doing.”
    Tonight, Senator King will be honored by the Disabled American Veterans as its 2025 Legislator of the Year. Last year, he was recognized by the Wounded Warrior Project as the 2024 Legislator of the Year for his “outstanding legislative effort and achievement to improve the lives of the wounded, ill, and injured veterans.”
    Representing one of the states with the highest rates of military families and veterans per capita, Senator King has been a staunch advocate for America’s servicemembers and veterans. A member of the Senate Veterans’ Affairs Committee (SVAC), he works to ensure American veterans receive their earned benefits and that the VA is properly implementing various programs such as the PACT Act, the State Veterans Homes Domiciliary Care Flexibility Act, and the John Scott Hannon Act.  Earlier this month, in a letter to VA Secretary Doug Collins, Senator King joined his colleagues in urging for immediate action to secure veterans’ personal information provided by VA or other agencies to Elon Musk and his “Department of Government Efficiency” (DOGE), a measure that would protect millions of veterans’ medical records stored in VA’s computer systems. Previously, Senator King introduced the Lethal Means Safe Storage for Veteran Suicide Prevention Act to provide firearm storage to veterans in an effort to reduce suicides among the veteran population. In addition, he helped pass the Veterans COLA Act, which increased benefits for 30,000 Maine veterans and their families. This past week, Senator King introduced bipartisan legislation alongside SVAC Chairman Senator Jerry Moran (R-KS) to improve care coordination for veterans who rely on both VA health care and Medicare.

    MIL OSI USA News –

  • MIL-OSI USA: King Challenges Nominee to Outline, Justify Looming Firings at Defense Department

    US Senate News:

    Source: United States Senator for Maine Angus King
    A full clip of the exchange can be downloaded here
    WASHINGTON, D.C. – Today, U.S. Senator Angus King (I-ME) challenged a Trump Administration nominee to outline and justify looming, arbitrary firings that at the Department of Defense that could wreak havoc on national security functions. In a tense exchange during a hearing of the Senate Armed Services Committee (SASC), King pressed Stephen Feinberg, nominee to become the Deputy Secretary of Defense, on whether he would support and institute the continued arbitrary firings of officials across the Department of Defense (DoD) without coming up with a rational process that wouldn’t diminish America’s national security programs.
    The hearing comes as the DoD announced a reevaluation of the probationary workforce which seeks to reduce the civilian workforce by 5-8%, including 5,400 probationary workers released just this week. However, probationary employees can also include those recently promoted or transferred from other departments, and not necessarily those that are in “redundant” positions.
    Senator King began, “I know there has been a great deal of discussion about potential cuts in the workforce. I am interested in the discussion of 8%, that’s 70,000 people. What I’m interested in of you as a manager, how do you intend to go about that? The cuts that have been occurring throughout the federal government so far have not been very thoughtful. All probationary people, for example, that is not a terribly rational way to make these decisions. There may be great people who are probationary. What will the process be whereby you reduce the Department of Defense workforce by 70,000 people?…I am asking you if that approach is a rational way to reduce a workforce. Fire everyone who has been hired in the last couple of years. Is that a good management practice? Is that what you would have done at [Feinberg’s company]Cerberus?”
    “I will say we have over 900,000 civilian employees. While every person counts and is very important, there will be some change,” Mr. Feinberg replied.
    Senator King responded, “That is not my question. There has been a stated goal of reducing the workforce by 8%, 70,000 people. You are the chief operating officer. Presumably you will be in charge of the process of reducing the workforce by 70,000 people. I want to know how you will do it and are you going to use the arbitrary yardstick of probationary employees, yes or no?”
    “I don’t know the considerations or the detail before that cut. What I can tell you, if I am in there, we will carefully look at the cuts, balance and weigh what we need and what we don’t, and do it in a granular person by person way,” Mr. Feinberg answered.
    “Does that answer mean you will not cut all probationary employees arbitrarily? Is that a no? It sounded like it. It is a straightforward question. Are you going to fire all probationary employees first to get to the 70,000, yes or no?” Senator King asked again.
    Mr. Feinberg continued to not respond, “I have to look at the detail. I don’t know yet. I don’t know the considerations that were thought through before those cuts were made.”
    “You are a smart guy. I don’t understand why you cannot tell me yes or no whether this will be one of the tools you use to reduce the workforce,” Senator King concluded.
    Senator King has been consistently sounding the alarm on President Donald Trump’s existential threat to the Constitution and critical functions of government. He most recently gave a speech on the Senate Floor acknowledging the “thoughtless and dangerous” approach to the administration’s arbitrary firings and hiring freezes. He also previously gave a speech on the Senate floor sharing that this administration is doing ‘exactly what the Framers [of the Constitution] most feared” in removing the checks and balances each branch of the government has on each other.

    MIL OSI USA News –

  • MIL-OSI USA: Warner Sponsors Bipartisan Legislation to End Government Payments to Deceased Americans

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) has joined Sens. John Kennedy (R-LA) and Gary Peters (D-MI) in sponsoring the Ending Improper Payments to Deceased People Act to save billions of federal dollars by curbing erroneous payments to individuals who have passed away. The legislation would make permanent the provisions from the Stopping Improper Payments to Deceased People Act, a law previously sponsored by Warner, Kennedy and Peters to stop unlawful payments to the deceased by allowing the Social Security Administration to share the Death Master File, a record of deceased individuals, with the Treasury Department’s Do Not Pay system, for a period of three years. 
    The Treasury Department announced last month that it recovered $31 million in fraud and improper payments during the first five months of the bill’s implementation. The new bill would make the temporary provisions permanent, reining in the government’s ability to make improper payments to deceased people in the future. 
    “Despite the antics we’ve seen from Elon Musk in recent weeks, there are real, serious ways to improve government efficiency. And where issues are actually identified, Congress should step in and act. That’s the right way to actually stop waste, fraud and abuse of government resources – not with chaotic firings and illegal spending cuts,” said Sen. Warner. “I look forward to working with my colleagues to get this commonsense measure passed into law.”
    The bill would also allow Treasury’s Do Not Pay working system to compare death information from the Social Security Administration with personal information from other federal entities and to share this information with any paying or administering agency that is authorized to use the Do Not Pay system.
    A former business executive, Warner has a long and successful record of working in Congress to improve government efficiency, accountability and transparency. The DATA Act, which required the government to standardize federal spending data and post it on a single website so Americans can track how their tax dollars are being spent, established usaspending.gov. It was hailed as the single most significant open-government initiative since the Freedom of Information Act of 1966. Warner also passed into law the Government Performance and Results Modernization Act, which requires federal agencies to report results quarterly on their highest priority programs, and to designate a performance improvement officer for each agency.

