Category: Politics

  • MIL-OSI United Kingdom: Committee to consider proposals early engagement on possible Visitor Levy

    Source: Scotland – City of Perth

    The Council’s Economy and Infrastructure Committee will next week be asked for approval to begin early engagement on the possibility of a Perth and Kinross Visitor Levy Scheme, with a view to allowing elected members to make a decision informed by local feedback at the end of this year.

    The Visitor Levy (Scotland) Act 2024 grants local authorities the power to introduce a levy on overnight accommodation, with the funds raised reinvested locally to enhance the visitor experience.

    While a scheme like this could create significant opportunities for local investment, Councillor Eric Drysdale, Convener of Economy and Infrastructure, explained the importance of first listening to residents and leaders in the tourism industry locally.

    Councillor Drysdale said: “It’s really important to be clear that the question to committee next week is not about whether or not to introduce a Visitor Levy Scheme, it’s about getting the support to start speaking to those most affected about what would need to be taken into consideration. The feedback from this early engagement is essential to make sure that we are able to make an informed decision before committing to the approach in Perth and Kinross.”

    Tourism is a significant part of the Perth and Kinross economy, but with high visitor numbers there is also an impact on our local communities.

    Councillor Drysdale added: “While visitors bring significant benefits to our local economy, there are also associated costs. The Council introduced the Visitor Rangers service because we recognised that investment was needed to support responsible tourism, and minimise the impact of visitors on our year-round residents.

    “With growing demands for critical services to protect health and social care, support pupils with additional support needs, and tackle poverty, we have a duty to explore any opportunities for additional sources of income which can be invested to support growing our visitor economy. That would then allow core funding to be focused on the services which are needed by the most vulnerable people in our communities.”

    If approved by committee the early engagement process will last between 6 and 10 months. A full report from the feedback received, along with a draft Visitor Levy Scheme developed during the engagement, would then be presented to councillors in December 2025 to consider whether or not to proceed with introducing a scheme. If approved in December, a statutory consultation period of 12 weeks and then an 18-month implementation would follow. As a result, the earliest possible date for a scheme being introduced would be Summer 2027. 

    MIL OSI United Kingdom

  • MIL-OSI Europe: Sweden to donate anti-tank weapons to Moldova

    Source: Government of Sweden

    Sweden to donate anti-tank weapons to Moldova – Government.se

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    Press release from Ministry of Defence

    Published

    The Government is proposing to donate m/86 (AT4) anti-tank weapons to Moldova within the framework of the additional amending budget that contains the 18th military support package to Ukraine.

    In light of Russia’s full-scale invasion of Ukraine, Moldova finds itself in a very vulnerable position, due to its geographical proximity to Ukraine and Russia’s repeated influence campaigns against the country. Moldova is in great need of assistance, including military support. It is in Sweden’s foreign and security policy interests to assist Moldova as a matter of urgency. 

    Supporting Ukraine further and increasing engagement with other countries in the EU’s Eastern partnership, such as Moldova, are important parts of Sweden’s policy to constrain Russia’s influence, freedom of action and ability to do harm.

    The Government is therefore proposing to donate anti-tank weapons worth a maximum of SEK 13 000 000 to Moldova, within the framework of the additional amending budget that contains the 18th military support package to Ukraine. 

    Press contact

    MIL OSI Europe News

  • MIL-OSI Europe: Largest support package to Ukraine announced

    Source: Government of Sweden

    Largest support package to Ukraine announced – Government.se

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    Press release from Ministry of Defence

    Published

    The Swedish Government is presenting its largest military support package to Ukraine to date, valued at SEK 13.5 billion. This package will also strengthen Ukraine’s long-range capability. Sweden aims to donate about 1 billion SEK towards making Ukraine able to produce long-distance missiles and drones. It also includes a doubling of the previous 16 donated Combat Boat 90s (CB 90) and anti-tank weapons, as well as investments to support Ukraine’s defence industry.

    With this eighteenth support package, Sweden has provided a total of SEK 61.9 billion in military support to Ukraine since Russia’s full-scale invasion began nearly three years ago. 

    The package is divided into eight components, the largest of which consists of various procurements of new materiel – primarily from the Swedish and other European defence industries – for the purpose of donation to Ukraine. 

    The package, worth SEK 13.5 billion in total, contains the following components:

    • Procurement for donations worth approximately SEK 5.9 billion.
      – This means that the Defence Materiel Administration, tasked by the Government, procures equipment from the Swedish and foreign defence industries to the Ukrainian Armed Forces.
    • Financial donations worth approximately SEK 2.8 billion.
      – This means that Sweden is supporting Ukraine through donations to various funds for procurement of military equipment and ammunition, e.g. through capability coalitions. Another example is procurement cooperation between Sweden and Denmark. Sweden aims to donate 1 billion SEK towards Ukrainian production of long-range missiles and long-distance drones.
    • Donations of materiel from the Swedish Armed Forces, with corresponding replacement purchases, valued at approximately SEK 3.3 billion. This includes:
      – 146 trucks;
      – 16 Combat Boat 90s; (A doubling from the previous 16 donated CB 90s)
      – 23 weapon stations for marine use;
      – 1 million units of 12.7 mm ammunition;
      – 1 500 TOW anti-tank missiles;
      – 200 anti-tank weapons, including training materiel;
      – infantry equipment for individual soldiers and unit equipment; and
      – chemical, biological, radiological and nuclear (CBRN) personal protective equipment.
    • Services via the Swedish Defence Research Agency and Swedish Defence University, valued at approximately SEK 180 million.
      – The Defence Research Agency will continue its efforts to develop a corresponding agency in Ukraine.
      – The Defence University is tasked with implementing an education programme for Ukrainian pupils in Ukraine.
    • Training valued at SEK 650 million.
      – Funding to the Swedish Armed Forces’ support to a number of training initiatives throughout 2025, such as Interflex, which conducts basic training for Ukrainian soldiers.
    • Supply solutions valued at SEK 400 million.
      – This includes various types of maintenance measures for the Swedish materiel that has been donated.

    More about the eighteenth support package

    Sweden’s military support to Ukraine is always based on Ukraine’s needs and priorities. Ongoing bilateral communication and multilateral collaboration in the capability coalitions provide this knowledge. 

    The ability to support Ukraine with newly produced materiel that can be delivered quickly is a significant tool to supplement donations of materiel from the Swedish Armed Forces war organisation. At the same time as Ukrainian units receive the materiel that they need, Ukrainian, Swedish and European supply security is also strengthened. 

    Press contact

    MIL OSI Europe News

  • MIL-OSI United Kingdom: River Yare receives £282,000 for creation of floodplain wetlands

    Source: United Kingdom – Executive Government & Departments

    The Environment Agency, Norfolk Rivers Trust and Water Resources East joined forces on a project along a section of the River Yare.

    Credit: Josh Jaggard

    The £282,000 project creates a healthier, more dynamic and resilient river and floodplain habitat along the River Yare. The River Yare is one of only 210 chalk streams worldwide: making it an incredibly rare and precious habitat.

    Most chalk streams are in southern England—including 58 in East Anglia alone.

    The Environment Agency provided a third of the funding, with additional funding support from the Norfolk Water Strategy Programme (NWSP) along with in-kind donations.

    NWSP is hosted by Water Resources East in partnership with Norfolk County Council, Anglian Water and The Nature Conservancy with support from WWF and Finish partnership.

    The project involved creating a 651-metre meandering river channel and reconnecting the River Yare to its lowland floodplain meadow.

    This reconnection will restore natural processes, enhance river habitats; resilience by slowing water flow, and promote sediment deposition on the floodplain during floods; improving water quality.

    Furthermore, a mosaic of new wetland habitats, including 6 scrapes and 2 ponds covering an area of 10,696 m2, has been created.

    Boost for habitat quality

    These features will enhance water storage during high flows, thus providing natural flood management and increased groundwater infiltration.

    These changes to the river flows will boost habitat quality and complexity, benefitting species like water voles, insects, breeding wader birds, reptiles and marginal plants.

    Amy Prendergast, Catchment Delivery Manager for the Environment Agency, said:

    Restoring biodiversity in partnership projects like this is incredibly important to protecting the South Norfolk landscape.

    The team worked hard to bring this high-quality design, which was bespoke to the site, to life with climate change adaptations in mind. We look forward to working closely with partners again in future.

    Donna Dean, NRT’s River Restoration Team Leader, said:

    We faced several challenges completing this project, including two very wet periods. Despite this, it’s been incredibly rewarding to see the wetlands come to life as they fill with water.

    Restoring meandering rivers and re-wetting landscapes is a major win for both wildlife and river health. After the recent rainfall, the floodplain is functioning naturally, storing water and reducing peak flows downstream.

    Already, the site is being visited by a variety of bird species, including snipe, little egrets, oyster catchers and sandpipers.

    Hannah Gray, Water Resources East’s (WRE) Programme Manager for Nature-Based Solutions, said: 

    WRE were thrilled to bring additional funding partners together to deliver water security and biodiversity improvements in the Yare catchment.

    As one of the first pilot projects in our Norfolk Water Strategy Programme, the River Yare restoration scheme has provided valuable insights for our growing portfolio of nature-based solutions investments.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: A third of birthing women vaccinated in the first month of RSV offer

    Source: United Kingdom – Executive Government & Departments

    Over a third of women giving birth got the new RSV vaccine in September, protecting newborns from severe illness.

    The new maternal Respiratory Syncytial Virus (RSV) vaccine rolled out in September saw more than 1 in 3 women giving birth take up the offer during the first month, giving vital protection to newborns from the first day of life against what can be a severe and life-threatening illness.

    UK Health Security Agency (UKHSA) data from NHS GP practice records shows 33.6% of women who delivered in September had the RSV vaccine.

    With women delivering in September having a relatively short window to take up the offer, the data shows the new maternal RSV programme got off to a positive start in its first month of introduction. Further coverage data for October births, with pregnant women having had a longer window in which to get vaccinated, will be published in a month’s time.

    The most recent week-to-week data from the NHS in England shows that over 140,000 pregnant women have now been vaccinated since the programme launched in September.

    Pregnant women should be offered their RSV vaccine around the time of the 28-week antenatal appointment. Anyone who hasn’t heard by this stage should contact their maternity service or GP practice to make an appointment to ensure they don’t leave their newborn vulnerable to the virus.

    The data shows considerable variability in uptake by ethnic group ranging from 11% in women of mixed white and black Caribbean ethnicity to over 50% in white Irish and Chinese ethnic groups.

    RSV accounts for around 30,000 hospitalisations of children under 5 in the UK every year, and tragically causes 20 to 30 infant deaths.

    Despite infecting around 90% of children within the first 2 years of life, RSV is not something that many people are aware of. It typically causes mild, cold-like symptoms. However, it can lead to severe lung infections like pneumonia and infant bronchiolitis and is a leading cause of infant mortality globally.

    Having the vaccine during every pregnancy is the best way to protect your baby against RSV, as the vaccine boosts your immune system to produce more antibodies against the virus, and these then pass through the placenta to help protect your baby from the day they are born.

    To highlight the important protection provided by the RSV vaccine offered in pregnancy, UKHSA has produced new materials for pregnant women. These resources help to explain the impact of RSV infection and how by getting the RSV vaccine in pregnancy, women help protect their babies in the first few months of life when they are most at risk. The resources also act as a visual reminder to get vaccinated.

    Dr Conall Watson, Consultant Epidemiologist, UKHSA, said:

    The RSV vaccine offers a vital opportunity for any mums-to-be to protect their babies from severe RSV lung infection and it’s encouraging to see the RSV programme getting off to such a positive start with over a third of women who gave birth in September having had the vaccine.

    Every year in the UK around 30,000 under 5s are hospitalised, and tragically RSV causes 20 to 30 infant deaths. That is why every pregnant woman is eligible to get vaccinated as soon as they reach 28 weeks – providing protection for their newborn against RSV in the vulnerable early months of life.

    Steve Russell, NHS England National Director for Vaccinations and Screening, said:

    Thanks to the hard work of NHS staff, 140,000 pregnant women have had the RSV vaccine since we began offering it in September, with vaccination and maternity teams across the country raising awareness and making it as easy as possible for those eligible to get the life-saving jab.

    With higher numbers of RSV cases circulating this winter is it vital you get protected if eligible – so please come forward and speak with your GP about getting your jab today.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: GDF progress as Areas of Focus identified

    Source: United Kingdom – Executive Government & Departments

    Nuclear Waste Services (NWS) to take forward studies and investigations in these areas

    NWS has published Areas of Focus in the search to find a suitable site and a willing community to host a Geological Disposal Facility (GDF). The areas are within the three communities currently involved in the process, in Mid Copeland and South Copeland in Cumbria, and in East Lincolnshire.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI Australia: $1.5 million for extended Flying-Fox Roost Management—Local Government Grant Program

    Source: Government of Queensland

    Issued: 30 Jan 2025

    • Seven Queensland local governments will receive funding under the latest round of Queensland’s Flying-Fox Roost Management—Local Government Grant Program.
    • The councils will receive a total of $250,000 for nine separate flying-fox roost management projects.
    • Originally a four-year $2 million initiative ending in 2024, the grant program has been allocated an additional $1.5 million to extend it for a further three years.

    Local communities are the winners with Queensland councils continuing to receive funding to reduce nuisance from flying-fox roosts and for projects helping residents and businesses co-exist with flying-foxes.

    Originally a four-year $2 million initiative, ending in 2024, the Flying-Fox Roost Management – Local Government Grant Program has received an extra $1.5 million to extend it for a further three years.

    The latest round of the program will see seven Queensland councils receive a total of $250,000, for nine flying-fox roost management projects.

    Department of the Environment, Tourism, Science and Innovation (DETSI) Deputy Director-General Mr Ben Klaassen said councils will use the funding for projects to prepare roost management plans, undertake roost management activities and for programs to make it easier for residents to live near flying-fox roosts.

    “Flying-foxes are essential for the survival of native forests but they can also pose significant challenges for councils that have roosts in parks and reserves in urban areas,” Mr Klaassen said.

    “The new funding will help councils address these challenges and reduce the nuisance impacts of flying-fox roosts on nearby communities”

    DETSI is working closely with the Local Government Association of Queensland to ensure funds are targeted to the areas of greatest need.

    Scenic Rim Regional Council Mayor Tom Sharp said earlier funding received through this program helped develop Council’s “Scenic Rim Flying-Fox Management Strategy 2023–2028” to reduce negative interaction between flying-foxes and residents, while acknowledging their status as protected species.

    “We are delighted to receive further funding through this latest grant round which will support ‘on ground’ management action under the strategy,” Cr Sharp said.

    View more information on flying-foxes.

    Funds have been allocated to:

    • Logan City Council: $16,120 to develop management plans for two flying-fox roosts
    • City of Gold Coast: $29,826 for vegetation management at two roosts and $6,540 to update Council’s ‘Statement of Management Intent’ for flying-fox roosts
    • Mount Isa Regional Council: $38,500 to develop a region-wide roost management plan
    • Sunshine Coast Regional Council: $34,397 to develop a region-wide roost management plan
    • Scenic Rim Council: $45,500 for roost management actions at Rathdowney and $25,550 for roost management actions at Canungra
    • Ipswich City Council: $16,500 to enhance a flying-fox roost at Woodend through weed management and understorey planting which will increase the heat stress resilience of the roost
    • Whitsunday Regional Council: $42,000 for a residents’ grant program.

    The next round of the grant program will open for applications in early 2025.

    MIL OSI News

  • MIL-OSI USA: New NetWerx Initiative Brings Alumni Mentorship into the Classroom

    Source: US State of Connecticut

    There are a lot of factors to consider when you’re trying to build a personal brand.

    What are your strengths and weaknesses?

    How will you market your brand and engage with your potential audience or customers?

    How can you best position yourself for success?

    For students who are just starting out on their entrepreneurial journey, connecting with mentors who have built their own personal brands – experiencing the ups and downs, the highs and lows – and who are excited to share what they’ve learned along the way can make all the difference.

    But finding the right mentor isn’t always easy, and students often don’t quite know how to get started.

    How do you initiate these kinds of conversations?

    And what are the questions that you should ask?

    ‘Students Are Trying to Imagine Themselves After They Graduate’

    Learning how to network is a skill, according to Julie Gehring, director of mentorship and student development at UConn’s Werth Institute for Entrepreneurship and Innovation, and that skill is part of what she teaches students who sign up for NetWerx – a signature program at the Werth Institute that pairs students with alumni mentors to help cultivate those essential networking and entrepreneurial skills.

    “If you learn how to network first, then you can learn how to build a relationship with somebody that leads to mentorship,” says Gehring.

    Since its inception more than five years ago, NetWerx has operated with the goal of helping interested students build an entrepreneurial mindset through skills like communication, self-reliance, and adaptability. The program has worked by recruiting both current undergraduate students – typically those in their first and second years – who apply to take part and then matching them with alumni volunteers who are less than 15 years out from their own time at UConn.

    For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard &#8212 Heidi Bailey

    “NetWerx welcomes any student interested in expanding their network and exploring ideas, even if they aren’t directly focused on starting a business,” Gehring explains. “We help students develop valuable entrepreneurial skills—like problem-solving, collaboration, and communication—that are essential for success in any field. Many of our alumni mentors, in fact, apply these skills within their organizations as ‘intrapreneurs.’”

    “Students are trying to imagine themselves after they graduate,” says Heidi Bailey, an instructor-in-residence with the UConn School of Business who teaches courses on marketing and personal brand management. “NetWerx provides students with an incredible opportunity to build a relationship with a UConn alumnus who can share career tips, such as how they got started in their career, what success looks like in their field of interest, and who else they can work with in their industry.”

    A Strategic Plan for Making an Impact

    Alumni mentors come from a variety of backgrounds – everything from fintech to fashion, project management to health care, marketing to engineering – and commit to meet virtually with their mentees a least two to three times. They’re given orientation and training on how to be effective mentors before they’re paired with students an matching process that’s now bolstered by the use of PeopleGrove, a platform that helps students and alumni engage with each other.

    It’s been an undeniable success. NetWerx has matched hundreds of UConn student mentees with alumni mentors who have engaged with its ecosystem, with many of those connections leading to lasting relationships and some even producing employment opportunities post-graduation.

    Last year alone, more than 450 students took part in NetWerx, connecting with about 200 alumni mentors.

    But with that success has come a need for the program itself to continue to innovate.

    “The question for us was: How can we create even more of an impact?” Gehring explains. “So, we worked on a strategic plan.”

    (Adobe Stock)

    And part of that plan led to NetWerx’s latest initiative: Bringing mentorship directly to students in the classroom by partnering with faculty, like Bailey, who embrace an entrepreneurial mindset.

    “Julie reached out to me, and told me about NetWerx, and I thought it would be a good program for this personal brand management class,” Bailey says. “Spring 2024 was the first time we taught it in Storrs. I made NetWerx part of the participation grade –the students just had to connect two times with their mentor once they got matched, and then write a reflection about what they got out of the experience.”

    Bailey utilized NetWerx for the first time that spring, and then again this past fall. About 80 students – half business majors and half from a variety of other disciplines – took part over the two semesters.

    Gehring and her team visited the classes twice each semester to help guide the students through developing questions for their mentoring sessions, teaching them how to make the most of their time before meeting their alumni mentors.

    “NetWerx’s initial strategy focused on integrating with courses and learning communities that had a connection to entrepreneurship, either through direct curriculum ties or by emphasizing entrepreneurial skill development,” say Gehring. “This included courses, like Heidi’s personal branding class, and learning communities, like EcoHouse with Thomas Hayes, as well as first-year experience (FYE) courses, such as Next Gen with Heather Parker. By aligning with these programs, NetWerx is able to tap into existing student interest in related topics and seamlessly introduce the benefits of mentorship within a familiar academic context.”