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Johnson Call for Investigation into Potentially Criminal Leaks, Violations of FBI Information Sharing Policies

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Permanent Subcommittee on Investigations Chairman Ron Johnson (R-Wis.) are requesting Attorney General Pam Bondi and FBI Director Kash Patel investigate potential criminal leaks to the media of sensitive and classified information ahead of the 2024 presidential election. The senators are also requesting Bondi and Patel investigate former Assistant Special Agent in Charge Timothy Thibault and his associates’ potential breach of FBI information sharing policies, in light of legally protected whistleblower disclosures revealing Thibault shared sensitive, non-public investigative information from his FBI email account with a private citizen with whom he was romantically involved.
    “The FBI repeatedly lectures Congress, without any legitimate basis, that it can’t share information with Congress because the matter is an ongoing investigation. The FBI has asserted to Congress that [For Official Use Only] information and FBI email accounts and personnel names should remain non-public. Yet, here, Thibault sent all of that type of information to a private citizen while the FBI stiff-arms Congress and the American people,” the senators wrote.
    “Thibault’s conduct exemplifies the FBI’s ‘do as I say, not as I do’ hypocrisy and why its repeated complaints to Congress when it makes government information public should fall on deaf ears,” the senators concluded. 
    Grassley and Johnson pointed to news reporting released shortly before the November 2024 election containing potentially “classified U.S. intelligence” as a further example of DOJ and FBI officials sharing non-public investigative information while ignoring congressional requests for the same. Accordingly, the senators are requesting DOJ and FBI open a criminal media leak investigation to hold accountable those responsible for sharing potentially classified and other sensitive information to the press.
    The senators also made public an award given to Special Agent Walter Giardina, an FBI employee who worked on aspects of the Mueller and Jack Smith investigations, which he received for investigating Trump.

    Read the full letter and attached legally protected whistleblower disclosures HERE. 
    -30-

    MIL OSI USA News –

  • MIL-OSI Submissions: Stats NZ information release: Tourism satellite account: Year ended March 2024

    Source: Statistics New Zealand

    Tourism satellite account: Year ended March 2024 – 26 February 2025 – Tourism satellite account (TSA) provides an overview of tourism’s role in New Zealand, highlighting the changing levels and impact of tourism activity. It presents information on tourism’s contribution to the economy in terms of expenditure and employment.

    This release covers provisional figures for the year ended March 2024 and detailed results for 2023.

    Key provisional estimates

    For the year ended March 2024 (expressed in nominal terms):

    • total tourism expenditure was $44.4 billion, up 14.6 percent ($5.6 billion) from 2023
    • international tourism expenditure was up 59.9 percent ($6.3 billion) to $16.9 billion, returning to levels similar to 2019 ($17.2 billion)
      • international student expenditure (studying less than 12 months) was $3.8 billion, up 76.2 percent ($1.6 billion)
      • GST from international tourists totalled $1.7 billion, up $689 million
      • international tourism’s contribution to total exports of goods and services was 17.2 percent, up 6.0 percentage points
    • overseas visitor arrivals to New Zealand increased 44.8 percent to 3,183,376
    • domestic tourism expenditure decreased 2.5 percent ($697 million) to $27.5 billion
      • household tourism expenditure decreased 5.8 percent ($1.3 billion)
      • business and government expenditure increased 8.4 percent ($559 million)
    • tourism’s direct contribution to GDP was $17.0 billion (4.4 percent of GDP), up 16.0 percent ($2.3 billion)
    • indirect value added of industries supporting tourism was $11.7 billion (3.1 percent of GDP)
    • the number of people directly employed in tourism was 182,727, up 13.5 percent (21,729 people)
      • the number of tourism employees was 159,030, up 13.3 percent (18,624 people)
      • the number of tourism working proprietors was 23,697, up 15.1 percent (3,102 people)
      • direct tourism employment as a share of the total number of people employed in New Zealand was 6.4 percent.

    More details:

    MIL OSI –

  • MIL-OSI Security: United States Sues Skilled Nursing Company, Executives and Consultant for Fraudulent Billing

    Source: Office of United States Attorneys

    Complaint alleges systematic fraudulent billing of Medicare and Medicaid for unnecessary care at skilled nursing facilities in Massachusetts and Connecticut

    BOSTON – The U.S. Attorney’s Office has filed a joint complaint with the Massachusetts Attorney General’s Office under the federal and Massachusetts False Claims Acts against 19 skilled nursing facilities (SNFs) in Massachusetts and Connecticut and their present and former management companies, RegalCare Management Group, LLC and RegalCare Management 2.0 (together “RegalCare”); RegalCare’s owner, Eliyahu Mirlis and an executive, Hector Caraballo; and RegalCare’s therapy consultant, Stern Therapy Consultants (Stern).  

    SNFs are inpatient facilities that provide transitional care to patients following a hospital stay. Federal healthcare programs, including Medicare and Medicaid, reimburse providers for medically reasonable and necessary services rendered to SNF patients. Both the federal and Massachusetts False Claims Acts prohibit individuals or entities from submitting, or causing the submission of, false claims for payment and false statements material to a claim for payment from the respective governments.  

    The complaint alleges that, between 2017 and 2023, RegalCare – at the direction of Mirlis and Caraballo and aided by Stern – fraudulently caused the submission of claims to Medicare and Medicaid (via MassHealth and its managed care organizations) for medically unreasonable and unnecessary services to patients of RegalCare’s SNFs. The defendants’ scheme allegedly resulted in millions of dollars in damages to the Medicare and Medicaid programs.  

    Specifically, the complaint alleges that RegalCare, at Mirlis’ direction, systematically caused Medicare to be billed for the highest level of skilled rehabilitation therapy services at RegalCare’s SNFs in Massachusetts and Connecticut, despite patients not clinically needing those services. Caraballo facilitated Mirlis’ plan by ensuring that RegalCare’s patient records supported billing for such services – including altering and amending records despite knowing he was not authorized to do so at his licensing level, without having assessed or spoken to the patients, and often without having spoken to clinicians about the changes he personally made. The United States also alleges that RegalCare, through Mirlis and Caraballo, improperly directed RegalCare’s third-party billing company to bill Medicare for the highest-level skilled rehabilitation therapy services before the underlying necessary clinical documentation was even complete.

    The complaint further alleges that Stern, a New York long-term care consulting company, conspired with RegalCare to cause the submission of fraudulent claims to Medicare by scheduling therapists to provide unnecessary services, contrary to patients’ medical needs, to justify billing at the highest-level. When Stern therapists refused to provide services they deemed unnecessary or unreasonable, Stern managers threatened to take employment action against those therapists to pressure them to capitulate.

    “As alleged, these defendants drained Medicare and Medicaid of millions of dollars and put vulnerable patients at risk – making them undergo unnecessary, and sometimes painful, services,” said United States Attorney Leah B. Foley. “When facilities prioritize profits over patient well-being, they endanger those in their care and undermine the integrity of our healthcare system. This office will continue to hold accountable those who exploit federal healthcare programs at the expense of patients and taxpayers alike.”

    “I am proud of our team’s partnership with the USAO in this case, which advances elder justice and safeguards crucial nursing home funds,” said Massachusetts Attorney General Andrea Joy Campbell. “My office will continue to work aggressively to protect our elders and hold companies accountable that seek to harm them or violate our false claim laws.”

    “Taxpayers who fund the Medicare and Medicaid programs expect skilled nursing facilities to bill those programs honestly and accurately,” said Roberto Coviello, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General. “The integrity of our federal health care system is undermined when that expectation is not met, and we will continue to thoroughly pursue allegations of False Claims Act violations.”

    Massachusetts contends that RegalCare, directed by Mirlis and Caraballo, submitted inflated claims to MassHealth for long-term care services performed for patients of RegalCare’s SNFs in Massachusetts. Between 2017 and 2023, RegalCare operated SNFs in Amesbury, Danvers, Greenfield, Harwich, Holyoke, Lowell, Quincy, Saugus, Taunton and Worcester.  The complaint alleges that RegalCare, Mirlis and Caraballo altered documentation to support billing for increased long term care services even though the patient did not clinically need the additional services.  

    The governments filed their complaint in a lawsuit filed by a whistleblower under the qui tam provisions of the False Claims Acts. Under those laws, a private citizen can sue on behalf of the United Staes or Massachusetts and share in any recovery. The United States and Massachusetts also are entitled to intervene in the lawsuit, as they have done in this case, which is captioned United States and Commonwealth of Massachusetts ex rel. McCormick v. RegalCare Management 2.0, LLC, et al.  

    U.S. Attorney Foley, AG Campbell and HHS-OIG SAC Coviello made the announcement today. This matter is being handled by Assistant U.S. Attorneys Steven Sharobem, Andrew Caffrey, Olivia Benjamin and Diane Seol of the U.S. Attorney’s Office’s Affirmative Civil Enforcement Unit and Assistant Attorney General Scott Grannemann of the Attorney General’s Office’s Medicaid Fraud Division.  

    The claims in which the United States and Massachusetts have intervened are allegations only. There has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI USA: Attorney General Bonta Files Amicus Brief to Continue Supporting the Affordable Care Act’s Preventive Care Mandate

    Source: US State of California

    OAKLAND — California Attorney General Rob Bonta today, as part of a coalition of 23 attorneys general, filed an amicus brief with the U.S. Supreme Court in support of the Affordable Care Act’s (ACA) preventive care mandate, which requires private insurers to cover at no cost certain preventive services — such as routine examinations, blood pressure checks, and cholesterol screenings — as determined by the Preventive Services Task Force (Task Force). In their brief, the attorneys general argue that the Fifth Circuit erred in finding the Task Force violates the Appointments Clause of the U.S. Constitution. The attorneys general also argue that the preventive services provision has significantly improved public health outcomes throughout the country by expanding access to important and often life-saving care. An opinion holding the Task Force’s recommendations unenforceable would put these advancements at risk, as health insurers and plans would be free to reinstate out-of-pocket fees for essential preventive care.

    “Preventive care is the cornerstone of a healthy society and, in many instances, can be the difference between life and death,” said Attorney General Bonta. “That’s why I’m standing with my fellow attorneys general in urging the U.S. Supreme Court to reverse the Fifth Circuit’s decision and preserve the no-cost preventive health care services upon which millions of Americans rely.”

    Numerous studies confirm that, after the ACA’s preventive care mandate was enacted, the use of preventive care increased across the board. These services improve public health outcomes by enabling medical professionals to identify and treat illnesses earlier, and in some cases, prevent them.