    Open Conversations About Hard Topics

    The NetWerx PeopleGrove platform then enabled the students in the class to connect with a mentor who had similar interests, and allowed Gehring and Bailey to see how those connections were going.

    The response from her students was largely positive, Bailey says.

    Some reported having open conversations about sometimes difficult topics, like salaries and promotions. Some were encouraged by their mentors to streamline their personal goals, to build new creative content that they hadn’t considered before – or to change gears completely.

    By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. &#8212 Julie Gehring

    For example, one student who’d been interested in a career in the U.S. Foreign Service learned it might actually not be the right path for them after meeting with an alumni mentor who had taken the same path.

    Gaining that real-world perspective is what mentoring in general, and what NetWerx specifically, is all about, says Gehring.

    “If you’re a finance major, you can talk to somebody that’s in a finance background,” she says. “And maybe that student says, you know what? I’ve gotten some perspective, and that’s not where I want to be. And so, when they figure out what they don’t want, they can continue to use our platform to find out what they do want. Let’s go talk to somebody that’s in psychology, let’s go talk to somebody in engineering, because we’ve got so many mentors who are willing to help and to take those calls.”

    Opportunities That Can Change Lives

    NetWerx continues to also operate as a program open to any student of any discipline, regardless of their course selections, who is interested in expanding their network or exploring an idea. The Werth Institute is holding open office hours three days a week this spring where undergraduates can drop in, learn more, and sign up.

    But the program is hoping to partner with more faculty to help reach students who might otherwise not know about or consider taking part in a program like NetWerx.

    From a faculty perspective, Bailey notes, successfully incorporating NetWerx into a course means building it in as a core component of the class that the faculty themselves are invested in.

    “NetWerx is actively seeking partnerships with faculty who embed entrepreneurial skills into their courses to connect first and second-year students with alumni mentors,” adds Gehring. “From a co-curricular standpoint, we understand the significant time commitment involved in curriculum planning and instruction, which is why NetWerx aims to simplify the integration of mentorship into the classroom. By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. This partnership eliminates the burden of managing the screening of mentors, the matching process, and ongoing support of the mentor-mentee relationship, allowing instructors to focus on teaching while providing students with valuable mentorship experiences and expanded networks.”

    And making that successful integration into the classroom, Bailey says, can be “life-changing” for the students who take full advantage of the opportunity.

    “For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard,” Bailey says. “You have to have people inside who can then connect you with others.

    “For just about any class, there are enough alumni who are engaged in that discipline, who would be willing to connect either one-on-one or even come into the class and speak – I think it’s extremely valuable to get that inside perspective and to have the potential to stay in touch.”

    January is National Mentoring Month – for more information, visit mentoring.org.

    NetWerx is always recruiting – both student mentees and alumni mentors – and individuals interested in getting involved, as well as faculty interested in learning how NetWerx might fit in with their course design, are encouraged to contact Julie Gehring at julie.gehring@uconn.edu or Ian Bender at ian.bender@uconn.edu.

    For more information about all of the entrepreneurial opportunities available through the Werth Institute, visit werth.institute.uconn.edu.

    MIL OSI USA News

  • MIL-OSI: Lake Shore Bancorp, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors of its parent mutual holding company, Lake Shore, MHC, has adopted a Plan of Conversion and Reorganization pursuant to which Lake Shore, MHC will undertake a “second step” conversion from the mutual holding company structure to the stock holding company structure. In connection with the second step conversion, the Bank intends to seek regulatory approval to convert its charter to a New York-chartered commercial bank.

    Lake Shore, MHC currently owns approximately 63.4% of the outstanding shares of common stock of the Company which it acquired in connection with the reorganization of the Bank into the mutual holding company structure and the related initial public offering by the Company in 2006.

    As a result of the proposed transaction, a new stock holding company for the Bank (the “New Bank Holding Company”), which will succeed the Company, and will offer for sale shares of its common stock, representing Lake Shore, MHC’s ownership interest in the Company, to depositors of the Bank in a subscription offering and, if necessary, a community offering and/or a syndicated community offering. Eligible account holders of the Bank as of the close of business on December 31, 2023 have first priority non-transferable subscription rights to subscribe for shares of common stock of the New Bank Holding Company. The total number of shares of common stock of the New Bank Holding Company to be issued in the proposed stock offering will be based on the aggregate pro forma market value of the common stock of the New Bank Holding Company, as determined by an independent appraisal. In addition, each share of common stock of the Company owned by persons other than Lake Shore, MHC (the “minority shareholders”) will be converted into and become the right to receive a number of shares of common stock of the New Bank Holding Company pursuant to an exchange ratio established at the completion of the proposed transaction. The exchange ratio is designed to preserve in the New Bank Holding Company the same aggregate percentage ownership interest that the minority shareholders will have in the Company immediately before the completion of the proposed transaction, exclusive of the purchase of any additional shares of common stock of the New Bank Holding Company by minority shareholders in the stock offering and the effect of cash received in lieu of issuance of fractional shares of common stock of the New Bank Holding Company, and adjusted to reflect certain assets held by Lake Shore, MHC.

    The proposed transaction is expected to be completed in the third quarter of 2025, subject to regulatory approval, approval by the members of Lake Shore, MHC (i.e., depositors of the Bank), and approval by the shareholders of the Company, including by a separate vote of approval by the Company’s minority shareholders. Detailed information regarding the proposed transaction, including the stock offering, will be sent to shareholders of the Company and members of Lake Shore, MHC following regulatory approval.

    About Lake Shore

    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required regulatory, shareholder and member approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Important Additional Information and Where to Find It

    Lake Shore Bancorp, Inc. will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that will include a proxy statement of the Company and a prospectus of Lake Shore Bancorp, Inc., as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THESE DOCUMENTS BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Lake Shore Bancorp, Inc., 31 East Fourth Street, Dunkirk, New York 14048, Attention: Taylor M. Gilden, or by calling (716) 366-4070 ext. 1065.

    Participants in the Solicitation

    The Company and its directors and its executive officers may be deemed to be participants in the solicitation of proxies with respect of the proposed transaction. Information regarding the Company’s directors and executive officers is available in its definitive proxy statement for its 2024 Annual Meeting of Shareholders, filed with the SEC on April 11, 2024. Other information regarding the participants in the proxy solicitation will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.

    This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Taylor M. Gilden
    Chief Financial Officer and Treasurer
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1065

    The MIL Network

  • MIL-OSI: ITS Logistics January Supply Chain Report: Recession Risks Heighten for US Economy as Consumer Confidence Decreases for Second Consecutive Month

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Jan. 30, 2025 (GLOBE NEWSWIRE) — ITS Logistics released the January ITS Supply Chain Report, revealing the U.S. economy was relatively stable last month but faced several headwinds. The job market remained strong, and inflation cooled significantly, but concerns about core inflation, higher interest rates, tariffs, and potential economic slowdown loomed. The Federal Reserve’s cautious approach to monetary policy and the housing market’s ongoing challenges also continued to influence the overall economic outlook.

    “As the U.S. entered December 2024, the economic outlook carried both positive and negative trends that could influence the trajectory of the economy in 2025 and beyond,” said Stan Kolev, Chief Financial Officer of ITS Logistics. “While many indicators suggest resilience, a number of challenges pose significant risks to continued growth.”

    Key concerns that supply chain professionals should be privy to include:

    • Inflationary Pressure: If inflationary pressures persist or accelerate, it could erode consumer spending and confidence
    • Monetary Policy Uncertainty: The risk of inflation becoming entrenched could lead to more aggressive action from the Federal Reserve, with possible interest rate hikes impacting consumer borrowing and business investment
    • Global Economic Uncertainty: The global supply chain disruptions and rising geopolitical tensions could negatively impact US exports and supply chains, hurting sectors that rely on international trade
    • Consumer Confidence: If inflation and high borrowing costs weigh too heavily on households, it could lead to reduced discretionary spending, further slowing growth in key sectors like retail, travel, and housing
    • Tariffs: Per the recent incoming Trump Administration announcement, there is a potential for an increase in tariffs. Companies should prepare for the potential of a front-loading event similar to 2018, disrupting transpacific trade lanes from Asia into North America

    The Conference Board reported that this month alone, U.S. consumer confidence decreased for the second consecutive month. Its consumer confidence index declined to 104.1 from 109.5 in December. This is considered to be worse than the projections presented by economists, which were expected to result in a reading of 105.8. The index measures Americans’ assessment of current economic conditions and their outlook for the next six months. Overall, consumers’ outlook of current market conditions decreased by 9.7 points to a reading of 134.3 this month, while the views on current labor market conditions fell for the first time since September.

    “In December 2024, the U.S. labor market remained strong but showed some signs of slowing as the year came to a close,” continued Kolev. “The U.S. economy added about 200,000 to 250,000 jobs last month, continuing a solid pace of hiring. While lower than the stronger job growth observed in 2021 and 2022, it still represented a healthy expansion, especially given the higher interest rate environment. The unemployment rate remained steady at 3.5%, continuing near historic lows. This suggested a tight labor market, with many employers still struggling to find workers.”

    Although job growth slowed compared to earlier in the recovery, demand for workers remained robust, particularly in healthcare, hospitality, and blue-collar industries. However, concerns about higher interest rates and a potential economic slowdown in 2025 could bring more caution to the labor market.

    While the U.S. economy was not yet in recession in December 2024, the risks are heightened as we move into 2025. The key concerns include how inflationary pressures, high interest rates, and global uncertainties will impact growth, consumer confidence, and business investment in the year ahead.

    ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.

    The monthly ITS Supply Chain Report serves to inform ITS employees, partners, and customers of marketplace changes and updates. The information in the report combines data provided through DAT and various industry sources with insights from the ITS team. Visit here for a comprehensive copy of the report with expected industry insights and market updates.

    About ITS Logistics
    ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

    Media Contact
    Amber Good
    LeadCoverage
    amber@leadcoverage.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4910ceb2-75a8-407d-b57a-1342bbc2d3f0

    The MIL Network

  • MIL-OSI United Kingdom: CMA wins appeal in emergency services case

    Source: United Kingdom – Executive Government & Departments

    The Court of Appeal has refused Motorola permission to appeal the CMA’s findings that it was making supernormal profits from providing communications network services to the UK emergency services.

    Today the Court of Appeal (CoA) has unanimously dismissed Motorola’s application for permission to appeal on both of its pleaded grounds, in which it claimed that the Competition and Markets Authority (CMA) had made errors in assessing competition in the relevant market and the profitability of the Airwave Network in 2021. 

    In its original findings, the CMA said that Motorola was able to make supernormal profits because it has a virtually unconstrained monopoly in the market to supply communications network services to the UK’s emergency services. The CMA imposed a charge control order capping the price Motorola could charge.

    Motorola challenged the CMA’s original findings in the Competition Appeal Tribunal (CAT). The CAT unanimously dismissed that challenge and Motorola sought permission to appeal to the CoA. In a judgment handed down today, the Court endorsed the CMA’s reasoning as set out in its original findings.  

    The CMA’s price cap ensures that the UK’s emergency services pay a fair price for Airwave’s services, reducing the price by almost £200 million per year.

    Today’s decision by the CoA brings this case to a close, as Motorola cannot appeal the decision further.

    George Lusty, Executive Director of Consumer Protection and Markets, at the CMA, said:

    The CMA’s investigations and legal decisions are carefully considered and evidence-led and we welcome today’s decision by the Court of Appeal which endorses our reasoning in this case.  

    Our investigation showed that Motorola had been charging emergency services in the UK £200 million a year more than they would if the market was working well. The Court’s judgment today means that our price cap remains in place, which limits how much Motorola can charge emergency services for using its Airwave Network.

    Today’s decision brings this matter to a close.

    For more information, visit the Mobile radio network services inquiry page. 

    Notes to Editors:

    1. In October 2021, the CMA opened an investigation into mobile radio network services amid concerns that the market might not be working well. The investigation – conducted by an independent panel – confirmed these concerns, finding that UK emergency services had no choice but to continue using Motorola’s Airwave Network, due to a lack of alternative providers. As such, Motorola was able to earn supernormal profits from the prices it charged the Home Office – which negotiates contracts on behalf of emergency services – resulting in higher costs to the emergency services which are ultimately footed by the taxpayers.
    2. To reduce these costs, the CMA imposed a charge control order, by way of a price cap, in July 2023, which brought the price down to the level that would be expected in a well-functioning and competitive market – putting an end to the estimated £200 million per year of over-charging.
    3. While protecting taxpayers, the price cap allows Motorola to continue to invest in the Airwave Network and so ensure that quality and safety are maintained.
    4. Motorola disagreed with the CMA’s findings – specifically that the price of the Airwave Network services was not limited by competition and on the level of profit they make from the Airwave Network – and so challenged them at the CAT. Following a hearing in August 2023, the CAT unanimously dismissed both of Motorola’s grounds of challenge.
    5. Thereafter, Motorola sought permission to appeal that judgment and today the CoA unanimously dismissed both grounds of Motorola’s application for permission to appeal the CAT decision, which had upheld the CMA’s findings.
    6. Supernormal profits mean profits over and above what would be expected in a well-functioning market. The CMA’s total estimate of the supernormal profits Motorola will make over the 2020 to 2029 period is £1.27bn. That estimate reflects the net present value of Motorola’s expected returns at the start of that period. This is equivalent, on an undiscounted basis, to revenues being almost £200m per year above the level that would be required for it and Airwave Solutions to earn a reasonable return.
    7. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

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

    Source: IMF – News in Russian

    January 30, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with South Africa.

    South Africa’s economy has continued to face challenges in recent years. Power shortages and disruptions to rail and port operations constrained growth to 0.7 percent in 2023. Activity remained subdued in 2024, given election-related uncertainty in the first half of the year and severe droughts. Nonetheless, power generation was stabilized and, following the formation of a reform-oriented Government of National Unity in June, consumer, business, and investor confidence rebounded. Inflation moderated from 5.9 percent in 2023 to an estimated
    4.5 percent in 2024, with the central bank cutting interest rates by 50 basis points in 2024. While still high, unemployment declined to an estimated 32.8 percent in 2024. Government deficits remained elevated, pushing public debt to above 75 percent of GDP by end-2024.

    Looking ahead, real GDP growth is projected to accelerate to 1.5 percent in 2025, driven by recovering private consumption and investment supported by stable electricity generation. Over the medium term, annual growth is expected to reach 1.8 percent, as investment improves gradually on the back of ongoing reform efforts to address electricity and logistics bottlenecks. Inflation is projected to average 4 percent in 2025 and stabilize at the midpoint of the SARB’s target range (4.5 percent) in the medium run. With fiscal deficits projected to stay elevated over the medium term, public debt is expected to continue to rise.

    The outlook remains marked by high uncertainty, with the balance of risks tilted to the downside. Key downside external risks relate to a further deepening of geoeconomic fragmentation and intensification of protectionist policies, an escalation of ongoing conflicts, a deeper slowdown in main trading partners, or slower global disinflation and tightening financial conditions. Domestically, resistance to and delays in the implementation of needed reforms could add to downside risks. On the upside, faster and more ambitious reform implementation by the new government, or stronger global growth, could boost confidence and growth.   

    Executive Board Assessment[2]

    “Directors agreed with the thrust of the staff appraisal. They welcomed South Africa’s new Government of National Unity and its commitment to reforms aimed at addressing long‑standing challenges. While there are signs of recovery, economic activity remains subdued amid heightened global uncertainty and long‑standing structural impediments. Against this background, Directors emphasized the importance of prudent macroeconomic policies complemented by ambitious structural reforms to support macroeconomic stability and place the economy on a path toward higher, more inclusive, and greener growth.

    “Directors welcomed the authorities’ commitment to fiscal prudence, including plans to reduce the fiscal deficit and stabilize debt. Given increased risks, most Directors called for more ambitious fiscal consolidation efforts to lower debt to more prudent levels and rebuild fiscal buffers, although a few felt that the authorities’ preferred approach may be more appropriate given political economy considerations. Directors considered that an evenly paced fiscal consolidation focused on cutting inefficient spending while protecting priority social and infrastructure spending, and continuing to strengthen tax administration, can support debt sustainability while minimizing the negative impact on the economy. Most Directors agreed that introducing a prudent debt anchor supported by a fiscal rule could help underpin the adjustment and bolster credibility, although a few Directors felt that a debt ceiling could constrain flexibility. Enhancing fiscal transparency and risk management can further support the resilience of public finances.

    “Directors commended the South African Reserve Bank’s effective monetary management, which supported a decline in inflation. Looking forward, they recommended maintaining a flexible and data‑driven approach to monetary policy decisions amid ongoing uncertainties. Directors saw merit in shifting, at an opportune time, from the current inflation target band to a lower point target, which will require careful design, gradual implementation, close coordination, and appropriate communication.

    “Directors welcomed the authorities’ efforts to safeguard financial stability, including recent banking‑resolution and safety‑net reforms and macro‑prudential policies. They encouraged the authorities to continue to monitor risks, including those related to the sovereign‑bank nexus, and to stand ready to implement prudential measures as needed. They considered that strengthened supervision, including for non‑bank financial institutions, alongside continued efforts to bolster the AML/CFT framework, remain essential.

    “Directors commended the authorities for their structural reform efforts aimed at removing critical impediments to growth. They encouraged the new government to implement resolutely ongoing energy and logistics reforms, including by promoting private sector participation. To support higher and greener growth and job creation, particularly among the youth, while reducing inequality and poverty, Directors recommended additional reforms to enhance the business environment, bolster governance, and improve labor market flexibility, along with sustained efforts to facilitate trade and achieve climate goals.

    Directors wished the authorities success during South Africa’s G20 Presidency and welcomed their leadership in support of multilateral cooperation.”

     

    South Africa: Selected Economic Indicators, 2022–27

    Social Indicators

    GDP

    Poverty (percent of population)

    Nominal GDP (2022, billions of US dollars)

    407

    Lower national poverty line (2015)

    40

    GDP per capita (2022, in US dollars)

    6,712

    Undernourishment (2019)

    7

    Population characteristics

    Inequality (income shares unless otherwise specified)

    Total (2022, million)

    62

    Highest 10 percent of population (2015)

    53

    Urban population (2020, percent of total)

    67

    Lowest 40 percent of population (2015)

    7

    Life expectancy at birth (2020, number of years)

    64

    Gini coefficient (2015)

    65

    Economic Indicators

    2022

    2023

    2024

    2025

    2026

    2027

    Proj.

    National Income and Prices

    (Annual Percentage Change Unless Otherwise Indicated)

    Real GDP

    1.9

    0.7

    0.8

    1.5

    1.6

    1.7

    Domestic demand

    3.9

    0.8

    0.4

    1.5

    1.6

    1.8

    Private Consumption

    2.5

    0.7

    1.2

    1.4

    1.5

    1.6

    Government Consumption

    0.6

    1.9

    1.0

    1.0

    1.2

    1.3

    Gross Fixed Investment

    4.8

    3.9

    -3.4

    2.5

    2.7

    3.1

    Inventory Investment (contribution to growth)

    1.5

    -0.6

    0.0

    0.0

    0.0

    0.0

    Net export (contribution to growth)

    -2.1

    -0.1

    0.4

    0.1

    -0.1

    -0.1

    Real GDP per capita 1/

    1.1

    -0.8

    -0.7

    0.1

    0.1

    0.2

    GDP deflator

    5.0

    4.8

    4.4

    4.1

    4.5

    4.5

    CPI (annual average)

    6.9

    5.9

    4.5

    4.0

    4.5

    4.5

    CPI (end of period)

    7.4

    5.5

    3.0

    4.5

    4.5

    4.5

    Labor Market

    (Annual Percentage Change Unless Otherwise Indicated)

    Unemployment rate (percent of labor force, annual average)

    33.5

    33.1

    32.8

    32.7

    32.5

    32.3

    Unit labor costs (formal nonagricultural)

    2.1

    -0.8

    -0.7

    0.1

    0.1

    0.2

    Savings and Investment (Percent of GDP)

    Gross national saving

    15.0

    13.9

    13.2

    12.9

    13.0

    13.0

    Investment (including inventories) 2/

    15.4

    15.5

    14.5

    14.6

    14.8

    15.0

    Fiscal Position

    (Percent of GDP Unless Otherwise Indicated) 3/

    Revenue, including grants 4/

    27.6

    26.8

    26.8

    26.8

    26.9

    26.9

    Expenditure and net lending

    31.9

    32.7

    32.9

    33.3

    32.6

    32.3

    Overall balance

    -4.3

    -5.9

    -6.1

    -6.6

    -5.8

    -5.4

    Primary balance

    0.3

    -0.9

    -0.7

    -1.0

    -0.1

    0.4

    Gross government debt 5/

    70.8

    73.4

    75.7

    78.3

    80.1

    81.7

    Government bond yield (10-year and over, percent)

    10.7

    11.6

    11.2

    Money and Credit

    (Annual Percentage Change Unless Otherwise Indicated)

    Broad money

    8.3

    7.9

    5.2

    5.7

    6.2

    6.3

    Credit to the private sector 6/

    8.2

    4.1

    5.0

    5.6

    6.2

    6.3

    Repo rate (percent, end-period)

    7.0

    8.25

    7.75

    3-month Treasury bill interest rate (percent)

    5.2

    8.0

    8.3

    Private sector credit growth (total) 7/

    9.2

    4.8

    4.3

    Credit growth (households) 8/

    7.7

    4.4

    3.1

    Credit growth (corporates) 8/

    10.7

    5.2

    6.4

    Balance of Payments

    (Annual Percentage Change Unless Otherwise Indicated)

    Current account balance (billions of U.S. dollars)

    -1.8

    -6.1

    -5.3

    -7.3

    -7.8

    -8.9

    percent of GDP

    -0.5

    -1.6

    -1.3

    -1.7

    -1.8

    -2.0

    Exports growth (volume)

    7.4

    3.5

    -4.0

    2.7

    2.8

    2.9

    Imports growth (volume)

    14.9

    4.1

    -4.9

    2.2

    3.0

    3.2

    Terms of trade

    -8.6

    -4.8

    1.7

    -1.7

    -0.3

    0.0

    Overall balance (percent of GDP)

    0.0

    0.5

    0.8

    0.0

    0.0

    0.0

    Gross reserves (billions of U.S. dollars)

    60.6

    62.5

    65.9

    65.9

    65.9

    65.9

    in percent of ARA

    88.9

    97.0

    97.1

    Total external debt (percent of GDP)

    40.4

    41.5

    43.2

    44.7

    45.1

    45.6

    Nominal effective exchange rate (period average)

    16.6

    18.8

    18.6

    Real effective exchange rate (period average)

    6.8

    7.7

    7.5

    Exchange rate (Rand/U.S. dollar, end-period)

    17.0

    18.5

    18.7

    Sources: Bloomberg, Haver, National Treasury South Africa, SARB, World Bank, and IMF staff calculations.

    1/ Per-capita GDP figures are computed using STATS SA mid-year population estimates.

    2/ Inventories data are volatile and excluded from the investment breakdown to help clarify fixed capital formation developments.

    3/ Consolidated government as defined in the budget unless otherwise indicated.

    4/ Revenue excludes “transactions in assets and liabilities” classified as part of revenue in budget documents. This item represents proceeds from the sales of assets, realized valuation gains from holding of foreign currency deposits, and other conceptually similar items, which are not classified as revenue by the IMF’s Government Finance Statistics Manual 2014.

    5/ Central government.

    6/ Depository institution’s domestic claims on private sector in all currencies.

    7/ Credit extended by all monetary institutions/ Claims on the domestic private sector/ Total loans & advances. Data for 2024 is as of November.

    8/ Data for 2024 is as of August.

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

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    https://www.imf.org/en/News/Articles/2025/01/29/pr-2519-south-africa-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Military Drones Market Heating Up as Multi-Billion Dollar Industry Realizing Rapidly Increasing Demand

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla. , Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry. The main types of military drones are fixed-wing, rotary-wing, and hybrid. A fixed-wing drone is a plane that doesn’t have a human pilot on board. Fixed-wing UAVs can be commanded remotely by a human or Autonomously by onboard systems. The different types of drones include MALE, HALE, TUAV, UCAV, SUAV and involve various technologies such as remotely operated, semi-autonomous, autonomous. It is used in Search And Rescue, national defense, military exercises, and others. According to a report from The Business Research Company, the military drones market size has grown strongly in recent years. It will grow from $15.93 billion in 2024 to $17.05 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates. The report said: “The military drones market size is expected to see strong growth in the next few years. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3D printing, use of the internet of things (IoT), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (AI).” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Northrop Grumman Corporation (NYSE: NOC), AeroVironment, Inc. (NASDAQ: AVAV), The Boeing Company (NYSE: BA), Red Cat Holdings, Inc. (NASDAQ: RCAT).

    The Business Research Company concluded: “The increasing terrorism is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones… Asia-Pacific was the largest region in military drones’ market in 2024. Western Europe is expected to be the fastest-growing region in the global military drones market share during the forecast period.”

    ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

    A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

    “We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

    “The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

    The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the defense/military industry include:

    Northrop Grumman Corporation (NYSE: NOC) recently announced that its fourth quarter and full-year 2024 financial results will be posted on its investor relations website on January 30, 2025. Prior to the market opening, the company will issue an advisory release notifying the public of the availability of the complete and full text earnings release on the company’s website at http://investor.northropgrumman.com.

    The company’s fourth quarter and 2024 conference call will be held at 9 a.m. Eastern time, Thursday, January 30, 2025. The conference call will be webcast live on Northrop Grumman’s website at http://investor.northropgrumman.com. Replays of the call will be available on the Northrop Grumman website for a limited time. Presentations may be supplemented by a series of slides appearing on the company’s investor relations home page.

    AeroVironment, Inc. (NASDAQ: AVAV) recently reported financial results for the fiscal second quarter ended October 26, 2024. Second Quarter Highlights were: Record second quarter revenue of $188.5 million up 4% year-over-year; Second quarter net income of $7.5 million and non-GAAP adjusted EBITDA of $25.9 million; Funded backlog of $467.1 million as of October 26, 2024; and announced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion.

    “AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.

    “We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”

    The Boeing Company (NYSE: BA) recently released Fourth Quarter Results which were: Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs; Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year; Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP) loss per share of ($5.90); and Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion. Full Year 2024; Delivered 348 commercial airplanes and recorded 279 net orders; Total company backlog grew to $521 billion, including over 5,500 commercial airplanes.

    The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP) of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP).

    “We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing president and chief executive officer. “My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced it has secured new orders for its Edge 130 drone from the Army National Guard and another U.S. Government Agency (OGA), totaling $518,000.

    FlightWave, a leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

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    The MIL Network

  • MIL-OSI Economics: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: International Monetary Fund

    January 30, 2025

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

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

    Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

    Robust Expansion with Declining Debt

    1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

    2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

    3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

    4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

    5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

    Growth-friendly Fiscal Consolidation

    6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

    7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

    8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

    9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

    Structural reforms for boosting potential growth

    10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

    • Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
    • Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
    • Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

    11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

    Strengthening financial system resilience

    12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

    13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

    In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

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

    MIL OSI Economics

  • MIL-OSI United Kingdom: Minister for Latin America and Caribbean speech at RUSI Latin American Security Conference 2025

    Source: United Kingdom – Executive Government & Departments

    Parliamentary Under-Secretary of State for Latin America and Caribbean, Baroness Chapman of Darlington, gave a speech at the RUSI Latin American Security Conference 2025.

    Thank you, Malcolm. I was just saying to Malcolm before that the last time I was here was to hear Douglas Alexander speak. This was at a time before Brexit, before COVID.

    We had a coalition government – he was the Shadow Foreign Secretary then, and much in the world has changed since.

    And it’s been far too long – that was, I think 2014, so 11 years ago. And I hope that I’ll be back here – well let’s see if I’m invited back here after this morning!

    Anyway, thank you Malcolm for that warm introduction.

    And good morning, everyone – bom dÍa, buenos dias a todos y todas.

    If you are joining us from Latin America, as I believe some people are online. Thank you for getting up so early – muchismas gracias.

    My Spanish is atrocious, but I am getting some lessons, so hopefully that will be improving soon. And as the Brazilian Ambassador reminded me yesterday, a little bit of Portuguese wouldn’t go amiss either, so I’ll be working on that.

    Before I say anything else, I want to thank RUSI for bringing us together for the third Latin American Security Conference – and to all of your for making this a priority.

    I have a passion for Latin America, and it is great when you get the opportunity to be in a room full of other people that share that view.

    When I meet with Latin American leaders, they tell me that they do feel that they have an important role to play alongside the UK.

    Nobody has told me that they feel ignored by the UK – which is good – but they have all said that they have the desire to be more included in the future.

    The geopolitics that we all spend our time trying to understand and to shape, drives and shapes the prospects for many of the people in Latin America – whether that’s climate change, economic growth and security, in every sense, they are priorities there exactly as they are priorities for us here.

    The war in Ukraine, the conflict in the Middle East, the role of China, US elections – all influence the politics of Latin America.

    Throw in the descent of Venezuela into autocracy, and our as-yet un-ending tragedy that is Haiti – and we have got a lot to talk about together.

    As we approach 200 years of bilateral relations with Brazil, Argentina and Colombia, we should consider how far we’ve come, but also what needs to come next.

    Speaking recently to the next generation of officer cadets at the Royal Naval College at Dartmouth, some 200 years since the days when John Illingworth and Admiral Lord Cochrane supported growing independence across the region, our defence and security co-operation is strong. In Latin America there is pride in our past relationships, and a strong sense that we should do more, not less, together in the future.

    Combatting serious organised crime to protect communities here as well as there, including the heinous trade in human misery that is illegal migration; getting urgent humanitarian relief to those bearing the brunt of natural disasters across the region; pursuing Antarctic science and wider marine protection.

    Perhaps the fact that the UK has positive relationships in Latin America, the fact that it is a relatively safe, peaceful, democratic region, means the spotlight doesn’t rest on it all that often from here in the UK.

    But I see an open, growing, industrious region of the world, without which this government will find it that much harder to achieve our missions of growth, security and climate action.

    Looking across Latin America, the lesson is clear. Without security, you can’t have growth. And without growth, climate action is impossible.

    As we’ve all said hundreds of times – the first responsibility of every government, the bedrock on which the economy sits, and the ultimate guarantor of everything we hold dear, is security.

    While the focus of our attention is rightly on the wars in Europe and the Middle East, Latin America has led the news twice in recent days here in the UK.

    Extraordinary as that is – and I know because I’ve spoken to them, that Colombia and Panama do not always welcome the reason for this attention – there is a place for Latin American countries in geopolitics now that is changing.

    With attention, I think, being positive, comes opportunity.

    Panama – no longer on the financial services grey list; stable, democratic, and inviting infrastructure investment from the UK. We’re seen as a respectful, trusted partner, and they want to do business with us.

    Latin American countries really do want to work with the UK. They see the long-term value in the tailored offer from the investment and security space. We can be proud of it, but we need to make it easier for countries in Latin America to do business with us.

    And I would like to thank Ecuador particularly at the moment, for their term on the Security Council.

    Because we have so much in common with them as independent nations – we must all stand firm in the face of Russia’s invasion of Ukraine, particularly as Russia turns its sights on Latin America as a key target for disinformation, because we know the truth.

    This illegal and unprovoked war by a Permanent Member of the UN Security Council is a flagrant violation of the UN Charter, and the principles of sovereignty and territorial integrity.

    It makes us all, wherever we are, less safe.

    And with so much strong support for Ukraine from across Latin America. I know you will all be looking forward to hearing from Yaroslav Brisiuck from the Ministry of Foreign Affairs later today – on deepening dialogue and cooperation with Latin America and the Caribbean.

    We are not the only country who sees Latin America’s strategic relevance and weight.

    We know our allies in the US are considering their approach as well. The fact that Secretary Rubio’s first foreign trip is to the region, and that he spoke in his confirmation hearing about the positive relationships as well as the challenges that the US faces there demonstrates the centrality of Latin America for US foreign Policy.

    This is no bad thing. And whilst we will not always agree on the specifics every day of this approach or that, we believe that we must continue to be in close dialogue with the region and the US, to work towards common goals.

    When it comes to China’s engagement in the region, we must understand why so many Latin American countries pursue partnerships with China on development, investment and trade.

    But our job – where we can – is to provide Latin America with a choice. An alternative that many say that they want. Maybe not always cheaper, but better.

    From now on, our approach to China will be consistent – cooperating where we can, competing where we have different interests, and challenging where we must.

    But the most important thing about this, is consistency.

    The schizophrenic posturing doesn’t work.

    It’s about calm, straightforward diplomacy, never ignoring issues where we fundamentally disagree, such as the detention of Jimmy Lai.

    But cooperating where it’s in our interests, especially on climate and growth.

    But we know that sustainable growth can’t happen without security.

    Criminal gangs are multinational. Their power to feed off misery while making billions feeds of weak state institutions, drives corruption, deforestation, drug deaths and sex trafficking.

    They pursue profit at any cost, with little cost to themselves, through the production and trafficking of cocaine and other illegal drugs,  destroying lives, communities, and ecosystems in the process.

    Where organised crime gangs are in competition with the state – this is why our role in supporting the peace process in Colombia… this shows us why, it is so vital.

    Illegal mining, deforestation, and the loss of species, human rights abuses, organised immigration crime, channelling of illicit finance, modern slavery, I could go on.

    The impact is being felt now in Latin America, and on the streets of Britain,
    Most of the world’s cocaine produced in Latin America.  

    It transits through Ecuador, Peru, and Bolivia, before being trafficked via increasingly complex, global routes, entering the UK via European ports.

    But let’s be honest with ourselves about this.

    It is cocaine demand in this country that is fuelling so much misery and insecurity across Latin America.

    A kilo of cocaine was valued at approximately £1,600 – at the start of its journey in Latin America.

    But by the time it reaches the UK, its value leaps by more than 1600% to more than £28,000. And that is one hell of a margin. That’s why this trade is so pervasive.

    We are with working France and the Netherlands and European partners, on joint approaches to tackle maritime cocaine trafficking from Latin America into the UK. And we are working with our partners across the region on this as well.

    This includes £19 million from the UK across six Latin American countries over five years. This is not just about seizures.

    We’re backing our partners’ efforts, following the money, building stronger regional links,  and tackling the flow of illicit finance.

    In Ecuador – we are working with our partners to make sure fewer vulnerable people fall prey to transnational drugs cartels, whether as victims and perpetrators of Serious Organised Crime, as well as working alongside US law enforcement, to conduct regular counternarcotic and other illicit trafficking operations in the Caribbean Sea.

    Talking face to face with the brave, specialist law enforcement teams in Ecuador, Colombia and the Caribbean, it is clear to me just how much they value UK expertise and support. And how much value we can add to their operations, because we listen to their needs, respect their expertise and are partners with them for the long term.

    In Peru, Brazil, Brazil, and Ecuador – we are working together to make financial investigations into mining and logging crimes more effective.

    In Colombia – working with state institutions to improve the enforcement of environmental law is at the heart of our work for forest protection.

    Because we can’t protect a single stick of rainforest. It is regional governments that do that. But we can help them with the tools they need to do the job.

    Access to satellite imagery, intelligence and security co-operation, support with judicial processes, police kit, registration of vehicles. Where we can help, we must.

    The Home Office is working with the courageous Colombian police in Bogotá – as part of their work developing key partnerships to identify and disrupt threats to the UK Border, from illegal migration and the trafficking of drugs.

    Together, we are now using advanced technical equipment, enhanced analytical and detection techniques, and improved intelligence flows – to strengthen border security and our collective ability to detect and prevent the movement of cocaine to the UK and Europe, especially in Brazil, Colombia, Ecuador, Panama and Peru.

    I have also made it my priority in my early months in the job to improve our departmental cooperation with the Home Office, The MoD and the NCA. The new Joint Home Office/FCDO Migration Unit will strengthen the cooperation in Whitehall and our efforts on the Ground.

    The Latin America that hundreds of thousands of UK citizens a year visit today is 660 million people strong and counting – with a combined GDP of nearly $6 trillion.

    And happily, in all my visits to the region as well as our conversations in the UK, our partners across Latin America have made it clear that they share this government’s ambition – to achieve long-term, resilient growth, and bring opportunity to people across our countries.

    This is something we are working together to achieve across a vast range of work.

    In Chile, during my visit at the start of the year, I saw how Anglo-American are introducing innovative, safer, and more responsible mining techniques.

    Extraordinary, as someone who comes from the North East of England, married to the son of Welsh miners, to see a remotely operated mine. Without mining obviously there is no decarbonisation, but this is mining that has been done from the centre of Santiago, out in a mine with nobody underground, nobody’s life at risk. It is really something to behold.

    When I travelled to President Sheinbaum’s inauguration, in Mexico we signed a new Memorandum of Understanding with the Mexican Ministry for Agriculture and Rural Development – which will boost trade, advance sustainable agriculture, and renew our partnership.

    And at the end of last year,  the UK became the first European nation to accede to the growing Indo-Pacific trade bloc, the Trans-Pacific Partnership, or ‘CPTPP’, joining Chile, Mexico, and Peru.

    This makes our collective GDP £12 trillion, means zero tariffs for more than 90% of exports between members, and opens up market opportunities across three continents.

    And building on the four agreements with the region we already have – this does represent a huge opportunity for businesses.

    Of course, none of this is possible if the bigger picture is not in place – which bring me to peace and democracy.

    Latin America is now home to many stable democracies – we share so many values.

    And we are working together to uphold human rights, and the rule of law, across the region and at the UN.

    When it comes to the Falkland Islands, our position is steadfast, and our commitment to defending the Falkland Islanders’ right of self-determination will not waiver.

    Only the Falkland Islanders can and should decide their own future.

    This approach underpins the South Atlantic cooperation agreement with Argentina – announced by the Foreign Secretary and former Argentine Foreign Minister Diana Mondino, last September.

    We are grateful for our work in partnership and our dialogue on these issues with Argentina.

    When it comes to Colombia, this government will  advocate for implementation of the 2016 peace  agreement, as a priority.

    We have learned ourselves, through Northern Ireland, that no piece of paper achieves peace. It’s that consistent work of decades by political and community leaders that keeps peace. Peace is hard, requires constant vigilance, but the UK is with Colombia, for the long term, of this journey.

    But the impact of Venezuela’s catastrophic leadership is being felt across the region.

    That is why the UK sanctioned 15 new members of Nicolas Maduro’s regime, who are responsible for undermining democracy, and committing serious human rights abuses – on 10 January, the same day he asserted power illegitimately in Venezuela once again.

    And at a time where we know that you’re all worried about the wider impacts of the abhorrent violence in Haiti, as well as providing £28 million a year to the multilateral institutions still operating on the ground to support the population,  we are providing £5 million to the Kenyan-led Multinational Security Support Mission – working to bring about the stability that is so desperately needed, to pave the way for free and fair elections.

    However far away that prospect feels today, we must never give up hope.

    No country can do right by its citizens, or play its part in the world, when people live in fear and without hope.

    Our determination to tackle climate change and biodiversity loss binds us together. The region is home to so many of the natural assets on which our global prosperity depends.

    A quarter of the world’s tropical rainforest, including the mighty Amazon, and massive deposits of the metals and minerals we all need to make a leap to clean energy.

    The government welcomes the strong leadership we’re seeing from within the region. Building on generations of care led by indigenous people, and decades of pioneering innovation.