    In the amicus brief, the coalition writes that:

    • The structure of the Task Force, which is an independent, volunteer panel of national experts in disease prevention that makes evidence-based recommendations about clinical preventive services, does not violate the Appointments Clause. Task Force members serve as inferior officers subordinate to the Secretary of Health and Human Services.
    • If the Supreme Court were to conclude that the Task Force members are principal officers, nothing requires the Court to cast aside the no-cost insurance coverage requirements that millions of Americans rely on.
    • Prohibiting the enforcement of recommendations by the Task Force will inevitably lead to a significant decline in public health outcomes, undermining preventive care efforts and access to lifesaving care.

    Attorney General Bonta has been committed to defending the ACA’s preventive care mandate. In January 2022, Attorney General Bonta joined a coalition of attorneys general in filing an amicus brief with a Texas federal district court in support of the mandate. In March 2023, the federal district court in Texas struck down part of the mandate in a ruling Attorney General Bonta described as “dangerous and short-sighted” for Americans. In June 2023, Attorney General Bonta again joined a coalition of attorneys general in filing an amicus brief with the Fifth Circuit in support of the mandate. In March 2024, he issued a statement on the Fifth Circuit hearing oral argument. In October 2024, Attorney General Bonta joined a group of attorneys general urging the Supreme Court to grant the government’s petition for writ of certiorari.

    In filing this most recent amicus brief, Attorney General Bonta joins the attorneys general of Arizona, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington and Wisconsin. 

    A copy of the brief can be found here.

    MIL OSI USA News –

  • MIL-OSI: Flywire Reports Fourth Quarter and Fiscal-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Increased 17.0% Year-over-Year

    Fourth Quarter Revenue Less Ancillary Services Increased 17.4% Year-over-Year

    Company Provides First Quarter and Fiscal-Year 2025 Outlook

    BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its fourth quarter and fiscal-year ended December 31, 2024.

    “Our fourth quarter results capped off another strong year for Flywire as we continued to grow the business while navigating a complex macro environment with significant headwinds,” said Mike Massaro, CEO of Flywire, “We continued to focus on business and bottom line growth and generated 17% revenue growth and 680 bps adjusted EBITDA margin growth in the quarter.”

    “Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business. We will be undertaking an operational and business portfolio review. The operational review will help ensure we are efficient and effective, with a focus on driving productivity and optimizing investments across all areas. Our comprehensive business portfolio review will focus on Flywire’s core strengths – such as complex, large-value payment processing, our global payment network, and verticalized software.”

    “One of the efficiency measures we are undertaking is a restructuring, which impacts approximately 10% of our workforce. It is difficult to say goodbye to so many FlyMates, and I want to thank them for their hard work as we endeavor to support them throughout this transition.”

    “As we refocus our teams on areas that we believe will drive Flywire’s future growth, we are excited to announce the acquisition of Sertifi, which is expected to accelerate the expansion of our fast-growing Travel vertical. Sertifi augments our travel product offering with a leading dedicated hotel property management system integration and expands our footprint across more than 20,000 hotel locations worldwide.”

    Fourth Quarter 2024 Financial Highlights:

    GAAP Results

    • Revenue increased 17.0% to $117.6 million in the fourth quarter of 2024, compared to $100.5 million in the fourth quarter of 2023.
    • Gross Profit increased to $74.3 million, resulting in Gross Margin of 63.2%, for the fourth quarter of 2024, compared to Gross Profit of $61.8 million and Gross Margin of 61.5% in the fourth quarter of 2023.
    • Net loss was ($15.9) million in the fourth quarter of 2024, compared to net income of $1.3 million in the fourth quarter of 2023.

    Key Operating Metrics and Non-GAAP Results

    • Number of clients grew by 16%year-over-year, with over 180 new clients added in the fourth quarter of 2024.
    • Total Payment Volume increased 27.6% to $6.9 billion in the fourth quarter of 2024, compared to $5.4 billion in the fourth quarter of 2023.
    • Revenue Less Ancillary Services increased 17.4% to $112.8 million in the fourth quarter of 2024, compared to $96.1 million in the fourth quarter of 2023.
    • Adjusted Gross Profit increased to $75.6 million, up 19.1% compared to $63.5 million in the fourth quarter of 2023. Adjusted Gross Margin was 67.0% in the fourth quarter of 2024 compared to 66.1% in the fourth quarter of 2023.
    • Adjusted EBITDA increased to $16.7 million in the fourth quarter of 2024, compared to $7.7 million in the fourth quarter of 2023. Our adjusted EBITDA margins increased 680 bps year-over-year to 14.8% in the fourth quarter of 2024.

    2024 Business Highlights:

    • We signed more than 800 new clients in fiscal-year 2024 surpassing the 700 new clients signed in fiscal-year 2023.
    • Our transaction payment volume grew by 23.6% year-over-year to $29.7 billion
    • Our global education vertical, continued to strengthen in a number of core geographies, with U.K. region outperformance driven by new clients and net revenue retention; accompanied by growth in our network of international recruitment agents to further connect our ecosystem of clients, agents and payers
    • Our travel vertical grew into our second largest vertical in terms of revenue less ancillary services, and we generated strong growth most notably with EMEA and APAC based Tour Operators and DMC providers, particularly in our new sub vertical of ocean experiences.
    • Our business-to-business vertical continued its strong organic growth, enhanced by the acquisition of Invoiced.
    • We further optimized our global payment network to enable vertical growth with a focus on new acceptance rails, market localization and expanded network coverage. This included continued support of our strategic payer markets like India and China, enhancing our offerings to digitize the disbursement of student loans from India and strengthening partnerships with India’s three largest banks.
    • We repurchased 2.3 million shares for approximately $44 million, inclusive of commissions, under our share repurchase program announced on August 6th, 2024.