    We’re working together with Brazil, to make the next big climate summit in Belém a success, and I’m delighted that Brazil and Chile are working with us through the finance mission of the new Global Clean Power Alliance that the Prime Minister launched at the G20 in Rio with President Lula last year.

    When it comes to minerals that are critical to the transition away from fossil fuels, and toward clean energy, including two thirds of the world’s lithium, the reserves that we need for batteries, Latin America has the resources, and the UK holds the markets and the institutions.

    So we’re working together – across government in the UK and with businesses, and with partners across the region – to take a strategic approach to deliver more diversified and secure supply chains, while raising standards, and mining more responsibly.

    So to close I just want to thank RUSI for making it a priority to bring us together to discuss how the UK, Latin America and our wider partners and allies can work together even more effectively for our shared security and prosperity.

    I’ve sensed a real appetite for this from our partners across the region, but I want all of us here in the UK to be ambitious about what is possible when we work with Latin America.

    And I want us all to recognise the importance of Latin American leadership in changing what is possible at a global level as well, on the challenges and opportunities we face.

    Sure – this government here can improve our economy, we can do better on our security, and our borders, we can do our bit to reduce carbon emissions and support work against climate change.

    We can do that without changing our approach to Latin America. But how much better, and how much more successful, and how much more secure any gains we make will be if we work alongside our partners, our allies in Latin America, now and in the years ahead.

    Thank you.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI Europe: Trump 2.0: the rise of an “anti-elite” elite in US politics

    Source: Universities – Science Po in English

    US president Donald Trump is surrounded by a new cohort of politicians and officials. While one of his campaign promises was to overthrow the “corrupt elites” he accuses of flooding the American political arena, his second term in office has elevated elites chosen, above all, for their political loyalty to him. Does his second term open the door to elites who can operate without concern for justice and truth?

    An article by William Genieys, CNRS Research Director at the Centre for European Studies and Comparative Politics (CEE) at Sciences Po, and Mohammad-Saïd Darviche, Senior Lecturer at the University of Montpellier, originally published by our partner The Conversation.


    The media’s focus on Trump’s comments on making Canada the 51st US state and annexing Greenland and billionaire Elon Musk’s support for some far-right parties in Europe has obscured the ambitious programme to transform the federal government that the new political elite intends to implement.

    In the wake of Trump’s inauguration on January 20, the Republican elites most loyal to the MAGA (“Make America Great Again”) leader, who staunchly oppose Democratic elites and their policies, are operating amid their party’s control over the executive and legislative branches (at least until the midterm elections in 2026), a conservative-dominated Supreme Court that includes three Trump-appointed justices, and a federal judiciary that shifted right during his first term.

    However, the political project of the Trumpist camp consists less of challenging elitism in general than attacking a specific elite: one particular to liberal democracies.

    Castigating democratic elitism

    Typical anti-elite political propaganda, along the lines of “I speak for you, the people, against the elites who betray and deceive you,” claims that a populist leader would be able to exercise power for and on behalf of the people without the mediation of an elite disconnected from their needs.

    Political theorist John Higley sees behind this form of anti-elite discourse an association between so-called “forceful leaders” and “leonine elites” (who take advantage of the former and their political success): a phenomenon that threatens the future of Western democracies.

    Since the Second World War, there has been a consensus in US politics on the idea of democratic elitism. According to this principle, elitist mediation is inevitable in mass democracies and must be based on two criteria: respect for the results of elections (which must be free and competitive); and the relative autonomy of political institutions.

    The challenge to this consensus has been growing since the 1990s with the increased polarization of American politics. It gained new momentum during and after the 2016 presidential campaign, which was marked by anti-elite rhetoric from both Republicans and Democrats (such as senators Bernie Sanders and Elizabeth Warren). At the heart of some of their diatribes was an aversion to “the Establishment” on the east and west coasts of the United States, where many prestigious financial, political and academic institutions are based, and the conspiracy notion of the “deep state”.

    The re-election of Trump, who has never admitted defeat in the 2020 presidential vote, growing political hostility and the direct involvement of tech tycoons in political communication –especially on the Republican side– further reinforce the denial of democratic elitism.

    Trump’s populism from above: a revolt of the elites

    The idea that democracy could be betrayed by “the revolt of the elites”, put forward by the US historian Christopher Lasch (1932-1994), is not new. For the anthropologist Arjun Appadurai, it is a particular feature of contemporary populism, which comes “from above.” Indeed, if the 20th century was the era of the “revolt of the masses”, the 21st century, according to Appadurai, “is characterized by the ‘revolt of the elites’.” This would explain the rise of populist autocracies (such as those currently led by Viktor Orban in Hungary, Recep Tayyip Erdogan in Turkey and Narendra Modi in India, and formerly led by Jair Bolsonaro in Brazil), but also the election successes of populist leaders in consolidated democracies (including those of Trump in the US, Giorgia Meloni in Italy, and Geert Wilders in the Netherlands, for example).

    As Appadurai explains, the success of Trumpian populism, which represents a revolt by ordinary Americans against the elites, casts a veil over the fact that, following Trump’s victory in November, “it is a new elite that has ousted from power the despised Democratic elite that had occupied the White House for nearly four years.”

    The aim of this “alter elite” is to replace the “regular” Democrat elites, but also the moderate Republicans, by deeply discrediting their values (such as liberalism and so-called “wokeism”) and their supposedly corrupt political practices. As a result, this populism “from above” carried out by the President’s supporters constitutes an alternative elite configuration, the effects of which on American democratic life could be more significant than those observed during Trump’s first term.

    Beyond the idea of a ‘Muskoligarchy’

    The idea that we are witnessing the formation of a “Muskoligarchy” –in other words, an economic elite (including tech barons such as Jeff Bezos, Mark Zuckerberg and Marc Andreessen) rallying around the figurehead of Elon Musk, whom Trump asked to lead what the president has called a “Department of Government Efficiency” (DOGE) –is seductive. It perfectly combines the vision of an alliance between a “conspiratorial, coherent, conscious” ruling class and an oligarchy made up of the “ultra-rich”. For the Financial Times columnist Martin Wolf, it is even a sign of the development of “pluto-populism”. (It is also worth noting that former president Joe Biden, in his farewell speech, referred to “an oligarchy… of extreme wealth” and “the potential rise of a tech-industrial complex.”)

    However, some observers are cautious about the advent of a “Muskoligarchy.” They point to the sociological eclecticism of the new Trumpian elite, whose facade of unity is held together above all by a political loyalty, for the time being unfailing, to the MAGA leader. The fact remains, however, that the various factions of this new “anti-elite” elite are converging around a common agenda: to rid the federal government of the supposed stranglehold of Democratic “insiders.”

    An ‘anti-elite’ elite against the ‘deep state’

    In his presidential inauguration speech in 1981, Ronald Reagan said: “Government is not the solution to our problem; government is the problem.” The anti-elitism of the Trump elite is inspired by this diagnosis, and defends a simple political programme: rid democracy of the “deep state.”

    Although the idea that the US is “beleaguered” by an “unelected and unaccountable elite” and “insiders” who subvert the general interest has been shown to be unfounded, it is nonetheless predominant in the new Trump Administration.

    This conspiracy theory has been taken to the extreme by Kash Patel, the candidate being considered to head the FBI. In his book, Government Gangsters, a veritable manifesto against the federal administration, the former lawyer writes about the need to resort to “purges” in order to bring elite Democrats to justice. He lists around 60 people, including Biden, ex-secretary of state Hillary Clinton and ex-vice president Kamala Harris.

    The appointment of Russell Vought as head of the Office of Management and Budget at the White House, a person who is known for having sought to obstruct the transition to the Biden Administration in 2021, also highlights the hard turn that the Trump administration is likely to take.

    Reshaping the state around political loyalty

    To “deconstruct the administrative state”, the “anti-elite” elites are relying on Project 2025, a 900-plus page programme report that the conservative think-tank The Heritage Foundation, which published it, says was produced by “more than 400 scholars and policy experts.” According to former Project 2025 director Paul Dans, “never before has the entire movement… banded together to construct a comprehensive plan” for this purpose. On this basis, the “anti-elite” elite want to impose loyalty to Project 2025 on federal civil servants.

    But this idea is not new. At the end of his first term, Trump issued an executive order facilitating the dismissal of statutory federal civil servants occupying “policy-related positions” and considered to be “disloyal”. The decree was rescinded by president Biden, but Trump on his first day back in office signed an executive order that seeks to void Biden’s rescindment. As President, Trump is also able to allocate senior positions within the federal administration to his supporters.

    The “anti-elite” elite not only want to reduce the size of the state, as was the case under Reagan’s “neoliberalism”, but to deconstruct and rebuild it in their own image. Their real aim is a more lasting victory: the transformation of democratic elitism into populist elitism.

    MIL OSI Europe News

  • MIL-OSI Africa: Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act

    Source: The Conversation – Africa – By Zsa-Zsa Temmers Boggenpoel, Academic, Stellenbosch University

    South Africa has a new law to govern the expropriation (or compulsory acquisition) of private property by government for public purposes or in the public interest.

    The passing of the Expropriation Act 13 of 2024 followed a parliamentary process that began in 2020.

    The act repeals the apartheid-era Expropriation Act 63 of 1975, and aims to align expropriation law with the constitution. It sets out the procedures, rules and regulations for expropriation. Besides setting out in quite a detailed fashion how expropriations are to take place, the act also provides an outline regarding how compensation is to be determined.

    In South Africa’s colonial and apartheid past, land distribution was grossly unequal on the basis of race. The country is still suffering the effects of this. So expropriation of property is a potential tool to reduce land inequality. This has become a matter of increasing urgency. South Africans have expressed impatience with the slow pace of land reform.

    Property rights and land reform

    There is much debate in the country about the provisions of the new act. The debate is mostly about the extent to which it affects existing private property rights. Some argue the act is unconstitutional. Others welcome it as a necessary step in the right direction.

    I’m a professor of law with a keen interest in this area of the law, and recently edited a book on land expropriation in South Africa by leading experts. My view is that an expropriation act that is aligned with the constitution should be welcomed, to enable land reform to work effectively.


    Read more: Land reform in South Africa: what the real debate should be about


    Land reform also needs a capable and proactive state that implements the legal framework in such a manner that prioritises expropriation as a mechanism to ensure land reform.

    So far, expropriation has not been used effectively to redistribute land more equitably, as part of land reform.

    I am not convinced that the act, in its current form, is the silver bullet to effect large-scale land reform – at least not the type of radical land reform that South Africa urgently needs.

    Understandably, the act will have a severe impact on property rights. But it still substantially protects landowners affected by expropriation. Only in very limited cases would they not be compensated.

    Protections for land owners

    The act says that property must not be expropriated arbitrarily or for a purpose other than a public purpose or in the public interest.

    Public purpose means by or for the benefit of the public. For example, expropriating property to build roads, schools and hospitals. Public interest is broader and includes the nation’s commitment to land reform.

    “Arbitrary” would usually mean without reason or justification.


    Read more: South Africa has another go at an expropriation law. What it’s all about


    The act further requires that an expropriating authority – an organ of state or person empowered by the act or any other legislation – must first try to reach an agreement with the owner to acquire the property on reasonable terms before considering expropriation.

    This gives some power to a landowner, even though expropriation does not normally require consent. The act also says a specific expropriation must always be authorised by a law.

    No compensation?

    Section 12 of the act deals with compensation for expropriation. It is arguably the most controversial part of the new legislation. Section 12(1) does not appear to be problematic and is largely the same wording as section 25(3) of the constitution. This part of the property clause sets out what must be taken into account when compensation for expropriation is determined.

    Section 12(3) of the act refers to “nil compensation” – when nil rand (monetary) compensation may be paid. There is no explicit reference to nil compensation in the current wording of section 25 of the constitution. It’s a new thing in the Expropriation Act.

    However, courts have toyed with the idea that section 25 of the constitution already provides room for a reduction in compensation.

    The circumstances in which nil compensation could be granted in terms of the new act are in fact very limited. Section 12(3) leaves the discretion to the expropriating authority to determine when it may be just and equitable to pay nil compensation. However, the act lacks guidelines on how such a discretion must be exercised.


    Read more: Land is a heated issue in South Africa – the print media are presenting only one side of the story


    The scope of section 12(3) is also limited in some respects. For one, it is restricted to land. Only where land is expropriated would nil compensation be an option. Therefore, not all forms of property can be expropriated without compensation. The notion of property under section 25(1) of the constitution is generally wide and includes various rights and interests, which are broader than just land. For instance, personal rights, mineral rights and licences are included under the section 25(1) notion of property.

    This wide understanding of property is not applicable to section 12(3), which refers to “land” being expropriated.

    Section 12(3) is also limited to the expropriation of land “in the public interest”. Nil compensation is therefore envisaged only in the context of expropriation of land undertaken in the public interest, and not also for a public purpose.

    Three of the four categories listed in section 12(3), where nil compensation is envisaged, are linked to the way in which the property was being used prior to the expropriation. Land used in a productive manner is therefore not evidently envisaged under section 12(3).

    Nil compensation is not necessarily limited to the instances listed. Still, the amount of compensation must – in all instances – be just and equitable.

    Novel approach

    The act forces South Africans to engage with the idea of nil compensation in a much more direct manner.

    The presence of a clause dedicated to nil compensation provides new clarity on when this could apply.

    It is hard to determine whether this act will pass constitutional muster without seeing how expropriation under it will work in practice. It remains to be seen whether it will have the far-reaching consequences that many fear, or call for.

    – Land seizure and South Africa’s new expropriation bill: scholar weighs up the new act
    – https://theconversation.com/land-seizure-and-south-africas-new-expropriation-bill-scholar-weighs-up-the-new-act-244697

    MIL OSI Africa

  • MIL-OSI Africa: Driving Africa’s Sports Future: Meet the Partners Powering the Sports Africa Investment Summit (SAIS25)

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

    LAGOS, Nigeria, January 30, 2025/APO Group/ —

    The Sports Africa Investment Summit (SAIS25) is more than an event—it’s a movement to unlock Africa’s potential by investing in sports infrastructure for a sustainable future. This mission wouldn’t be possible without the support of visionary partners committed to driving innovation, policy development, and investment in Africa’s sports industry.

    Meet the Partners

    Afreximbank – A leading financial institution fostering trade and development across Africa, Afreximbank brings its expertise in funding large-scale projects, making it a key player in sports infrastructure financing.

    Bank of Industry (BOI) – As Nigeria’s leading development finance institution, BOI plays a critical role in driving local economic growth. Through strategic financing, BOI is supporting the expansion of Nigeria’s sports sector, creating opportunities for businesses and communities to thrive.

    International Centre for Sport Security (ICSS) – A global leader in sport integrity, ICSS works across continents to promote safety, transparency, and governance in sports. Their partnership with SAIS25 reinforces the need for robust security frameworks that protect investments and ensure the long-term sustainability of Africa’s sports ecosystem.

    UN Global Compact Network Nigeria – Championing responsible business practices, this network is instrumental in promoting sustainability within sports investments, ensuring that SAIS25 initiatives align with global environmental, social, and governance (ESG) standards.

    NESH Foundation – With a focus on Nigerian entrepreneurship, NESH plays a vital role in connecting sports investment with local economic empowerment, creating opportunities for homegrown businesses to thrive.

    Nigerian Economic Summit Group (NESG) – As a Nigerian policy think tank, NESG drives economic transformation by shaping investment-friendly policies across multiple sectors, including sports. Their expertise in fostering collaboration between governments, private sector players, and investors positions them as a key advocate for a sustainable and profitable sports industry across Africa.

    Why This Matters

    The collective efforts of these esteemed partners underscore SAIS25’s mission: to transform Africa’s sports sector through strategic investments, infrastructure development, and policies that foster long-term sustainability.

    As SAIS25 approaches on February 17-18, 2025, in Lagos, we invite investors, policymakers, industry leaders, athletes, sports talent managers, sports merchandisers, fans and enthusiasts to join us in shaping the future of African sports.

    Register now at https://apo-opa.co/4gjbCZg and be part of the conversation.

    MIL OSI Africa

  • MIL-OSI Global: ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay

    Source: The Conversation – USA – By Alexandra Moore, Professor of Human Rights in Literary and Cultural Studies, Binghamton University, State University of New York

    Sailing ships are a common feature of Moath al-Alwi’s art. Moath al-Alwi, 2016, CC BY-SA

    When Moath al-Alwi left Guantánamo Bay for resettlement in Oman, accompanying him on his journey was a cache of artwork he created during more than two decades of detention.

    Al-Alwi was detainee number “028” – an indication that he was one of the first to arrive at the U.S. military prison off Cuba after it opened in January 2002. His departure from the detention center on Jan. 6, 2025, along with 10 fellow inmates, was part of an effort to reduce the prison’s population before the end of President Joe Biden’s term.

    For al-Alwi, it meant freedom not only for himself, but also for his artwork. While not all detainees shared his passion, creating art was not an uncommon pursuit inside Guantánamo – indeed it has been a feature, formally and informally, of the detention center since its opening more than 20 years ago.

    As editors of the recently published book “The Guantánamo Artwork and Testimony of Moath al-Alwi: Deaf Walls Speak,” we found that art-making in Guantánamo was more than self-expression; it became a testament to detainees’ emotions and experiences and influenced relationships inside the detention center. Examining the art offers unique ways of understanding conditions inside the facility.

    Art from tea bags and toilet paper

    Detained without charge or trial for 23 years, al-Alwi was first cleared for release in December 2021. Due to unstable conditions in his home country of Yemen, however, his transfer was subject to finding another country for resettlement. Scheduled for release in early October 2023, he and 10 other Yemeni detainees were further delayed when the Biden administration canceled the flight due to concerns over the political climate after the Oct. 7 attacks in Israel.

    Sabri Mohammad Ibrahim Al Qurashi depicted Lady Liberty with a cage at her base.
    Sabri Mohammad Ibrahim Al Qurashi, CC BY-SA

    During his detention, al-Alwi suffered abuse and ill treatment, including forced feedings. Making art was a way for him, and others, to survive and assert their humanity, he said. Along with fellow former detainees Sabri al-Qurashi, Ahmed Rabbani, Muhammad Ansi and Khalid Qasim, among others, al-Alwi became an accomplished artist while being held. His work was featured in several art shows and in a New York Times opinion documentary short

    During the detention center’s early years, these men used whatever materials were at hand to create artwork – the edge of a tea bag to write on toilet paper, an apple stem to imprint floral and geometric patterns and poems onto Styrofoam cups, which the authorities would destroy after each meal.

    In 2010, the Obama administration began offering art classes at Guantánamo in an attempt to show the world they were treating prisoners humanely and helping them occupy their time.

    However, those attending were given only rudimentary supplies. And they were subjected to invasive body searches to and from class and initially shackled to the floor, with one hand chained to the table, throughout each session. Furthermore, the subject matter for their art was restricted – detainees were forbidden from representing certain aspects of their detention, and all artwork was subject to approval and risked being destroyed.

    Despite this, many detainees participated in the classes for camaraderie and the opportunity to engage in some form of creative expression.

    A window to freedom

    Making art served many purposes. Mansoor Adayfi, a former Guantánamo Bay detainee and author of “Don’t Forget Us Here: Lost and Found at Guantanamo,” wrote in his contribution to the book on al-Alwi that initially, “we painted what we missed: the beautiful blue sky, the sea, stars. We painted our fear, hope and dreams.”

    Those who have been transferred from Guantánamo describe the art as a way to express their appreciation for culture, the natural world and their families while imprisoned by a regime that consistently characterized them as violent and inhuman.

    The Statue of Liberty became a frequent motif Guantánamo artists deployed to communicate the betrayal of U.S. laws and ideals. Often, Lady Liberty was depicted in distress – drowning, shackled or hooded. For Sabri al-Qurashi, the symbol of freedom under duress represented his own condition when he painted it. “I am in prison, not free, and without any rights,” he told us.