    First Quarter and Fiscal-Year 2025 Outlook:

    “Effective execution drove both revenue growth and margin expansion in 2024, in spite of significant macroeconomic challenges” said Flywire’s CFO, Cosmin Pitigoi. “For our 2025 financial outlook, we project revenue less ancillary services growth of 10-14% on an FX-neutral (constant currency) basis, and a 200-400 basis point increase in adjusted EBITDA margin. We expect approximately 3 percentage points of headwind from FX throughout the year.  This guidance excludes the contributions from the Sertifi acquisition, as well as any potential lessening of the macroeconomic headwinds. We are particularly encouraged by the anticipated performance of our combined travel vertical, as well as the emerging B2B vertical, both of which are expected to exceed our historical growth rate for the applicable vertical”

    Based on information available as of February 25, 2025, Flywire anticipates the following results for the first quarter and fiscal-year 2025 excluding Sertifi.

      Fiscal-Year 2025
    FX-Neutral GAAP Revenue Growth 9-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 10-14% YoY
    Adjusted EBITDA* Margin Growth +200-400 bps YoY
       
      First Quarter 2025
    FX-Neutral GAAP Revenue Growth 10-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 11-14% YoY
    Adjusted EBITDA* Margin Growth +300-600 bps YoY
       

    “Based on Sertifi’s historical financials, we currently expect the acquisition to provide incremental revenue of $3.0-4.0 million and $30.0-40.0 million in revenue  in the first quarter and fiscal year 2025, respectively.  In addition, we currently expect the Sertifi acquisition to have a flat to slightly positive effect on adjusted EBITDA and positive (low single–digit million) effect on adjusted EBITDA, in the first quarter and fiscal year 2025, respectively, as we plan to invest in the combined solution during 2025.”

    *Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income Margin growth within this earnings release because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign currency exchange rates.

    These statements are forward-looking and actual results may differ materially. Refer to the “Safe Harbor Statement” below for information on the factors that could cause Flywire’s actual results to differ materially from these forward-looking statements.

    Conference Call

    The Company will host a conference call to discuss fourth quarter and fiscal-year 2024 financial results today at 5:00 pm ET. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.

    Note Regarding Share Repurchase Program

    Repurchases under the Company’s share repurchase program (the Repurchase Program) may be made from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing, value and number of shares repurchased will be determined by the Company in its discretion and will be based on various factors, including an evaluation of current and future capital needs, current and forecasted cash flows, the Company’s capital structure, cost of capital and prevailing stock prices, general market and economic conditions, applicable legal requirements, and compliance with covenants in the Company’s credit facility that may limit share repurchases based on defined leverage ratios. The Repurchase Program does not obligate the Company to purchase a specific number of, or any, shares.  The Repurchase Program does not expire and may be modified, suspended or terminated at any time without notice at the Company’s discretion.

    Key Operating Metrics and Non-GAAP Financial Measures

    Flywire uses non-GAAP financial measures to supplement financial information presented on a GAAP basis. The Company believes that excluding certain items from its GAAP results allows management to better understand its consolidated financial performance from period to period and better project its future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, Flywire believes these non-GAAP financial measures provide its stakeholders with useful information to help them evaluate the Company’s operating results by facilitating an enhanced understanding of the Company’s operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented here. Flywire’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in Flywire’s industry, may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes.

    Flywire uses supplemental measures of its performance which are derived from its consolidated financial information, but which are not presented in its consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures include the following:

    • Revenue Less Ancillary Services.  Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP after excluding (i) pass-through cost for printing and mailing services and (ii) marketing fees. The Company excludes these amounts to arrive at this supplemental non-GAAP financial measure as it views these services as ancillary to the primary services it provides to its clients.
    • Adjusted Gross Profit and Adjusted Gross Margin.  Adjusted gross profit represents Revenue Less Ancillary Services less cost of revenue adjusted to (i) exclude pass-through cost for printing services, (ii) offset marketing fees against costs incurred and (iii) exclude depreciation and amortization, including accelerated amortization on the impairment of customer set-up costs tied to technology integration. Adjusted Gross Margin represents Adjusted Gross Profit  divided by Revenue Less Ancillary Services. Management believes this presentation supplements the GAAP presentation of Gross Margin with a useful measure of the gross margin of the Company’s payment-related services, which are the primary services it provides to its clients.
    • Adjusted EBITDA.  Adjusted EBITDA represents EBITDA further adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) the impact from the change in fair value measurement for contingent consideration associated with acquisitions,(iii) gain (loss) from the remeasurement of foreign currency, (iv) indirect taxes related to intercompany activity, (v) acquisition related transaction costs, and (vi) employee retention costs, such as incentive compensation, associated with acquisition activities. Management believes that the exclusion of these amounts to calculate Adjusted EBITDA provides useful measures for period-to-period comparisons of the Company’s business. We calculate adjusted EBITDA margin by dividing adjusted EBITDA by Revenue Less Ancillary Services.
    • Revenue Less Ancillary Services at Constant Currency.  Revenue Less Ancillary Services at Constant Currency represents Revenue Less Ancillary Services adjusted to show presentation on a constant currency basis. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.  Flywire  analyzes Revenue Less Ancillary Services on a constant currency basis to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
    • Non-GAAP Operating Expenses – Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv) employee retention costs, such as incentive compensation, associated with acquisition activities and (v) the impact from the change in fair value measurement for contingent consideration associated with acquisitions.

    These non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the Company’s revenue, gross profit, gross margin or net income (loss), or operating expenses prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of Revenue Less Ancillary Services, Revenue Less Ancillary Services at Constant Currency, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA and non-GAAP Operating Expenses to the most directly comparable GAAP financial measure are presented below. Flywire encourages you to review these reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, Flywire may exclude such items and may incur income and expenses similar to these excluded items. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income growth within this earnings release because it is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign exchange rates.  For figures in this press release reported on an “FX-Neutral basis,” Flywire calculates the year-over-year impact of foreign currency movements using prior period weighted average foreign currency rates.

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports approximately 4,500** clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X (formerly known as Twitter), LinkedIn and Facebook.

    **Excludes clients from Flywire’s Invoiced and Sertifi acquisitions

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding FX-Neutral GAAP Revenue Growth, FX-Neutral Revenue Less Ancillary Services Growth, and Adjusted EBITDA Margin Growth and foreign exchange rates.  Risks that may cause actual results to differ materially from these forward looking statements include, but are not limited to: Flywire’s  ability to execute its business plan and effectively manage its growth; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which Flywire operates; the  sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs;  political, economic, foreign currency exchange rate, inflation, legal, social and health risks, that may affect Flywire’s business or the global economy; Flywire’s beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including financial institutions and strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; recent and future acquisitions or investments in complementary companies, products, services, or technologies; Flywire’s ability to enter new client verticals, including its relatively new business-to-business  sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth, or trend analysis; the effects of global events and geopolitical conflicts, including without limitation the continuing hostilities in Ukraine and involving Israel; Flywire’s ability to adapt to  changes in U.S. federal income or other tax laws or the interpretation of tax laws, including the Inflation Reduction Act of 2022;  Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the increased expenses associated with being a public company; the future market price of Flywire’s common stock; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, expected to be filed in the first quarter of 2025. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Investor Relations:
    Masha Kahn
    ir@Flywire.com

    Media:
    Sarah King
    Media@Flywire.com

    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited) (Amounts in thousands, except share and per share amounts)
                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
    Revenue $ 117,550     $ 100,545     $ 492,144     $ 403,094  
    Costs and operating expenses:              
    Payment processing services costs   41,384       36,780       177,490       147,339  
    Technology and development   17,370       16,898       66,636       62,028  
    Selling and marketing   33,353       28,830       129,435       107,621  
    General and administrative   31,218       28,065       125,838       107,624  
    Total costs and operating expenses   123,325       110,573       499,399       424,612  
    Loss from operations $ (5,775 )   $ (10,028 )   $ (7,255 )   $ (21,518 )
    Other income (expense):              
    Interest expense   (135 )     (92 )     (538 )     (372 )
    Interest income   4,872       5,638       21,440       13,349  
    Gain (loss) from remeasurement of foreign currency   (13,866 )     7,707       (11,787 )     4,189  
    Total other income (expense), net   (9,129 )     13,253       9,115       17,166  
    Income (loss) before provision for income taxes   (14,904 )     3,225       1,860       (4,352 )
    Provision (benefit) for income taxes   995       1,938       (1,040 )     4,214  
    Net Income (Loss) $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Foreign currency translation adjustment   (7,330 )     3,731       (3,594 )     3,232  
    Unrealized losses on available-for-sale debt securities, net $ (441 )   $ —     $ 208     $ —  
    Total other comprehensive income (loss) $ (7,771 )   $ 3,731     $ (3,386 )   $ 3,232  
    Comprehensive income (loss) $ (23,670 )   $ 5,018     $ (486 )   $ (5,334 )
    Net loss attributable to common stockholders – basic and diluted $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Net loss per share attributable to common stockholders – basic $ (0.13 )   $ 0.01     $ 0.02     $ (0.07 )
    Net loss per share attributable to common stockholders – diluted $ (0.12 )   $ 0.01     $ 0.02     $ (0.07 )
    Weighted average common shares outstanding – basic   124,463,252       121,690,938       124,269,820       114,828,494  
    Weighted average common shares outstanding – diluted   128,924,166       128,877,877       129,339,462       114,828,494  
                                   
    Condensed Consolidated Balance Sheets
    (Unaudited) (Amounts in thousands, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 495,242     $ 654,608  
    Restricted cash   —       —  
    Short-term investments   115,848       —  
    Accounts receivable, net   23,703       18,215  
    Unbilled receivables, net   15,453       10,689  
    Funds receivable from payment partners   90,110       113,945  
    Prepaid expenses and other current assets   22,528       18,227  
    Total current assets   762,884       815,684  
    Long-term investments   50,125       —  
    Property and equipment, net   17,160       15,134  
    Intangible assets, net   118,684       108,178  
    Goodwill   149,558       121,646  
    Other assets   24,035       19,089  
    Total assets $ 1,122,446     $ 1,079,731  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,353     $ 12,587  
    Funds payable to clients   217,788       210,922  
    Accrued expenses and other current liabilities   49,297       43,315  
    Deferred revenue   7,337       6,968  
    Total current liabilities   289,775       273,792  
    Deferred tax liabilities   12,643       15,391  
    Other liabilities   5,261       4,431  
    Total liabilities   307,679       293,614  
    Commitments and contingencies (Note 16)      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and 2023; and no shares issued and outstanding as of December 31, 2024 and 2023   —       —  
    Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 126,853,852 shares issued and 122,182,878 shares outstanding as of December 31, 2024; 123,010,207 shares issued and 120,695,162 shares outstanding as of December 31, 2023   13       11  
    Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 1,873,320 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       1  
    Treasury voting common stock, 4,670,974 and 2,315,045 shares as of December 31, 2024 and December 31, 2023, respectively, held at cost   (46,268 )     (747 )
    Additional paid-in capital   1,033,958       959,302  
    Accumulated other comprehensive income   (2,066 )     1,320  
    Accumulated deficit   (170,870 )     (173,770 )
    Total stockholders’ equity   814,767       786,117  
    Total liabilities and stockholders’ equity $ 1,122,446     $ 1,079,731  
                   
    Condensed Consolidated Statement of Cash Flows
    (Unaudited) (Amounts in thousands)
           