    Sabri Mohammad Ibrahim Al Qurashi painting of the Statue of Liberty.
    Sabri Mohammad Ibrahim Al Qurashi, 2012, CC BY-SA

    Other times, the artwork responded directly to the men’s day-to-day conditions of confinement.

    One of al-Alwi’s early pieces was a model of a three-dimensional window. Approximately 40 x 55 inches, the window was filled in with images carefully torn from nature and travel magazines, and layered to create depth, so that it appeared to look out on an island with a house with palm and coconut trees made from twisted pieces of rope and soap.

    Al-Alwi was initially allowed to keep it in his windowless cell, and fellow detainees and guards would visit to “look out” the window.

    But, as far as we know, it was eventually lost or destroyed in a prison raid.

    Art as representation and respite

    In another example of how artwork can be an expression of what former detainees call their “brotherhood,” Khalid Qasim, who was imprisoned at the age of 23 and held for more than two decades before being transferred alongside al-Alwi, mixed coffee grounds and coarse sand to create a series of nine textured, evocative paintings to memorialize each of the nine men who died while held at Guantánamo.

    Especially in periods when camp rules allowed detainees to create artwork in their cells, the artists’ use of prison detritus and found objects made the artwork more than simply a depiction of what the men lacked, desired or imagined. Artwork helped create an alternative forum for the men’s experiences, especially for those artists who, along with the vast majority of Guantánamo’s 779 detainees, never faced charge or trial.

    The pieces served as symbols and metaphors of the detainees’ experiences. For example, al-Alwi describes his 2015 large model ship, The Ark, as fighting against the waves of an imagined, threatening sea. In creating it, he wrote, “I felt I was rescuing myself.”

    Moath al-Alwi used found items to create his model ships.
    Moath al-Alwi, 2017, CC BY-SA

    Constructed out of the materials of his imprisonment, the work also points to the conditions of his daily life in Guantánamo. Made from the strands of mops, unraveled prayer cap and T-shirt threads, bottle caps, bits of sponges and cardboard from meal packaging, al-Alwi’s ships – he went on to create at least seven – reveal both his artistic ingenuity and his circumstances.

    Guantánamo artists talk about the artwork as being imprisoned like them and subjected to the same restrictions and seemingly arbitrary processes of approval or disappearance.

    The transfer to Oman of al-Alwi and his artwork releases both from those processes. It also creates an opportunity to inform the public about what Guantánamo meant to those who were held there, and to the 15 men who remain.

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

    ref. ‘We painted our fear, hope and dreams’ − examining the art and artists of Guantánamo Bay – https://theconversation.com/we-painted-our-fear-hope-and-dreams-examining-the-art-and-artists-of-guantanamo-bay-246964

    MIL OSI – Global Reports

  • MIL-OSI Global: A federal policy expert weighs in on Trump’s efforts to stifle gender-affirming care for Americans under 19

    Source: The Conversation – USA – By Elana Redfield, Federal Policy Director at the Williams Institute, University of California, Los Angeles

    President Donald Trump signs an executive order in the Oval Office of the White House on Jan. 23, 2025. AP Photo/Ben Curtis

    Amid a flurry of executive orders affecting transgender Americans, the Trump administration ordered restrictions on gender-affirming care for minors. Calling it “a stain on our Nation’s history,” the Jan. 28, 2025, order seeks to “end” this form of treatment for Americans under 19 years old.

    The Conversation U.S. interviewed Elana Redfield, federal policy director at the Williams Institute, an independent research center at the UCLA School of Law dedicated to studying sexual orientation and gender identity law. She describes the aims of the executive order, how much weight it carries, and how it should be understood in the broader context of legal battles over access to gender-affirming care.

    What’s the scope of the executive order?

    Twenty-six states have already restricted gender-affirming care for minors or banned it outright. So the order seeks to extend restrictions to the rest of the country using the weight of the executive branch.

    However, it’s not a national ban on gender-affirming care for minors. Instead, it’s directing federal agencies to regulate and restrict this form of care.

    That being said, federal agencies have a tremendous impact on American life. Trans kids rely on publicly funded health insurance programs such as Medicaid and TRICARE, which is administered to the children of active duty service members via the Department of Defense. And a big part of the executive order is directing the federal agencies that administer these programs to review their own policies to ensure that they are not supporting gender-affirming care for minors.

    So what we’re really seeing is the federal government trying to erect barriers to kids accessing this care.

    Does the executive branch have the authority to unilaterally ban federal funding of certain medical treatments?

    The answer is a little mixed. A president might be able to suspend or put a temporary pause on funding a particular type of treatment or service. But the actual parameters of a program – and how agencies should implement them – are determined by Congress and, to some extent, by the courts.

    Ultimately, the president can only take actions in ways that are designated by the Constitution, or through some specific power that Congress has granted to the executive branch. I don’t see that authority granted for a lot of what’s contained in this executive order. But many of these directives will probably be litigated in court, where the president will likely argue that he has the power to direct agencies to do all they can to put a halt to gender-affirming care for minors.

    Do private health insurers fall outside the scope of this executive order?

    On the surface, yes. But it’s easy to see how directives from the executive branch can touch broader components of the country’s health care system, including private hospitals and private health insurance.

    For example, Section 1557 of the Affordable Care Act is a nondiscrimination provision. It says there can be no sex discrimination when it comes to approving health care treatments. This has been interpreted to mean that health insurance plans receiving federal funding cannot deny a policyholder gender-affirming care. However, this interpretation has been blocked by a federal court.

    The question of whether this definition of sex discrimination encompasses gender identity is currently playing out in the courts. For example, there’s a pending U.S. Supreme Court decision regarding a Tennessee law banning gender-affirming care for minors. Should the Supreme Court determine that Tennessee is able to ban gender-affirming care for minors, it’s possible to see how this could impact private health insurance coverage for gender-affirming care.

    Transgender rights supporters and opponents rally outside of the U.S. Supreme Court as the high court hears arguments in a case about Tennessee’s law banning gender-affirming care for minors on Dec. 4, 2024.
    Kevin Dietsch/Getty Images

    What else stood out to you from the executive order?

    The executive order directs the Department of Justice to discourage doctors and hospitals from administering gender-affirming care to minors, characterizing it as genital mutilation, which is a heinous-sounding offense. Even though this is an inaccurate comparison, it could have a chilling effect even in states where this form of care is legal.

    The order also contains a provision that asks Congress to extend the statute of limitations for gender-affirming care, so that someone who received gender-affirming care as a minor and decides they’re not happy with it decades later can sue their doctor. Some states have already extended the statute of limitations to 30 years for gender-affirming care.

    Again, this could have a chilling effect in states where the care is legal. What doctor or hospital would want to expose themselves to this risk?

    Of course, these two elements constitute directives from the executive branch, but we don’t know how they’ll be enforced. They do reveal, however, some of the ways in which the administration plans to direct its efforts.

    Before Roe v. Wade was overturned, federal funding of elective abortion had been restricted for decades under the Hyde Amendment. You can’t receive coverage for an abortion under a Medicaid plan, for example. Do you see this executive order as Trump trying to simply enact – via fiat, of course – his own version of the Hyde Amendment, but instead applied to gender-affirming care for minors?

    I think there’s a key difference between the two. The Hyde Amendment, which has been repeatedly reenacted by Congress, prohibits federal funding of abortion care, but it doesn’t prohibit states from allowing or permitting abortion. It’s always operated as a sort of compromise: It says providers can’t use federal funding for an abortion, but they can use their own funding to administer abortions – and oh, by the way, they can still receive federal funding for other health services.

    This executive order, on the other hand, takes a much more uncompromising position: It tells agency heads to stop directing any and all federal funds to institutions that research or provide gender-affirming care.

    Again, it’s important to remember that executive orders aren’t established policy. They’re simply directing agencies to craft certain policies and encouraging lawmakers to enact legislation.

    So far, much of the legislation restricting gender-affirming care – whether it’s at the state level or in the executive branch – has centered on minors, or individuals under 19. Are there any threats to gender-affirming care for adults?

    Only one state, Florida, has enacted a law that specifically regulates gender-affirming care for adults. That law basically sets some compliance standards and restricts who can prescribe the care. Florida also banned the use of state funds for gender-affirming care for everyone, adults and children. So that means, for example, those who are incarcerated in state prisons can’t receive gender-affirming care.

    Florida isn’t the only state that has enacted a state funding ban. Depending on your insurance, this could mean you’re forced to pay out of pocket for your procedures and treatment, which can be prohibitively expensive.

    What are you going to be watching for in the coming weeks?

    I’m sure someone’s going to sue to challenge the order. The problem, though, is that an executive order is an expression of policy ideas. You need something to actually happen before lawyers and activists can react to it. So I’ll be tracking federal agencies to see how they specifically try to enact some of these directives.

    Is there anything else you’d like to add?

    This executive order contains language that characterizes the science around gender-affirming care as junk science. It’s repeatedly described as chemical and surgical mutilation, or as maiming and sterilizing kids. There’s talk of rapid-onset gender dysphoria, which has been discredited.

    So it rejects the idea that gender-affirming care has health benefits, even though there’s robust, extensive evidence supporting access to gender-affirming care. Self-reporting by transgender individuals is overwhelmingly positive: 98% of trans people who had hormone therapy said it made their lives better, according to the 2022 U.S. Transgender Survey.

    There are also rigorous standards of practice, including for how you support and treat minors, that are intended to prevent overprescription or overutilization of services.

    In other words, there are already barriers in place and checks and balances for minors if they want to access gender-affirming care.

    Elana Redfield works at an organization that has received private, state or federal research grants.

    ref. A federal policy expert weighs in on Trump’s efforts to stifle gender-affirming care for Americans under 19 – https://theconversation.com/a-federal-policy-expert-weighs-in-on-trumps-efforts-to-stifle-gender-affirming-care-for-americans-under-19-248646

    MIL OSI – Global Reports

  • MIL-OSI Global: Gen Z seeks safety above all else as the generation grows up amid constant crisis and existential threat

    Source: The Conversation – USA – By Yalda T. Uhls, Founder and Executive Director of the Center for Scholars & Storytellers and Assistant Adjunct Professor in Psychology, University of California, Los Angeles

    Asked to rate the importance of 14 personal goals, Gen Z reported ‘to be safe’ as the top goal. Darya Komarova/Getty Images

    After many years of partisan politics, increasingly divisive language, finger-pointing and inflammatory speech have contributed to an environment of fear and uncertainty, affecting not just political dynamics but also the priorities and perceptions of young people.

    As a developmental psychologist who studies the intersection of media and adolescent mental health, and as a mother of two Gen Z kids, I have seen firsthand how external societal factors can profoundly shape young people’s emotional well-being.

    This was brought into sharp relief through the results of a recent survey my colleagues and I conducted with 1,644 young people across the U.S., ages 10 to 24. The study was not designed as a political poll but rather as a window into what truly matters to adolescents. We asked participants to rate the importance of 14 personal goals. These included classic teenage desires such as “being popular,” “having fun” and “being kind.”

    None of these ranked as the top priority. Instead, the No. 1 answer was “to be safe.”

    It lurks everywhere: Gen Z’s perception of danger is further shaped by events like the recent fires devastating Los Angeles.
    Agustin Paullier/AFP via Getty Images

    What was once taken for granted

    The findings are both illuminating and heartbreaking. As a teenager, I did countless unsafe things. My peers and I didn’t dwell on harm; we chased fun and freedom.

    Whereas previous generations may have taken safety for granted, today’s youth are growing up in an era of compounded crises — school shootings, a worsening climate crisis, financial uncertainty and the lingering trauma of a global pandemic. Even though our research did not pinpoint the specific causes of adolescent fears, the constant exposure to crises, amplified by social media, likely plays a significant role in fostering a pervasive sense of worry.

    Despite data showing that many aspects of life are safer now than in previous generations, young people just don’t feel it. Their perception of danger is further shaped by events like the recent fires that devastated Los Angeles, reinforcing a belief that danger, possibly caused by global crises like climate change, lurks everywhere.

    This shift in perspective has profound implications for the future of this generation and those to come.

    Especially vulnerable time

    Adolescence, like early childhood, is a pivotal period for brain development. Young people are particularly sensitive to their surroundings as their brains evaluate the environment to prepare them for independence.

    This developmental stage – when the capacity to regulate emotions and critically assess information is still maturing – makes them especially vulnerable to enduring impacts.

    Studies show that adolescents are more likely to overestimate risks and struggle to put threats in context. This makes them particularly vulnerable to fear-driven messaging prevalent in both traditional and social media, which is further amplified by political rhetoric and blame-shifting. This vulnerability has implications for their mental health, as prolonged exposure to fear and uncertainty has been linked to increased rates of anxiety, depression and even physical health issues.

    So when the media that Gen Z consumes are dominated by fear – be it through headlines, social media posts, political rhetoric or even storylines in movies and TV – it could shape their worldview in ways that may reverberate for generations to come.

    Enduring generational impact

    Historical events have long been shown to shape the worldview of entire generations.

    For instance, the Great Depression primarily impacted the daily lives of the Silent Generation, those born between 1928 and 1945. Moreover, its long-term effects on financial attitudes and security concerns echoed into the Baby Boomer generation, influencing how those born between 1946 and 1964 approached money, stability and risk throughout their lives.

    Similarly, today’s adolescents, growing up amid a series of compounded global crises, will likely carry the imprint of this period of heightened fear and uncertainty well into adulthood. This formative experience could shape their mental health, decision-making and even their collective identity and values for decades to come.

    In addition, feelings of insecurity and instability can make people more responsive to fear-based messaging, which could potentially influence their political and social choices. In an era marked by the rise of authoritarian governments, this susceptibility could have far-reaching implications because fear often drives individuals to prioritize immediate safety over moral or ideological ideals.

    As such, these dynamics may profoundly shape how this generation engages with the world, the causes they champion and the leaders they choose to follow.

    Room for optimism?

    Interestingly, “being kind” was rated No. 2 in our survey, irrespective of other demographics. While safety dominates their priorities, adolescents still value qualities that foster connection and community.

    This finding indicates a duality in their aspirations: While they feel a pervasive sense of danger, they also recognize the importance of interpersonal relationships and emotional well-being.

    Our findings are a call to look at the broader societal context shaping adolescent development. For instance, the rise in school-based safety drills, while intended to provide a sense of preparedness, may unintentionally reinforce feelings of insecurity. Similarly, the apocalyptic narrative around climate change may create a sense of powerlessness that could further compound their fears and leave them wanting to bury their heads in the sand.

    Understanding how these perceptions are formed and their implications for mental health, decision-making and behavior is essential for parents, storytellers, policymakers and researchers.

    I believe we must also consider how societal systems contribute to the pervasive sense of uncertainty and fear among youth. Further research can help untangle the complex relationship between external stressors, media consumption and youth well-being, shedding light on how to best support adolescents during this formative stage of life.

    Yalda T. Uhls does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Gen Z seeks safety above all else as the generation grows up amid constant crisis and existential threat – https://theconversation.com/gen-z-seeks-safety-above-all-else-as-the-generation-grows-up-amid-constant-crisis-and-existential-threat-245455

    MIL OSI – Global Reports

  • MIL-OSI Global: Biden targeted the online right-wing terrorism threat − now it’s up to Trump

    Source: The Conversation – USA – By Jason M. Blazakis, Professor of Practice and Director of Center on Terrorism, Extremism and Counterterrorism, Middlebury

    U.S. officials say the right-wing terrorism threat is significant. Farion_O/iStock via Getty Images

    In the waning days of the Biden administration, the U.S. Department of State took its first major step against terrorism groups primarily focused on what is called “accelerationism” – the effort to inspire independent followers to engage in violence in ways that broadly destabilize society. The U.S. government has long targeted actively violent terrorist organizations such as al-Qaida – the group behind the 9/11 attacks – and the Islamic State group, which carried out beheadings of innocent civilians in Iraq and Syria.

    Then-FBI Director Christopher Wray repeatedly warned Congress about the threat to national security from far-right accelerationist groups. In a move to respond to those warnings, the Biden administration labeled the online-onlyTerrorgram Collective” and three of its leaders as specially designated global terrorists, which means their financial assets are frozen and anyone who tries to support them can be arrested.

    The Terrorgram Collective aims to destroy the current global economic and political structure and spark a war between white people and people of other racial and ethnic backgrounds. To accomplish that, it maintains an online forum on the Telegram social media platform. The forum’s posts, from leaders and followers alike, are characterized by people spouting violent rhetoric and incitement to violence against minorities, Jewish people and governments.

    Widespread radicalization

    The State Department’s action also specifically targets two U.S. citizens: Dallas Humber of California and Matthew Allison of Idaho, who allegedly played leading roles in the Terrorgram Collective and are facing federal charges for soliciting the murder of government officials.

    As my colleagues at Middlebury’s Center on Terrorism, Extremism and Counterterrorism wrote in a 2022 report, Terrorgram’s danger is primarily in its ability to spread far-right propaganda to radicalize almost anyone active on Telegram or elsewhere online.

    The State Department has not attributed specific attacks to the Terrorgram Collective but rather warns of its influence and potential to inspire attacks by people who encounter the ideas it spreads. For instance, Terrorgram material was reportedly used as the basis for writings by a 17-year-old high school student who killed two fellow students and injured a third in a Jan. 22, 2025, school shooting in Nashville, Tennessee.

    The Telegram app icon on a smartphone screen.
    Nikolas Kokovlis/NurPhoto via Getty Images

    Little targeting of fascist groups

    The Terrorgram action came seven months after the Biden administration’s labeling of a Scandinavia-based far-right extremist group, the Nordic Resistance Movement, as terrorists as well.

    These were two of just three times fascist extremist groups anywhere in the world were labeled terrorists by the U.S. government. Early in his first term, President Donald Trump’s State Department did label one far-right group as a specially designated global terrorist organization: the Russian Imperial Movement, based in Russia.

    But as the former head of the State Department office that sanctions terrorists, I know that neither Trump nor Biden marshaled the full force of the nation’s anti-terrorism efforts against these groups.

    There’s a hierarchy in the U.S. government’s labels for these organizations. That hierarchy reflects the degree of danger an organization poses as well as the strength of the U.S. response to it.

    The highest-level designation and the most significant sanctions the U.S. government can impose come from placing a group on the State Department’s list of foreign terrorist organizations. That list includes groups such as al-Qaida and the Islamic State group – also called ISIS or ISIL – which are subject to asset freezes and extended prison sentences and are barred from entering the U.S.

    The second-tier list covers what are called specially designated global terrorists, which carries similar, but less severe, restrictions.

    It’s easier to prove someone did something to support a group on the foreign terrorist organization list than to prove support for a group on the specially designated list. And jail time for foreign terrorist organization backers is typically longer.

    All three right-wing groups are on the specially designated list, though the Trump administration could upgrade them to the top-level list, as Trump has asked the State Department to do with the Houthi militants in Yemen.

    Jason M. Blazakis does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Biden targeted the online right-wing terrorism threat − now it’s up to Trump – https://theconversation.com/biden-targeted-the-online-right-wing-terrorism-threat-now-its-up-to-trump-247977

    MIL OSI – Global Reports

  • MIL-OSI Russia: Marat Khusnullin: Almost 1 million road signs and more than 13 thousand traffic lights were installed in six years under the national project “Safe High-Quality Roads”

    Translartion. Region: Russians Fedetion –

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

    Previous news Next news

    Overpass near the Bykovo railway station, Moscow region

    Improving traffic safety is one of the key objectives of the national project “Safe High-Quality Roads”, which ended in 2024. To achieve this, the regions equipped pedestrian crossings, installed traffic lights and road signs, and carried out work to form a culture of behavior on the roadway, said Deputy Prime Minister Marat Khusnullin.