      Twelve Months Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net income (loss) $ 2,900     $ (8,566 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   17,363       15,764  
    Stock-based compensation expense   64,933       43,726  
    Amortization of deferred contract costs   972       1,789  
    Change in fair value of contingent consideration   (978 )     380  
    Deferred tax provision (benefit)   (8,794 )     72  
    Provision for uncollectible accounts   (83 )     326  
    Non-cash interest expense   230       298  
    Non-cash interest income   (1,435 )     —  
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivable   (5,292 )     (2,082 )
    Unbilled receivables   (4,764 )     (5,394 )
    Funds receivable from payment partners   23,835       (50,975 )
    Prepaid expenses, other current assets and other assets   (5,322 )     (4,279 )
    Funds payable to clients   6,867       86,616  
    Accounts payable, accrued expenses and other current liabilities   3,302       5,548  
    Contingent consideration   (93 )     (467 )
    Other liabilities   (1,543 )     (1,260 )
    Deferred revenue   (630 )     (871 )
    Net cash provided by operating activities   91,468       80,625  
           
    Cash flows from investing activities:      
    Acquisition of businesses, net of cash acquired   (45,230 )     (32,764 )
    Purchase of debt securities   (193,927 )     —  
    Sale of debt securities   29,598       —  
    Capitalization of internally developed software   (5,317 )     (5,004 )
    Purchases of property and equipment   (924 )     (1,009 )
    Net cash (used in) investing activities   (215,800 )     (38,777 )
    Cash flows from financing activities:      
    Proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions   —       261,119  
    Payments of costs related to public offering   —       (1,062 )
    Payment of debt issuance costs   (783 )     —  
    Contingent consideration paid for acquisitions   (1,032 )     (1,207 )
    Payments of tax withholdings for net settled equity awards   (797 )     (8,483 )
    Purchases of treasury stock   (43,740 )     —  
    Proceeds from the issuance of stock under Employee Stock Purchase Plan   3,108       2,691  
    Proceeds from exercise of stock options   5,613       10,360  
    Net cash provided by (used in) financing activities   (37,631 )     263,418  
    Effect of exchange rates changes on cash and cash equivalents   2,597       (1,835 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (159,366 )     303,431  
    Cash, cash equivalents and restricted cash, beginning of year $ 654,608     $ 351,177  
    Cash, cash equivalents and restricted cash, end of year $ 495,242     $ 654,608  
                   
    Reconciliation of Non-GAAP Financial Measures
    (Unaudited) (Amounts in millions, except percentages)
                     
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Revenue   $ 117.6     $ 100.5     $ 492.1     $ 403.1  
    Adjusted to exclude gross up for:                
    Pass-through cost for printing and mailing     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Marketing fees     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Revenue Less Ancillary Services   $ 112.8     $ 96.1     $ 474.2     $ 381.5  
    Payment processing services costs     41.4       36.8       177.5       147.3  
    Hosting and amortization costs within technology and development expenses     1.9       1.9       7.7       8.4  
    Cost of Revenue   $ 43.3     $ 38.7     $ 185.2     $ 155.7  
    Adjusted to:                
    Exclude printing and mailing costs     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Offset marketing fees against related costs     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Exclude depreciation and amortization     (1.3 )     (1.7 )     (5.9 )     (6.7 )
    Adjusted Cost of Revenue   $ 37.2     $ 32.6     $ 161.4     $ 127.4  
    Gross Profit   $ 74.3     $ 61.8     $ 306.9     $ 247.4  
    Gross Margin     63.2 %     61.5 %     62.4 %     61.4 %
    Adjusted Gross Profit   $ 75.6     $ 63.5     $ 312.8     $ 254.1  
    Adjusted Gross Margin     67.0 %     66.1 %     66.0 %     66.6 %
                                     
        Three Months Ended
    December 31, 2024    		   Twelve Months Ended
    December 31, 2024
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 95.3     $ 22.3     $ 117.6     $ 410.2     $ 81.9     $ 492.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.5 )     (4.5 )     —       (15.9 )     (15.9 )
    Marketing fees     (0.3 )     —       (0.3 )     (2.0 )     —       (2.0 )
    Revenue Less Ancillary Services   $ 95.0     $ 17.8     $ 112.8     $ 408.2     $ 66.0     $ 474.2  
    Percentage of Revenue     81.0 %     19.0 %     100.0 %     83.4 %     16.6 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.2 %     15.8 %     100.0 %     86.1 %     13.9 %     100.0 %
                             
        Three Months Ended
    December 31, 2023    		   Twelve Months Ended
    December 31, 2023
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 81.9     $ 18.6     $ 100.5     $ 329.7     $ 73.4     $ 403.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.0 )     (4.0 )     —       (19.4 )     (19.4 )
    Marketing fees     (0.4 )     —       (0.4 )     (2.2 )     —       (2.2 )
    Revenue Less Ancillary Services   $ 81.5     $ 14.6     $ 96.1     $ 327.5     $ 54.0     $ 381.5  
    Percentage of Revenue     81.5 %     18.5 %     100.0 %     81.8 %     18.2 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.8 %     15.2 %     100.0 %     85.8 %     14.2 %     100.0 %
                                                     
    FX Neutral Revenue Less Ancillary Services                      
    (unaudited) (in millions)                            
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Growth Rate     2024       2023     Growth Rate
    Revenue   $ 117.6     $ 100.5       17 %   $ 492.1     $ 403.1       22 %
    Ancillary services     (4.8 )     (4.4 )         (17.9 )     (21.6 )    
    Revenue Less Ancillary Services     112.8       96.1       17 %     474.2       381.5       24 %
    Effects of foreign currency rate fluctuations     (1.1 )     —           (2.3 )     —      
    FX Neutral Revenue Less Ancillary Services   $ 111.7     $ 96.1       16 %   $ 471.9     $ 381.5       24 %
                                                     