    “In recent years, the country has seen an increase in traffic intensity on the roads: the volume of freight transportation is increasing, the mobility of citizens is improving. In this regard, the key task for us remains not only to bring the roads into a regulatory condition, but also to ensure the safety of all road users. Over the six years of implementing the national project “Safe High-Quality Roads”, which has completed its work, over 13 thousand traffic lights, 963 thousand road signs, 4.9 million linear meters of barriers and 1.4 million linear meters of pedestrian fences have been installed in the regions. In addition, over 3.1 million linear meters of lighting have been installed, 103.7 million linear meters of road markings have been applied. We will continue to work in this direction within the framework of the new national project “Infrastructure for Life”, – said Marat Khusnullin.

    An integrated approach to road repair is one of the features of the national project.

    “Implementation of measures to ensure road safety is a major joint effort of road workers and the State Traffic Safety Inspectorate: work plans are drawn up to minimize accident sites, and traffic management projects are developed. In 2024 alone, thanks to the national project, specialists installed more than 136 thousand road signs, 893 traffic lights, 701 thousand linear meters of barriers and 168 thousand linear meters of pedestrian fences, placed more than 1.1 thousand pedestrian crossings and over 1.2 thousand stopping points. They equipped 761 thousand linear meters of sidewalks, 335 thousand linear meters of lighting and 1082 speed bumps. They also applied over 10 thousand linear meters of markings. In addition, 4688 linear meters of rumble strips appeared at the national project sites,” said Transport Minister Roman Starovoit.

    When planning road works, special attention is paid to improving child safety.

    “In 2024 alone, 920 sections of routes to educational and children’s leisure facilities were brought up to standard. Their total length is 3.1 thousand km. These are streets in populated areas, as well as sections of regional and inter-municipal roads where school buses run. But educational work is no less important for reducing road traffic injuries: it is necessary to develop safe behavior skills on the roads from childhood. In particular, with the support of the national project, the All-Russian online Olympiad “Safe Roads” was held since 2020. In the past 2024, almost 5.5 million children took part in it. And over five years, 20.8 million participants tested and consolidated their knowledge of traffic rules,” said Igor Kostyuchenko, Deputy Head of the Federal Road Agency.

    In 2024, 24.1 km of sidewalks and 23.6 km of outdoor lighting lines were installed along regional highways within the boundaries of populated areas in the Samara Region. The longest of them, 7.74 km long, were built in the village of Zhiguli in the Stavropol Region during the major repairs of the Ural-Zhiguli-Pionerlager road.

    In the Moscow Region, from 2019 to 2024, thanks to the national project, 720 km of sidewalks and 415 km of outdoor lighting lines were built, more than 1.2 thousand traffic lights were installed and modernized, over 550 thousand linear meters of fences of various types, 2.5 thousand speed bumps were installed, 600 new pedestrian crossings were organized, and another 5.3 thousand existing ones were equipped with lighting and projection.

    In the Kostroma Region, during the entire period of the national project implementation, more than 65 thousand linear meters of barrier fencing, over 13 thousand signal posts, about 16 thousand signs and six traffic lights were installed at regional road facilities alone. For safe movement at night, more than 65 thousand linear meters of artificial lighting lines were installed on the highways. Thanks to the national project, the problem of lighting of all settlements located on the Ostrovskoye-Zavolzhsk, Kostroma-Susanino-Buy, Kostroma-Nerekhta highways was solved.

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

    MIL OSI Russia News

  • MIL-OSI USA: Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate)

    Source: US Bureau of Economic Analysis

    Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the advance estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.

    The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below.

    Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports. Imports turned down.

    The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, compared with an increase of 1.9 percent in the third quarter. The personal consumption expenditures (PCE) price index increased 2.3 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 2.5 percent, compared with an increase of 2.2 percent.

    Real GDP and Related Measures
    (Percent change from preceding quarter)
    Real GDP 2.3
    Current-dollar GDP 4.5
    Gross domestic purchases price index 2.2
    PCE price index 2.3
    PCE price index excluding food and energy 2.5

    GDP for 2024

    Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), compared with an increase of 2.9 percent in 2023. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.

    The price index for gross domestic purchases increased 2.3 percent in 2024, compared with an increase of 3.3 percent in 2023. The PCE price index increased 2.5 percent, compared with an increase of 3.8 percent. Excluding food and energy prices, the PCE price index increased 2.8 percent, compared with an increase of 4.1 percent.

    Next release: February 27, 2025, at 8:30 a.m. EST
    Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate)

    For definitions, statistical conventions, updates to GDP, and more, visit “Additional Information.”

    Technical Notes

    Sources of change for real GDP

    Real GDP increased at an annual rate of 2.3 percent (0.6 percent at a quarterly rate1), primarily reflecting increases in both consumer and government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

    • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributor to the increase was health care. Within goods, the leading contributors to the increase were recreational goods and vehicles as well as motor vehicles and parts.
      • Within health care, hospital and nursing home services (notably hospital services) and outpatient services increased, based primarily on Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) employment, earnings, and hours data.
      • The increase in recreational goods and vehicles was led by information processing equipment, based on Census Bureau Monthly Retail Trade Survey data.
      • The increase in motor vehicles and parts was led by new light trucks, based primarily on unit sales data from Wards Intelligence.
    • The increase in government spending reflected increases in state and local as well as federal government spending.
      • Within state and local government spending, the increase was led by compensation of employees, based primarily on employment data from the BLS CES.
      • Within federal government spending, the increase was led by defense consumption expenditures, based primarily on Monthly Treasury Statement data.

    More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.

    Impact of Hurricane Milton on fourth-quarter 2024 estimates

    Hurricane Milton made landfall as a Category 3 hurricane just south of Tampa Bay, Florida, on October 9, 2024, bringing damage from high winds, including significant tornado activity, and extensive inland flooding. 

    This disaster disrupted usual consumer and business activities and prompted emergency services and remediation activities. The responses to this disaster are included, but not separately identified, in the source data that BEA uses to prepare the estimates of GDP; consequently, it is not possible to estimate the overall impact of Hurricane Milton on fourth-quarter GDP. The destruction of fixed assets, such as residential and nonresidential structures, does not directly affect GDP or personal income. BEA estimates of disaster losses are presented in NIPA table 5.1, “Saving and Investment.” BEA’s preliminary estimates show that Hurricane Milton resulted in losses of $27.0 billion in privately owned fixed assets ($108.0 billion at an annual rate) and $3.0 billion in state and local government-owned fixed assets ($12.0 billion at an annual rate).

    For additional information, refer to “How are the measures of production and income in the national accounts affected by a disaster?” and “How are the fixed assets accounts (FAAs) and consumption of fixed capital (CFC) impacted by disasters?”

    1. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?. 

    MIL OSI USA News

  • MIL-OSI: Siebert.SPS Expands Leadership Team with Key Industry Experts to Serve Companies of All Sizes

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Jan. 30, 2025 (GLOBE NEWSWIRE) — Siebert Stock Plan Services (Siebert.SPS), a division of Siebert Financial Corp. (NASDAQ: SIEB), today announced that Daniel Coyle and Hunter Sattich have joined its leadership team. With decades of combined expertise in finance and equity compensation, their arrival bolsters Siebert.SPS’s ability to provide customized, high-touch solutions for businesses of all sizes, especially those often underserved by larger, consolidated providers.

    “Dan and Hunter bring unparalleled expertise and a hands-on approach that perfectly align with Siebert.SPS’s mission to offer tailored equity compensation solutions,” said Eric Tassell, President and Head of Stock Plan Services at Siebert, highlighting the significance of these hires. “Our unique positioning enables us to support companies of all sizes, from emerging firms to established enterprises, with a level of personalization and innovation that larger providers can’t match.”

    Hunter Sattich, a Certified Equity Professional (CEP) with more than 30 years of industry experience, has built a reputation for streamlining equity plan processes, optimizing workflows, and driving superior client outcomes. His expertise lies in helping companies navigate complex stock plan challenges while delivering seamless participant experiences.

    “I’ve seen firsthand how many businesses are overlooked by large providers,” said Sattich. “Siebert.SPS’s commitment to addressing these gaps and delivering impactful solutions is what excites me most about this opportunity.”

    Daniel Coyle, with more than 20 years of experience in finance and compensation, specializes in crafting tailored strategies that address the unique needs of public companies. Known for his consultative approach, Dan excels at aligning operational efficiencies with strategic goals, ensuring that clients receive equity solutions that drive measurable success.

    “Siebert.SPS offers a refreshing approach to equity compensation—one that prioritizes flexibility and client-focused results,” said Coyle. “I’m thrilled to be part of a team redefining how companies, big and small, manage their stock plans.”

    John J Gebbia Senior, CEO of Siebert Financial, emphasized the strategic importance of these additions:
    “Dan and Hunter are invaluable additions to our team,” said John J. Gebbia, Sr., CEO of Siebert Financial. “Their expertise and client-first mentality will help us expand Siebert.SPS’s reach and redefine what’s possible in equity compensation. This is a pivotal step in our ongoing mission to deliver best-in-class solutions to companies of all sizes.”

    About Siebert.SPS
    Siebert Stock Plan Services (Siebert). SPS partners with publicly traded companies to deliver tailored equity compensation solutions. Focusing on technology-driven platforms and exceptional customer service, Siebert.SPS supports businesses in streamlining their stock plan administration, ensuring compliance, and maximizing participant engagement.

    About Siebert Financial Corp.
    Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

    Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Entertainment LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

    Cautionary Note Regarding Forward-Looking Statements
    The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

    These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

    Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

    Media Contact:
    Deborah Kostroun, Zito Partners
    deborah@zitopartners.com
    +1 (201) 403-8185

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fe733b9-5a10-411c-a0da-a8b372e1b53d

    The MIL Network

  • MIL-OSI: Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FAIRFIELD, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2024 of $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.

    Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. This compares to earnings per basic and diluted share of $0.10 for the quarter ended September 30, 2024.

    The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.

    Craig L. Montanaro, President and Chief Executive Officer, commented, “As anticipated, this quarter reflected the early stages of growth in net interest income and expansion of net interest margin. We are pleased to report growth in deposits of 3.7% from September 30, 2024, reflecting robust performance from our branch network, digital channels and commercial lending relationships. This growth allowed us to shrink the balance of outstanding borrowings while reducing our cost of funds by nine basis points quarter-over-quarter.”

    Mr. Montanaro continued, “Although market expectations for fed funds rate cuts have moderated, the continuation of positive deposit trends coupled with the reinvestment of low-coupon cash flows from our loan and securities portfolio should serve as earnings tailwinds in the coming quarters.”

    Balance Sheet

    • Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024.
    • Investment securities totaled $1.15 billion at December 31, 2024, a decrease of $57.5 million, or 4.8%, from September 30, 2024.
    • Loans receivable totaled $5.79 billion at December 31, 2024, an increase of $7.5 million, or 0.1%, from September 30, 2024.
    • Deposits were $5.67 billion at December 31, 2024, an increase of $200.5 million, or 3.7%, from September 30, 2024. This increase was primarily driven by increases in interest and non-interest bearing demand deposits of $142.1 million, and an increase of $60.6 million in consumer savings deposits.
    • Borrowings were $1.26 billion at December 31, 2024, a decrease of $220.9 million, or 14.9%, from September 30, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) and other borrowings.
    • At December 31, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.32 billion, an increase of $256.0 million from September 30, 2024, representing 30.0% of total assets.

    Earnings

    Net Interest Income and Net Interest Margin

    • Net interest margin expanded two basis points from the quarter ended September 30, 2024 to 1.82% for the quarter ended December 31, 2024. The increase for the quarter was driven by the replacement of borrowings with relatively lower cost deposits and broad based decreases in deposit rates, partially offset by higher costs and average balances of brokered certificates of deposit (“CDs”), along with reduced average balances and yields on interest-earning assets.
    • For the quarter ended December 31, 2024, net interest income increased $166,000 to $32.6 million from $32.4 million for the quarter ended September 30, 2024. Included in net interest income for the quarters ended December 31, 2024 and September 30, 2024, respectively, was purchase accounting accretion of $685,000 and $649,000, and loan prepayment penalty income of $288,000 and $52,000.

    Non-Interest Income

    • Non-interest income increased $247,000 to $4.9 million for the quarter ended December 31, 2024, from $4.6 million for the quarter ended September 30, 2024. This increase was primarily driven by a $104,000 larger gain on the sale of loans held-for-sale compared to the prior comparative period and a $102,000 increase in electronic banking fees and charges.

    Non-Interest Expense

    • For the quarter ended December 31, 2024, non-interest expense decreased $225,000, or 0.8%, to $29.6 million from $29.8 million for the quarter ended September 30, 2024. This decrease was primarily driven by a decrease in other expense, partially offset by an increase in salary and benefits expense.
    • Salary and benefits expense increased $81,000 primarily driven by the absence of a non-recurring decrease in stock-based compensation recorded in the prior comparative period, partially offset by a decrease in payroll taxes.
    • Other expense decreased $280,000 primarily driven by a reversal of $116,000 for credit losses related to off balance sheet commitments compared to a provision for credit losses on off balance sheet commitments of $274,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

    Income Taxes

    • Income tax expense totaled $1.3 million for the quarter ended December 31, 2024 compared to $1.1 million for the quarter ended September 30, 2024, resulting in an effective tax rate of 16.0% and 15.1%, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter.

    Asset Quality

    • The balance of non-performing assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at December 31, 2024, from $39.9 million, or 0.51% of total assets, at September 30, 2024, respectively.
    • Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, compared to $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024. The net charge-offs recorded for the quarter ended December 31, 2024 had previously been individually reserved for within the allowance for credit losses (“ACL”).
    • For the quarter ended December 31, 2024, the Company recorded a provision for credit losses of $107,000, compared to $108,000 for the quarter ended September 30, 2024. The provision for credit loss expense for the quarter ended December 31, 2024 was primarily driven by loan growth.
    • The ACL was $44.5 million, or 0.77% of total loans, at December 31, 2024, a decrease of $466,000 from $44.9 million, or 0.78% of total loans, at September 30, 2024. The decrease in the ACL from September 30, 2024 was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.

    Capital

    • For the quarter ended December 31, 2024, book value per share decreased $0.11, or 0.9%, to $11.53 while tangible book value per share decreased $0.10, or 1.0%, to $9.75. These decreases were driven by a $7.4 million larger accumulated other comprehensive loss due primarily to a decrease in the fair value of the Company’s available for sale securities, partially offset by an increase in the fair value of the Company’s derivatives portfolio.
    • At December 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $89.8 million, partially offset by after-tax unrealized gains on derivatives of $17.4 million. After-tax net unrecognized losses on securities held to maturity of $11.3 million were not reflected in total stockholders’ equity.
    • At December 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

    This earnings release should be read in conjunction with Kearny Financial Corp.’s Q2 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Category: Earnings

    For further information contact:
    Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
    Sean Byrnes, Executive Vice President and Chief Financial Officer
    Kearny Financial Corp.
    (973) 244-4500

    Linked-Quarter Comparative Financial Analysis
             
    Kearny Financial Corp.
    Consolidated Balance Sheets
    (Unaudited)
             
    (Dollars and Shares in Thousands,
    Except Per Share Data)
    December 31,
    2024
    September 30,
    2024
    Variance
    or Change
    Variance
    or Change Pct.
    Assets        
    Cash and cash equivalents $ 141,554   $ 155,574   $ (14,020 ) -9.0 %
    Securities available for sale   1,018,279     1,070,811     (52,532 ) -4.9 %
    Securities held to maturity   127,266     132,256     (4,990 ) -3.8 %
    Loans held-for-sale   5,695     8,866     (3,171 ) -35.8 %
    Loans receivable   5,791,758     5,784,246     7,512   0.1 %
    Less: allowance for credit losses on loans   (44,457 )   (44,923 )   (466 ) -1.0 %
    Net loans receivable   5,747,301     5,739,323     7,978   0.1 %
    Premises and equipment   45,127     45,189     (62 ) -0.1 %
    Federal Home Loan Bank stock   64,443     57,706     6,737   11.7 %
    Accrued interest receivable   27,772     29,467     (1,695 ) -5.8 %
    Goodwill   113,525     113,525       %
    Core deposit intangible   1,679     1,805     (126 ) -7.0 %
    Bank owned life insurance   301,339     300,186     1,153   0.4 %
    Deferred income taxes, net   53,325     50,131     3,194   6.4 %
    Other assets   84,080     67,540     16,540   24.5 %
    Total assets $ 7,731,385   $ 7,772,379   $ (40,994 ) -0.5 %
             
    Liabilities        
    Deposits:        
    Non-interest-bearing $ 601,510   $ 592,099   $ 9,411   1.6 %
    Interest-bearing   5,069,550     4,878,413     191,137   3.9 %
    Total deposits   5,671,060     5,470,512     200,548   3.7 %
    Borrowings   1,258,949     1,479,888     (220,939 ) -14.9 %
    Advance payments by borrowers for taxes   17,986     17,824     162   0.9 %
    Other liabilities   38,537     52,618     (14,081 ) -26.8 %
    Total liabilities   6,986,532     7,020,842     (34,310 ) -0.5 %
             
    Stockholders’ Equity        
    Common stock   646     646       %
    Paid-in capital   494,092     493,523     569   0.1 %
    Retained earnings   342,155     342,522     (367 ) -0.1 %
    Unearned ESOP shares   (19,943 )   (20,430 )   487   2.4 %
    Accumulated other comprehensive loss   (72,097 )   (64,724 )   (7,373 ) -11.4 %
    Total stockholders’ equity   744,853     751,537     (6,684 ) -0.9 %
    Total liabilities and stockholders’ equity $ 7,731,385   $ 7,772,379   $ (40,994 ) -0.5 %
             
    Consolidated capital ratios        
    Equity to assets   9.63 %   9.67 %   -0.04 %  
    Tangible equity to tangible assets (1)   8.27 %   8.31 %   -0.04 %  
             
    Share data        
    Outstanding shares   64,580     64,580       %
    Book value per share $ 11.53   $ 11.64   $ (0.11 ) -0.9 %
    Tangible book value per share (2) $ 9.75   $ 9.85   $ (0.10 ) -1.0 %

    _________________________

    (1)   Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2)   Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.

           
    Kearny Financial Corp.
    Consolidated Statements of Income
    (Unaudited)
           
    (Dollars and Shares in Thousands,
    Except Per Share Data)
    Three Months Ended Variance
    or Change
    Variance
    or Change Pct.
    December 31,
    2024
    September 30,
    2024
    Interest income        
    Loans $ 65,408   $ 66,331   $ (923 ) -1.4 %
    Taxable investment securities   13,803     14,384     (581 ) -4.0 %
    Tax-exempt investment securities   59     71     (12 ) -16.9 %
    Other interest-earning assets   2,215     2,466     (251 ) -10.2 %
    Total interest income   81,485     83,252     (1,767 ) -2.1 %
             
    Interest expense        
    Deposits   36,721     35,018     1,703   4.9 %
    Borrowings   12,152     15,788     (3,636 ) -23.0 %
    Total interest expense   48,873     50,806     (1,933 ) -3.8 %
    Net interest income   32,612     32,446     166   0.5 %
    Provision for credit losses   107     108     (1 ) -0.9 %
    Net interest income after provision for credit losses   32,505     32,338     167   0.5 %
             
    Non-interest income        
    Fees and service charges   627     635     (8 ) -1.3 %
    Gain on sale of loans   304     200     104   52.0 %
    Income from bank owned life insurance   2,619     2,567     52   2.0 %
    Electronic banking fees and charges   493     391     102   26.1 %
    Other income   830     833     (3 ) -0.4 %
    Total non-interest income   4,873     4,626     247   5.3 %
             
    Non-interest expense        
    Salaries and employee benefits   17,579     17,498     81   0.5 %
    Net occupancy expense of premises   2,831     2,798     33   1.2 %
    Equipment and systems   3,892     3,860     32   0.8 %
    Advertising and marketing   311     342     (31 ) -9.1 %
    Federal deposit insurance premium   1,503     1,563     (60 ) -3.8 %
    Directors’ compensation   361     361       %
    Other expense   3,084     3,364     (280 ) -8.3 %
    Total non-interest expense   29,561     29,786     (225 ) -0.8 %
    Income before income taxes   7,817     7,178     639   8.9 %
    Income taxes   1,251     1,086     165   15.2 %
    Net income $ 6,566   $ 6,092   $ 474   7.8 %
             
    Net income per common share (EPS)        
    Basic $ 0.11   $ 0.10   $ 0.01    
    Diluted $ 0.10   $ 0.10   $    
             
    Dividends declared        
    Cash dividends declared per common share $ 0.11   $ 0.11   $    
    Cash dividends declared $ 6,933   $ 6,896   $ 37    
    Dividend payout ratio   105.6 %   113.2 %   -7.6 %  
             
    Weighted average number of common shares outstanding        
    Basic   62,443     62,389     54    
    Diluted   62,576     62,420     156    
                         
           
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
           
    (Dollars in Thousands) Three Months Ended Variance
    or Change
    Variance
    or Change Pct.
    December 31,
    2024
    September 30,
    2024
    Assets        
    Interest-earning assets:        
    Loans receivable, including loans held for sale $ 5,762,053   $ 5,761,593   $ 460   %
    Taxable investment securities   1,285,800     1,314,945     (29,145 ) -2.2 %
    Tax-exempt investment securities   9,711     12,244     (2,533 ) -20.7 %
    Other interest-earning assets   116,354     131,981     (15,627 ) -11.8 %
    Total interest-earning assets   7,173,918     7,220,763     (46,845 ) -0.6 %
    Non-interest-earning assets   459,982     467,670     (7,688 ) -1.6 %
    Total assets $ 7,633,900   $ 7,688,433   $ (54,533 ) -0.7 %
             
    Liabilities and Stockholders’ Equity        
    Interest-bearing liabilities:        
    Deposits:        
    Interest-bearing demand $ 2,314,378   $ 2,282,608   $ 31,770   1.4 %
    Savings   711,801     668,240     43,561   6.5 %
    Certificates of deposit (retail)   1,211,985     1,203,770     8,215   0.7 %
    Certificates of deposit (brokered and listing service)   735,736     551,819     183,917   33.3 %
    Total interest-bearing deposits   4,973,900     4,706,437     267,463   5.7 %
    Borrowings:        
    Federal Home Loan Bank advances   1,085,455     1,325,583     (240,128 ) -18.1 %
    Other borrowings   156,522     237,011     (80,489 ) -34.0 %
    Total borrowings   1,241,977     1,562,594     (320,617 ) -20.5 %
    Total interest-bearing liabilities   6,215,877     6,269,031     (53,154 ) -0.8 %
    Non-interest-bearing liabilities:        
    Non-interest-bearing deposits   604,915     599,095     5,820   1.0 %
    Other non-interest-bearing liabilities   65,258     69,629     (4,371 ) -6.3 %
    Total non-interest-bearing liabilities   670,173     668,724     1,449   0.2 %
    Total liabilities   6,886,050     6,937,755     (51,705 ) -0.7 %
    Stockholders’ equity   747,850     750,678     (2,828 ) -0.4 %
    Total liabilities and stockholders’ equity $ 7,633,900   $ 7,688,433   $ (54,533 ) -0.7 %
             
    Average interest-earning assets to average interest-bearing liabilities   115.41 %   115.18 %   0.23 % 0.2 %
                           
         
    Kearny Financial Corp.
    Performance Ratio Highlights
    (Unaudited)
         
      Three Months Ended Variance
    or Change
      December 31,
    2024
    September 30,
    2024
    Average yield on interest-earning assets:      
    Loans receivable, including loans held for sale 4.54 % 4.61 % -0.07 %
    Taxable investment securities 4.29 % 4.38 % -0.09 %
    Tax-exempt investment securities (1) 2.42 % 2.32 % 0.10 %
    Other interest-earning assets 7.62 % 7.47 % 0.15 %
    Total interest-earning assets 4.54 % 4.61 % -0.07 %
           
    Average cost of interest-bearing liabilities:      
    Deposits:      
    Interest-bearing demand 2.96 % 3.13 % -0.17 %
    Savings 1.29 % 1.05 % 0.24 %
    Certificates of deposit (retail) 4.06 % 4.12 % -0.06 %
    Certificates of deposit (brokered and listing service) 2.71 % 2.18 % 0.53 %
    Total interest-bearing deposits 2.95 % 2.98 % -0.03 %
    Borrowings:      
    Federal Home Loan Bank advances 3.78 % 3.82 % -0.04 %
    Other borrowings 4.88 % 5.28 % -0.40 %
    Total borrowings 3.91 % 4.04 % -0.13 %
    Total interest-bearing liabilities 3.15 % 3.24 % -0.09 %
           
    Interest rate spread (2) 1.39 % 1.37 % 0.02 %
    Net interest margin (3) 1.82 % 1.80 % 0.02 %
           
    Non-interest income to average assets (annualized) 0.26 % 0.24 % 0.02 %
    Non-interest expense to average assets (annualized) 1.55 % 1.55 % %
           
    Efficiency ratio (4) 78.86 % 80.35 % -1.49 %
           
    Return on average assets (annualized) 0.34 % 0.32 % 0.02 %
    Return on average equity (annualized) 3.51 % 3.25 % 0.26 %
    Return on average tangible equity (annualized) (5) 4.21 % 3.89 % 0.32 %

    _________________________

    (1)   The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2)   Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3)   Net interest income divided by average interest-earning assets.
    (4)   Non-interest expense divided by the sum of net interest income and non-interest income.
    (5)   Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

    Five-Quarter Financial Trend Analysis
               
    Kearny Financial Corp.
    Consolidated Balance Sheets
               
    (Dollars and Shares in Thousands,
    Except Per Share Data)
    December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
      (Unaudited) (Unaudited)   (Unaudited) (Unaudited)
    Assets          
    Cash and cash equivalents $ 141,554   $ 155,574   $ 63,864   $ 71,027   $ 73,860  
    Securities available for sale   1,018,279     1,070,811     1,072,833     1,098,655     1,144,175  
    Securities held to maturity   127,266     132,256     135,742     139,643     141,959  
    Loans held-for-sale   5,695     8,866     6,036     4,117     14,030  
    Loans receivable   5,791,758     5,784,246     5,732,787     5,758,336     5,745,629  
    Less: allowance for credit losses on loans   (44,457 )   (44,923 )   (44,939 )   (44,930 )   (44,867 )
    Net loans receivable   5,747,301     5,739,323     5,687,848     5,713,406     5,700,762  
    Premises and equipment   45,127     45,189     44,940     45,053     45,928  
    Federal Home Loan Bank stock   64,443     57,706     80,300     81,347     83,372  
    Accrued interest receivable   27,772     29,467     29,521     31,065     30,258  
    Goodwill   113,525     113,525     113,525     210,895     210,895  
    Core deposit intangible   1,679     1,805     1,931     2,057     2,189  
    Bank owned life insurance   301,339     300,186     297,874     296,493     256,064  
    Deferred income taxes, net   53,325     50,131     50,339     47,225     46,116  
    Other real estate owned                   11,982  
    Other assets   84,080     67,540     98,708     100,989     136,242  
    Total assets $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972   $ 7,897,832  
               
    Liabilities          
    Deposits:          
    Non-interest-bearing $ 601,510   $ 592,099   $ 598,366   $ 586,089   $ 584,130  
    Interest-bearing   5,069,550     4,878,413     4,559,757     4,622,961     4,735,500  
    Total deposits   5,671,060     5,470,512     5,158,123     5,209,050     5,319,630  
    Borrowings   1,258,949     1,479,888     1,709,789     1,722,178     1,667,055  
    Advance payments by borrowers for taxes   17,986     17,824     17,409     17,387     16,742  
    Other liabilities   38,537     52,618     44,569     44,279     46,427  
    Total liabilities   6,986,532     7,020,842     6,929,890     6,992,894     7,049,854  
               
    Stockholders’ Equity          
    Common stock   646     646     644     644     645  
    Paid-in capital   494,092     493,523     493,680     493,187     493,297  
    Retained earnings   342,155     342,522     343,326     440,308     439,755  
    Unearned ESOP shares   (19,943 )   (20,430 )   (20,916 )   (21,402 )   (21,889 )
    Accumulated other comprehensive loss   (72,097 )   (64,724 )   (63,163 )   (63,659 )   (63,830 )
    Total stockholders’ equity   744,853     751,537     753,571     849,078     847,978  
    Total liabilities and stockholders’ equity $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972   $ 7,897,832  
               
    Consolidated capital ratios          
    Equity to assets   9.63 %   9.67 %   9.81 %   10.83 %   10.74 %
    Tangible equity to tangible assets (1)   8.27 %   8.31 %   8.43 %   8.34 %   8.26 %
               
    Share data          
    Outstanding shares   64,580     64,580     64,434     64,437     64,445  
    Book value per share $ 11.53   $ 11.64   $ 11.70   $ 13.18   $ 13.16  
    Tangible book value per share (2) $ 9.75   $ 9.85   $ 9.90   $ 9.87   $ 9.85  

    _________________________

    (1)   Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2)   Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.

               
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
               
    (Dollars in Thousands) December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Loan portfolio composition:          
    Commercial loans:          
    Multi-family mortgage $ 2,722,623   $ 2,646,187   $ 2,645,851   $ 2,645,195   $ 2,651,274  
    Nonresidential mortgage   950,194     950,771     948,075     965,539     947,287  
    Commercial business   135,740     145,984     142,747     147,326     144,134  
    Construction   176,704     227,327     209,237     229,457     221,933  
    Total commercial loans   3,985,261     3,970,269     3,945,910     3,987,517     3,964,628  
    One- to four-family residential mortgage   1,765,160     1,768,230     1,756,051     1,741,644     1,746,065  
    Consumer loans:          
    Home equity loans   47,101     44,741     44,104     42,731     43,517  
    Other consumer   2,778     2,965     2,685     3,198     2,728  
    Total consumer loans   49,879     47,706     46,789     45,929     46,245  
    Total loans, excluding yield adjustments   5,800,300     5,786,205     5,748,750     5,775,090     5,756,938  
    Unaccreted yield adjustments   (8,542 )   (1,959 )   (15,963 )   (16,754 )   (11,309 )
    Loans receivable, net of yield adjustments   5,791,758     5,784,246     5,732,787     5,758,336     5,745,629  
    Less: allowance for credit losses on loans   (44,457 )   (44,923 )   (44,939 )   (44,930 )   (44,867 )
    Net loans receivable $ 5,747,301   $ 5,739,323   $ 5,687,848   $ 5,713,406   $ 5,700,762  
               
    Asset quality:          
    Nonperforming assets:          
    Accruing loans – 90 days and over past due $   $   $   $   $  
    Nonaccrual loans   37,697     39,854     39,882     39,546     28,089  
    Total nonperforming loans   37,697     39,854     39,882     39,546     28,089  
    Nonaccrual loans held-for-sale                   9,700  
    Other real estate owned                   11,982  
    Total nonperforming assets $ 37,697   $ 39,854   $ 39,882   $ 39,546   $ 49,771  
               
    Nonperforming loans (% total loans)   0.65 %   0.69 %   0.70 %   0.69 %   0.49 %
    Nonperforming assets (% total assets)   0.49 %   0.51 %   0.52 %   0.50 %   0.63 %
               
    Classified loans $ 132,216   $ 119,534   $ 118,700   $ 115,772   $ 94,676  
               
    Allowance for credit losses on loans (ACL):          
    ACL to total loans   0.77 %   0.78 %   0.78 %   0.78 %   0.78 %
    ACL to nonperforming loans   117.93 %   112.72 %   112.68 %   113.61 %   159.73 %
    Net charge-offs $ 573   $ 124   $ 3,518   $ 286   $ 4,110  
    Average net charge-off rate (annualized)   0.04 %   0.01 %   0.25 %   0.02 %   0.29 %
                                   
               
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
               
    (Dollars in Thousands) December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Funding composition:          
    Deposits:          
    Non-interest-bearing deposits $ 601,510   $ 592,099   $ 598,367   $ 586,089   $ 584,130  
    Interest-bearing demand   2,380,408     2,247,685     2,308,915     2,349,032     2,347,262  
    Savings   742,266     681,709     643,481     630,456     646,182  
    Certificates of deposit (retail)   1,194,865     1,215,746     1,199,127     1,235,261     1,283,676  
    Certificates of deposit (brokered and listing service)   752,011     733,273     408,234     408,212     458,380  
    Interest-bearing deposits   5,069,550     4,878,413     4,559,757     4,622,961     4,735,500  
    Total deposits   5,671,060     5,470,512     5,158,124     5,209,050     5,319,630  
               
    Borrowings:          
    Federal Home Loan Bank advances   1,028,949     1,209,888     1,534,789     1,457,178     1,432,055  
    Overnight borrowings   230,000     270,000     175,000     265,000     235,000  
    Total borrowings   1,258,949     1,479,888     1,709,789     1,722,178     1,667,055  
               
      Total funding $ 6,930,009   $ 6,950,400   $ 6,867,913   $ 6,931,228   $ 6,986,685  
               
    Loans as a % of deposits   101.4 %   105.1 %   110.4 %   109.8 %   107.4 %
    Deposits as a % of total funding   81.8 %   78.7 %   75.1 %   75.2 %   76.1 %
    Borrowings as a % of total funding   18.2 %   21.3 %   24.9 %   24.8 %   23.9 %
               
    Uninsured deposits:          
    Uninsured deposits (reported) (1) $ 1,935,607   $ 1,799,726   $ 1,772,623   $ 1,760,740   $ 1,813,122  
    Uninsured deposits (adjusted) (2) $ 797,721   $ 773,375   $ 764,447   $ 718,026   $ 694,510  

    _________________________

    (1)   Uninsured deposits of Kearny Bank.
    (2)   Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.

       
    Kearny Financial Corp.
    Consolidated Statements of Income (Loss)
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)
    December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Interest income          
    Loans $ 65,408   $ 66,331   $ 65,819   $ 64,035   $ 63,384  
    Taxable investment securities   13,803     14,384     14,802     15,490     16,756  
    Tax-exempt investment securities   59     71     80     85     84  
    Other interest-earning assets   2,215     2,466     2,289     2,475     2,401  
    Total interest income   81,485     83,252     82,990     82,085     82,625  
               
    Interest expense          
    Deposits   36,721     35,018     32,187     32,320     30,340  
    Borrowings   12,152     15,788     17,527     15,446     16,446  
    Total interest expense   48,873     50,806     49,714     47,766     46,786  
    Net interest income   32,612     32,446     33,276     34,319     35,839  
    Provision for credit losses   107     108     3,527     349     2,105  
    Net interest income after provision for credit losses   32,505     32,338     29,749     33,970     33,734  
               
    Non-interest income          
    Fees and service charges   627     635     580     657     624  
    Loss on sale and call of securities                   (18,135 )
    Gain (loss) on sale of loans   304     200     111     (712 )   104  
    Loss on sale of other real estate owned                   (974 )
    Income from bank owned life insurance   2,619     2,567     3,209     3,039     1,162  
    Electronic banking fees and charges   493     391     1,130     464     396  
    Other income   830     833     776     755     811  
    Total non-interest income   4,873     4,626     5,806     4,203     (16,012 )
               
    Non-interest expense          
    Salaries and employee benefits   17,579     17,498     17,266     16,911     17,282  
    Net occupancy expense of premises   2,831     2,798     2,738     2,863     2,674  
    Equipment and systems   3,892     3,860     3,785     3,823     3,814  
    Advertising and marketing   311     342     480     387     301  
    Federal deposit insurance premium   1,503     1,563     1,532     1,429     1,495  
    Directors’ compensation   361     361     360     360     393  
    Goodwill impairment           97,370          
    Other expense   3,084     3,364     3,020     3,286     3,808  
    Total non-interest expense   29,561     29,786     126,551     29,059     29,767  
    Income (loss) before income taxes   7,817     7,178     (90,996 )   9,114     (12,045 )
    Income taxes   1,251     1,086     (917 )   1,717     1,782  
    Net income (loss) $ 6,566   $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 )
               
    Net income (loss) per common share (EPS)          
    Basic $ 0.11   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
    Diluted $ 0.10   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
               
    Dividends declared          
    Cash dividends declared per common share $ 0.11   $ 0.11   $ 0.11   $ 0.11   $ 0.11  
    Cash dividends declared $ 6,933   $ 6,896   $ 6,903   $ 6,844   $ 6,882  
    Dividend payout ratio   105.6 %   113.2 %   -7.7 %   92.5 %   -49.8 %
               
    Weighted average number of common shares outstanding          
    Basic   62,443     62,389     62,254     62,205     62,299  
    Diluted   62,576     62,420     62,254     62,211     62,299  
                                   
       
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
       
      Three Months Ended
    (Dollars in Thousands) December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Assets          
    Interest-earning assets:          
    Loans receivable, including loans held-for-sale $ 5,762,053   $ 5,761,593   $ 5,743,008   $ 5,752,477   $ 5,726,321  
    Taxable investment securities   1,285,800     1,314,945     1,343,541     1,382,064     1,509,165  
    Tax-exempt investment securities   9,711     12,244     13,737     14,614     15,025  
    Other interest-earning assets   116,354     131,981     128,257     125,155     139,740  
    Total interest-earning assets   7,173,918     7,220,763     7,228,543     7,274,310     7,390,251  
    Non-interest-earning assets   459,982     467,670     466,537     577,411     554,335  
    Total assets $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586  
               
    Liabilities and Stockholders’ Equity          
    Interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand $ 2,314,378   $ 2,282,608   $ 2,310,521   $ 2,378,831   $ 2,301,169  
    Savings   711,801     668,240     631,622     635,226     664,926  
    Certificates of deposit (retail)   1,211,985     1,203,770     1,208,101     1,257,362     1,292,837  
    Certificates of deposit (brokered and listing service)   735,736     551,819     405,697     448,151     531,479  
    Total interest-bearing deposits   4,973,900     4,706,437     4,555,941     4,719,570     4,790,411  
    Borrowings:          
    Federal Home Loan Bank advances   1,085,455     1,325,583     1,507,192     1,428,801     1,513,497  
    Other borrowings   156,522     237,011     228,461     210,989     142,283  
    Total borrowings   1,241,977     1,562,594     1,735,653     1,639,790     1,655,780  
    Total interest-bearing liabilities   6,215,877     6,269,031     6,291,594     6,359,360     6,446,191  
    Non-interest-bearing liabilities:          
    Non-interest-bearing deposits   604,915     599,095     589,438     581,870     597,294  
    Other non-interest-bearing liabilities   65,258     69,629     62,978     65,709     62,387  
    Total non-interest-bearing liabilities   670,173     668,724     652,416     647,579     659,681  
    Total liabilities   6,886,050     6,937,755     6,944,010     7,006,939     7,105,872  
    Stockholders’ equity   747,850     750,678     751,070     844,782     838,714  
    Total liabilities and stockholders’ equity $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586  
               
    Average interest-earning assets to average interest-bearing liabilities   115.41 %   115.18 %   114.89 %   114.39 %   114.65 %
                                   
       
    Kearny Financial Corp.
    Performance Ratio Highlights
       
      Three Months Ended
      December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Average yield on interest-earning assets:          
    Loans receivable, including loans held-for-sale 4.54 % 4.61 % 4.58 % 4.45 % 4.43 %
    Taxable investment securities 4.29 % 4.38 % 4.41 % 4.48 % 4.44 %
    Tax-exempt investment securities (1) 2.42 % 2.32 % 2.32 % 2.32 % 2.25 %
    Other interest-earning assets 7.62 % 7.47 % 7.14 % 7.91 % 6.87 %
    Total interest-earning assets 4.54 % 4.61 % 4.59 % 4.51 % 4.47 %
               
    Average cost of interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand 2.96 % 3.13 % 3.06 % 3.08 % 2.91 %
    Savings 1.29 % 1.05 % 0.63 % 0.46 % 0.44 %
    Certificates of deposit (retail) 4.06 % 4.12 % 3.95 % 3.52 % 3.06 %
    Certificates of deposit (brokered and listing service) 2.71 % 2.18 % 1.59 % 1.97 % 2.24 %
    Total interest-bearing deposits 2.95 % 2.98 % 2.83 % 2.74 % 2.53 %
    Borrowings:          
    Federal Home Loan Bank advances 3.78 % 3.82 % 3.86 % 3.55 % 3.82 %
    Other borrowings 4.88 % 5.28 % 5.24 % 5.22 % 5.65 %
    Total borrowings 3.91 % 4.04 % 4.04 % 3.77 % 3.97 %
    Total interest-bearing liabilities 3.15 % 3.24 % 3.16 % 3.00 % 2.90 %
               
    Interest rate spread (2) 1.39 % 1.37 % 1.43 % 1.51 % 1.57 %
    Net interest margin (3) 1.82 % 1.80 % 1.84 % 1.89 % 1.94 %
               
    Non-interest income to average assets (annualized) 0.26 % 0.24 % 0.30 % 0.21 % -0.81 %
    Non-interest expense to average assets (annualized) 1.55 % 1.55 % 6.58 % 1.48 % 1.50 %
               
    Efficiency ratio (4) 78.86 % 80.35 % 323.81 % 75.43 % 150.13 %
               
    Return on average assets (annualized) 0.34 % 0.32 % -4.68 % 0.38 % -0.70 %
    Return on average equity (annualized) 3.51 % 3.25 % -47.97 % 3.50 % -6.59 %
    Return on average tangible equity (annualized) (5) 4.21 % 3.89 % 3.33 % 4.68 % -8.84 %

    _________________________

    (1)   The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2)   Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3)   Net interest income divided by average interest-earning assets.
    (4)   Non-interest expense divided by the sum of net interest income and non-interest income.
    (5)   Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

    The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.