    EBITDA and Adjusted EBITDA                
    (Unaudited) (in millions)                
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Net loss   $ (15.9 )   $ 1.3     $ 2.9     $ (8.6 )
    Interest expense     0.1       0.1       0.5       0.4  
    Interest income     (4.8 )     (5.6 )     (21.4 )     (13.3 )
    Provision for income taxes     1.0       1.9       (1.0 )     4.2  
    Depreciation and amortization     5.0       4.3       18.5       16.4  
    EBITDA     (14.6 )     2.0       (0.5 )     (0.9 )
    Stock-based compensation expense and related taxes     16.8       12.9       65.8       45.2  
    Change in fair value of contingent consideration     0.0       —       (1.0 )     0.4  
    (Gain) loss from remeasurement of foreign currency     13.9       (7.7 )     11.8       (4.2 )
    Indirect taxes related to intercompany activity     0.5       —       0.7       0.2  
    Acquisition related transaction costs     0.1       0.4       0.6       0.4  
    Acquisition related employee retention costs     —       0.1       0.5       0.9  
    Adjusted EBITDA   $ 16.7     $ 7.7     $ 77.9     $ 42.0  
                                     
    Reconciliation of Non-GAAP Operating Expenses            
    (Unaudited) (in millions)            
                             
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (in millions)   2024   2023   2024   2023
    GAAP Technology and development   $ 17.4     $ 16.9     $ 66.6     $ 62.0  
    (-) Stock-based compensation expense and related taxes     (3.1 )     (2.5 )     (11.8 )     (9.2 )
    (-) Depreciation and amortization     (2.1 )     (2.3 )     (7.4 )     (8.4 )
    (-) Acquisition related employee retention costs     —       0.3       —       (0.5 )
    Non-GAAP Technology and development   $ 12.2     $ 12.4     $ 47.4     $ 43.9  
                   
    GAAP Selling and marketing   $ 33.4     $ 28.8     $ 129.5     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (4.8 )     (3.2 )     (18.3 )     (12.4 )
    (-) Depreciation and amortization     (2.2 )     (1.3 )     (8.2 )     (5.2 )
    (-) Acquisition related employee retention costs     —       (0.2 )     (0.5 )     (0.4 )
    Non-GAAP Selling and marketing   $ 26.4     $ 24.1     $ 102.5     $ 89.6  
                   
    GAAP General and administrative   $ 31.2     $ 28.0     $ 125.8     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (8.9 )     (7.2 )     (35.7 )     (23.6 )
    (-) Depreciation and amortization     (0.8 )     (0.7 )     (3.0 )     (2.8 )
    (-) Change in fair value of contingent consideration     —       —       1.0       (0.4 )
    (-) Acquisition related transaction costs     (0.1 )     (0.4 )     (0.6 )     (0.4 )
    Non-GAAP General and administrative   $ 21.4     $ 19.7     $ 87.5     $ 80.4  
                                     
    Net Margin, EBITDA Margin and Adjusted EBITDA Margin
    (Unaudited) (Amounts in millions, except percentages)
                             
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Change     2024       2023     Change
    Revenue (A)   $ 117.6     $ 100.5     $ 17.1     $ 492.1     $ 403.1     $ 89.0  
    Revenue less ancillary services (B)     112.8       96.1       16.7       474.2       381.5       92.7  
    Net loss (C)     (15.9 )     1.3       (17.2 )     2.9       (8.6 )     11.5  
    EBITDA (D)     (14.6 )     2.0       (16.6 )     (0.5 )     (0.9 )     0.4  
    Adjusted EBITDA (E)     16.7       7.7       9.0       77.9       42.0       35.9  
    Net margin (C/A)     -13.5 %     1.3 %     -14.8 %     0.6 %     -2.1 %     2.7 %
    Net margin using RLAS (C/B)     -14.1 %     1.3 %     -15.4 %     0.6 %     -2.3 %     2.9 %
    EBITDA Margin (D/A)     -12.4 %     2.0 %     -14.4 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin (E/A)     14.2 %     7.6 %     6.6 %     15.8 %     10.4 %     5.4 %
    EBITDA Margin using RLAS (D/B)     -12.9 %     2.1 %     -15.0 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin using RLAS (E/B)     14.8 %     8.0 %     6.8 %     16.4 %     11.0 %     5.4 %
                                                     
    Reconciliation of FX Neutral Revenue Growth Guidance to
    FX Neutral Revenue Less Ancillary Services Growth Guidance
                   
      Three Months Ended
    March 31, 2025    		   Year Ended
    December 31, 2025
      Low   High   Low   High
                   
    FX Neutral GAAP Revenue Growth   10 %     13 %     9 %     13 %
                   
    Adjustment for Ancillary Services   1 %     1 %     1 %     1 %
                   
    FX Neutral Revenue Less Ancillary Services Growth   11 %     14 %     10 %     14 %
                                   

    The MIL Network –

  • MIL-OSI: South Plains Financial, Inc. Announces Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board of directors of the Company (the “Board”) approved a new stock repurchase program for up to $15.0 million of the outstanding shares of the Company’s common stock (the “Stock Repurchase Program”). The Stock Repurchase Program will conclude on February 21, 2026, subject to the earlier termination or extension of the Stock Repurchase Program by the Board or the $15.0 million designated for the Stock Repurchase Program are depleted.

    Under the Stock Repurchase Program, the Company may repurchase shares of the Company’s common stock from time to time through various means, including open market purchases and privately negotiated transactions. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases under the Stock Repurchase Program may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the manner, timing and amount of such repurchases, will depend upon a variety of factors, including the performance of the Company’s stock price, general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Stock Repurchase Program’s expiration, without any prior notice. The Stock Repurchase Program does not obligate the Company to repurchase any particular number or amount of shares of the Company’s common stock and there is no guarantee as to the exact number or value of shares that will be repurchased by the Company under the Stock Repurchase Program.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas.  City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Available Information

    The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
       investors@city.bank

    Source: South Plains Financial, Inc.

    The MIL Network –