       
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)
    December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Adjusted net income:          
    Net income (loss) (GAAP) $ 6,566   $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 )
    Non-recurring transactions – net of tax:          
    Net effect of sale and call of securities                   12,876  
    Net effect of bank-owned life insurance restructure           392         6,286  
    Goodwill impairment           95,283          
    Adjusted net income $ 6,566   $ 6,092   $ 5,596   $ 7,397   $ 5,335  
               
    Calculation of pre-tax, pre-provision net revenue:          
    Net income (loss) (GAAP) $ 6,566   $ 6,092   $ (90,079 ) $ 7,397   $ (13,827 )
    Adjustments to net income (GAAP):          
    Provision for income taxes   1,251     1,086     (917 )   1,717     1,782  
    Provision for credit losses   107     108     3,527     349     2,105  
    Pre-tax, pre-provision net revenue (non-GAAP) $ 7,924   $ 7,286   $ (87,469 ) $ 9,463   $ (9,940 )
               
    Adjusted earnings per share:          
    Weighted average common shares – basic   62,443     62,389     62,254     62,205     62,299  
    Weighted average common shares – diluted   62,576     62,420     62,330     62,211     62,367  
               
    Earnings per share – basic (GAAP) $ 0.11   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
    Earnings per share – diluted (GAAP) $ 0.10   $ 0.10   $ (1.45 ) $ 0.12   $ (0.22 )
               
    Adjusted earnings per share – basic (non-GAAP) $ 0.11   $ 0.10   $ 0.09   $ 0.12   $ 0.09  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.10   $ 0.10   $ 0.09   $ 0.12   $ 0.09  
               
    Pre-tax, pre-provision net revenue per share:          
    Pre-tax, pre-provision net revenue per share – basic (non-GAAP) $ 0.13   $ 0.12   $ (1.41 ) $ 0.15   $ (0.16 )
    Pre-tax, pre-provision net revenue per share – diluted (non-GAAP) $ 0.13   $ 0.12   $ (1.41 ) $ 0.15   $ (0.16 )
               
    Adjusted return on average assets:          
    Total average assets $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721   $ 7,944,586  
               
    Return on average assets (GAAP)   0.34 %   0.32 %   -4.68 %   0.38 %   -0.70 %
    Adjusted return on average assets (non-GAAP)   0.34 %   0.32 %   0.29 %   0.38 %   0.27 %
               
    Adjusted return on average equity:          
    Total average equity $ 747,850   $ 750,678   $ 751,070   $ 844,782   $ 838,714  
               
    Return on average equity (GAAP)   3.51 %   3.25 %   -47.97 %   3.50 %   -6.59 %
    Adjusted return on average equity (non-GAAP)   3.51 %   3.25 %   2.98 %   3.50 %   2.54 %
                                   
       
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)
    December 31,
    2024
    September 30,
    2024
    June 30,
    2024
    March 31,
    2024
    December 31,
    2023
    Adjusted return on average tangible equity:          
    Total average equity $ 747,850   $ 750,678   $ 751,070   $ 844,782   $ 838,714  
    Less: average goodwill   (113,525 )   (113,525 )   (113,525 )   (210,895 )   (210,895 )
    Less: average other intangible assets   (1,761 )   (1,886 )   (2,006 )   (2,138 )   (2,277 )
    Total average tangible equity $ 632,564   $ 635,267   $ 635,539   $ 631,749   $ 625,542  
               
    Return on average tangible equity (non-GAAP)   4.21 %   3.89 %   3.33 %   4.68 %   -8.84 %
    Adjusted return on average tangible equity (non-GAAP)   4.21 %   3.89 %   3.58 %   4.68 %   3.41 %
               
    Adjusted non-interest expense ratio:          
    Non-interest expense (GAAP) $ 29,561   $ 29,786   $ 126,551   $ 29,059   $ 29,767  
    Non-recurring transactions:          
    Goodwill impairment           (97,370 )        
    Non-interest expense (non-GAAP) $ 29,561   $ 29,786   $ 29,181   $ 29,059   $ 29,767  
               
    Non-interest expense ratio (GAAP)   1.55 %   1.55 %   6.58 %   1.48 %   1.50 %
    Adjusted non-interest expense ratio (non-GAAP)   1.55 %   1.55 %   1.52 %   1.48 %   1.50 %
               
    Adjusted efficiency ratio:          
    Non-interest expense (non-GAAP) $ 29,561   $ 29,786   $ 29,181   $ 29,059   $ 29,767  
               
    Net interest income (GAAP) $ 32,612   $ 32,446   $ 33,276   $ 34,319   $ 35,839  
    Total non-interest income (GAAP)   4,873     4,626     5,806     4,203     (16,012 )
    Non-recurring transactions:          
    Net effect of sale and call of securities                   18,135  
    Net effect of bank-owned life insurance restructure           392         573  
    Total revenue (non-GAAP) $ 37,485   $ 37,072   $ 39,474   $ 38,522   $ 38,535  
               
    Efficiency ratio (GAAP)   78.86 %   80.35 %   323.81 %   75.43 %   150.13 %
    Adjusted efficiency ratio (non-GAAP)   78.86 %   80.35 %   73.92 %   75.43 %   77.25 %
                                   

    The MIL Network

  • MIL-OSI United Nations: Italy and WFP partner with the Government of Iraq to strengthen community resilience and women empowerment for green opportunities in Iraq

    Source: World Food Programme

    BAGHDAD – The United Nations World Food Programme (WFP) welcomed a generous contribution from the Italian Government through the Italian Agency for Development Cooperation (AICS) to strengthen community resilience and empower women through green opportunities, to address the challenges climate change poses to agriculture and food security in Iraq.

    WFP will work together with the Ministry of Agriculture and Ministry of Environment to empower local communities in food security and climate action decisions. WFP will also provide capacity building and technical expertise to local government authorities, helping them implement sustainable farming and livelihood solutions that can withstand climate challenges. 

    This project takes an innovative approach to support vulnerable women-led households, crisis-affected people, and smallholder farmers. It aims to help communities become more adaptable and resilient to climate change shocks by promoting inclusive coordination, active participation, and income-generating activities with a focus on empowering women, youth, and persons with disabilities. The project will be implemented in Ninewa, Salah al-Din, Thi-Qar, and Basra.

    Iraq’s agricultural sector is one of the main sources of income for vulnerable populations and the second-largest contributor to the country’s Gross Domestic Product (GDP) after oil revenues. More frequent droughts and continued water scarcity are increasing challenges to farmers who face reduced crop yields and loss of arable land, leading to an overall decline of agriculture in Iraq. 

    “Iraq, ‘the land of two rivers,’ faces a serious problem with water scarcity, desertification, rising temperatures and other climate impacts that heavily affect its agriculture and, in turn, its food security. WFP is committed to working with the Government of Iraq to support local governments and communities in developing scalable and sustainable climate-smart solutions that not only address those issues, but enable the people to adapt and overcome them,” said WFP Representative and Country Director Mageed Yahia. “To build long-term resilience, it is essential to involve all members of the community—especially women, people with disabilities, and other marginalized groups—in decision-making processes that support food security and sustainable livelihoods.”

    WFP will partner with the Government of Iraq, academia and a number of Italian experts to provide technical solutions, equipment and expertise, fostering innovative ecosystems that draw from the extensive experience on providing technical capacity building to public institutions and national organizations.

    Collaboration with the private sector and academia will help drive innovative and sustainable solutions to empower women in agriculture. This includes improving food production, processing, storage, and distribution, as well as promoting responsible farming practices, diverse income opportunities, and reducing waste. The project also focuses on the connection between agriculture, energy, and the environment to create lasting change. 

    “Climate change poses significant risks to Iraq’s agricultural sector, threatening livelihoods and food security all over the Country, and especially for women-led households” highlighted H.E. Niccolò Fontana, Ambassador of Italy to Iraq. “Various regions across Iraq face the harsh realities of water scarcity, land degradation, and rising temperatures. This project directly addresses these challenges by promoting green skills and expanding the private sector workforce, enhancing agricultural value chains, supporting women’s entrepreneurship in climate-resilient sectors. Italy is proud to commit to fostering a green transition that will benefit not only the environment, but also the population, empowering their communities and nurturing sustainability.”

    WFP will continue working with the Government of Iraq to support communities affected by climate change by aligning its project implementation with the Government’s priorities, particularly focusing on the addressing unemployment, improving water management in irrigation to drive up production and empower women to seek and maintain sustainable livelihoods. 

    #                           #                         #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on Twitter @WFP_Iraq @wfp_mena @wfpgovts

    MIL OSI United Nations News

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

    Source: IMF – News in Russian

    January 30, 2025

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

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

    Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

    Robust Expansion with Declining Debt

    1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

    2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

    3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

    4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

    5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

    Growth-friendly Fiscal Consolidation

    6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

    7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

    8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

    9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

    Structural reforms for boosting potential growth

    10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

    • Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
    • Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
    • Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

    11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

    Strengthening financial system resilience

    12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

    13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

    In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

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

    https://www.imf.org/en/News/Articles/2025/01/30/CS-Greece-2025

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Europe: Bilateral Partnership between Sweden and Colombia launched

    Source: Government of Sweden

    Bilateral Partnership between Sweden and Colombia launched – Government.se

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    At the invitation of Colombia’s Minister of Foreign Affairs Luis Gilberto Murillo, Minister for Foreign Affairs Maria Malmer Stenergard took part in the launch of the Colombia-Sweden Bilateral Partnership at a High-Level Dialogue in Bogotá on 28 January.

    The bilateral partnership agreement was signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, and aims to further strengthen cooperation between the countries in four main areas:

    • political dialogue and cooperation in multilateral forums;
    • trade and development cooperation;
    • climate, environment, green and digital transition; and
    • peace and security.

    Two thematic working groups have been instituted to advance priority areas within the Bilateral Partnership. The first group is focusing on cooperation for peace, human rights, human security and strengthening institutions. The second is focusing on economic opportunities, science, innovation and sustainable development. 

    At the high-level dialogue, Ms Malmer Stenergard and Acting Minister of Foreign Affairs Paola Vásquez received reports from the groups, which presented several results in the areas of peace, gender equality, climate and sustainable development. Sweden and Colombia celebrated 150 years of diplomatic relations in 2024. The launch of the Bilateral Partnership demonstrates the breadth of cooperation between the two countries. 

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    MIL OSI Europe News

  • MIL-OSI United Kingdom: Counter terror-style powers to strengthen ability to smash smuggling gangs

    Source: United Kingdom – Executive Government & Departments

    Powerful new legislation will give law enforcement tougher tools to pursue people smugglers and disrupt their ability to carry out small boat crossings.

    New counter terror-style powers to identify, disrupt and smash people smuggling gangs will be introduced as part of landmark legislation to protect our borders.

    The measures will for the first time allow counter-terror style tactics to be used against smuggling gangs through unprecedented tools to stop smugglers before they act.

    This includes stronger powers to seize and search mobile phones to investigate organised immigration crime and introducing new offences against gangs conspiring to plan crossings, selling or handling small boat parts for use in the Channel, supplying forged ID documents, for migrants attempting to come here illegally.

    These laws, included within the Border Security, Asylum and Immigration Bill introduced in Parliament today (January 30), are inspired by powers used to combat terrorism and will transform the ability of law enforcement agencies to take earlier and more effective action against organised immigration crime.

    The robust, workable measures will directly go after organised crime groups who – even in the freezing temperatures in the Channel this month – are continuing to organise dangerous crossings, not caring if the vulnerable people they exploit live or die, as long as they pay. The legislation will give greater powers than ever to law enforcement agencies to treat people smuggling as a global security threat as part of our renewed effort to break the business model of these gangs for good and restore order to our asylum system.

    The new laws are being welcomed by law enforcement agencies like the National Crime Agency, Immigration Enforcement and police, and include:

    • allowing immigration officers and police to seize phones, laptops and other electronic devices at an earlier stage before arrests are made, if they are suspected of containing information about organised immigration crime
    • allowing law enforcement to arrest those involved in facilitating organised immigration crime at a much earlier stage than is currently possible, meaning they can intervene quicker, more effectively and before smuggling takes place
    • making it illegal to supply or handle items suspected of being for use by organised crime groups, for example the selling and handling of small boats parts, with those caught facing a prison sentence of up to 14 years
    • creating a new offence for collecting information to be used by organised immigration criminals to prepare for boat crossings. This includes arranging departure points, dates and times, with clear links back to the gangs facilitating the dangerous crossings
    • criminalising the making, adapting, importing and possession of specific articles that could be used in serious crime, carrying a prison sentence of up to 5 years. This includes templates for 3D printed firearms, pill presses and vehicle concealments
    • putting the role of the Border Security Commander, Martin Hewitt, on a legal footing, meaning he will have the authority to convene partners across law enforcement and set strategic priorities for achieving the Home Secretary’s goals. These will be shared with partners like the National Crime Agency as part of their ongoing work upstream to target people smuggling networks
    • to prevent more people being crammed into unsafe, flimsy boats and lives being put at risk by these gangs, we will make it an offence to endanger another life during perilous sea crossing to the UK.  Anyone involved in physical aggression, intimidation or coercive behaviour, including preventing offers of rescue, while at sea will face prosecution and an increased sentence of up to five years in prison

    Border Security is one of the foundations of the government’s Plan for Change. The legislation being introduced today demonstrates our commitment to giving law enforcement the tools and powers they need to protect the integrity of the UK border as we put in place a serious, credible plan to restore order to our asylum system.

    Since July, we have already surpassed our pledge to deliver the highest rate of removals since 2018, with 16,400 people with no right to be in the UK removed since this government took power and have ramped up our enforcement against illegal working by 32% as we look to end the false promise of jobs sold to migrants by people smugglers.   This is in addition to a stream of major people smuggling arrests through a renewed focus on joint international investigations involving the National Crime Agency.

    Home Secretary Yvette Cooper said:

    Over the last six years, criminal smuggling gangs have been allowed to take hold all along our borders, making millions out of small boat crossings.

    This Bill will equip our law enforcement agencies with the powers they need to stop these vile criminals, disrupting their supply chains and bringing more of those who profit from human misery to justice.

    These new counter terror-style powers, including making it easier to seize mobile phones at the border, along with statutory powers for our new Border Security Command to focus activity across law enforcement agencies and border force will turbocharge efforts to smash the gangs.

    Our Plan for Change relies on strong border security. It is critical we have the tools at our disposal to pursue those who undermine them in every way we can.

    Border Security Commander Martin Hewitt said:

    It is vital that government and our law enforcement partners, working together as part of the UK’s border security system, have the right tools to tackle the people smuggling gangs abusing our border.

    This Bill will do exactly that, by equipping teams on the ground dealing with this issue first hand and empowering them to go further and act faster when dismantling organised criminality.

    These crucial measures will underpin our enforcement action across the system, and together with our strengthened relationships with international partners, we will bring down these gangs once and for all.

    NCA Director General Graeme Biggar said:

    Tackling organised immigration crime remains a priority for the NCA.

    The Border Security, Asylum and Immigration Bill should help UK law enforcement act earlier and faster to disrupt people smuggling networks and give us additional tools to target them and their business models.

    These criminal gangs risk the lives of those they transport in their deadly pursuit of profit, and we remain determined to work with partners in the UK and abroad to do all we can to stop them.

    Based on counter-terror tactics, the new powers in this Bill will allow law enforcement to make swifter interventions at a much earlier stage against those conspiring to smuggle people into the UK by small boats or in the backs of lorries.

    Where someone is suspected of selling or handling small boats parts or sharing suspect information online, we will be able to apply these offences against them at this point and make an arrest. Current rules mean law enforcement are unable to intervene until much later on in the process and after they’ve facilitated a small boat crossing.

    In November 2024, Amanj Hasan Zada was jailed for 17 years after being found guilty of organising small boat crossings from his home in Lancashire. Each crossing involved Kurdish migrants who had travelled through eastern Europe, into Germany, Belgium and then France. It is possible the reasonable suspicion element means investigators would have met the requirements to arrest and charge earlier with the new offences. Evidence which showed Zada planning organised immigration crime facilitation – for example discussing moving migrants, purchasing vessels – would have likely been in scope of the offence. Instead of needing to prove a definitive link to a migrant facilitation under current legislation, the new offences could have met the threshold for earlier and faster action to be taken.

    The Bill will also modernise biometric checks overseas to build a clear picture of individuals coming to the UK and preventing those with a criminal history from entering. During crisis evacuations to the UK, the new powers will allow checks to take place much earlier, resulting in the rapid identification of who is eligible to enter the country and reducing the risk of delays or security threats during time sensitive operations.

    In a major upgrade to Serious Crime Prevention Orders, we will also give law enforcement new powers to impose Interim Serious Crime Prevention Orders, allowing them to place instance restrictions on organised immigration criminals alongside other serious criminals. This could include bans on travel, internet and mobile phone use, with curbs also leading to social media blackouts, curfews and restricted access to finances.

    Collectively, these measures will strengthen our response across the system, empowering partners and law enforcement to properly go after the people smuggling gangs.

    Through the Border Security Command, we’re already driving up activity to disrupt the criminal gangs behind this trade.

    The NCA continues to target smuggling networks in the UK and overseas. This includes three arrests this month in Iraq’s Kurdistan Region as a result of a joint operation between the NCA and local law enforcement, the first of its kind.

    But with this legislation we will go further, giving our law enforcement stronger tools than ever before to dismantle the gangs.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom